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AT&T CEO: Glad my Black Lives Matter comments went viral 1 Hour Ago AT&T CEO Randall Stephenson speaks onstage at the Code Conference about his comments on the Black Lives Matter movement and racial tension back in 2016. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-glad-my-black-lives-matter-comments-went-viral.html |
With an "above average" hurricane season just weeks away, now is the time to go over your homeowners policy and ensure that your coverage is watertight.
This year we can expect to see 14 named storms, according to forecasts from the Colorado State University. That includes seven that could become hurricanes — three of which will be major or at least register a Category 3 on the Saffir-Simpson Hurricane Wind Scale .
The 2017 season (which forecasters had also pegged as above average) proved devastating for the Caribbean and the southeastern part of the U.S, as Hurricanes Harvey, Irma and Maria caused a combined $92 billion in insured losses, according to insurer Swiss Re .
Hurricane season runs from June 1 until Nov. 30, so you have about three weeks to review the insurance policy covering your dwelling and belongings.
Science Photo Library - NASA | Getty Images "It's key to understand the nuances of your insurance policy and be fully protected before the storm hits," said Annmarie Camp, executive vice president at Chubb Personal Risk Services.
"You don't want to find out that you're underinsured after a storm," she said.
Having the appropriate amount of coverage is all the more important this year, as the Tax Cuts and Jobs Act limits your ability to take a tax deduction for personal casualty and theft losses.
From 2018 to the end of 2025, you can only claim these losses if the damage is attributable to a disaster declared by the president.
Here's where to begin shoring up your home and your insurance policy.
Mind the coverage gap Karl Spencer | Getty Images Pop quiz: What's your hurricane deductible?
Separate from the standard deductible on your homeowner's coverage, there may be an additional amount you'll need to pay out-of-pocket before your insurer will cover hurricane damage.
Depending on your policy and where you reside, your hurricane deductible can be as high as 5 percent of your home's insured value . You could be on the hook for even more if you reside in a high-risk location: Hurricane deductibles in Florida can be up to 10 percent of the insured value.
These deductibles are in effect in 19 states and the District of Columbia, according to the Insurance Information Institute.
The states are Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia.
Be sure to have the money you'll need either in your emergency fund or in a home equity line.
Further, if you've made updates to your home, contact your insurance agent or broker. You'll probably need to increase your coverage, Camp said.
Know your flood insurance Byba Sepit | Getty Images While your homeowner's insurance policy may cover damage from wind and hail, it almost certainly doesn't cover flooding .
In that case, you'll have to buy separate coverage through the National Flood Insurance Program or through a private insurer. There's a 30-day waiting period for new policies to take effect, so it's better to assess your needs now, before hurricane season begins.
Under the federal program, the structure of your dwelling is covered up to $250,000. You can buy a separate policy to cover the contents of your home, up to $100,000.
If your dwelling exceeds the $250,000 mark, you'll need excess flood insurance.
Don't be lulled into a false sense of security if your home is in a " moderate risk " zone based on the flood maps.
"When we look at Hurricanes Harvey and Irma, both were significant flooding events, and even people in preferred zones can still flood," said Camp.
Insurance review prep At a glance, here's what you need to know about your policy.
More from Personal Finance:
Harvey is a wake-up call to check your homeowners insurance
How to make sure your summer vacation won't wreck your finances
Dog owners: Here's what you need to know about liability insurance | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/how-to-prepare-your-home--and-your-finances--for-a-hurricane.html |
May 9, 2018 / 5:48 AM / Updated 41 minutes ago Huddersfield get Ince boosts ahead of crucial Chelsea clash Reuters Staff 2 Min Read
(Reuters) - Huddersfield Town winger Tom Ince has returned to action from a hamstring injury, manager David Wagner has said, in a timely boost ahead of Wednesday’s crucial Premier League match at Chelsea. FILE PHOTO: Soccer Football - Premier League - Huddersfield Town vs Watford - John Smith's Stadium, Huddersfield, Britain - April 14, 2018 Huddersfield Town's Tom Ince celebrates scoring their first goal REUTERS/Scott Heppell
Ince sustained the injury during Huddersfield’s 1-0 win over Watford in April and was sidelined for the club’s last two league matches, including the 1-1 draw at champions Manchester City last Sunday.
Huddersfield, who are 17th in the table, must earn at least a draw at Chelsea to secure their Premier League status for next season but a defeat at Stamford Bridge would drag the Terriers into the relegation fight ahead of their final league game.
“Tom Ince will be back, he is in training and will be part of the squad,” Wagner told reporters. “Chris Loewe and Terence Kongolo got knocks... but I think that they will be both be available.
“Other than that, everyone else that was available at Man City will be fine.”
Huddersfield, who are level on points with Southampton and three points ahead of 18th-placed Swansea City, have a worse goal difference than their relegation rivals. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-hdd-wagner/huddersfield-get-ince-boosts-ahead-of-crucial-chelsea-clash-idUKKBN1IA0JX |
May 17, 2018 / 5:07 AM / in 7 minutes French police move to clear eco-activists from abandoned airport site Reuters Staff 1 Min Read
PARIS (Reuters) - French police on Thursday started another operation to evacuate eco-activists and anarchists squatting on a site in western France that had been planned as a new airport, and which had sparked previous clashes.
The latest move to clear out the squatters from the Notre-Dame-des-Landes site in western France begun at 0600 Paris time (0400 GMT), the French interior ministry said in a statement.
A police operation to evacuate the bulk of the squatters was launched in April and resulted in violent clashes with protesters.
The site had been squatted for years by opponents of the plan to build a 580 million euros ($686 million) regional airport, which the government decided to drop in January.
Construction company Vinci has said it is ready to discuss government compensation for the loss of its contract to develop Notre-Dame-des-Landes. Reporting by Sudip Kar-Gupta and Danielle Rouquie; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-airport-squats/french-police-move-to-clear-eco-activists-from-abandoned-airport-site-idUSKCN1II0GD |
AT&T CEO: We're focused on winning DOJ case 1 Hour Ago AT&T CEO Randall Stephenson answers questions from CNBC's Alex Sherman while onstage at the Code Conference. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-were-focused-on-winning-doj-case.html |
May 2 (Reuters) - Sports Direct International PLC:
* HEADLINE IN DAILY MAIL ON MAY 1 REFERRED TO ‘SPORTS DIRECT’S £80M GAIN’ IN RELATION TO SPORTS DIRECT’S HOLDING IN FINISH LINE
* FIGURE OF 80 MLN STG IN DAILY MAIL HEADLINE IS “WHOLLY INACCURATE, AS ANY GAIN TO SPORTS DIRECT WOULD BE FRACTION OF THAT AMOUNT” Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sports-direct-responds-to-press-ar/brief-sports-direct-responds-to-press-article-idUSFWN1S908J |
DALLAS--(BUSINESS WIRE)-- Atmos Energy Corporation (NYSE: ATO) said today that its Board of Directors declared a quarterly dividend on the company’s common stock of 48.5 cents per share. The indicated annual dividend is $1.94.
The dividend will be paid on June 4, 2018, to shareholders of record on May 21, 2018. This is the company’s 138 th consecutive quarterly dividend.
Atmos Energy Corporation, headquartered in Dallas, is the country's largest natural-gas-only distributor, serving over three million natural gas distribution customers in over 1,400 communities in eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. For more information, visit www.atmosenergy.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006664/en/
Atmos Energy Corporation
Jennifer Hills, 972-855-3729
Source: Atmos Energy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-atmos-energy-declares-regular-quarterly-dividend.html |
6 Hours Ago | 02:42
In the #MeToo era, the stakes are high for corporations failing to rout out sexual harassment.
Allegations of predatory behavior bankrupted Harvey Weinstein's company and forced Steve Wynn out of the company he co-founded, sending Wynn Resorts stock on a roller coaster ride.
In response, corporations and private equity firms are turning to private investigators like Dan Nardello — a former federal prosecutor at the Manhattan U.S. Attorney's Office, who now runs his own firm — in droves.
"An ounce of prevention is really worth a pound of cure here, because the cost of potential drop in stock price, legal and PR cost — the possibility of regulators getting involved and regulating industries — they are enormous compared with the relatively modest expenditure in hiring folks like us in order to rule out this behavior," said Nardello, CEO of Nardello & Co.
The veteran private investigator — Nardello has 25 years in the detective business — has seen about 35 percent more client calls related to sexual misconduct over the last six months.
"I have never seen a societal phenomenon that has had the impact on our business as the #MeToo movement and the post-Weinstein world," he said.
Corporations and private equity firms are looking for help in due diligence ahead of acquisitions, said Nardello. Other clients want help looking into the backgrounds of potential board members and C-suite hires, and some are seeking possible predatory behavior in competitors — a move that one of the firm's clients calls "weaponizing feminism." show chapters 8:58 AM ET Sat, 20 Jan 2018 | 01:15
Nardello often gets work through lawyers like Ed Little, a partner at the law firm Hughes Hubbard & Reed, who recently sought help clearing the name of a client who had been accused of sexual misconduct.
"The #MeToo movement is a very valid movement but there's been an overreaction we believe," said Little. "So in representing someone who has been accused, it's important to find out if there's any credibility to their accusation."
The two men worked together as federal prosecutors under New York Mayor Rudy Giuliani in 1980s.
"We want a firm that is very ethical, that does it the right way because number one it's the right thing to do and number two you don't want it to blow up in your face later on in a trial," said Little.
Nardello & Co. COO Sabina Menschel walked CNBC through their client offerings, starting with online searches.
Investigators typically begin by searching the person's name in combination with whatever other information they can find, such as date of birth, social security number or home address. The next step is plugging that information into proprietary databases, which the firm is licensed to access, including Lexus Nexis.
"This is not something that we depend on entirely, but it's just a place to start," she said. "They allow us to search for publicly available information."
Investigators canvass the web, looking at social media sites like Instagram and Twitter, as well as review sites like Glassdoor to glean any relevant information and hone in on people they might want to interview. "I have never seen a societal phenomenon that has had the impact on our business as the #MeToo movement and the post-Weinstein world." -Dan Nardello, CEO, Nardello & Co.
"We always complement that as well with what we call 'on-site searches,'" said Menschel.
On-site searches include sending investigators to where the subject has lived or worked, to search local databases like county court records and knock on doors. Nardello's team includes former federal, state and local law enforcement agents, IT specialists and can tap sources at various agencies that can legitimately provide information.
Investigators also develop sources and interview neighbors, friends, former colleagues, former spouces or litigation adversaries, if the subject has been involved in lawsuits in the past, said Menschel.
"Sometimes people don't want to speak, but I find more often than not I'm actually surprised that they do want to speak, and they are willing to speak," she said.
Clients are listening, said Nardello. He's seen private equity firms walk away from deals and companies decide against hiring individuals after discovering sexual misconduct.
Still, despite the wave of allegations of predatory behavior during the #MeToo movement we may have only seen the tip of the iceberg, said Nardello.
"There's more of this behavior than certainly I would ever have anticipated," he said. "It is shocking to me how much of this behavior that there is out there." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/companies-are-turning-to-private-investigators-to-identify-harassers.html |
May 1 (Reuters) - Xenon Pharmaceuticals Inc:
* XENON PHARMACEUTICALS TO HOST CONFERENCE CALL AND WEBCAST TO DISCUSS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDE CORPORATE UPDATE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xenon-pharmaceuticals-to-host-conf/brief-xenon-pharmaceuticals-to-host-conference-call-to-discuss-q1-2018-financial-results-idUSASC09YPK |
Post-Market Wrap: May 01, 2018 43 Mins 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/post-market-wrap-may-01-2018.html |
Seven bodies found in rural Australian town Friday, May 11, 2018 - 01:15
Australian police found seven dead people on Friday, including four children, in a rural town in the Margaret River wine-growing region, and said guns were involved in the killings.
Australian police found seven dead people on Friday, including four children, in a rural town in the Margaret River wine-growing region, and said guns were involved in the killings. //reut.rs/2rCWVK3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/11/seven-bodies-found-in-rural-australian-t?videoId=425908045 |
DUBAI (Reuters) - Iran’s rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency, fearing economic turmoil if U.S. President Donald Trump withdraws from a deal on Iran’s nuclear program.
FILE PHOTO: A money changer poses for the camera with a U.S hundred dollar bill (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA The dollar was selling for 65,000 rials, according to foreign exchange website Bonbast.com ( www.bonbast.com ), which tracks the free market. That was down from 57,500 at the end of last month and 42,890 at the end of last year.
Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran, deterring other nations in Europe and Asia from developing business ties.
This could constrict Iran’s foreign trade, causing a spike of inflation and further reducing access to hard currency in an economy which is already struggling with high unemployment and the threat of a crisis among financially troubled banks.
Mehrdad Emadi, an Iranian economist who heads energy risk analysis at London’s Betamatrix consultancy, said the approach of Trump’s decision was encouraging a mass flight out of the rial. On Sunday, the currency hit a record low of 67,800.
“This large scale de-rialisation of the Iranian economy has now created a complete collapse of confidence,” Emadi said, adding that if the government did not take immediate steps to shore up the banking system and restore business confidence, the currency could fall as low as 110,000.
“Such a rate would translate to a tripling of the inflation rate and a deep dollarization of the Iranian economy, and barter-based transaction when hard currency cannot be found.”
Trump said he would announce at 2:00 p.m. EDT (1800 GMT) on Tuesday whether he would withdraw from the nuclear deal, which eased international sanctions on Iran in exchange for Tehran limiting its atomic program.
A senior U.S. official said it was unclear if efforts by European allies to address Trump’s concerns would be enough to save the pact, but European diplomats said privately they expected Trump to effectively withdraw from the agreement.
As pressure on the rial mounted in early April, Iranian authorities tried to halt its slide by saying they were unifying official and free-market exchange rates at a single level of 42,000, and banning any trade at other rates.
People who violated the ban were threatened with arrest. The strategy failed to stamp out the free market, however, because demand for dollars far exceeds limited supplies that authorities have provided through formal channels at the official rate.
“The free market has been shut down officially, but it continues its work unofficially. There is an underground currency market in Iran, with rates, charts and everything,” said an analyst in Tehran, declining to be named for legal reasons.
“Instead of stopping by at the exchange shop, people arrange their trade by phone calls and through underground channels.”
As part of its crackdown, Iran clamped a 10,000-euro ($11,900) ceiling on the amount of foreign currency that citizens can hold outside banks.
The Tehran analyst said this regulation was being widely disobeyed, and estimated billions of dollars were being held illicitly outside banks.
“The real dollar rate is much higher, and people know from the past that when they deposited their dollars into bank accounts, they were not able to withdraw later.”
Publicly, Iranian officials have blamed the rial’s weakness on a plot by the United States and other nations. But the turmoil has had political repercussions in Tehran, where members of parliament have demanded the resignation of central bank governor Valiollah Seif.
The government was already under fire over its management of the economy. In January, public protests over corruption and economic hardship were crushed by the authorities and at least 25 people were killed.
Iran is running a substantial current account surplus, according to the International Monetary Fund, which estimates the government’s foreign assets and reserves at $112 billion.
With oil prices at multi-year highs, that may give Tehran enough firepower to prevent any collapse of the rial, if it chooses to satisfy the demand for hard currency and flood the free market with dollars.
But official economic data in Iran can be inaccurate, and some private economists estimate the amount of reserves which Tehran can easily access is much lower.
In March, the semi-official ISNA News Agency Quote: d Mohammad Reza Pourebrahimi, head of the economic committee in Iran’s parliament, as saying Iran had suffered capital outflows of $30 billion over four months.
Reporting by Andrew Torchia, Editing by William Maclean and Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-economy/iran-rial-near-record-lows-as-trump-decision-on-nuclear-deal-looms-idUSKBN1I90Q0 |
May 2, 2018 / 5:06 PM / Updated 2 hours ago Ancient bird with beak and teeth blended dinosaur, avian traits Will Dunham 3 Min Read
WASHINGTON (Reuters) - A primitive seabird that prospered about 85 million years ago along the warm, shallow inland sea that once split North America boasted what scientists are calling a surprising blend of traits from its dinosaur ancestors and modern avian characteristics. CT-scan-based skull restoration and life reconstruction of the toothed stem bird Ichthyornis dispar, a primitive seabird that prospered about 85 million years ago along the warm, shallow inland sea that once split North America, is shown in this image released on May 2, 2018. Courtesy Michael Hanson and Bhart-Anjan S. Bhullar/Handout via REUTERS
Four new fossils of Ichthyornis, which had both a beak and teeth and lived a lifestyle like modern gulls, offer striking evidence of this Cretaceous Period bird’s important position in avian evolutionary history, researchers said on Wednesday.
While Ichthyornis fossils were first unearthed in the 1870s, the new ones from Kansas and Alabama chalk deposits, including a beautifully preserved skull, reveal far more about it than previously known.
Birds evolved from small feathered dinosaurs. Unlike the earliest-known birds like Archaeopteryx, which lived 150 million years ago, Ichthyornis was a strong flier, its body streamlined, simplified and adapted for flight like modern birds, Yale University paleontologist Bhart-Anjan Bhullar said.
Its primitive characteristics were largely in its skull.
“Despite the modernity of its body and wings, it retained almost a full complement of dinosaurian teeth, and it had a strong bite with large, dinosaurian jaw muscles. However, it perceived its world and thought like a bird, with a bird’s enormous eyes and expanded, modern-looking brain,” Bhullar added.
While older primitive birds like Confuciusornis, from 125 million years ago, sported a beak, the small one on Ichthyornis was the first known to have modern attributes like a “pincer tip” for grasping, pecking and fine manipulation.
“Its sharp teeth probably would have assisted in holding onto slippery marine prey, while the incipient beak at the tips of its jaws probably would have allowed it to manipulate objects with fine dexterity such as modern birds can do, and preen its feathers,” University of Bath paleontologist Daniel Field said.
Ichthyornis was the size of a tern, with a two-foot (60-cm) wingspan, and probably ate fish and shellfish. It shared the skies with flying reptiles called pterosaurs when dinosaurs dominated the land. Toothed birds vanished along with the dinosaurs and many other species after an asteroid impact 66 million years ago.
Fossils like those of Ichthyornis and Cretaceous toothed diving bird Hesperornis were cited by 19th century naturalist Charles Darwin as strong support for his theory of evolution.
“Ichthyornis shows the ways in which evolution is both complex and elegant, permissive of individual changes and massive integrated transformations,” Bhullar said.
The research was published in the journal Nature. Reporting by Will Dunham; Editing by Phil Berlowitz | ashraq/financial-news-articles | https://uk.reuters.com/article/us-science-bird/ancient-bird-with-beak-and-teeth-blended-dinosaur-avian-traits-idUKKBN1I32FL |
What ex Apple, Pepsi CEO John Sculley learned from Steve Jobs May 29, 2018
Jobs brought together what were, at the time, seemingly unrelated industries, says Sculley.
“Steve connected those dots between calligraphy, laser printing and computers that could to be cheap enough and easy enough to use for non-technical people, and so that was the vision — that was the zooming out,” says Sculley. This vision Jobs had lead to what would be desktop publishing on the Macintosh computer, says Sculley.
Also important to Jobs was the process of zooming in, according Sculley. Zooming in is the process of finding elegant, intuitive solutions to these newly identified industries.
“Steve would say that simplification is the ultimate sophistication, meaning that once you know how the dots connect, even if it cuts across industries that previously had never had a connection with one another, then you have to simplify it and make the solution so simple that even non-technical people will be able to use your tools and will be able to be motivated to do amazing things with them,” says Sculley.
For example, when Apple was developing desktop publishing, Jobs rejected a section of code for the “ point-and-click ” capability from an engineer who had been up for almost 24 hours working because it wasn’t simple enough.
“He said, ‘Steve, I have got it down to five steps, let me show you.’ Steve replied, ‘I won’t look at it until you get it down to three steps.’ He sent the engineer away without looking at the demo,” Sculley says.
“And that was his great skill, zooming out and zooming in,” says Sculley. READ Report: Apple’s complaints about AT&T and Verizon may have led to DOJ eSIM investigation [U]
That very lesson, Sculley says he applied to his recent work at RxAdvance. “That’s one example of things I learned from Steve,” says Sculley. “And so when we created RxAdvance, we took something that was incredibly complex — this whole Rx ecosystem, the whole pharmaceutical-related, medications and prescription drug sector — and we simplified it.”
RxAdvance is simplifying and bringing transparency into the prescription drug industry by bringing the back-end processing to the cloud, he says, an infrastructure that is currently operating on old computers that are “similar to the computers I saw when I first came to Silicon Valley in the 1980s,” Sculley says.
See also: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/what-ex-apple-pepsi-ceo-john-sculley-learned-from-steve-jobs.html/ |
By Jonathan Sperling 11:24 AM EDT
Twenty-First Century Fox announced that it will soon host a “special meeting” of stockholders to decide the fate of the previously announced merger agreement with The Walt Disney Company.
Fox released a statement on Wednesday in which it set the meeting date for July 10, going on to recommend “that stockholders vote in favor of the proposal to adopt the Disney Merger Agreement and the other proposals to be voted on at the special meeting.”
The company also made it clear in the statement that it was aware of Comcast Corporation’s May 23 press release, in which Comcast expressed its intent to make an offer for the same businesses that Fox has planned to sell to Disney. In the case of Comcast making an offer, the company promises to postpone or adjourn the upcoming meeting in order to allow stockholders to review the disclosure.
The bidding war between Comcast and Disney heated up earlier this month, when Comcast announced in its statement that “Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney.” The Fox-Disney deal is valued at approximately $52 billion. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/21st-century-fox-vote-disney-merger/ |
Home / NEWS / Tokyo shares struggle to maintain gains; falling oil prices drag on energy names Tokyo shares struggle to maintain gains; falling oil prices drag on energy names 3 hours ago NEWS , tokyo
* Some positive developments seen in geopolitics
* Oil selloffs weigh on oil-related shares
* Airlines gain on lower oil prices
* Trading subdued with US, UK markets closed for holidays
By Tomo Uetake
TOKYO, May 28 (Reuters) – Japanese shares ended little changed on Monday as a further slide in oil prices pulled down energy-related stocks, offsetting initial gains stemming from renewed hopes for a U.S.-North Korea summit next month.
The benchmark Nikkei share average closed up 0.1 percent at 22,481.09, giving up much of the 0.4 percent gain seen in early trade.
The broader Topix slipped 0.1 percent to 1,770.42, with the JPX-Nikkei Index 400 closed virtually flat at 15,662.22.
As oil prices extended their sharp declines on Monday, oil refinery and exploration companies were hit hard, with Japex and JXTG shedding 3.2 and 4.2 percent, respectively.
But lower fuel prices benefited the air transport sector, with its index, advancing 1.9 percent.
Although the Nikkei had opened higher on optimism that the historic summit between United States and North Korea may be back on track, most investors were cautious and kept to the sidelines.
“Although there are some new developments in geopolitics — the revived talks for U.S.-North Korean summit and Italian president’s decision to defend the euro — these are reasons ‘not to sell’, rather than ‘to buy,’” said Yuya Fukue, trader at Rheos Capital Works.
President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a proposed summit with North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
Developments in Italy were also giving investors pause.
Italy’s president rejected the nomination of a prominent eurosceptic for the key economy ministry, a decision that led to a collapse in efforts to form a coalition government, triggering a possible constitutional crisis and opening the prospect of fresh elections.
Trade was subdued, with turnover of just 1.81 trillion yen, the lowest in nearly two months, as British and U.S. markets were closed on Monday for the spring bank holiday and Memorial Day, respectively. (Reporting by Tomo Uetake; Editing by Kim Coghill and Eric Meijer) | ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-close/tokyo-shares-struggle-to-maintain-gains-falling-oil-prices-drag-on-energy-names-idUSL3N1SZ2LL/ |
NY school gets girls into the groove with coding 9:38pm EDT - 01:47
An all-girl school in New York combines coding and dance to encourage students to take an interest in science and technology. Elly Park reports.
An all-girl school in New York combines coding and dance to encourage students to take an interest in science and technology. Elly Park reports. //reut.rs/2KYuAH0 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/ny-school-gets-girls-into-the-groove-wit?videoId=426934658 |
CINCINNATI--(BUSINESS WIRE)-- ProAmpac, one of the nation’s largest and fastest-growing flexible packaging companies, today announced the acquisition of Gateway Packaging Company (Gateway), a flexible packaging and technical products company headquartered in White House, Tennessee. Gateway is one of the largest pet food packaging manufacturers in North America offering a wide array of products including multi-wall bags, stand-up pouches, small- and large-format quad-seal bags, box pouches, roll stock, treat bags, and hybrid bags. Gateway’s products are also sold to the human care and institutional markets.
Greg Tucker, CEO of ProAmpac, said, “The acquisition of Gateway expands our product offering with the addition of multi-wall bags while also increasing our manufacturing capacity of several pouch formats. Gateway will allow us to deliver even more value and services to our customers.”
Cincinnati-based ProAmpac is owned by PPC Partners along with management and other co-investors. With the addition of Gateway, ProAmpac has 33 sites globally with nearly 3,700 employees supplying more than 5,000 customers in 90 countries. ProAmpac manufactures flexible packaging for various consumer, retail and industrial goods markets and also provides secure packaging for the transport of cash and valuables. Gateway will be integrated into ProAmpac’s Extrusion and Laminations division, led by division President Tom Loewald.
“Gateway has a reputation for innovation, responsive customer service and quality. Couple that with our industry-leading converting expertise, and customers now have an unrivaled source for flexible packaging products within ProAmpac,” stated Loewald.
“Gateway’s talented team, multi-wall bag converting expertise, and presence in pet and institutional markets will add to ProAmpac’s competencies and existing customer base. This acquisition will create value and opportunity for both organizations,” stated Omar Abuaita, president and Chief Executive Officer of Gateway.
About ProAmpac
ProAmpac is a leading global flexible packaging company with a comprehensive product offering unparalleled in the industry. We provide creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation and Involvement. For more information, visit proampac.com .
About Gateway
Gateway Packaging is a rapidly growing, progressive company with a long history of success working with top food manufacturers to solve their flexible packaging problems. We are a full-service packaging solutions company. Customers benefit from our ability to take their projects from concept to completion. For more information, visit gatewaypackaging.com .
About PPC Partners
PPC Partners acquires and operates North America-based middle-market companies with leading positions in the manufactured products, services and healthcare sectors. Led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital, the firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. PPC Partners builds businesses for the long-term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005151/en/
Kristy Paulin, Director, Corporate Communications, ProAmpac
413.875.9872, [email protected]
or
Martha Arendt, Aileron Communications, PPC Partners
312.629.9400, [email protected]
Source: ProAmpac | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-proampac-acquires-gateway-packaging-company.html |
Few procedures in medicine present patients with a sharper double-edged sword than a bone-marrow transplant.
The treatment offers a potential cure for lethal blood cancers such as leukemia or lymphoma and other blood disorders. But it is a highly toxic and sometimes fatal procedure in which patients’ immune systems typically are severely weakened or wiped out with high-dose chemotherapy or radiation. Many patients turn down the potentially lifesaving treatment, fearing that the cure is at least as bad as the disease.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-promise-for-bone-marrow-transplants-1527559680 |
Former Federal Reserve Chairman Ben Bernanke and three other former leading economic policy makers endorsed Richard Clarida’s nomination to serve as the Fed’s No. 2 official in a letter they sent Monday to lawmakers.
Among the letter’s signatories is Stanley Fischer, who held the job that Mr. Clarida would fill if confirmed by the Senate. Mr. Fischer, who was nominated for the post by President Barack Obama, resigned in October for personal reasons.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/bernanke-fischer-support-clarida-nomination-for-fed-vice-chairman-1526326825 |
LONDON (Reuters) - London plans to ban junk food advertising on its entire public transport network to tackle child obesity, which is among the highest in Europe, Mayor Sadiq Kahn said on Friday.
An electronic advertisement for a McDonalds food is seen at a bus stop on Oxford Street in London, Britain, May 11, 2018. REUTERS/Toby Melville Almost 40 percent of children aged 10 and 11 in London are overweight or obese, according to research compiled for Britain’s parliament.
“Child obesity in London is a ticking timebomb and I am determined to act. If we don’t take bold steps against it we are not doing right by our young people as well as placing a huge strain on our already pressurized health service,” Kahn said in a statement.
The ban will target food retailers with products deemed high in fat, salt or sugar such as McDonald’s.
A train passes an advertisement for a food delivery company at Green Park underground station in London, Britain, May 11, 2018. REUTERS/Toby Melville McDonald's here has long been fighting perceptions that it encourages children to eat unhealthily. In 2011, it won a U.S. lawsuit allowing it to continue including toys in Happy Meals.
Coca Cola and Pepsi here - as part of the American Beverage Association - faced scrutiny during the same year following a U.S. campaign to bring awareness to the potential health concerns associated with sugar sweetened drinks.
Slideshow (4 Images) Food and drink advertising contributed around 20 million pounds ($27 million) to Transport for London’s revenue during the 2016-17 financial year.
A spokesperson from the mayor’s office said :”About two thirds of this comes from high fat, salt and sugar, food and drink.”
The National Centre for Social Research and Cancer Research UK found advertising of unhealthy foods – particularly when aimed at children – creates extra pressure on children and families when it comes to choosing what to eat and drink.
“I want to reduce the influence and pressure that can be put on children and families to make unhealthy choices,” Kahn said. “I’m determined to do all I can to tackle this issue with the powers I have and help Londoners make healthy food choices for themselves and their children.”
The plans are a key part of the mayor’s draft London Food Strategy and echo initiatives that have been introduced in Amsterdam this year.
Khan said: “The government needs to step up and join this fight against child obesity.”
Reporting by Coran Elliott; Editing by Georgina Prodhan and Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-junkfood/london-bans-junk-food-ads-on-public-transport-to-fight-child-obesity-idUSKBN1IC22I |
May 3 (Reuters) - Berjaya Assets Bhd:
* UNIT ACQUIRED 11.8 MILLION SHARES IN 7-ELEVEN MALAYSIA HOLDINGS FROM 23 JAN TO 2 MAY FOR 17.8 MILLION RGT Source ( bit.ly/2riRDDt )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-berjaya-assets-updates-on-acquisit/brief-berjaya-assets-updates-on-acquisitions-of-shares-in-7-eleven-malaysia-holdings-by-unit-idUSFWN1SA0LJ |
President Donald Trump 's move to withdraw the United States from the Iran nuclear deal and restore sanctions on Tehran threatens to reopen a long-dormant dispute with Europe and inflame trade tensions with the Continent, analysts and sanctions experts warn.
History is not on Trump's side. The last time America and Europe went head-to-head over Iranian sanctions, Europe pushed back and the United States was forced to back down.
Market watchers are now questioning whether the European Union will deploy the same legislative weapons it used 20 years ago, when the Clinton administration threatened sanctions against European companies. In response, the EU passed so-called blocking statutes that prohibited European companies from complying with U.S. sanctions, giving them cover to continue with business as usual.
"It is going to be nightmarish to convince the Europeans to back our sanctions effort now without them actually being supportive of it politically." -Richard Nephew, former lead sanctions expert for the Obama administration Then as now, the Europeans had a lot to lose. The EU is one of the largest markets for Iranian petroleum products. European multinationals like French oil major Total and aircraft maker Airbus have announced billions of dollars in deals since sanctions ended in 2016.
The EU could use the blocking statutes to protect these companies if Trump threatened sanctions, EU Ambassador to the United States David O'Sullivan said last year.
The result of the late 90s standoff was a sort of cold war that simmered for a decade, in which the Clinton and George W. Bush administrations kept the sanctions on the books, but did not enforce them for fear of sparking a trade war with Europe. But it remains to be seen whether Trump, a president prone to brinkmanship and trade tariffs, would also back down.
"We have seen Britain, France, Germany and indeed Iran pledge themselves to keep the agreement going. I think what we've done here is just open the door to what will be a pretty tumultuous period ahead," said former U.S. Ambassador Ryan Crocker, a diplomat who has served in several Republican and Democratic administrations.
"It may result in some other options or modifications that would ease all of this. It may not. But it's going to be playing out over a number of weeks before we can really measure what happens,
John MacDougall | AFP | Getty Images President Donald Trump (R), French President Emmanuel Macron (L) and German Chancellor Angela Merkel (C) chat at the start of the first working session of the G20 meeting in Hamburg, northern Germany, on July 7, 2017. " he told CNBC's " Squawk Box " on Wednesday.
show chapters Iran deal fallout will take weeks to measure, former ambassador says 7 Hours Ago | 05:44 Relations with Europe are already frayed over Trump's threat to slap tariffs on the Continent's goods and his withdrawal from the Paris climate agreement. The president's nuclear deal exit will "amplify the crisis in trans-Atlantic relations" and prod France and Germany to look for ways to fire back, according to risk consultancy the Eurasia Group.
"These nations and other U.S. allies now facing renewed sanctions will both explore U.S. intentions on implementation and at the same time consider adopting blocking legislation and/or other ways of hitting back at the Washington," Eurasia Group analysts said in a briefing Tuesday.
In pulling out of the Iran nuclear deal on Tuesday, Trump ignored the pleas of European leaders and announced his administration would immediately restore the full range of sanctions against Iran that were in force prior to 2016. That means European companies cannot enter into new business deals with Iran and must wind down existing contracts in three to six months.
Immediately afterward, the leaders of Britain, France and Germany — as well as Iran's president — said they would try to preserve the deal without the United States. The European leaders called on Trump not to take any action that would get in the way of that goal.
But that is exactly what U.S. sanctions would do. In order for the U.S. sanctions to be successful, European companies must stop doing business with Iran. And if European companies stop doing business with Iran, the nuclear deal will almost certainly collapse.
show chapters US to re-impose sanctions on Iran 8 Hours Ago | 02:19 "This is back to 1997," said Richard Nephew, the lead sanctions expert for the U.S. team that negotiated the Iran nuclear deal.
"It is going to be nightmarish to convince the Europeans to back our sanctions effort now without them actually being supportive of it politically," he said.
The EU and United Nations only got on board with sanctions beginning in 2006 after evidence surfaced that Iran was running a secret nuclear weapons research program.
Those sanctions led to years of painstaking negotiation among Iran, Britain, China, France, Germany, Russia and the United States. The talks culminated in the 2015 nuclear deal, which lifted sanctions on Iran in exchange for Tehran limiting its nuclear activity and submitting to international inspections.
European cooperation was critical to the success of the nuclear sanctions. Reductions in Iranian oil purchases from Europe alone accounted for half of the drop of roughly 1.4 million barrels a day in Iranian crude exports.
That action also came swiftly. The EU adopted sanctions in 2012 that curtailed all purchases of Iranian oil by member countries within six months.
show chapters Could be unintended consequences for energy trading with Iran deal exit, says expert 5 Hours Ago | 08:05 "There are critical differences between where we are today and where we were then," said Amos Hochstein, who coordinated Iran oil sanctions for the Obama administration.
"The first and most important is that Europe is not following with their own embargo, their own sanctions on energy, which means that for the first part of the sanctions implementation, you won't have this big takeoff of Iranian oil — 650,000 barrels — that will come off the market even if the European companies do comply," Hochstein told CNBC's " on Wednesday.
U.S. law allows countries to continue buying Iranian oil so long as their home country significantly cuts overall crude imports from Iran. The Obama administration asked countries to reduce oil supplies by 20 percent every six months.
If the Trump administration follows that model and European countries do the bare minimum to comply with the sanctions, it would take six years to shrink European purchases to zero, Nephew estimated in a recent report .
It is possible that another event could head off a trade dispute between Europe and the United States. Iran could grow frustrated and abandon the deal.
Europe and the United States could also find a face-saving way to revise the nuclear deal. Trump's demands include placing permanent restrictions on Iran's nuclear activity, expanding inspections, sanctioning its ballistic missile program and addressing its role in Middle East conflicts.
Some analysts say that is simply too much for the Europeans to concede.
"We're asking for th e moon across a whole range of activities and we're giving them very, very little," Nephew said. "I can't believe that that's not going to backfire at some point." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/trumps-iran-nuclear-deal-pullout-may-reopen-sanctions-war-with-europe.html |
SAO PAULO/BUENOS AIRES, May 16 (Reuters) - Argentina's stock market climbed on Wednesday after the central bank held a successful auction of its Lebac notes the previous day, but the peso ended slightly weaker as the bank sold no dollars on the spot market. Late on Tuesday, Argentina's central bank sold 620.93 billion pesos ($26 billion) of short-term Lebac securities at its monthly auction, compared with about 616 billion pesos' worth of securities that matured. That came after the central bank raised the interest rate on the security to about 40 percent, up from 26.3 percent previously. In recent weeks, the Argentine peso has deteriorated rapidly, spurring the government to seek a financing agreement from the International Monetary Fund. On Monday, the currency fell some 6 percent, hitting an all-time low. On Tuesday, however, the peso snapped a losing streak, closing up 3.73 percent after the central bank sold $791 million on the spot market. On Wednesday, the rally briefly continued after the Lebac auction, but ended the day slightly weaker, with the peso down 0.78 percent at 24.29 to the dollar as the central bank did not sell dollars on the spot market. Argentina's benchmark Merval index closed up more than 3 percent. Elsewhere in the region, Brazil's benchmark Bovespa index closed up 1.65 percent, while Mexico's IPC index closed up 0.35 percent. Mexico's peso closed up 0.49 percent after it rallied on the news that independent presidential hopeful Margarita Zavala dropped out of the race, which some think could help a business-friendly candidate. Latin American stock indexes at 2140 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1155.09 0.42 -0.29 MSCI LatAm 2825.94 0.89 -0.08 Brazil Bovespa 86536.97 1.65 13.27 Mexico IPC 46419.77 0.35 -5.95 Chile IPSA 5727.86 0.3 2.93 Chile IGPA 28957.44 0.32 3.49 Argentina MerVal 31660.57 3.21 5.30 Colombia IGBC 12366.08 -1.93 8.75 Venezuela IBC 21797.17 5.96 1625.63 (Reporting by Gram Slattery in Sao Paulo and Walter Bianchi in Buenos Aires; Editing by Tom Brown and Grant McCool)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-argentine-stocks-climb-after-lebac-note-auction-idUSL5N1SN7GY |
May 15 (Reuters) - Unico American Corp:
* Q1 REVENUE $8.8 MILLION * QTRLY LOSS PER SHARE $0.42 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-unico-american-corp-reports-q1-los/brief-unico-american-corp-reports-q1-loss-per-share-of-0-42-idUSASC0A2IG |
May 1 (Reuters) - WiseTech Global Ltd:
* UPDATED FY18 GUIDANCE OF REVENUE GROWTH OF 37 PERCENT TO 43 PERCENT AND RANGE OF $210 MILLION TO $220 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wisetech-global-updates-fy18-guida/brief-wisetech-global-updates-fy18-guidance-idUSFWN1S71DW |
Alphabet's self-driving unit, Waymo, said on Sunday that Matthew Schwall had joined the company from Tesla where he was the electric carmaker's main technical contact with U.S. safety investigators.
The company confirmed the move earlier reported by The Wall Street Journal, which said Schwall joined Waymo's safety team led by former National Highway Traffic Safety Administration Deputy Administrator Ron Medford.
The former Tesla executive began at Waymo last Monday and will work on a variety of self-driving car safety issues in his new role, the Journal reported.
Schwall, who was director of field performance engineering at Tesla, exited the company at a time when the National Transportation Safety Board has been investigating multiple crashes involving the electric vehicles.
On Wednesday, the NTSB said it would investigate a Tesla accident in Fort Lauderdale, Florida, that killed two teenagers and injured another - the agency's fourth active probe into crashes of the company's electric vehicles.
Tesla did not immediately respond to an emailed request for comment on Sunday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/tesla-executive-matthew-schwall-joins-alphabets-waymo.html |
Cramer explains how Micron and Macy's stocks sparked a rally 16 Hours Ago Jim Cramer breaks down how the unrelated stocks of Micron and Macy's managed to push the whole market higher. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/cramer-explains-how-micron-and-macys-stocks-sparked-a-rally.html |
May 16, 2018 / 12:56 PM / Updated an hour ago Sri Lankan rupee hits new low; recovers on exporter dollar sales Reuters Staff 2 Min Read
COLOMBO, May 16 (Reuters) - The Sri Lankan rupee hit a record low for a third straight session on Wednesday after the central bank chief said on Friday that the currency would depreciate gradually as dollar outflows surpass inflows.
Dollar selling by exporters in late trade helped the spot rupee recover from the record low of 158.50 per dollar and closed at 158.00/30 per dollar, compared with Tuesday’s close of 158.10/30.
Dealers said the market switched to rupee forwards as buying dollars for spot rupee was “very difficult” amid worries that the central bank could take actions against possible market manipulations.
The one-month rupee forwards traded at as low as 159.70 per dollar in early trade, dealers said.
“We saw exporters coming to the market when the spot was traded at 158.50,” a currency dealer said.
The currency has declined 0.25 percent so far this month after a 1.5 percent fall in April. It has fallen 3 percent this year.
The central bank is “studying carefully” if there was extra pressure on the currency than what was expected, and also the behaviour of market participants, central bank chief Indrajit Coomarswamy had said on Friday..
The central bank said on April 26 it would intervene to support the rupee when necessary and there was no reason for the rupee to be under pressure given the country’s record $10 billion foreign currency reserves.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government.
Senior central bank Deputy Governor Nandalal Weerasinghe had said on Thursday debt repayments by the government will not have an impact on the currency as they are managed with borrowed money externally.
Foreign investors sold government securities worth a net 4.05 billion rupees ($25.63 million) in the week ended May 9, bringing the outflow so far this year to 9.8 billion rupees, central bank data showed. $1 = 158.0000 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-forex/sri-lankan-rupee-hits-new-low-recovers-on-exporter-dollar-sales-idUSL3N1SN4IE |
May 31, 2018 / 7:35 PM / Updated an hour ago Tennis-Serena shows plenty of fight to subdue Barty Reuters Staff 2 Min Read
PARIS, May 31 (Reuters) - The “warrior princess” inside Serena Williams came out in full fighting mode on Thursday as the American proved she was no pushover in a Grand Slam with her 3-6 6-3 6-4 French Open second round win over Ashleigh Barty.
The rankings show Serena as only the 451st best player in the world and her nine-month-old daughter Alexis Olympia will need a few years to appreciate what her mum’s day job is.
But anyone foolish enough to think that motherhood would kill off Williams’ competitive edge got a rude reminder about why the 23-times Grand Slam champion is considered one of the sport’s all-time great athletes.
A set and a break down, it looked like Williams’ comeback slam following her maternity break would end in the second round against the 17th seeded Australian.
But when Serena slammed a crosscourt forehand winner into an open court to break back in the next game, the roar that rocked Philippe Chatrier Court told the world she was not done yet.
So it proved just over an hour later as Serena was roaring again and holding her arms aloft in triumph after setting up a third round showdown with Germany’s 11th seed Julia Goerges. (Reporting by Pritha Sarkar, editing by Ken Ferris) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-serena/tennis-serena-shows-plenty-of-fight-to-subdue-barty-idUKL5N1T26LL |
May 3 (Reuters) - Catalyst Biosciences Inc:
* CATALYST BIOSCIENCES REPORTS FIRST QUARTER OPERATING & FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.56 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-catalyst-biosciences-reports-q1-lo/brief-catalyst-biosciences-reports-q1-loss-per-share-0-56-idUSASC09ZIV |
BOSTON--(BUSINESS WIRE)-- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported first quarter 2018 results. Net income for the quarter ended March 31, 2018 was $9.1 million, or $0.60 per diluted share, compared to net income of $12.0 million, or $0.79 per diluted share, for the comparable 2017 period. Non-generally accepted accounting principles (“non-GAAP”) operating income, as defined below, for the quarter ended March 31, 2018 was $0.71 per diluted share, compared to $0.72 per diluted share, for the comparable 2017 period. Safety’s book value per share decreased to $44.85 at March 31, 2018 from $46.06 at December 31, 2017 primarily due to a decrease in net unrealized investment gains. Safety paid $0.80 per share in dividends to investors during the quarter ended March 31, 2018 compared to $0.70 per share during the quarter ended March 31, 2017. Safety paid $3.00 per share in dividends to investors during the year ended December 31, 2017.
Direct written premiums for the quarter ended March 31, 2018 increased by $4.0 million, or 2.0%, to $203.7 million from $199.7 million for the comparable 2017 period. The 2018 increase occurred primarily in our commercial automobile and homeowners lines of business.
Net written premiums for the quarter ended March 31, 2018 decreased by $0.9 million, or 0.4%, to $190.0 million from $190.9 million for the comparable 2017 period. Net earned premiums for the quarter ended March 31, 2018 increased by $2.3 million, or 1.2%, to $192.0 million from $189.7 million for the comparable 2017 period.
For the quarter ended March 31, 2018, loss and loss adjustment expenses incurred increased by $9.2 million, or 7.2%, to $137.6 million from $128.4 million for the comparable 2017 period. Loss, expense, and combined ratios for the quarter ended March 31, 2018 were 71.7%, 31.7%, and 103.4%, respectively, compared to 67.7%, 31.5%, and 99.2%, respectively, for the comparable 2017 period. Total prior year favorable development included in the pre-tax results for the quarter ended March 31, 2018 was $14.2 million compared to $10.4 million for the comparable 2017 period.
Net investment income for the quarter ended March 31, 2018 increased by $1.4 million, or 15.8%, to $10.5 million from $9.1 million for the comparable 2017 period. The increase was a result of fixed maturity amortization and a larger invested asset base. Net effective annualized yield on the investment portfolio for the quarter ended March 31, 2018 was 3.3% compared to 2.9% for the comparable 2017 period. Our duration was 3.8 years at March 31, 2018 and 3.7 years at December 31, 2017, respectively.
Today, our Board of Directors approved and declared a quarterly cash dividend of $0.80 per share on the issued and outstanding common stock, payable on June 15, 2018 to shareholders of record at the close of business on June 1, 2018.
Recently Adopted Accounting Standard
As disclosed in Safety’s Annual Report on Form 10-K for the year ended December 31, 2017, accounting guidance for financial instruments changed in 2018 under ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. We adopted this accounting standard update, effective January 1, 2018, using a cumulative-effect adjustment. This adjustment moved the historical unrealized gains and losses, net of tax, on the equity portfolio from accumulated other comprehensive earnings to retained earnings, but had no impact on overall shareholders’ equity. In addition, for 2018 and forward, the change in fair value for equity securities is required to be recognized through net income rather than through other comprehensive income. As defined below, we exclude these unrealized gains and losses in arriving at operating income and operating income per diluted share. For the first quarter of 2018, $3.5 million of unrealized losses were recognized within income before income taxes and the income tax expense was reduced by $0.7 million.
Non-GAAP Measures
Management has included certain non-GAAP financial measures in presenting the Company’s results. Management believes that these non-GAAP measures better explain the Company’s results of operations and allow for a more complete understanding of the underlying trends in the Company’s business. These measures should not be viewed as a substitute for those determined in accordance with generally accepted accounting principles (“GAAP”). In addition, our definitions of these items may not be comparable to the definitions used by other companies.
Non-GAAP operating income and operating income per diluted share consist of our GAAP net income adjusted by the net realized gains (losses), net impairment losses on investments, change in net unrealized gains (losses) on equity securities and taxes related thereto. The adjustment for net unrealized losses on equity securities is only applicable for 2018 due to the adoption of the above mentioned accounting standard update. Net income and earnings per diluted share are the GAAP financial measures that are most directly comparable to operating income and operating income per diluted share, respectively. A reconciliation of the GAAP financial measures to these non-GAAP measures is included in the 2018 financial highlights below.
About Safety: Safety Insurance Group, Inc., based in Boston, MA, is the parent of Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company. Operating exclusively in Massachusetts, New Hampshire, and Maine, Safety is a leading writer of property and casualty insurance products, including private passenger automobile, commercial automobile, homeowners, dwelling fire, umbrella and business owner policies.
Additional Information: Press releases, announcements, U. S. Securities and Exchange Commission (“SEC”) Filings and investor information are available under “About Safety,” “Investor Information” on our Company website located at www.SafetyInsurance.com . Safety filed its December 31, 2017 Form 10-K with the SEC on February 28, 2018 and urges shareholders to refer to this document for more complete information concerning Safety’s financial results.
Cautionary Statement under "Safe Harbor" Provision of the Private Securities Litigation Reform Act of 1995 :
This press release contains, and Safety may from time to time make, written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “aim,” “projects,” or words of similar meaning and expressions that indicate future events and trends, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may”. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements.
Forward-looking statements are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. There are a number of factors, many of which are beyond our control, that could cause actual future conditions, events, results or trends to differ significantly and/or materially from historical results or those projected in the forward-looking statements. These factors include but are not limited to the competitive nature of our industry and the possible adverse effects of such competition. Although a number of national insurers that are much larger than we are do not currently compete in a material way in the Massachusetts private passenger automobile market, if one or more of these companies decided to aggressively enter the market it could have a material adverse effect on us. Other significant factors include conditions for business operations and restrictive regulations in Massachusetts, the possibility of losses due to claims resulting from severe weather, the possibility that the Commissioner of Insurance may approve future Rule changes that change the operation of the residual market, our possible need for and availability of additional financing, and our dependence on strategic relationships, among others, and other risks and factors identified from time to time in our reports filed with the SEC, such as those set forth under the caption “Risk Factors” in our Form 10-K for the year ended December 31, 2017 filed with the SEC on February 28, 2018.
We are not under any obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. You should carefully consider the possibility that actual results may differ materially from our forward-looking statements.
Safety Insurance Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)
March 31, December 31, 2018 2017 (Unaudited) Assets Investments: Fixed maturities, available for sale, at fair value (amortized cost: $1,157,244 and $1,156,697) $ 1,155,123 $ 1,172,026 Equity securities, at fair value (cost: $98,696 and $90,481) 116,601 111,867 Other invested assets 24,883 23,162 Total investments 1,296,607 1,307,055 Cash and cash equivalents 24,830 41,708 Accounts receivable, net of allowance for doubtful accounts 193,213 190,649 Receivable for securities sold 1,048 1,380 Accrued investment income 10,032 8,876 Taxes recoverable 2,568 908 Receivable from reinsurers related to paid loss and loss adjustment expenses 27,348 24,776 Receivable from reinsurers related to unpaid loss and loss adjustment expenses 87,067 83,085 Ceded unearned premiums 33,170 32,175 Deferred policy acquisition costs 71,217 72,202 Deferred income taxes 714 — Equity and deposits in pools 28,660 28,246 Other assets 20,863 16,219 Total assets $ 1,797,337 $ 1,807,279 Liabilities Loss and loss adjustment expense reserves $ 579,774 $ 574,054 Unearned premium reserves 427,231 428,257 Accounts payable and accrued liabilities 51,275 60,701 Payable for securities purchased 9,764 4,188 Payable to reinsurers 19,456 13,801 Deferred income taxes — 2,917 Other liabilities 24,192 22,345 Total liabilities 1,111,692 1,106,263 Shareholders’ equity Common stock: $0.01 par value; 30,000,000 shares authorized; 17,566,461 and 17,499,544 shares issued 176 175 Additional paid-in capital 191,328 189,714 Accumulated other comprehensive (loss) income, net of taxes (1,675 ) 24,269 Retained earnings 579,651 570,693 Treasury stock, at cost: 2,279,570 shares (83,835 ) (83,835 ) Total shareholders’ equity 685,645 701,016 Total liabilities and shareholders’ equity $ 1,797,337 $ 1,807,279 Safety Insurance Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Net earned premiums $ 192,033 $ 189,711 Net investment income 10,531 9,095 Earnings from partnership investments 4,864 113 Net realized gains on investments 1,306 1,542 Change in net unrealized gains on equity investments (3,482 ) — Finance and other service income 4,467 4,309 Total revenue 209,719 204,770 Losses and loss adjustment expenses 137,644 128,430 Underwriting, operating and related expenses 60,856 59,670 Interest expense 22 22 Total expenses 198,522 188,122 Income before income taxes 11,197 16,648 Income tax expense 2,072 4,629 Net income $ 9,125 $ 12,019 Earnings per weighted average common share: Basic $ 0.60 $ 0.80 Diluted $ 0.60 $ 0.79 Cash dividends paid per common share $ 0.80 $ 0.70 Number of shares used in computing earnings per share: Basic 15,045,962 14,980,005 Diluted 15,191,139 15,096,728 Reconciliation of Net Income to Non-GAAP Operating Income Net income $ 9,125 $ 12,019 Exclusions from net income: Net realized gains on investments (1,306 ) (1,542 ) Change in net unrealized gains on equity investments 3,482 - Income tax (expense) benefit (457 ) 324 Non-GAAP operating income $ 10,844 $ 10,801 Net income per diluted share $ 0.60 $ 0.79 Exclusions from net income: Net realized gains on investments (0.09 ) (0.10 ) Change in net unrealized gains on equity investments 0.23 - Income tax (expense) benefit (0.03 ) 0.03 Non-GAAP operating income per diluted share $ 0.71 $ 0.72 Safety Insurance Group, Inc. and Subsidiaries
Additional Premium Information
(Unaudited)
(Dollars in thousands)
Three Months Ended March 31, 2018 2017 Written Premiums Direct $ 203,733 $ 199,666 Assumed 7,948 8,592 Ceded (21,668 ) (17,388 ) Net written premiums $ 190,013 $ 190,870 Earned Premiums Direct $ 203,819 $ 199,254 Assumed 8,887 8,726 Ceded (20,673 ) (18,269 ) Net earned premiums $ 192,033 $ 189,711
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006530/en/
Safety Insurance Group, Inc.
Office of Investor Relations
877-951-2522
[email protected]
Source: Safety Insurance Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-safety-announces-first-quarter-2018-results-and-declares-second-quarter-2018-dividend.html |
May 24, 2018 / 6:29 PM / Updated 26 minutes ago Morocco's Rif protest leader on hunger strike, father says Reuters Staff 2 Min Read
RABAT (Reuters) - The leader of demonstrations that rattled the northern Moroccan town of Al Hoceime in 2017 has started a hunger strike against his solitary confinement, his father said on Thursday. FILE PHOTO - Moroccan activist and the leader of "Hirak" Nasser Zefzafi gives a speech during a demonstration against injustice and corruption in the northern town of Al-Hoceima, Morocco, May 18, 2017. REUTERS/Youssef Boudlal
Zefzafi is on trial for charges including threatening national security.
He was arrested in May 2017 and transferred to a prison in Casablanca after organizing demonstrations in his hometown of Al Hoceima in what came to be called as “Hirak al Chaabi”, or popular movement, venting frustration at economic problems.
“Nasser (Zefzafi) is on a hunger strike since Tuesday night in protest of his solitary confinement conditions,” his father told Reuters.
“He is only asking to meet his colleagues in prison, but authorities refuse him so,” Zefzafi’s father said.
His lawyer Naima Gallaf said on Facebook he had started the hunger strike in protest over what she called his degrading treatment in prison.
The protests erupted after the gruesome death of fishmonger Mouhcine Fikri in October 2017, who was crushed inside a rubbish truck trying to recover fish confiscated by police.
The Al Hoceima demonstrations along with the protests that hit the mining town of Jerada in early 2018 have been the most intense since the 2011 unrest that had prompted King Mohammed VI to devolve some of his powers to an elected parliament.
Separately, Amnesty International called for the release of human rights activist Zine Al Abidine Erradi who was arrested in the southern airport of Agadir on April 5 upon his arrival fruom France.
Erradi, who arrived in Morocco following his father’s death, was provided with a travel document by French authorities allowing him to go to Morocco without losing his refugee status in France, Amnesty International said.
Human Rights Minister Mustapha Ramid did not respond to a request for comment while the state prosecutor’s office declined to comment when contacted about both cases. Reporting by Ahmed ElJechtimi; Editing by Ulf Laessing and Angus MacSwan | ashraq/financial-news-articles | https://www.reuters.com/article/us-morocco-protests/moroccos-rif-protest-leader-on-hunger-strike-father-says-idUSKCN1IP39G |
CALGARY, Alberta, May 23, 2018 (GLOBE NEWSWIRE) -- CORDY OILFIELD SERVICES INC. (the “Corporation” or “Cordy”) (TSX-V:CKK) released today its first quarter 2018 results.
Three months ended March 31, ($ 000's) 2018 2017 ($) Change Revenue Environmental Services 4,983 3,607 1,376 Heavy Construction 142 74 68 Corporate 2 13 (11 ) 5,127 3,694 1,433 Direct operating expenses Environmental Services 3,938 2,701 1,237 Heavy Construction 103 (113 ) 216 Corporate - 8 (8 ) 4,041 2,596 1,445 General and administrative expenses Environmental Services 137 132 5 Heavy Construction - 3 (3 ) Corporate 177 294 (117 ) 314 429 (115 ) Operating earnings Environmental Services 908 774 134 Heavy Construction 39 184 (145 ) Corporate (175 ) (289 ) 114 772 669 103 Depreciation 481 553 (72 ) Finance costs 114 276 (162 ) Gain on disposal (18 ) (17 ) (1 ) Share based recovery - (16 ) 16 Earnings (loss) before tax 195 (127 ) 322 Income tax expense - - - Net earnings (loss) 195 (127 ) 322 FIRST QUARTER ENDED MARCH 31, 2018
For the three month period ended March 31, 2018, Cordy's consolidated revenues increased by $1.4 million or 39 percent, from the comparative period in 2017. Cordy's consolidated operating earnings increased $0.1 million or 15 percent from the comparative period.
The Environmental Services segment saw an increase in revenue for the three month period ended March 31, 2018, of $1.4 million, from the comparative period in 2017. The gradual recovery of commodity prices has resulted in increased capital spending of Environmental's oilfield customers, which in turn has resulted in increased demand for services. As a percentage of revenue, operating earnings was 18 percent in 2018 as compared to 21 percent in 2017.
Cordy’s net income was $0.2 million for the three months ended March 31, 2018, as compared to a net loss of $0.1 million for the three months ended March 31, 2017, representing a 253% increase over the prior period. Cordy’s improving results and reduced borrowing rate continue to improve earnings.
OUTLOOK
Cordy’s results for the current quarter were consistent with our expectations and aligned with prior commentary surrounding cautious optimism and increased activity in the oil and gas sector. In the quarter Cordy benefited directly from increased drilling by our major customers and seized additional market share. Despite increased demand, costs continue to deplete already thin margins, increasing fuel prices and changes in labour laws surrounding statutory holidays continue to compile additional expenditures, with little opportunity to increase pricing.
Cordy continues to hold the view that the economic outlook, while not robust, will grow modestly in 2018. Cordy believes that continued pipeline disputes will continue to be a limiting factor to growth in the oil and gas industry. The Company will continue to benefit from increased municipal infrastructure spending; management will continue to focus on its diversification strategy and to seek out opportunities in the municipal market that aligns with management’s strategy to build a broader client base in non-oilfield related businesses.
Cordy will continue to seek out acquisitions and or consolidation opportunities that complement its diversification strategy and provide platforms for organic growth. Cordy is actively reviewing numerous opportunities, however we remain committed to ensuring any acquisition meets our strategic initiatives and financial thresholds. Cordy will continue to consider multiple avenues, to reach strategic objectives and provide shareholder value.
For general and investor relations information, please contact:
Investor Relations
Darrick Evong
Chief Executive Officer
[email protected]
Tel: 403-262-7667
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.
READER ADVISORY
This News Release contains certain statements that constitute forward-looking statements. These statements relate to future events or the Corporation’s future performance. All statements, other than statements of historical fact, that address activities, events or developments that the Corporation or a third party expects or anticipates will or may occur in the future, are forward-looking statements. These include the Corporation’s future growth, results of operations, performance and business prospects and opportunities; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, components and parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; regional competition; and other factors, many of which are beyond the Corporation’s control. These other factors include future prices of oil and natural gas and oil and natural gas industry activity, including the effect of changes in commodity prices on oil and natural gas exploration and development activity, the ability to complete strategic acquisitions and realize the anticipated benefits of any acquisitions that are completed, the Corporation’s outlook regarding the competitive environment it operates in, and the assumptions underlying any of the foregoing. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, including those discussed under “Risks and Uncertainties” and elsewhere in this News Release, that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this News Release should not be unduly relied upon. These statements speak only as of the date of this News Release. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. The forward-looking statements contained in this News Release are expressly qualified by this cautionary statement.
Source: Cordy Oilfield Services Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-cordy-oilfield-services-inc-reports-first-quarter-2018-results.html |
May 15 (Reuters) - Lifeway Foods Inc:
* LIFEWAY FOODS, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* QTRLY EARNINGS PER COMMON SHARE $ 0.00 * Q1 NET SALES $28.7 MILLION VERSUS $32.1 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lifeway-foods-q1-net-sales-287-mln/brief-lifeway-foods-q1-net-sales-28-7-mln-vs-32-1-mln-idUSASC0A2IH |
April 30 (Reuters) - Loews Corp:
* ORATION REPORTS NET INCOME OF $293 MILLION FOR THE FIRST QUARTER OF 2018
* Q1 EARNINGS PER SHARE $0.89 * Q1 EARNINGS PER SHARE VIEW $0.78 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUE $3,581 MILLION VERSUS $3,300 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-loews-corp-reports-q1-earnings-per/brief-loews-corp-reports-q1-earnings-per-share-0-89-idUSASC09Y58 |
May 14 (Reuters) - Commonwealth Bank of Australia said on Monday that Chief Financial Officer Rob Jesudason resigned and it appointed Alan Docherty as acting CFO.
The top lender said Jesudason resigned to take up a role in Hong Kong.
Reporting by Chris Thomas in Bengaluru; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/cba-cfo/commonwealth-bank-of-australia-cfo-rob-jesudason-resigns-idUSL3N1SK0SB |
* Brent oil touches $80 for first time since November 2014
* Dollar hits 4-month high vs yen as U.S. Treasury yields rise
* Global inventories expected to fall further
* OPEC cuts and looming U.S. sanctions on Iran lift Brent
* Saudi, UAE oilmins to meet with Russian counterpart next week
* Shell halts exports from major Nigerian pipeline
NEW YORK, May 17 (Reuters) - Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018.
The U.S. dollar hit its highest level in four months against the yen as yields on benchmark U.S. government bonds hit a seven-year high.
A stronger dollar makes oil more expensive for importing nations such as those in Asia, which are facing a trillion dollar bill for their imports this year as demand in the continent reaches a record high.
Brent crude futures reached an intraday high of $80.50 a barrel, but later gave up most gains to settle up 2 cents at $79.30 a barrel.
U.S. West Texas Intermediate (WTI) crude futures settled unchanged at $71.49, after earlier also hitting their highest since November 2014 at $72.30 a barrel.
Global inventories of crude and fuel have dropped sharply in recent months owing to robust demand and OPEC-led production cuts.
The Organization of the Petroleum Exporting Countries and non-OPEC global producers, that have curbed output since the start of 2017, will next meet to discuss supply policy in Vienna in June.
However, Venezuela's economic crisis, and the prospect of additional U.S. sanctions following its May 20 elections could hit the market further.
"I expect that Venezuelan production will continue to decline and the upcoming elections hold the spectre of the U.S. imposing additional sanctions on Venezuela that may hasten the loss of supply," said Andrew Lipow, president of Lipow Oil Associates, a consultancy in Houston.
He said Iranian oil sales could plunge by 300,000 to 500,000 bpd in the next six weeks as well, after U.S. President Donald Trump's decision this month to withdraw from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC's third-largest producer.
Record domestic oil output and exports have capped the rally in the United States, and led to a rising premium for Brent above WTI, which traded at $8.20 a barrel on Thursday, the widest spread since April 2015. <0#WTCLc1-LCOc1>
U.S. crude output has soared 27 percent in the last two years to a record 10.72 million barrels per day, putting it within reach of top producer Russia's 11 million bpd.
That has not been enough to stop oil prices rallying, energy ministers of OPEC's largest producer Saudi Arabia and its neighbor and fellow OPEC member United Arab Emirates to note that the market remains well supplied.
The two ministers, in a joint statement, blamed volatility in prices on international political tensions. They plan to meet their Russian counterpart in Saint Petersburg in a week to discuss the oil market.
Global oil inventories were expected to drop further as the peak demand summer driving season nears, offsetting increases in U.S. shale output, Bernstein analysts said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
Further supporting prices, Royal Dutch Shell said it was halting crude exports from a major Nigerian pipeline.
On the flip side, high oil prices would hurt consumption, the International Energy Agency warned on Wednesday as it lowered its global oil demand growth forecast for 2018 to 1.4 million bpd from 1.5 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018. U.S. bank Goldman Sachs said consumption would cross 100 million bpd during the peak summer period.
(Additional reporting by Henning Gloystein in Singapore and Ron Bousso in London; editing by Simon Webb and Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-10-oil-steady-after-retreating-from-2014-highs-on-dollar-strength.html |
5 Hours Ago | 02:56
Saudi Arabia is transforming economically as the kingdom moves from its traditional heavy reliance on oil, but investors have few avenues to invest in the booming market.
"There aren't many channels of investments towards the capital market in Saudi Arabia...so international investors are really asking for exposure to Saudi Arabia — no stock picking, just some ETFs or an index to go in passively and through a systematic strategy," said Ryan Lemand, senior executive officer at ADS Investment Solutions.
To meet this gap, the United Arab Emirates financial firm launched an exchange-traded fund (ETF) Wednesday which will be listed on the Abu Dhabi Securities Exchange. The FTSE Ads Custom Saudi Minimum Variance Index was developed in collaboration with FTSE Russell.
"Saudi Arabia today is reforming, it is changing and generally investors who look at emerging markets, they look at emerging markets that are reforming, not the static emerging markets," Lemand told CNBC's "Capital Connection." "Today, Saudi Arabia is not only changing, it is literally transforming."
In 2016, Saudi Arabia's government unveiled a long-term economic blueprint for life in a low-oil-price world.
Titled "Saudi Vision 2030," the plan includes regulatory, budget and policy changes that will be implemented in the hope of making the kingdom less reliant on crude. It aims to build a "prosperous and sustainable economic future" for the kingdom.
In March, index compiler FTSE Russell decided to add Saudi Arabia to its emerging market index starting in March 2019, and index giant MSCI will decide whether to take the same action in June.
CNBC's Matt Clinch and Reuters contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/investing-in-saudi-arabia-new-ftse-russell-etf-for-investment-in-the-fast-changing-economy.html |
May 1, 2018 / 10:51 PM / Updated 2 hours ago Verizon's Oath signs distribution deal with Samsung Jessica Toonkel 2 Min Read
(Reuters) - Verizon Communications Inc’s Oath Inc subsidiary has signed a deal to place four of its most popular apps on millions of Samsung devices across the U.S. and eventually globally, the company told Reuters on Tuesday. FILE PHOTO: The Verizon store in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking/File Photo
Under the terms of the deal, Oath’s Newsroom app, Yahoo Sports, Yahoo Finance and Go90 mobile video apps will be pre-populated on all of Samsung’s Galaxy S9 and S9+ devices.
Oath’s deal with Samsung is part of an effort to get its content and partners’ ads in front of the growing number of TV viewers watching their favorite shows on mobile devices instead of through cable and satellite television, Oath’s chief executive officer, Tim Armstrong, told Reuters.
“The amount of content consumption on phones is continuing to skyrocket and I think brands and consumers want more high quality content,” Armstrong said.
The number of viewers who watch video on smartphones is expected to jump 8 percent by 2020 to 196.4 million, according to research firm eMarketer. Meanwhile, the number of TV watchers is expected to decrease more than half a percentage point to 295.9 million over the same period.
The agreement will also allow advertisers to place “native ads,” or advertisements that blend in with the content where they appear, within Oath’s apps as well as Samsung’s Galaxy app.
“This gets ads one step closer to being direct to consumer,” Armstrong said. “You can’t be more direct than being on the mobile phone home screen and app environment.”
Samsung and Oath will share ad revenue, Armstrong said, declining to comment on the terms of the deal.
Nine-month-old Oath was created after Verizon bought Yahoo and merged it with AOL. Oath plans to announce its deal with Samsung as part of its presentation to media buyers in New York Tuesday evening, outlining its strategy for the year.
(This version adds dropped words “as well as” in sixth paragraph) Reporting by Jessica Toonkel; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-oath-samsung-elec/verizons-oath-signs-distribution-deal-with-samsung-idUSKBN1I24JC |
Mining giant Glencore PLC and Qatar said they have scrapped plans to sell a roughly $9 billion stake in Russian state oil company PAO Rosneft to a once-high-flying Chinese firm now embroiled in investigations by Beijing.
In a statement late Friday, Glencore and Qatar said they were terminating an agreement, reached in September, to sell most of their roughly one-fifth stake in Rosneft to CEFC China Energy Co. The deal was intended to provide CEFC with just over 14% of Rosneft and would have strengthened energy ties between... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/glencore-scraps-planned-sale-of-9-billion-stake-in-russian-oil-company-1525531397 |
May 16, 2018 / 3:58 AM / Updated 3 hours ago Southampton in talks to extend manager Hughes' stay: chairman Reuters Staff 2 Min Read
(Reuters) - Southampton are eager for manager Mark Hughes to sign a new contract at St. Mary’s after helping the club escape Premier League relegation in the closing stages of the season, chairman Ralph Krueger has said. Soccer Football - Premier League - Southampton vs Manchester City - St Mary's Stadium, Southampton, Britain - May 13, 2018 Southampton manager Mark Hughes waves to fans during a lap of appreciation after the match Action Images via Reuters/John Sibley
Former Stoke City boss Hughes signed a short-term deal at Southampton in March and helped the Saints retain their top-flight status despite ending the season with a 1-0 defeat by champions Manchester City last weekend.
“We began conversations after the Swansea game and they continue this week and they are good conversations,” Krueger told Sky Sports.
“He came in with his group and they just fit like a glove. They embraced the Southampton culture and our values and they felt aligned immediately and they were just part of the fabric within 10 days - it was crazy.
“Hopefully we can come together and grow with this.”
Hughes guided Southampton to two wins and two draws in his eight league matches in charge and the latest of those victories, a 1-0 triumph at Swansea City, helped the Saints grab a 17th-placed finish while the Welsh side were relegated. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-sou-krueger-hughes/southampton-in-talks-to-extend-manager-hughes-stay-chairman-idUKKCN1IH0AS |
NEW YORK/LONDON (Reuters) - Gold prices rose slightly on Friday as the U.S. dollar backed off its highs, initially rising after U.S. jobs data was weaker than expected. However the data was still strong enough to support the case for more interest rate increases.
FILE PHOTO: An employee puts gold bullion into a safe deposit box at Degussa shop in Singapore June 16, 2017. REUTERS/Edgar Su/File Photo Spot gold XAU= rose 0.2 percent to $1,314.23 per ounce by 3:09 p.m. EDT (1909 GMT), heading for a third consecutive weekly decline, while U.S. gold futures GCcv1 for June delivery settled up $2, or 0.2 percent, at $1,314.70.
The dollar index .DXY backed off its highs, but it still remained in positive territory against a currency basket. Investors earlier bet that the Federal Reserve will continue raising rates while other central banks will act more slowly. [USD/]
A stronger dollar makes commodities priced in the greenback more expensive for buyers using other currencies.
“The dollar’s off the high pretty substantially, and I think that’s lending a helping hand to gold,” said John Caruso, senior market strategist at RJO Futures in Chicago.
“Jobs number was very underwhelming today, and I think gold is trying to find some footing to potentially find some support to the upside.”
The U.S. employment data showed U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2 year low of 3.9 percent.
“This is a bit disappointing on the earnings front after the employment cost index we received last week. Still this is not enough for the Fed to pause. They will still hike in the June meeting,” said Collin Martin, fixed income strategist at the Schwab Center For Financial Research in New York.
Rising interest rates make gold less attractive to investors because it does not pay interest.
Next week, gold is likely to be supported as investors worry about a possible U.S. withdrawal from the Iran nuclear accord, said Commerzbank analyst Daniel Briesemann.
If Washington decides to stick with the pact by a May 12 deadline, gold could be pressured, he added.
“Even if gold dips below $1,300, the past has shown that there is buying interest below that level, so we don’t expect gold to drop significantly for the moment,” Briesemann said.
Meanwhile, spot silver XAG= rose 0.6 percent to $16.50 an ounce, ending the week barely changed.
Platinum XPT= gained 0.9 percent at $908 an ounce and was on track for a third weekly fall to end the week about 0.3 percent lower.
Palladium XPD= rose 0.2 percent at $963.72 per ounce, heading for a nearly 1 percent weekly drop.
Additional reporting by Eileen Soreng in Bengaluru; Editing by Phil Berlowitz
| ashraq/financial-news-articles | https://in.reuters.com/article/global-precious/gold-prices-steady-ahead-of-u-s-payrolls-data-idINKBN1I503Z |
LOS GATOS, Calif., May 14, 2018 /PRNewswire/ -- Peak Health Center, a 501(c)(3), Not-For-Profit, Corporation, announced that patent applications have been filed for inventions relating to "Anti-Cannabidiol Antibody And Uses Thereof." These patent applications are directed at—
The hybridomas producing the anti-Cannabidiol antibody Methods to detect Cannabidiol in a sample Determining the "Bioactivity" of the Cannabidiol molecule A test kit that comprises of the anti-Cannabidiol antibody.
The "Bioactivity" of the Cannabidiol (CBD) molecule, or any drug, is a complex interplay between its binding efficiency to a receptor, and its ability to produce a biological response— of quantitative magnitude. The announced CBD Bioactivity Test precisely measures the ability of a CBD sample to bind and produce an immunological response via the CB 2 receptor.
"CBD is a source of many medical claims and the market has seen an explosion of CBD products. Consumers are paying premium prices for these products. They are completely ignorant of the fact that CBD is a biological molecule with 400% variation between batches. And worse, most of the products we have analyzed have very poor bioactivity. Making any medical claims on this is highly tenuous," says Donish Cushing, one of the authors of a scientific paper published today .
"All research papers published about CBD, from plant sources, have not accounted for variations in their bioactivity. I believe this has confounded research and produced inconsistent results so far. The inflorescence of the plant produces the best bioactivity. The stalks and stems the worst. Current regulations dictate that only stalks/stems can be used to manufacture CBD. Thus assuring the worst quality product. This inconsistency needs to be resolved by lawmakers," said Dr. Sharma Kristipati, Director of the newly set up lab to measure CBD Bioactivity.
"Governments are considering certifying CBD as an Active Pharmaceutical Ingredient (API). The products we have measured vary from 11% to 41% in Bioactivity. Too poor and too much variation. Governments should only certify CBD, as an API, if it has a Bioactivity greater than 80%," further added Dr. Sharma Kristipati.
Samples of CBD can be tested from June 2nd 2018 at www.BioactiveCBD.org or by calling (844) 960-7325. The price for testing a sample is $125 and the price of a portable field test kit is expected to be $5,300-$5,500.
Peak Health Center
Is a 501(c)(3), Not-For-Profit Corporation, based out of Los Gatos, CA. It's charter is to improve human health, with the least use of pharmaceutical drugs. It's researchers from around the globe are volunteering efforts to enhance our knowledge of endogenous health and Phytotherapy.
Press Contact
Name: Ariele Parsons
Phone: (408) 650-4245
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/peak-health-announces-filing-of-patent-applications-for-testing-the-bioactivity-of-the-cannabidiol-cbd-molecule-and-publication-of-scientific-paper-documenting-results-of-commercial-samples-300647519.html
SOURCE Peak Health Center | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-peak-health-announces-filing-of-patent-applications-for-testing-the-bioactivity-of-the-cannabidiol-cbd-molecule-and.html |
SCRANTON, Pa. and BOSTON, May 1, 2018 /PRNewswire/ -- Bain Capital Double Impact, the impact investing strategy of Bain Capital, today announced that it led an investor group to acquire Penn Foster, a provider of skills development and digital credentialing solutions for today's dynamic world of work.
Penn Foster is helping to build a stronger, more diverse talent pipeline by delivering skill-building courses, tailored to the needs of frontline and technical workers, in high-growth fields including healthcare, retail, manufacturing and solar energy directly to students -- and through partnerships with employers, colleges, and community-based organizations.
"An increasingly dynamic labor market is creating unprecedented complexity for both job-seekers and incumbent workers. Bain Capital Double Impact understands both the strategic and social imperatives that inform our work – together, we're on a mission to empower individuals with the knowledge, skills and confidence to improve their employability and earning potential," said Frank Britt, Chief Executive Officer of Penn Foster. "We are connecting thousands of individuals to the skills they need for the jobs they want through an upskilling platform that combines digital content with personalized coaching and communication."
Penn Foster is pioneering the application of competency-based learning experiences to make learning accessible and effective for more than 170,000 working adults and out-of-school youth each year. Because its programs are low-cost, and often delivered in partnership with employers, Penn Foster is able to scale impactful, effective programs without reliance on public funding or student debt.
According to a recent survey of alumni, nearly 80% of employed Penn Foster graduates reported a positive change in their job status, such as a promotion, a raise, a new job, or increased responsibilities within six months of graduating. Penn Foster's employer partners also report significant improvements in retention rates through the implementation of the company's unique talent development programs.
"Penn Foster's success as a social enterprise is rooted in a longstanding commitment to a mission centered on preparing the workforce of today and tomorrow – and a disciplined focus on in-demand skills and certifications," said Deval Patrick, a Managing Director at Bain Capital Double Impact. "Practical education is the most powerful enabler of the sort of social and economic mobility that can transform families and communities. We believe that Penn Foster is well-positioned to be a crucial part of the solution to help close America's skill and equity gaps."
"Employers are establishing a more pronounced voice in education and training that is fueling a new marketplace for skills," said Warren Valdmanis, a Managing Director at Bain Capital Double Impact. "We see significant opportunities for Penn Foster to have a lasting impact by building the nation's most trusted and affordable training platform for in-demand careers."
"We are thrilled for Frank and the management team at Penn Foster as the company is well positioned for future success," said Kip Kirkpatrick, Co-Chief Executive Officer at the Vistria Group. "We have enjoyed our partnership immensely over the past three years, and we believe that Bain Capital Double Impact is the right partner for the company to continue its strong momentum."
Committed debt financing for the transaction was provided by JPMorgan Chase Bank, NA. Other members of the Bain Capital Double Impact led investment group include Macquarie Capital, PineBridge Structured Capital and Zoma Capital. William Blair acted as the exclusive financial advisor to Penn Foster for the transaction. Paul Weiss provided legal representation to Penn Foster and Ropes & Gray represented Bain Capital Double Impact. Bain Capital Double Impact acquired the company from the Vistria Group.
About Penn Foster
Penn Foster is bridging the gap between education and economic opportunity to build tomorrow's workforce. For over 125 years, Penn Foster has helped individuals develop the skills they need to pursue purposeful, and productive careers through affordable diploma, certificate and degree programs. With more than 40,000 graduates each year, Penn Foster's digital and blended learning programs are delivered in a self-paced model along with personalized academic and career coaching. For more information, visit https://www.pennfoster.edu/ or our partners site at https://partners.pennfoster.edu/ .
About Bain Capital Double Impact
Bain Capital Double Impact ( www.baincapitaldoubleimpact.com ) is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital's proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact focuses on health & wellness, sustainability, and community building to create long-term value and meaningful impact at scale. Its goal is to enable the next phase of financial and impact growth for our partner companies, which are solving critical social problems, and doing so profitably. We believe that our value-added approach, experienced team, and broad platform expertise will help our partner companies to thrive.
About The Vistria Group
The Vistria Group is a Chicago-based private investment firm focused on investing in middle market companies in the healthcare, education, and financial services sectors. Vistria's team is comprised of highly experienced operating partners and private equity executives with proven track records of working with management teams in building innovative, market-leading companies.
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SOURCE Penn Foster; Bain Capital Double Impact | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-bain-capital-double-impact-backs-workforce-development-pioneer.html |
What is an IPO? 7 Hours Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/what-is-an-ipo.html |
LONDON, May 12 (Reuters) - Britain’s Queen Elizabeth has given her formal consent to the marriage of her grandson Harry to American actress Meghan Markle in a historic document made of vellum that is decorated with symbols representing the lives of the couple.
Reading “Now know ye”, the hand-written Instrument of Consent carries the Queen’s signature, “Elizabeth R” and is sealed with the Great Seal of the Realm which is attached to the foot of the document by woven cords.
Prince Harry, the sixth in line to the thrown, and Markle, best known for her role in U.S. TV drama “Suits”, are due to marry next Saturday at Windsor Castle, home to kings and queens for nearly 1,000 years.
“NOW KNOW YE that We have consented and do by these Presents signify Our Consent to the contracting of Matrimony between Our Most Dearly Beloved Grandson Prince Henry Charles Albert David of Wales, K.C.V.O., and Rachel Meghan Markle,” it reads.
The 92-year-old queen gave her blessing for the marriage in accordance with the 2013 Succession to the Crown Act, and the elaborately illuminated document incorporates references to the couple who met in 2016.
The design to the left of the text incorporates the red dragon of Wales along with the UK’s floral emblems. It also includes three tiny red escallops from the Spencer family Arms, the family of Harry’s mother, the late Princess Diana.
Representing Markle, the design to the right of the text includes the rose, the national flower of the United States, while two golden poppies are the state flower of California, where Markle was born.
The document, which will be given to the couple after the wedding, is drafted by the Crown Office and illuminated on vellum, a fine parchment made from the skin of a calf that is only used for important state documents.
It was made by one of a panel of scrivener artists. (Reporting by Kate Holton Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding-blessing/now-know-ye-queen-gives-formal-consent-to-royal-wedding-idUSL8N1SJ0HL |
There’s nothing small about the small cap rally. Here’s how to play it 1 Hour Ago Matt Maley of Miller Tabak and Larry McDonald of The Bear Traps Report discuss the Russell 2000 with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/theres-nothing-small-about-the-small-cap-rally-heres-how-to-play-it.html |
Asia Commerce Secretary Ross says markets will 'adjust' to any surprises on trade "A 170-[point decline] is not very cataclysmic in any event," Commerce Secretary Wilbur Ross said Thursday on CNBC's "Squawk on the Street." "Naturally, if the market, to the degree it was surprised, it'll have to adjust to that. But markets adjust to facts." The Dow Jones industrial average fell more than 170 points Thursday after the Trump administration said tariffs on steel and aluminum imports from allies Canada, Mexico and the EU will take effect at midnight Thursday. "We don't know what it's going down as a result of," Ross said, noting that "home sales were a little bit on the weak side." Brendan McDermid | Reuters Wilbur Ross
Commerce Secretary Wilbur Ross said Thursday that stock markets will "adjust" to any changes in U.S. trade relations.
"A 170-[point decline] is not very cataclysmic in any event," Ross said Thursday on CNBC's " Squawk on the Street ." "Naturally, if the market, to the degree it was surprised, it'll have to adjust to that. But markets adjust to facts."
The Dow Jones industrial average fell more than 170 points Thursday after the Trump administration said tariffs on steel and aluminum imports from allies Canada, Mexico and the European Union will take effect at midnight Thursday.
"We don't know what it's going down as a result of," Ross said, noting that "home sales were a little bit on the weak side."
Pending home sales fell a more-than-expected 1.3 percent in April from the prior month, the National Association of Realtors said Thursday.
In contrast to other administrations, Trump's White House has often pointed to stocks' performance as a measure of success . The Dow is up about 34 percent since President Donald Trump won the election. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/commerce-secretary-ross-says-markets-will-adjust-to-any-surprises-on-trade.html |
May 26, 2018 / 2:46 AM / Updated 10 hours ago U.S. warns Syria of 'firm' measures for ceasefire violations Reuters Staff 3 Min Read
WASHINGTON (Reuters) - The United States warned Syria on Friday it would take “firm and appropriate measures” in response to ceasefire violations, saying it was concerned about reports of an impending military operation in a de-escalation zone in the country’s southwest. FILE PHOTO: Syrian President Bashar al-Assad as seen in Damascus, Syria November 14, 2017. SANA/Handout via REUTERS
Washington also cautioned Syrian President Bashar al-Assad against broadening the conflict.
“As a guarantor of this de-escalation area with Russia and Jordan, the United States will take firm and appropriate measures in response to Assad regime violations,” State Department spokeswoman Heather Nauert said in a statement late on Friday.
A war monitor, the Britain-based Syrian Observatory for Human Rights, reported on Wednesday that Syrian government forces fresh from their victory this week against an Islamic State pocket in south Damascus were moving into the southern province of Deraa.
Syrian state-run media have reported that government aircraft have dropped leaflets on rebel-held areas in Deraa urging fighters to disarm.
The U.S. warning comes weeks after a similar attack on a de-escalation zone in northeastern Syria held by U.S.-backed Syrian Democratic Forces. U.S. ground and air forces repelled the more than four-hour attack, killing perhaps as many as 300 pro-Assad militia members, many of them Russian mercenaries.
Backed by Russian warplanes, ground forces from Iran and allied militia, including Lebanon’s Hezbollah, have helped Assad drive rebels from Syria’s biggest cities, putting him in an unassailable military position.
They have recaptured all remaining insurgent areas near Damascus in recent weeks, including the densely populated eastern Ghouta area, as well as big enclaves in central Syria.
The government is now in its strongest position since the early months of the war in 2011, although still a long way from achieving Assad’s aim of reasserting sway over all of Syria.
Anti-Assad rebels still control two large contiguous areas of territory in the northwest and southwest. Kurdish and allied Arab militia backed by the United States hold the quarter of Syria east of the Euphrates.
The government’s gains have brought it to a point where any new military campaign risks putting it in conflict with foreign powers. Reporting by Eric Walsh; Editing by Paul Tait | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-usa/u-s-warns-syria-of-firm-measures-for-ceasefire-violations-idUSKCN1IR03V |
SUGAR LAND, Texas, May 7, 2018 /PRNewswire/ -- Researched by Industrial Info Resources (Sugar Land, Texas)--The Southern Company (Atlanta, Georgia) plans to make capital investments totaling about $35 billion over the next five years, company officials told investors May 2 during its quarterly earnings call. Nearly all of that sum will be spent in Southern's state-regulated electric or gas utilities. Beyond the five-year, $35 billion capital spending estimate, Southern Power, the holding company's merchant power generation business, could invest up to an additional $2.5 billion over the next five years in growth-related projects, company officials added.
For details, view the entire article by subscribing to Industrial Info's Premium Industry News , or browse other breaking industrial news stories at www.industrialinfo.com .
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the www.industrialinfo.com " Contact Us " page.
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SOURCE Industrial Info Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-southern-company-plans-five-year-35-billion-capital-program-an-industrial-info-news-alert.html |
Campbell Soup CEO Denise Morrison is out, and — with that — the fifteenth CEO of a packaged food company has left their job since the beginning of 2016.
The parade of departures — which includes industry Kellogg' s John Bryant and Mondelez International 's Irene Rosenfeld — underscores the challenges to iconic food brands that had been grocery store staples for decades. They struggle to create growth in the face of upstart rivals, rapidly changing trends and their own slower-paced cultures. If they want to buy growth, there are limited and expensive options.
They are also a victim of their predecessors' success. The scale that once gave CEOs power at the grocery store and yielded cost savings now makes it harder to casually shift away from legacy businesses. Campbell could cut down on soup production, but it would still have the fixed costs of stocking and shipping.
It is, therefore, a challenge for a CEO to gather support from a company to shift its focus from namesake money-makers to bets on growth. That's even in the face of packaged food company sales slowing last year to 1.2 percent, according to Euromonitor.
"You need patience, trial and error," said Martin Roper, former CEO of the Boston Beer Company "and investors, analysts and even journalists don't have that patience."
Only private companies like Mars are allowed the runway to experiment with bets like its recent stake in bar-maker Kind, which valued the brand at at least $3 billion
The longest-tenured food company CEO is Joe Sanderson, the third-generation leader of poultry company Sanderson Farms. The second-longest is Irwin Simon, the founder and chief of Hain Celestial Group since 1993. Hain is under pressure from activists and has made its own attempts to sell itself over the years, sources have told CNBC.
After that, the third-longest serving CEO is Conagra Brand 's Sean Connolly, who joined the company in 2015.
Looking for growth Morrison, who became CEO of Campbell in 2011, joined the soup company in 2003 after stints at a number of consumer giants. But the task she faced was daunting. Today's diners want their food fresh, not with preservatives. They are suspicious, rather than impressed, by century-old brands.
At Campbell, the challenge is heightened by its largest shareholders, the Dorrance family. The family made its fortune on soup and, sources say, has been slow to accept the realities of soup's slowing fortunes.
Campbell's efforts to transform its portfolio on its own, like launching an organic soup line, failed to catch on with consumers. So it eventually turned to deals. Among them, it bought organic soup company Pacific Foods for $700 million and fresh food and drink brand Bolthouse Farms for $1.55 billion.
The goal of the latter was to help Campbell escape the doldrums of the center aisle of the grocery store, as today's shoppers head to fresher foods that surround the perimeter. The fresh business, though, floundered, leaving Campbell with a $619 million impairment charge this past quarter.
Part of the challenge was bad luck, a drought in California hurt the quality of Bolthouse's carrot crop.
Campbell, though, also faced the same difficulties other food companies have as they've looked to go into new categories through dealmaking. The soup company had little experience in the skill-set required for harvesting, fertilizing and planting.
Meantime, under Morrison, Campbell pursued another playbook followed to varying degrees of by peers like PepsiCo , Coca-Cola , Mars and General Mills . It launched a venture capital arm, hoping to catch new trends — like kombucha and gluten-free — before they ate into its sales.
Several years into these efforts though, many of today's biggest successes, like Kind Bar, have originated outside such incubators. The culture of start-ups, where failure is inevitable, differs starkly from a publicly traded company tied to quarterly expectations and the need to show return on investment. And only a small fraction of start-up brands ever grow into anything large enough to make a dent in the sales of a big food company.
Many of today's savviest entrepreneurs are unwilling to tie themselves to Big Food themselves, intent on maintaining their renegade mentality.
Big deals Desperate for growth, Campbell under Morrison looked for a deal to move the needle. But, once again like its peers, it struggled to find a company that was both growing and large enough to make an impact.
It forked over $4.87 billion to buy snacks company Snyder's-Lance to expand its foothold in the growing snacks category.
One of the deal's main architects, say sources, was Luca Mignini, one of the front-runners for the now-open CEO job. Morrison and the Campbell board supported it, they say. But as CEO, it was Morrison who took flack for its lofty price tag.
Through the deal, Morrison joined a club of food and beverage executives that have faced criticism for expensive deals. It that includes other CEOs, like Hershey 's Michele Buck ($1.7 billion for Skinny Pop-parent Amplify brands ), General Mill's Jeff Harmening ($8 billion for pet food brand Blue Buffalo), Dr. Pepper Snapple's Larry Young ($1.7 billion for Bai Brands).
Campbell paid a multiple of 21.5 times enterprise value to earnings before interest tax depreciation and amortization for Snyder's-Lance, according to Dealogic, slightly over the industry average of 20 times.
As companies seek growth and scale, bigger deals have leaped the most in valuation. The multiple for deals valued at more than $1 billion, jumped from 13 times EBITDA in 2016 to 20 times EBITDA in 2017, according to Dealogic. The multiple on deals valued below $500 million edged slightly down from 20 times to 19 times.
CEOs are therefore facing a damned if you do, damned if you don't dilemma. Don't do a big deal, and watch your sales growth whither. Do a big deal, and put yourself in the lion's den of investor scrutiny.
Those lofty valuations, which often bring companies into new categories, can create culture clashes too.
"There are many examples in which companies are perceived to have overpaid and the brand becomes nuclear internally. No one wants to be associated with it and its fate is sealed," said Chris Harned, a New York City-based partner with food and beverage firm Arbor Investments.
"However, there are also examples where buyers have fought through initial criticism ... and the deal price was vindicated."
The Snyder's deal closed in March and it's too early to evaluate its success, but it brings with it challenges. Its distributors have very different contracts than do Campbell's and its technology platform is likewise different, sources say.
Still, the soup company continues to support the deal — perhaps because it firmly believes in its rational, perhaps because that's what a company that just paid $4.87 billion ought to do.
"The recent addition of the Snyder's-Lance portfolio of brands and Pacific Foods, both of which I strongly supported, will enhance our growth potential as we expand into the faster-growing snacking categories and enhance our health and well-being offerings of soup and broth," interim CEO Keith McLoughlin told investors and analysts last week.
Critical review Bankers have been pitching Campbell ideas to solve its challenges through mergers and acquisitions for years. Their ears perked up last week when incoming interim CEO McLoughlin told investors the company is considering a "thorough and critical" review of its business.
"Everything is on the table. There are no sacred cows," he said.
The company's review is still in an early stage, and it has not yet made any formal decisions. A Campbell spokesperson told CNBC, he "would not speculate on the outcome of [Campbell's] previously announced strategic review."
One option could be for Campbell to spin out its faster-growing snack business and take its soup business private, along with brands like SpaghettiOs. Doing so would allow Campbell to shield its soups' slowing sales from the public eye, but still take advantage of its profitability.
It would also follow a similar playbook as Kraft in 2012, when the food giant kept its cheese and grocery business and carved out the faster-growing snack business it named Mondelez International .
Campbell could also sell the entire company. Still, at an employee townhall last week, McLoughlin said his strategy is not to sell Campbell, even though as a publicly traded company it is always for sale, a source familiar with the situation told CNBC.
An oft-cited potential acquirer is Kraft-Heinz , who could find synergies and likely costs to cut. But Kraft-Heinz has learned the limits of its cost-cutting strategy and it's unclear the company wants to be saddled with Campbell's slowing sales.
It is also unclear the Dorrance family would be willing to hand over Campbell and its paternal culture to 3G Capital, the firm that backs Kraft-Heinz and which is known for their ruthless approach to cost-cutting.
A less frequently cited option could be a sale to candy and pet food company Mars, which could provide Campbell another path to escaping the scrutinizing public eye.
Campbell could take a less drastic approach, opting for a more straightforward sale of its Bolthouse packaged carrots business or brands like V8 juice and SpaghettiOs.
Correction: Denise Morrison became CEO of Campbell Soup in 2011. An earlier version misstated the year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/big-foods-exodus-of-leaders-is-a-symptom-of-larger-crisis.html |
Key new role announced as focus on publishers strengthens
PHILADELPHIA, May 2, Clarivate Analytics, the global leader in providing trusted insights and analytics to accelerate the pace of innovation, has announced the appointment of Keith Collier to a newly-created leadership position of Managing Director, Publisher Services in the Scientific and Academic Research division.
Collier brings more than 23 years of experience gained from working both in close collaboration and within, the publishing sector and has a deep understanding of publisher workflows. Collier previously headed up S cholarOne - which provides comprehensive workflow management systems for scholarly journals, books and conferences - when the business was run by Thomson Reuters. Collier then moved to Research Square , an innovative company focused on finding ways to improve the scholarly communication process, where he was Chief Operating Officer. Collier is also familiar with start-up environments, having developed new and disruptive tools and services in the researcher and publisher space.
Reporting to Annette Thomas, CEO, Scientific & Academic Research division, Collier's new role will focus on developing and delivering an industry-leading strategy for and around ScholarOne and Web of Science Author Connect. Collier will have overall P&L responsibility for the business, working with the sales teams to drive revenue growth.
Annette Thomas, CEO, Scientific & Academic Research division at Clarivate Analytics said:
"We are proud to announce the appointment of Keith Collier to a newly-created role that will be critical to the transformation underway across our Scientific and Academic Research division. As we continue to re-align our efforts to better reflect our publishing customers, whilst remodeling our business from a portfolio of separate products to an integrated platform of interoperable solutions, Keith will be at the forefront of this transformation."
Keith Collier, incoming Managing Director, Publisher Services, Scientific & Academic Research division at Clarivate Analytics added:
"I am excited to be joining Clarivate Analytics at this time of transformation and my newly formed position should signify the priority that serving publishers will have for us going forward.
"Bringing together Clarivate's publisher-neutral position, along with better integration of world-class data and workflow tools, Clarivate is uniquely positioned to support real innovation for publishers and researchers."
Collier will join Clarivate on the 15th May, and will be based in Charlottesville, Virginia.
Clarivate Analytics
Clarivate™ Analytics is the global leader in providing trusted insights and analytics to accelerate the pace of innovation. Building on a heritage going back more than a century and a half, we have built some of the most trusted brands across the innovation lifecycle, including the Web of Science™, Cortellis™, Derwent™, CompuMark™, MarkMonitor® and Techstreet™. Today, Clarivate Analytics is a new and independent company on a bold entrepreneurial mission, to help our clients radically reduce the time from new ideas to life-changing innovations.
For more information, please visit clarivate.com .
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SOURCE Clarivate Analytics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-clarivate-analytics-appoints-keith-collier-as-managing-director-publisher-services.html |
Dow futures rise after US-China trade war is placed 'on hold' 2 Hours Ago Kathy Jones, Schwab Center for Financial Research, and Michael Thompson, S&P Investment Advisory Services, share their outlook on the markets and interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/dow-futures-rise-after-us-china-trade-war-is-placed-on-hold.html |
May 31, 2018 / 12:36 PM / Updated 25 minutes ago India receives no bids for Air India stake sale Reuters Staff 1 Min Read
NEW DELHI (Reuters) - The Indian government said it did not receive any expressions of interest in its planned Air India stake sale by the Thursday evening deadline, underlining the challenge it faces in fixing the debt-laden state carrier. The Air India logo is seen on the facade of its office building in Mumbai, India, July 7, 2017. Picture taken July 7, 2017. REUTERS/Danish Siddiqui
The government had announced a plan in March to divest a 76 percent stake in Air India and offload about $5.1 billion of its debt. Reporting by Aditi Shah and Nidhi Verma; Editing by Euan Rocha | ashraq/financial-news-articles | https://in.reuters.com/article/air-india-divestment-bid/india-receives-no-bids-for-air-india-stake-sale-idINKCN1IW1NC |
LYON, France--(BUSINESS WIRE)-- Regulatory News:
ERYTECH Pharma (Euronext: ERYP - Nasdaq: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, announced that it has appointed Alex Dusek as its Vice President Commercial Strategy and member of the executive team. Mr. Dusek brings 25 years of experience in market access, product marketing and sales across small biotech start-ups and multi-national pharmaceutical companies.
“I am pleased to welcome Alex to the ERYTECH team at this exciting juncture,” said Gil Beyen, Chairman and CEO of ERYTECH. “His extensive experience in market access and commercial product launches will provide an invaluable foundation for commercial product preparedness and lay the groundwork for commercial success of our late-stage product candidates worldwide, with initial focus on the United States.”
Prior to joining ERYTECH, Mr. Dusek served as the Vice President of Commercial Strategy at Argos Therapeutics, a publicly traded immuno-oncology company, where his work included pre-launch planning for the commercial distribution of an advanced cell therapy product. Before Argos, Mr. Dusek led the global brand strategy at Bayer HealthCare Pharmaceuticals for the launch of a first-in-class, rare-disease agent, Adempas (riociguat). He was the first marketing employee at United Therapeutics hired to build the marketing infrastructure and grow the pulmonary hypertension franchise. Mr. Dusek earned a B.A. in Linguistics from the College of William and Mary, completed a post-baccalaureate pre-medical program at Columbia University, and received his M.B.A from the University of North Carolina, Kenan-Flagler Business School.
“ERYTECH is the leader in red blood cell-based cancer therapeutics,” stated Mr. Dusek. “I’m excited to join a company with advanced clinical programs and a platform that offers the potential promise to treat patients suffering from many different serious diseases. I look forward to utilizing my broad product launch experience and assisting the team in the transformation of ERYTECH from a development company to a commercially successful operation.”
Mr. Dusek will be based in the United States, joining ERYTECH’s growing team in Cambridge, Massachusetts.
About ERYTECH: www.erytech.com
Founded in Lyon, France in 2004, ERYTECH is a clinical-stage biopharmaceutical company developing innovative therapies for rare forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS platform, which uses a novel technology to encapsulate therapeutic drug substances inside red blood cells, ERYTECH has developed a pipeline of product candidates targeting markets with high unmet medical needs. ERYTECH’s initial focus is on the development of products that target the altered amino acid metabolism of cancer cells, depriving them of nutrients necessary for their survival.
The Company’s lead product, eryaspase, also known under the trade name GRASPA®, consists of an enzyme, L-asparaginase, encapsulated inside donor-derived red blood cells. L-asparaginase depletes asparagine, a naturally occurring amino acid essential for the survival and proliferation of cancer cells. L-asparaginase has been a standard component of multi-agent chemotherapy for the treatment of pediatric acute lymphoblastic leukemia (ALL), but side effects limit treatment compliance, especially in adults and patients with weak performance status.
Eryaspase demonstrated positive efficacy and safety results in various clinical trials in ALL, including in a Phase 2 study in patients over 55 years of age and in a Phase 2/3 trial in relapsed or refractory ALL patients, as well as in pancreatic cancer, where it achieved positive results in a Phase 2b trial of second-line treatment of patients with metastatic pancreatic cancer. ERYTECH is preparing for the launch of a pivotal Phase 3 clinical trial in second line pancreatic cancer and Phase 2 trials in first line pancreatic cancer and triple-negative breast cancer.
ERYTECH produces eryaspase at its own GMP-approved and operational manufacturing site in Lyon (France), and at a site for clinical production in Philadelphia (USA). ERYTECH has entered into licensing and distribution partnership agreements for eryaspase for ALL and AML in Europe with Orphan Europe (Recordati Group), and for ALL in Israel with TEVA, which will market the product under the GRASPA® brand name. The European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) have granted orphan drug designations for eryaspase for the treatment of ALL, AML and pancreatic cancer.
In addition to eryaspase, ERYTECH is developing erymethionase, methionine-γ-lyase encapsulated in red blood cells, to target cancer cells’ amino acid metabolism and induce tumor starvation. ERYTECH is also exploring the use of its ERYCAPS platform for developing cancer immunotherapies (ERYMMUNE) and enzyme replacement therapies (ERYZYME).
ERYTECH is listed on the Nasdaq Global Select Market in the United States (ticker: ERYP) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: ERYP). ERYTECH is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes.
Forward-looking information
This press release contains forward-looking statements, forecasts and estimates. These statements, forecasts and estimates may be identified by the use of words such as “anticipate,” “expect,” “will,” “believe,” “continue,” “enable” and other similar terms and phrases. All statements contained in this press release other than statements of historical facts are forward-looking statements, including, without limitation statements regarding the potential of ERYTECH’s product pipeline, its clinical development and regulatory plans of eryaspase. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond ERYTECH’s control. There can be no guarantees with respect to pipeline product candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2017 Document de Référence filed with the AMF in April 2018 and in the Company’s Annual Report on Form 20-F filed with the SEC on April 24, 2018 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. ERYTECH disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in ERYTECH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180513005089/en/
ERYTECH
Naomi Eichenbaum
Director Investor Relations
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+1 917 312 5151
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or
NewCap
Julien Perez
Investor relations
or
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Media relations
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Source: ERYTECH Pharma | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-erytech-strengthens-executive-team-with-the-appointment-of-alex-dusek-as-vp-of-commercial-strategy.html |
Political parties like ‘warring tribes’ now, says Joe Lieberman 49 Mins Ago Joe Lieberman, former independent senator from Connecticut, discusses the Iran nuclear deal and President Trump’s decision to move the U.S. embassy to Jerusalem. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/political-parties-like-warring-tribes-now-says-joe-lieberman.html |
May 25, 2018 / 12:41 AM / Updated 19 hours ago American kids recreate royal wedding for photoshoot Roselle Chen 2 Min Read
(Reuters) - Living the fantasy of Britain’s royal wedding, American kids dressed up as Prince Harry and Meghan Markle for a photoshoot on a budget and schedule that wedding planners can only dream of.
Tricia Messeroux, a New York photographer, has been capturing children in red carpet looks from the Oscars, Grammy and Golden Globe award ceremonies, and blockbuster movies ever since her idea of dressing up her daughter as a celebrity in 2008 gave birth to Toddlewood Studio in Baldwin, New York.
The biggest wedding of the year inspired her to recreate the cast, including Markle’s mother Doria Ragland, Prince Charles and his wife Camilla, bishop Michael Bruce Curry and cellist Sheku Kanneh-Mason.
As the bride, Naiyah Otero, 7, wore a version of Markle’s boat-necked Givenchy wedding gown as interpreted by Esaie Couture.
“I think she’s pretty and it’s an honor to marry Prince Harry, like, dress up as her,” Otero said at the photoshoot on Tuesday.
Andrew Robert Joy, 6, embodied bearded Prince Harry with the help of eyebrow pencil on his smooth jawline that matched his close-cropped red hair.
Messeroux and her team give themselves only 48 hours to mimic the looks and set design for her big annual project.
“We had to spend all night creating this flower wall as best we possibly could,” Messeroux said. “And the gown for the priest, I literally glued that myself. Yes, I glued a whole gown together myself, with my friends, overnight last night.”
“Hopefully, it’s going to look good and hopefully nobody can tell but we’ll see,” she said. Six year-old Andrew Robert dressed as Prince Harry and seven-year-old Naiyah Otero dressed as Meghan Markle pose during a photo shoot at Toddlewood Studio in Baldwin, New York, U.S., May 23, 2018. Photo taken May 23, 2018. REUTERS/Roselle Chen Reporting by Roselle Chen; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-kids/american-kids-recreate-royal-wedding-for-photoshoot-idUSKCN1IP3VN |
May 2, 2018 / 2:08 PM / Updated 2 hours ago PRECIOUS-Gold extends gains as dollar weakens after dovish Fed remarks Reuters Staff 3 Min Read * Fed holds interest rates steady * Dollar weakens after Fed statement * Platinum near December lows (Recasts throughout; updates prices, headline, market activity and comments) By Renita D. Young and Pratima Desai NEW YORK/LONDON, May 2 (Reuters) - Gold prices extended gains on Wednesday after the U.S. Federal Reserve's dovish remarks weakened the dollar against a basket of currencies, yet bullion remained vulnerable to a possible rising greenback and weak investment demand. In a statement following the end of a two-day policy meeting, the Fed held interest rates steady as expected. The central bank said inflation had "moved close" to its target and that "on a 12-month basis is expected to run near the (policy-setting) Committee's symmetric 2 percent objective over the medium term." The Fed's rate-setting committee downplayed a recent slowdown in economic and job growth, saying that activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months. "The gold market is seeing this as a little dovish, primarily because some continued to expect the Fed to hike four times this year and the messaging was a little bit soft," said TD Securities' Daniel Ghali. Higher interest rates dent the appeal of gold, which earns nothing and costs money to store and insure. Spot gold was up 0.7 percent at $1,312.14 per ounce by 2:33 p.m. EDT (1833 GMT), while U.S. gold futures for June delivery settled down $1.20, or 0.1 percent, at $1,305.60. The greenback tipped further below 3-1/2 month highs hit on Tuesday, making dollar-priced gold cheaper for holders of other currencies, which boosted interest. Yet, the U.S. dollar is still expected to strengthen as the euro is expected to weaken, said Walter Pehowich of Dillon Gage Metals. "I think (today's move) is only temporary. Gold will still continue to be under pressure on the stronger dollar. Gold still has more room to the downside." The Fed expressed confidence that a recent rise in inflation to near the U.S. central bank's target would be sustained, leaving it on track to raise borrowing costs in June. "Rising inflation expectations, an overall bullish commodity trend (late-cycle preference for commodities), geopolitical and financial risks are being offset by a rising dollar and rising real-rates," Saxo Bank analysts said in a note. Investors often use gold as a hedge against inflation. But for now, relatively tame commodities prices are "keeping longer term inflation at bay," and pressuring gold, said Rob Lutts, chief investment officer of Cabot Wealth Management. Meanwhile, spot silver rose 2.4 percent at $16.50 per ounce and palladium climbed 1.9 percent at $966.90. Platinum gained 0.7 percent at $896.24 an ounce, earlier dropping to $888, its lowest since Dec. 18. (Editing by David Gregorio and Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-near-4-month-low-under-pressure-from-dollar-weak-demand-idUSL8N1S95C5 |
May 3 (Reuters) - China Internet Nationwide Financial Services Inc:
* CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC - SAYS GRANTS RMB 100 MILLION REVOLVING FACTORING CREDIT TO SINO PHARMA BUSINESS FACTORING CO., LTD
* CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC - THE FACILITY HAS A ONE-YEAR TERM WITH OPTION FOR MULTIPLE-YEAR EXTENSIONS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-internet-nationwide-financia/brief-china-internet-nationwide-financial-services-says-grants-rmb-100-mln-revolving-factoring-credit-to-sino-pharma-business-factoring-co-idUSFWN1SA0TP |
Crude crumbles, here's how one trader is playing the commodity 14 Hours Ago Trading crude oil now, with CNBC's Jackie DeAngelis and the Futures Now traders, Brian Stutland and Scott Nations, both at the CME. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/crude-crumbles-heres-how-one-trader-is-playing-the-commodity.html |
HOUSTON (Reuters) - Offshore engineering firm McDermott International Inc ( MDR.N ) will close its acquisition of Chicago Bridge and Iron Co NV CBI.N on Thursday, creating an integrated onshore and offshore services group that will expand its presence in the Middle East.
David Dickson, chief executive officer of McDermott International Inc. is pictured in Houston, Texas, U.S. on May 9, 2018. Picture taken on May 9, 2018. Courtesy McDermott International Inc./Handout via REUTERS McDermott’s offshore engineering and construction work will combine with CB&I’s onshore skills including liquefied natural gas (LNG) and power plants. McDermott will bolster its service offerings in Saudi Arabia, where it is already adding facilities and has contracts with national oil company Saudi Aramco IPO-ARMO.SE.
David Dickson, McDermott’s chief executive officer who this week met with Saudi Aramco executives in Houston, said on Tuesday the kingdom “is going to be a big part of our future. It always will be, for both McDermott and CB&I.”
Last year, McDermott signed a memorandum of understanding with Aramco for a marine fabrication complex at Ras Al Khair. With the exception of an existing fabrication facility, McDermott’s dealings with Aramco are focused so far on offshore, upstream partnerships.
David Dickson, chief executive officer of McDermott International Inc. is pictured in Houston, Texas, U.S. on May 9, 2018. Picture taken on May 9, 2018. Courtesy McDermott International Inc./Handout via REUTERS The offshore sector was hard hit by the 2014 downturn in global oil prices, and while prices this year have recovered to over $70 a barrel, offshore activity remains subdued, Dickson said. [O/R]
“The industry will be cautious for quite a long period of time. I think we’re in a new world where it just takes longer for projects to get to FID [final investment decision],” Dickson said.
The deal, which the companies said is valued at $6 billion including debt, will give McDermott access to major U.S. LNG infrastructure projects, fueled by a massive output of natural gas from shale fields. CB&I is a part of teams handling development of the Freeport LNG project in Texas and the Cameron LNG export plant in Louisiana.
Both projects have been delayed. In December, CB&I said it reached a settlement with Cameron LNG resolving claims against the engineering firm and waiving schedule-related damages.
“Joining forces with CB&I will create a stronger midstream presence. It’s a good mix if you think that oil prices will be low for longer,” said Audun Martinsen, a senior analyst with consultancy Rystad Energy.
Dickson, who took the top job at McDermott in 2013, said the “problem projects” are on better footing now.
“If you look at onshore downstream and onshore LNG, there are some big opportunities coming up,” he said, pointing to projects in Mozambique and the U.S. Gulf Coast.
Reporting by Liz Hampton; Editing by Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cb-i-m-a-mcdermott-intern/mcdermott-international-closing-cbi-deal-on-thursday-saudi-arabia-is-key-idUSKBN1IB2ZX |
RETACRIT, the First U.S. Biosimilar Erythropoiesis-Stimulating Agent (ESA), Now Approved Across All Indications
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE:PFE) today announced the United States (U.S.) Food and Drug Administration (FDA) approved RETACRIT ® (epoetin alfa-epbx), a biosimilar to Epogen ® and Procrit ® (epoetin alfa) 1 , for all indications of the reference product. RETACRIT is now the first and only biosimilar erythropoiesis-stimulating agent (ESA) to be approved in the U.S.
“As the first approved epoetin alfa biosimilar in the U.S., RETACRIT may provide patients and their physicians with increased access to a high-quality, lower-cost alternative treatment option for anemia and the reduction of allogeneic red blood cell (RBC) transfusions in certain patients,” said Berk Gurdogan, U.S. Institutions President, Pfizer Essential Health. “We are proud of the progress of our biosimilars program to date, which will help address the evolving needs of patients and the broader healthcare community.”
The FDA approval was based on a comprehensive data package submitted by Pfizer demonstrating a high degree of similarity between RETACRIT and its U.S. reference product, Epogen and Procrit. 2
In the U.S., RETACRIT is indicated for: 3
Treatment of anemia due to: Chronic Kidney Disease (CKD) in patients on dialysis and not on dialysis. Zidovudine in HIV-infected patients. The effects of concomitant myelosuppressive chemotherapy, and upon initiation, there is a minimum of two additional months of planned chemotherapy. Reduction of allogeneic red blood cell (RBC) transfusions in patients undergoing elective, noncardiac, nonvascular surgery.
“With the approval of RETACRIT, healthcare providers now have an additional option to choose from when prescribing an ESA,” said George M. Rodgers, M.D., Ph.D., Professor of Medicine, Division of Hematology and Hematologic Malignancies, Department of Internal Medicine, University of Utah School of Medicine. “By providing potentially more affordable therapeutic options, biosimilar medicines can allow for the reallocation of resources to other areas of cancer care. This is positive news for the oncology community.”
RETACRIT is expected to be available in the U.S. at a significant discount to the current wholesaler acquisition cost (WAC) of Epogen and Procrit. WAC is not inclusive of discounts to payers, providers, distributors and other purchasing organizations.
Pfizer has entered into an agreement with Vifor Pharma Inc. for the commercialization of RETACRIT in certain channels.
RETACRIT is Pfizer’s third approved biosimilar in the U.S. Pfizer’s biosimilars pipeline consists of 11 distinct biosimilar molecules with six assets in mid-to-late stage clinical development. 4
RETACRIT ® IMPORTANT SAFETY INFORMATION
What is the most important information I should know about RETACRIT?
RETACRIT may cause serious side effects that can lead to death, including:
For people with cancer:
Your tumor may grow faster and you may die sooner if you choose to take RETACRIT. Your healthcare provider will talk with you about these risks.
For all people who take RETACRIT, including people with cancer or chronic kidney disease:
Serious heart problems, such as heart attack or heart failure and stroke. You may die sooner if you are treated with RETACRIT to increase red blood cells (RBCs) to near the same level found in healthy people. Blood clots. Blood clots may happen at any time while taking RETACRIT. If you are receiving RETACRIT for any reason and you are going to have surgery, talk to your healthcare provider about whether or not you need to take a blood thinner to lessen the chance of blood clots during or following surgery. Blood clots can form in blood vessels (veins), especially in your leg (deep venous thrombosis or DVT). Pieces of a blood clot may travel to the lungs and block the blood circulation in the lungs (pulmonary embolus). Call your healthcare provider or get medical help right away if you have any of these symptoms: Chest pain Trouble breathing or shortness of breath Pain in your legs, with or without swelling A cool or pale arm or leg Sudden confusion, trouble speaking, or trouble understanding others’ speech Sudden numbness or weakness in your face, arm, or leg, especially on one side of your body Sudden trouble seeing Sudden trouble walking, dizziness, loss of balance or coordination Loss of consciousness (fainting) Hemodialysis vascular access stops working
See “ What are the possible side effects of RETACRIT? ” below for more information.
If you decide to take RETACRIT, your healthcare provider should prescribe the smallest dose of RETACRIT that is necessary to reduce your chance of needing RBC transfusions.
What is RETACRIT?
RETACRIT is a prescription medicine used to treat anemia. People with anemia have a lower-than normal number of RBCs. RETACRIT works like the human protein called erythropoietin to help your body make more RBCs. RETACRIT is used to reduce or avoid the need for RBC transfusions.
RETACRIT may be used to treat anemia if it is caused by:
Chronic kidney disease (you may or may not be on dialysis). Chemotherapy that will be used for at least two months after starting RETACRIT. A medicine called zidovudine (AZT) used to treat HIV infection.
RETACRIT may also be used to reduce the chance you will need RBC transfusions if you are scheduled for certain surgeries where a lot of blood loss is expected.
If your hemoglobin level stays too high or if your hemoglobin goes up too quickly, this may lead to serious health problems which may result in death. These serious health problems may happen if you take RETACRIT, even if you do not have an increase in your hemoglobin level.
RETACRIT has not been proven to improve quality of life, fatigue, or well-being.
RETACRIT should not be used for treatment of anemia:
If you have cancer and you will not be receiving chemotherapy that may cause anemia. If you have a cancer that has a high chance of being cured. Talk with your healthcare provider about the kind of cancer you have. If your anemia caused by chemotherapy treatment can be managed by RBC transfusion. In place of emergency treatment for anemia (RBC transfusions).
RETACRIT should not be used to reduce the chance of RBC transfusions if:
You are scheduled for surgery on your heart or blood vessels. You are able and willing to donate blood prior to surgery.
It is not known if RETACRIT is safe and effective in treating anemia in children less than 1 month old who have chronic kidney disease and in children less than 5 years old who have anemia caused by chemotherapy.
Who should not take RETACRIT?
Do not take RETACRIT if you:
Have cancer and have not been counseled by your healthcare provider about treatment with RETACRIT. Have high blood pressure that is not controlled (uncontrolled hypertension). Have been told by your healthcare provider that you have or have ever had a type of anemia called Pure Red Cell Aplasia (PRCA) that starts after treatment with RETACRIT or other erythropoietin protein medicines. Have had a serious allergic reaction to RETACRIT or other epoetin alfa products.
Before taking RETACRIT, tell your healthcare provider about all of your medical conditions, including if you:
Have heart disease. Have high blood pressure. Have had a seizure (convulsion) or stroke. Have phenylketonuria. RETACRIT contains phenylalanine (a component of aspartame). Receive dialysis treatment Are pregnant or plan to become pregnant. It is not known if RETACRIT may harm your unborn baby. Talk to your healthcare provider about possible pregnancy and birth control choices that are right for you. Are breastfeeding or plan to breastfeed. It is not known if RETACRIT passes into breast milk. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.
How should I take RETACRIT?
If you or your caregiver has been trained to give RETACRIT shots (injections) at home: Be sure that you read, understand, and follow the “Instructions for Use” that come with RETACRIT. Take RETACRIT exactly as your healthcare provider tells you to. Do not change the dose of RETACRIT unless told to do so by your healthcare provider. Your healthcare provider will show you how much RETACRIT to use, how to inject it, how often it should be injected, and how to safely throw away the used vials, syringes, and needles. If you miss a dose of RETACRIT, call your healthcare provider right away and ask what to do. If you take more than the prescribed dose of RETACRIT, call your healthcare provider right away. During treatment with RETACRIT, continue to follow your healthcare provider’s instructions for die and medicines. Have your blood pressure checked as instructed by your healthcare provider.
What are the possible side effects of RETACRIT?
RETACRIT may cause serious side effects, including:
See “ What is the most important information I should know about RETACRIT? ” High blood pressure . High blood pressure is a common side effect of RETACRIT in people with chronic kidney disease. Your blood pressure may go up or be difficult to control with blood pressure medicine while taking RETACRIT. This can happen even if you have never had high blood pressure before. Your healthcare provider should check your blood pressure often. If your blood pressure does go up, your healthcare provider may prescribe new or more blood pressure medicine. Seizures. If you have any seizures while taking RETACRIT, get medical help right away and tell your healthcare provider. Antibodies to RETACRIT. Your body may make antibodies to RETACRIT. These antibodies can block or lessen your body’s ability to make RBCs and cause you to have severe anemia. Call your healthcare provider if you have unusual tiredness, lack of energy, dizziness, or fainting. You may need to stop taking RETACRIT. Serious allergic reactions. Serious allergic reactions can cause a skin rash, itching, shortness of breath, wheezing, dizziness and fainting because of a drop in blood pressure, swelling around your mouth or eyes, fast pulse, or sweating. If you have a serious allergic reaction, stop using RETACRIT and call your healthcare provider or get medical help right away. Severe skin reactions. Signs and symptoms of severe skin reactions with RETACRIT may include: skin rash with itching, blisters, skin sores, peeling, or areas of skin coming off. If you have any signs or symptoms of a severe skin reaction, stop using RETACRIT and call your healthcare provider or get medical help right away.
Common side effects of RETACRIT include:
joint, muscle, or bone pain fever cough dizziness high blood sugar low potassium levels in the blood chills rash nausea vomiting blood vessel blockage low white blood cells trouble sleeping difficulty swallowing soreness of mouth itching headache respiratory infection weight decrease depression muscle spasm redness and pain at the RETACRIT injection site
These are not all of the possible side effects of RETACRIT. Your healthcare provider can give you a more complete list. Tell your healthcare provider about any side effects that bother you or that do not go away.
Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.
How should I store RETACRIT?
Do not shake RETACRIT. Store RETACRIT vials in the carton it comes in to protect from light. Store RETACRIT in the refrigerator between 36°F to 46°F (2°C to 8°C). Do not freeze RETACRIT. Do not use RETACRIT that has been frozen. Single-dose vials of RETACRIT should be used only one time. Throw the vial away after use even if there is medicine left in the vial.
Keep RETACRIT and all medicines out of the reach of children.
General information about RETACRIT.
Medicines are sometimes prescribed for purposes other than those listed in a Medication Guide. Do not use RETACRIT for a condition for which it was not prescribed. Do not give RETACRIT to other people even if they have the same symptoms that you have. It may harm them. You can ask your healthcare provider or pharmacist for information about RETACRIT that is written for healthcare professionals.
What are the ingredients in RETACRIT?
Active Ingredient: epoetin alfa-epbx
Inactive Ingredients:
All vials contain calcium chloride dehydrate, glycine, isoleucine, leucine, L-glutamic acid, phenylalanine, polysorbate 20, sodium chloride, sodium phosphate dibasic anhydrous, sodium phosphate monobasic monohydrate, and threonine, in water for injection.
Please see full Prescribing Information for RETACRIT (epoetin alfa-epbx), including BOXED WARNING and Medication Guide.
Pfizer Inc.: Working together for a healthier world ®
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products. Our global portfolio includes medicines and vaccines as well as many of the world's best-known consumer health care products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.pfizer.com . In addition, to learn more, please visit us on www.pfizer.com and follow us on Twitter at @Pfizer and @Pfizer_News , LinkedIn , YouTube and like us on Facebook at Facebook.com/Pfizer .
DISCLOSURE NOTICE: The information contained in this release is as of May 15, 2018. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about RETACRIT (epoetin alfa-epbx), including its potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, uncertainties regarding the launch timing and commercial success of RETACRIT in the United States; the uncertainties inherent in research and development; whether and when any applications for RETACRIT or label updates for RETACRIT may be filed with regulatory authorities in any other jurisdictions and whether and when regulatory authorities in other jurisdictions may approve any such other applications that are pending or that may be filed for RETACRIT, which will depend on the assessment by such regulatory authorities of the benefit-risk profile suggested by the totality of the efficacy and safety information submitted; intellectual property and/or litigation implications; decisions by regulatory authorities regarding labeling and other matters that could affect the availability or commercial potential of RETACRIT; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 including in the sections thereof captioned "Risk Factors" and "Forward-Looking Information and Factors That May Affect Future Results", as well as in its subsequent reports on Form 10-Q and Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-pfizeras-biosimilar-retacrita-epoetin-alfa-epbx-approved-by-u-s-fda.html |
By Bloomberg 3:45 PM EDT
North Korea said it is suspending “high-level” talks with South Korea scheduled for Wednesday over military drills its southern neighbor has scheduled with the U.S.
It wasn’t clear whether the suspension would have any broader impact on South Korea-North Korea talks or a planned meeting between North Korean leader Kim Jong Un and U.S. President Donald Trump on June 12 in Singapore.
South Korea’s Yonhap New Agency had earlier reported that the two countries planned to send five officials each to talks at the border village of Panmunjom to carry out agreements made last month when Kim met with South Korean President Moon Jae-in.
The military exercise, known as “Max Thunder,” is a “deliberate military provocation,” according to a statement from KCNA, North Korea’s state-run news agency. The statement went on to say North Korea will watch the “future attitudes of the U.S. and South Korean authorities” closely. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/north-korea-suspends-talks-with-south-korea/ |
May 24, 2018 / 5:23 AM / in 13 minutes UPDATE 1-Deutsche Telekom extends mid-term guidance, pledges higher dividends Reuters Staff
* Growth metrics through 2021 in line with prior period
* Dividends to be pegged to adjusted EPS
* Impact of proposed T-Mobile-Sprint deal not included (Adds CEO quote, U.S. deal context)
LONDON, May 24 (Reuters) - Deutsche Telekom said it would tie dividend payouts to growing bottom-line profits over the medium term, pledging that its business divisions spanning Germany, Europe and the United States would all show growth from next year.
In a statement on Thursday ahead of a two-day investor presentation in Bonn, Europe’s largest telecoms firm said it expected revenues to rise by 1-2 percent per year from 2017 to 2021, adjusted core profits by 2-4 percent and free cash flow by 10 percent.
It plans to pay a dividend for the current business year of 0.70 euros ($0.82), up from 0.65 euros last year, driven by growth in free cash flow. Thereafter, payouts would be tied to adjusted earnings per share that are expected to rise to 1.20 euros in 2021 from 1.00 euro this year.
The company said it would also consider share buybacks.
“Over the next few years, we will continue to exhibit a growth profile that is unparalleled in our industry,” CEO Tim Hoettges said in a statement, adding that all of its group units should contribute to this growth from 2019.
The mid-term plan does not include the proposed merger of U.S. unit T-Mobile with Sprint. Assuming the deal closes in early 2019, the impact on Deutsche Telekom’s earnings and free cash flow would be negative through 2021.
The merger, which would create a No.3 U.S. carrier with 127 million customers, would bring synergies with an estimated net present value of $43 billion. It is, however, subject to regulatory approval. ($1 = 0.8541 euros) (Reporting by Douglas Busvine Editing by Victoria Bryan) | ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-telekom-results/update-1-deutsche-telekom-extends-mid-term-guidance-pledges-higher-dividends-idUSL5N1SV0M2 |
LONDON (LPC) - US private equity firm Blackstone Group’s US$20bn acquisition of a majority stake in Thomson Reuters’ ( TRI.TO ) Financial and Risk (F&R) unit is expected to close in late summer as regulatory requirements make a targeted July 1 completion look increasingly unlikely, sources familiar with the matter said.
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE), New York, NY, U.S., April 4, 2016. REUTERS/Brendan McDermid/File Photo The acquisition is expected to close in September, most likely at the end of the month, which is also the end of the third quarter, several sources said.
“It is likely to slip to September. It is easier to close at the end of the quarter when the numbers come through,” a senior source said.
A deadline of the end of July has been set for EU approvals and the deal could close earlier if it gets swift regulatory approval, the sources said.
Thomson Reuters said on May 2 that the acquisition is expected to close in the second half of the year and is subject to specified regulatory approvals and customary closing conditions. The company will report its first-quarter earnings on May 11, 2018.
Blackstone announced on January 30 that it is buying a 55% stake in Thomson Reuters’ F&R unit, which includes LPC and IFR.
A US$13.5bn-equivalent loan and bond financing backing the acquisition is expected to launch in early September, after the market reconvenes after the August summer holiday.
“The debt deal will come in early September. They will get back from holiday, do a roadshow then launch,” the senior source said.
The deal, which is being led by JP Morgan, Bank of America Merrill Lynch and Citigroup, is the biggest buyout financing since the financial crisis.
A post-summer syndication will leave the underwriting banks on risk over the holiday period, something which is becoming more common as large cross-border acquisitions run into increasingly lengthy regulatory approval processes.
The three lead banks reduced their risk when 21 senior banks were signed into the deal in March and underwrote 28% of the transaction. Invitations to participate in the deal at this level were linked to the amount of business that banks do with Thomson Reuters.
Blackstone was able to command favorable financing terms when the deal was put in place before a period of increased market volatility in February, but step ups in market flex terms and debt caps have been included to give banks additional protection, several market sources said.
Thomson Reuters declined to comment. JP Morgan, Citigroup and BoAML declined to comment. Blackstone was not immediately available to comment.
DEAL STRUCTURE The debt financing includes a US$8bn-equivalent term loan B, which is split between US$5.5bn and US$2.5bn-equivalent in euros.
The financing also includes US$3bn-equivalent of secured bonds split between US$2bn and US$1bn-equivalent in euros, and US$2.5bn-equivalent of unsecured bonds split between US$1.8bn and US$700m-equivalent in euros. The company will also place a US$750m revolving credit facility.
Additional funding comes from US$1bn in preferred equity – with a 14.5% Payment-In-Kind (PIK) coupon – US$3bn of cash equity that Blackstone is contributing, and US$2.5bn of existing equity, based on the US$20bn valuation, that will be rolled over.
The currency splits may change depending on investor demand and the timing of the wider institutional syndication.
Additional reporting by Andrew Berlin and Davide Scigliuzzo; Editing by Matthew Davies
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thomsonreuters-loan/blackstones-fr-acquisition-to-close-in-late-summer-idUSKBN1I51LS |
TOLEDO, Ohio, May 21, 2018 /PRNewswire/ -- Libbey Inc. ( NYSE American: LBY ) announced that its Board of Directors has determined to suspend the Company's quarterly dividend in order to increase focus on debt reduction and continued investment in strategic initiatives.
"We are encouraged by the momentum that the company has demonstrated in the past two quarters as we continue to make progress on key initiatives to improve our performance, and we remain committed to our 2018 guidance. The Board has been studying this issue for some time and based on their analysis, and numerous conversations with current and prospective investors, have taken this action. We expect this will further strengthen our balance sheet and enable us to continue to invest in strategic initiatives," said William Foley, Chairman and CEO of Libbey Inc.
In 2017, Libbey Inc. paid $10.4 million in cash dividends, while reducing net borrowings by $23.5 million largely through use of cash on hand. "We are modifying our capital allocation strategy to assign greater priority to debt reduction and continued investments in strategic initiatives that will improve our ability to increase long term shareholder returns," added Jim Burmeister, CFO of Libbey Inc.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the U.S., Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies tabletop products to retail, foodservice and business-to-business customers in over 100 countries. Libbey's global brand portfolio, in addition to its namesake brand, includes Libbey Signature®, Masters Reserve®, Crisa®, Royal Leerdam®, World® Tableware, Syracuse® China, and Crisal Glass®. In 2017, Libbey Inc.'s net sales totaled $781.8 million. Additional information is available at www.libbey.com .
Caution on Forward-Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect only the Company's best assessment at this time and are indicated by words or phrases such as "goal," "expects," " believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward-looking statements involve risks and uncertainty and that actual results may differ materially from these statements. Investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K filed with the Commission on March 1, 2018. Important factors potentially affecting performance include but are not limited to risks related to increased competition from foreign suppliers endeavoring to sell glass tableware, ceramic dinnerware and metalware in our core markets; global economic conditions and the related impact on consumer spending levels; major slowdowns or changes in trends in the retail, travel, restaurant and bar or entertainment industries that impact demand for our products; inability to meet the demand for new products; material restructuring charges related to involuntary employee terminations, facility abandonments, or other various restructuring activities; significant increases in per-unit costs for natural gas, electricity, freight, corrugated packaging, and other purchased materials; our ability to borrow under our ABL credit agreement; high levels of indebtedness; high interest rates that increase the Company's borrowing costs or volatility in the financial markets that could constrain liquidity and credit availability; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the euro that could reduce the cost competitiveness of the Company's products compared to foreign competition; the effect of exchange rate changes to the value of the euro, the Mexican peso, the RMB and the Canadian dollar and the earnings and cash flows of our international operations, expressed under U.S. GAAP; the effect of high levels of inflation in countries in which we operate or sell our products; the inability to achieve savings and profit improvements at targeted levels in the Company's operations or within the intended time periods; the failure of our investments in e-commerce, new technology and other capital expenditures to yield expected returns; failure to prevent unauthorized access, security breaches and cyber attacks to our information technology systems; compliance with, or the failure to comply with, legal requirements relating to health, safety and environmental protection; our failure to protect our intellectual property; and the inability to effectively integrate future business we acquire or joint ventures into which we enter. Any forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release.
View original content: http://www.prnewswire.com/news-releases/libbey-suspends-quarterly-cash-dividend-to-further-prioritize-debt-reduction-and-strategic-investments-reaffirms-2018-guidance-300652141.html
SOURCE Libbey Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-libbey-suspends-quarterly-cash-dividend-to-further-prioritize-debt-reduction-and-strategic-investments-reaffirms-2018-guidance.html |
Ottawa, Ill., May 17, 2018 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (NasdaqCM: OTTW), the holding company for Ottawa Savings Bank FSB, announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per common share, payable on or about June 13, 2018 to stockholders of record as of the close of business on May 30, 2018.
Ottawa Bancorp, Inc. is the holding company for Ottawa Savings Bank, FSB which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificate, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. Ottawa Savings Bank, FSB was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.ottawasavings.com .
Contact: Jon Kranov President and Chief Executive Officer (815) 366-5436
Source:Ottawa Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-ottawa-bancorp-inc-announces-cash-dividend.html |
May 9 (Reuters) -
* AXIOM EXERGY - RAISED $7.6 MILLION IN SERIES A FUNDING, ROUND WAS CO-LED BY GXP INVESTMENTS & SHELL VENTURES Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-axiom-exergy-says-raised-76-mln-in/brief-axiom-exergy-says-raised-7-6-mln-in-series-a-funding-round-was-co-led-by-gxp-investments-shell-ventures-idUSFWN1SG0RV |
May 1 (Reuters) - TransDigm Group Inc:
* TRANSDIGM GROUP REPORTS FISCAL 2018 SECOND QUARTER RESULTS AND ANNOUNCES POTENTIAL FINANCING TRANSACTIONS
* Q2 EARNINGS PER SHARE $3.63 FROM CONTINUING OPERATIONS * Q2 SALES $933.1 MILLION VERSUS I/B/E/S VIEW $928.8 MILLION
* Q2 EARNINGS PER SHARE VIEW $3.66 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $17.35 TO $17.99
* SEES FY 2018 EARNINGS PER SHARE $15.22 TO $15.86 FROM CONTINUING OPERATIONS
* SEES FY 2018 SALES $3.74 BILLION TO $3.82 BILLION * FY2018 EARNINGS PER SHARE VIEW $17.37, REVENUE VIEW $3.75 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transdigm-group-reports-q2-adjuste/brief-transdigm-group-reports-q2-adjusted-earnings-per-share-3-79-idUSASC09YJL |
MILAN (Reuters Breakingviews) - Nestlé is getting a welcome jolt from Starbucks. On Monday, the Swiss food giant said it would pay $7.2 billion for the perpetual right to sell Starbucks-branded coffee pods, beans and so on. With $2 billion a year in annual sales, the business will help Nestlé in its shift away from junk food.
A customer sips on a coffee at a Starbucks coffeehouse in Austin, Texas, U.S., February 11, 2017. Picture taken February 11, 2017. REUTERS/Mohammad Khursheed Nestlé is already a big name in coffee, thanks to brands like Nespresso and Nescafe. But Chief Executive Mark Schneider wants to do more. This deal helps it bulk up in the United States, where it is comparatively weak, and means it has more products to sell in fast growing Asia.
Nestlé also rounds out its product range, which at the moment centres on high-end Nespresso capsules and cheap instant drinks. It will now sell more packaged ground coffee and beans, for example. This will make a notable but not huge difference to the group’s top line, which analysts estimate will total nearly 92 billion Swiss francs this year.
Based on the limited available financials, the deal looks reasonable. Nestlé is paying 3.6 times the sales of the business it is acquiring: higher than Nestlé’s current enterprise value multiple of 2.9 times sales but bang in line with Starbucks, Thomson Reuters data show.
To complicate things, though, there are probably ongoing royalties too, which would effectively reduce the margins of the acquired businesses. Nestlé did not release any details on this, but it does pay such a fee for its long-standing deal with posh ice-cream brand Haagen-Dazs.
For Starbucks the logic is a bit less clear. Its Channel Development division, which includes some of the out-of-shop products it is selling to Nestlé, delivers chunky margins. And given the group’s huge store footprint, this was an interesting alternative way to pursue growth. Instead, spending the proceeds on buybacks and dividends shows a lack of ambition. Still, retiring $7 billion of stock could give the $80 billion company a bit of a boost.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-nestle-starbucks-breakingviews/breakingviews-nestl-gets-welcome-jolt-from-starbucks-deal-idUSKBN1I817O |
SEOUL (Reuters) - Voting in the Bank of Korea’s monetary policy board’s decision to keep interest rates unchanged at 1.50 percent in May was unanimous, Governor Lee Ju-yeol told a news conference after the meeting.
FILE PHOTO: Bank of Korea Governor Lee Ju-yeol speaks during a news conference in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and trade frictions between the United States and China raising fears of collateral damage to other export-reliant Asian economies.
Reporting by Cynthia Kim and Christine Kim; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southkorea-economy-rates-vote/bank-of-korea-chief-says-decision-to-keep-rates-steady-was-unanimous-idUSKCN1IP0C7 |
SECOND QUARTER 2018 DIVIDEND DECLARED
NY-ARES-CAPITAL--(BUSINESS WIRE)-- Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a second quarter dividend of $0.38 per share, payable on June 29, 2018 to stockholders of record as of June 15, 2018.
MARCH 31, 2018 FINANCIAL RESULTS
Ares Capital also announced financial results for its first quarter ended March 31, 2018.
HIGHLIGHTS
Financial
Q1-18 Q1-17 (dollar amounts in millions, except per share data) Total
Amount
Per
Share(1)
Total
Amount
Per
Share(1)
Core EPS(2) $ 0.39 $ 0.32 Net investment income $ 144 $ 0.34 $ 94 $ 0.22 Net realized gains (losses) $ (12 ) $ (0.03 ) $ 2 $ 0.01 Net unrealized gains $ 110 $ 0.26 $ 22 $ 0.05 GAAP net income $ 242 $ 0.57 $ 118 $ 0.28 Dividends declared and payable $ 0.38 $ 0.38 As of (dollar amounts in millions, except per share data) March 31, 2018 March 31, 2017 December 31, 2017 Portfolio investments at fair value $ 12,199 $ 11,407 $ 11,841 Total assets $ 12,693 $ 11,990 $ 12,347 Stockholders’ equity $ 7,178 $ 7,035 $ 7,098 Net assets per share $ 16.84 $ 16.50 $ 16.65
(1) All per share amounts are basic and diluted.
(2) Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in stockholders’ equity resulting from operations less professional fees and other costs related to the acquisition of American Capital, Ltd. (“American Capital”) (the “American Capital Acquisition”), net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses. Basic and diluted GAAP EPS is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of basic and diluted Core EPS to the most directly comparable GAAP financial measure are set forth in Schedule 1 hereto. For the three months ended March 31, 2018 and 2017, Core EPS excludes $0.01 and $0.06 per share, respectively, of professional fees and other costs related to the American Capital Acquisition.
Portfolio Activity
(dollar amounts in millions) Q1-18 Q1-17 Q4-17 Portfolio Activity During the Period: Gross commitments(3) $ 1,792 $ 864 $ 1,506 Exits of commitments $ 1,342 $ 836 $ 1,321 Portfolio as of the End of the Period: Number of portfolio company investments 360 316 314 Weighted average yield of debt and other income producing securities(4): At amortized cost 10.1 % 9.3 % 9.7 % At fair value 10.1 % 9.4 % 9.8 % Weighted average yield on total investments(5): At amortized cost 8.9 % 8.1 % 8.7 % At fair value 8.8 % 8.2 % 8.7 %
(3) The Q1-17 gross commitments exclude $2.5 billion of investments acquired as part of the American Capital Acquisition on January 3, 2017.
(4) Weighted average yield of debt and other income producing securities is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value as applicable.
(5) Weighted average yield on total investments is calculated as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities divided by (b) the total investments at amortized cost or at fair value as applicable.
FIRST QUARTER 2018 OPERATING RESULTS
For the first quarter of 2018, Ares Capital reported GAAP net income of $242 million or $0.57 per share (basic and diluted), Core EPS(2) of $0.39 per share (basic and diluted), net investment income of $144 million or $0.34 per share (basic and diluted), and net realized and unrealized gains of $98 million or $0.23 per share (basic and diluted).
Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the amount of acquisition related expenses, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.
As of March 31, 2018, total assets were $12.7 billion, stockholders’ equity was $7.2 billion and net asset value per share was $16.84.
In the first quarter of 2018, Ares Capital made $1,792 million in new investment commitments, including $425 million of new investment commitments related to the acquisition by Ares Capital and Ivy Hill Asset Management, L.P. (“IHAM”), Ares Capital’s wholly owned portfolio company, of a diversified portfolio of first lien senior secured revolving and term loans (the “Portfolio Acquisition”). The remaining $1,367 million of new investment commitments included commitments to 11 new portfolio companies, 21 existing portfolio companies and one additional portfolio company through the Senior Direct Lending Program, LLC (the “SDLP”), through which Ares Capital co-invests with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans. Of the new commitments, 30 were sponsored transactions. As of March 31, 2018, 176 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the $1,792 million in new commitments made during the first quarter of 2018, 47% were in first lien senior secured loans, 20% were in senior subordinated loans, 18% were in second lien senior secured loans, 12% were in other equity securities and 3% were in the subordinated certificates of the SDLP. Of these commitments, 82% were in floating rate debt securities, of which 92% contained interest rate floors and 4% were in the subordinated certificates of the SDLP to make co-investments with Varagon and its clients in floating rate first lien senior secured loans through the SDLP, all of which contained interest rate floors. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so.
In the first quarter of 2018, significant new commitments included:
$425 million related to the Portfolio Acquisition, including $162 million funded directly by Ares Capital to purchase loans and the remaining $263 million in a subordinated loan and equity funded by Ares Capital to IHAM, Ares Capital’s wholly owned portfolio company, to help support IHAM’s acquisition of the remaining portfolio acquired by IHAM; $212 million in a first lien senior secured term loan, second lien senior secured delayed draw and term loans and equity of an auto parts retailer; $194 million in a first lien senior secured term loan and a subordinated loan of an aseptic food and beverage products provider; $184 million in a subordinated loan and equity of an emergency air medical services provider; $115 million in first lien senior secured delayed draw and term loans of a regulatory compliance services provider to financial institutions; $90 million in a first lien senior secured revolving loan and equity of a sewing machine manufacturer; $83 million in first lien senior secured revolving, delayed draw and term loans of an outpatient physical therapy provider; $68 million in a second lien senior secured term loan of an aerospace engine components manufacturer; and $60 million in a second lien senior secured term loan of a diversified food products manufacturer.
Also in the first quarter of 2018, Ares Capital exited approximately $1,342 million of investment commitments (including exits of $221 million of commitments acquired as part of the American Capital Acquisition). Of the total investment commitments exited, 53% were first lien senior secured loans, 30% were second lien senior secured loans, 12% were senior subordinated loans, 4% were subordinated certificates of the SDLP and 1% were other equity securities. Of the approximately $1,342 million of exited investment commitments, 90% were floating rate, 8% were fixed rate, 1% were on non-accrual status and 1% were non-interest bearing.
The fair value of Ares Capital’s portfolio investments at March 31, 2018 was $12.2 billion, including $10.6 billion in accruing debt and other income producing securities. As of March 31, 2018, the total portfolio at fair value included $1.6 billion of investments acquired in the American Capital Acquisition. The total portfolio investments at fair value were comprised of approximately 42% of first lien senior secured loans, 30% of second lien senior secured loans, 4% of subordinated certificates of the SDLP (the proceeds of which were applied to co-investments with Varagon and its clients in first lien senior secured loans through the SDLP), 10% of senior subordinated loans, 1% of collateralized loan obligations, 5% of preferred equity securities and 8% of other equity securities. As of March 31, 2018, the weighted average yield of debt and other income producing securities in the portfolio at amortized cost and fair value was 10.1% and 10.1%, respectively, the weighted average yield on total investments in the portfolio at amortized cost and fair value was 8.9% and 8.8%, respectively, and 79% of the total investments at fair value were in floating rate securities.
“During our first quarter, we continued to improve our earnings with our fourth consecutive quarter of core earnings growth since the quarter we closed the American Capital transaction. This growth was driven by progress on our portfolio rotation initiatives, the increased utilization of our 30% basket and the benefit from higher interest rates,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Our core earnings improvement was accompanied by stronger credit and investment performance as non-accruals declined and book value increased during the first quarter.”
“As part of our balance sheet strategy to operate with diversified funding sources, significant liquidity and extended duration on our liabilities, we issued our first seven year investment grade notes during the first quarter totaling $600 million at a coupon of 4.25%,” said Penni Roll, Chief Financial Officer. “We continue to maintain a conservatively leveraged balance sheet that is asset sensitive and that we believe is positioned to further benefit if interest rates continue to rise.”
PORTFOLIO QUALITY
Ares Capital Management LLC (“Ares Capital Management” or Ares Capital’s “investment adviser”) employs an investment rating system to categorize Ares Capital’s investments. In addition to various risk management and monitoring tools, Ares Capital’s investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to Ares Capital’s initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. Under this system, investments with a grade of 4 involve the least amount of risk to Ares Capital’s initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Investments graded 3 involve a level of risk to Ares Capital’s initial cost basis that is similar to the risk to Ares Capital’s initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to Ares Capital’s ability to ultimately recoup the cost of Ares Capital’s investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3. Investments graded 2 indicate that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. An investment grade of 1 indicates that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that Ares Capital will not recoup Ares Capital’s initial cost basis and may realize a substantial loss of Ares Capital’s initial cost basis upon exit. For investments graded 1 or 2, Ares Capital’s investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. The grade of a portfolio investment may be reduced or increased over time.
As of March 31, 2018 and December 31, 2017, the weighted average grade of the investments in Ares Capital’s portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 2.7% and 3.1%, respectively, of total investments at amortized cost (or 1.0% and 1.4%, respectively, at fair value).
LIQUIDITY AND CAPITAL RESOURCES
In January 2018, Ares Capital issued $600 million aggregate principal amount of unsecured notes that mature on March 1, 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 4.25% per year, payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2018. The 2025 Notes may be redeemed in whole or in part at Ares Capital’s option at any time at the redemption prices as determined pursuant to the indenture governing the 2025 Notes.
In January 2018, Ares Capital repaid in full the $270 million aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”) upon their maturity. The 2018 Convertible Notes bore interest at a rate of 4.75% per year, payable semi-annually.
In March 2018, Ares Capital amended and restated its senior secured credit facility (as amended, the “Revolving Credit Facility”). The Revolving Credit Facility, among other things, (a) extended the expiration of the revolving period for $1.6 billion of commitments of the lenders electing to extend their commitments from January 4, 2021 to March 30, 2022, during which period Ares Capital, subject to certain conditions, may make borrowings under the Revolving Credit Facility, and (b) extended the stated maturity date for $1.6 billion of commitments of the lenders electing to extend their revolving commitments from January 4, 2022 to March 30, 2023. With respect to lenders who elected not to extend their commitments, $45 million of commitments have a revolving period expiration of May 4, 2019 and a stated maturity date of May 4, 2020 and $50 million of commitments have a revolving period expiration of January 4, 2021 and a stated maturity date of January 4, 2022. Additionally, the total size of the Revolving Credit Facility was increased by $25 million to $2.1 billion, composed of a revolving loan tranche equal to $1.7 billion and a term loan tranche in an amount equal to $413.8 million. The Revolving Credit Facility includes an “accordion” feature that allows Ares Capital, under certain circumstances, to increase the size of the Revolving Credit Facility by an amount up to $1.0 billion.
As of March 31, 2018, Ares Capital had $302 million in cash and cash equivalents and $5.2 billion in total aggregate principal amount of debt outstanding ($5.1 billion at carrying value). Subject to leverage, borrowing base and other restrictions, Ares Capital had approximately $2.5 billion available for additional borrowings under its existing credit facilities as of March 31, 2018.
FIRST QUARTER 2018 DIVIDEND
On February 13, 2018, Ares Capital declared a first quarter dividend of $0.38 per share for a total of approximately $162 million. The record date for this dividend was March 15, 2018 and the dividend was paid on March 30, 2018.
RECENT DEVELOPMENTS
The Small Business Credit Availability Act (the “SBCAA”) was signed into law on March 23, 2018. The SBCAA, among other things, modifies the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs (as defined below) from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On April 2, 2018, Ares Capital announced that it plans to recommend a path for approval to reduce its asset coverage ratio to 150% and will discuss specific plans for implementation with its board of directors and other constituents as it completes its evaluation of the various alternatives.
In April 2018, Ares Capital’s consolidated subsidiary, Ares Venture Finance, L.P., surrendered its license to operate as a Small Business Investment Company and the undrawn Small Business Administration-guaranteed debenture commitments of $50 million were terminated.
From April 1, 2018 through April 26, 2018, Ares Capital made new investment commitments of approximately $736 million, of which $538 million were funded. Of these new commitments, 71% were in first lien senior secured loans and 29% were in second lien senior secured loans. Of the approximately $736 million of new investment commitments, 100% were floating rate. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 8.7%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so.
From April 1, 2018 through April 26, 2018, Ares Capital exited approximately $362 million of investment commitments, including $21 million of investment commitments acquired in the American Capital Acquisition. Of the total investment commitments exited, 78% were first lien senior secured loans, 15% were second lien senior secured loans, 6% were other equity securities and 1% were investments in the SDLP Certificates. Of the approximately $362 million of exited investment commitments, 93% were floating rate, 6% were non-interest bearing and 1% was on non-accrual status. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 7.7% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 7.1%. On the approximately $362 million of investment commitments exited from April 1, 2018 through April 26, 2018, Ares Capital recognized total net realized gains of approximately $2 million.
In addition, as of April 26, 2018, Ares Capital had an investment backlog and pipeline of approximately $755 million and $105 million, respectively. Investment backlog includes transactions approved by Ares Capital’s investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore Ares Capital believes are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment have been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of our due diligence investigation of the prospective portfolio company, Ares Capital’s acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.
WEBCAST / CONFERENCE CALL
Ares Capital will host a webcast/conference call on Wednesday, May 2, 2018 at 12:00 p.m. (ET) to discuss its quarter ended March 31, 2018 financial results. PLEASE VISIT ARES CAPITAL’S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL’S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.
All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website at http://www.arescapitalcorp.com . Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing (888) 317-6003. International callers can access the conference call by dialing +1 (412) 317-6061. All callers will need to enter the Participant Elite Entry Number 2018714 followed by the # sign and reference “Ares Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through May 16, 2018 at 5:00 p.m. (Eastern Time) to domestic callers by dialing (877) 344-7529 and to international callers by dialing +1 (412) 317-0088. For all replays, please reference conference number 10118465. An archived replay will also be available on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.
ABOUT ARES CAPITAL CORPORATION
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and is the largest BDC by both market capitalization and total assets. Ares Capital is externally managed by a subsidiary of Ares Management, L.P. (NYSE: ARES), a publicly traded, leading global alternative asset manager. For more information about Ares Capital Corporation, visit www.arescapitalcorp.com . However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
FORWARD-LOOKING STATEMENTS
Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the Securities and Exchange Commission. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except per share data)
As of March 31, 2018 December 31, 2017 (unaudited) ASSETS Total investments at fair value (amortized cost of $12,164 and $11,905, respectively) $ 12,199 $ 11,841 Cash and cash equivalents 302 316 Interest receivable 89 93 Receivable for open trades 4 1 Other assets 99 96 Total assets $ 12,693 $ 12,347 LIABILITIES Debt $ 5,118 $ 4,854 Base management fees payable 46 44 Income based fees payable 28 27 Capital gains incentive fees payable 99 79 Accounts payable and other liabilities 155 181 Interest and facility fees payable 44 64 Payable for open trades 25 — Total liabilities 5,515 5,249 STOCKHOLDERS’ EQUITY Common stock, par value $0.001 per share, 600 common shares authorized; 426
common shares issued and outstanding
— — Capital in excess of par value 7,192 7,192 Accumulated overdistributed net investment income (99 ) (81 ) Accumulated undistributed net realized gains on investments, foreign currency
transactions, extinguishment of debt and other assets
60 72 Net unrealized gains (losses) on investments, foreign currency and other transactions 25 (85 ) Total stockholders’ equity 7,178 7,098 Total liabilities and stockholders’ equity $ 12,693 $ 12,347 NET ASSETS PER SHARE $ 16.84 $ 16.65 ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)
For the Three Months Ended March 31, 2018 2017 INVESTMENT INCOME Interest income from investments $ 254 $ 231 Capital structuring service fees 29 12 Dividend income 22 24 Management and other fees 1 3 Other income 11 5 Total investment income 317 275 EXPENSES Interest and credit facility fees 60 55 Base management fees 46 39 Income based fees 38 32 Capital gains incentive fees 20 16 Administrative fees 3 3 Professional fees and other costs related to the acquisition of American Capital 3 26 Other general and administrative 8 8 Total expenses 178 179 Waiver of income based fees (10 ) — Total expenses, net of waiver of income based fees 168 179 NET INVESTMENT INCOME BEFORE INCOME TAXES 149 96 Income tax expense, including excise tax 5 2 NET INVESTMENT INCOME 144 94 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN
CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses) (12 ) 2 Net unrealized gains 110 22 Net realized and unrealized gains on investments, foreign currency and other transactions 98 24 NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 242 $ 118 BASIC AND DILUTED EARNINGS PER COMMON SHARE 0.57 $ 0.28 WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - BASIC
AND DILUTED
426 422 SCHEDULE 1
Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS
Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS, the most directly comparable GAAP financial measure, for the three months ended March 31, 2018 and 2017 are provided below.
For the Three Months Ended March 31, 2018 2017 (unaudited) (unaudited) Basic and diluted Core EPS(1) $ 0.39 $ 0.32 Professional fees and other costs related to the American Capital Acquisition (0.01 ) (0.06 ) Net realized and unrealized gains 0.23 0.06 Capital gains incentive fees attributable to net realized and unrealized gains and losses (0.04 ) (0.04 ) Income tax expense related to net realized gains and losses — — Basic and diluted GAAP EPS $ 0.57 $ 0.28 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-ares-capital-corporation-declares-second-quarter-2018-dividend-of-0-point-38-per-share-and-announces-march-31-2018-financial.html |
– Creates a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan –
– Better positions Takeda to deliver highly-innovative medicines and transformative care globally –
– Accelerates strategic transformation toward Vision 2025 –
Transaction Highlights
Brings together complementary positions in gastroenterology (GI) and neuroscience; provides leading positions in rare diseases and plasma-derived therapies to complement strength in oncology and focused efforts in vaccines Creates a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, with an attractive geographic footprint and provides the scale to drive future development Creates a highly complementary, robust, modality-diverse pipeline and a strengthened R&D engine focused on breakthrough innovation Enhances Takeda’s cash flow profile, with management confident of delivering substantial annual cost synergies and generating attractive returns for shareholders Takeda’s transformation positions the combined group to successfully integrate Shire and maximize value from the combination
OSAKA, Japan--(BUSINESS WIRE)-- Takeda Pharmaceutical Company Limited (TSE: 4502) (“Takeda”) and Shire plc (LON: SHP) (“Shire”) today announced that they have reached agreement on the terms of a recommended offer pursuant to which Takeda will acquire the entire issued and to be issued ordinary share capital of Shire. Under the terms of the acquisition, each Shire shareholder will be entitled to receive $30.33 in cash for each Shire share and either 0.839 new Takeda shares or 1.678 Takeda ADSs. The transaction has been approved by both companies’ boards of directors, and is expected to close in the first half of calendar year 2019. Upon the closing of the transaction, Takeda shareholders will own approximately 50 percent of the combined group.
With leading market positions in prioritized therapeutic areas, an attractive geographic footprint, greater scale and efficiencies, and an even more productive R&D engine, the combined group will be better positioned to deliver highly-innovative medicines and transformative care providing better health and a brighter future for patients around the world.
“Since its inception, Takeda has transformed into an agile, R&D-driven global pharmaceutical company that is well-positioned to deliver innovative and transformative care to patients around the world,” said Christophe Weber, president and chief executive officer of Takeda. “Shire’s highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda. Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies. We are looking forward to the benefits this combination will bring to patients worldwide, the opportunities it will bring for our employees and the returns it will deliver for our shareholders.”
Susan Kilsby, chairman of Shire, said, “Over the last 30 years, Shire has become the global leader in treating rare diseases, delivering innovative products that transform patients’ lives. With this combination, Shire helps create an even stronger biopharmaceutical company, with a robust R&D pipeline and expanded global footprint. We are proud of what Shire has become and are grateful to all Shire employees for their contributions. We firmly believe that this combination recognizes the strong growth potential of our leading products and innovative pipeline and is in the best interests of our shareholders, our patients and the communities we serve.”
Flemming Ornskov, chief executive officer of Shire, said, “I would like to thank the entire Shire team for all that we have accomplished over the last five years to transform Shire into a leading rare disease biotech company and a tenacious champion for patients in need. I am confident that this relentless focus will enable us to continue delivering against our priorities throughout this process. With a truly innovative portfolio and pipeline, I believe that the combination of the two companies is in the best interests of shareholders and offers an opportunity to improve the lives of even more patients globally with rare and highly specialized conditions.”
Highly Compelling Strategic and Financial Rationale
Brings together complementary positions in GI and neuroscience; provides leading positions in rare diseases and plasma-derived therapies to complement strength in oncology and focused efforts in vaccines
The acquisition of Shire will accelerate Takeda’s transformation by bringing together Takeda and Shire’s complementary positions in GI and neuroscience. It will also provide the combined group with leading positions in rare diseases and plasma-derived therapies to complement strength in oncology and focused efforts in vaccines. Takeda will continue to focus on the acceleration of its oncology business, following its recent acquisition of ARIAD Pharmaceuticals. In addition, Takeda’s vaccine business will continue to address the world’s most pressing public health needs.
Creates a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, with an attractive geographic footprint and provides the scale to drive future development
The acquisition will build on Takeda’s long Japanese heritage and values-based culture to create a global biopharmaceutical leader, driven by innovative and world-class R&D. The combined group will have an attractive geographic footprint, with significantly increased exposure in the United States (U.S.), an important and growing market. In addition, Shire’s portfolio will benefit from Takeda’s strong international presence in emerging markets and Japan. The integrated company will continue to be headquartered in Japan, expand its R&D presence in the Boston area and have major regional locations in Japan, Singapore, Switzerland and the U.S. Together, the combined group will have leading positions in two of the largest drug markets globally: the U.S. and Japan. The acquisition is expected to result in Takeda being the only pharmaceutical company listed on both the Tokyo Stock Exchange in Japan, where it will continue to have its primary listing, and the NYSE in the U.S., enabling it to access two of the world’s largest capital markets.
Creates a highly complementary, robust, modality-diverse pipeline and a strengthened R&D engine focused on breakthrough innovation
Takeda and Shire have highly complementary pipelines. Shire has strong expertise in rare diseases, an attractive modality-diverse mid- and late-stage pipeline, enriched with large-molecule programs, as well as cutting-edge technologies in gene therapy and recombinant proteins. Combining this with Takeda’s early development and research-oriented R&D program will result in a highly complementary, robust, modality-diverse pipeline and a strengthened R&D engine focused on breakthrough innovation. The combined group will build on existing partnerships, including Takeda’s more than 180 active partnerships with academia, biotechnology companies and startups, to further enrich the pipeline.
Enhances Takeda’s cash flow profile, with management committed to delivering substantial annual cost synergies and generating attractive returns for shareholders
The acquisition of Shire will provide compelling financial benefits for the combined group. It will be significantly accretive to underlying earnings per share from the first full fiscal year following completion, and will produce strong combined cash flows. The transaction is also expected to result in attractive returns for shareholders, with the return on invested capital (ROIC) expected to exceed Takeda’s cost of capital within the first full fiscal year following completion. The substantial cash flow generation expected to result from the acquisition will enable the combined group to de-lever quickly following completion. Takeda intends to maintain its investment grade credit rating, with a target net debt to EBITDA ratio of 2.0x or less in the medium term.
Takeda is confident that the acquisition will create an opportunity to recognize significant recurring cost synergies, with potential for additional revenue synergies from the combination of Shire and Takeda’s combined infrastructure, market presence and development capabilities. Takeda expects recurring pre-tax cost synergies for the combined group to reach a run-rate of at least $1.4 billion per annum by the end of the third fiscal year following completion of the acquisition.
The acquisition will accelerate Takeda’s strategic transformation toward Vision 2025, and strong combined cash flows will enable continued investment in R&D. Takeda’s well-established dividend policy will remain a key component of future shareholder returns.
Execution
Takeda’s experienced management team has a proven track record of executing complex business integrations and large-scale transformations, and is well-positioned to successfully integrate Shire and maximize the value of the combination. The integration will be supported by the companies’ highly complementary organizational structures in geographic areas, including hubs in the Boston area, Switzerland and Singapore, as well as similar therapeutic area focus and complementary approaches to R&D. Takeda is dedicated to carrying out integration efforts in a manner consistent with the company’s core values of integrity, fairness, honesty and perseverance, building on the expertise of employees of both companies.
Transaction Terms
Under the terms of the acquisition, Shire shareholders will be entitled to receive, for each Shire share, $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs.
The acquisition terms imply an equivalent value of:
£48.17 per Shire share based on the closing price of ¥4,535 per Takeda share on May 2, 2018, and the exchange rates of £:¥ of 1:147.61 and £:$ of 1:1.3546 on May 4, 2018 (being the latest practicable date prior to this announcement); and £49.01 per Shire share based on the closing price of ¥4,923 per Takeda Share and the exchange rates of £:¥ of 1:151.51 and £:$ of 1:1.3945 on April 23, 2018 (being the day prior to the announcement that the Shire board would, in principle, be willing to recommend the consideration).
The equivalent value of £49.01 per Shire share values the entire issued and to be issued ordinary share capital of Shire at approximately £46 billion.
Immediately following completion of the transaction, Takeda shareholders will hold approximately 50 percent of the combined group.
The transaction has been approved by the boards of both companies, and is subject to the approval of Shire and Takeda shareholders and certain customary closing conditions, including regulatory approvals.
The acquisition is expected to close in the first half of calendar year 2019. Upon completion, the new Takeda shares will be listed on the Tokyo Stock Exchange, and local Japanese stock exchanges. In addition, Takeda will apply for its ADSs (each representing 0.5 Takeda shares) to be listed on the NYSE effective on or shortly after the effective date.
Financing
Takeda has entered into a bridge facility agreement of $30.85 billion with, among others, J.P. Morgan Chase Bank N.A., Sumitomo Mitsui Banking Corporation and MUFG Bank, Ltd., part of the proceeds of which will be used to fund the cash consideration payable to Shire shareholders in connection with the acquisition. It is currently contemplated that, prior to completion, the commitments under the bridge facility agreement will be reduced or refinanced with a combination of long-term debt, hybrid capital and available cash resources.
Conference Call Webcast Information
Takeda will host a transaction conference call at 4.15pm – 5pm JST / 8.15am – 9am BST / 3.15am – 4am EST on May 8, 2018 to discuss the transaction.
Investors and analysts can dial in to the conference call using the numbers below:
Standard International Access: +44 (0) 20 3003 2666; Japan Toll Free: 006633132499; UK Toll Free: 0808 109 0700; USA Toll Free: 1 866 966 5335; Tokyo Toll Free: +81 (0) 3 5050 5366; and Passcode: 161017
A presentation for the call will be available at:
https://www.takeda.com/investors/reports/quarterly-announcements/quarterly-announcements-2018/
Takeda will host an additional audio webcast at 10.00 p.m. JST / 2.00 p.m. BST / 9.00 a.m. ET on May 8, 2018 with Japanese translation, to discuss the transaction. The webcast can be accessed at the following link:
https://www.takeda.com/jp/investors/reports/quarterly-announcements/quarterly-announcements-2018/
Replays of the conference calls will be available within 24 hours.
For more information, the full Rule 2.7 announcement setting out full details of the offer to Shire shareholders is available at: https://www.takeda.com/investors/offer-for-shire/
About Takeda Pharmaceutical Company
Takeda Pharmaceutical Company Limited (TSE: 4502) is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and neuroscience therapeutic areas plus vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. Innovative products, especially in oncology and gastroenterology, as well as Takeda’s presence in emerging markets, are currently fueling the growth of Takeda. Approximately 30,000 Takeda employees are committed to improving quality of life for patients, working with Takeda’s partners in health care in more than 70 countries. For more information, visit https://www.takeda.com/newsroom/ .
Additional Information
This Announcement is provided for information purposes only. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the acquisition or otherwise nor will there be any sale, issuance, exchange or transfer of securities of Shire or Takeda pursuant to the acquisition or otherwise in any jurisdiction in contravention of applicable law.
Forward Looking Statements
This Announcement contains certain statements about Takeda and Shire that are or may be forward looking statements, including with respect to a possible combination involving Takeda and Shire. All statements other than statements of historical facts included in this Announcement may be forward looking statements. Without limitation, forward looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. By their nature, involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such in this Announcement could cause actual results and developments to differ materially from those expressed in or implied by such . Such risks and uncertainties include, but are not limited to, the possibility that a possible combination will not be pursued or consummated, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the possible combination if it is pursued, adverse effects on the market price of Takeda’s ordinary shares and on Takeda’s or Shire’s operating results because of a failure to complete the possible combination, failure to realise the expected benefits of the possible combination, negative effects relating to the announcement of the possible combination or any further announcements relating to the possible combination or the consummation of the possible combination on the market price of Takeda’s or Shire’s ordinary shares, significant transaction costs and/or unknown liabilities, general economic and business conditions that affect the combined companies following the consummation of the possible combination, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business combinations or disposals and competitive developments. Although it is believed that the expectations reflected in such are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these which speak only as at the date of this Announcement.
Additional risk factors that may affect future results are contained in Shire’s most recent Annual Report on Form 10-K and in Shire’s subsequent Quarterly Reports on Form 10-Q, in each case including those risks outlined in ‘ITEM1A: Risk Factors’, and in Shire’s subsequent reports on Form 8-K and other Securities and Exchange Commission filings (available at www.Shire.com and www.sec.gov ), the contents of which are not incorporated by reference into, nor do they form part of, this Announcement. These risk factors expressly qualify all contained in this Announcement and should also be considered by the reader.
All attributable to Takeda or Shire or any person acting on either company’s behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these that speak only as of the date hereof. Except to the extent otherwise required by applicable law, neither Takeda nor Shire undertake any obligation to update or revise , whether as a result of new information, future events or otherwise.
No profit forecasts or estimates
Unless expressly stated otherwise, nothing in this Announcement (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate.
Medical information
This Announcement contains information about products that may not be available and in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs, including the ones under development.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006284/en/
Takeda (Investor Relations)
Takashi Okubo, +81 3 3278 2306
[email protected]
or
Takeda (Media – outside Japan)
Elissa Johnsen, +1 312 285 3203
[email protected]
or
Takeda (Media – within Japan)
Kazumi Kobayashi, +81 3 3278 2095
[email protected]
or
Tsuyoshi Tada, +81 3 3278 2417
[email protected]
or
Finsbury (communications support to Takeda)
(U.K.) Rollo Head / James Murgatroyd / Anjali Unnikrishnan, +44 207 251 3801
or
(U.S.) Kal Goldberg / Chris Ryall, +1 646 805 2000
or
Shire (Investor Relations)
Christoph Brackmann, +41 41 288 4129
[email protected]
or
Sun Kim, +1 617 588 8175
[email protected]
or
Shire (Media - within U.S.)
Katie Joyce, +1 781 482 2779
[email protected]
or
FTI Consulting (Outside U.S.)
Ben Atwell / Brett Pollard, +44 (0) 203 727 1000
Source: Takeda Pharmaceutical Company Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-proposed-acquisition-of-shire-plc-by-takeda.html |
May 27, 2018 / 4:33 PM / a few seconds ago 'Solo: A Star Wars Story' looks to edge past $100 million for holiday weekend 3 Min Read
LOS ANGELES (Variety.com) - Estimates for “Solo: A Star Wars Story” are continuing to fly low. FILE PHOTO: 71st Cannes Film Festival - Screening of the film "Solo: A Star Wars Story" out of competition - Red Carpet - Cannes, France May 15, 2018. Director Ron Howard poses with cast members Joonas Suotamo, Thandie Newton, Woody Harrelson, Emilia Clarke, Alden Ehrenreich, Donald Glover, Paul Bettany, Phoebe Waller-Bridge and producer Kathleen Kennedy after the screening. REUTERS/Stephane Mahe
Disney and Lucasfilm’s “Star Wars” prequel is now looking to make $101 million in North America during its four-day holiday weekend debut. The Han Solo origin film’s three-day estimate currently hovers around $83 million.
Tracking earlier this week suggested “Solo” would lift off with $130 million to $150 million. The film, directed by Ron Howard, follows Alden Ehrenreich as a young Han Solo, who befriends his future co-pilot and Wookie companion Chewbacca, and meets the notorious gambler Lando Calrissian (Donald Glover). Emilia Clarke, Woody Harrelson, Thandie Newton, Paul Bettany, Joonas Suotamo, and Phoebe Waller-Bridge round out the cast.
Early estimates predicted “Solo” could secure the best Memorial Day weekend opening, but it looks like “Pirates of the Caribbean: At World’s End” will continue to hold the crown with its $139.8 million in 2007.
“Solo,” the second standalone “Star Wars” anthology film, has fallen far behind 2016’s “Rogue One,” which landed a three-day weekend opening of $155 million. The most recent installment in the franchise — “Star Wars: The Last Jedi” — opened less than six months ago. The second film in “Star Wars’” sequel trilogy debuted with $220 million domestically.
With “Solo” as the only new release of the weekend, the rest of the North American box office will be bolstered by a number of holdovers.
“Deadpool 2” should easily score the second slot, heading for a $42 million three-day sophomore frame and a four-day total of around $54 million. As of Friday, the superhero sequel starring Ryan Reynolds has earned $176.8 million.
The fifth weekend of “Avengers: Infinity War” looks to land in third. The Marvel blockbuster is looking at a $16.9 million three-day estimate, along with a four-day number of $22.1 million.
In fourth should be Paramount’s “Book Club.” The romantic comedy is aiming for $9.6 million in its second weekend. If its four-day cume reaches $12.3 million, that would put “Book Club’s” domestic tally at $34.5 million. “Life of the Party” should round out the top five with around $5 million in its third frame.
“Solo” still boosts the domestic box office 23.1 percent compared to Memorial Day weekend in 2017, according to comScore. Meanwhile, the year-to-date box office continues its positive trajectory with 7.6 percent.
“Despite the fact that ‘Solo’ performed softer than many had projected, a hugely competitive and crowded marketplace gave the industry one of the better performing Memorial holiday weekend totals,” said box office analyst Paul Dergarabedian. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-boxoffice/solo-a-star-wars-story-looks-to-edge-past-100-million-for-holiday-weekend-idUKKCN1IS0L7 |
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Support.com, Inc. (NASDAQ: SPRT), a leading provider of tech support and turnkey support center services, producer of SUPERAntiSpyware® anti-malware products, and the maker of Support.com® software, today reported unaudited financial results for its first quarter
“The company’s continued investment during the first quarter in driving growth opportunities for the balance of the fiscal year adversely impacted our financial performance relative to the prior two quarters,” said Rick Bloom, Interim President and Chief Executive Officer of the company, “This investment included costs associated with recruiting and training highly-skilled tech support agents for several of our major customers, as well as continuing to re-align our market-leading Support.com software offerings with our chat and live agent capabilities.”
Mr. Bloom continued, “The investments made in the first quarter are expected to boost longer term profits and cash flow. These investments are likely to continue as long as the opportunities for growth are still present.”
“Our growth strategy remains focused on our unique combination of highly-skilled tech support agents and market-leading Support.com software offerings, as we believe these enable us to provide high quality customer support in a very cost efficient manner,” shared Mr. Bloom.
Q1 2018 Financial Summary
For the first quarter of 2018, total revenue was $16.5 million, up 16 percent compared to revenues of $14.3 million in the first quarter of 2017 and up 1.4 percent compared to revenues of $16.3 million in the fourth quarter of 2017.
On a GAAP basis, we recorded a net loss for the first quarter of 2018 of $(0.8) million, or $(0.04) per share, compared to a loss of $(1.3) million, or $(0.07) per share, in the first quarter of 2017 and a loss of $(0.3) million, or $(0.02) per share, in the fourth quarter of 2017.
On a non-GAAP basis, we recorded a net loss in the first quarter of 2018 of $(0.4) million, or $(0.02) per share, compared to a loss of $(1.2) million, or $(0.06) per share, in the first quarter of 2017 and income of $0.4 million, or $0.02 per share, in the fourth quarter of 2017.
On both a GAAP and non-GAAP basis, operating expenses for the first quarter of 2018 included $0.02 million in primarily legal expenses not associated with normal business operations. This compares with $0.5 million in the first quarter of 2017 and $0.1 million in the fourth quarter of 2017, both primarily legal expenses.
Key changes in our non-GAAP net income/(loss) included the following:
Gross profit decreased by $0.7 million in the first quarter compared to the same period in 2017, and was down $0.6 million compared to the fourth quarter of 2017. Our gross profit margin declined by 6.8 percentage points compared with the same quarter of 2017 and was down 3.7 percentage points relative to the third quarter of 2017. The decline from the fourth quarter reflected additional recruiting and training costs as we grow business with our major customers. Operating expenses in the first quarter of 2018 were $3.1 million, lower by $1.3 million (29 percent) than the $4.3 million of operating expenses in the first quarter of 2017 but higher by $0.3 million (11 percent) than the $2.8 million of operating expenses in the fourth quarter of 2017. Our lower operating expenses as compared with the year-ago quarter reflects the impact of our cost saving initiatives during 2017, which included operational efficiencies, tighter fiscal controls on headcount and spending, and the renegotiation of certain vendor agreements.
Non-GAAP income/(loss) excludes stock-based compensation, amortization of intangible assets, and a one-time tax expense. Collectively, these items impacted income/(loss) from continuing operations by $0.4 million in the first quarter of 2018, $0.1 million in the first quarter of 2017, and $0.7 million in the fourth quarter of 2017 (including $0.5 million related to a one-time tax expense on foreign earnings and profits). A reconciliation of GAAP to non-GAAP results is presented in the tables below.
Balance Sheet Information
At March 31, 2018, cash, cash equivalents and short-term investments were $47.6 million, compared to $50.8 million at March 31, 2017 and $49.2 million at December 31, 2017.
Total assets as of March 31, 2018 were $62.5 million and total shareholders’ equity was $55.9 million.
Support.com will not host a conference call discussing the Company’s first quarter results. For more information, please visit the Investor Relations section of the Support.com website at Support.com/about-us/investor-relations/ .
About Support.com
Support.com, Inc. (NASDAQ: SPRT) is a leading provider of support services and software to deliver next-generation technical support. Support.com helps leading brands in software, electronics, communications, retail, and other connected technology industries deepen their customer relationships. Customers want technology that works the way it’s intended. By using Support.com services and software, companies can deliver a fantastic customer experience, leading to happier customers, greater brand loyalty and growing revenues. For more information, please visit http://www.support.com or follow us @support com .
Support.com, Inc. is an Equal Opportunity Employer. For more information, visit http://www.support.com/about-us/careers .
© 2018 Support.com, Inc. All rights reserved. Support.com and the Support.com logo are trademarks or registered trademarks of Support.com, Inc. in the United States and other countries. All other marks are the property of their respective owners.
Safe Harbor Statement
This press release contains “ ” as defined under the U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created by such laws. Forward-looking statements include, for example, all statements relating to expected financial performance (including without limitation statements involving growth and projections of revenue, margin, profitability, income (loss) from continuing operations, income (loss) per share from continuing operations, cash usage or generation, cash balance as of any future date, capital structure and other financial items); the plans and objectives of management for future operations, customer relationships, products, services or investments; personnel matters; and future performance in economic and other terms. Such are based on current expectations that involve a number of uncertainties and risks that may cause actual events or results to those indicated by such , including, among others, our ability to retain and grow major programs, our ability to expand and diversify our customer base, our ability to market and sell our Support.com Cloud (formerly “Nexus®”) software-as-a-service (SaaS) offering, our ability to maintain and grow revenue, our ability to successfully develop new products and services, our ability to manage our workforce, our ability to operate in markets that are subject to extensive regulations, such as support for home security systems, our ability to control expenses and achieve desired margins, our dependence on a small number of customers and partners, our ability to attract, train and retain talented employees, potential intellectual property, class action or other litigation, our ability to utilize and realize the value of our net operating loss carryforwards and how they could be substantially limited or permanently impaired, given our current market capitalization and cash position, our ability to execute the cost reduction program involving the planned actions on the expected schedule, our ability to achieve the cost savings expected in connection with the cost reduction plan, the ultimate effect of any such cost reductions on our financial results, and our ability to manage the effects of the cost reduction plan on our workforce and other operations. These and other risks may be detailed from time to time in Support.com’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K and its latest Quarterly Report on Form 10-Q, copies of which may be obtained from www.sec.gov . Support.com assumes no obligation to update its , except as may otherwise be required by the federal securities laws.
Disclosure Regarding Non-GAAP Financial Measures
Support.com excludes stock-based compensation expense, amortization of intangible assets and other, restructuring charges and tax expense on foreign earnings and profits from its GAAP results, in order to determine the non-GAAP financial measures of income (loss) from continuing operations and income (loss) from continuing operations per share, as described in A through D below. We believe that the non-GAAP measures, when viewed in addition to and not in lieu of our reported GAAP results, assist investors in understanding our results of operations.
A. Stock-based compensation expense. Management excludes stock-based compensation expense when evaluating its performance from period to period because such expenses do not require cash settlement and because such expenses are not used by management to assess the performance of the Company’s business. Stock-based compensation expense was $376,000 in the first quarter of 2018, compared to $90,000 in the first quarter of 2017 and $135,000 in the fourth quarter of 2017.
B. Amortization of intangible assets. The Company does not acquire businesses on a predictable cycle; therefore, management excludes acquisition-related intangible asset amortization and related charges when evaluating its operating performance. Amortization of intangible assets was zero in the first quarter of 2018, compared to $10,000 in the first quarter of 2017 and zero in the fourth quarter of 2017.
C. Tax expenses on foreign earnings and profits. Following the passage of the Tax Cuts and Jobs Act on December 22, 2017, Management reviewed the company’s investments in its foreign subsidiaries under ASC 740-30-25. Based on this review, the company changed its assertion regarding its investment in Support.com India Private Ltd which resulted in the company accruing $543,000 for a one-time transition tax in the fourth quarter of 2017 on our previously untaxed foreign earnings and profits. No expenses were recorded in the first quarters of 2018 or 2017 related to this item.
The Company believes that non-GAAP financial measures have significant limitations in that they do not reflect all of the amounts associated with the Company’s financial results as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s financial results in conjunction with the corresponding GAAP measures. In addition, the exclusion of the items indicated above from the non-GAAP financial measures presented does not indicate an expectation by management that such items will not be incurred in subsequent periods.
SUPPORT.COM, INC.
GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited) March 31,
2018 (1)
December 31,
2017 Assets Current assets: Cash, cash equivalents and short-term investments $ 47,571 $ 49,233 Accounts receivable, net 11,715 11,951 Prepaid expenses and other current assets 957 802 Total current assets 60,243 61,986 Property and equipment, net 1,148 1,133 Intangible assets, net 250 250 Other assets 820 984 Total assets $ 62,461 $ 64,353 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued compensation $ 2,751 $ 3,661 Other accrued liabilities 1,358 1,330 Short-term deferred revenue 1,681 2,006 Total current liabilities 5,790 6,997 Long-term deferred revenue - 13 Other long-term liabilities 749 885 Total liabilities 6,539 7,895 Stockholders' equity: Common stock 2 2 Additional paid-in-capital 268,233 267,857 Treasury stock (5,297 ) (5,297 ) Accumulated other comprehensive loss (2,254 ) (2,108 ) Accumulated deficit (204,762 ) (203,996 ) Total stockholders' equity 55,922 56,458 Total liabilities and stockholders' equity $ 62,461 $ 64,353 Note 1: Amounts are subject to completion of management’s customary closing and review procedures.
SUPPORT.COM, INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited) Three Months Ended March 31, 2018
(1)
December 31, 2017 March 31, 2017 Revenue: Services $ 15,200 $ 14,926 $ 12,915 Software and other 1,322 1,366 1,375 Total revenue 16,522 16,292 14,290 Cost of revenue: Cost of services (2) 14,111 13,341 11,211 Cost of software and other (2) 55 35 94 Total cost of revenue 14,166 13,376 11,305 Gross profit 2,356 2,916 2,985 Operating expenses: Research and development (2) 711 604 923 Sales and marketing (2) 550 414 807 General and administrative (2) 2,146 1,849 2,616 Amortization of intangible assets and other - - 10 Total operating expenses 3,407 2,867 4,356 Income (loss) from operations (1,051 ) 49 (1,371 ) Interest income and other, net 205 192 133 Income (loss) before income taxes (846 ) 241 (1,238 ) Income tax provision (benefit) (80 ) 547 48 Net loss $ (766 ) $ (306 ) $ (1,286 ) Net loss per share (3) Basic $ (0.04 ) $ (0.02 ) $ (0.07 ) Diluted $ (0.04 ) $ (0.02 ) $ (0.07 ) Shares used in computing per share amounts: (3) Basic 18,720 18,720
18,557 Diluted 18,720 18,720
18,557 Note 2: Includes stock-based compensation expense as follows:
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Cost of revenue: Cost of services $ 21 $ 26 $ 42 Cost of software and other - 1 3 Operating expenses: Research and development 14 16 41 Sales and marketing 19 25 7 General and administrative 323 67 (3 ) Total $ 377 $ 135 $ 90 Note 3: On January 20, 2017, the Company implemented a 1-for-3 reverse stock split. All share and per share information contained within this press release has been retroactively adjusted to reflect the effects of the reverse stock split.
SUPPORT.COM, INC.
RECONCILIATION OF GAAP FINANCIAL RESULTS TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
(unaudited) Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 GAAP cost of revenue $ 14,166 $ 13,376 $ 11,305 Stock-based compensation expense (Cost of revenue portion only) (21 ) (27 ) (45 ) Non-GAAP cost of revenue $ 14,145 $ 13,349 $ 11,260 GAAP operating expenses $ 3,407 $ 2,867 $ 4,356 Stock-based compensation expense (Excl. cost of revenue portion) (356 ) (108 ) (45 ) Amortization of intangible assets and other - - (10 ) Non-GAAP operating expenses $ 3,051 $ 2,759 $ 4,301 GAAP income tax provision (benefit) $ (80 ) $ 547 $ 48 Tax expense on international earnings and profits - (543 ) - Non-GAAP income tax provision (benefit) $ (80 ) $ 4 $ 48 GAAP net loss $ (766 ) $ (306 ) $ (1,286 ) Stock-based compensation expense 377 135 90 Amortization of intangible assets and other - - 10 Tax expense on international earnings and profits - 543 - Total impact of Non-GAAP exclusions 377 678 100 Non-GAAP net income (loss) $ (389 ) $ 372 $ (1,186 ) Earnings (loss) per share (3) Basic - GAAP $ (0.04 ) $ (0.02 ) $ (0.07 ) Basic - Non-GAAP $ (0.02 ) $ 0.02 $ (0.06 ) Diluted - GAAP $ (0.04 ) $ (0.02 ) $ (0.07 ) Diluted - Non-GAAP $ (0.02 ) $ 0.02 $ (0.06 ) Shares used in computing per share amounts (GAAP) (3) Basic 18,720 18,720 18,557 Diluted 18,720 18,720 18,557 Shares used in computing per share amounts (Non-GAAP) (3) Basic 18,720 18,720 18,557 Diluted 18,720 19,037 18,557 The adjustments above reconcile the Company’s GAAP financial results to the non-GAAP financial measures used by the Company. The Company’s non-GAAP financial measures exclude stock-based compensation expense, amortization of intangible assets and other, restructuring charges and tax expense associated international earnings and profits. The Company believes that presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, the Company’s GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures. See the text of this press release for more information on non-GAAP financial measures. 2018 amounts are subject to completion of management’s customary closing and review procedures.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006548/en/
Support.com
Dean Morris, +1 650-556-8574
Investor Relations
[email protected]
Source: Support.com, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-support-com-reports-first-quarter-2018-financial-results.html |
May 31, 2018 / 5:46 AM / Updated 15 hours ago RBI seen turning hawkish in June, raising rates in August: Reuters poll Anisha Sheth , Shrutee Sarkar 4 Min Read
BENGALURU (Reuters) - The Reserve Bank of India (RBI) will hike rates in August on concerns that already above-target inflation will climb further, according to economists in a Reuters poll, in contrast to a survey just a month ago which saw an increase only in the second half of 2019. The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference in Mumbai, December 6, 2017. REUTERS/Shailesh Andrade/Files
That dramatic shift in expectations was driven by India’s annual consumer price inflation accelerating in April to 4.58 percent, above the central bank’s target of 4 percent for the sixth month in a row, after easing in each of the three previous months.
The May 24-30 poll of nearly 60 economists showed the RBI will hike its repo rate by 25 basis points to 6.25 percent in August.
While the median suggests the RBI will keep rates on hold when it meets on June 6, about 40 percent of the economists polled expected a hike next week.
“As global market turmoil takes its toll, we are changing our RBI policy rate call from an extended pause to a 25 basis point hike at the August meeting,” said Kunal Kundu, India economist at Societe Generale.
“The RBI may announce a change in policy stance during the June meeting and follow that up with a hike in August.”
Kundu said that while RBI’s inflation expectation has been “erring on the side of hawkishness, with actual inflation mostly relatively underwhelming, the latest inflation data, though not too high, raise the prospect of a rate hike.”
The inflation rate increased due to higher domestic food costs and crude oil prices, which hit $80.50 a barrel on May 17, their highest since November 2014.
With India importing 80 percent of its fuel needs and government spending increasing before national elections next year - which will likely add to price pressures - expectations have firmed for the RBI to move away from a neutral stance next week.
Out of 42 economists who answered an extra question, 24 said they expect the central bank to change its monetary policy stance to a tightening bias in June. More than 35 percent anticipated that in August.
Just last month, a majority said the RBI would turn hawkish by December.
Currently, the RBI estimates consumer inflation of 4.7-5.1 percent in April-September before dipping to 4.4 percent for the remainder of this fiscal year.
A total of 19 out of 31 economists who answered another question said the RBI would revise inflation projections up. Eleven said it would be unchanged and one said it would be revised down.
“The RBI cut its inflation forecasts based on the weakness of observed inflation the first couple of months of the year, so it was not premature to cut the forecasts,” said Shilan Shah, senior India economist at Capital Economics.
“It did note some upside risks to the inflation outlook, some of which have come to fruition. So it is likely that forecasts will now be revised up.”
The first three months of 2018 likely saw the fastest economic expansion since July-September 2016. Data for the latest quarter will be announced later on Thursday.
More than 80 percent of the 30 economists who answered an extra question said the RBI would keep its growth projections for 2018/19 unchanged. Two predicted an upgrade and three said it would be revised lower. Polling by Khushboo Mittal and Sarmista Sen; Editing by Richard Borsuk | ashraq/financial-news-articles | https://in.reuters.com/article/india-economy-rates-rbi/rbi-seen-turning-hawkish-in-june-raising-rates-in-august-reuters-poll-idINKCN1IW0FV |
May 9 (Reuters) - Global Partners LP:
* GLOBAL PARTNERS REPORTS FIRST-QUARTER 2018 FINANCIAL RESULTS
* GLOBAL PARTNERS LP Q1 SALES $2.8 BLN VS I/B/E/S VIEW $2.33 BLN
* GLOBAL PARTNERS LP Q1 SHR $1.73 * GLOBAL PARTNERS LP Q1 SHR VIEW $0.15 — THOMSON REUTERS I/B/E/S
* GLOBAL PARTNERS LP - FOR FULL-YEAR 2018, GLOBAL CONTINUES TO EXPECT TO GENERATE EBITDA OF $180 MLN TO $210 MLN
* GLOBAL PARTNERS LP - FINANCIAL RESULTS FOR Q1 OF 2018 INCLUDE A ONE-TIME GAIN OF $52.6 MLN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-partners-reports-q1-eps-173/brief-global-partners-reports-q1-eps-1-73-idUSASC0A0YM |
Initiated international Phase IIb study of IFX-1 in Hidradenitis Suppurativa patients
Completion of primary and secondary offering of US$117 million
Cash position approximately US$137 million (€115 million) as of March 31, 2018
JENA, Germany, May 17, 2018 (GLOBE NEWSWIRE) -- InflaRx N.V. (Nasdaq:IFRX), a biopharmaceutical company developing innovative therapeutics to treat life-threatening inflammatory diseases by targeting the complement system, a key component of the innate immune system, reported financial and operating results for the first quarter ended March 31, 2018.
“During the first quarter, we initiated an international Phase IIb clinical trial with our lead product, IFX-1, in Hidradenitis Suppurativa (HS) and we are currently preparing to start a Phase II clinical trial in ANCA Associated Vasculitis (AAV) until the third quarter of 2018,” said Arnd Christ, Chief Financial Officer of InflaRx. “More recently, we successfully completed a follow-on financing in May 2018, which allows us to further accelerate our strategy and expand our clinical pipeline into additional inflammatory indications.”
Corporate Highlights
On January 9, 2018, InflaRx received IND acceptance to proceed with a Phase IIb trial with lead candidate IFX-1 in Hidradenitis Suppurativa. On February 6, 2018, InflaRx appointed Tony Gibney to its Board of Directors. Mr. Gibney has 23 years of experience as a life sciences-focused investment banker at Leerink Partners, Merrill Lynch, and Lehman Brothers. On March 8, 2018, InflaRx enrolled the first patient in its Phase IIb trial with IFX-1 in Hidradenitis Suppurativa. On May 8, 2018, InflaRx closed a primary and secondary offering of 3,450,000 common shares, consisting of 1,850,000 common shares offered by InflaRx and 1,600,000 common shares offered by the selling shareholders at price to the public of $34.00 per common share for total gross proceeds of $117.3 million, consisting of total gross proceeds to InflaRx of $62.9 million and total gross proceeds to the selling shareholders of $54.4 million, which includes the full exercise of the underwriters’ option to purchase additional shares.
Q1 2018 Financial Highlights
Cash and cash equivalents totaled €115.2 million as of March 31, 2018 compared to €27.9 million as of March 31, 2017. This increase was primarily due to the completion of InflaRx’s initial public offering of common shares in November 2017, the exercised green shoe in December 2017, and the primary portion of the Series D financing executed in October 2017.
Net cash flow from operations increased from €2.7 million in the three months ended March 31, 2017 to €5.8 million in the three months ended March 31, 2018 mainly due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials for our lead program IFX-1 and personnel-related expenses.
Research and development expenses incurred for the three months ended March 31, 2018 increased over the corresponding period in 2017 by €3.1 million. This increase is primarily due to a €1.9 million increase in CRO and CMO expenses associated with preclinical studies and clinical trials conducted for IFX-1 and a €1.2 million increase in employee-related costs caused by higher expenses associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively (€0.8 million increase).
General and administrative expenses increased by €2.4 million to €3.0 million for the three months ended March 31, 2018, from €0.6 million for the three months ended March 31, 2017. This increase is primarily due to a €1.7 million increase in employee-related costs associated with non-cash stock-based compensation, principally from equity award grants under our Stock Option Plans 2016 and 2017, respectively increased by €1.4 million. This €0.5 million increase in legal, consulting and audit fees is mainly attributable to costs of being a publicly listed company, as well as tax services.
Finance costs (net) increased by €1.1 million to €1.9 million for the three months ended March 31, 2018, from €0.8 million for the three months ended March 31, 2017. Such increase is primarily due to unrealized foreign exchange losses of our USD term deposits (€2.2 million). This was partially offset by costs such as interest in connection with preferred shares (€0.8 million) in the three months ended March 31, 2017. Preferred shares were converted into common shares in connection with the initial public offering in the fourth quarter of 2017.
Net loss for the first quarter of 2018 was €10.3 million or €0.4 per common share, compared to €3.8 million or €1.6 per common share for the first quarter of 2017.
Additional information regarding these results is included in the notes to the consolidated financial statements as of March 31, 2018.
InflaRx N.V. and subsidiaries Unaudited condensed consolidated statements of comprehensive loss for the three months ended March 31, in € thousand 2017 2018 Other income and expenses (net) 28 70 Research and development expenses (2,401 ) (5,474 ) General and administrative expenses (615 ) (3,005 ) Loss before interest and income taxes (2,987 ) (8,409 ) Finance income 0 265 Finance costs (813 ) (2,188 ) Finance costs (net) (813 ) (1,924 ) Loss for the period (3,800 ) (10,333 ) Other comprehensive loss for the period 0 0 Total comprehensive loss (3,799 ) (10,332 ) Loss per common share in € (basic/diluted) (1.6 ) (0.4 )
InflaRx N.V. and subsidiaries Condensed consolidated statements of financial position in € thousand 31.12.2017 31.03.2018 unaudited ASSETS Non-current assets Intangible assets 41 39 Laboratory and office equipment 173 245 Financial assets 20 56 Total non-current assets 233 340 Current assets Other assets 697 654 Cash and cash equivalents 123,282 115,240 Total current assets 123,979 115,893 Total assets 124,212 116,233 EQUITY AND LIABILITIES Equity Issued capital 2,858 2,858 Other reserves 167,864 170,802 Accumulated deficit (51,293 ) (61,625 ) Total equity 119,429 112,034 Non-current liabilities Deferred income 15 14 Provisions 2 2 Total non-current liabilities 17 16 Current liabilities Trade payables 4,464 3,133 Other liabilities, provisions 302 1,050 Total current liabilities 4,766 4,183 Total equity and liabilities 124,212 116,233
InflaRx N.V. and subsidiaries Unaudited Condensed consolidated statements of changes in equity Other reserves in € thousand Issued
capital Capital
reserve currency
translation share-
based
payments Accumulated
deficit Own
shares Total
equity Balance as of January 1, 2017 31 0 9 1,675 (27,055 ) (350 ) (25,690 ) Comprehensive loss Loss for the period (3,800 ) (3,800 ) Total comprehensive loss 0 0 0 0 (3,800 ) 0 (3,800 ) Recognition of equity-settled share-based payments 710 710 Balance as of March 31, 2017 31 0 9 2,385 (30,854 ) (350 ) (28,779 ) Balance as of January 1, 2018 2,858 161,639 0 6,225 (51,293 ) 0 119,429 Comprehensive loss Loss for the period (10,333 ) (10,333 ) Exchange differences 0 0 Total comprehensive loss 0 0 0 0 (10,333 ) 0 (10,332 ) Recognition of equity-settled share-based payments 2,937 2,937 Balance as of March 31, 2018 2,859 161,639 0 9,163 (61,625 ) 0 112,034
InflaRx N.V. and subsidiaries Unaudited Condensed consolidated statement of cash flows for the three months ended March 31, in € thousand 2017
2018 Cash flow from Operations Loss before income taxes (3,800 ) (10,333 ) Reconciliation from result before taxes to net cash flows Depreciation/amortization of intangible assets, laboratory and office equipment 10 22 Share based payment expense 710 2,938 Finance Income 0 (265 ) Finance costs 813 2,188 other non-cash adjustments (4 ) (25 ) Change in Provisions and Government Grants 697 977 Working capital adjustments Change in Trade payables and other liabilities (1,225 ) (1,561 ) Change in other assets 73 43 Interest received 0 265 Cash flow from Operations (2,727 ) (5,751 ) Cash flow from investing activities Cash outflow from the purchase of intangible assets, laboratory and office equipment (26 ) (93 ) Cash outflow for the investment in non-current financial assets 0 (36 ) Net cash flows used in investing activities (26 ) (129 ) Financing activities Proceeds from issuance of preferred shares 1,500 0 Net cash flows from financing activities 1,500 0 Effect of exchange rate changes 0 (2,163 ) Change in cash and cash equivalents (1,252 ) (8,042 ) Net change in cash and cash equivalents (1,252 ) (8,042 ) Cash and cash equivalents at beginning of period 29,117 123,282 Cash and cash equivalents at end of period 27,864 115,240 IFX-1 is a first-in-class monoclonal anti-complement factor C5a antibody, which highly and effectively blocks the biological activity of C5a and demonstrates high selectivity towards its target in human blood. Thus, IFX-1 leaves the formation of the membrane attack complex (C5b-9) intact as an important defense mechanism, which is not the case for molecules blocking the cleavage of C5. IFX-1 has demonstrated control of the inflammatory response driven tissue and organ damage by specifically blocking C5a as a key “amplifier” of this response in pre-clinical studies. IFX-1 is the first monoclonal anti-C5a antibody introduced into clinical development that has, to date, successfully completed three clinical Phase II studies. In total, more than 150 patients have so far been treated with IFX-1, which was well tolerated. IFX-1 is currently being developed for different inflammatory indications.
InflaRx N.V. (Nasdaq:IFRX) is a clinical-stage biopharmaceutical company focused on applying its proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors of C5a. Complement C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune and other inflammatory diseases. InflaRx was founded in 2007 and has offices in Jena and in Munich, Germany. For further information please visit www.inflarx.com .
Contacts:
InflaRx N.V.
Prof. Dr. Niels C. Riedemann
Chief Executive Officer
info[at]inflarx.de
+49-3641-508180
Arnd Christ
Chief Financial Officer
info[at]inflarx.de
+49-89-4141897800
Investor Relations
LifeSci Advisors
Chris Maggos
chris[at] lifesciadvisors.com
+41 79 367 6254
Media US
LifeSci Public Relations
Matt Middleman, M.D.
matt[at] lifescipublicrelations.com
+1 646 627 8384
Media Europe
MC Services AG
Katja Arnold
katja.arnold[at]mc-services.eu
+49 89 210 228 40 FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “estimate,” “predict,” “potential” or “continue” and similar expressions. Forward-looking statements appear in a number of places throughout this release and may include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, our ongoing and planned preclinical development and clinical trials, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates, our intellectual property position, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks uncertainties and other factors described under the heading “Risk Factors” in InflaRx’s periodic filings with the Securities and Exchange Commission. These statements speak only as of the date of this press release and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.
Source:InflaRx N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-inflarx-n-v-reports-first-quarter-2018-financial-operating-results.html |
KUALA LUMPUR, Malaysia—Malaysians are trying their hand at crowdfunding to help pay their country’s debts as the full extent of a financial scandal at state investment fund 1Malaysia Development Bhd., or 1MDB, becomes clear.
Finance Minister Lim Guan Eng said Thursday that Malaysians had contributed nearly $2 million to a specially created fund on its first day, echoing how South Koreans lined up to hand over wedding rings, jewelry, sports medals or anything else made of gold to help bail out their government during Asia’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/malaysians-donate-nearly-2-million-to-pay-countrys-debts-1527769929 |
BEIJING—A U.S. government employee in China was found to have suffered a brain injury after months of “abnormal” aural sensations, in an incident the Trump administration said Wednesday bore similarities to mysterious illnesses that hit American diplomats in Cuba.
The U.S. State Department issued a health advisory to American citizens in China on Wednesday, saying the unnamed employee “recently reported subtle and vague, but abnormal, sensations of sound and pressure.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-worker-in-china-suffers-mysterious-brain-trauma-1527078217 |
May 16, 2018 / 4:46 PM / in 22 minutes UK pledges 400 mln pounds to remove cladding after tower fire Reuters Staff 2 Min Read
LONDON, May 16 (Reuters) - Britain’s government promised on Wednesday to spend 400 million pounds ($540 million) to replace unsafe cladding on high-rise public housing blocks after a fire that killed 71 people in a London skyscraper last year.
Grenfell Tower, a 24-storey tower block in West London, was clad in plastic-filled aluminium panels which proved to be flammable when a fire broke out in an apartment in June last year and spread quickly.
“People must always feel safe in their own home,” housing minister James Brokenshire said in a statement.
He said the money would remove uncertainty about how local authorities and housing associations would get the funding they needed to carry out the removal and replacement of cladding.
The causes of the Grenfell Tower fire are the subject of an inquiry which is due to start public hearings next month. A separate police investigation is under way which could result in criminal charges.
Prime Minister Theresa May was criticised for her initial response to the disaster when she did not immediately meet representatives of the local community. Last week she agreed to calls from survivors of the fire to broaden the inquiry panel to represent the diversity of the community. Writing by William Schomberg; editing by Stephen Addison | ashraq/financial-news-articles | https://www.reuters.com/article/britain-grenfell-fire/uk-pledges-400-mln-pounds-to-remove-cladding-after-tower-fire-idUSL5N1SN6L9 |
May 7, 2018 / 11:03 AM / in 15 minutes Argentina curbs peso's fall though risks linger Caroline Stauffer , Eliana Raszewski 5 Min Read
BUENOS AIRES, May 7 (Reuters) - Argentina likely stopped a run on the peso with a massive rate hike and lower fiscal deficit target on Friday, though high inflation and large amounts of debt are lingering risks, economists said.
Treasury Minister Nicolas Dujovne told local radio over the weekend the government had avoided a crisis with coordinated measures by the central bank and economic team, though he acknowledged Argentina would pay for the measures with lower economic activity.
“When someone takes measures on the scale we took them he chooses which costs to avoid and which costs to pay,” Dujovne said on Radio Mitre.
“We chose to avoid a crisis ... Later undoubtedly higher rates can result in lower activity but that also depends on how long the rates last.”
The peso closed 5.12 percent stronger at 21.88 per dollar on Friday after the central bank hiked its benchmark interest rate to 40 percent and Dujovne lowered the fiscal deficit target but the peso remained 6 percent weaker than a week ago.
The peso’s slump to all-time lows and talk of crisis last week made Argentines nervous as many still have strong memories of a 2001 bank run that led to years of hyperinflation, political instability and poverty. The local Merval stock index , one of the best performing in the world last year, fell 2.6 percent on Friday.
“We believe the will calm down in the next few days, although it will not necessarily be free of volatility,” local consultancy Ecolatina said.
The 40 percent rate “can temporarily support an exchange rate of 21.6, but the heavy positioning, loss of credibility, and reputational cost make 22 a new fair rate in our view,” BTG Pactual economists said in a note.
The bank forecast an exchange rate of 24 per dollar for the year end and raised its annual inflation forecast to 24 percent - far higher than the central bank’s target of 15 percent.
The issue of credibility is crucial to Argentina, which returned to international capital markets after settling a dispute with holdout creditors after center-right President Mauricio Macri took office in late 2015, ending 12 years of leftist governments.
Argentina even sold an oversubscribed century bond last year to investors who had praised his policies. Latin America’s No. 3 economy still lacks an investor credit rating and is classified as a frontier rather than an emerging market by Morgan Stanley. UNIFIED FRONT
Macri’s economic team has tried to present a unified front in recent days. A government spokesman said Macri had expressed complete confidence in the central bank at a cabinet meeting on Thursday. Dujovne publicly expressed support for the bank on Friday in a joint press conference with Finance Minister Luis Caputo, who said the government would not take on any more foreign debt this year.
The central bank, which is not technically independent from the government, had lowered rates earlier in the year, arguing inflation would start falling in May when a series of government mandated price hikes on energy and transportation were scheduled to end. But higher rates abroad and an exodus from emerging markets last week appeared to have caught it off guard.
Before announcing three emergency rate hikes starting on April 27, the bank tried to prop up the peso by selling nearly $8 billion in dollar reserves on the spot market since March. Friday was the first day the bank did not intervene in two weeks.
“The is going to stay at these levels, always attentive to what happens abroad,” said Economist Santiago López Alfaro, of Delphos Investment. “If it stays constant, then we have reached a new equilibrium point... I do not expect much intervention with these rates.”
Lopez said economic growth would likely be closer to 2 or 2.5 percent this year, below the government’s initial forecast of 3 percent, because of higher rates as well as a punishing drought that hurt soy and corn output in the world’s No. 3 exporter of both.
Argentina’s association of small and medium sized companies warned it members would pay for the latest measures with “excessive financing costs, impossible conditions for accessing productive credit and a rupture of the payment chain.” (Reporting by Caroline Stauffer and Eliana Raszewski Editing by Phil Berlowitz) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-rate/argentina-curbs-pesos-fall-though-risks-linger-idUSL1N1SD0AX |
May 2 (Reuters) - CKX Lands Inc:
* CKX LANDS-ON MAY 1, BRIAN R. JONES, PRESIDENT, TREASURER, PROVIDED NOTICE TO CO OF HIS DECISION TO RESIGN AS PRESIDENT, TREASURER NO LATER THAN JULY 31, 2018 Source text: ( bit.ly/2Ib6b2i ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ckx-lands-on-may-1-brian-jones-pre/brief-ckx-lands-on-may-1-brian-jones-president-treasurer-provided-notice-to-co-of-his-decision-to-resign-idUSFWN1S91A4 |
Find out the stocks with the highest hedge fund ownership 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/find-out-the-stocks-with-the-highest-hedge-fund-ownership.html |
May 29, 2018 / 3:45 PM / Updated 23 minutes ago Bayer wins approval to buy U.S. seed and ag chem giant Monsanto Reuters Staff 1 Min Read
WASHINGTON, May 29 (Reuters) - Bayer won U.S. antitrust approval for its planned takeover of Monsanto on Tuesday on condition that it sell about $9 billion in assets, the Justice Department said, clearing a major hurdle for the $62.5 billion deal. Reporting by Diane Bartz | ashraq/financial-news-articles | https://www.reuters.com/article/monsanto-ma-bayer/bayer-wins-approval-to-buy-u-s-seed-and-ag-chem-giant-monsanto-idUSL2N1T00Z6 |
May 1, 2018 / 11:41 PM / Updated 14 hours ago Tiger will use new irons at Wells Fargo this week Reuters Staff 3 Min Read
(Reuters) - Tiger Woods will use a new set of irons at this week’s Wells Fargo Championship in North Carolina, the 14-times major winner announced on Tuesday. Tiger Woods of the U.S. hits off the second tee during final round play of the 2018 Masters golf tournament at the Augusta National Golf Club in Augusta, Georgia, U.S. April 8, 2018. REUTERS/Lucy Nicholson
Woods has been trying out the TaylorMade clubs for a while, and has decided the time is right to put them to the test in the heat of competition.
“Phase 1 of irons development ... is complete. Looking forward to teeing it up this week,” he said on Twitter ahead of Thursday’s first round in Charlotte.
The news comes more than a year after Woods signed with TaylorMade, and after a disappointing performance last month at the U.S. Masters.
Woods struggled with his irons on the way to finishing tied for 32nd.
“I felt I hit it well enough off the tee to do some things, but I hit my irons awful for the week,” he said after his final round at Augusta National.
Woods, in his seventh start of the year after a successful spinal fusion, will be joined at Quail Hollow by a strong field that also features Rory McIlroy, Justin Thomas and Masters champion Patrick Reed. Tiger Woods of the U.S pulls his driver out on the second tee during final round play of the 2018 Masters golf tournament at the Augusta National Golf Club in Augusta, Georgia, U.S. April 8, 2018. REUTERS/Lucy Nicholson
McIlroy and Thomas have fond memories of Quail Hollow. McIlroy recorded his first PGA Tour win there in 2010, while Thomas more recently made his major breakthrough at the PGA Championship.
The course set-up this week will be more forgiving than it was when Thomas won last August, with more grass around the greens expected to offer better lies for chip shots.
“It was really tough to chip around the greens (at the PGA) because it was so tight,” said defending champion Brian Harman, who won last year’s Wells Fargo at a different venue.
While Woods will consume most attention, fans with an eye on the future could do worse than watch Joaquin Niemann.
The 19-year-old from Chile finished sixth in his professional debut at the Texas Open two weeks ago.
“It gave me a lot of confidence,” said Niemann, who reckons his ability with the driver should hold him in good stead this week.
“Hitting fairways is one of my best parts of my game. I just need to hit fairways because the course is really long. You don’t want to hit five-irons from the rough.” Reporting by Andrew Both in Cary, North Carolina; Editing by Ian Ransom | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-wellsfargo/tiger-will-use-new-irons-at-wells-fargo-this-week-idUSKBN1I24LQ |
ANDOVER, Mass., May 09, 2018 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (NASDAQ:MKSI), a global provider of technologies that enable advanced processes and improve productivity, today announced the promotion of Dr. John T.C. Lee to the position of President, effective May 9, 2018. Dr. Lee will continue in his current role as Chief Operating Officer.
Dr. Lee brings over 25 years of experience in technology industries, including semiconductor and solar as well as plasma processing research, at leading technology companies including Applied Materials, Lucent Technologies and AT&T Bell Labs. He joined MKS in 2007 and has progressed through the organization, into his most recent role of Senior Vice President and Chief Operating Officer.
Dr. Lee previously directed the Company's Vacuum and Analysis Division, and prior to that, managed various MKS business units, including those relating to automation and control, integrated process solutions, pressure measurement and control, flow measurement and control, and valve solutions. He holds a B.S. from Princeton University and both an M.S.C.E.P. and Ph.D. from the Massachusetts Institute of Technology, all in Chemical Engineering.
Dr. Lee will report to Gerald G. Colella, Chief Executive Officer. “John’s hard work, dedication and commitment have led to this most deserved role. This change will help MKS further sharpen our focus on many new growth opportunities ahead and integration of our technology offerings,” Colella said.
About MKS Instruments
MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, monitor, deliver, analyze, power, and control critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control technology, ozone generation and delivery, RF & DC power, reactive gas generation, vacuum technology, lasers, photonics, sub-micron positioning, vibration control, and optics. Our primary served markets include semiconductor capital equipment, general industrial, life sciences, and research. Additional information can be found at www.mksinst.com .
Company Contact: Seth H. Bagshaw
Senior Vice President, Chief Financial Officer and Treasurer
Telephone: 978.645.5578
Investor Relations Contact: The Blueshirt Group
Monica Gould
Telephone: 212.871.3927
Email: [email protected]
Lindsay Savarese
Telephone: 212.331.8417
Email: [email protected]
Source:MKS Instruments, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-mks-instruments-promotesadr-john-t-c-lee-to-president.html |
PLEASANTON, Calif., The Cooper Companies, Inc. (NYSE:COO) today announced it will release second quarter 2018 financial results on Thursday, June 7, 2018, at 4:15 PM ET. Following the release, the Company will host a conference call at 5:00 PM ET to discuss the results and current corporate developments.
The live dial-in number for the call is 855-643-4430 (U.S.) / 707-294-1332 (International). The participant passcode for the call is “Cooper”. A simultaneous webcast of the call will be available through the “Investor Relations” section of the Cooper Companies website at http://investor.coopercos.com and a transcript of the call will be archived on this site for a minimum of 12 months.
A recording of the call will be available beginning at 8:00 PM ET on June 7, 2018 through June 15, 2018. To hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406 (International) and enter code 266737.
About The Cooper Companies
The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of families with its diversified portfolio of products and services focusing on women’s health, fertility and diagnostics. Headquartered in Pleasanton, CA, Cooper has more than 11,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com .
COO-G
Source: The Cooper Companies, Inc.
CONTACT:
Kim Duncan
Vice President, Investor Relations
[email protected]
Source:The Cooper Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-the-cooper-companies-announces-release-date-for-second-quarter-2018.html |
MUMBAI (Reuters) - Crop-nourishing monsoon rains are likely to hit the Kerala coast in India’s southwest on Tuesday, a source from the weather office said, in the earliest start to the rains since 2011, which should boost agriculture in the world’s fastest growing major economy.
A fisherman and his wife row their boat in a fishing farm as it rains heavily on the outskirts of Kochi, India, May 29, 2018. REUTERS/Sivaram V The monsoon, the lifeblood of the country’s $2 trillion economy, delivers nearly 70 percent of rains that India needs to water farms and recharge reservoirs and aquifers. Nearly half of India’s farmland, without any irrigation cover, depends on annual June-September rains to grow a number of crops.
The southwest monsoon has been advancing well and will cover some parts of Kerala on Tuesday, in line with the forecast of the India Meteorological Department, a senior weather department official, who did not wish to be named as he was not authorised to talk to media, said.
The India Meteorological Department declares the arrival of monsoon rains only after parameters measuring the consistency of the rainfall over a defined geography, intensity, cloudiness and wind speed are satisfied.
Skymet, the country’s only private weather forecaster, said monsoon hit Kerala coast on Monday.
Rains usually lash Kerala state on the south coast around June 1 and cover the whole country by mid-July. Timely rains trigger planting of crops such as rice, soybeans and cotton.
India is likely to receive average monsoon rains in 2018, the weather office said last month, raising the possibility of higher farm and economic growth in Asia’s third-biggest economy.
Fishermen prepare to cast their nets during a sudden downpour at Fort Kochi beach in Kerala, India, May 28, 2018. REUTERS/Sivaram V Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu
| ashraq/financial-news-articles | https://in.reuters.com/article/india-monsoon-kerala/monsoon-rains-to-hit-kerala-coast-on-tuesday-weather-office-source-idINKCN1IU0G1 |
(Updates yields, table; adds analyst comment) By Kate Duguid NEW YORK, May 15 (Reuters) - The yield on the U.S. 10-year Treasury note surged on Tuesday to its highest level since July 2011 after data showed retail sales increased modestly in April. The benchmark government yield reached a high of 3.069 percent in early trade, blowing through the key psychological level of 3 percent it hit in late April for the first time in four years. The rise in April sales, as well as a revision higher of March data, pushed yields up enough to drive through the next significant support level of 3.051 percent. "The break of these levels is pretty key given that you’ve taken out the last two cycle highs," said Aaron Kohli, interest rates strategist at BMO Capital Markets in New York. Key support levels are prices at which a downward trend can pause, given an uptick in demand. As prices drop, demand increases, which in turn slows or halts the fall in prices. The next key support level above 3.051 percent, according to Kohli, is 3.212 percent, last passed on July 1, 2017. Technical drivers - rather than economic fundamentals - offer a plausible explanation for Tuesday morning's move. The modest increase in retail sales data was offset by a softer-than-expected Consumer Price Index report for April, which last week lowered expectations that inflation was on the rise. Inflation drives up Treasury yields because the Federal Reserve becomes more likely to intervene and hike interest rates. "I don't think that marginal pip after the big miss from CPI and a bunch of the other details from the last few weeks suggests this is purely driven by the health of the economy," said Kohli. Nevertheless, he said "there is some information there. It may not be consistent with the themes of still-anemic growth, and not terribly wide spreads, spending appetite from consumers, but it does show some kind of strength. And so far, that's been enough to get investors to sell, or at least not buy as many 10-years as they did in the past." The Commerce Department said on Tuesday that retail sales rose 0.3 percent last month, as rising gasoline prices weighed on discretionary spending. But consumer spending appeared on track to accelerate after slowing sharply in the first quarter. The two-year Treasury yield was last at 2.564 percent, up 1.7 basis points from late Monday. The 30-year bond yield was last at 3.180, up 5.2 basis points from late Monday. May 15 Tuesday 10:42AM New York / 1442 GMT Price US T BONDS JUN8 141-17/32 -1-7/32 10YR TNotes JUN8 118-208/256 -0-112/2 56 Price Current Net Yield % Change (bps) Three-month bills 1.88 1.9153 0.016 Six-month bills 2.04 2.0899 0.005 Two-year note 99-162/256 2.5683 0.021 Three-year note 99-176/256 2.7343 0.033 Five-year note 99-82/256 2.898 0.046 Seven-year note 99-28/256 3.0178 0.058 10-year note 98-120/256 3.0539 0.059 30-year bond 98-220/256 3.1843 0.056 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 21.25 0.50 spread U.S. 3-year dollar swap 15.25 0.00 spread U.S. 5-year dollar swap 8.00 0.00 spread U.S. 10-year dollar swap 2.50 0.00 spread U.S. 30-year dollar swap -8.50 0.75 spread (Reporting by Kate Duguid; Editing by Chizu Nomiyama and Dan Grebler)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-benchmark-yield-hits-7-year-high-after-bump-in-april-retail-sales-idUSL2N1SM0RJ |
(Reuters) - Brazilian right-wing presidential candidate Jair Bolsonaro has stirred controversy with comments denigrating women, gay, black and indigenous people that have landed him in court but not erased his early polling lead in the country’s October election.
FILE PHOTO: Federal deputy Jair Bolsonaro, a pre-candidate for Brazil's presidential elections, shows a sword during a rally in Curitiba, Brazil March 29, 2018. REUTERS/Rodolfo Buhrer/File photo His pledges to crack down on crime and corruption have made the former army captain Brazil’s most popular politician after former President Luiz Inacio Lula da Silva, who is serving a prison sentence for corruption.
The following are among Bolsonaro’s more controversial comments:
- During 2016 impeachment proceedings against former leftist President Dilma Rousseff, who was jailed and tortured during Brazil’s military dictatorship in the 1970s, Bolsonaro dedicated his vote to the colonel who tortured her.
- In 2003, Bolsonaro pushed a congresswoman and told her: “I would never rape you because you do not deserve it.” He repeated the comment in 2014 in the chamber and as a result is facing trial for inciting rape.
- On a radio program in 2016, Bolsonaro said the error of the dictatorship had been “to torture and not to kill.” Brazil’s national truth commission found that 440 people died under the 1964-85 military rule, of which 210 disappeared without trace.
- Brazil’s public prosecutor charged Bolsonaro last month with inciting discrimination against black people, indigenous people, women and gays in public comments he has made, including “If I see two men kissing in the street, I will hit them.”
- At an event last year in Rio de Janeiro, he said having a daughter, his fifth child after four boys, was a “weakness.”
- “I would not be able to love a gay son. I would rather he die in an accident,” he told Playboy magazine in 2011.
- Speaking last year about communities of descendants of escaped slaves, who are protected by Brazil’s social programs, Bolsonaro suggested the state was wasting money: “They do nothing! I don’t think they even serve for reproduction.”
- Bolsonaro has criticized Brazil’s biggest trading partner. In an interview with Reuters last year, he said: “China is taking over Brazil and that is worrying. They are investing in mining, agriculture, energy, ports and airports.”
Reporting by Lais Martins and Anthony Boadle, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-bolsonaro-factbox/factbox-far-right-brazilian-candidate-thrives-on-controversy-idUSKCN1II2T3 |
May 2 (Reuters) - BANK AL ETIHAD PSC:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 6.9 MILLION DINARS VERSUS 7.3 MILLION DINARS YEAR AGO Source: ( bit.ly/2HInnwC ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bank-al-etihad-q1-profit-falls/brief-bank-al-etihad-q1-profit-falls-idUSFWN1S901I |
NEW YORK, May 15, 2018 /PRNewswire/ -- THIRDHOME is delighted to announce that Randy Burgess has been appointed as Senior Vice President of Business Development, joining alongside Senior Vice President of Business Development Roger Conner. Burgess will be responsible for adding property managers, real estate companies, and resorts to the already long list of THIRDHOME affiliates, including The Ritz-Carlton Destination Club™ and numerous Auberge Resorts.
"We are fortunate to have Randy Burgess join THIRDHOME," says THIRDHOME founder and CEO Wade Shealy. "Randy has a tremendous amount of knowledge and experience in luxury resort real estate. Prior to joining THIRDHOME in May, Randy completed the sell-out of The Cloister Ocean Residences where he used THIRDHOME as a benefit to his purchasers. Randy has used THIRDHOME at other developments and knew first-hand of the value of offering THIRDHOME to buyers of luxury second homes."
Randy graduated from the University of Virginia with a degree in marketing and finance. Ever since, he's been marketing and attracting new partnerships and investments for luxury property developments and resorts worldwide. He's stewarded the growth of THIRDHOME favorites like Deer Valley Club, The Residences at the Chateaux, Austria Haus, The Reefs Club, The World Residences at Sea, and most recently, The Cloister Ocean Residences at Sea Island. With over 30 years of experience in luxury resort real estate, business development and leadership, Randy is well-equipped to assist in THIRDHOME's continuing growth in luxury exchange and expansion into the short-term rental market.
About THIRDHOME
THIRDHOME is the premier luxury property and travel club. Started in 2009, it was originally a private club for owners of luxury second homes to trade time in their homes for stays in other members' homes. In 2018, the club expanded into luxury Rentals and one-of-a-kind travel Adventures. The current Exchange club features over 10,000 properties worldwide, as well as endorsements from iconic resorts and residential developments, like The Ritz-Carlton Destination Club. The club once reserved exclusively for the luxury second homeowner, is now expanding to those like-minded travelers who seek to stay and play in luxury style.
View original content: http://www.prnewswire.com/news-releases/thirdhome-welcomes-new-svp-of-business-development-300648693.html
SOURCE THIRDHOME | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-thirdhome-welcomes-new-svp-of-business-development.html |
May 2 (Reuters) - REALFICTION HOLDING AB:
* REALFICTION RECEIVES FIRST CONFIRMED DREAMOC DIAMOND ORDER IN THE USA FOR UNIVERSITY OF NEBRASKA MEDICAL CENTER Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-realfiction-gets-first-confirmed-d/brief-realfiction-gets-first-confirmed-dreamoc-diamond-order-in-the-usa-idUSFWN1S911V |
May 8 (Reuters) - Cohen & Steers Inc:
* COHEN & STEERS ANNOUNCES PRELIMINARY ASSETS UNDER MANAGEMENT AND NET FLOWS FOR APRIL 2018
* COHEN & STEERS INC - PRELIMINARY ASSETS UNDER MANAGEMENT OF $58.5 BILLION AS OF APRIL 30, 2018, AN INCREASE OF $35 MILLION FROM MARCH 31, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cohen-steers-announces-preliminary/brief-cohen-steers-announces-preliminary-assets-under-management-and-net-flows-for-april-2018-idUSASC0A0QN |
BRAMPTON, Ontario--(BUSINESS WIRE)-- DATA Communications Management Corp. (TSX: DCM):
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
DATA Communications Management Corp. (TSX: DCM) (“ DCM ” or the “ Company ”) announces it has closed the previously announced acquisition of Perennial Group of Companies (the “ Perennial Group ”). DCM also announces it has closed the previously announced $12 million term loan from Crown Capital Fund IV LP, an investment fund managed by Crown Capital Partners Inc. (“Crown”) (TSX: CRWN).
For more than 25 years, the Perennial Group has been the trusted partner for many of North America’s top brands in retail, financial services, and consumer packaged goods. The acquisition includes Perennial Inc., one of Canada’s leading design firms focused on creating and delivering design strategies for major retail brands in Canada and around the world, and The Finished Line Studios Inc., an independent, multi-function creative, execution and production art studio.
DCM has acquired Perennial for a total purchase price of approximately $13.2 million, comprised of $8.2 million in cash paid on closing , $2.5 million through the issuance of common shares of DCM and $2.5 million in the form of a subordinated, unsecured non-interest bearing vendor take back note, with $1 million payable on the first anniversary of closing, $1 million on the second anniversary of closing and $0.5 million on the third anniversary of closing. A preliminary positive working capital adjustment of $1.2 million was applied on closing to the original purchase price, related primarily to Perennial Group’s strong cash and accounts receivable balances at closing. The purchase price will be subject to certain post-closing adjustments.
A total of 1,394,856 common shares of DCM have been issued to the Vendors and the number of DCM’s issued and outstanding common shares has increased from 20,039,159 to 21,434,015 common shares outstanding.
In connection with the acquisition, DCM has established a $12 million non-revolving term loan facility with Crown, of which approximately $8.2 million was used to fund the up-front cash component of the Perennial Group acquisition and $3.5 million was used to repay in full the outstanding balance of the Company’s non-revolving credit facility with Bridging Finance Inc., and the balance will be used for general working capital purposes. Cormark Securities Inc. was engaged by DCM as its exclusive advisor in connection with the Crown term loan.
About DATA Communications Management Corp.
DCM is a communication solutions partner that adds value for major companies across North America by creating more meaningful connections with their customers. We pair customer insights and thought leadership with cutting-edge products, modular enabling technology, and services to power our clients’ go-to market strategies. We help our clients manage how their brands come to life, determine which channels are right for them, manage multimedia campaigns, deploy location-specific and 1:1 marketing, execute custom loyalty programs, and fulfill their commercial printing needs all in one place.
Our extensive experience has positioned us as experts at providing communication solutions across many verticals, including the financial, retail, healthcare, consumer health, energy, and not-for-profit sectors. Thanks to our locations throughout Canada and in the United States, we are able to meet our clients’ varying needs with scale, speed, and efficiency – no matter how large or complex the ask. And we can do it all with advanced data security, regulatory compliance, and bilingual communications, in print or digital.
Additional information relating to DATA Communications Management Corp. is available on www.datacm.com , and in the disclosure documents filed by DATA Communications Management Corp. on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com .
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM’s current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements include: risks related to disruption of management time from ongoing business operations due to the acquisition of the Perennial Group; ; the failure to realize the expected benefits from the acquisition of Perennial Group and risks associated with the integration of the Perennial Group; the limited growth in the traditional printing industry and the potential for further declines in sales of DCM’s printed business documents relative to historical sales levels for those products; the risk that changes in the mix of products and services sold by DCM will adversely affect DCM’s financial results; the risk that DCM may not be successful in reducing the size of its legacy print business, realizing the benefits expected from restructuring and business reorganization initiatives, reducing costs, reducing and repaying its long-term debt, and growing its digital and marketing communications businesses; the risk that DCM may not be successful in managing its organic growth; DCM’s ability to invest in, develop and successfully market new digital and other products and services; competition from competitors supplying similar products and services, some of whom have greater economic resources than DCM and are well-established suppliers; DCM’s ability to grow its sales or even maintain historical levels of its sales of printed business documents; the impact of economic conditions on DCM’s businesses; risks associated with acquisitions by DCM; the failure to realize the expected benefits from acquisitions and risks associated with the integration of acquired businesses; increases in the costs of paper and other raw materials used by DCM; and DCM’s ability to maintain relationships with its customers. Additional factors are discussed elsewhere in this press release and under the headings "Risk Factors" and “Risks and Uncertainties” in DCM’s management’s discussion and analysis and in DCM’s other publicly available disclosure documents, as filed by DCM on SEDAR ( www.sedar.com ). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006429/en/
DATA Communications Management Corp.
Mr. Gregory J. Cochrane, (905) 791-3151
President
or
Mr. James E. Lorimer, (905) 791-3151
Chief Financial Officer
[email protected]
Source: DATA Communications Management Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-data-communications-management-corp-announces-closing-of-perennial-group-of-companies-acquisition-and-12-million-term-loan.html |
BUDAPEST, May 15 (Reuters) - Central European University, a graduate school started by U.S. billionaire George Soros, said on Tuesday it would stay in Hungary’s capital despite a decision by its founder’s foundation to leave.
University rector Michael Ignatieff called on the government of Prime Minister Viktor Orban to formally recognise that the institution had complied with a set of new regulations and should be allowed to keep operating in Hungary.
Earlier on Tuesday, Soros’ Open Society Foundations organisation said it would close its office in Budapest and move to Berlin, leaving what it called “an increasingly repressive political and legal environment” in Hungary. (Reporting by Marton Dunai Editing by Andrew Heavens)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/hungary-ros-ceu/soros-university-says-will-stay-in-budapest-after-foundation-leaves-idUSL5N1SM3WQ |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Partners Value Investments LP (the “Partnership”) announced today its financial results for the three months ended March 31, 2018. All amounts are stated in US dollars.
The Partnership recorded a decrease in net book value during the first quarter of $357 million ($4.04 per unit) to $2.9 billion ($32.99 per unit). The decrease is primarily due to a decrease in the Quote: d market price of Brookfield Asset Management common shares. The market price of a Brookfield share decreased from $43.54 per share at December 31, 2017 to $39.00 per share at March 31, 2018.
Net income for the quarter was $18.7 million, of which $13.1 million was attributable to the Equity Limited Partners ($0.15 per Equity LP unit), slightly down from $13.4 million in the prior year quarter. The decrease in net income was due to investment valuation losses in the current period compared to gains in the prior year quarter, largely offset by foreign exchange gains in the period.
Consolidated Statements of Operations
For the three months ended March 31
(Thousands, US dollars) 2018 2017 Investment income Dividends $ 18,744 $ 18,216 Other investment income 764 1,394 19,508 19,610 Expenses Operating expenses (1,251 ) (1,118 ) Financing costs (1,210 ) (781 ) Retractable preferred share dividends (6,789 ) (6,358 ) 10,258 11,353 Other items Investment valuation gains (losses) (11,643 ) 12,582 Amortization of deferred financing costs (501 ) (473 ) Income taxes (488 ) (2,812 ) Income from equity accounted investment 206 — Foreign currency gains (losses) 20,851 (1,578 ) Net income (loss) $ 18,683 $ 19,072 Net income (loss) attributable to: Equity Limited Partners 13,055 13,443 General Partner — — Preferred Limited Partners 5,628 5,629 $ 18,683 $ 19,072 Financial Profile and Net Book Value
The Partnership’s principal investment is its interest in 86 million Class A Limited Voting Shares (“Brookfield shares”) of Brookfield Asset Management Inc. (“Brookfield”), representing a 9% fully-diluted interest as at March 31, 2018. In addition, the Partnership owns a diversified investment portfolio of marketable securities.
The information in the following table shows the changes in net book value:
For the three months ended March 31
(Thousands, US dollars, except per unit amounts) 2018 2017 Total Per Unit Total Per Unit Net book value, beginning of period 1 $ 3,268,176 $ 37.03 $ 2,337,457 $ 26.49 Net income 2,3 13,055 0.15 13,443 0.15 Other comprehensive income 2,3 (360,566 ) (4.08 ) 274,558 3.11 Adjustment for impact of warrant 3 (9,594 ) (0.11 ) 3,293 0.04 Equity LP repurchase 3 — — (11 ) — Net book value, end of period 1,4,5 $ 2,911,071 $ 32.99 $ 2,628,740 $ 29.79 Calculated on a fully-diluted basis, net book value is non-IFRS measure. Attributable to Equity Limited Partners. The basic weighted average number of Equity Limited Partnership (“Equity LP”) units outstanding during the period ended March 31, 2018 was 73,541,131. The diluted weighted average number of Equity Limited Partnership (“Equity LP”) units available and outstanding during the period ended March 31, 2018 was 88,249,897; this includes the 14,708,766 Equity LP units that would be issued through the exercise of all outstanding warrants. At the end of the period, the diluted Equity LP units outstanding were 88,249,897 (December 31, 2017 – 88,249,897). Net book value is a non-IFRS measure and is equal to total equity, less General Partner equity and Preferred Limited Partners’ equity, plus the value of consideration that would be received on exercising of warrants, which as at March 31, 2018 was $370 million (December 31, 2017 – $380 million).
The information in the following table has been extracted from the Partnership’s Statement of Financial Position:
Consolidated Statements of Financial Position
As at
(Thousands, US dollars, except per unit amounts) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 28,272 $ 29,801 Investment in Brookfield Asset Management Inc. 1 3,347,722 3,737,431 Other investments carried at fair value 643,909 750,467 Accounts receivable and other assets 7,046 6,443 Equity accounted investment 13,977 13,643 Goodwill 3,307 3,102 $ 4,044,233 $ 4,540,887 Liabilities and Equity Accounts payable and other liabilities $ 35,569 $ 108,744 Preferred shares 2 561,499 575,620 Deferred taxes 3 406,193 468,040 1,003,261 1,152,404 Equity Partnership’s Equity Equity Limited Partners 2,541,069 2,888,580 General Partner 1 1 Preferred Limited Partners 499,902 499,902 $ 4,044,233 $ 4,540,887 Net book value per Equity LP unit 4,5 $ 32.99 $ 37.03 The investment in Brookfield Asset Management Inc. consists of 86 million Brookfield shares with a Quote: d market value of $39.00 per share as at March 31, 2018 (December 31, 2017 – $43.54). Represents $570 million of retractable preferred shares less $9 million of unamortized issue costs as at March 31, 2018 (December 31, 2017 – $585 million less $9 million). The deferred tax liability represents the potential future income tax liability of the Partnership recorded for accounting purposes based on the difference between the carrying values of the Partnership’s assets and liabilities and their respective tax values, as well as giving effect to estimated capital and non-capital losses. Calculated on a fully diluted basis. As at March 31, 2018, there were 73,541,131 (December 31, 2017 – 73,541,131) Equity LP units issued and outstanding, while the diluted Equity LP units outstanding were 88,249,897 (December 31, 2017 – 88,249,897) which includes the 14,708,766 Equity LP units that would be issued through the exercise of all outstanding warrants. Net book value is a non-IFRS measure and is equal to total equity, less General Partner equity and Preferred Limited Partners’ equity, plus the value of consideration that would be received on exercising of warrants, which as at March 31, 2018 was $370 million (December 31, 2017 – $380 million).
For further information, contact Investor Relations at [email protected] or 647-503-6513.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Forward-looking information in this news release includes statements with regard to the Partnership’s potential future income taxes.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to those contemplated or implied by forward-looking statements and information include, but are not limited to: the financial performance of Brookfield Asset Management Inc., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.
The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source:Partners Value Investments LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-partners-value-investments-lp-announces-2018-first-quarter-results.html |
May 21 (Reuters) - Sporting Clube de Portugal Futebol SAD (Sporting):
* SAID ON SUNDAY BONDHOLDERS APPROVED BOND MATURITY EXTENSION UNTIL NOVEMBER 26
Source text: bit.ly/2LcqoUh
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SS0K7 |
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