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A Kansas town feels the loss of its refugee center Tuesday, May 22, 2018 - 01:53
A refugee resettlement center in Garden City, Kansas, has been forced to shut down in the wake of President Donald Trump's cuts to the program leaving recent arrivals unmoored and without access to services.
A refugee resettlement center in Garden City, Kansas, has been forced to shut down in the wake of President Donald Trump's cuts to the program leaving recent arrivals unmoored and without access to services. //reut.rs/2IFDoE0 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/a-kansas-town-feels-the-loss-of-its-refu?videoId=429305711 |
May 9, 2018 / 2:06 PM / Updated 7 hours ago Pokemon Go maker Niantic plans to build AR maps with users' help Paresh Dave 4 Min Read
SAN FRANCISCO (Reuters) - Niantic Inc, which developed hit mobile game Pokemon Go, plans to map the world in 3D with its players’ help, its chief executive told Reuters, establishing the startup as a frontrunner in a new facet of digital mapping. Gianni Vitora, 11, plays Pokemon Go as he and his family enjoy the mild weather at the start of the Labor Day weekend ahead of potential storms on the east coast of the United States caused by Tropical Storm Hermine New York, U.S., September 3, 2016. REUTERS/Mark Kauzlarich
What the company describes as an “AR map” is viewed as crucial to advanced augmented reality apps. But how to efficiently collect and process data for it has been a vexing problem that Alphabet Inc’s Google, Apple Inc and dozens of startups also have been trying to solve.
Niantic’s previously unreported effort relies on its users’ smartphone cameras.
“We want players to build out the game board they want to play on,” CEO John Hanke, a mapping veteran who worked on Google Earth and Google Street View, told Reuters last week.
Google incubated and invested in Niantic.
The technology industry has closely monitored the startup’s strategy since Pokemon Go took augmented reality mainstream by enabling users to collect virtual creatures on their smartphones. The game has been downloaded more than 800 million times, according to Niantic.
Camera apps today can digitally render a Pokemon or a new swing set at a playground. But with an AR map as bedrock, an app could raze the entire playground in the augmented reality, enable someone to anchor new virtual structures and allow other users to view the same layout.
AR maps would enrich the “new kind of social activity” Niantic has fostered, Hanke said.
Mapping will start with public spaces such as parks and plazas, he said, declining to specify when. Nor did he disclose how AR maps would fit into Niantic’s games, which also include the upcoming “Harry Potter: Wizards Unite.”
But based on existing features, players would turn on their cameras to visualize characters among their surroundings. Software would generate a map by automatically identifying contours and objects in the scene as a user plays.
They then could compete on a revamped game board shared with nearby players, maintaining a cycle of switched-on cameras and fresh data while helping Niantic overcome the chicken-or-egg dilemma that has slowed map makers lacking a commercial application.
Earlier this year, Niantic acquired startup Escher Reality to advance its effort.
It appears to be more than a side project. Hanke said Niantic would allow third-party developers to use its AR map, which industry executives estimate could become part of a multibillion-dollar global business.
Some rival startups are focused on extracting data from laser scans, while others are emphasizing indoor mapping.
Google Maps said Tuesday it would launch an augmented reality feature later this year in some cities that compares live images from a phone to its Street View imagery database to provide directions when GPS is insufficient.
“It’s early days but we’re excited about the potential for these types of world-scale AR experiences,” Google spokeswoman Mara Harris said.
Privacy and data rights may present hurdles, said Brendan Wallace, managing partner at investment group Fifth Wall Ventures, which connects landlords and tech firms.
Pokemon Go has spurred ongoing litigation that it contributed to public nuisance. Businesses are reluctant to cede potentially valuable virtual space and are scared about big companies misusing collected data, Wallace said. Reporting by Paresh Dave; Editing by Cynthia Osterman and Greg Mitchell | ashraq/financial-news-articles | https://www.reuters.com/article/us-niantic-maps/pokemon-go-maker-niantic-plans-to-build-ar-maps-with-users-help-idUSKBN1IA28S |
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)-- Vertex, Inc. , a leading provider of tax technology and services, announced that Bernadette Pinamont has been appointed vice president of tax research. Pinamont assumes the position after serving as chief tax officer for income tax in the Vertex Chief Tax Office for the past five years.
In this new role, Pinamont will leverage her expertise as a former tax executive and Vertex chief tax officer to help customers meet strategic needs, ensure compliance and enhance operational efficiency. She will also help to further define and expand the reach of tax research, which is already a key differentiator for the company.
“In this dynamic tax environment, businesses large and small require high-quality content that enhances confidence and ensures compliance,” said David DeStefano, president and CEO at Vertex.
“Bernadette’s ability to understand and translate legislative changes, digital trends and global tax challenges is invaluable to our customers. Vertex prides itself on leveraging the talents of leaders like Bernadette — subject matter experts who bring their extensive knowledge of tax to help us further enhance our solutions to benefit clients and partners.”
“Automated technology that features comprehensive tax rates and rules enables tax leaders to improve governance and control over the data, reporting and compliance, and allows them to focus on more critical business initiatives,” said Pinamont. “As we conquer new challenges from tax reform to online nexus, I’m committed to ensuring that we continue to provide strategic value through our tax content and solutions that clients have come to rely on every day.”
Pinamont has served the tax industry for more than 30 years. As a chief tax officer at Vertex, she provided insight for in-house corporate tax department operations and helped to develop the company's tax data management solutions and strategy. Prior to joining Vertex, Pinamont served in leading tax roles at Endo Pharmaceuticals Inc. and AstraZeneca Pharmaceuticals, in addition to holding tax positions at DuPont, Syngenta, Tyco Toys and EY. She holds a Bachelor of Science in accounting and a Juris Doctor from Seton Hall University and is a licensed attorney and CPA.
About Vertex
Vertex, Inc. is a leading provider of tax technology and services, enabling companies of all sizes to realize the full strategic potential of the tax function by automating and integrating tax processes, while leveraging advanced and predictive analytics of tax data. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of tax, including income, sales and consumer use, value added and payroll. Headquartered in Pennsylvania, and with offices worldwide, Vertex is a privately held company that employs over 900 professionals and serves companies across the globe.
For more information about Vertex, visit www.vertexinc.com or follow Vertex on Twitter @vertexinc .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005263/en/
Vertex, Inc.
Tricia Schafer-Petrecz, 484-595-6142
[email protected]
Source: Vertex, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-vertex-names-bernadette-pinamont-vice-president-of-tax-research.html |
May 22, 2018 / 7:50 AM / Updated 10 minutes ago European shares rise as Italy recovers and China tariff cut boosts autos Helen Reid 4 Min Read
LONDON (Reuters) - European shares touched their highest level since the start of February on Tuesday as autos and bank stocks climbed, and Italian shares recovered as the anti-establishment coalition’s government formation process stalled. Traders work at their desks at the stock exchange in Frankfurt, Germany, November 22, 2017. REUTERS/Staff/Remote
The pan-European STOXX 600 rose 0.2 percent, extending Monday's gains as carmakers rose on a cut to Chinese tariffs. Italy's FTSE MIB .FTMIB gained 0.7 percent.
Volkswagen ( VOWG_p.DE ), BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) were among the biggest boosts to the STOXX, up 1 to 1.6 percent, after China said it would cut the import duty on passenger cars and auto parts from July 1.
Europe’s autos sector .SXAP climbed 0.7 percent and Italy’s Fiat Chrysler ( FCHA.MI ) also rose 1.3 percent, helping the Italian index gain 0.6 percent.
Italian bank stocks .FTIT8300 recovered as the anti-establishment 5Star and League parties’ government plans stalled. President Sergio Mattarella sought further consultations over their proposed prime minister, a political novice. [nL5N1SS1DE]
Some investors were doubtful a coalition government would be able to go ahead with their big spending plans that have spooked markets, sending Italian bond yields to their highest in more than a year.
“I don’t know how long this coalition will last. There’s an awful lot of negativity around it but I would be surprised if the coalition can go any meaningful distance,” said Christopher Peel, chief investment officer at Tavistock Wealth.
“Certainly Italy is a problem but geopolitical tension seems actually lower now than I can remember in a long time,” he added.
Competitive pressures, and hopes of dealmaking, triggered strong single-stock and sector-wide moves.
Inmarsat ( ISA.L ) shares dropped 8.4 percent to the bottom of the STOXX after the International Maritime Organisation authorised competitor Iridium ( IRDM.O ) to provide maritime safety systems, threatening Inmarsat’s monopoly in maritime distress communications.
French telecoms stocks Bouygues ( BOUY.PA ), Orange ( ORAN.PA ) and Iliad ( ILD.PA ) all rose after the head of the country’s telecoms regulator reignited talk of possible mergers in the sector, in comments to Le Monde newspaper.
Altice ( ATCA.AS ) shares also rose on investors’ hopes for M&A, and as the stock readjusted to the separation of Altice USA from Altice NV. The telecoms sector rose 0.8 percent overall.
Banks HSBC ( HSBA.L ), Santander ( SAN.MC ), BNP Paribas ( BNPP.PA ) and UBS ( UBSG.S ) were also among top drivers, benefiting from the recent rise in bond yields.
Swiss industrial machinery firm Georg Fischer ( FIN.S ) jumped 7.7 percent after UBS upgraded the stock to a “buy”, saying the market is underestimating the company’s margins and earnings potential, helped by its diversification in different industrial products.
Overall Europe’s earnings performance has been relatively disappointing, particularly compared with a stellar quarter in the U.S.. Bank of America Merrill Lynch said the ratio of STOXX 600 companies beating earnings targets this quarter was the worst since 2013.
“Year-to-date a lot of people have been overweight European equities and that’s been a frustrating trade, but the recent pullback in the euro is going to help because the strong appreciation was hurting exports,” said Tavistock’s Peel. Reporting by Helen Reid; Editing by Kit Rees and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-stocks/autos-banks-fuel-european-shares-as-italy-recovers-idUKKCN1IN0S9 |
May 13, 2018 / 5:56 PM / Updated an hour ago Nunes: Pennington's corner failed her at UFC 224 Reuters Staff 2 Min Read
Raquel Pennington had already lost the first four rounds against Amanda Nunes at UFC 224 and had had enough on Saturday night. May 12, 2018; Rio de Janeiro, RJ, Brazil; Raquel Pennington after a fight against Amanda Nunes (not seen) during UFC 224 at Jeunesse Arena. Mandatory Credit: Jason Silva-USA TODAY Sports
Pennington is captured on audio telling her corner “I’m done. I want to be done,” but cornerman Jason Kutz wasn’t having it.
Kutz is heard on the pay-per-view corner audio telling Pennington, “No, no, no, no.”
“I know it hurts. Let’s power through this. Let’s power through this, let’s believe. Change your mindset. Change your mindset. Let’s throw everything we got. We’ll recover later ... Throw everything we got,” he continued as she grew silent.
Pennington (9-6), who had a four-fight winning streak but was coming off an 18-month layoff, appeared to have a broken nose by the end of the fourth round. Her corner sent her out anyway, and she took a hellacious, bloody beating before the fight was waved off.
Nunes (16-4) used leg kicks early, shots to the head and body in the middle rounds and a ruthless finishing instinct late to earn a TKO victory over her game-but-overmatched foe. The time of the stoppage was 2:36 of the fifth round.
Nunes, who is friends with Pennington, said her corner failed her by sending Pennington back out.
“It’s sad,” Nunes said at the post-fight news conference, via MMAJunkie. “(My girlfriend) Nina (Ansaroff) told me. I didn’t even know. Nina told me in the locker room. It’s sad because you could avoid something. She went to the hospital. It might be a bad injury for her to go to the hospital. I already asked Nina to text her — if she needs anything I’m here. It’s sad.
“If she didn’t have the right conditioning to fight then the coach should have thrown in the towel for sure. I think my coach wouldn’t let me go through that. It’s sad. Everyone must be saying a lot of bad things about him on social media, but I really think she needs to surround herself with people who want the best for her so she can really evolve for her next fights. Unfortunately, tonight (the cornerman) failed.”
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-fighting-mma-ufc-pennington/nunes-penningtons-corner-failed-her-at-ufc-224-idUSKCN1IE0XD |
Rookie Fernando Romero struck out nine in six shutout innings, leading the visiting Minnesota Twins to a 6-0 victory over the depleted and weary St. Louis Cardinals on Monday at Busch Stadium.
Robbie Grossman, Bobby Wilson, Eddie Rosario and Max Kepler each had RBI doubles for the Twins, who have won four in a row. That was more than enough for Romero (2-0), who put together his second straight impressive start in his debut season.
The Cardinals were coming off a 14-inning battle with the Chicago Cubs that lasted into Monday morning. They also were without injured veteran catcher Yadier Molina. St. Louis struggled to generate any offense against Romero, who has yet to surrender a run in two big league starts.
Molina is expected to miss at least a month after being hit in the groin by a 102 mph fastball on Saturday. Molina sustained a traumatic hematoma and underwent emergency surgery hours after sustaining the injury. He was discharged from the hospital Sunday.
The Twins got to Cardinals starter John Gant in the first inning. Joe Mauer drew a leadoff walk and reached second on a wild pitch. Kepler drove in Mauer with a double to right and then scored on Rosario’s double to right, giving Minnesota an early 2-0 lead.
Wilson drove home Eduardo Escobar in the fourth inning on a sacrifice fly, and Grossman made it 4-0 by doubling home Escobar in the sixth inning.
The Twins tacked two insurance runs in the eighth inning on an RBI single from Grossman and an RBI double from Wilson.
Gant (1-1) surrendered four runs on six hits in 5 1/3 innings.
Paul DeJong had a one-out double in the second inning, but Romero regrouped and struck out Kolten Wong and induced Carson Kelly to ground out to shortstop to end the inning. DeJong had three of St. Louis’ four hits.
Trevor Hildenberger and Matt Magill combined to toss three scoreless innings in relief for the Twins.
The second and final game of the series is Tuesday. Right-hander Carlos Martinez is slated to start for the Cardinals. Minnesota will counter with right-hander Jake Odorizzi.
—Field Level Media
Our | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-min-recap/rookie-romero-twins-blank-cardinals-idUSMTZEE58E4EA2S |
KANSAS CITY, Mo., May 21, 2018 /PRNewswire/ -- Fishtech Group (FTG) today announced it intends to acquire Haystax Technology, an advanced security analytics and risk management solutions provider, as a wholly owned entity under the FTG umbrella. The acquisition would solidify the cybersecurity solutions firm's relationship with Haystax, which had been a Fishtech Venture Group partner since 2016.
The new entity will further Fishtech's mission of data-driven security solutions while extending Haystax's customer reach beyond its roots in homeland security and public safety. Gary Fish, CEO and Founder of Fishtech, will serve as CEO and Pete Shah will be Chief Operations Officer. Haystax will retain its base in McLean, Virginia. Fishtech plans to invest heavily in taking the new venture to market in the commercial enterprise space while enhancing its presence in federal, state, and local government.
Haystax's Constellation analytics platform flexes to and delivers a wide array of advanced security analytics and risk management solutions that enable rapid understanding and response to virtually any type of cyber or physical threats. Based on a patented model-driven approach that applies multiple artificial intelligence techniques, it reasons like a team of expert analysts to detect complex threats and prioritize risks in real time at scale for more effective protection of critical systems, data, facilities and people.
"The Constellation platform has proven itself to be a versatile and effective platform for insider threat, security operation center (SOC) automation, and public safety," said Fish. "We look forward to working closely with the Haystax team to further enhance those capabilities and develop other applications for its use. Additionally, we're pleased to gain access to the deep data science knowledge and capabilities of the talented Haystax team."
About Haystax Technology
Founded in 2012, Haystax Technology is a leading security analytics platform provider based in McLean, Virginia. https://haystax.com
About Fishtech Group
Fishtech delivers operational efficiencies and improved security posture for its clients through cloud-focused, data-driven solutions. Fishtech is based in Kansas City, Missouri. Visit https://fishtech.group/ or contact us at [email protected] .
View original content with multimedia: http://www.prnewswire.com/news-releases/fishtech-group-announces-intent-to-acquire-haystax-technology-300651839.html
SOURCE Fishtech Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-fishtech-group-announces-intent-to-acquire-haystax-technology.html |
TSX Symbols – FUD/FUD.A, FDE/FDE.A, FSL/FSL.A, EUR/EUR.A, FSD/FSD.A, ETP/ETP.A & FTB
TORONTO, May 22, 2018 (GLOBE NEWSWIRE) -- FT Portfolios Canada Co. (“First Trust”) is pleased to announce cash distributions for its Exchange Traded Funds (the “ETFS”) listed on the Toronto Stock Exchange for the month ending May 31, 2018.
The cash distributions are payable on June 7, 2018 to Unitholders of record on May 31, 2018 with an ex-dividend date of May 30, 2018. Details for the per unit distribution amounts are shown below:
Fund Name Fund Ticker Cash Distribution Amount First Trust Value Line® Dividend Index ETF (CAD-Hedged)
FUD $0.0450 FUD.A $0.0200 First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) FDE $0.0350 FDE.A $0.0185 First Trust Senior Loan ETF (CAD-Hedged) FSL $0.0650 FSL.A $0.0565 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) EUR $0.0500 EUR.A $0.0288 First Trust Short Duration High Yield Bond ETF (CAD-Hedged) FSD $0.0850 FSD.A $0.0670 First Trust Global Risk Managed Income Index ETF ETP $0.0650 ETP.A $0.0560 First Trust Tactical Bond Index ETF FTB $0.0500 For further information, please contact: FT Portfolios Canada Co.
416-865-8065/877-622-5552
Source:FT Portfolios Canada Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-ft-portfolios-canada-co-announces-cash-distributions-for-its-exchange-traded-funds.html |
May 4, 2018 / 6:02 PM / Updated 12 minutes ago BRIEF-Ubtech Robotics Says Completed Series C Investment Of $820 Mln With Market Valuation Of $5 Bln Reuters Staff 1 Min Read
May 4 (Reuters) - Tencent Holdings Ltd:
* UBTECH ROBOTICS SAY COMPLETION OF SERIES C INVESTMENT TOTALING $820 MILLION WITH A MARKET VALUATION OF $5 BILLION
* UBTECH ROBOTICS, A COMPANY INVOLVED WITH INTELLIGENT HUMANOID ROBOTS, SAYS THE $820 MILLION SERIES C INVESTMENT WAS LED BY TENCENT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ubtech-robotics-says-completed-ser/brief-ubtech-robotics-says-completed-series-c-investment-of-820-mln-with-market-valuation-of-5-bln-idUSFWN1SB15M |
The New York Stock Exchange is set to get its first female leader in its 226-year history.
Stacey Cunningham, the NYSE’s chief operating officer, will become the Big Board’s 67th president, the exchange’s parent Intercontinental Exchange Inc. told The Wall Street Journal.
She will start her new role Friday, succeeding Thomas Farley, an ICE... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-stock-exchange-to-have-first-female-leader-in-226-year-history-1526955129 |
The oil headlines this week have all been about Iran, but the slowly unfolding disaster in Venezuela may be even more significant.
Less than two weeks before a controversial snap presidential election that would almost certainly give incumbent Nicolás Maduro a six-year term, the country’s main source of export revenue could take another drastic tumble. S&P Global Platts estimates the country’s recent crude production was 1.41 million barrels a day, at least a 30-year low except for a crippling 2002-2003 strike. And over... | ashraq/financial-news-articles | https://www.wsj.com/articles/venezuelas-brewing-oil-shock-may-be-bigger-than-irans-1525944601 |
SEOUL (Reuters) - Shares in Samsung Electronics Co Ltd ( 005930.KS ) dipped slightly on Friday but trading activity surged after a 50:1 stock split aimed at making it easier for retail investors to buy into the South Korean technology giant.
The shares were trading at 52,200 won ($48.50), down 1.5 percent from the basis price of 53,000 won per share, which Korea Exchange said was calculated by dividing the shares' last pre-split closing price by 50. The benchmark KOSPI .KS11 was down 0.6 percent.
Analysts said trading volumes jumped as more investors traded, and attributed the slightly weaker share price to broad concerns about slowing memory chip market conditions since Samsung Electronics share trading was halted after April 27.
“I bought 10 shares in Samsung Electronics. After I return from my military service hopefully it’ll be worth enough money to buy a car,” said Kim Tae-sik, a college student.
Retail investors also commented on social media and investor forums, with one saying that “the Samsung Electronics trading screen is like a madhouse,” while others debated whether to buy now or wait.
As of 0120 GMT, turnover for Samsung shares amounted to 1.08 trillion won ($1.00 billion), accounting for 27 percent of the main board’s KOSPI total turnover. Samsung accounted for an average of 8 percent of total turnover in the one month before the split, according to Thomson Reuters data.
Shares in the global leader in semiconductors, televisions and smartphones traded at 2.65 million won ($2,467.48) each prior to the split, putting them out of reach of retail investors.
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji Once known as the “emperor stock” for its high price, South Korean media renamed the shares the “people’s stock” after the split.
Analysts said Samsung’s recent efforts to boost shareholder returns would encourage retail investors to take a larger portion of the company than they had previously.
Samsung had 70 trillion won ($65 billion) in net cash at the end of March and is giving out yearly dividends of 9.6 trillion won as part of a three-year shareholder return policy for 2018-2020.
By dispersing shares among a greater number of investors, the split also could help owner family members and affiliate companies, the controlling shareholders, fend off attempts by other shareholders to have a greater say over the company’s affairs, analysts said.
“In the case of Samsung Electronics, whose affiliates control about a 20 percent stake, and only 15 percent stakes have voting rights, the stock split is meaningful,” said Lee Seung-woo, analyst at Eugene Investment & Securities.
Samsung Electronics accounted for around 20 percent of the main KOSPI .KS11 index's market capitalization as of early Friday.
($1 = 1,076.2000 won)
Reporting by Joyce Lee; Additional reporting by Choonsik Yoo; Editing by Stephen Coates and Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-samsung-elec-stocks/samsung-elec-shares-open-at-53000-won-each-after-501-stock-split-idUSKBN1I500B |
75 COMMENTS THERE IS still something transcendental about manually shifting your way through a car’s gear box—pulling it into fourth, throwing it into fifth as you control a rumbling machine.
This mighty high has flouted the odds. Over time, many other antiquated auto features have been ruthlessly abandoned—hand-crank starters and windows, carburetors and cassette decks. But stick-shifting has defiantly stuck around, joining ax throwing, rock climbing and ultramarathons as an activity people stubbornly enjoy despite its needless difficulty. Drivers choose to shift because it is an ever-rarer skill that is a challenge to learn and—face it—fun to show off.
While many car owners would love to kick back with a good book while the family minivan whisks their brood down the interstate, driving stick appeals to those who seek tangible experiences in an era of digital assistants and apps for just about everything. These die-hards fear that the car, long a symbol of freedom and spontaneity, is becoming just another numbing high-tech appliance. Meanwhile, vehicles that still offer stick shifts telegraph an image of high performance, toughness, nostalgia and fun—all factors that can seduce new customers.
FiatChrysler redesigned its Jeep Wrangler for 2018 with the latest in electronic driver aids, including backup cameras and Tru-Loc locking differentials for tackling nearly any terrain. Still, the company kept stick as an option because it gives needy drivers a stronger sense of control, especially when they head off-road. It also helps maintain a link between new Jeeps and their beloved World War II ancestors. Even as they rush to develop vehicles that drive themselves, several other car makers still offer models with manual transmissions.
Mazda Motor Co. 7261 0.25% sells manual versions of its compact CX-5 SUV and its MX-5 Miata sports car (whose contractual obligation to thrill practically relies on a stick). German auto maker BMW offers sticks in its 2- and 3-Series cars, among its smallest models, and the company claims that roughly half of the more-powerful M2 models it sells go out the door with manual gearboxes installed. Muscle cars from the Ford Mustang and Chevy Camaro to imports like the Subaru WRX—in which Ansel Elgort famously used every gear including reverse to evade cops in last year’s sleeper-hit film “Baby Driver”—all come with sticks because people associate shifting with muscle flexing.
‘ Driving stick is an ever-rarer skill that is a challenge to learn and—face it—fun to show off. ’
Other vehicles have evolved to keep pace with automatic gearboxes while maintaining much of the back-to-basics appeal of driving stick. The seven-speed Chevrolet Corvette Stingray has a feature called Active Rev Matching, which automatically adjusts the engine’s speed to smooth out your clumsiest shifts—something drivers once had to learn through practice.
For all that, said Thomas Plucinsky, a company representative for BMW, “There is no longer a logical reason to shift manually.” Cars with automatic transmissions accelerate faster, drive more smoothly and get better fuel economy than stick shifts, he pointed out. One could argue that manually shifting a modern car makes about as much sense as milling your own flour, building a fire to heat your home or drawing water from a well. Even many pro drivers race automatics these days.
Though fully automated cars aren’t yet a reality, the latest vehicles have largely advanced beyond the need for human intervention. They sound alarms when you drift from your lane on the highway, with many cars tut-tuttingly steering you back on course. They flash warning lights when other autos camp out in your blind spots, and hit the brakes to keep you from rear-ending neighbors or backing over your kids in the driveway because you were staring at your phone. Need to parallel park? Push a button.
But many people still buy stick shift cars for “emotional reasons,” Mr. Plucinsky said. “They enjoy the mechanical feedback, which is part of the fun of driving even if they are just commuting to work.”
There certainly is joy in changing gears in rhythm with the car. Some people get a tingle from the sound of the engine revving as they slide down into a lower gear while threading winding roads like Connecticut’s Merritt Parkway or the curvy section of U.S. Route 129 in North Carolina, known as the Tail of the Dragon. Taking on twisting, scenic routes in a nimble sports car with a manual transmission can feel like a masterful fox trot. Think of the opening in the original 1969 version of “The Italian Job,” in which a man drives a Lamborghini Miura along the Great St. Bernard Pass in the Alps that links Italy and Switzerland. Skip the part where it tumbles down the cliff.
Not everyone agrees, of course. The appetite for shifting gears by hand first began to dim in the 1940s when automatic transmissions like the Oldsmobile Hydra-Matic started catching on among consumers. In 1965 celebrated auto writer Ken Purdy broke many sports-car fans’ hearts by opining that automatic transmissions were surpassing stick shifts and would soon push them into obsolescence. But the sticks are still here and car companies keep churning them out while updating other parts of their vehicles with the latest automation technology. Car makers will continue to woo customers with the promise of good times that come with manual transmissions. While not quite booming, the market for stick shift cars has a loyal, respectable following. Sticks accounted for around 5% of the more than 17 million new vehicles sold in the U.S. last year—which means well over half a million drivers were working the clutch on the way home from the dealer showroom.
BMW’s Mr. Plucinsky said the number of people buying manual transmissions today makes it worthwhile for his company to keep building them. “This group of customers doesn’t appear to be shrinking,” he said.
Even when self-driving cars reach the mass market, many drivers are likely to keep a secondary “analog” car that offers as much physical engagement as possible. It is no fun being asleep at the wheel, even when your new car is built for it.
More in Gear & Gadgets
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KABUL (Reuters) - Flash floods caused by heavy rain in the past week have killed at least 34 people in several Afghan provinces and caused serious damage to property and livestock, officials said on Tuesday.
The flooding, hitting provinces mainly in the north and center of the country, had caused serious damage to around 900 houses, killed hundreds of cattle and damaged agricultural land, Hashmat Khan Bahaduri, spokesman for the Afghanistan Natural Disaster Management Authority (ANDMA), said.
Officials were assessing damage, he said.
The floods, which came after an unusually dry winter that has led to drought in many areas, underline Afghanistan’s vulnerability to natural disasters.
The rugged mountainous terrain and the lack of roads mean it is often difficult to evaluate relief needs but ANDMA had sufficient resources to deal with the problem for now, Bahaduri said.
Reporting by Qadir Sediqi; Editing by Nick Macfie
| ashraq/financial-news-articles | https://in.reuters.com/article/us-afghanistan-floods/flash-floods-in-afghanistan-kill-at-least-34-idINKCN1IG1KK |
UK Professor says his antifungal compound could prevent global pandemic 6:36am EDT - 01:57
A University of Sussex Professor believes his 40 years of research into a plant enzyme may help prevent cereal blight in major crops and a potential global pandemic caused by Candida auris. Jim Drury
A University of Sussex Professor believes his 40 years of research into a plant enzyme may help prevent cereal blight in major crops and a potential global pandemic caused by Candida auris. Jim Drury //reut.rs/2G2isRK | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/uk-professor-says-his-antifungal-compoun?videoId=425531193 |
May 31, 2018 / 12:36 AM / Updated 20 hours ago China issues rules to get tough on academic integrity Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China has issued new guidelines to enforce academic integrity in science that include plans to “record and assess” the conduct of scientists and institutions and punish anyone guilty of misconduct, state news agency Xinhua reported.
The guidelines, released on Wednesday by the ruling Communist Party and the State Council, or cabinet, prohibit plagiarism, fabrication of data and research conclusions, ghost-writing and peer review manipulation, according to Xinhua.
Scandals in recent years involving things like faked research, plagiarism and problematic peer review standards have dented China’s reputation as a growing force in the world of scientific research.
Xinhua said China would build a “scientific integrity mechanism” to drive innovation while maintaining zero tolerance for severe academic dishonesty.
“Anyone who violates the integrity rules will be held accountable by law,” it said, citing a document issued by the party and government.
“Those who are found to have committed academic misconduct will be banned from teaching or doing any kind of research work in government-run schools and scientific institutions. Their research grants will be canceled and honors revoked, according to the guidelines,” it said.
The Ministry of Science and Technology would take responsibility for coordinating and managing the effort in scientific fields, while the state-run Chinese Academy of Social Sciences would do so in social sciences.
Xinhua said the science ministry planned to build “a journal warning mechanism to put any domestic or international academic journals that ignores academic quality while seeking high payments onto a blacklist”.
Papers published in such journals would not be recognized in any kind of assessment, it said.
The guidelines also aimed to change the standards by which scientists are evaluated so that integrity becomes a key factor, rather than just the production of papers, patents, titles, projects and the collection of honors, it said. Reporting by John Ruwitch; Editing by Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-science/china-issues-rules-to-get-tough-on-academic-integrity-idUSKCN1IW01O |
May 10 (Reuters) - Uniti Group Inc:
* Q1 ADJUSTED FFO PER SHARE $0.62 * Q1 REVENUE $246.9 MILLION VERSUS I/B/E/S VIEW $247.2 MILLION
* NET LOSS OF $0.01 PER DILUTED COMMON SHARE FOR Q1 * SEES FULL YEAR 2018 REVENUE $1,006.0 MILLION TO $1,016.0 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uniti-group-reports-q1-adj-ffo-per/brief-uniti-group-reports-q1-adj-ffo-per-share-0-62-idUSASC0A1JR |
May 15 (Reuters) - Conifex Timber Inc:
* CONIFEX ANNOUNCES FIRST QUARTER 2018 RESULTS * REVENUES OF $130.8 MILLION IN Q1 OF 2018 REFLECTED AN INCREASE OF 30% OVER Q1 OF 2017
* QTRLY EARNINGS PER SHARE $0.10 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-conifex-qtrly-earnings-per-share-0/brief-conifex-qtrly-earnings-per-share-0-10-idUSASC0A2IW |
UK PM May's customs deal headache 6:58am BST - 01:42
Prime Minister Theresa May’s plan for Britain to leave the EU customs union when it quits the bloc - and not join a similar arrangement - has become a flashpoint in the Brexit process, Reuters Elizabeth Piper reports.
Prime Minister Theresa May’s plan for Britain to leave the EU customs union when it quits the bloc - and not join a similar arrangement - has become a flashpoint in the Brexit process, Reuters Elizabeth Piper reports. //reut.rs/2FGv294 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/uk-pm-mays-customs-deal-headache?videoId=423716284 |
(updates prices, adds Quote: s, context)
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
* European stocks, Wall Street futures rise
* Dollar gains, euro under pressure
* Italian anti-establishment parties closer to power
* Milan bourse suffers, yield on Italian debt rise
* Oil prices near 3-1/2-year highs
By Julien Ponthus
LONDON, May 21 (Reuters) - 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.
The pan-European STOXX 600 was up 0.4 percent, hovering near 3-month highs, London’s FTSE 100 hit a new record and rose 0.9 percent and U.S. S&P mini futures rose 0.6 percent following a positive session in Asia.
“There’s certainly a ‘feel-good’ sentiment on risky assets” due to the U.S. trade announcement, said Stephane Barbier de la Serre, a strategist at Makor Capital Markets.
U.S. Treasury Secretary Steven Mnuchin declared the U.S. trade war with China “on hold” following an agreement to drop their tariff threats that had roiled global markets this year.
Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future.
Barbier de la Serre cautioned, however, that given the lack of details available about the agreement between the U.S. and China, it was too early to call it a definitive turning point.
He added that a number of question marks, such as on the prospects for world growth, inflation and rising rates, should also keep investors on their toes.
As safe-haven demand for debt fell, U.S. bond prices were under pressure, keeping their yields not far from last week’s peaks with the 10-year Treasuries yield at 3.072 percent, near a seven-year high of 3.128 percent hit on Friday.
In the currency market, higher U.S. yields helped to strengthen the dollar about 0.30 percent against a basket of currencies while the euro dipped 0.25 percent to $1.1746.
The common currency was also under pressure as Italy's far-right League and the 5-Star Movement agreed on a candidate to lead their planned coalition government and implement spending plans which some investors believe threaten the sustainability of the country's debt pile. tmsnrt.rs/2egbfVh
“It is something that creates a lot of nervousness, but of course on the other hand one has to wait”, ECB governing council member Ewald Nowotny said on Monday morning.
The Milan bourse started the day sharply lower but progressively claimed back losses and limited its fall to 0.3 percent.
Italy’s 10-year bond yield nearly rose to three percent in early morning, their highest level since July 2017 but also eased back to about 2.26 percent.
Oil prices held firm near 3-1/2-year highs also on easing trade tensions. Brent crude futures were at $78.97 per barrel, up 0.6 percent.
The market is also keeping an eye on Venezuela, where President Nicolas Maduro faces fresh international censure after his re-election in a vote foes denounced as a farce, cementing autocracy in the crisis-stricken OPEC nation.
Oil prices have been supported by plummeting Venezuelan production, in addition to a solid global demand and supply concerns stemming from tensions in the Middle East.
The “risk on” sentiment on the market also spurred gains copper prices with the exception of aluminium, which was pressured by more than 100,000 tonnes of inflow last week.
Reporting by Julien Ponthus; Editing by Toby Chopra, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-stocks-oil-and-dollar-rise-as-trade-war-put-on-hold-idUSL5N1SS1Y1 |
SINGAPORE/HANOI (Reuters) - Vietnam has just celebrated its two biggest IPOs and its first-ever ranking as Southeast Asia’s hottest capital market. But its benchmark index has also just suffered its worst monthly fall in seven years, prompting fund managers and strategists to warn valuations may have peaked.
FILE PHOTO: A woman rides a bicycle past a Stock Exchange center in Hanoi, July 21, 2015. REUTERS/Kham/File Photo The small frontier market, whose main index has a market value of $128 billion, has in recent years become an investor darling, buoyed by a fast-growing economy and expectations that it could be reclassified as a mainstream emerging market when the index provider MSCI publishes its annual review in June.
Investor appetite has been whetted further by the government’s ambitious privatization and market reform plans.
The Vietnam Index .VNI is still up 7 percent this year, and 70 percent over the last two years, but some analysts say that risks are rising as blue chips become expensive.
Hasnain Malik, equity research head at the London-based Exotix Capital, said that interest in Vietnam was “built on low political risk, export and consumption growth and low inflation”, but investors had priced in those positives already.
“The market is more sensitive to any whiff of disappointment, rather than further confirmation of the positive,” Malik said.
In addition to a sell-off in emerging markets and concerns over new rules related to margin lending, worries that Vietnamese stocks are over-valued led to a 10 percent fall in the market last month, which compares with a rise of 1 percent in MSCI’s Asia ex-Japan index .MIAPJ0000PUS.
Large Vietnamese companies - those valued at more than $1 billion - are on aggregate trading at 19 times estimated profits for the next 12 months, compared with 14.7 times for Indonesia and 15.1 for Philippines, Reuters data shows.
Some firms stand out: Vingroup trades at 37 times estimated earnings.
Alan Richardson, senior portfolio manager of ASEAN equities at Samsung Asset Management said: “The market is over-valued because investors have not priced in potential risk of rising capital markets volatility” from external factors like the brewing trade war between China and the United States.
He also cited tighter liquidity stemming from rising U.S. bond yields and the appreciation of the dollar.
All that could make equity fund flows turn negative.
Still, the sale of shares in Vinhomes, a residential property developer that is part of the country’s biggest conglomerate, Vingroup JSC VIC.HM, raised $2.2 billion over in the past month and attracted the likes of GIC, Singapore’s sovereign wealth fund, and Mirae Asset Global Investments.
This eclipsed an equity offering from Techcombank, which raised about $920 million from investors including Fidelity, GIC and Dragon Capital, a local fund, last month.
Cornerstone investors took up roughly three-quarters of both issues, underlining strong interest in businesses benefiting from the booming economy and expanding middle class.
TOP PERFORMER Despite the recent slump, Vietnam’s equity market still ranks as Asia’s best performer over the last two years.
The country has experienced a manufacturing boom that spurred its export-dependent economy to grow by 7.4 percent in the first quarter of this year - its fastest pace in a decade - after growing by 6.8 percent last year.
The government also has ambitious privatization plans and is aiming for IPOs for 64 state companies in 2018, including the telecoms firm MobiFone, and 18 others in 2019 such as the coffee company Vinacafe. Vietnam also plan to sell down state holdings in a further 181 already-privatized companies this year.
Some fund managers see the party ending for large cap stocks.
Foreigners were net buyers of $71 million worth of Vietnamese shares in April but they turned net sellers this month and offloaded a combined $102 million in the first five sessions this month, exchange data shows.
“Looking ahead, we believe the multiple expansion phase in the blue chips is more or less over and from here the market is likely to perform in line with profit growth,” said Mattias Martinsson, chief investment officer at Swedish fund manager Tundra Fonder.
“For the next 2-3 years we expect profit growth will average at least double digit.”
Even as they tout Vietnam’s potential, some investors say the market decline may have been overdue.
“A number of the big companies have very attractive growth propositions but maybe, valuations have got a little bit overextended,” said Lai Yeu Huan, senior portfolio manager at Nikko Asset Management Asia. “It’s a good thing that it’s correcting and shaking out some of the excessive valuations.”
Reporting by Anshuman Daga and Mai Nguyen; Editing by Jennifer Hughes and Philip McClellan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vietnam-ipo/vietnam-stock-valuations-seen-as-pricey-after-ipo-binge-idUSKBN1IA0LG |
May 10, 2018 / 11:25 PM / Updated 18 hours ago DoJ investigates Mylan on trade compliance for certain products Reuters Staff 2 Min Read
(Reuters) - Pharmaceuticals company Mylan NV said on Thursday that one of its subsidiary received a civil investigative demand from the U.S. Department of Justice regarding its compliance with the Trades Agreement Act (TAA) for certain products, according to a filing with the U.S. Securities and Exchange Commission.
The company also said certain employees of Mylan S.p.A. were served with search warrants issued by the public prosecutor’s office in Milan, Italy, seeking information concerning interactions with an Italian hospital and sales of certain reimbursable drugs.
The company was not immediately available for additional details outside business hours.
Shares of the drugmaker were down 1.2 percent at $37.44 after the bell.
In 2016, Mylan’s pricing of the EpiPen, an epinephrine autoinjector, became controversial. An investigation was opened into whether Mylan had misclassified the EpiPen under the Medicaid Drug Rebate Program.
In October 2016, Mylan settled these investigations with the U.S. Department of Justice, agreeing to pay $465 million. Reporting by Mrinalini Krothapalli in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-justice-mylan-nl/doj-investigates-mylan-on-trade-compliance-for-certain-products-idUKKBN1IB36P |
PRAGUE, May 23 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS/EVENTS UNIPETROL: Polish biggest oil refiner PKN Orlen will buy the remaining 5.97 percent in Czech unit Unipetrol from minority shareholders for 380 crowns per share to complete its takeover and delist the unit from the Prague bourse. R2G: Investment firm R2G, the majority owner of Czech artificial textile maker Pegas Nonwovens , is buying U.S.-based First Quality Enterprises' nonwovens operations in the United States and China, Czech newspaper Hospodarske Noviny reported on Tuesday. MONETA: Moneta Money Bank is partnering with Generali's Ceska Pojistovna, planning cross-selling CEE MARKETS: The forint gave up almost all of its early gains on Tuesday against the euro, edging back towards 23-month lows as dollar bulls returned in global markets and Hungary's central bank (NBH) reaffirmed its loose policy line. MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2018 vs Euro 25.701 25.711 0.04 -0.68 vs Dollar 21.852 21.823 -0.13 -2.7 Czech Equities 1,103.29 1,103.29 0.1 2.33 U.S. Equities 24,834.41 25,013.29 -0.72 0.47 Pvs close or current levels vs prior domestic close at 1500 GMT PRESS DIGEST CEZ: The Finance Ministry, representing the state's 70 percent share in CEZ , will not support a proposal to pay management bonuses of 21 million crowns when it comes up for a vote at the AGM. It will be the third year in a row bonuses will not be paid. Lidove Noviny, page 12 STUDENT AGENCY: Airline ticket seller Student Agency is up for sale and could fetch around 1 billion crowns ($45.70 million), according to a prospectus, the newspaper reported. Founder and owner Radim Jancura plans to use proceeds for his bus and train transport business RegioJet, the paper said. Hospodarske Noviny, page 1 POLITICS: The lower house voted against opening debate on President Milos Zeman's recent comments on Novichok, with almost all parliamentarians of the ruling ANO party voting with far-right SPD and far-left Communists in striking down the motion. The leader of the Social Democrat - with whom ANO is negotiating a coalition government - was surprised by the vote. The party is holding an internal referendum at the moment on joining the government. It had sought assurances in coalition talks that it would not be outvoted by ANO joining fringe parties. Pravo, page 2 (Reuters has not verified the stories, nor does it vouch for their accuracy.) ***For real-time stock market index Quote: s click in brackets: Warsaw WIG20 Budapest BUX Prague PX For updates on CEE markets TOP NEWS -- Emerging markets Prague Newsroom: +420 224 190 477 E-mail: [email protected] ($1 = 21.8800 Czech crowns) (Reporting by Prague Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/czech-factors/czech-republic-factors-to-watch-on-may-23-idUSL5N1SU18C |
May 17, 2018 / 11:47 PM / Updated 13 minutes ago U.S. President Donald Trump meets China's Liu He: CCTV Reuters Staff 1 Min Read
SHANGHAI (Reuters) - Chinese Vice Premier Liu He, who is leading a trade delegation in Washington, has met U.S. President Donald Trump, state broadcaster China Central Television said on Friday. U.S. President Donald Trump hosts a "California Sanctuary State Roundtable" at the White House in Washington. U.S., May 16, 2018. REUTERS/Kevin Lamarque
A second round of talks between senior Trump administration officials and their Chinese counterparts started at the U.S. Treasury on Thursday morning, focused on cutting China’s U.S. trade surplus and improving intellectual property protections.
White House spokeswoman Sarah Sanders had earlier said Trump would meet Liu later on Thursday.
Trump has threatened to impose tariffs on goods worth up to $150 billion to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies.
Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos. Reporting by Adam Jourdan; Editing by Paul Tait | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trade-china/u-s-president-donald-trump-meets-chinas-liu-he-cctv-idINKCN1II364 |
FRANKFURT, May 16 (Reuters) - Revenue in Germany from TV, radio and online ads is expected to rise between 2.5 and 3.4 percent in 2018, a slight acceleration from last year when the industry generated revenues of 5.885 billion euros ($6.94 billion), an industry association said.
Video and audio ads are expected to account for 40 percent of overall revenues for the first time, up from 38.4 percent in 2017, the Association of Commercial Broadcasters and Audiovisual Services in Germany (VPRT) said in a statement on Wednesday.
But television advertising is expected to underperform, with a gain 1.0 to 1.5 percent as streaming video ads watched over the internet grow by 15 to 20 percent, albeit from a far smaller base.
That underlines the challenge broadcasters face to diversify from traditional free-to-air, advertising-funded programming as viewing habits change and competitors offer on-demand services.
ProSieben Media SE cautioned last week that core profits could underperform in the second and third quarters, sending its shares sharply lower, while new CEO Max Conze urged shareholders to be patient as he maps a recovery.
RTL, the European broadcaster that is ProSieben’s main competitor in Germany, reports quarterly results on Thursday.
$1 = 0.8482 euros Reporting by Douglas Busvine Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-advertising/german-tv-to-lag-pick-up-in-audiovisual-ad-revenues-vprt-idUSL5N1SN6KY |
May 1 (Reuters) - JP Morgan has appointed Tia Counts as head of advancing black leaders for EMEA.
In the newly created role, Counts will focus on supporting managers in developing black talent, and contributing to the broader diversity and inclusion agenda.
Counts has over 20 years of experience specialising in domestic and cross-border investment banking. (Reporting by Sanjana Shivdas)
| ashraq/financial-news-articles | https://www.reuters.com/article/jp-morgan-moves-tia-counts/moves-jp-morgan-appoints-tia-counts-as-head-of-advancing-black-leaders-for-emea-idUSL3N1S82K2 |
May 1, 2018 / 2:51 PM / in 5 minutes BRIEF-Toyota Motor North America Reports April Sales Of 192,348 Vehicles, Down 4.7 Pct On A Volume Basis Reuters Staff
May 1 (Reuters) - Toyota Motor North America : * TOYOTA MOTOR NORTH AMERICA REPORTS APRIL 2018 SALES
* TOYOTA MOTOR NORTH AMERICA - REPORTED APRIL 2018 SALES OF 192,348 VEHICLES, A DECREASE OF 4.7 PERCENT FROM APRIL 2017 ON A VOLUME BASIS
* TOYOTA MOTOR NORTH AMERICA - WITH TWO LESS SELLING DAYS IN APRIL 2018 VERSUS APRIL 2017, SALES WERE UP 3.2 PERCENT ON A DAILY SELLING RATE (DSR) BASIS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-toyota-motor-north-america-reports/brief-toyota-motor-north-america-reports-april-sales-of-192348-vehicles-down-4-7-pct-on-a-volume-basis-idUSASC09YNN |
DON’T CALL Nick Robbins a Doomsday prepper. Sure, Mr. Robbins, 50, a technology lawyer and general counsel for the Health Coach Institute, produces his own drinking water at his Phoenix home—a move often associated with people who hoard canned goods and watch YouTube tutorials on how to field-dress a wound. But, for the most part, it was health considerations rather than apocalyptic fears that inspired him and his wife to go off the water grid.
With two small children, the couple was worried about pollutants like heavy metals... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-upscale-way-to-prepare-for-doomsday-1525969136 |
May 31, 2018 / 8:21 PM / Updated 20 minutes ago Mattek-Sands loses but career back on track after horror injury Martyn Herman 3 Min Read
PARIS (Reuters) - American Bethanie Mattek-Sands bowed out in the second round of the French Open on Thursday, beaten by Germany’s former world number nine Andrea Petkovic. May 31, 2018, Paris, France: Bethanie Mattek-Sands (USA) in action during her match against Andrea Petkovic (GER) on day five of the 2018 French Open at Roland Garros. Mandatory Credit: Susan Mullane-USA TODAY Sports
Nothing too remarkable about that it would seem, except the last time Mattek-Sands saw her hopes ended at a Grand Slam it appeared her career had been cut short too.
It is approaching a year since the 33-year-old fell awkwardly at Wimbledon, ruptured a tendon in her right knee and dislocated her kneecap. Her screams echoed around the grounds.
Career-saving surgery took place in New York five days later and all the gruelling months of rehabilition were rewarded this week when she returned to the Grand Slam arena and posted a first-round victory over Sweden’s Johanna Larsson.
“The beginning was the most difficult,” Mattek-Sands told Reuters as she reflected on her journey back. “The worst thing was I had to keep my leg straight for six weeks
“I really couldn’t do anything. I needed help getting in and out of bed, getting into the shower, going to the bathroom. It wasn’t just not being able to play tennis, it was not being able to live my life the way I was used to. May 31, 2018, Paris, France: Bethanie Mattek-Sands (USA) in action during her match against Andrea Petkovic (GER) on day five of the 2018 French Open at Roland Garros. Mandatory Credit: Susan Mullane-USA TODAY Sports
“Going from being a professional athlete to that was a huge contrast.”
So it was easier than usual for her to shake off Thursday’s 6-0 7-6(5) defeat by world number 107 Petkovic.
“She was the better player today but I have a lot of things to take with me from this tournament,” said Mattek-Sands, who returned in March but had not claimed a Tour-level victory before arriving in Paris on a protected ranking.
“It just feels awesome to be back, I love the big events. I’m happy to be competing again.” May 31, 2018, Paris, France: Bethanie Mattek-Sands (USA) in action during her match against Andrea Petkovic (GER) on day five of the 2018 French Open at Roland Garros. Mandatory Credit: Susan Mullane-USA TODAY Sports WIMBLEDON RETURN?
While she is still focussing on the doubles in Paris with partner Latisha Chan, thoughts will evitably move towards an imminent return to Wimbledon.
“I haven’t thought about it a bunch because I’ve been focussed on claycourt tennis,” she said. “I’m not sure what the grass will bring and I haven’t decided where I’ll play.
“But physically I feel good. It’s recovering good day to day. It gets stiff but overall I’m happy with the trend.
“The knee won’t probably ever be the same as my left one but I do the best I can each day and if it’s sore or stiff I talk to my team and trainers and therapists and they do a a great job.”
While off the Tour and when not in the gym, former world number 30 Mattek-Sands kept herself busy with her passion for fashion and design — turning her hand to home renovation.
“I did some TV at the U.S. Open for ESPN which I enjoyed but we are renovating a house and I’ve really got into that, into the interior design,” said the American whose on-court looks have included knee-length socks, face paint and jackets decorated with white tennis balls.
“Fashion wise I like being creative so I took all my colourful ideas that I wear and brought them to the house. That’s an ongoing project. I just enjoyed friends and family and being with my dog too.” Reporting by Martyn Herman; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-matteksands/mattek-sands-loses-but-career-back-on-track-after-horror-injury-idUKKCN1IW2XO |
LUXEMBOURG--(BUSINESS WIRE)--
Corporación América Airports S.A. (NYSE:CAAP) , the largest private sector airport operator based on the number of airports under management and the tenth largest private sector airport operator worldwide based on passage traffic, today announced that it will report its First Quarter results on Tuesday, May 22, after market closes.
Earnings Release
Tuesday, May 22, 2018
Time: After Market Closes
Conference Call
Wednesday, May 23, 2018
Time: 10 am Eastern Time
Executives
Mr. Martín Eurnekian, Chief Executive Officer
Mr. Raúl Francos, Chief Financial Officer
Ms. Gimena Albanesi, Head of Investor Relations
To participate please dial in
1-888-317-6016 (U.S. domestic)
1-412-317-6016 (International)
Webcast (click here)
Replay (click here)
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. The Company is the largest private airport operator in the world by the number of airports and the tenth largest based on passenger traffic. Currently, the Company operates 52 airports in 7 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In 2017, it served 76.6 million passengers. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006110/en/
Corporación América Airports S.A.
Investor Relations:
Gimena Albanesi, +5411 4852-6411
[email protected]
Source: Corporación América Airports S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-corporacian-amarica-airports-announces-first-quarter-2018-financial-results-call-and-webcast.html |
Activate’s Michael Wolf on Comcast competing for Fox assets 1 Hour Ago Michael Wolf, Activate CEO, discusses Disney’s second-quarter earnings and the fate of the media giant’s bid for Fox’s assets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/activates-michael-wolf-on-comcast-competing-for-fox-assets.html |
May 26, 2018 / 8:26 AM / Updated 7 hours ago Cricket: Langer expects to 'cop it' on England tour Reuters Staff 2 Min Read
SYDNEY (Reuters) - Australia’s cricket team can expect a verbal barrage from England’s players, fans and media on their tour next month following the ball tampering scandal but new coach Justin Langer has told his side they can negate that if they behave better. Justin Langer speaks to the media in Melbourne, Australia, May 3, 2018. AAP/Luis Ascui/via REUTERS/Files
Australian cricket was thrown into turmoil in late March after captain Steve Smith, vice-captain David Warner and batsman Cameron Bancroft conspired to illegally rough up the ball during their test series in South Africa.
All three were banned afterwards, while the Australian team were criticised globally by cricket fans and commentators for what they perceived to be an arrogant and hypocritical team culture.
Langer said he expected that to continue on the tour, which includes five one-day internationals and a Twenty20 match.
“I am expecting to cop plenty from the crowds and the media but that’s England,” Langer told reporters in Brisbane on Saturday during the team’s training camp. “Even when your are winning all the time and are squeaky clean, you still cop it.
“We will cop it just as much as usual. But that’s okay... will be a good learning experience for our young blokes and our experienced guys will help navigate that landscape.”
Langer, who replaced Darren Lehmann after the former coach quit following the scandal, had previously said the team would need to earn back the respect of the cricketing world, which could take time. He reiterated that on Saturday.
“We have to aim to be number one in professionalism, number one in honesty, number one in humility,” Langer said.
“It doesn’t matter how much money, how many games, how many runs you made, if you are not a good bloke that is what people remember.
“So if we behave well on and off the field, then hopefully we’ll earn some respect back and earn some trust back.” Reporting by Greg Stutchbury in Wellington; Editing by Sudipto Ganguly | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-odi-eng-aus-langer/cricket-langer-expects-to-cop-it-on-england-tour-idINKCN1IR07R |
May 31, 2018 / 12:14 PM / Updated 12 minutes ago Sri Lankan shares fall to 5-month closing low; John Keells declines Reuters Staff 3 Min Read
COLOMBO, May 31 (Reuters) - Sri Lankan shares fell for a fourth straight session on Thursday and posted their lowest close in five months, dragged by conglomerate John Keells Holdings Plc on foreign investor selling.
Foreign investors sold shares of John Keells following reports that the MSCI Frontier Markets 100 Index, which captures large- and mid-cap representation across 29 frontier markets, will remove the stock from its index.
MSCI has yet to respond to a Reuters query if it has decided to remove John Keells from the index, but two analysts said the stock will be removed.
Foreign investors sold net 475.9 million rupees worth of equities on Thursday, extending the year-to-date net foreign outflow to 1.4 billion rupees worth of shares.
The Colombo stock index ended 0.35 percent weaker at 6,398.44. For the month, it declined 1.9 percent.
Turnover was 2.3 billion rupees ($14.54 million), more than twice of this year’s daily average of 998 million rupees.
“There was foreign selling on JKH (John Keells Holdings). With the dip in the share price, the All Share Price (Index) also came down,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers.
“There were some month-end settlements also.”
A weaker rupee, political uncertainty and the recent fuel price hike also weighed on sentiment, with local investors mostly keeping to the sidelines awaiting cues about the real impact of the floods that hit the island nation over the past week, brokers said.
Analysts said investors are waiting to see the full impact of the floods, which killed 24 people last week.
Shares of John Keells fell 2.3 percent, Melstacrop Plc ended 3.5 percent weaker, Richard Pieris & Company Plc lost 4.7 percent and Lion Brewery (Ceylon) Plc slipped 2.5 percent.
The rupee hit a fresh low of 158.50 per dollar on May 16 on importer demand for the U.S. currency.
Analysts said market sentiment had been dented by concerns over political instability following President Maithripala Sirisena’s decision to suspend parliament last month after 16 legislators from his ruling coalition defected.
On May 8, Sirisena urged his own coalition government and the opposition to end a power struggle to achieve ambitious goals including anti-corruption measures. ($1 = 158.2000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-stocks/sri-lankan-shares-fall-to-5-month-closing-low-john-keells-declines-idUSL3N1T24H7 |
TEPIC, Mexico (Thomson Reuters Foundation) - The Dominican Republic’s second city is bracing for hurricane season with a new evacuation plan after storms last year killed around 90 people, said its chief resilience officer.
Santiago de los Caballeros is still struggling with the economic toll from hurricanes Maria and Irma, but authorities are taking measures to mitigate the damage from future storms, said Maria Isabel Serrano Dina.
Maria and Irma left a trail of destruction as they crashed through the Caribbean in 2017, raising fears in many island nations that infrastructure and economies could be devastated by even more powerful storms in the future.
One lesson from last year, said Serrano, is that the city of almost 700,000 people needs a clear evacuation plan for those in low-lying areas that are most vulnerable to storm damage.
“They didn’t want to evacuate and we tried to make them leave by force, but it was very difficult,” she said.
“We had to use the police department and the military forces, so it’s not the best way to manage.”
This year, authorities are involving neighborhoods in evacuation plans, she said.
Workers are also bolstering schools and hospitals, which quickly filled up in the aftermath of last year’s hurricanes, and making sure that trees and electrical cables are less likely to fall in high winds, Serrano added.
As a member of the Rockefeller Foundation’s 100 Resilient Cities initiative, Santiago de los Caballeros has prioritized disaster preparedness, alongside developing infrastructure, improving transport and reducing domestic violence, she said.
Santiago de los Caballeros, which lies on the Yaque del Norte River 160 km miles (100 miles) north of the capital, Santo Domingo, recently unveiled its 87-page resilience strategy.
But faced with limited resources to implement the plan, Serrano said authorities have had to take an imaginative approach.
“One of the biggest challenges is money. What can you do with a little budget? You have to be creative,” she said.
Working with businesses to sponsor local parks or to take responsibility for street lights is a cost-effective way of funding schemes and giving private sector companies a vested interest in protecting their areas, she said.
Public education and outreach programs help communities get more involved, said Serrano, who has appeared on local television and radio shows to publicize resilience efforts.
Rapid, haphazard growth in informal neighborhoods has left many people with inadequate access to services and infrastructure, Serrano told the Thomson Reuters Foundation.
Major challenges include improving the city’s drinking water supply and waste management system, she said.
Reporting by Sophie Hares; editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/
| ashraq/financial-news-articles | https://www.reuters.com/article/us-dominican-santiago-resilience/dominican-republic-city-prepares-for-hurricane-season-after-2017-devastation-idUSKCN1IO11M |
EXCLUSIVE: Walmart’s Uber, Lyft partnerships end 2:42pm BST - 01:47
If the idea of Uber and Lyft delivering groceries while shuttling around passengers sounded far fetched, it's now clear it was much harder plan to make reality than expected. Walmart's partnership with both companies is now over, according to an exclusive Reuters report.
If the idea of Uber and Lyft delivering groceries while shuttling around passengers sounded far fetched, it's now clear it was much harder plan to make reality than expected. Walmart's partnership with both companies is now over, according to an exclusive Reuters report. //reut.rs/2KKCyU7 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/exclusive-walmarts-uber-lyft-partnership?videoId=424972643 |
LONDON—Diageo PLC is shopping its Canadian whisky brand Seagrams VO and cinnamon schnapps Goldschlager among others as it looks to pivot toward higher-growth brands, according to people familiar with the matter.
Diageo, the world’s largest liquor maker, is also looking to unload other middle-market brands like Myers’s rum, Popov vodka and Romana sambuca, according to these people as it looks to tighten its focus on pricier, international brands that are seeing stronger growth.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/diageo-hires-bankers-to-sell-u-s-focused-spirits-brands-1527165295 |
May 2, 2018 / 10:45 AM / Updated 11 minutes ago BRIEF-Loblaw Reports Q1 Earnings Per Share C$0.98 Reuters Staff 2 Min Read
May 2 (Reuters) - Loblaw Companies Ltd:
* LOBLAW REPORTS 2018 FIRST QUARTER RESULTS AND A 9.3% INCREASE TO QUARTERLY COMMON SHARE DIVIDEND(1); ANNOUNCES NATIONAL ROLL-OUT OF E-COMMERCE
* Q1 REVENUE C$10.37 BILLION VERSUS I/B/E/S VIEW C$10.36 BILLION * 9.3% INCREASE TO QUARTERLY COMMON SHARE DIVIDEND
* Q1 EARNINGS PER SHARE VIEW C$0.91 — THOMSON REUTERS I/B/E/S
* LOBLAW - AS RETAIL LANDSCAPE CHANGES, CO IS RAPIDLY SCALING E-COMMERCE PICK-UP AND HOME DELIVERY SERVICES
* LOBLAW - IN 2018, PLANS A NATIONAL ROLL-OUT OF ON-LINE GROCERY BUSINESS
* LOBLAW - QTRLY RETAIL SEGMENT SALES WERE $10,105 MILLION, A DECREASE OF $61 MILLION, OR 0.6%
* LOBLAW - DISPOSITION OF GAS BAR OPERATIONS NEGATIVELY IMPACTED RETAIL SALES GROWTH BY $344 MILLION IN QUARTER
* LOBLAW - HEADWINDS FROM MINIMUM WAGE INCREASES, HEALTHCARE REFORM WILL NEGATIVELY IMPACT 2018 FINANCIAL PERFORMANCE
* LOBLAW - SEES POSITIVE SAME-STORE SALES AND STABLE GROSS MARGIN IN RETAIL SEGMENT IN 2018
* LOBLAW - IN 2018, SEES FLAT ADJUSTED NET EARNINGS GROWTH WITH POSITIVE ADJUSTED EPS GROWTH BASED ON SHARE BUYBACK PROGRAM
* LOBLAW - EXPECTS TO INVEST ABOUT $1.3 BILLION IN CAPITAL EXPENDITURES IN 2018 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-loblaw-reports-q1-earnings-per-sha/brief-loblaw-reports-q1-earnings-per-share-c0-98-idUSASC09YWK |
May 7 (Reuters) -
* GREENSKY INC SAYS INTENDS TO APPLY TO LIST CLASS A COMMON STOCK ON NASDAQ GLOBAL SELECT MARKET UNDER SYMBOL “GSKY” - SEC FILING Source text : [ bit.ly/2HTWW7j ]
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-greensky-says-intends-to-apply-to/brief-greensky-says-intends-to-apply-to-list-class-a-common-stock-on-nasdaq-global-select-market-under-symbol-gsky-idUSFWN1SE0C9 |
Liquid chocolate spills from truck in Poland 9:28pm IST - 01:06
Emergency workers clear liquid chocolate which spilled from an overturned truck on a Polish highway. Rough cut (no reporter narration)
Emergency workers clear liquid chocolate which spilled from an overturned truck on a Polish highway. Rough cut (no reporter narration) //reut.rs/2G2Oe12 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/liquid-chocolate-spills-from-truck-in-po?videoId=425297013 |
LAVAL, Quebec, May 17, 2018 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or the "Company") today announced that Valeant Pharmaceuticals International (the "Issuer"), the Company's wholly owned indirect subsidiary, has priced its previously announced offering of $750,000,000 aggregate principal amount of 8.50% unsecured senior notes due 2027 (the "Notes"). The Notes were offered at par. The offering is expected to close on or about June 1, 2018. As previously announced, the Company is seeking to amend and restate its existing credit agreement (as amended and restated, the "New Credit Agreement") and borrow $4.565 billion of new Term B loans (the "New Term B Loans") under the New Credit Agreement (the "Refinancing"). The proceeds of the Notes and the New Term B Loans, along with cash on hand, are expected to be used to refinance the Company's outstanding Term B loans and redeem the Company's 5.375% Senior Notes due 2020, the Issuer's 6.375% Senior Notes due 2020, the Issuer's 6.75% Senior Notes due 2021 and the Issuer's 7.25% Senior Notes due 2022, and to pay related fees and expenses.
The Notes will be guaranteed by the Company and each of its subsidiaries that are guarantors under the New Credit Agreement. Consummation of the offering of the Notes and the Refinancing are subject to various closing conditions, and there can be no assurance that the Company will be able to successfully complete these refinancing transactions on the terms described above, or at all.
The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws.
This news release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health.
Forward-looking Statements
This news release may contain forward-looking statements, including, but not limited to, the offering of the Notes and the Refinancing and the details thereof, including the proposed use of proceeds therefrom, our ability to close the offering of the Notes and the Refinancing. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in Valeant's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Investor Contact:
Media Contact:
Arthur Shannon
Lainie Keller
[email protected]
[email protected]
(514) 856-3855
(908) 927-0617
(877) 281-6642 (toll free)
View original content with multimedia: http://www.prnewswire.com/news-releases/valeant-announces-pricing-of-private-offering-of-notes-300650702.html
SOURCE Valeant Pharmaceuticals International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-valeant-announces-pricing-of-private-offering-of-notes.html |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Lingo Media Corporation (TSX-V:LM) (OTC:LMDCF) (FSE:LIMA) ("Lingo Media" or the “Company”), a global provider of digital and print-based English Language Learning solutions, announces its financial results for the first quarter ended March 31, 2018. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
“During the first quarter of 2018, we invested $257,434 in our digital content library and learning management system to position the Company for future growth. Due to longer than expected sales cycles, we did not generate significant revenue this past quarter,” said Khurram Qureshi, CFO of Lingo Media. “We believe we are on the right track with a very deep and active sales pipeline and it’s now a matter of contract conversions. In addition, the Company is pursuing various corporate development initiatives and M&A opportunities to unlock value for shareholders.”
Q1 2018 Operational Highlights
completed the development of a Learning Access Point ( ELL LAP ) advanced the development of ELL Technologies’ online Spanish course continued to market and sell, English For Success , a series of lessons and activities derived from ELL Library as a premium solution for governments and educational institutions
Subsequent Events
completed the first installation of the ELL LAP under the strategic alliance with HP Inc. at the Universidad Autonoma de Chiapas in Mexico closed sales contracts with Gale, a part of Cengage Learning, with universities in Thailand & Japan, expanding the Company’s reach into Asia closed sales contract with the municipality of Floridablanca in Colombia, secured through the distribution partnership with E-Training SAS
Financial Highlights for the First Quarter Ended March 31, 2018
First Quarter Ended March 31 st 2018 2017 Revenue $ 80,355 $ 597,977 Operating expenses 349,085 269,618 Development costs 257,434 - Income before amortization, share-based payments, depreciation, finance charges and taxes (526,164 ) 328,359 Amortization, share-based payments, and depreciation 25,061 295,661 Finance charges, taxes, foreign exchange (7,132 ) 28,753 Total expenses 624,448 594,032 Net profit (544,093 ) 3,945 Total comprehensive income (544,311 ) 3,727 Earnings per share $ (0.02 ) $ 0.00 Revenue for the period ended March 31, 2018 totalled $80,355 as compared to $597,977 in 2017 due to extended sales cycles Operating expenses for the period ended March 31, 2018 totalled $349,085 compared to $269,618 in 2017 Development costs for the period ended March 31, 2018 totalled $257,434 compared to $nil in 2017 as the company previously capitalized all development costs as intangible assets Net loss for the period ended March 31, 2018 was $544,093 or $(0.02) per share (basic) based on 35.5 million weighted average number of common shares as compared to net profit of $3,945 for the same period 2017 or $0.00 per share (basic) based on 35.5 million weighted average number of common shares Loss before amortization, share-based payments, depreciation, finance charges and taxes were $526,164 for Q1-2018 compared to income of $328,359 for Q1-2017
The unaudited condensed interim financial statements for the quarter ended March 31, 2017 and Management Discussion & Analysis are available at www.sedar.com .
About Lingo Media
Lingo Media is a global provider of best-in-class digital and print-based English language learning solutions that are ‘ Changing the way the world learns English ’.
Developed for learners of English at every level, Lingo Media’s ELL Technologies products combine a vast content library with proprietary technology. ELL Technologies’ intuitive dashboards enable students to track and manage their progress, and allow teachers to organize and interact with students, providing ongoing support. Lingo Media’s Lingo Learning division is a print-based publisher of English language learning programs in China.
Lingo Media’s product and program are marketed through established sales channels to key education, government and business organizations in Latin America and China and continues to extend its global reach and expand its product offerings.
Follow Lingo Media On:
Facebook: https://www.facebook.com/LingoMedia
Twitter: @LingoMediaCorp
YouTube: https://www.youtube.com/lingomedialm
LinkedIn: https://www.linkedin.com/company/lingo-media-corporation
RSS: http://feeds.feedburner.com/LingoMedia
For further information, contact:
Lingo Media
Kim Nguyen, Director of Corporate Communications
Tel: (416) 927-7000
Email: [email protected]
To learn more, visit us at www.lingomedia.com
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements are made in reliance upon Sections 21E and 27A of the Securities Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to the results, performance, or expectations implied by these forward-looking statements. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements . Lingo Media has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Lingo Media’s expectations, among other things, are dependent upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital as well as other uncontrollable or unknown factors. No assurance can be given that the actual results will be consistent with the forward-looking statements. Except as otherwise required by US Federal securities laws, Lingo Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason . Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian and United States securities regulators available on www.sedar.com or www.sec.gov/edgar.shtml .
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Source:Lingo Media Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-lingo-media-reports-first-quarter-2018-results.html |
May 17, 2018 / 6:54 AM / Updated 20 minutes ago Australia shares end at over 1-week low, Treasury Wine slides; NZ up Reuters Staff
* Westpac closes at near 2-week low
* Rio, BHP hit multi-year closing highs
* Treasury Wine Estates worst performer on the benchmark (Updates to close)
May 17 (Reuters) - Australian shares ended lower on Thursday as the country’s second largest bank by market cap went ex-dividend, and Treasury Wine Estates tumbled, though gains in materials and energy sectors helped limit the overall losses.
The S&P/ASX 200 index closed 12.7 points, or 0.2 percent lower at 6,094.30 - the weakest level in over a week.
Westpac Banking Corp fell to its lowest close in nearly two weeks, declining 3.7 percent as it traded ex-dividend. The other three of the “Big Four” banks ended higher between 0.3 percent and 0.8 percent.
Shares of Treasury Wine Estates were the worst performer on the index, slumping 6.2 percent to their lowest close in over a month.
The wine maker said it is facing delays in getting clearance for some of its shipments to China, raising wider concerns about Australia-China trade relations.
Toll-road operator Transurban Group fell 1.7 percent after Australia’s competition regulator raised concerns about the effects on inter-toll road competition from a proposed 51 percent stake purchase in WestConnex motorway.
Support for the market came from a rally for Australian miners which helped limit losses on the benchmark, with the mining index closing at its highest in over six years.
BHP posted its highest close in over 3-1/2-years and Rio Tinto rose 2.4 percent to over a seven-year closing high.
New Zealand’s benchmark S&P/NZX 50 index ended 0.6 percent, or 47.87 points lower at 8,603.38.
The country’s newly elected Labour party unveiled its first budget on Thursday with billions of dollars in additional funding for housing, health and education, while also pledging to reduce its debt burden as a proportion of Gross Domestic Product.
Consumer staples were the best performers on the benchmark with A2 Milk Company recouping some of the previous day’s losses to close 4.2 percent higher. (Reporting by Sumeet Gaikwad in Bengaluru Editing by Shri Navaratnam) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australia-shares-end-at-over-1-week-low-treasury-wine-slides-nz-up-idUSL3N1SO2LN |
Gilead misses bottom line estimates 1 Hour Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/gilead-misses-bottom-line-estimates.html |
LINKÖPING, Sweden, May 29, 2018 /PRNewswire/ -- International medical imaging IT and cybersecurity company Sectra (STO: SECT B) reported increased order bookings, net sales and earnings compared with the preceding fiscal year. Sectra's financial focus is to increase its operating profit per share while maintaining its operating margin, and the company's financial performance measures continue to exceed the Group's target levels. Taking into consideration this favorable performance and the company's strong financial position, the Board and the CEO have decided to propose to the Annual General Meeting (AGM) that SEK 4.50 per share be distributed to the shareholders through a share redemption program.
2017/2018 fiscal year in figures
Order bookings increased 26.7% to SEK 1,492.5 million (1,177.7). Net sales rose 11.0% to SEK 1,266.5 million (1,140.9). Adjusted for currency fluctuations, sales increased 12.5%. Operating profit rose 19.5% to SEK 239.1 million (200.1), corresponding to an operating margin of 18.9% (17.5). Adjusted for currency fluctuations, operating profit increased 22.0%. Cash flow after changes in working capital amounted to SEK 222.7 million (235.2).
Fourth quarter in figures
Order bookings increased 43.1% to SEK 500.3 million (349.6). Net sales rose 13.8% to SEK 387.9 million (340.8). Adjusted for currency fluctuations, sales increased 13.9%. Operating profit rose 12.3% to SEK 83.7 million (74.5), corresponding to an operating margin of 21.6% (21.9). Adjusted for currency fluctuations, operating profit increased 13.0%. Profit before tax rose 44.8% to SEK 113.5 million (78.4). Net financial items increased SEK 25.9 million to SEK 29.8 million, of which the sale of 100% of the shares in the associated company Commit; Oy accounted for SEK 9.8 million. Cash flow after changes in working capital amounted to SEK 101.9 million (60.2).
Torbjörn Kronander, President and CEO of Sectra AB, comments
"The 2017/2018 fiscal year was characterized by successes that strengthened Sectra's position in our niche markets. We have achieved all of our financial goals and are growing through collaboration with new and existing customers and partners. Our customers have entrusted us to execute projects with innovative solutions that could ultimately lead to new advances in critical social functions. The overall aim of all our projects and business ventures is to solve major social problems that must be addressed in the foreseeable future. Helping customers to improve the efficiency and quality of patient care and increase cybersecurity in critical social functions is Sectra's most significant contribution to a more sustainable society.
"A year ago, our order bookings looked somewhat worrying, but after the most recent quarter we are ending the fiscal year with a healthy order book. This will provide a solid foundation for continued growth. Sectra has stable underlying operations, with favorable profitability and cash flow. We also have a number of highly exciting projects in the pipeline that could eventually become major endeavors, although, as always, there are no guarantees with such projects.
"It is rewarding to lead and work for a company with satisfied customers and employees who do an outstanding job every day. The Group's performance is a result of our targeted efforts to understand our customers' environments and of our culture, with employees who truly care about and assume responsibility for our customers. I am incredibly proud of the Sectra culture and the way it is ingrained in every operating area in the company. This further strengthens our reputation and helps to boost our profitability. This ultimately benefits our customers, employees and shareholders—and, above all, the patients who benefit from our medical IT systems and the citizens of the democratic, open societies protected by our security solutions.
For further CEO comments and information, see the attached year-end report.
Presentation of the year-end report
A presentation will be held by Torbjörn Kronander, President and CEO of Sectra AB, and Mats Franzén, CFO of Sectra AB. The presentation will be held in English.
Time: May 29, 2018, at 12:00 noon
To attend the presentation at Operaterrassen, register here: www.financialhearings.com/event/10336
The report presentation can also be followed live online: www.sectra.com/irwebcast . A recorded version will also be available via this link after the conference.
This information constitutes information that Sectra AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and/or the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 8:00 a.m. (CET) on May 29, 2018.
For further information, please contact:
Dr. Torbjörn Kronander
CEO and President Sectra AB
+46 (0) 705-23-52-27
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/sectra/r/sectra-s-year-end-report-2017-2018--positive-earnings-trend-and-healthy-order-book,c2533499
The following files are available for download:
http://mb.cision.com/Main/1263/2533499/849863.pdf
Sectra Year-end Report 2017/2018
http://news.cision.com/sectra/i/torbjorn-kronander,c2419654
Torbjorn Kronander
View original content: http://www.prnewswire.com/news-releases/sectras-year-end-report-20172018-positive-earnings-trend-and-healthy-order-book-300655592.html
SOURCE Sectra | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-sectras-year-end-report-20172018-positive-earnings-trend-and-healthy-order-book.html |
Putin improves hockey stats with goal on ice 10:23am BST - 02:24
VIDEO SHOWS: RUSSIAN PRESIDENT VLADIMIR PUTIN SKATES ON ICE, WELCOMES PLAYERS OF BOTH TEAMS / PUTIN AND RUSSIAN DEFENCE MINISTER SERGEI SHOIGU AND OTHERS PLAYING ICE HOCKEY SHOTLIST ONLY. COMPLETE ▲ Hide Transcript ▶ View Transcript
VIDEO SHOWS: RUSSIAN PRESIDENT VLADIMIR PUTIN SKATES ON ICE, WELCOMES PLAYERS OF BOTH TEAMS / PUTIN AND RUSSIAN DEFENCE MINISTER SERGEI SHOIGU AND OTHERS PLAYING ICE HOCKEY SHOTLIST ONLY. COMPLETE Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KV8B3F | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/putin-improves-hockey-stats-with-goal-on?videoId=425610282 |
May 4 (Reuters) - Solutiance AG:
* SAID ON THURSDAY 2017 ORDER INTAKE AMOUNTED TO EUR 76,000, OF WHICH EUR 41,000 IN Q4 ONLY
* Q1 2018 ORDERS TOTALING EUR 71,000 RECEIVED * IN Q2 2018 TO DATE ALONE, ORDER INTAKE ALREADY AMOUNTED TO EUR 112,000
* EXPECTS GROWTH TO CONTINUE IN THE COMING MONTHS * DUE TO THE SALE OF PROGEO MONITORING, PUBLICATION OF FINANCIAL STATEMENTS FOR 2017 AND FIRST QUARTER OF 2018 WILL BE DELAYED
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SB0I2 |
Toledo and Oak Harbor, Ohio
... | ashraq/financial-news-articles | https://www.wsj.com/articles/before-audubon-alexander-wilsons-birds-of-the-united-states-review-ornithology-takes-flight-1526936443 |
The Meghan Markle effect spreads to yellow gold 1:06am BST - 01:26
The Meghan Markle effect has spread to yellow gold jewelry, helping boost United States sales in the first quarter of 2018 with further gains expected, jewelers said.
The Meghan Markle effect has spread to yellow gold jewelry, helping boost United States sales in the first quarter of 2018 with further gains expected, jewelers said. //reut.rs/2GSaHxZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/26/the-meghan-markle-effect-spreads-to-yell?videoId=430256921 |
- Conference Call Scheduled for May 9, 2018 at 4:30 p.m. ET
MORRISTOWN, N.J.--(BUSINESS WIRE)-- Majesco (NYSE AMERICAN:MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that the Company will report its fiscal 2018 fourth quarter financial results after the market close on Wednesday, May 9, 2018.
Conference Call and Webcast Information
Management of Majesco will conduct a live teleconference to discuss Majesco’s fiscal 2018 fourth quarter and full year financial results at 4:30 p.m. ET on Wednesday, May 9, 2018. Anyone interested in participating should call 800-239-9838 if calling from the U.S., or 323-794-2551 if dialing internationally. A replay will be available until May 23, 2018, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode :3697388 to access the replay.
In addition, the call will be webcast and will be available on the Company’s website at www.majesco.com or by visiting http://public.viavid.com/index.php?id=129039 .
About Majesco
Insurance business transformation is a journey of change and revitalization, a renaissance of insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modelling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.
For more details on Majesco, please visit www.majesco.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006268/en/
Majesco:
Corporate
Ann Massey, (973) 461-5190
SVP-Finance
[email protected]
or
Investor & Media
SM Berger & Co
Andrew Berger, (216) 464-6400
[email protected]
Source: Majesco | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-majesco-to-report-fiscal-2018-fourth-quarter-financial-results-on-may-9-2018.html |
May 23 (Reuters) - Floor & Decor Holdings Inc:
* FLOOR & DECOR HOLDINGS, INC. ANNOUNCES SECONDARY OFFERING OF 10,000,000 SHARES OF COMMON STOCK BY SELLING STOCKHOLDERS
* FLOOR & DECOR - FUNDS AFFILIATED WITH ARES MANAGEMENT, FREEMAN SPOGLI MANAGEMENT INTEND TO OFFER CO’S SHARES FOR SALE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-floor-decor-holdings-inc-announces/brief-floor-decor-holdings-inc-announces-secondary-offering-of-10-mln-shares-of-common-stock-idUSASC0A3GL |
The market’s ‘fear gauge’ may be signaling caution for stocks 1 Hour Ago Dennis Davitt, partner and portfolio manager at Harvest Volatility Management, discusses a trend emerging between the market and its gauge of volatility. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/vix-price-action-signaling-caution-for-market-rally.html |
(Adds reaction to accord from truckers’ association, more on wider economic and companies impact of strike)
By Marcela Ayres and Alexandra Alper
BRASILIA/SAO PAULO, May 28 (Reuters) - Petrobras shares fell as much as 9 percent on Monday after Brazil’s government offered new fuel subsidies and softened the oil producer’s pricing policy in a bid to settle a truckers’ strike that has wreaked havoc on Latin America’s largest economy.
As a result of tax cuts and subsidies announced by President Michel Temer late on Sunday, domestic diesel prices would fall 0.46 real per liter, or about 13 percent of the current price at the pump, and remain frozen for 60 days.
A truckers’ association behind the nationwide protest told drivers to get back to work, adding that it expected the number of blockades of key roadways to decline significantly by Monday afternoon.
Yet to avoid breaking budget rules, the Brazilian congress would need to approve several tax measures, a daunting endeavor ahead of this year’s parliamentary and presidential elections.
The measures represented Temer’s latest concessions to the truckers, whose strike has won popular support even as it has severely hampered the flow of food, fuel and key exports in Latin America’s largest economy.
Brazilian farm groups warned on Monday that production and exports of key commodities like coffee and soy would fall if the truckers continue to block roads.
Some 64 million chickens have starved to death as a result of the strike, meat group ABPA said on Sunday. Brazil is the world’s largest chicken exporter. As many as 150 poultry and pork processing plants have stopped production for lack of feed and storage space, the association has said.
After the initial 60-day period price freeze, state-controlled Petróleo Brasileiro SA will start adjusting diesel prices monthly, a switch from its current policy of daily price changes.
Should global diesel prices fall in coming months, the government could choose to trim subsidies, Finance Minister Eduardo Guardia said.
Petrobras said in a securities filing that the government had agreed to compensate it for any losses.
Still, its shares plunged to a four-month low, leading a broader sell-off in Brazil’s benchmark Bovespa index, which slumped 4 percent.
The latest pricing announcement “suggests increasing risk that the government will interfere in Petrobras affairs again or force them to subsidize the domestic market again,” said Morningstar analyst Allen Good, adding that the change to monthly pricing adjustments from daily was “a change in the market-friendly policy implemented in the last couple of years.”
For years, Petrobras subsidized domestic fuel prices, boosting its debt load, a policy current Chief Executive Pedro Parente has tried to reverse. The policy contributed to the diesel price hikes that triggered the truckers’ rebellion.
The pricing turmoil has raised questions about how long the market-friendly CEO will stay on.
“There were rumors last week Parente might resign,” Good said. “The latest decisions might force his hand.”
Petrobras on Friday denied the rumors, saying Parente had no intention of quitting.
Renewed worries about Petrobras’ independence from political inference have shaved 113 billion reais off its market capitalization since the truckers’ strike began a week ago.
Brazilian steelmakers like Cia Siderurgica Nacional and Usiminas may lose up to 20 percent of their revenue in May due to the strike, analysts from XP Investimentos said in a research note. Shares in food retailers Carrefour Brasil and GPA SA also fell as analysts warned their supply chains would suffer.
Petrobras management separately urged its workers not to follow through on a strike planned for later in the week, saying that “paralysis and pressure for adjusting prices” would not be positive for the company or country as a whole.
To partially offset the subsidies’ cost, which could reach as much as 9.5 billion reais ($2.6 billion) this year, and avoid missing its 2018 budget goal, Guardia said the government would cut spending by 3.8 billion reais.
It will also have to hike taxes to offset an additional 4-billion real loss from diesel tax cuts to avoid breaking budget rules.
That would be partially paid for by an increase in payroll taxes that has struggled to win congressional approval for months, but would also require further tax measures that the government will unveil once that plan is passed, Guardia said.
Guardia also said the government will implement a variable tax on diesel imports that will kick in whenever global prices fall below local benchmark prices, protecting Petrobras’ competitiveness. Newspaper Valor Econômico had reported on Monday that Petrobras had proposed such a plan.
$1 = 3.71 reais Additional reporting by Ana Mano, Gram Slattery and Tatiana Bautzer; Writing by Bruno Federowski Editing by Nick Zieminski and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport/update-1-petrobras-plunges-as-brazil-offers-deal-to-end-truckers-strike-idUSL2N1SZ0O2 |
May 8, 2018 / 11:50 AM / Updated 11 minutes ago Dutch KLM unions see no way out of marriage with Air France Bart H. Meijer 3 Min Read
AMSTERDAM (Reuters) - Dutch union representatives said on Tuesday KLM would have to stick with its partnership with Air France ( AIRF.PA ) even though the French airline is under increasing pressure from strikes. The empty podium is seen after Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attended a news conference to announce his resignation in Paris, France, May 4, 2018. REUTERS/Charles Platiau
Air France shares fell more than 10 percent on Monday after the airlines CEO Jean-Marc Janaillac said he would resign over the rejection by staff of the airline’s pay deal.
Janaillac’s exit has raised questions over Air France’s ability to cut costs to compete with Gulf carriers and low-cost airlines.
“We are very concerned about the situation at Air France, which should be resolved as soon as possible”, director Michiel Wallaard of labour union CNV told Reuters.
Air France-KLM last week said it expected profits to fall this year due to the effect of strikes at its French business.
Profits at Dutch sister company KLM, which has succeeded in cutting costs, rose in the first quarter, in contrast with losses at Air France.
“KLM is basically doing better than ever, as we have struck two very sober labour agreements in recent years. We now expect the other part of the company to follow,” Wallaard said.
Air France took over KLM in 2003 when the Dutch airline was struggling, but the two have continued to operate independently.
Since then, KLM managed to agree several cost cutting deals with its staff, which has substantially improved its profitability and put it in a stronger position to compete with Gulf carriers and budget airlines. UNIONS NOT SEEKING DIVORCE
Air France’s problems have prompted calls in the Netherlands for KLM to free itself from its ailing partner, but the unions say the Dutch airline is too small to make it on its own.
“To disentangle the companies would be stupid”, director Leen van der List of union FNV said. “This is a global business in which you need strong partnerships. Both companies need to make the best of their relationship, to use its advantages and strengthen it.”
Wallaard agreed that single life would not be happy for KLM, but did not rule out the prospect of other partners, who might prove more attractive.
“We want to continue with Air France and are not asking for a divorce”, he said. “But without a rapid solution we have to think about Plan B. One of the scenarios that people think about is a takeover of KLM by another partner, such as Delta.”
KLM and Delta Air Lines are both members of the SkyTeam Airline Alliance.
For now, though, the Dutch unions do not see another realistic option other than to wait for Air France to reach a compromise deal with staff.
“There is an answer to every conflict, and I’m sure an independent outsider will be able to bring the solution,” Van der List said. “But it needs to be done quick, we can’t afford to wait weeks.”
Air France pilots, cabin crew and ground staff were on strike for a fifteenth day since February on Tuesday and Air France said one in five flights would be cancelled. Reporting by Bart Meijer. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-air-france-klm-ceo-unions/dutch-klm-unions-see-no-way-out-of-marriage-with-air-france-idUKKBN1I91GH |
May 1 (Reuters) - VBI Vaccines Inc:
* VBI VACCINES ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.19 * Q1 EARNINGS PER SHARE VIEW $-0.17 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vaccines-posts-q1-loss-per-share-0/brief-vaccines-posts-q1-loss-per-share-0-19-idUSASC09YKO |
LONDON (Thomson Reuters Foundation) - British schools were urged to act to protect girls at risk of being taken abroad for marriage during the summer holidays after government figures released on Thursday showed nearly a third of reports of possible forced marriage involved children.
The warning came a day after a mother went on trial in Birmingham accused of tricking her teenage daughter into traveling to Pakistan to marry a much older man to whom she was allegedly betrothed when she was 13.
Campaigners said the case could lead to the country’s first conviction for forced marriage.
Data released by the government’s Forced Marriage Unit (FMU) on Thursday showed it received reports of 1,196 possible cases last year.
Although the figure was 19 percent down on 2016, it said the drop did not represent a decrease in the prevalence of forced marriage which remained a “hidden crime”.
Nearly a third of cases involved people under 18 - the definition of child marriage. In 15 percent of cases, the victim was under 16 - the youngest was just two.
More than a third of cases related to Pakistan and more than 10 percent to Bangladesh.
The biggest change was the rise in reports linked to Somalia, which had doubled since 2016. A fifth of cases overall concerned male victims.
Karma Nirvana, a charity which campaigns against forced marriage, said it had seen a sharp increase in calls to its own helpline.
Charity founder Jasvinder Sanghera said it was alarming that so many cases reported to the FMU involved children and called for schools to take action.
“In Britain today there are children in our classrooms who are either engaged ... at risk of forced marriage or have been forced into marriage,” she said.
“Families will use the summer holidays as an opportunity to take their kids abroad to enter into marriages or engagements - so what are we doing to ensure schools are engaged?”
Sanghera said she had recently met education chiefs to discuss the issue.
“There is still an attitude out there that (schools) don’t see it as a safeguarding issue, but as a cultural issue. They don’t ... want to offend parents,” she added.
Forced marriage is illegal under British law, even if carried out abroad.
The unit could not immediately say if it had referred any cases to police.
“The law is futile if we don’t use it,” Sanghera said. “Many people in Britain, and certainly the victims, don’t even know the law exists.”
Reporting by Emma Batha, Editing by Claire Cozens Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-marriage-children/uk-schools-urged-to-take-action-on-forced-marriage-idUSKBN1IB2DI |
* Nonfarm payrolls forecast to rise 192,000 in April
* Unemployment rate seen falling to 4.0 percent
* Average hourly earnings expected to increase 0.2 percent
WASHINGTON, May 4 (Reuters) - U.S. job growth likely accelerated in April after a weather-related slowdown in the previous month, with the unemployment rate expected to drop to near a 17-1/2-year low of 4.0 percent.
The Labor Department's closely watched employment report on Friday is also expected to show steady wage growth, which would add to signs of building inflation pressures and likely keep the Federal Reserve on a gradual path of monetary policy tightening.
The U.S. central bank on Wednesday left interest rates unchanged and said it expected annual inflation to run close to its "symmetric" 2 percent target over the medium term.
Economists interpreted symmetric to mean policymakers would not be too concerned with inflation overshooting the target.
Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists. Payrolls rose by 103,000 positions in March, the smallest gain in six months, which economists dismissed as payback after unseasonably mild weather boosted hiring by 326,000 jobs in February.
The anticipated decline in the unemployment rate from 4.1 percent in March would put it at a level last seen in December 2000 and within striking distance of the Fed's forecast for 3.8 percent by the end of this year.
"The high-frequency indicators coming from the labor market continue to look rock solid, there is no real indication that the labor market is slowing down," said Scott Anderson, chief economist at Bank of the West in San Francisco. "From the Fed's perspective we are already at or below full employment."
Average hourly earnings are expected to have risen 0.2 percent last month after a 0.3 percent gain in March. That would leave the annual increase in average hourly earnings at 2.7 percent. While average hourly earnings have suggested only a gradual increase in wage inflation, other measures have been more robust.
The Employment Cost Index (ECI), widely viewed by policymakers and economists as one of the better measures of labor market slack, increased solidly in the first quarter. The ECI report showed wages rising at their fastest pace in 11 years during the period.
SKILLED LABOR SHORTAGE
Even with the annual increase in average hourly earnings still moderate, inflation is flirting with the Fed's target. The Fed's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, was up 1.9 percent year-on-year in March after a 1.6 percent rise in February.
"In an environment where productivity growth is remaining very weak, you actually don't need a particularly large rise in wage growth to be consistent with the Fed's 2 percent inflation target," said Michael Pearce, a senior U.S. economist at Capital Economics in New York.
"We expect faster wage growth will prompt the Fed to raise rates three more times this year."
The Fed hiked rates in March and has forecast at least two more increases for this year.
Economists expect the unemployment rate will drop to 3.5 percent by the end of the year. The economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population. Employment gains averaged 202,000 jobs per month in the first quarter.
Some economists, however, caution that April's job growth could come in below expectations, citing declines in measures of manufacturing and services sector employment during the month. More businesses are complaining about shortages of skilled workers.
A consumer confidence survey showed households' assessments of current labor market conditions falling for a second straight month in April. In addition, cold temperatures persisted last month in some parts of the country.
"We have seen historically poor weather, which we expect will act as a temporary headwind to April job growth," said Ellen Zentner, chief economist at Morgan Stanley in New York.
"Weather-sensitive construction and leisure/hospitality jobs in particular will likely be negatively impacted by the weather swing, so we expect those industries to take a meaningful hit."
Still, manufacturing payrolls are expected to have rebounded last month after recording their first drop in eight months in March. Manufacturing employment is forecast rising by 20,000 jobs in April after a gain of 22,000 positions in March.
Government payrolls are seen falling by 2,000 jobs in April. (Reporting by Lucia Mutikani Editing by Paul Simao) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-wrapup-1-u-s-jobs-growth-expected-to-regain-momentum-in-april.html |
May 8 (Reuters) - Pareteum Corp:
* PARETEUM AWARDED $4 MILLION CONTRACT FROM DIVERSIFIED ENTERPRISE IN ASIA
* PARETEUM CORP - SIGNED A 3-YEAR, $4 MILLION CONTRACT WITH A DIVERSIFIED ENTERPRISE CLIENT IN MANUFACTURING, BANKING AND CONSTRUCTION SECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pareteum-awarded-4-mln-contract-fr/brief-pareteum-awarded-4-mln-contract-from-diversified-enterprise-in-asia-idUSFWN1SF0YH |
CLIFTON, N.J., May 3, 2018 /PRNewswire/ -- Comodo Cybersecurity , a leader in innovative cybersecurity solutions, today announced it has appointed Steve Subar as president and CEO to lead the company in its next stages of growth.
"Steve has a proven track record of successfully leading companies in transition, and in delivering significant growth in highly competitive markets," said Comodo Group Chairman Melih Abdulhayoglu. "His inspiring leadership and decades of experience give me great confidence that our vision to secure and protect enterprises everywhere they live—in the LAN, web and cloud—will be immensely successful."
"While cyber threats become more sophisticated every day, businesses spend billions attempting to thwart bad actors. A scan of the headlines makes clear that today's widely adopted techniques are a failure. Prevention is impossible; businesses must be enabled to accept risk with the confidence that threats can do no harm," said Subar.
"I am thrilled to join Comodo Cybersecurity, build upon the rich foundation of market-leading technology and accelerate growth. With more than 1,000 employees worldwide and vast resources, Comodo Cybersecurity is uniquely positioned to become the new standard for how consumers, enterprises, governments and service providers protect and defend themselves, their citizens and customers from cyber threats," he added.
Subar joins Comodo Cybersecurity with more than 30 years of experience with winning technology companies as a founder, CEO and board member. He is an accomplished leader, bringing operational experience, technical breadth and a passion for customer care. Most recently, Subar was managing director at z2m4 Advisors, a management consulting firm serving venture capital and private equity investors in cybersecurity, IoT and communications technology. Previously, Subar founded Open Kernel Labs, Inc., a developer of military-grade security deployed on more than 1.6 billion mobile devices and acquired by General Dynamics. Earlier, as a senior executive with Mobius Management Systems, he was instrumental in driving the company's growth from $3 million in revenue to an IPO.
Subar holds a Bachelor of Science degree in Marketing with a concentration in Computer and Information Systems from Miami University. In addition, Subar serves on the advisory board for Northwestern University's Farley Center for Entrepreneurship and Innovation, and is chairman of the Cyber Threat Intelligence Network.
About Comodo Cybersecurity
In a world where preventing all cyberattacks is impossible, Comodo Cybersecurity delivers an innovative cybersecurity platform that renders threats useless, across the LAN, web and cloud. The Comodo One platform enables customers to protect their systems and data against even military-grade threats, including zero-day attacks. Based in Clifton, New Jersey, Comodo Cybersecurity has a 20-year history of protecting the most sensitive data for both businesses and consumers globally. For more information, visit comodo.com or our blog . You can also follow us on Twitter (@ComodoDesktop) and LinkedIn .
Contact:
Deb Montner, Montner Tech PR
[email protected]
203-226-9290
View original content with multimedia: http://www.prnewswire.com/news-releases/comodo-cybersecurity-names-steve-subar-president-and-chief-executive-officer-300641608.html
SOURCE Comodo Cybersecurity | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-comodo-cybersecurity-names-steve-subar-president-and-chief-executive-officer.html |
Oil prices still have room to run after rallying to 3½-year highs, drilling pioneer Harold Hamm said Wednesday.
The Continental Resources chairman and CEO said benchmark U.S. crude prices could still rise by about $10 from current levels near $72 a barrel.
"We're not looking at $100 oil in the future, or probably $90 oil, but it certainly could be in the mid-$70s and low $80s," he told CNBC in an interview on the sidelines of the Williston Basin Petroleum Conference in Bismarck, North Dakota.
Continental, one of the so-called frackers that pioneered drilling in North Dakota's Bakken shale fields, is getting an extra boost from higher prices. According to Hamm, the company did not hedge its production. Hedging, or locking in a price with buyers for future oil deliveries, protects drillers against price drops, but the practice can also leave money on the table if the cost of crude rises significantly.
David Orrell | CNBC Harold Hamm Shares of Continental are up 60 percent over the last 12 months, and 26 percent this year. Meanwhile, the XOP , a closely followed ETF that tracks oil and gas exploration and production stocks, is up nearly 22 percent over the last year and almost 16 percent year to date.
At current prices, Hamm said Continental could generate $1 billion in free cash flow, which the company will use to reduce its debt load following a prolonged period of low crude prices. Producers like Continental rely on expensive drilling methods like hydraulic fracturing and horizontal drilling to squeeze oil and natural gas from shale rock formations.
Continental ended the first quarter of 2018 with $6.17 billion in debt. Hamm said the company's goal is to get that down to $5 billion.
That dovetails with the dominant trend in the relatively young shale fracking industry: exercising financial discipline in order to start returning more cash to shareholders.
Shale drilling has boosted U.S. crude production to record highs, but surging output in West Texas has led to bottlenecks because the region doesn't have enough pipelines to handle the new supply. That's an issue North Dakota has largely overcome, said Hamm.
"We had that up here, as you'll recall, and certainly before we got adequate pipelines and gathering," said Hamm. "But now that we have it, our cost structure is much lower, and they still have headwinds in that area."
"We saw a differential change of three-and-a-half dollars when [the Dakota Access Pipeline] came on. That was huge and made it easier getting that to market," he said.
The Dakota Access Pipeline began carrying crude from North Dakota to Illinois last year after President Donald Trump cleared a path for the pipeline, which spurred protests by Native American tribes and environmentalists that drew national attention. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/us-crude-oil-prices-may-run-up-another-10-a-barrel-says-harold-hamm.html |
May 2, 2018 / 7:04 AM / Updated 23 minutes ago RPT-FOCUS-Incoming BASF boss rules out DowDuPont-style break-up Reuters Staff
(Repeats Tuesday’s story with no changes to text)
* Brudermueller prefers ‘everything under one roof’
* Says focus will be on science and technology
* Strategy update planned for end of year
* Chemical industry has seen several split-ups
By Ludwig Burger and Patricia Weiss
FRANKFURT, May 1 (Reuters) - The incoming boss of BASF has thrown his weight behind the chemical titan’s contentious strategy of keeping divergent businesses folded into one company, at a time when its major rivals such as DowDuPont are breaking themselves up.
The comments from Martin Brudermueller, who will take over as CEO on Friday, provide clarity on a key strategic issue that is dividing investors, in marked contrast to predecessor Kurt Bock who would not be drawn on which path he favoured.
The German group has grown from a 19th century indigo dye workshop to a diversified juggernaut worth $95 billion. It is the only major Western chemicals player banking on an integrated value chain - which it dubs “Verbund” - where a company owns businesses throughout the production process.
“We often hear the Verbund getting criticised for being too rigid. That’s not true,” said 56-year-old Brudermueller.
“If you have everything under one roof, you can coordinate things much better, that is the sense in which we will develop it further. You wouldn’t normally want to sell attractive businesses that are growing,” he told Reuters and other reporters in remarks released late on Tuesday.
At its Ludwigshafen headquarters and at five other hubs abroad, BASF runs close-knit networks of chemical reactors that churn out products as diverse as basic commodities, coatings, vitamins, drug ingredients and engineering plastics.
Bock, when asked in February whether BASF would continue to have diverse businesses under one roof or was considering other options, said the company might learn from what rivals did but did not say which path he favoured.
Both strategies have potential advantages; break-ups can create more focused individual companies and allow stronger units to attract investors unshackled from weaker ones, while an integrated model can reduce costs.
U.S. rival DowDuPont is planning to break up into a Materials Science division that relies on in-house basic petrochemicals plants and a Specialty Products unit selling more differentiated and complex materials. A third spin-off will focus on agriculture.
In other recent separation deals in the industry, Bayer spun off its Covestro plastics unit and is now selling down the shares, Air Products spun-off specialty chemicals unit Versum and coatings group Akzo Nobel is selling its specialty chemicals division. SHAREHOLDERS SPLIT
BASF competes with DowDuPont in areas such as pesticides, engineering plastics, nutrition, insulation foams and petrochemicals. Its rival’s three-way split will restore BASF’s position as the world’s largest chemical maker but some investors and analysts would rather see it lose that crown.
Patrick Jahnke, portfolio manager at Deka Investments, which owns BASF stock, said he favoured the firm selling its upstream petrochemical assets, saying the benefits of physical proximity to downstream operations could be shared with a new owner.
“You can sell the assets but the factory remains in place,” Jahnke said. “There are many who would pay a high price (for upstream BASF assets). Private equity would run the business with higher debt and optimised for cash flows and would arrive at a better profitability,” he added.
Upstream refers to basic petrochemicals, and downstream to more complex specialty chemicals.
A portfolio manager at a top 20 BASF shareholder, who declined to be named as they are not authorised to comment publicly on the investment, also saw the merits of a break-up.
“Downstream, speciality chems could work separately,” the manager said. “To de-clutter and reduce complexity ... tends to increase multiples and returns, but German companies are not well known for it.”
BASF has said that sharing logistics, excess energy and by-products within its chemical complexes saves it more than 1 billion euros ($1.2 billion) per year.
There are also supporters of the integrated approach among BASF’s shareholders.
Arne Rautenberg, of Union Investment, said there was still a lot of value in the model.
“The results this year wouldn’t have been good without the basic chemicals assets,” he said. Any move to separating them from the rest “would very much surprise me and I wouldn’t be excited”, he added. TALE OF TWO SECTORS
BASF has been a tale of two sectors over the past year.
Supply bottlenecks at rivals and strong industrial demand have flung BASF’s basic chemicals business into a surprise upward cycle. Meanwhile, margins of its more complex, specialty products, the group’s designated growth drivers, have been squeezed by higher raw materials prices.
“If upstream strength dissipates and the downstream margin struggles continue, then we think investor focus will turn to portfolio questions,” HSBC analyst Sriharsha Pappu said in a recent research note.
If allowed to strike out on their own, BASF units making construction chemicals, coatings and catalytic converters could bolster their earnings and fetch better trading multiples on the stock market, the HSBC analyst said.
Brudermueller, a BASF veteran, is currently chief technology officer and deputy CEO at the firm, which is due to report first-quarter results on Friday. He said that his focus would be on new technologies after taking over from CEO Bock, who by contrast had been the company’s finance chief before taking the helm and has a background in business administration.
The CEO-designate cited cathode materials for car batteries as one area of focus, and also using BASF’s new supercomputer to speed up discovery of new compounds.
“The fact that I have a background in technology and science will result in us having a change in perspective,” he said, adding that he would provide an update on BASF’s strategy towards the end of the year. (Additional reporting by Simon Jessop in London; Editing by Pravin Char) | ashraq/financial-news-articles | https://www.reuters.com/article/basf-ceo/rpt-focus-incoming-basf-boss-rules-out-dowdupont-style-break-up-idUSL8N1S91EL |
-- Prominent consumer food industry executive will help guide commercialization strategy for innovative health and nutrition ingredients --
DAVIS, Calif.--(BUSINESS WIRE)-- Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food ingredient company, announced today that Albert D. Bolles, Ph.D., a leading consumer food industry executive, has joined its board of directors.
Bolles is the former executive vice president, chief technology and operations officer of ConAgra Foods, where he led a technical organization including research, quality, innovation, and supply chain functions with over 10,000 employees and 100 manufacturing facilities. In his time with ConAgra, Bolles directed the development and execution of multiple product innovations and a multi-year pipeline to sustain and advance growth and, prior to joining ConAgra, he served as vice president, worldwide R&D for PepsiCo Beverages and Foods, and R&D director for Gerber Foods.
As an active partner with the Food and Drug Administration and U.S. Department of Agriculture to influence public policy, Bolles was instrumental in the passage of the Food Safety Modernization Act of 2010. Bolles is a graduate of Michigan State University where he earned Ph.D. and M.S. degrees in food science, and a bachelors’ degree in microbiology. He holds several patents and has won numerous awards for his contributions to food science, the industry and academics.
“Al is a visionary leader in the industry with proven success in global product innovation, R&D and corporate strategy,” said Kevin Comcowich, chair of Arcadia’s board of directors. “He will be instrumental in helping Arcadia build the commercial capabilities and industry relationships needed to launch its value-added food ingredients portfolio.”
“Arcadia has a robust pipeline of innovations in its non-GM wheat platform and other nutritional products that fit consumer needs in health and wellness,” said Bolles. “Their GoodWheat™ family of products has tremendous promise in the global marketplace, and I’m excited to join the board and leverage my experience and industry relationships to maximize its potential.”
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s portfolio of agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. For more information, visit www.arcadiabio.com .
Note Regarding Forward-Looking Statements
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s and its partners’ and affiliates’ ability to identify and isolate desired traits; the demand for the company’s product’s, both from commercial partners and consumers; the company’s and its partners’ ability to develop commercial products incorporating its traits and complete the regulatory review process for such products; the company’s compliance with laws and regulations that impact the company’s business, and changes to such laws and regulations; the company’s future capital requirements and ability to satisfy its capital needs; and the other risks set forth in the company’s Commission from time to time, including the risks set forth in the company’s annual report on Form 10-K for the year ended December 31, 2017 and other filings. These speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005918/en/
Arcadia Biosciences, Inc.
Jeff Bergau, +1-312-217-0419
[email protected]
Source: Arcadia Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-albert-d-bolles-ph-d-joins-arcadia-biosciences-board-of-directors.html |
LONDON (Reuters) - Britain continues to support boosting trade with Iran but businesses may want to consider the implications of U.S. sanctions on their activities and seek legal advice, Prime Minister Theresa May’s spokesman said on Wednesday.
“The UK continues to be party to the JCPOA and as such the UK government continues to fully support expanding our trade relationship with Iran and encourage UK businesses to take advantage of the commercial opportunities that arise,” he told reporters.
“However with the reimposition of U.S. sanctions, UK businesses may wish to consider the implications for their business activities in Iran and where necessary seek appropriate legal advice.”
Reporting by Elizabeth Piper; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-government-businesses/uk-firms-should-consider-implications-of-u-s-sanctions-on-iran-mays-spokesman-idUSKBN1IA2IE |
SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal fourth-quarter net income of $271 million.
The Sunnyvale, California-based company said it had net income of 99 cents per share. Earnings, adjusted for one-time gains and costs, were $1.05 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
The data storage company posted revenue of $1.64 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $1.6 billion.
For the year, the company reported profit of $76 million, or 28 cents per share. Revenue was reported as $5.91 billion.
For the current quarter ending in August, NetApp expects its per-share earnings to range from 76 cents to 82 cents.
The company said it expects revenue in the range of $1.37 billion to $1.47 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $1.43 billion.
NetApp shares have risen 21 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent. In the final minutes of trading on Wednesday, shares hit $66.79, an increase of 69 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/the-associated-press-netapp-fiscal-4q-earnings-snapshot.html |
AUSTIN, Minn., May 24, 2018 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the second quarter of fiscal 2018. All comparisons are to the second quarter of fiscal 2017 unless otherwise noted.
EXECUTIVE SUMMARY
Record diluted earnings per share of $0.44, up 13% from 2017 EPS of $0.39 Fiscal 2018 earnings guidance reaffirmed at $1.81 to $1.95 per share Record net sales of $2.3 billion, up 7%; Organic net sales 1 flat Volume of 1.2 billion lbs., up 3%; Organic volume 1 down 1% Operating margin of 13.1% compared to 14.4% last year Effective tax rate of 20.0% compared to 33.2% last year Year-to-date cash flow from operations of $443 million, up 58% compared to last year
COMMENTARY
"Our team delivered record earnings per share of $0.44 which was in line with our expectation and keeps us on track to maintain our full year earnings guidance," said Jim Snee, chairman of the board, president, and chief executive officer. "We were particularly pleased with the bottom-line performance from Refrigerated Foods as our experienced team grew our value-added profits while navigating through volatile markets. Our balanced business model helped mitigate higher freight costs and a difficult commodity environment."
"We delivered record sales led by our Refrigerated Foods and International segments. Strong top-line growth from brands such as Hormel ® Natural Choice ® and Hormel ® Bacon 1 TM and international sales of products such as Skippy ® peanut butter was complemented by the strategic acquisitions of Fontanini, Columbus Craft Meats, and Ceratti," Snee said. "Our core center store portfolio of brands such as SPAM ® , Dinty Moore ® , and Herdez ® also showed strong growth this quarter."
SEGMENT HIGHLIGHTS – SECOND QUARTER
Refrigerated Foods
Volume up 6%; Organic volume 1 down 1% Net sales up 14%; Organic net sales 1 flat to last year Segment profit up 18%
Volume and sales increases benefited from the inclusion of the Columbus and Fontanini acquisitions in addition to strong retail sales of Hormel ® Natural Choice ® products and foodservice sales of Hormel ® pepperoni and Hormel ® Bacon 1 TM fully cooked bacon. Organic volume decreased due to lower hog harvest volumes.
Refrigerated Foods delivered segment profit growth of 18% despite a 25% decline in commodity profits, a double-digit increase in per-unit freight expenses, and higher advertising expenses. Strong results were delivered by our branded retail and foodservice businesses in addition to the inclusion of the Fontanini and Columbus acquisitions.
Grocery Products
Volume down 2% Net sales down 1% Segment profit down 12%
Low-single-digit sales growth in our core Grocery Products portfolio, led by Wholly Guacamole ® dips, the SPAM ® family of products, Herdez ® salsas, Dinty Moore ® stew, and Hormel ® chili, was more than offset by significant sales declines across the CytoSport portfolio and our contract manufacturing business. Total Grocery Products segment profit was down due to increased promotional activity and lower volumes at CytoSport and lower earnings from our contract manufacturing business.
Jennie-O Turkey Store
Volume down 3% Net sales down 4% Segment profit down 34%
Sales declines were primarily due to lower whole bird pricing and volume as a result of continued oversupply of turkeys in the industry and excess meat in cold storage. Sales declines of whole birds were partially offset by increased retail sales, led by Jennie-O ® lean ground turkey and Jennie-O ® Oven Ready ® products. Segment profit decreased as a result of lower profits from whole bird and commodity sales, double-digit increases in per-unit freight costs, and increased advertising.
International & Other
Volume up 14%; Organic volume 1 up 1% Net sales up 22%; Organic net sales 1 up 8% Segment profit up 6%
International volume and sales increases were related to strong results in China, increased export sales, and the inclusion of the Ceratti business. Earnings increased on improved profitability in China due to lower raw material costs but were partially offset by higher advertising expenses and lower branded export margins.
SELECTED FINANCIAL DETAILS
Income Statement
Selling, general and administrative expenses increased due to the impact from acquisitions and higher advertising expense. Advertising expenses were $37 million compared to $30 million last year. Full year advertising expenses are expected to increase by approximately 20% over last year. Operating margin was 13.1% compared to 14.4% last year. The effective tax rate was 20.0% compared to 33.2% last year due to the passage of The Tax Cuts and Jobs Act in December 2017. The full year effective tax rate is expected to be between 17.5% and 19.5%.
Cash Flow Statement
Capital expenditures in the second quarter were $87 million compared to $39 million last year. Full year capital expenditures are expected to total $425 million. Key projects include bacon capacity increases in our Wichita, Kans., facility, a new whole bird facility in Melrose, Minn., modernization of the Austin, Minn., plant, and projects designed to increase value-added capacity. Depreciation and amortization expense in the second quarter was $41 million compared to $32 million last year. Full year expenses are expected to be approximately $160 million. Share repurchases to date total $45 million, representing 1.3 million shares purchased. The Company repaid $70 million in short-term debt in the quarter. The Company paid its 359 th consecutive quarterly dividend at the annual rate of $0.75 per share, a 10% increase over the prior year.
Balance Sheet
Working capital increased to $702 million from $625 million in the first quarter, primarily related to a higher inventories from acquisitions and lower accounts payable. Cash on hand decreased to $262 million from $386 million for the first quarter as the Company continues to pay down short-term debt related to the Columbus Craft Meats acquisition. Total debt is $810 million. The debt is split between short-term borrowings of $185 million and long-term borrowings of $625 million. The Company remains in a strong financial position to fund other capital needs.
OUTLOOK
"We are reaffirming our sales and earnings outlook for fiscal 2018," Snee said. "Our balanced business model allows us to manage through volatility and deliver consistent earnings growth. We continue to execute our value-added growth strategy in Refrigerated Foods and expect our retail and foodservice branded businesses to offset higher freight costs and lower pork commodity profits. Our expectation is for strong year-over-year earnings growth for International and for Grocery Products to return to its growth trajectory. While we are starting to see early signs of a recovery in the turkey industry, we expect Jennie-O Turkey Store to continue showing earnings declines for the remainder of this year."
"We are making excellent progress on the integrations of our recent acquisitions. These efforts, in combination with continued execution of our strategic imperatives, will ensure we remain in a position to deliver strong growth in the future."
Fiscal 2018 Outlook
Net Sales Guidance (in billions)
$9.70 - $10.10
Earnings per Share Guidance
$1.81 - $1.95
PRESENTATION
A conference call will be webcast at 8:00 a.m. CT on Thursday, May 24, 2018. Access is available at www.hormelfoods.com. The call will also be available via telephone by dialing 800-239-9838 and providing the access code 9118102. An audio replay is available by going to www.hormelfoods.com and clicking on Investors. The webcast replay will be available at 11:00 a.m. CT, Thursday, May 24, 2018, and will remain on the website for one year.
ABOUT HORMEL FOODS - Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a leading global branded food company with over $9 billion in annual revenues across more than 80 countries worldwide. Its brands include Skippy®, SPAM®, Hormel® Natural Choice®, Columbus®, Applegate®, Justin's®, Wholly Guacamole®, Hormel® Black Label® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the tenth year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125th anniversary and announced its new vision for the future - Inspired People. Inspired Food.™ - focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/ .
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors which appear on pages 31 - 38 in the company's Form 10-Q for the quarter ended January 28, 2018, which can be accessed at www.hormelfoods.com under "Investors - Filings & Reports - SEC Filings."
1 COMPARISON OF U.S. GAAP TO NON-GAAP FINANCIAL MEASUREMENTS
The non-GAAP adjusted financial measurements of organic net sales and organic volume are presented to provide investors additional information to facilitate the comparison of past and present operations. The company believes these non-GAAP financial measurements provide useful information to investors because they are the measurements used to evaluate performance on a comparable year-over-year basis. Non-GAAP measurements are not intended to be a substitute for U.S. GAAP measurements in analyzing financial performance. These non-GAAP measurements are not in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies.
Organic net sales and organic volume are defined as net sales and volume excluding the impact of acquisitions and divestitures. Organic net sales and organic volume exclude the impacts of the acquisition of Columbus Craft Meats (November 2017), the acquisition of Fontanini Italian Meats and Sausages (August 2017), and the divestiture of Farmer John (January 2017) in Refrigerated Foods and the acquisition of Ceratti (August 2017) in International. The tables below show the calculations to reconcile from the non-GAAP adjusted measures to the GAAP measures in the second quarter and second quarter year-to-date of fiscal 2018 and fiscal 2017.
NON-GAAP 1 VOLUME AND SALES DATA
(Unaudited) (In thousands)
2nd Quarter
FY 2018
FY 2017
VOLUME (LBS.)
Reported
(GAAP)
Acquisitions
Organic
(Non-GAAP)
Reported
(GAAP)
Organic
% change
Grocery Products
333,398
—
333,398
338,883
(1.6)
Refrigerated Foods
548,319
(38,402)
509,917
515,490
(1.1)
Jennie-O Turkey Store
197,806
—
197,806
203,557
(2.8)
International & Other
91,878
(10,676)
81,202
80,312
1.1
TOTAL
1,171,401
(49,078)
1,122,323
1,138,242
(1.4)
FY 2018
FY 2017
NET SALES
Reported
(GAAP)
Acquisitions
Organic
(Non-GAAP)
Reported
(GAAP)
Organic
% change
Grocery Products
$
631,550
$
—
$
631,550
$
640,419
(1.4)
Refrigerated Foods
1,166,967
(134,878)
1,032,089
1,027,486
0.4
Jennie-O Turkey Store
371,916
371,916
388,237
(4.2)
International & Other
160,135
(19,040)
141,095
131,167
7.6
TOTAL
$
2,330,568
$
(153,918)
$
2,176,650
$
2,187,309
(0.5)
Year to Date
FY 2018
FY 2017
VOLUME (LBS.)
Reported
(GAAP)
Acquisitions
Organic
(Non-GAAP)
Reported
(GAAP)
Divestitures
Organic
(Non-GAAP)
Organic
% change
Grocery Products
667,615
—
667,615
677,675
—
677,675
(1.5)
Refrigerated Foods
1,110,814
(70,062)
1,040,752
1,129,915
(80,454)
1,049,461
(0.8)
Jennie-O Turkey Store
406,237
—
406,237
420,200
—
420,200
(3.3)
International & Other
177,327
(23,509)
153,818
155,361
—
155,361
(1.0)
TOTAL
2,361,993
(93,571)
2,268,422
2,383,151
(80,454)
2,302,697
(1.5)
FY 2018
FY 2017
NET SALES
Reported
(GAAP)
Acquisitions
Organic
(Non-GAAP)
Reported
(GAAP)
Divestitures
Organic
(Non-GAAP)
Organic
% change
Grocery Products
$
1,245,420
$
—
$
1,245,420
$
1,250,793
$
—
$
1,250,793
(0.4)
Refrigerated Foods
2,343,423
(245,895)
2,097,528
2,150,525
(100,231)
2,050,294
2.3
Jennie-O Turkey Store
762,564
—
762,564
809,226
—
809,226
(5.8)
International & Other
310,454
(40,895)
269,559
256,992
—
256,992
4.9
TOTAL
$
4,661,861
$
(286,790)
$
4,375,071
$
4,467,536
$
(100,231)
$
4,367,305
0.2
Statements Follow
HORMEL FOODS CORPORATION
SEGMENT DATA
(Unaudited) (In thousands)
Thirteen Weeks Ended
April 29,
2018
April 30,
2017
% Change
NET SALES
Grocery Products
$
631,550
$
640,419
(1.4)
Refrigerated Foods
1,166,967
1,027,486
13.6
Jennie-O Turkey Store
371,916
388,237
(4.2)
International & Other
160,135
131,167
22.1
TOTAL
$
2,330,568
$
2,187,309
6.5
OPERATING PROFIT
Grocery Products
$
95,651
$
108,297
(11.7)
Refrigerated Foods
154,192
130,194
18.4
Jennie-O Turkey Store
42,356
63,786
(33.6)
International & Other
20,850
19,617
6.3
TOTAL SEGMENT OPERATING PROFIT
313,049
321,894
(2.7)
Net interest and investment expense (income)
9,490
205
4,529.3
General corporate expense
6,814
5,822
17.0
Noncontrolling interest
138
(40)
445.0
EARNINGS BEFORE INCOME TAX
$
296,883
$
315,827
(6.0)
Twenty-Six Weeks Ended
April 29,
2018
April 30,
2017
% Change
NET SALES
Grocery Products
$
1,245,420
$
1,250,793
(0.4)
Refrigerated Foods
2,343,423
2,150,525
9.0
Jennie-O Turkey Store
762,564
809,226
(5.8)
International & Other
310,454
256,992
20.8
TOTAL
$
4,661,861
$
4,467,536
4.3
OPERATING PROFIT
Grocery Products
$
195,628
$
200,673
(2.5)
Refrigerated Foods
297,141
304,002
(2.3)
Jennie-O Turkey Store
92,230
131,966
(30.1)
International & Other
45,505
45,080
0.9
TOTAL SEGMENT OPERATING PROFIT
630,504
681,721
(7.5)
Net interest and investment expense (income)
10,913
782
1,295.5
General corporate expense
17,785
10,443
70.3
Noncontrolling interest
242
116
108.6
EARNINGS BEFORE INCOME TAX
$
602,048
$
670,612
(10.2)
HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (In thousands, except per share amounts)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
April 29,
2018
April 30,
2017
April 29,
2018
April 30,
2017
Net sales
$
2,330,568
$
2,187,309
$
4,661,861
$
4,467,536
Cost of products sold
1,833,882
1,700,389
3,662,996
3,428,336
GROSS PROFIT
496,686
486,920
998,865
1,039,200
Selling, general and administrative
203,799
181,009
422,921
391,226
Equity in earnings of affiliates
13,486
10,121
37,017
23,420
OPERATING INCOME
306,373
316,032
612,961
671,394
Interest & investment (expense) income
(2,489)
2,818
817
5,267
Interest expense
(7,001)
(3,023)
(11,730)
(6,049)
EARNINGS BEFORE INCOME TAXES
296,883
315,827
602,048
670,612
Provision for income taxes
59,361
104,941
61,315
224,423
(effective tax rate)
20.0
%
33.2
%
10.2
%
33.5
%
NET EARNINGS
237,522
210,886
540,733
446,189
Less: net earnings attributable to noncontrolling interest
138
(40)
242
116
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION
$
237,384
$
210,926
$
540,491
$
446,073
NET EARNINGS PER SHARE
Basic
$
0.45
$
0.40
$
1.02
$
0.84
Diluted
$
0.44
$
0.39
$
1.00
$
0.83
WEIGHTED AVG. SHARES OUTSTANDING
Basic
529,799
528,712
529,626
528,649
Diluted
542,811
539,635
543,146
539,850
Dividends declared per share
$
0.1875
$
0.1700
$
0.3750
$
0.3400
HORMEL FOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) (In thousands)
April 29,
2018
October 29,
2017
ASSETS
Cash and cash equivalents
$
261,571
$
444,122
Accounts receivable
551,392
618,351
Inventories
1,011,215
921,022
Income taxes receivable
2,930
22,346
Prepaid expenses
18,534
16,144
Other current assets
5,138
4,538
TOTAL CURRENT ASSETS
1,850,780
2,026,523
Intangibles
3,983,252
3,146,827
Other Assets
641,864
599,307
Property, Plant & Equipment, Net
1,353,853
1,203,251
TOTAL ASSETS
$
7,829,749
$
6,975,908
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Short-term debt
$
185,000
$
—
Current liabilities excluding debt
963,461
1,058,212
TOTAL CURRENT LIABILITIES
1,148,461
1,058,212
Long-term debt - Less current maturities
624,763
250,000
Deferred income taxes
125,425
98,410
Other long-term liabilities
639,467
629,589
Shareholders' Investment
5,291,633
4,939,697
TOTAL LIAB. & SHAREHOLDERS' INVESTMENT
$
7,829,749
$
6,975,908
HORMEL FOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
Twenty-Six Weeks Ended
April 29,
2018
April 30,
2017
OPERATING ACTIVITIES
Net earnings
$
540,733
$
446,189
Depreciation and amortization of intangibles
80,316
63,328
Increase in working capital
(77,785)
(239,931)
Other
(99,923)
10,966
NET CASH PROVIDED BY OPERATING ACTIVITIES
443,341
280,552
INVESTING ACTIVITIES
Proceeds from sale of business
—
135,944
Acquisitions of businesses/intangibles
(857,673)
—
Net purchases of property/equipment
(134,721)
(75,818)
Decrease in investments, equity in affiliates, and other assets
5,934
3,977
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(986,460)
64,103
FINANCING ACTIVITIES
Net proceeds (payments) from short-term debt
185,000
—
Net proceeds (payments) from long-term debt
374,763
—
Dividends paid on common stock
(189,139)
(166,507)
Share repurchase
(44,741)
(49,583)
Other
29,978
8,879
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
355,861
(207,211)
Effect of exchange rate changes on cash
4,707
(3,686)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(182,551)
133,758
Cash and cash equivalents at beginning of year
444,122
415,143
CASH AND CASH EQUIVALENTS AT END OF QUARTER
$
261,571
$
548,901
INVESTOR CONTACT:
Nathan Annis
(507) 437-5248
[email protected]
MEDIA CONTACT:
Wendy Watkins
(507) 437-5345
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/hormel-foods-announces-record-second-quarter-results-and-reaffirms-full-year-guidance-300654015.html
SOURCE Hormel Foods Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-hormel-foods-announces-record-second-quarter-results-and-reaffirms-full-year-guidance.html |
Malaysia's Anwar Ibrahim receives a full pardon 8:05am EDT - 01:32
Jailed Malaysian reformist Anwar Ibrahim was granted a full pardon and freed on Wednesday, capping dramatic changes in the Southeast Asian country since the government was ousted in an election upset last week.
Jailed Malaysian reformist Anwar Ibrahim was granted a full pardon and freed on Wednesday, capping dramatic changes in the Southeast Asian country since the government was ousted in an election upset last week. //reut.rs/2L6iRq4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/malaysias-anwar-ibrahim-receives-a-full?videoId=427371945 |
Race, Royals and Meghan Markle 3:34pm BST - 01:53
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports.
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports. //reut.rs/2ryb9vA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/race-royals-and-meghan-markle?videoId=425066328 |
EditorsNote: Corrects a stat, fixes a few style errors
Brent Suter allowed three runs over five innings and helped himself with a two-run double as the Milwaukee Brewers broke open a close game late and rolled to an 8-3 win over the St. Louis Cardinals on Monday afternoon at Miller Park in Milwaukee in the first of a three-game series.
The Brewers, who hold a 4 1/2-game lead in the division over Chicago, won for the fourth straight game while St. Louis fell to five games off Milwaukee’s pace and had a two-game win streak snapped.
Jonathan Villar ripped a three-run, two-out home run in the seventh to help secure the win for Suter (5-3), who surrendered five hits (two of them home runs) and no walks while striking out six.
Taylor Williams and Matt Albers backed up Suter with a combined three hitless innings before Jacob Barnes pitched the ninth.
Luke Weaver (3-5) gave up four runs on five hits with two walks and three strikeouts over four innings of work to absorb the loss. He left the game down 4-3 but the St. Louis relief corps surrendered four runs as well.
Manny Pina’s single in the bottom of the second drove home Ryan Braun and handed the Brewers a 1-0 lead. Christian Yelich’s solo home run, his sixth, over the center field fence in the third expanded Milwaukee’s advantage to 2-0.
Suter’s double of off the glove of St. Louis first baseman Jose Martinez in the fourth plated Braun and Villar and staked the Brewers to a 4-0 lead.
The Cardinals responded in the fifth as Yairo Munoz’s two-run home run, the rookie’s first career homer, allowed Harrison Bader to score in front of him and cut Milwaukee’s lead to 4-2. Two outs later, Matt Carpenter ripped a solo round-tripper, his sixth, over the right field fence that brought St. Louis back to within one run.
Braun singled home Yelich in the bottom of the frame off reliever Mike Mayers. Then the Brewers put away the game in the seventh with Villar’s home run over the center field fence off the Cardinals’ Brett Cecil, driving in Yelich and Braun in the process to push Milwaukee’s lead to 8-3.
Tuesday’s game will be a matchup of right-hander Michael Wacha (5-1, 2.88 ERA) for the Cardinals versus right-hander Zach Davies (2-4, 4.74) for Milwaukee.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mil-stl-recap/brewers-beat-cardinals-behind-suters-arm-bat-idUSMTZEE5SGJZTJR |
BRASILIA, May 2 (Reuters) - Brazil’s manufacturing activity expanded for a ninth straight month in April but at a slower pace than in the previous month, a private survey showed on Wednesday, highlighting an uneven economic recovery.
The Purchasing Manager Index BRPMIM=ECI compiled by market research firm Markit fell to a seasonally adjusted 52.3 from 53.4 in March, the first decline in the year.
New orders increased at the slowest pace since January, curbed by widespread unemployment and higher input costs due to a weaker currency and higher power- and insurance-related costs.
“It’s encouraging to see that the latest set of PMI data highlight sustained growth in the Brazilian manufacturing sector, but the broad nature of the slowdown is somewhat concerning,” Markit economist Pollyanna De Lima said.
The figures suggest manufacturing activity, the main driver of an otherwise bumpy economic recovery, may have wavered at the start of the second quarter, the latest in a string of underwhelming growth figures.
This is likely to keep the central bank on track to cut interest rates once again this month to an all-time low of 6.25 percent to support Latin America’s largest economy and lift inflation back to its target range
Reporting by Bruno Federowski; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-economy-pmi/brazil-manufacturing-activity-up-in-april-but-at-a-slower-pace-idUSKBN1I31RN |
May 11 (Reuters) - Agenus Inc:
* AGENUS INC FILES PROSPECTUS SUPPLEMENT RELATES TO ISSUANCE, SALE OF UP TO 20 MILLION SHARES OF CO'S COMMON THROUGH B. RILEY FBR INC - SEC FILING Source text: ( bit.ly/2rCkYJ1 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agenus-inc-files-prospectus-supple/brief-agenus-inc-files-prospectus-supplement-relates-to-sale-of-up-to-20-mln-shares-of-co-idUSFWN1SI1FV |
Look for an 'even stronger eurosceptic front' in Italy: Analyst 7 Hours Ago Heather Conley of the Center for Strategic and International Studies says a fresh election in Italy could throw up a populist wave opposed to key aspects of euro zone policies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/look-for-an-even-stronger-eurosceptic-front-in-italy-analyst.html |
May 29, 2018 / 1:20 PM / Updated 34 minutes ago US STOCKS-Wall St set to open lower on concerns over Italy's political turmoil Reuters Staff
* U.S. Treasury yields dip due to safety buying
* Bank stocks decline in tandem with bond yields
* U.S. crude falls on expected Saudi and Russian output boost
* Futures down: Dow 0.6 pct, S&P 0.49 pct, Nasdaq 0.33 pct (Adds details, updates prices)
By Medha Singh
May 29 (Reuters) - U.S. stock index futures pointed to a lower open on Tuesday as investors switched cash into perceived safe havens of global financial markets due to a deepening political crisis in Italy.
European financial markets saw a second day of heavy selling due to 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.
On Monday, Italy’s president set the country on a path to fresh elections by appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget.
Prices of U.S. 10-year Treasury bonds, traditionally a safe haven for capital at times of global political stress, rose and yield fell to their lowest level since early April at 2.8477 percent.
That pushed down shares of major U.S. banks, for whom benchmark yields influence what return they get on deposited capital and for borrowing. Citigroup, JPMorgan and Goldman Sachs fell between 1.2 percent and 1.6 percent.
“The kick-off to a shortened trading week is looking ugly as Italy’s political woes weigh heavily on the global markets,” noted Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“A crisis of confidence for the euro seems almost inevitable, which is fortifying the greenback and sending bond yields lower as the safety trade overrules.”
At 9:02 a.m. ET, Dow e-minis were down 145 points, or 0.59 percent. S&P 500 e-minis were down 13 points, or 0.48 percent and Nasdaq 100 e-minis were down 22.25 points, or 0.32 percent.
At these levels, the S&P 500 is set to open below its 100-day moving average, a key technical level. All 28 components of the blue-chip Dow were in the red in premarket trading.
Shares of energy companies were weighed down by an about 1 percent drop in U.S. crude futures to $67.16 on expectations that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall.
Exxon Mobil fell 0.4 percent, while Chevron was down 0.8 percent. Halliburton slipped 1.5 percent.
U.S. President Donald Trump said on Tuesday meetings were being held to set up a summit with North Korea and confirmed that a top North Korean official was en route to New York. The move is the latest indication that an on-again-off-again summit with Trump may go ahead.
St. Louis Fed President James Bullard said the Federal Reserve will find it difficult to raise interest rates beyond the settings of its Japanese and European counterparts, which are still pursuing accommodative policy.
Data for May consumer confidence index, due at 10:00 a.m., is likely to show a reading of 128.0, down from 128.7 the month before. (Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-set-to-open-lower-on-concerns-over-italys-political-turmoil-idUSL3N1T03XQ |
Oil's historical performance from May-August 2 Hours Ago Data partner Kensho looks at oil's performance from May to August in the last decade. It's down 70% of the time, on average 3.36% percent, while the S&P falls fractionally. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/oils-historical-performance-from-may-august.html |
Spain's soccer league, La Liga, will have a new home in the U.K. and Ireland from next season, after the rights to screen matches were bought by television group Eleven Sports.
For the last two decades, Spanish football has been shown live on Sky television, but the broadcaster lost out on the rights to screen the likes of Barcelona and Real Madrid from this summer until the end of the 2020/21 season.
Full details of how Eleven Sports plans to screen the matches have yet to be made clear, as the multinational doesn't currently have a television channel in the U.K or Ireland. However, it has been suggested that matches could be streamed online or even offered back to Sky, who would then televise games as a secondary broadcaster.
Founded in 2015, Eleven Sports is predominantly an "over-the-top" (OTT) platform, enabling subscribers to view and stream content via a website or app. But the establishment of its own television channel in the U.K. to show Spanish soccer hasn't been ruled out.
"We are proud to build on our existing relationship with La Liga, this time in the U.K., one of the most passionate football countries in the world," said Eleven Sports' Chief Executive Marc Watson in a statement. "We will announce soon how we will introduce innovative ways for dedicated fans to watch and engage in the live action. The way people, especially young people, watch live sport is changing and we always try to reflect that in the ways we make our product available."
Eleven Sports is owned by Andrea Radrizzani, who also owns English Championship side Leeds United, and already holds the rights to screen La Liga matches in Belgium and Poland. The company also shows Italian soccer and Formula 1 in several other countries in Asia.
Reports have suggested that this could open the door for Eleven Sports to bid for either of the remaining two Premier League domestic packages still to be allocated.
In February, Sky Sports and BT picked up 160 of the Premier League matches available per-season from August 2019, with the former taking 128 of them. However, Package F and Package G, comprising 20 matches each, are both still on the market, with Eleven Sports still reportedly amongst the interested parties. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/sky-lose-la-liga-rights-to-eleven-sports.html |
Tapestry shares tumbled Tuesday morning as investors focused on a steep decline in same-store sales for the retailer's Kate Spade division during its fiscal third quarter.
The parent company of Coach and Kate Spade posted earnings and sales that topped quarterly targets. But with the same-store sales decline at Kate Spade and an uncertain outlook for its Stuart Weitzman brand, Tapestry's stock skidded down more than 14 percent in early trading, on pace for its worst day since last August when shares lost more than 15 percent.
Same-store sales for Kate Spade fell more than 9 percent globally, while analysts surveyed by Thomson Reuters were projecting a decline of about 7 percent.
Tapestry also saw weakness in its Stuart Weitzman business and said the trend could drag out through the holidays.
"At Stuart Weitzman, results were negatively impacted by execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins," CEO Victor Luis said in a statement.
Here's how Tapestry performed for the period ended March 31:
Earnings: 54 cents a share, adjusted, vs. 50 cents per share expected by analysts surveyed by Thomson Reuters Revenues: $1.32 billion vs. $1.31 billion expected "Results were driven by continued growth at Coach, where comparable store sales rose, led by outperformance in North America," Luis said.
Tapestry reported net income of $140 million, or 48 cents a share, compared with $122 million, or 43 cents per share, a year ago.
Excluding one-time items, the company earned 54 cents, 4 cents better than what analysts were expecting.
Sales climbed 33 percent to $1.32 billion from $995 million a year ago, fueled by the company's acquisition of Kate Spade last July and again topping analysts' expectations.
Same-store sales for the Coach brand climbed 3 percent globally. Tapestry doesn't break out the same-store sales performance for Stuart Weitzman.
Looking ahead, Tapestry said it expects sales for fiscal 2018 to be up about 30 percent, with the Kate Spade acquisition adding more than $1.2 billion in sales. The company said earnings should fall within a range of $2.57 to $2.60 per share, which would be an increase of as much as 20 percent from a year earlier.
The company is still seen trimming promotional activity at Kate Spade, which is known for its flash sales and for having an abundance of discounted merchandise at off-price chains and department stores.
"The next step in the evolution of Kate Spade is to rebuild the brand with a much more distinct image and to ensure that collections align with this," GlobalData Retail managing director Neil Saunders said.
With respect to Coach, Saunders said the division "deserves credit for having a product lineup and marketing efforts that persuaded people to spend some of their [tax refund] windfalls with the brand."
Including Tuesday's losses, Tapestry shares are up about 5 percent so far this year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/tapestry-q3-earnings-2018.html |
HOUSTON--(BUSINESS WIRE)-- National Oilwell Varco, Inc. (NYSE: NOV) today announced that its Board of Directors declared the regular quarterly cash dividend of $0.05 per share of common stock, payable on June 29, 2018 to each stockholder of record on June 15, 2018.
About NOV
National Oilwell Varco (NYSE: NOV) is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by National Oilwell Varco with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005763/en/
National Oilwell Varco, Inc.
Loren Singletary, 713-346-7807
Source: National Oilwell Varco, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-national-oilwell-varco-declares-regular-quarterly-dividend.html |
First glimpse at Meghan Markle's wedding dress Saturday, May 19, 2018 - 00:46
Meghan Markle makes her way to St George's chapel with her mother, Doria Ragland, for her wedding to Britain's Prince Harry. Rough cut (no reporter narration).
Meghan Markle makes her way to St George's chapel with her mother, Doria Ragland, for her wedding to Britain's Prince Harry. Rough cut (no reporter narration). //reut.rs/2KFgycy | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/first-glimpse-at-meghan-markles-wedding?videoId=428386305 |
NEW YORK, May 2 (Reuters) - U.S. stocks dropped on Wednesday as investors remained concerned about worsening trade relations between the United States and China and digested the Federal Reserve’s decision to leave interest rates unchanged.
The Dow Jones Industrial Average fell 174.48 points, or 0.72 percent, to 23,924.57, the S&P 500 lost 19.17 points, or 0.72 percent, to 2,635.63 and the Nasdaq Composite dropped 29.81 points, or 0.42 percent, to 7,100.90. (Reporting by April Joyner Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-drops-amid-trade-worries-fed-decision-idUSZXN0RAF2I |
DUBAI (Reuters) - Kuwait Energy, an independent oil and gas company, has hired investment bank Perella Weinberg Partners (PWP) to advise it on options that could include selling all or part of its Block 9 asset in southern Iraq and a spin-off of Egyptian assets, sources familiar with the matter said.
The move is aimed at creating much-needed liquidity for the company’s shareholders and a cash buffer to repay its debt, the sources said.
Kuwait Energy and Perella Weinberg declined to comment.
The move comes after Kuwait Energy ended discussions on a possible merger with London-listed SOCO International earlier this year, saying the parties had not reached “mutually acceptable transaction terms”.
The Kuwaiti company, which is headquartered in Bahrain and has assets in Iraq, Oman, Egypt and Yemen, started the merger discussions after failing last year to complete an initial public offer of its shares on the London exchange, through which it had hoped to raise about $150 million.
This led in December to a board shake-up, which included the resignation of the company’s chief executive and co-founder, Sara Akbar, and the appointment of six new board directors.
Kuwait Energy earlier this year sold an 8.57 percent stake in Block 9 to Dragon Oil, a subsidiary of Dubai’s Emirates National Oil Company (ENOC), for $100 million and has settled an ownership dispute with the Dubai entity by giving it an additional 6.43 percent stake in the block.
The company’s operations in Iraq are focused on three assets, including Block 9, while in Egypt it has interests in four oil and gas fields.
At the end of 2017, Kuwait Energy had a cash balance of $65.6 million. The company has an outstanding $250 million bond due in 2019, and it should start repayments of a convertible loan of around $150 million this year to an entity controlled by private equity group Abraaj.
The bonds, with a 9.5 percent coupon, are yielding around 14 percent, or at a cash price discount of five cents on the dollar, Thomson Reuters data shows.
Rating agency Fitch downgraded the company last year to CCC from B-(minus) as it believed the probability of default had increased due to the unsuccessful IPO attempt and the lack of alternative sources of long-term funding, combined with a low cash balance.
Additional reporting by Saeed Azhar; Editing by Ghaida Ghantous and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kuwait-energy-sale/kuwait-energy-appoints-adviser-as-it-looks-to-sell-iraq-asset-sources-idUSKCN1IL0GC |
Shares of NXP Semiconductors jumped about 10 percent Monday on a report that Chinese regulators will restart a review of Qualcomm's takeover bid for the company.
Bloomberg News , citing people familiar with the matter, reported that China's Ministry of Commerce has been asked to hasten the deal's review as well as Qualcomm's plans to protect local companies. Qualcomm 's share price gained 2.5 percent on the report.
Qualcomm is proposing to buy NXP for $127.50 a share, or $44 billion . The deal has received approval from eight of nine global regulators. Chinese regulators have said the deal could hurt competition within the chipmaker sector.
The new report is another indication that U.S.-China trade relations appear to be thawing. On Sunday, President Donald Trump said he would help Chinese cellphone maker ZTE "get back into business, fast." This comes after the U.S. imposed a ban on exports from U.S. companies to ZTE earlier this year.
In a tweet, the president said: "President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!"
Tweet
A spokesperson for NXP told CNBC in an email that the company "has a policy to not comment on rumors, speculation or ongoing regulatory matters." Qualcomm did not respond to CNBC's request for comment.
Click here to read Bloomberg's full report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/nxp-up-on-report-chinese-regulators-to-restart-review-of-qualcomm-bid.html |
With gratitude, ailing John McCain looks back in HBO documentary 8:00pm BST - 01:15
The film is comprised of interviews with family, friends and unseen video and photos. Rough cut (no reporter narration)
The film is comprised of interviews with family, friends and unseen video and photos. Rough cut (no reporter narration) //reut.rs/2KNxFJ9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/with-gratitude-ailing-john-mccain-looks?videoId=429967713 |
PLYMOUTH, Mich., May 18, 2018 /PRNewswire/ -- Adient plc (NYSE: ADNT), a global leader in automotive seating, today announced the appointment of Peter H. Carlin to Adient's Board of Directors, effective June 4, 2018.
"We are pleased to welcome Peter to Adient's Board of Directors," said Bruce McDonald, Adient Chairman and Chief Executive Officer. "Over the past several months we have had many constructive discussions with Blue Harbour Group and are very much aligned on the key drivers that are expected to create value for Adient's shareholders. Peter's background will complement our board's skills and experiences as we execute on our strategic goals."
Carlin has been a Managing Director at Blue Harbour Group since 2014. Prior to joining Blue Harbour Group, Carlin was a Managing Member of Estekene Capital from 2009 to 2013. Previously, he was a Deputy Portfolio Manager at Alson Capital, where he worked from 2002 to 2009 and at Sanford Bernstein & Co. where he was a Buyside Research Analyst from 2000 to 2002. Carlin began his career at Morgan Stanley in the Mergers & Acquisitions Group. He earned his MBA from Columbia Business School in 1999, a JD from Columbia Law School in 1999, and a BA from the University of Pennsylvania in 1994.
About Adient:
Adient is a global leader in automotive seating. With 85,000 employees operating 238 manufacturing/assembly plants in 34 countries worldwide, we produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat making process. Our integrated, in-house skills allow us to take our products from research and design all the way to engineering and manufacturing – and into more than 25 million vehicles every year. For more information on Adient, please visit adient.com .
View original content: http://www.prnewswire.com/news-releases/adient-announces-peter-h-carlin-to-join-automotive-seat-suppliers-board-of-directors-300650970.html
SOURCE Adient | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-adient-announces-peter-h-carlin-to-join-automotive-seat-suppliers-board-of-directors.html |
PITTSBURGH, May 2, 2018 /PRNewswire/ -- Cohen & Grigsby, P.C. is pleased to announce that Morgan Hanson has been appointed chair of the litigation practice, and Barbara Scheib has been appointed as director of litigation strategy.
"Morgan has played an integral part in the strategic planning process, and through his understanding of the firm, the litigation team, and our objectives, will be able to provide the guidance needed to execute on the strategic implementation efforts in this new leadership role," Christopher Carson, president and CEO, Cohen & Grigsby. "We are also looking forward to Barb continuing in this strategic leadership role."
Cohen & Grigsby litigators represent clients across the spectrum of commercial and business disputes, including: business breakups, insurance coverage disputes, theft of trade secret and non-compete agreements, securities law violations, accounting firm defense and shareholder issues.
Mr. Hanson has experience in corporate governance litigation, including minority shareholder oppression claims, share appraisal actions and partnership dissolutions. He is also experienced in banking and lender liability litigation, procurement litigation, and insurance coverage litigation. Currently serving as solicitor to the Sports & Exhibition Authority of Pittsburgh and Allegheny County (SEA), Mr. Hanson oversees the legal functions of properties owned and leased by The Authority including PNC Park, Heinz Field, PPG Paints Arena, David L. Lawrence Convention Center, two parking facilities and riverfront parks.
Ms. Scheib has been a director of the firm since 2005 and has served as chair of the litigation group and chair of the recruiting committee. Her legal practice focuses on commercial litigation, including disputes between competitors, trade secret misappropriation, false advertising, intellectual property litigation and non-compete covenant and other employee mobility disputes. Ms. Scheib has served as lead counsel in jury trials, bench trials and arbitrations.
For more information about Cohen & Grigsby, please visit cohenlaw.com .
ABOUT COHEN & GRIGSBY
Since 1981, Cohen & Grigsby, P.C. and its attorneys have provided sound legal advice and solutions to clients that seek to maximize their potential in a constantly changing global marketplace. Comprised of more than 140 lawyers, Cohen & Grigsby maintains offices in Pittsburgh, PA and Naples, Fla. The firm's practice areas include Business Services, Labor & Employment, Immigration/International Business, Intellectual Property, Real Estate & Public Finance, Litigation, Employee Benefits & Executive Compensation, Estates & Trusts, Bankruptcy & Creditors Rights, and Public Affairs. Cohen & Grigsby represents private and publicly held businesses, nonprofits, multinational corporations, individuals and emerging businesses across a full spectrum of industries. Our lawyers maintain an unwavering commitment to customer service that ensures a productive partnership. For more information, visit cohenlaw.com .
Contact:
Christine Mazza
412.297.4900
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/cohen--grigsby-appoints-new-leadership-of-litigation-practice-300641402.html
SOURCE Cohen & Grigsby, P.C. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cohen-grigsby-appoints-new-leadership-of-litigation-practice.html |
April 30 (Reuters) - TAT GIDA SANAYI:
* REPORTED ON FRIDAY Q1 NET PROFIT 10.3 MILLION LIRA VS 11.6 MILLION LIRA YEAR AGO
* Q1 REVENUE 264.0 MILLION LIRA VS 265.1 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70J0 |
May 9 (Reuters) - Optiva Inc:
* REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS * Q2 REVENUE TOTALED $27.9 MILLION COMPARED TO $34.4 MILLION
* QTRLY NET LOSS $0.04 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-optiva-qtrly-net-loss-004-per-shar/brief-optiva-qtrly-net-loss-0-04-per-share-idUSASC0A19B |
JOHANNESBURG (Reuters) - South Africa’s trade department and labor unions said on Wednesday the U.S decision not to grant Pretoria an exemption from steel and aluminum tariffs could speed up job losses in manufacturing and mining.
Countries including Canada, Mexico, Australia and Brazil were exempt from the tariffs of 25 percent on steel and 10 percent on aluminum, proclaimed by U.S President Donald Trump in March.
South African exports of aluminum products are annually about 1.6 percent of total U.S aluminum imports.
The trade department said on Tuesday it was disappointed and concerned that South Africa was not granted an exemption from the duties and described the U.S. decision as “unfair”.
“It is important to note that some of the exempted countries are the biggest exporters of steel and aluminum to the United States,” the department said.
The Federation of Unions of South Africa (FEDUSA) said in a statement that the decision “will only accelerate job losses in the manufacturing and mining industries” - key pillars of the economy of Africa’s most industrialized country.
South Africa’s scope to invest in infrastructure has been curbed by weak public finances due to sluggish economic growth, revenue shortfalls and costly bailouts of state-owned companies.
Job cuts are a thorny issue in South Africa, which is faced with near record unemployment of about 27 percent and subdued growth in mining and manufacturing.
Reporting by Tanisha Heiberg, Editing by James Macharia, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-steel-safrica/south-africa-says-u-s-decision-not-to-grant-steel-tariff-exemption-could-hurt-jobs-idUSKBN1I32BC |
May 10 (Reuters) - Intersections Inc:
* Q1 EARNINGS PER SHARE $0.07 FROM CONTINUING OPERATIONS * Q1 REVENUE $39.1 MILLION VERSUS $40.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intersections-q1-earnings-per-shar/brief-intersections-q1-earnings-per-share-0-07-from-continuing-operations-idUSASC0A1JV |
May 3 (Reuters) - Broadwind Energy Inc:
* BROADWIND ENERGY NAMES ERIC B. BLASHFORD AS CHIEF OPERATING OFFICER Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-broadwind-energy-names-eric-blashf/brief-broadwind-energy-names-eric-blashford-as-chief-operating-officer-idUSASC09ZGE |
ROCKVILLE, Md., May 8, 2018 /PRNewswire/ -- REGENXBIO Inc. (Nasdaq: RGNX), a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy based on its proprietary NAV ® Technology Platform, today announced financial results for the quarter ended March 31, 2018 and recent operational highlights.
"We are looking forward to continuing to demonstrate the potential of REGENXBIO's NAV Technology Platform this year, as we anticipate presenting topline data for RGX-314 for wet AMD and RGX-501 for HoFH by year-end," said Kenneth T. Mills, President and Chief Executive Officer of REGENXBIO. "We are making tremendous advances in our mission to improve lives through the curative potential of gene therapy with our leading AAV gene therapy pipeline and our NAV Technology licensees' programs. AveXis' announcement last month of its entry into a merger agreement with Novartis is a strong validation of the value of the NAV Technology Platform and we look forward to the continued advancement of AAV gene therapy through 2018 and beyond."
Recent Operational Highlights
In February 2018, REGENXBIO announced the completion of dosing of the third cohort in the Phase I clinical trial of RGX-314 for the treatment of wet age-related macular degeneration (wet AMD). To date, 18 patients have been treated with RGX-314. REGENXBIO expects to present topline data from the RGX-314 clinical trial in late 2018, which will include both primary and secondary endpoint data. REGENXBIO completed dosing of the third patient in the second cohort in the Phase I/II clinical trial of RGX-501 for the treatment of homozygous familial hypercholesterolemia (HoFH). To date, six patients have been treated with RGX-501. REGENXBIO expects to present topline data from the RGX-501 clinical trial in late 2018, which will include both primary and secondary endpoint data. Site activation is continuing in the Phase I clinical trial evaluating RGX-111 for the treatment of Mucopolysaccharidosis Type I (MPS I). Initiation of patient recruitment and dosing of the first patient in the clinical trial are expected in mid-2018. In May 2018, REGENXBIO announced that the U.S. Food and Drug Administration had granted Fast Track designation for RGX-121. Site activation is continuing in the Phase I/II clinical trial evaluating RGX-121 for the treatment of Mucopolysaccharidosis Type II (MPS II). Initiation of patient recruitment and dosing of the first patient in the clinical trial are expected in mid-2018.
REGENXBIO's NAV Technology Platform is currently being applied in the development of more than 20 partnered product candidates by our NAV Technology Licensees. 10 of these partnered product candidates are in active clinical development. Recent highlights include:
In January 2018, REGENXBIO and AveXis, Inc. amended their license agreement for the development and commercialization of treatments for spinal muscular atrophy (SMA). Under the terms of the amended agreement, REGENXBIO could receive up to $260 million, of which $80 million was received in January 2018. In addition to the $80 million, REGENXBIO will receive payments of $30 million on the first and second anniversaries of the agreement and is eligible to receive potential commercial milestone payments of up to $120 million. For any product developed for the treatment of SMA using the NAV AAV9 vector, REGENXBIO will continue to receive mid-single to low double-digit royalties on net sales, and for any product developed for the treatment of SMA using a NAV vector other than NAV AAV9, REGENXBIO will receive a low double-digit royalty on net sales. In April 2018, AveXis announced that it had entered into an agreement and plan of merger pursuant to which it will be acquired by Novartis AG for $218 per share or a total of approximately $8.7 billion in cash, pending certain closing conditions. In the event the transaction between AveXis and Novartis is completed, REGENXBIO expects to be entitled to receive accelerated license payments of $100 million as a result of the change of control of AveXis. In April 2018, AveXis also announced that 11 patients had been enrolled in the pivotal trial for AVXS-101. AveXis reported that the six patients who were at least one-month post gene transfer were exhibiting motor function improvements that correlate to motor function improvements experienced in patients in the Phase I clinical trial of AVXS-101. In addition, AveXis announced that the first patient has been dosed in a Phase III trial evaluating AVXS-101 in pre-symptomatic patients with SMA Types 1, 2 and 3. In April 2018, Ultragenyx Pharmaceutical Inc. announced that the investigational new drug application is active for DTX401 for the treatment of glycogen storage disease type Ia. DTX401 uses the NAV AAV8 vector.
Financial Results
Cash, cash equivalents and marketable securities were $235.8 million as of March 31, 2018, compared to $176.4 million as of December 31, 2017. Cash, cash equivalents and marketable securities as of March 31, 2018 include the $80 million received from AveXis in January 2018 in connection with the amendment to the license agreement with AveXis.
Revenues were $132.4 million for the three months ended March 31, 2018, compared to $0.5 million for the three months ended March 31, 2017. The increase was primarily attributable to $132.1 million of license revenue recognized upon the amendment to the license agreement with AveXis, which consists of the $80 million payment received in January 2018, the present value of the $30 million payment due in January 2019 and the present value of the $30 million payment due in January 2020. In the event the transaction between AveXis and Novartis is completed, REGENXBIO expects quarterly revenue will also be higher than normal in that quarter as a result of the accelerated milestone payment to be received.
Research and development expenses were $19.6 million for the three months ended March 31, 2018, compared to $16.6 million for the three months ended March 31, 2017. The increase was primarily attributable to personnel costs as a result of increased headcount, laboratory and facilities costs and expenses associated with conducting clinical trials.
General and administrative expenses were $8.4 million for the three months ended March 31, 2018, compared to $6.6 million for the three months ended March 31, 2017. The increase was primarily attributable to personnel costs as a result of increased headcount and professional fees for advisory services.
Net income was $104.2 million, or $3.30 basic and $3.04 diluted net income per share, for the three months ended March 31, 2018, compared to a net loss of $22.0 million, or $0.82 basic and diluted net loss per share, for the three months ended March 31, 2017. Net income for the three months ended March 31, 2018 was primarily driven by the non-recurring license revenue recognized upon the amendment of the license agreement with AveXis.
Financial Guidance
REGENXBIO reiterates that it expects full-year 2018 cash burn to be between $85 million and $95 million, which will support the continued development of its lead product candidate programs. Full-year 2018 cash burn guidance excludes the effect of the upfront payment of $80 million and any other potential consideration that may be received from AveXis in connection with the previously announced amendment to our license agreement in January 2018 for the development and commercialization of treatments for SMA. Subject to this exclusion, full-year 2018 cash burn will be measured as the decrease in cash, cash equivalents and marketable securities from December 31, 2017 to December 31, 2018.
About REGENXBIO Inc.
REGENXBIO is a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. REGENXBIO's NAV Technology Platform, a proprietary adeno-associated virus (AAV) gene delivery platform, consists of exclusive rights to more than 100 novel AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10. REGENXBIO and its third-party NAV Technology Platform Licensees are applying the NAV Technology Platform in the development of a broad pipeline of candidates in multiple therapeutic areas.
Forward-Looking Statements
This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would" or by variations of such words or by similar expressions. The forward-looking statements include statements relating to, among other things, REGENXBIO's future operations, clinical trials, costs and cash flow. REGENXBIO has based these forward-looking statements on its current expectations and assumptions and analyses made by REGENXBIO in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors REGENXBIO believes are appropriate under the circumstances. However, whether actual results and developments will conform with REGENXBIO's expectations and predictions is subject to a number of risks and uncertainties, including the timing of enrollment, commencement and completion of REGENXBIO's clinical trials; the timing and success of preclinical studies and clinical trials conducted by REGENXBIO and its development partners, the timely development and launch of new products, the ability to obtain and maintain regulatory approval of product candidates, the ability to obtain and maintain intellectual property protection for product candidates and technology, trends and challenges in the business and markets in which REGENXBIO operates, the size and growth of potential markets for product candidates and the ability to serve those markets, the rate and degree of acceptance of product candidates, and other factors, many of which are beyond the control of REGENXBIO. Refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of REGENXBIO's Annual Report on Form 10-K for the year ended December 31, 2017 and comparable "risk factors" sections of REGENXBIO's Quarterly Reports on Form 10-Q and other filings, which have been filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov . All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on REGENXBIO or its businesses or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. speak only as of the date of this press release. REGENXBIO does not undertake any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, events or otherwise.
REGENXBIO INC.
(unaudited)
(in data)
March 31, 2018
December 31, 2017
Assets
Current assets
Cash and cash equivalents
$
71,870
$
46,656
Marketable securities
157,997
114,122
Accounts receivable
25,976
473
Prepaid expenses
4,667
5,334
Other current assets
2,208
1,412
262,718
167,997
Marketable securities
5,917
15,616
Accounts receivable
32,645
—
Property and equipment, net
14,829
13,977
Restricted cash
225
225
Other assets
883
862
Total assets
$
317,217
$
198,677
Liabilities and Stockholders ' Equity
Current liabilities
Accounts payable
$
5,007
$
4,832
Accrued expenses and other current liabilities
9,869
9,605
Total current liabilities
14,876
14,437
Deferred rent, net of current portion
1,225
1,211
Other liabilities
1,776
—
Total liabilities
17,877
15,648
Stockholders' equity
Preferred stock; $0.0001 par value; 10,000 shares authorized,
and no shares issued and outstanding at March 31, 2018
and December 31, 2017
—
—
Common stock; $0.0001 par value; 100,000 shares authorized
at March 31, 2018 and December 31, 2017; 31,900 and
31,295 shares issued and outstanding at March 31, 2018
and December 31, 2017, respectively
3
3
Additional paid-in capital
378,954
371,497
Accumulated other comprehensive loss
(903)
(715)
Accumulated deficit
(78,714)
(187,756)
Total stockholders' equity
299,340
183,029
Total liabilities and stockholders' equity
$
317,217
$
198,677
REGENXBIO INC.
OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in data)
Three Months Ended March 31,
2018
2017
Revenues
License revenue
$
132,391
$
455
Total revenues
132,391
455
Expenses
Costs of revenues
Licensing costs
2,408
91
Research and development
19,550
16,619
General and administrative
8,380
6,622
Other operating expenses
28
45
Total operating expenses
30,366
23,377
Income (loss) from operations
102,025
(22,922)
Other Income
Interest income from licensing
1,355
—
Investment income
859
929
Total other income
2,214
929
Net income (loss)
$
104,239
$
(21,993)
Other Comprehensive Loss
Unrealized loss on available-for-sale securities,
net of reclassifications and income tax expense
(188)
(539)
Total other comprehensive loss
(188)
(539)
Comprehensive income (loss)
$
104,051
$
(22,532)
Net income (loss) applicable to common stockholders
$
104,239
$
(21,993)
Net income (loss) per share:
Basic
$
3.30
$
(0.82)
Diluted
$
3.04
$
(0.82)
Weighted-average common shares outstanding:
Basic
31,632
26,673
Diluted
34,275
26,673
CONTACT:
Investors
Natalie Wildenradt, 646-681-8192
[email protected]
Media
Adam Pawluk, 202-591-4063
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/regenxbio-reports-first-quarter-2018-financial-results-and-recent-operational-highlights-300644846.html
SOURCE REGENXBIO Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-regenxbio-reports-first-quarter-2018-financial-results-and-recent-operational-highlights.html |
(Repeats story, no change to text)
MOSCOW, April 30 (Reuters) - Russia’s Gazprom said on Monday it had completed the sea portion of the first line of the TurkStream offshore gas pipeline across the Black Sea.
Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km, of pipe had been laid since it began construction last year.
The second line, designed to ship gas to south European countries such as Greece, Bulgaria and Italy, will be laid in the third quarter of 2018, the company said.
Russian Energy Minister Alexander Novak said this month that Turkey’s approval for Gazprom’s onshore portion of the TurkStream pipeline’s second line was still pending.
Moscow, which relies on oil and gas revenue, sees new pipelines to Turkey and Germany - TurkStream and Nord Stream 2 - as crucial to increasing its market share in Europe. (Reporting by Vladimir Soldatkin; writing by Gabrielle Tétrault-Farber; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/gazprom-turkstream/rpt-russias-gazprom-says-sea-portion-of-turkstream-first-line-completed-idUSL8N1S72FD |
May 2, 2018 / 9:50 AM / Updated 6 minutes ago Nestle settles months-long pricing scrap with European retailers Reuters Staff 3 Min Read
ZURICH (Reuters) - Swiss food group Nestle ( NESN.S ) has clinched an agreement with European retailers to settle a months-long pricing row and get its products back on sale, the world’s biggest packaged food maker said on Wednesday. FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo
“We are pleased that a balanced agreement has been reached and that Nestle products will soon be back on the shelves of the six members of the European retail alliance AgeCore,” a company spokesman said, confirming a report by Germany’s Lebensmittelzeitung.
Nestle, whose brands include KitKat chocolates and Thomy sauces, has for months faced off with AgeCore, a Geneva-based group representing six European retailers.
The group, which included Germany’s Edeka and Switzerland’s Coop, had boycotted Nestle products as they sought better supply terms.
An Edeka spokesman confirmed the settlement but said details of the accord were confidential. “We are switching back to normal operations with Nestle,” he added.
Edeka, Germany’s largest supermarket group, had last month recommended its stores expand the boycott of some Nestle products, escalating the pricing row that broke out in September.
Switzerland’s Coop had also broadened its boycott, banishing more Nestle products from its stores.
Coop said on Wednesday it would pass on results of the negotiated deal to customers as it puts Nestle products back on sale in the days ahead.
Coop would launch a two-week sale from mid-May offering up to 30 percent discounts on more than 500 Nestle products such as Nescafe instant coffee, Smarties sweets and Moevenpick ice-cream.
Another such Nestle brands promotion was planned for the months ahead, it said.
The dispute was the latest outward sign of tension between European retailers and suppliers at a time of changing consumer tastes and new online competition.
Nestle, under the leadership of new Chief Executive Mark Schneider, last year posted its weakest annual sales growth in at least two decades, which has prompted shareholder pressure to boost revenue and profit margins.
Its first-quarter sales growth was driven almost entirely by volume, illustrating how hard it is for consumer products makers to raise prices in a competitive retail environment.
Nestle shares were down 1.2 percent by midday, while the Stoxx European retail sector index .SX3P was down 0.4 percent. Reporting by Angelika Gruber in Zurich and Matthias Inverardi in Dueseldorf, writing by Michael Shields, editing by John Revill | ashraq/financial-news-articles | https://uk.reuters.com/article/us-nestle-retailers-edeka/nestle-reaches-deal-to-settle-row-with-european-retailers-idUKKBN1I315D |
May 18 (Reuters) - Sphere 3D Corp:
* CYRUS CAPITAL PARTNERS LP REPORTS 16.6 PERCENT STAKE IN SPHERE 3D CORP AS OF MAY 16 VERSUS EARLIER REPORTED STAKE OF 14.7 PERCENT AS OF APRIL 30 - SEC FILING Source text: ( bit.ly/2LcOL3V ) Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cyrus-capital-partners-lp-reports/brief-cyrus-capital-partners-lp-reports-16-6-percent-stake-in-sphere-3d-corp-as-of-may-16-idUSFWN1SP0FM |
(Adds Quote: )
LONDON, May 17 (Reuters) - Britain is still negotiating with the European Union over a workable backstop arrangement if any Brexit deal is delayed, Prime Minister Theresa May’s spokeswoman said on Thursday.
Britain is suggesting it would be willing to extend the use of EU tariffs as a backstop if there are delays in ratification of a Brexit deal, to avoid a return to a hard border between Northern Ireland and Ireland.
“The negotiations are continuing on what a workable backstop looks like - those negotiations haven’t concluded,” the spokeswoman said. “The backstop is a fallback and we do not want or expect it to happen.”
Reporting by William James, editing by Elizabeth Piper
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-customs-backstop/update-1-uk-still-negotiating-with-eu-over-brexit-backstop-mays-spokeswoman-idUSL5N1SO38J |
May 15, 2018 / 11:56 AM / Updated 2 hours ago Bosnia struggles to cope with arrival of thousands of migrants Daria Sito-Sucic , Dado Ruvic 3 Min Read
SARAJEVO/BIHAC (Reuters) - Bosnia is struggling to cope with the arrival of thousands of migrants and refugees, many of whom are sleeping in parks in the capital and other towns as they seek passage into western Europe. Migrants wait for food inside a dorm destroyed during the Bosnian 1992-1995 war, in Bihac, Bosnia and Herzegovina May 11, 2018. REUTERS/Dado Ruvic
The country’s asylum centre has 200 beds and 80 to 150 people have arrived each day this month, Security Minister Dragan Mektic said on Monday.
About 4,000 people from Syria, Iraq, Turkey, Algeria and Afghanistan have entered Bosnia this year compared with 755 in 2017 and up to 1,500 are stuck there. Many have faced perilous journeys.
“I was sent back from Croatia six times,” said Omar from Iraq, who arrived in Bosnia with his younger brother after spending two years in Greece. Omar declined to give his last name.
“I must get to Germany because all my family is there,” said the 19-year-old, echoing many others who spoke in the empty old building in Bihac near the Croatian border where he stayed.
More than a million migrants came to Europe in 2015. The so-called Balkan route into western Europe via Turkey, Greece, Macedonia and Serbia was shut in 2016 when Turkey agreed to stop the flow in return for EU aid and a promise of visa-free travel for its own citizens.
But since autumn, following stricter border controls between Serbia, Hungary and Croatia, smugglers have created a new route from Greece via Albania, Montenegro and Bosnia to Croatia and western Europe.
Migrants stranded in Serbia since 2016 are also increasingly crossing to Bosnia and many Iranians are also taking advantage of a visa-free regime introduced last year between Serbia and Iran.
While the International Organisation for Migration (IOM) expects arrivals to continue on average of 350-400 a week, Adnan Tatarevic from Pomozi.ba, a Sarajevo-based NGO that has helped migrants since January, says the numbers are higher.
“We expect about 50,000 arrivals by the end of the year,” Tatarevic told Reuters. International groups helping migrants have urged the government to accommodate people sleeping rough.
“The longer we wait to put accommodation and everything with it in place, the risk is we are creating ... a mini-humanitarian crisis,” said Peter Van Der Auweraert, IOM’s western Balkans coordinator. “It has to be done not in two months time but ... next week.”
Authorities in Sarajevo and the northwestern town of Bihac asked central government for help, saying they worried about health risks given the warmer weather and deteriorating public hygiene. The two cities are also tourism destinations.
Non-governmental organisations and residents, some of whom became refugees themselves during Bosnia’s 1992-95 war, have helped migrants for months but now say they struggle to cope.
Government ministers on Monday pledged to move the migrants to alternative accommodation but warned Bosnia could be forced to close borders unless the migrants can continue their journeys to other EU countries. Writing by Daria Sito-Sucic; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-bosnia/bosnia-struggles-to-cope-with-arrival-of-thousands-of-migrants-idUKKCN1IG1OK |
May 17, 2018 / 6:25 AM / Updated 11 minutes ago Royal Mail revenue rises boosted by GLS, parcel volumes Reuters Staff 1 Min Read
(Reuters) - Britain’s Royal Mail Plc ( RMG.L ) reported a 2 percent rise in annual revenue on Thursday helped by parcel volume growth and its European parcels business GLS. File Photo: A postal worker carries mail bags from a van at a Royal Mail sorting office in Altrincham northern England, February 10, 2016. REUTERS/Phil Noble/File Photo
The company said adjusted operating profit before transformation costs fell 2.5 percent to 694 million pounds in the 52 weeks ended March 25. Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-royal-mail-results/royal-mail-revenue-rises-boosted-by-gls-parcel-volumes-idUKKCN1II0M4 |
2:04 PM ET Tue, 15 May 2018 | 00:58
Elon Musk has boasted of adding new bells and whistles to Tesla's Model 3, classifying the highest end version as a car that rides quickly, smoothly and has the ability to "beat anything in its class."
In a series of posts on Twitter, Tesla's CEO announced that he was working on two separate versions of the car, with dual motor capabilities that are "optimized for power and...for range."
He outlined a list of specifications: the all-wheel drive (AWD) performance Model 3 will boast a top speed of 155 miles per hour, can go from 0-60 in less than four seconds, and has a top range of 310 miles. Musk
Starting at $78,000, the AWD performance Model 3 would make it pricier than BMW's high performance M3 that's priced over $67,000 and marketed as the "ultimate driving machine." Musk, however, boasted the Model 3 would be faster and easier to handle. The AWD performance Model 3 "will beat anything in its class on the track," the billionaire added.
A normal dual-motor will be less costly, Musk said, but will do 0-60 miles per hour in 4.5 seconds and has a top speed of 140 miles per hour. Musk tweet
Musk's tease comes as a recent report suggested the Model 3 could take a production leap in spite of its well-publicized woes. Tesla has struggled to ramp up production of the Model 3, which is expected to catapult Tesla into the ranks of mainstream auto producers, instead of a niche purveyor of high-end roadsters.
Electric car blog Electrek , citing a leaked email from Musk to employees, said it was "quite likely" Tesla will make more than 500 Model 3 cars per day this week.
If that prediction holds true, then Tesla could conceivably hit a weekly production rate of 3,500 cars per week. The company is trying to reach a production rate of 5,000 Model 3 vehicles per week by the end of the quarter, but has had to push back that timetable.
Musk and his ambitions have come under withering scrutiny, heightened recently by a controversial earnings call in which the billionaire was openly dismissive of analysts' questions.
Last month, Musk boasted that Tesla would be cash-positive in the second half of this year. However, a number of prominent Wall Street analysts have warned the company is facing a cash crunch, and may need to tap the market sooner rather than later. Goldman Sachs estimates Tesla may require as much as $10 billion in additional capital by 2020.
Tesla' stock, which shed nearly 3 percent in Friday's trading session, is down more than to 11 percent year to date.
--CNBC's Robert Ferris contributed to this story. WATCH: Elon Musk's big ambitions may be killing Tesla show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/elon-musk-teases-specifications-for-teslas-model-3-calling-it-amazing.html |
CLEVELAND, Victory Capital Holdings, Inc. (Victory Capital) (NASDAQ:VCTR) today announced that its Board of Directors has approved a share repurchase program authorizing the repurchase of up to $15 million of its Class A Common Stock. The manner and timing of the repurchases and the amount of stock repurchased will be decided at the discretion of Victory Capital.
“This repurchase program is a reflection of our confidence in our long-term business strategy and our commitment to driving value for our shareholders,” said David Brown, Chairman and Chief Executive Officer of Victory Capital. “The strong fundamentals of our business provide us with the flexibility to buy back shares while remaining focused on the disciplined execution of our corporate vision, which combines strategic acquisitions with organic growth.”
About Victory Capital
Victory Capital is a global investment management firm operating a next-generation, integrated multi-boutique business model with $60.9 billion in assets under management as of March 31, 2018.
Victory Capital’s differentiated model is comprised of nine Investment Franchises, each with an independent culture and investment approach. Additionally, the Company offers a rules-based Solutions Platform, featuring the VictoryShares ETF brand, as well as custom and multi-asset class solutions. The Company’s Investment Franchises and Solutions Platform are supported by a centralized distribution, marketing and operational environment, in which the investment professionals can focus on the pursuit of investment excellence.
Victory Capital provides institutions, financial advisors and retirement platforms with a variety of asset classes and investment vehicles, including separately managed accounts, collective trusts, mutual funds, ETFs and UMA/SMA vehicles.
For more information, please visit www.vcm.com .
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital’s control, as discussed in Victory Capital’s filings with the SEC, that could cause Victory Capital’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.
Although it is not possible to identify all such risks and factors, they include, among others, the following: reductions in AUM based on investment performance, client withdrawals, difficult market conditions and other factors; the nature of the Company’s contracts and investment advisory agreements; the Company’s ability to maintain historical returns and sustain its historical growth; the Company’s dependence on third parties to market its strategies and provide products or services for the operation of its business; the Company’s ability to retain key investment professionals or members of its senior management team; the Company’s reliance on the technology systems supporting its operations; the Company’s ability to successfully acquire and integrate new companies; the concentration of the Company’s investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company’s efforts to establish and develop new teams and strategies; the ability of the Company’s investment teams to identify appropriate investment opportunities; the Company’s ability to limit employee misconduct; the Company’s ability to meet the guidelines set by its clients; the Company’s exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company’s ability to implement effective information and cyber security policies, procedures and capabilities; the Company’s substantial indebtedness; the potential impairment of the Company’s goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company’s ETF platform; the Company’s determination that Victory Capital is not required to register as an "investment company" under the 1940 Act; the fluctuation of the Company’s expenses; the Company’s ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company’s ability to respond to regulatory developments; the competitiveness of the investment management industry; the dual class structure of the Company’s common stock; the level of control over the Company retained by Crestview GP; the Company’s status as an emerging growth company and a controlled company; and other risks and factors listed under "Risk Factors" and elsewhere in the Company’s filings with the SEC.
Such forward-looking statements are based on numerous assumptions regarding Victory Capital’s present and future business strategies and the environment in which it will operate in the future. Any forward-looking statement made in this press release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
INVESTOR RELATIONS WEBSITE
Victory Capital may use the Investor Relations section of its website, https://ir.vcm.com , to disclose material information to investors and the marketplace as a means of disclosing material, non-public information and for complying with disclosure obligations under Regulation Fair Disclosure (“Reg FD”). Victory Capital encourages investors, the media and other interested parties to visit its investor relations website regularly.
Contacts
Investors:
Lauren Crawford, 310-622-8239
[email protected]
Media:
Tricia Ross, 310-622-8226
[email protected]
Source:Victory Capital Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-victory-capital-announces-share-repurchase-program.html |
May 9, 2018 / 5:51 AM / in 10 minutes BRIEF-Foresight Signs Agreement To Merge Eye-Net Activities With Tamda Reuters Staff
May 9 (Reuters) - Foresight Autonomous Holdings Ltd :
* PRESS RELEASE - FORESIGHT SIGNS AN AGREEMENT TO MERGE ITS EYE-NET™ ACTIVITIES WITH TAMDA
* FORESIGHT AUTONOMOUS HOLDINGS-WILL TRANSFER 100% OF SHARE CAPITAL OF SUBSIDIARY TO TAMDA IN RETURN FOR APPROXIMATELY 74.49% OF TAMDA’S SHARE CAPITAL
* FORESIGHT AUTONOMOUS HOLDINGS - TAMDA WILL HAVE NO ASSETS, LIABILITIES OR OBLIGATIONS OF ANY KIND AND WILL HAVE NET CASH OF NIS 2,000,000 UPON CLOSING
* FORESIGHT AUTONOMOUS - WILL SPIN OFF ITS ACTIVITIES DEDICATED TO DEVELOPMENT OF ITS EYE-NET(TM) ACCIDENT PREVENTION SYSTEM INTO ITS UNIT
* FORESIGHT AUTONOMOUS HOLDINGS LTD - HAS SIGNED A MERGER AGREEMENT WITH TAMDA LTD AND ITS CONTROLLING SHAREHOLDER, IPAX ISSUES LTD
* FORESIGHT- CO WILL ESTABLISH WHOLLY-OWNED SUBSIDIARY, TRANSFER TO SUBSIDIARY ALL OF CO’S RIGHTS, INCLUDING INTELLECTUAL PROPERTY, FOR NO CONSIDERATION
* FORESIGHT AUTONOMOUS HOLDINGS-CO WILL SPIN OFF ACTIVITIES DEDICATED TO DEVELOPMENT OF EYE-NET ACCIDENT PREVENTION SYSTEM INTO UNIT, THEN MERGE INTO TAMDA Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-foresight-signs-agreement-to-merge/brief-foresight-signs-agreement-to-merge-eye-net-activities-with-tamda-idUSASC0A0UG |
May 25, 2018 / 3:17 AM / Updated 2 hours ago Gunman at Oklahoma restaurant shot dead by bystander Reuters Staff 1 Min Read
(Reuters) - A gunman who wounded two people in an Oklahoma restaurant on Thursday was shot dead by a bystander when he walked outside the business, authorities said.
The gunman opened fire when he entered a Louie’s restaurant in Oklahoma City’s Lake Hefner district on Thursday evening, wounding two people, police said on Twitter.
“A bystander with a pistol confronted the shooter outside the restaurant and fatally shot him,” the police Twitter feed said.
The wounded people were taken to hospital and are expected to survive. One other person was injured but not by gunfire, and a fourth person had a minor injury with the cause unclear.
The motive for the shooting is under investigation and the gunman’s identity has not been confirmed, police said. Reporting by Ian Simpson in Washington; Editing by Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oklahoma-shooting/gunman-at-oklahoma-restaurant-shot-dead-by-bystander-idUKKCN1IQ0BH |
May 29, 2018 / 8:02 AM / Updated 7 minutes ago Uber in talks to resume services in Abu Dhabi: transport official Reuters Staff 2 Min Read
ABU DHABI (Reuters) - U.S. ride-hailing company Uber Technologies [UBER.UL] is in talks to resume services in Abu Dhabi after a nearly two-year suspension, a transport official said on Tuesday. FILE PHOTO: The Uber logo is displayed on a screen during the Women In The World Summit in New York City, U.S., April 12, 2018. REUTERS/Brendan McDermid/File Photo
Services of Uber and Middle East rival Careem were suspended in Abu Dhabi in August 2016 after some drivers were detained over regulation violations, an Abu Dhabi source familiar with the situation said at the time.
“We are in talks, things are progressing,” Mohamed Darwish al-Qamzi, general manager of The Centre for Regulation of Transport by Hire Cars (Transad), told reporters in Abu Dhabi.
He said he was confident that Uber would resume services, but did not say when that might happen.
An Uber source told Reuters the company was in “positive conversation” but that it had not decided whether it would resume services.
The U.S. firm first launched services in Abu Dhabi in 2013. It has continued to operate in neighbouring Dubai.
Careem said it resumed services in Abu Dhabi in December 2016.
Careem launched a new, lower fare option for Abu Dhabi on Tuesday, starting from 19 dirhams ($5.20) per trip, which it said was 50 percent cheaper than its existing base fare there.
The company also reduced its other car type fares by 30 percent. Reporting by Stanley Carvalho, additional reporting by Alexander Cornwell; Writing by Alexandar Cornwell; Editing by Susan Fenton | ashraq/financial-news-articles | https://in.reuters.com/article/us-uber-emirates/uber-in-talks-to-resume-abu-dhabi-services-abu-dhabi-official-idINKCN1IU0QO |
By Harold Feld May 1, 2018
Back during the George W. Bush administration, the Federal Communications Commission relaxed its rules to allow more wireless companies to merge. By the end of the 2000s, America had gone from seven national providers down to four. The slide to further consolidation only stopped in 2011, when the Justice Department and FCC put their collective regulatory foot down.
Since then, despite high-profile efforts from companies such as Google , Dish Network, and Comcast , we remain at four national providers. To understand why, and why allowing T-Mobile to acquire Sprint would be a big problem for consumers, we need to understand what makes it so hard to for even giant, well-funded companies with recognized brand names to break into the wireless market. Paying billions just to enter the game
To prevent wireless signals from interfering with each other, the FCC issues exclusive licenses to use the electromagnetic spectrum (usually just called the “spectrum”). To offer wireless services, a business must acquire a fair number of these spectrum licenses. Because the government limits the number of these, they go for billions of dollars. The last wireless auction back in 2016 cost the wireless industry approximately $20 billion dollars collectively. A single license for a major city such as New York or Los Angeles can cost close to $1 billion. To meet the bandwidth demand for a competitive smartphone service takes multiple licenses in every market in the country. That’s a multibillion-dollar price tag before the company even starts to build its network.
Building a network also takes billions of dollars, and a great deal of time. All this is before a business can even begin to find customers to start paying off all its debt, never mind start making a profit. Only after spending billions of dollars to enter the game can a company begin trying to attract customers. But even with steep discounts and quality service, it takes an awful lot to get a customer to go through the hassle of switching from one cell service to another—especially to a new wireless service of unknown quality and no track record.
Consider Comcast, which developed its own network and had a base of 23 million customers for its cable and broadband services before it even entered the wireless industry. Comcast started offering mobile service in May 2017. A year later, it has just over 500,000 subscribers . That sounds impressive, but combined, Sprint and T-Mobile gained approximately 1 million ( post-paid ) subscribers in the last quarter of 2017 . Worse, Comcast spent an estimated $1,260 per customer acquisition . Not even Comcast can keep up that kind of spending to seriously compete with the 126 million subscribers of a joined T-Mobile/Sprint. If Google and Comcast can’t compete in wireless, who can?
These barriers to entry are built into the way the wireless industry works. Over the years a list of potential new entrants has repeatedly tried to upend the economics of the industry to no avail. Whether scrappy entrepreneurial new entrants , regional providers trying to grow a national footprint , or even well-funded tech giants like Google , each one has run into the unforgiving economics of the wireless industry that make emergence of a serious national competitor virtually impossible.
But what about the low-cost national providers and pre-paid providers, like Boost Mobile or TracPhone? These are either owned by one of the Big Four (Sprint owns Boost, for example), or lease capacity from one of the Big Four, most often Sprint or T-Mobile. Saying that these carriers compete with the national carriers is like saying that WhatsApp competes with its corporate parent, Facebook .
Letting T-Mobile buy Sprint means going from four competitors to three, a level of concentration the government has consistently said is bad for consumers. Based on the realities of the wireless industry, that isn’t going to change.
Harold Feld is the senior vice president at Public Knowledge. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/t-mobile-sprint-merger-wireless-antitrust/ |
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