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ROLLING MEADOWS, Ill., May 9, 2018 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Chester, England-based Risk Services (NW) Ltd. Terms of the transaction were not disclosed.
Founded in 1999, Risk Services is a regional insurance broker offering tailor-made, cost-effective solutions for corporate and commercial clients. Steve Lowe, Tom Penn and their associates will continue to operate from their current location under the direction of Stephen Penketh, Regional Managing Director for Gallagher's North-West UK retail property/casualty brokerage operations.
"Risk Services is a well-run, client-focused regional broker that will be a terrific addition to our North West England and North Wales operations," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am delighted to welcome Steve, Tom and their team to our growing Gallagher family of professionals."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 33 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Investors: Ray Iardella
Media: Linda J. Collins
VP – Investor Relations
VP – Corporate Communications
630-285-3661/ [email protected]
630-285-4009/ [email protected]
View original content: http://www.prnewswire.com/news-releases/arthur-j-gallagher--co-acquires-risk-services-nw-ltd-300645067.html
SOURCE Arthur J. Gallagher & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-arthur-j-gallagher-co-acquires-risk-services-nw-ltd.html |
LAKEWOOD, Ohio, May 31, 2018 /PRNewswire/ -- First Mutual Holding Co. ("FMHC"), the largest member-owned mutual holding company of its kind in the Midwest, today announces the launch of First Mutual Bank, a result of the merger between Doolin Security Savings Bank, FSB ("Doolin") and Belpre Savings Bank ("Belpre").
First Mutual Bank combines the strength of two well established banks to form an even stronger customer-focused and depositor-owned bank with pro forma assets of $96 million and four banking offices. As an affiliate of FMHC, First Mutual Bank offers customers new and expanded banking opportunities. Customers now have access to additional mortgage, deposit and business lending products, as well as expanded banking services, including mobile banking and access to more than 25,000 surcharge-free ATMs across the United States.
"This is an exciting time because we are building a stronger future as First Mutual Bank to better serve the communities in the Mid-Ohio Valley Region," said First Mutual Bank President and CEO Robert J. Doyle. "Through the merger of Belpre and Doolin, we've changed our name to First Mutual Bank, but our commitment to the communities we serve has not changed."
"Strong mutual banks play an important role in their local communities," said Thomas J. Fraser, president and CEO of FMHC. "First Mutual Holding Co. was established to preserve this vital community asset and we are excited to help support First Mutual Bank's continued growth and commitment to customers."
First Mutual Bank is headquartered in Belpre, Ohio, with branches in Belpre, Ohio and New Martinsville, and Parkersburg, West Virginia.
About First Mutual Holding Co.
First Mutual Holding Co. ("FMHC") is the largest member-owned mutual holding company of its kind in the Midwest. As a member-owned mutual holding company, FMHC provides a structure that allows independent affiliate banks to continue to serve their communities and grow as member-owned institutions. Affiliates of FMHC include First Federal Lakewood (Lakewood, OH) and First Mutual Bank (Belpre, OH). firstmutualholding.com
About First Mutual Bank
Formed in 2018 as the result of a merger between Belpre Savings Bank and Doolin Security Savings Bank, First Mutual Bank operates four banking offices and one mortgage lending office, providing a wide range of banking services to customers throughout the Mid-Ohio Valley. First Mutual Bank, an affiliate of First Mutual Holding Co., traces its roots to 1896 and is committed to creating vibrant communities and helping customers create a stronger financial future. 1stmutualbank.com
View original content: http://www.prnewswire.com/news-releases/two-community-banks-merge-and-become-first-mutual-bank-300655872.html
SOURCE First Mutual Holding Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-two-community-banks-merge-and-become-first-mutual-bank.html |
May 27, 2018 / 6:19 PM / Updated 30 minutes ago UPDATE 1-Motor racing-Patrick's career comes to crashing end at Indy 500 Reuters Staff
* Patrick’s final two races end in crashes
* Retiring American says she is not sure what happened
* She had qualified seventh fastest (Adds quotes and details)
By Steve Keating
INDIANAPOLIS, May 27 (Reuters) - Danica Patrick’s racing career came to a crashing end on Sunday when her car slammed nose first into a wall before the midway point of Indianapolis 500.
Patrick, the only woman to win an IndyCar race and start from pole at the Daytona 500, lost control on lap 68 of the 200-lap race, hitting the wall coming out of corner two then spinning across the track before coming to rest.
The 36-year-old American climbed out of the car and appeared uninjured.
She was examined at the Indianapolis Motor Speedway medical center and released.
“First thing I said was that I’m not really sure what happened,” said Patrick. “It just seemed to come around and seemed pretty late off the corner.
“They said they looked back at the data and it was kind of a little lift in the middle, a little bit of understeer and then back to it and it just swung.”
Patrick, who announced last November that she would retire with the “Danica Double” contesting America’s two biggest races the Daytona and Indy 500s, saw both end the same way — in crashes.
After qualifying seventh, the Indy 500 had promised the possibility of something special.
During a 14-year career, evenly split between IndyCar and NASCAR, it was the Indy 500 that provided most of the material for Patrick’s career highlight reel and made her one of North America’s most recognizable athletes.
Her third-place finish in 2009 remains the best-ever result by a woman in the Indy 500 while her resume also includes a fourth in 2005 (her rookie debut) and sixth in 2006.
“Yeah, It’s an entire career. But what really launched it was this,” said Patrick. “It’s both of them.
“I’ve had a lot of good fortune here and did still have some this month.
“It just didn’t come on race day but we had some good moments.” (Reporting by Steve Keating in Indianapolis; Editing by Clare Fallon) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-indyindy500/update-1-motor-racing-patricks-career-comes-to-crashing-end-at-indy-500-idUKL3N1SY0FU |
May 24, 2018 / 4:23 PM / Updated 6 minutes ago Yates' Giro lead cut in half as Dumoulin gains on stage 18 Reuters Staff 2 Min Read
(Reuters) - Britain’s Simon Yates saw his overall lead over defending champion Tom Dumoulin cut in half up the sharp closing climb to Prato Nevoso on stage 18 of the Giro d’Italia on Thursday.
German Maximilian Schachmann won the 196km stage from Abbiategrasso after capitalizing on a breakaway to finish ahead of Spaniard Ruben Plaza Molina and Italy’s Mattia Cattaneo.
But the biggest drama was played out well behind the leaders in the main pack, with Yates, who started the day with a 56-second lead over Dutchman Dumoulin, dropped in the final few kilometers to blow the race wide open.
World time-trial champion Dumoulin followed an attack by four-times Tour de France champion Chris Froome to finish just ahead of the Team Sky rider, as Yates struggled badly for the first time at this year’s Giro.
“I didn’t have great legs but did the best I could. I’m still in front so it’s all good,” an exhausted Yates said after the race.
Dumoulin was cautiously optimistic and clearly pleased to have picked his moment so well to get within 28 seconds of Yates in the general classification.
“I was waiting until the moment and with two kilometers to go I tried to see what was possible,” he said. “Yates responded to my first attack and then Froome attacked and I tried to follow and I suddenly found (Yates) was dropped so it was nice.”
Italian Domenico Pozzovivo is third in the general standings, with Froome in fourth place, three minutes 22 seconds behind Yates. Reporting by Simon Jennings in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-cycling-giro/yates-giro-lead-cut-in-half-as-dumoulin-gains-on-stage-18-idUSKCN1IP2WJ |
OSLO, May 30 (Reuters) - Norway’s total gas production in 2018 is expected to be at the same level or slightly below last year’s record level, the chief executive of pipeline system operator Gassco told Reuters on Wednesday.
“For the total of 2018, we will be approximately at the same level as 2017, or maybe it could come slightly below,” said CEO Frode Leversund, adding that the final outcome will depend on the delivered volumes of July as well as the demand from Oct. 1.
The company’s yearly maintenance schedule, that started in April and is currently underway, is so far on track, and any additional needs that may arise will be handled during the summer window, he said. (Reporting by Lefteris Karagiannopoulos, editing by Terje Solsvik and Nerijus Adomaitis)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/norway-gas/norways-2018-gas-output-to-meet-or-slightly-lag-2017-record-gassco-idUSL5N1T13GH |
WASHINGTON/KABUL (Reuters) - A three-star general who leads the Joint Special Operations Command overseeing some of the most sensitive U.S. commando missions has been picked to lead the nearly 17-year-old Afghan war, five U.S. officials told Reuters.
Army Lieutenant General Scott Miller would replace Army General John “Mick” Nicholson, who after more than two years has become the longest-serving U.S. commander of international forces battling the Taliban insurgency.
Nicholson was expected serve through most if not all of the summer months that historically have brought some of the heaviest fighting in Afghanistan, two of the officials said, speaking on condition of anonymity.
The Pentagon declined to comment on Nicholson’s successor.
“We have no announcement on any changes,” said Pentagon spokesman Lieutenant Colonel Kone Faulkner.
One U.S. official familiar with Miller said his past service showed a focused on addressing global militant networks that fuel insurgencies, which could be valuable in the fight against Islamic State in Afghanistan.
The change in command would come at a particularly sensitive time in the Afghan war, in which commanders are under pressure to show progress against a resilient Taliban insurgency. Critics warn that the U.S.-backed Afghan military cannot promise to defeat the Taliban anytime soon or overcome Afghanistan’s vast political divisions and entrenched corruption.
The United States also has been unable to address safe-havens it says the Taliban enjoy in neighbouring Pakistan.
U.S. President Donald Trump had long identified with war-weary Americans sceptical about the Afghan war, even advocating withdrawal. But faced with the risks posed by the Taliban, he reversed himself and last August approved the more aggressive strategy that Nicholson has led, with mixed results.
A U.S. government watchdog report released on Monday said there had been few signs of significant progress by Afghan security forces between January and March, despite assertions by the U.S. military that Taliban militants were weakened.
Nicholson, who leads U.S. and international forces in Afghanistan, said in November the country had “turned the corner.”
More than 2,400 U.S. forces have died in the war.
Reporting by Phil Stewart and Idrees Ali in Washington and James Mackenzie in Kabul; Editing by Dan Grebler
Reuters Plus | ashraq/financial-news-articles | https://in.reuters.com/article/usa-afghanistan-commander/elite-u-s-special-operations-commander-picked-to-lead-afghan-war-idINKCN1IN2GX |
(Reuters) - The International Cricket Council (ICC) has warned players to stop wearing smartwatches during play to avoid any allegations of match-fixing, cricket’s governing body said on Friday.
Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 24, 2018 Pakistan's Asad Shafiq celebrates after catching out England's Jos Buttler Action Images via Reuters/John Sibley Some Pakistan players were seen sporting the devices during the opening day of their first test against England at Lord’s on Thursday and were cautioned by an ICC anti-corruption officer.
"Communications devices are prohibited within the player and match officials area. No player is allowed to be in possession of or use a communications device which is connected to the internet whilst there," the ICC said in a statement here
“Smartwatches in any way connected to a phone or Wi-Fi or in any way capable of receiving communications are not allowed and as such we will be reminding players that such devices must be surrendered along with their mobile devices on arrival at the ground on match days.”
Pakistan bowler Hasan Ali was unsure which of his team mates were involved, with British media reports saying two players were wearing the watches but there was no suggestion of any wrongdoing as it was not clear if they were connected to phones.
“I didn’t know who was wearing them but yes, the ICC anti-corruption officer came to speak to us and they told us this is not allowed,” Hasan said after Pakistan dominated play, bowling England out for 184 before reaching 50 for one at the close.
“Next time nobody will wear them.”
Only match officials are allowed specific communication devices to communicate with their colleagues while they perform their duties.
Match-fixing has become a major concern for the ICC in recent years with a high-profile incident involving Pakistan on a previous tour to England forming one of cricket’s low points.
Pakistani trio Salman Butt, Mohammad Asif and Mohammad Amir, who is in the current side, were part of a gambling-inspired plot to bowl no-balls at pre-arranged times during a test match against England at Lord’s in August 2010.
All three players served time in prison and were handed multi-year bans from the game after a tribunal found them guilty of spot-fixing.
Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak-watches/cricket-icc-orders-pakistan-to-ditch-smartwatches-during-play-idINKCN1IQ0EW |
It seems as if everyone wants to know what Meghan Markle is wearing.
The 36-year-old American actress, who's set to marry Britian 's Prince Harry on Saturday, has quickly morphed into a fashion icon. Nowadays, almost every time a photographer snaps a photo of her, the outfit she's wearing sells out, according to one observer.
Fashionistas have dubbed it the "Meghan effect."
"We've seen it again and again; anything she's worn sells out within hours," Josh Duboff, senior writer for Vanity Fair covering entertainment and culture, told CNBC.
"Brands have noted kind of immediate effects in terms of the influence she has, in terms of her bags, her clothes, her fashion, sunglasses she wears," Duboff told " Power Lunch " on Friday.
Stores "can't keep them in stock," he added.
The effect of the latest addition to the royal family is considerable. Brand Finance, a consultancy firm, estimates the royal wedding will boost the British economy by about one billion euros, or near $1.2 billion at Friday's exchange rates. Markle's fashion choices alone are expected to generate about $212 million in retail and apparel sales, the firm noted.
A camel-colored collar wrap, originally priced at $1,395, was worn by Markle on Christmas. Sentaler, the Canadian luxury outerwear brand, confirmed in an email to CNBC that the jacket "sold out instantly," after the actress appeared in photographs alongside her prince.
Getty Images Meghan Markle and Prince Harry attend Christmas Day Church service at Church of St Mary Magdalene on December 25, 2017 in King's Lynn, England. The actress also sported Strathberry handbags on two separate occasions. The Edinburgh-based label also confirmed that the bags sold out both times after she was seen carrying them.
While also in Ireland , Markle wore a coat by the Canadian company Mackage. The image of her garnered 1.6 billion media impressions in 24 hours, according to Women's Wear Daily .
Chris Jackson | Getty Images Prince Harry and Meghan Markle Jim Fallon, editorial director at WWD, said social media has definitely contributed to Markle's allure.
"When [Prince] William and Kate [Middleton] were married, Instagram was barely six months old," Fallon said on "Power Lunch" Friday.
And, Fallon pointed out, Markle is no stranger to the limelight.
"She's an actress," he said. "She knows how to wear the clothes."
WATCH: Royal wedding's $1 billion boost
show chapters Royal wedding's $1 billion boost 3:11 PM ET Fri, 18 May 2018 | 05:00 Reuters contributed to this article. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/how-meghan-markles-fashion-can-move-the-market.html |
WELLINGTON (Reuters) - New Zealand, the world’s biggest dairy exporter, will spend more than NZ$880 million ($610 million) in a bid to eradicate the mycoplasma bovis cattle disease, Prime Minister Jacinda Ardern said on Monday.
FILE PHOTO: A cow is seen near the fence of a pastoral farm near Auckland August 6, 2013. REUTERS/Nigel Marple/File photo About 126,000 cows are expected to be culled, mainly over the next two years, as government and industry work to depopulate all infected farms, the government said in a statement.
The disease, which is common in many countries, was first detected in New Zealand at a farm in the South Island last July and some 37 properties have now tested positive for the illness.
“Today’s decision to eradicate is driven by the government’s desire to protect the national herd from the disease and protect the base of our economy – the farming sector,” Ardern said in a statement.
Mycoplasma bovis can lead to conditions such as udder infection, pneumonia and arthritis in affected cattle, but does not pose a food safety risk or any risk to humans.
The initial outbreak led to concerns that the disease could affect market access for New Zealand’s dairy products, and caused a brief dip in the New Zealand dollar.
The government would contribute about NZ$591 million to the eradication program, while the rest would be borne by industry bodies and farmers, Ardern said. The bulk of the work would take place in the next two years.
New Zealand’s dairy sector contributes about NZ$7.8 billion annually to the country’s gross domestic product and accounts for around a fifth of the country’s exports.
($1 = 1.4397 New Zealand dollars)
FILE PHOTO: Clouds gather above a cow as it grazes in a drought-effected paddock on the outskirts of the New Zealand town of Blenheim, located in the south island's Marlborough district March 12, 2013. Picture taken March 12, 2013. REUTERS/David Gray/File photo Reporting by Charlotte Greenfield; editing by Richard Pullin
| ashraq/financial-news-articles | https://in.reuters.com/article/us-newzealand-dairy-disease/new-zealand-to-spend-600-million-to-eradicate-cattle-disease-idINKCN1IT0E6 |
May 4, 2018 / 6:02 AM / Updated 38 minutes ago U.S. hedge fund Elliott defeats Vivendi in board vote Agnieszka Flak , Stefano Rebaudo 5 Min Read
ROZZANO, Italy (Reuters) - U.S. hedge fund Elliott pulled off a boardroom coup at Telecom Italia ( TLIT.MI ) on Friday, wresting control away from French media group Vivendi ( VIV.PA ) as the fund embarks on a campaign to shake up slumbering companies across Europe. FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy March 22, 2016. REUTERS/Stefano Rellandini/File Photo
Elliott and Vivendi have been at loggerheads for two months over the former state monopoly, with Elliott accusing Vivendi of serving only its own interests and the French media group saying Elliott was looking only for short-term financial gains.
Elliott succeeded in appointing 10 independent directors to the board, securing two thirds of the available seats on Telecom Italia’s (TIM) board after a shareholder vote.
Five of Vivendi’s candidates, including current Telecom Italia boss Amos Genish and the French media group’s CEO Arnaud de Puyfontaine, will remain on the board.
The big question now is whether Genish, a Vivendi ally but well respected by Elliott, Italy’s government and other investors, will decide to stay on. The new board is expected to meet on Monday to appoint a CEO and chairman.
“Today’s landmark vote represents a victory for all shareholders and opens a new chapter for TIM, in which the company can build upon a foundation of improved governance to secure sustained value creation for all stakeholders,” Elliott said in a note.
Elliott launched its campaign to loosen Vivendi’s grip over TIM in March. It built a stake of 9 percent in Italy’s biggest phone group to try to shake up the way Vivendi - which owns 24 percent - runs it.
Telecoms veteran Genish set out an ambitious new three-year strategy in March, which was welcomed by investors.
Genish has said his position would be “untenable” if TIM ended up with a board that did not back his strategy.
Elliott on Friday repeated its support for Genish and his plans, adding it would be at the discretion of the new board and management to evaluate whether and when to carry out any of the strategic initiatives it had itself proposed.
Elliott is stepping up its activities in Europe, as it sees more opportunities to unlock value by pushing through management changes, company break-ups and merger deals.
“It’s a signal of a shake-up to come,” said Stefano Fabiani, a fund manager at Zenit SGR, which invests in TIM’s ordinary and saving shares.
He said ideas proposed by Elliott, including a spin-off and partial sale of the soon-to-be-created network company, a conversion of savings shares, a return to dividends and potential asset sales “now assume a particular significance”.
Vivendi reiterated its long-term interest in TIM.
“We will be very vigilant to ensure that the independent directors elected with Elliott’s slate don’t push for the break-up of TIM,” a Vivendi spokesman said. INVESTORS CLASH
Since becoming a shareholder in 2015, Vivendi had gradually tightened its grip on TIM, appointed the majority of its board last year and its own CEO as TIM’s executive chairman - all in the name of French tycoon Vincent Bollore’s stated ambition to build a southern European media powerhouse.
Two CEOs left because of clashes with the French investor.
The hands-on approach has led to friction with Rome, concerned about an asset it considers of strategic importance, and has unnerved other investors at the telecoms group.
Italy’s government eventually used the so-called “golden power” last year to ensure it had a say in some strategic decisions at TIM, a move widely seen as a bid to rein in Vivendi’s influence.
Vivendi said Friday’s vote changed everything, “so all the things like golden power ... seem to disappear out of the window”.
Industry Minister Carlo Calenda said on Twitter Rome would monitor the situation closely, adding it was important that conflicts of interests no longer hurt the former state phone monopoly and that it speeds up the planned separation of its network.
Ahead of the vote, proxy advisers recommended backing Elliott’s list of Italian industry heavyweights, saying Vivendi had been damaging for governance and investor returns.
The vote was very close given the size of Vivendi’s stake.
Some 49.84 percent of the shareholders present at the meeting voted in favour of the Elliott list, while 47.18 percent voted in favour of Vivendi.
Vivendi said the result was not a “market driven victory” saying it was the participation of Italian state lender CDP that tilted the vote in Elliott’s favour.
Italian state lender CDP bought 4.8 percent of TIM, a move widely seen as political endorsement of the Elliott campaign.
“We are surprised by that... how a shareholder with government money can vote for a short-term hedge fund,” the Vivendi spokesman added.
Shares in TIM, which had risen 15 percent since Elliott’s campaign kicked off in early March, rose a further 2.15 percent on Friday after the vote. Additional reporting by Stephen Jewkes; Editing by Keith Weir and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-telecomitalia-elliott/vivendi-elliott-set-to-clash-in-telecom-italia-board-seat-battle-idUKKBN1I50FI |
BAGHDAD, May 15 (Reuters) - Investors interested in bidding to build a 70,000 barrel-per-day oil refinery in Diwaniya south of Baghdad have until July 31 to make offers, the Iraqi oil ministry said in a statement on Tuesday.
The refinery is one of several crude oil processing projects offered by Iraq as part of a plan to become self-sufficient in oil products.
Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia. (Reporting by Maher Chmaytelli; editing by Jason Neely)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/iraq-oil-refinery/iraq-invites-bids-to-build-oil-refinery-in-diwaniya-idUSL5N1SM4CE |
(Reuters) - Humana Inc’s ( HUM.N ) first-quarter profit reflects lower-than-expected flu costs after the rates of infection peaked earlier than it had anticipated, Chief Financial Officer Brian Kane said on Wednesday.
Earnings were also helped by restrained medical use during the first quarter as well as the financial benefit of accounting for lower-than-foreseen claims during the fourth quarter, Kane said during a conference call with analysts to discuss the first-quarter report.
Reporting by Caroline Humer in New York; Editing by Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-humana-results-cfo/humana-says-flu-was-severe-but-peaked-earlier-than-expected-idUSKBN1I31VT |
The U.S. Supreme Court’s decision on Monday that class-action waivers in employee arbitration agreements are valid is a major blow to plaintiffs, but it will not stop their lawyers from challenging companies’ arbitration agreements on other grounds.
In a 5-4 decision in a trio of cases, the Supreme Court rejected claims that agreements barring workers from filing class-action lawsuits violate their rights under federal labor law to band together to improve working conditions.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2s3dHCe
| ashraq/financial-news-articles | https://www.reuters.com/article/employment-waivers/challenges-to-arbitration-agreements-wont-end-after-scotus-ruling-say-experts-idUSL2N1ST00C |
Rebbl, which makes coconut milk-based drinks with herbs and plants, is raising $20 million in funding led by Cavu Venture Partners, the brand said ahead of a formal announcement Friday.
Rebbl says it has $20 million to $50 million in annual sales and expects to be growing at a rate of 70 percent by the end of the year. The new fundraising values it at close to $100 million.
The company is led by Sheryl O'Loughlin, former CEO of Clif Bar and Plum Organics baby food, and venture capitalist David Batstone.
The drink uses "super-herbs" and "adaptagens," which Rebbl claims have benefits including a decrease in stress hormones. It makes elixirs like its Matcha Latte and cold-brew coffees with protein that promise to provide energy.
That puts them into a new generation of drinks that call themselves "functional," often low or no-sugar beverages that purport to nourish better than the previous class of sugary or caffeine-fueled sports drinks. Among them is a rush of new kombucha drink brands or drinks like coconut-water infused BodyArmor that say they have more vitamins and fewer artificial ingredients than their predecessors.
Amid this uprising, PepsiCo's Gatorade, which created the sports drink category and long dominated it, has ceded market share.
"I think you're seeing consumers shift from beverages that are literally bad for you to not being as bad for you — Gatorade in that category — ... to drinks that are good for you," said Clayton Christopher, co-founder of Cavu Venture Partners.
Pepsi this summer is responding to the consumer shift by launching Gatorade Zero, its sugar-free answer to BodyArmor.
Rebbl is also part of a new upswing in food and beverage brands like snack bar maker Kind that fund or support mission-driven organizations. The brand donates 2.5 percent of its revenue to Not For Sale, a nonprofit group working to fight human trafficking.
"It goes way beyond corporate social responsibility," said O'Loughlin. "[The mission] is intimately part of the whole business to the point that if you took it outside the brand, it would be destroyed."
Rebbl is in 7,000 stores nationwide. With its new funds, it is now focusing on putting more resources behind marketing, innovation and moving into more conventional retailers including Safeway and Stop N Shop.
While many premium food or drinks have struggled to move beyond Amazon's Whole Foods, where shoppers are often willing to pay more and learn more about their products, Rebbl is confident about its mainstream appeal.
"It's in line with a lot of flavors of [Pepsi's] Naked and [ Coca-Cola' s] Odwalla," said Christopher. "It's priced below of lot flavors of [Coke's] Suja."
The brand, which derives its name from the acronym for roots, extracts, berries, bark and leaves, is also undeterred by the sea of a competition it is facing from the quick pace of innovation among other upstart drink brands.
"They're hitting on a lot of health and wellness trends and ... the mission they communicate," Christopher said. "I've never come across a business as authentic that way. That's a safe and a smart bet."
Rebbl, previously raised money from Bigr Ventures and PowerPlant Ventures, the venture firm started by Zico coconut water-founder Mark Rampolla.
Its board is composed of a "who's who" in the upstart food world. It includes Rampolla, who sold Zico coconut water to Coke, and Christopher, who founded and sold Sweet Leaf Tea to Nestle and Deep Eddy Vodka to Heaven Hill Brands. O'Loughlin's Plum Organics was sold to Campbell Soup .
Correction: This story was revised to correct that O'Loughlin is CEO and that Coke owns Suja. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/rebbl-raises-20-million-from-cavu-venture-partners.html |
NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) releases a comment on Cadence Bancorporation (NYSE: CADE, “Cadence” or “the Company”), which announced a definitive merger agreement with State Bank Financial Corporation (NASDAQ: STBZ or “State Bank”), headquartered in Atlanta, Georgia. Following the close of the transaction, State Bank and its subsidiary, State Bank and Trust Company, will be merged with and into Cadence. The all-stock transaction is valued at approximately $1.4 billion, or 2.5x tangible book value, which represents a 6% premium to State Bank’s May 11 th closing stock price. The transaction was approved by both companies’ boards and is expected to close in the fourth quarter of 2018 (pending regulatory approval) with an anticipated Q1’19 system conversion.
State Bank reported $4.9 billion in consolidated assets, $3.7 billion in loans, and deposits totaling $4.2 billion as of March 31, 2018. Following the close of this significant acquisition, the combined company’s pro forma total assets would be approximately $16 billion, with loans and deposits increasing to $12 and $13 billion, respectively. In KBRA’s opinion, the deal is potentially a credit positive to CADE in the medium-term, logically expanding its footprint and strengthening the Company’s deposit profile, while adding product lines that augment current offerings.
In October 2017, KBRA affirmed Cadence Bancorporation’s, (and its ultimate Parent company, Cadence Bancorp, LLC’s) ratings, including senior unsecured and subordinated debt ratings of BBB- and BB+, respectively. The subsidiary bank, Cadence Bank, N.A.’s, deposit and senior unsecured debt ratings of BBB and subordinated debt rating of BBB- were also affirmed at the same time. Additionally, the Outlook on all long-term ratings was changed to Positive from Stable, reflecting significant improvements in capitalization and earnings, as well as a positive asset quality trajectory and the strength of CADE’s management in navigating the recent energy downturn. Though KBRA does not rate State Bank Financial Corporation, it appears to be in sound financial condition as evidenced by KBRA’s Subscription Rating Service financial strength rating of ‘B’ for the subsidiary bank, State Bank and Trust Company.
The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006418/en/
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Source: Kroll Bond Rating Agency | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-kbra-comments-on-cadence-bancorporationas-merger-with-state-bank-financial-corporation.html |
May 10 (Reuters) - Caladrius Biosciences Inc:
* CALADRIUS BIOSCIENCES REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.52 FROM CONTINUING OPERATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caladrius-biosciences-reports-q1-l/brief-caladrius-biosciences-reports-q1-loss-per-share-0-52-from-continuing-operations-idUSASC0A1L7 |
LOS ANGELES (Reuters) - Chipotle Mexican Grill Inc ( CMG.N ) on Monday announced a national delivery partnership with DoorDash that covers more than 1,500 of the burrito chain’s more than 2,400 restaurants in the United States.
FILE PHOTO: Chipotle Mexican Grill is seen in uptown Washington, U.S., February 8, 2016. REUTERS/Carlos Barria/File Photo Chipotle is beefing up digital ordering capabilities and other operations under new Chief Executive Brian Niccol, who is charged with winning back customers lost after a sales-crushing series of food safety lapses in 2015.
“We are making Chipotle even more convenient and accessible to our customers,” said Curt Garner, chief digital and information officer at Chipotle.
U.S. restaurants are partnering with third-party food delivery providers like DoorDash, GrubHub Inc ( GRUB.N ) and UberEats as they explore the best and most profitable way to provide the service.
McDonald’s Corp ( MCD.N ) has a delivery deal with UberEats in the United States, while KFC and Taco Bell owner Yum Brands Inc ( YUM.N ) has taken a financial stake in GrubHub.
Strategy firm Pentallect Inc expects the third-party food delivery industry’s sales to grow from $13 billion in 2017 to $24.5 billion by 2022.
Reporting by Lisa Baertlein in Los Angeles; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-chipotle-delivery-doordash/chipotle-partners-with-doordash-for-food-delivery-idUSKBN1I12BL |
- Revenue of $$310.5 million -
- Net Income of $19.1 million -
- Reiterating Fiscal 2018 Guidance of $1.2-$1.4 Billion in Revenue, $90-$110Million in Net Income -
HARBIN, China, May 10, 2018 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the first quarter
First Quarter 2018 Financial Summary
Revenue was $310.5 million, an increase of 30.6% YoY Gross profit was $53.9 million, an increase of 54.9% YoY Gross margin of 17.4%, an increase of 280 basis points YoY Net income was $19.1 million, an increase of 92.9% YoY EBITDA was $49.6 million, an increase of 45.9% YoY Total volume shipped was 106,236 metric tons, up 24.4% YoY
"We are pleased with our quarterly results, both top and bottom line growths as well as margin improvement," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "An improved macroeconomic environment has improved business conditions and we are well position to execute our strategic plan."
"We are particularly pleased to see major revenue contributions from major new growth frontiers, fostered in large part by the gradual ramp up of our Sichuan manufacturing facility, a key milestone in our corporate development. The new facility also extends our geographical reach and accelerates our market penetration beyond our established Northeast base, evidenced by our strong and consistent growth from Southwest, Central, North and South China."
"The Sichuan facility substantially expands the footprint of our auto business in China and while we expect that automotive applications will continue to be our core business, the new facility includes precision equipment which will enable us to diversify our product platform into such high-growth verticals as ships, high-speed rail, airplanes, bio-degradable materials, medical-grade materials, food packaging, electronic equipment, electrical products, alternative energy applications and power devices, which will help to propel the Company's growth."
"Our new facility in Dubai also extends our specialized high-tech products into an important new market. We are planning to complete installing 45 production lines with 12,000 metric tons of annual production capacity by the end of May 2018, and an additional 50 production lines with 13,000 metric tons of annual production capacity by the end of 2018. This will bring the total installed production capacity in our Dubai facility to 25,000 metric tons. The Dubai facility will target high-end products for the overseas market and will ultimately enable more active inroads into the markets of Europe, the Middle East, Russia and other international regions with several global top customers in automotive sector."
"China XD continues to value our deep working relationships with our customers above all, and is committed to creating value with our culture of hard work and innovation. We anticipate that the continued execution of our strategic plan supported by an increase in our production capacity, our entry into new markets, a diversified customer base and a diversification with international sales will help to generate business growth for years to come. For fiscal 2018, we are reiterating our financial guidance of between $1.2 and $1.4 billion in revenue, $90 and $110 million in net income ", Mr. Han concluded.
First Quarter 2018 Results
Revenues were $310.5 million for the first quarter of 2018, compared to $237.8 million for the same period of 2017, representing an increase of $72.7 million, or 30.6%. The year-over-year increase was primarily due to an increase of 24.4% in sales volume, a depreciation of USD against RMB by 8% and offset by a decrease of 3% in the average RMB selling price of our products, as compared with those of last year.
PRC domestic revenues increased by $72.6 million in the first quarter of 2018, compared to the same period of 2017, as a result of an increase of 24.4% in sales volume, a depreciation of USD against RMB by 8%and offset by a decrease of 3% in the average RMB selling price of our products, as compared with those of last year. According to the China Association of Automobile Manufacturers, automobile sales in China increased by 2.8% for the first quarter of 2018 as compared to the same period of 2017. An improvement in macroeconomic conditions since 2017 has improved business conditions and eased pricing pressures. Driven by accelerating growth of 7.6% in Northeast China, 184% in Central China, 124% in South China, 89% in Southwest China, 26% in North China, and 22% in East China, our domestic sales during the three months ended March 31, 2018 increased by 30.5% as compared to the same period of the prior year. As for the RMB selling price, the Company also implemented a marketing strategy of offering lower-end products with lower RMB pricing to further penetrate the new regional markets in Central China and Southwest China.
For the three months ended March 31, 2018, revenues from overseas market was US$54,854 as compared to nil of that in 2017.The Company has tried to develop new customers overseas besides the existing oversea customer. The sales with this customer was suspended due to account receivable balance overdue situation. As of March 31, 2018, the customer has an outstanding balance of US$48.3 million, including US$5.8 million was 3-6 month past due, US$32.4 million was overdue for less than 3 month. The customer expected to pay off the outstanding balance by June 2018. As the account receivable balance was overdue, the Company suspended sales to the customer in 2018.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 81.1% of revenues in the first quarter of 2018, compared to 81.3% for the same period of 2017. During the first quarter of 2018, the Company continued to shift production mix from traditional lower-end products to higher-end products such as PA66, PA6, Plastic Alloy, and PLA, primarily due to (i) greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand as a result of promotion by the Chinese government for clean energy vehicles and (iii) better quality from end consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, and U.S. and Japanese joint ventures, which manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China.
Gross profit was $53.9 million in the first quarter ended March 31, 2018, compared to $34.8 million in the same period of 2017, representing an increase of $19.1 million, or 54.9%. Our gross margin increased to 17.4% for the first quarter ended March 31, 2018 from 14.6% for the same quarter of 2017 primarily due to higher gross margin of higher-end products in domestic market for the first quarter ended March 31, 2018 as compared to that of the prior year.
General and administrative (G&A) expenses were US$ 8.9 million in the quarter ended March 31, 2018 compared to US$7.1 million in the same period in 2017, representing an increase of 25.4%, or US$1.8 million. This increase is primarily due to the increase of US$0.9 million salary and welfare which was due to the increase in the number of management and general staff from supporting departments and the increase of US$0.9 million in professional fee.
Research and development (R&D) expenses were $5.0 million for the first quarter of 2018, compared to $5.9 million for the same period of 2017, representing a decrease of $0.9 million, or 15.3%. The decrease was primarily due to the decrease of raw materials used by HLJ Xinda Group. As of March 31, 2018, the number of ongoing research and development projects was 326.
Operating income was $38.9 million for the first quarter of 2018, compared to $21.3 million for the same period of 2017, representing an increase of $17.6 million, or 82.6%.This increase is primarily due to increased gross profit, lower research and development expenses, partially offset by a higher G&A expenses and selling expenses.
Net interest expense was $10.6 million for the first quarter of 2018, compared to net interest expense of $8.8 million for the same period of 2017, representing an increase of $1.8 million, or 20.5%. This increase is primarily due to (i) the increase of average short-term and long-term loan balance in amount of US$854.2 million for the three months ended March 31, 2018 compared to US$785.4 million for the same period in 2017, partially offset by (ii) the decrease of interest expense resulting from the average loan interest rate decreased to 4.72% for the three months ended March 31, 2018 compared to 4.77% of the same period in 2017 ; (iii) the increase of average deposit balance in amount of US$626.8 million for the first quarter ended March 31, 2018 compared to US$485.3 million for the same period in prior year ; (iv) the increase of interest income resulting from the average deposit interest rate increased to 1.5% for the first quarter ended March 31, 2018 compared to 1.2 % of the same period in 2017.
Income tax expense was $6.2 million for the first quarter of 2018, representing an effective income tax rate of 24.5%, compared to income tax expense of $3.6 million in the same period of 2017, representing an effective income tax rate of 26.4%. The effective income tax rate reduced from 26.4% for the three-month period ended March 31, 2017 to 24.5% for the three-month period ended March 31, 2018is primarily due to the decrease of continuous operating loss occurred in oversea subsidiaries, and partially offset by the decrease of Sichuan Xinda's profit before tax ("PBT")ratio. The effective income tax rate for the three-month period ended March 31, 2018 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Xinda's preferential income tax rate and R&D 50% additional deduction of the major PRC operating entities.
Net income was $19.1 million for the first quarter of 2018, compared to $9.9 million for the same period of 2017, representing an increase of $9.2 million, or 92.9%. Basic and diluted earnings per share for the three-month period ended March 31, 2018 were $0.29, compared to $0.15 per basic and diluted share for the same period of 2017. The average number of shares used in the computation of basic and diluted earnings per share in the current quarter was 49.7 million compared to 49.5 million shares for basic and diluted earnings per share in the prior year period.
Earnings before interest, tax, depreciation and amortization (EBITDA) was $49.6 million for the first quarter of 2018, compared to $34.0 million for the same period of 2017, representing an increase of $15.6 million, or 45.9%. For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.
Financial Condition
As of March 31, 2018, the Company had $564.8 million in cash and cash equivalents, restricted cash and time deposits, a decrease of $43.3 million or 7.1% as compared to $608.1 million as of December 31, 2017. As of the March 31, 2018, working capital was $110.1 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 1.1, as compared to the current ratio of1.0 as of December 31, 2017. Stockholders' equity as of March 31, 2018 was $761.6 million, an increase of $48.8 million or 6.8% as compared to $712.8 million as of December 31, 2017.
Accounts receivable decreased by 36.3% or US$108.6 million due to the management efforts to collect outstanding balances due from the domestic customers. Inventories increased by 32.1% as a result of more purchases of the raw materials and the Company's strategy to stock up the finished goods for the upcoming orders. Prepaid expenses and other current assets decreased by 22.5% or US$32.5 million as Sichuan Xinda received the refund of prepayment from an equipment supplier in January 2018. Prepayments to equipment and construction suppliers increased by 17.9% or US$34.2 million because HLJ Xinda Group prepaid to an equipment supplier for purchase equipment for the industrial project of upgrading existing equipment for 100,000 metric tons of engineering plastics. The aggregate short-term and long-term bank loans decreased by 7.9% due to the repayments of the loans. We define the manageable debt level as the sum of aggregate short-term and long-term loans, and notes payable over total assets. We expect that we will be able to meet our needs to fund operations, capital expenditures and other commitments in the next 12 months primarily with our cash and cash equivalents, operating cash flows and bank borrowings.
Financial Guidance and Business Outlook
The Company reiterates its financial guidance for fiscal 2018 to range between $1.2 and $1.4billion in revenue. Gross margin in fiscal 2018 is expected to remain stable as compared to that of fiscal 2017. The Company project net income to range between $90and$110million. This is based on the anticipation of a steady recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2018. This forecast also assumes contributions from the Sichuan plant and the Dubai second phase project, which will be completed by the end of second quarter of 2018 and the end of 2018, respectively. It also assumes the average exchange rate of the US dollar to RMB at 6.3. This financial guidance reflects the Company's preliminary view of its business outlook for fiscal 2018 and is subject to revision based on changing market conditions at any time.
Recent Development
This year at National Plastics Exhibition 2018 ("NPE 2018") in Orlando FL, China XD is showcasing to its potential customers its comprehensive product range of petro-based, bio-based and additive manufacturing (aka 3D printing) composite materials, spanning the automotive, ships, high-speed rail, airplanes, bio-degradable materials, medical-grade materials, food packaging, electronic equipment, electrical products, alternative energy applications and power devices. NPE 2018: The Plastics Show is known as the world's leading plastics trade show and features exhibitors from over 2,000 companies to showcase cutting-edge technology through polymer materials, process and full-scale operating prototypes and machinery. Held every three years, this year's event takes place in Orlando, Florida, from May 7-11, 2018. NPE is produced by the Plastics Industry Association (PLASTICS) and includes the entire global plastics supply chain, along with the full range of end-user markets.
Conference Call
China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Thursday, May10, 2018, to discuss its first quarter 2018 financial results. The conference call can be accessed by dialing +1- 845-675- 0437 (for callers in the U.S.), +86-4006- 208-038 (for Mainland China callers) or +852- 3018-6771 (for Hong Kong callers)and entering passcode 2985596.
A recording of the conference call will be available through May 17, 2018, by calling +1-855-452-5696(for callers in the U.S.) and entering pass code 2985596.
A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://chinaxd.net/ .
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 30 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc.The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March31, 2018, 456 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://chinaxd.irpass.com/ , and the Chinese website at http://www.xdholding.com .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies; the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospects of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospects of the Company's Sichuan facility, and its penetration into Southwest China; the prospects of the Company's Harbin facility, and its penetration into Northeast China; the Company's projections of its revenues for performance in fiscal 2018. can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty which could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production which could have a material adverse effect on our results of operations and liquidity; our financial performance which may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies, the tightening control over the Chinese automotive industry, automobile purchase restrictions imposed in certain major cities which may limit market demand for our products;the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov . The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
December 31,
2018
2017
US$
US$
ASSETS
Current assets:
Cash and cash equivalents
50,814,789
190,392,211
Restricted cash
170,455,598
129,699,454
Time deposits
343,505,988
288,023,017
Accounts receivable, net of allowance for doubtful
accounts
190,293,398
298,868,984
Inventories
556,919,906
421,736,682
Prepaid expenses and other current assets
111,816,277
144,326,151
Total current assets
1,423,805,956
1,473,046,499
Property, plant and equipment, net
844,425,358
835,561,739
Land use rights, net
33,025,874
31,943,652
Long-term prepayments to equipment and
construction suppliers
224,826,888
190,627,514
Other non-current assets
13,148,575
12,924,279
Total assets
2,539,232,651
2,544,103,683
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK
AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term loans, including current portion of long-term bank loans
674,006,093
775,396,929
Bills payable
431,472,146
252,768,510
Accounts payable
47,678,749
227,993,140
Income taxes payable
15,879,046
17,710,217
Accrued expenses and other current liabilities
144,619,028
138,605,509
Total current liabilities
1,313,655,062
1,412,474,305
Long-term bank loans, excluding current portion
145,577,201
114,208,319
Deferred income
108,962,772
99,168,276
Other non-current liabilities
111,839,048
107,898,318
Total liabilities
1,680,034,083
1,733,749,218
Redeemable Series D convertible preferred stock
(redemption amount of US$252,601,000 and
US$244,044,200 as of March 31, 2018 and
December 31, 2017, respectively)
97,576,465
97,576,465
Stockholders' equity:
Series B preferred stock
100
100
Common stock, US$0.0001 par value, 500,000,000
shares authorized, 49,748,731 shares and
49,748,731 shares issued, 49,727,731 shares and
49,727,731 shares outstanding as of March 31,
2018 and December 31, 2017, respectively
4,975
4,975
Treasury stock, 21,000 shares at cost
(92,694)
(92,694)
Additional paid-in capital
83,242,685
83,159,893
Retained earnings
667,890,370
648,790,469
Accumulated other comprehensive income (loss)
10,576,667
(19,084,743)
Total stockholders' equity
761,622,103
712,778,000
Commitments and contingencies
-
-
Total liabilities, redeemable convertible
preferred stock and stockholders' equity
2,539,232,651
2,544,103,683
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three-Month Period Ended March 31,
2018
2017
US$
US$
Revenues
310,453,033
237,840,197
Cost of revenues
(256,585,577)
(203,068,027)
Gross profit
53,867,456
34,772,170
Selling expenses
(1,051,009)
(518,813)
General and administrative expenses
(8,875,009)
(7,053,671)
Research and development expenses
(5,049,898)
(5,851,100)
Total operating expenses
(14,975,916)
(13,423,584)
Operating income
38,891,540
21,348,586
Interest income
2,312,623
1,163,259
Interest expense
(12,894,205)
(10,021,976)
Foreign currency exchange losses
(3,955,808)
(476,085)
Losses on foreign currency option contracts
(520,981)
-
Government grant
1,477,559
1,439,531
Total non-operating expense, net
(13,580,812)
(7,895,271)
Income before income taxes
25,310,728
13,453,315
Income tax expense
(6,210,827)
(3,552,326)
Net income
19,099,901
9,900,989
Earnings per common share:
Basic and diluted
0.29
0.15
Net Income
19,099,901
9,900,989
Other comprehensive income
Foreign currency translation adjustment, net of
nil income taxes
29,661,410
3,918,303
Comprehensive income
48,761,311
13,819,292
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three-Month Period Ended March 31,
2018
2017
US$
US$
Cash flows from operating activities:
Net cash provided by (used in) operating
activities
28,429,789
(47,564,499)
Cash flows from investing activities:
Purchase of time deposits
(163,426,937)
(59,853,272)
Proceeds from maturity of time deposits
119,741,660
168,083,097
Purchase of and deposits for property, plant
and equipment
(64,469,960)
(328,428,788)
Refund of deposit from an equipment supplier
60,054,417
75,052,508
Purchases of land use rights
-
(3,036,333)
Government grantrelated to the industrial
project for 300,000 metric tons
biological composite materials
6,953,816
-
Net cash used in investing activities
(41,147,004)
(148,182,788)
Cash flows from financing activities:
Proceeds from bank borrowings
251,134,403
316,586,547
Repayment of bank borrowings
(347,339,779)
(188,024,421)
Net cash (used in) provided by financing activities
(96,205,376)
128,562,126
Effect of foreign currency exchange rate
changes on cash, cash equivalents, and
restricted cash
10,101,313
1,608,314
Net decrease in cash, cash equivalents, and
restricted cash
(98,821,278)
(65,576,847)
Cash, cash equivalents, and restricted cash
at beginning of period
320,091,665
271,575,847
Cash, cash equivalents, and restricted cash
at end of period
221,270,387
205,999,000
Supplemental disclosure of cash flow
information:
Interest paid, net of capitalized interest
11,062,464
8,482,216
Income taxes paid
7,064,571
5,057,042
Non-cash investing and financing activities:
Accrual for purchase of property, plant and
equipment
196,911
4,147,349
The following table shows a reconciliation of cash, cash equivalents and restricted cash on the condensed consolidated balance sheets to that presented in the above condensed consolidated statements of cash flows.
Three-Month Period Ended March 31,
2018
2017
US$
US$
Cash and cash equivalents
50,814,789
57,695,720
Restricted cash
170,455,598
148,303,280
Total cash, cash equivalents, and restricted
cash shown in the statement of cash flows
221,270,387
205,999,000
CHINA XD PLASTICS COMPANY LIMITED
Reconciliation of Net Income to EBITDA
(Amounts expressed in United States Dollars)
Three Months Ended
March 31
2018
2017
Net income
$19,099,901
$9,900,989
Interest expense
12,894,205
10,021,976
Provision for income taxes
6,210,827
3,552,326
Depreciation and
amortization expense
11,442,287
10,493,783
EBITDA
$49,647,220
$33,969,074
View original content: http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-first-quarter-2018-financial-results-300646258.html
SOURCE China XD Plastics Company Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-specialty-chemical-company-china-xd-plastics-announces-first-quarter-2018-financial-results.html |
May 7 (Reuters) - Redsense Medical AB (publ):
* Q1 REVENUE SEK 1.2 MILLION VERSUS SEK 445,000 YEAR AGO * Q1 PRETAX LOSS SEK 1.1 MILLION VERSUS LOSS SEK 2.5 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-redsense-medical-q1-pretax-loss-na/brief-redsense-medical-q1-pretax-loss-narrows-to-sek-1-1-million-idUSFWN1SD028 |
NEW YORK--(BUSINESS WIRE)-- MSCI Inc. (NYSE:MSCI) (“MSCI”), a leading provider of indexes and portfolio construction and risk management tools and services for global investors, announced today that it priced its private offering of $500.0 million aggregate amount of 5.375% senior notes due 2027 (the “notes”) at an issue price of 100.0% to yield 5.375% (the “Offering”). The notes were previously announced as maturing on November 2026. The final terms of the notes provide for a maturity date of May 15, 2027. Interest on the notes will be 5.375%, and will be payable in cash semi-annually, beginning on November 15, 2018. The Offering is expected to settle on May 18, 2018, subject to customary closing conditions. MSCI intends to use the net proceeds from the Offering for general corporate purposes, including, without limitation, buybacks of its common stock and potential acquisitions. The notes will be senior unsecured obligations of MSCI and will be guaranteed by MSCI and certain of its domestic subsidiaries.
The notes are being offered only to (i) persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and (ii) certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws and therefore may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
About MSCI
For more than 45 years, MSCI's research-based indexes and analytics have helped the world’s leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research.
MSCI serves 99 of the top 100 largest money managers, according to the most recent P&I ranking.
For more information, visit us at www.msci.com . MSCI#IR
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect our actual results, levels of activity, performance or achievements.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2018 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006508/en/
MSCI Inc.
Investors
Andrew Wiechmann, + 1 212-804-3986
[email protected]
or
Media
Samuel Wang, + 1 212-804-5244
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Source: MSCI Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-msci-prices-500-million-5-point-375-percent-senior-notes-due-2027.html |
MOSCOW, May 3 (Reuters) - The Russian military said a Sukhoi-30 multi-role fighter jet had crashed in Syria on Thursday, killing both of its pilots, Russian news agencies reported.
The agencies, citing a defence ministry statement, said the jet had crashed after taking off and was not shot down.
The RIA news agency said the crash may have been caused by a bird strike. (Reporting by Maria Kiselyova Writing by Maria Tsvetkova Editing by Andrew Osborn)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-crisis-syria-russia-crash/russia-says-war-plane-crashes-in-syria-killing-two-pilots-agencies-idUSR4N1S401J |
May 14 (Reuters) - Asian Mineral Resources Ltd:
* ASIAN MINERAL RESOURCES ANNOUNCES DIVESTMENT OF BAN PHUC NICKEL MINE
* ASIAN MINERAL RESOURCES LTD - TO DIVEST ITS 90% OWNERSHIP INTEREST IN BAN PHUC NICKEL MINE IN VIETNAM TO TA KHOA MINING LIMITED
* ASIAN MINERAL RESOURCES LTD - DEAL FOR $3.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-asian-mineral-resources-to-divest/brief-asian-mineral-resources-to-divest-90-pct-ownership-interest-in-ban-phuc-nickel-mine-idUSFWN1SL0NT |
April 30 (Reuters) - AGROB IMMOBILIEN AG:
* Q1 REVENUES OF EUR 2.75 MILLION (PREVIOUS YEAR: EUR 2.84 MILLION)
* Q1 EBIT AT 1.3 EUR MILLION VERSUS EUR 1.2 MILLION YEAR AGO
* Q1 NET PROFIT AT EUR 835,000 VERSUS EUR 759,000 YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agrob-immobilien-q1-net-profit-at/brief-agrob-immobilien-q1-net-profit-at-eur-835000-idUSFWN1S702L |
BERLIN (Reuters) - U.S. President Donald Trump’s new ambassador to Germany, Richard Grenell, warned German companies to halt activities in Iran after the U.S. leader said Washington was pulling out of the Iran nuclear deal and would reimpose sanctions.
Grenell, a long-time critic of the 2015 nuclear deal, posted the warning on Twitter just hours after arriving in Berlin and presenting his credentials to the German president.
Trump made the announcement in a televised address from the White House, in a move that will raise the risk of conflict in the Middle East, upset Germany and America’s other European allies, and unsettle global oil markets.
“US sanctions will target critical sectors of Iran’s economy,” Grenell said in his first posting on Twitter after arriving in Germany. “German companies doing business in Iran should wind down operations immediately.”
German industry reacted nervously to the U.S. announcement, warning that European companies could face U.S. fines if their Iranian business partners wound up on U.S. sanctions lists.
Grenell is starting his job in Berlin nearly 16 months after his predecessor John Emerson left the country.
A Republican foreign policy writer and avid Twitter user, Grenell was an aide to Trump’s new national security adviser, John Bolton, when Bolton was former Republican President George W. Bush’s ambassador to the United Nations. Grenell served as the U.S. spokesman at the United Nations from 2001 to 2008, and then worked as a contributor to Fox News.
The U.S. Senate confirmed Grenell on April 26, making him the highest-ranking openly gay official in the Trump administration. The next day, he joined Trump at the White House to welcome Chancellor Angela Merkel for talks that produced little movement on trade disputes or the Iran accord.
Trump had nominated Grenell in September but key Democrats help up his confirmation, citing concerns about what they called Grenell’s history of making statements insulting to women politicians on the internet and during television appearances.
Asked about such comments during his confirmation hearing, Grenell said he was trying to be funny, not insulting, and would not have made such statements while serving as a U.S. public official.
Reporting by Andrea Shalal; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany-grenell/german-firms-should-wind-down-iran-operations-immediately-u-s-envoy-idUSKBN1I92YP |
May 8 (Reuters) - Zebra Technologies Corp:
* ZEBRA TECHNOLOGIES ANNOUNCES FIRST-QUARTER 2018 RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $2.56
* Q1 SALES $977 MILLION VERSUS I/B/E/S VIEW $935.5 MILLION * Q1 EARNINGS PER SHARE VIEW $2.05 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $2.10 TO $2.30
* SEES Q2 2018 SALES UP ABOUT 9 TO 12 PERCENT * FOR FULL YEAR 2018, COMPANY EXPECTS FREE CASH FLOW TO EXCEED $500 MILLION
* ADJUSTED EBITDA MARGIN IS NOW EXPECTED TO BE APPROXIMATELY 20% FOR FULL YEAR 2018
* Q2 EARNINGS PER SHARE VIEW $2.11, REVENUE VIEW $952.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zebra-technologies-announces-q1-ea/brief-zebra-technologies-announces-q1-earnings-per-share-2-01-idUSASC0A0CX |
(Adds strategist Quote: s and details on activity; updates prices) * Canadian dollar at C$1.2798, or 78.14 U.S. cents * Bond prices fall across steeper yield curve * 10-year yield touches a four-year high at 2.537 percent By Fergal Smith TORONTO, May 17 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Thursday, pulling back from a near one-week high as investors turned attention to domestic inflation and retail sales data due on Friday. At 4 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.1 percent lower at C$1.2798 to the greenback, or 78.14 U.S. cents. The currency touched its strongest since May 11 at C$1.2749. "We haven't done anything too significant here," said Amo Sahota, director at Klarity FX in San Francisco. "We're getting ready for tomorrow morning's main event." Canada's inflation report for April and March retail sales data could help guide expectations for further interest rate hikes from the Bank of Canada. The central bank has raised its benchmark rate three times since July to leave it at 1.25 percent. "They are two very important numbers for Canada," Sahota said. On Wednesday, Bank of Canada Deputy Governor Lawrence Schembri said uncertainty about the North American Free Trade Agreement (NAFTA) renegotiations is one of the reasons the central bank has kept interest rates low. Canadian Prime Minister Justin Trudeau said on Thursday he felt "positive" about talks to rework NAFTA, while a top Mexican official held out hope a deal could be hammered out by the end of May. U.S. officials say the negotiations need to wrap up very soon to give the current Congress time to vote on a final text for a revamped trade pact. U.S. crude oil futures pulled back from an earlier 3-1/2-year high to settle flat at $71.49 a barrel. Oil is one of Canada's major exports. Foreign investment in Canadian securities picked up in March as investors purchased money market instruments, even as they reduced their bond holdings for a fourth consecutive month, Statistics Canada said. Canada added 30,200 jobs in April, led by hiring in professional and business services, trade, and manufacturing, according to a report from ADP. Canadian government bond prices were lower across a steeper yield curve, with the two-year down 1 Canadian cent to yield 2.064 percent and the 10-year falling 16 Canadian cents to yield 2.520 percent. The 10-year yield touched its highest intraday level since April 2014 at 2.537 percent. (Reporting by Fergal Smith; editing by Jonathan Oatis and James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-retreats-from-near-1-week-high-ahead-of-inflation-data-idUSL2N1SO24M |
May 8 (Reuters) - Kura Oncology Inc:
* KURA ONCOLOGY REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* KURA ONCOLOGY INC - QTRLY LOSS PER SHARE $0.46
* KURA ONCOLOGY INC - CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS TOTALED $138.2 MILLION AS OF MARCH 31, 2018
* KURA ONCOLOGY - EXPECTS CURRENT CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS TO BE SUFFICIENT TO FUND CURRENT OPERATIONS INTO FIRST HALF OF 2020 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kura-oncology-reports-qtrly-loss-p/brief-kura-oncology-reports-qtrly-loss-per-share-of-0-46-idUSASC0A0N1 |
May 16, 2018 / 4:25 AM / Updated an hour ago SE Asia Stocks-Most follow Asia lower; Philippines down 1.7 pct Reuters Staff 4 Min Read * Philippines snaps three sessions of gains * Indonesia falls for a third straight session * By Karthika Suresh Namboothiri May 16 (Reuters) - Most Southeast Asian stock markets slipped on Wednesday tracking Asian peers after North Korea called off talks with Seoul while the 10-year U.S. Treasury yield hit a seven-year high, sparking fears of faster fund outflows from regional equities. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent after the U.S. 10-year paper crossed 3 percent on Tuesday, hurting U.S. equity markets on concerns it would undercut stock valuations. "If bonds are embarked on a journey to higher yields, then the recent outflows from troubled EM (emerging markets) countries could become even greater," ING said in a note. North Korea threw into question next month's summit between Kim Jong Un and U.S. President Donald Trump, denouncing on Wednesday U.S.-South Korean military exercises as a provocation and calling off high-level talks with Seoul. In Southeast Asia, Philippines shares erased earlier gains and were trading down as much as 1.7 percent as investors booked some profits following three consecutive days of gain. A fall in March remittances also hurt sentiment, said Charles William Ang, Associate Analyst at Manila based COL Financial Group, Inc. Foreign remittances into the Philippines in March fell 9.8 percent from last year, its steepest drop in 15 years, according to central bank data released on Tuesday. SM Investment slid as much as 2.2 percent while real estate developer SM Prime Holdings fell over 2.5 percent. Singapore stocks shed half a percent, dragged down by real estate stocks. City Development fell as much as 3.2 percent. Indonesian shares slid for a third straight session, down as much as 1.6 percent, dragged down by financials and consumer stocks. Unilever Indonesia, down as much as 4.5 percent, was the biggest drag. Data showed on Tuesday the country posted its biggest trade deficit in four years in April. Meanwhile, Malaysian stocks climbed 0.4 percent, with telecom service provider Maxis Bhd gaining 2.7 percent and Astro Malaysia rising as much as 2.9 percent. A senior adviser to the Malaysian government said on Tuesday that a strategy for the removal of goods and services tax would be announced within hundred days. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0420 GMT Change on the day Market Current Previous close Pct Move Singapore 3536.29 3540.23 -0.11 Bangkok 1755.98 1766.86 -0.62 Manila 7797.19 7885.97 -1.13 Jakarta 5772.409 5838.116 -1.13 Kuala Lumpur 1854.73 1848.2 0.35 Ho Chi Minh 1069.78 1073.5 -0.35 Change on year Market Current End 2017 Pct Move Singapore 3536.29 3402.92 3.92 Bangkok 1755.98 1753.71 0.13 Manila 7797.19 8558.42 -8.89 Jakarta 5772.409 6355.654 -9.18 Kuala Lumpur 1854.73 1796.81 3.22 Ho Chi Minh 1069.78 984.24 8.69 (Reporting by Karthika Suresh Namboothiri; Editing by Vyas Mohan) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-follow-asia-lower-philippines-down-1-7-pct-idUSL3N1SN23Q |
SAN DIEGO, May 9, 2018 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that its Board of Directors has approved, effective immediately, a new $10 billion stock repurchase authorization that replaces the previous $15 billion stock repurchase program announced in March 2015, which had $1.2 billion of repurchase authority remaining.
"Consistent with our commitment to return capital to our stockholders, we are pleased that our Board has approved a new stock repurchase authorization, which enables our continued anti-dilutive share repurchases and provides flexibility for potential additional repurchases, as we execute on our proposed acquisition of NXP," said Steve Mollenkopf, CEO of Qualcomm Incorporated. "Since our capital return programs began in 2003, we have returned more than $60 billion to stockholders through a combination of stock repurchases and cash dividends."
The new stock repurchase authorization has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at the Company's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, accelerated share repurchase programs, through privately negotiated transactions or through the use of derivative instruments.
About Qualcomm
Qualcomm invents breakthrough technologies that transform how the world connects and communicates. When we connected the phone to the Internet, the mobile revolution was born. Today, our inventions are the foundation for life-changing products, experiences, and industries. As we lead the world to 5G, we envision this next big change in cellular technology spurring a new era of intelligent, connected devices and enabling new opportunities in connected cars, remote delivery of health care services, and the IoT — including smart cities, smart homes, and wearables. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, all of our engineering, research and development functions, and all of our products and services businesses, including, the QCT semiconductor business. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.
Note Regarding Forward-Looking Statements
In addition to the historical information contained herein, this news release contains forward looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding our commitment to return capital to our stockholders; our focus on closing our pending acquisition of NXP and driving the global commercialization of 5G; the timing and number of shares to be repurchased, the types of transactions through which shares may be repurchased and the funding sources to be used to effectuate repurchases. Forward-looking statements are generally identified by words such as "estimates," "guidance," "expects," "anticipates," "intends," "plans," "believes," "seeks" and similar expressions. Actual results may differ materially from those referred to in the due to a number of important factors, including but not limited to: our ability to generate sufficient cash flows to enable stock repurchases; our proposed acquisition of NXP; commercial network deployments, expansions and upgrades of CDMA, OFDMA and other communications technologies, our customers' and licensees' sales of products and services based on these technologies and our customers' demand for our products and services; competition in an environment of rapid technological change; our dependence on a small number of customers and licensees; our dependence on the premium-tier device segment; attacks on our licensing business model, including current and future legal proceedings and governmental investigations and proceedings, or actions of quasi-governmental bodies or standards or industry organizations; potential changes in our patent licensing practices, whether due to governmental investigations, private legal proceedings challenging those practices, or otherwise; the enforcement and protection of our intellectual property rights; our ability to extend our technologies, products and services into new and expanded product areas and adjacent industry segments; risks associated with operation and control of manufacturing facilities of our joint venture, RF360 Holdings; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio, and which may be impacted by the proliferation of devices in new industry segments such as automotive and IoT, and the need to extend license agreements that are expiring; our dependence on a limited number of third-party suppliers; claims by third parties that we infringe their intellectual property; strategic acquisitions, transactions and investments; our cost reduction plan; our compliance with laws, regulations, policies and standards; our use of open source software; our stock price and earnings volatility; our indebtedness; security breaches or other misappropriation of our intellectual property or proprietary or confidential information; potential tax liabilities; global regional or local economic conditions that impact the industries in which we operate; our ability to attract and retain qualified employees; foreign currency fluctuations; and failures in our products or services or in the products or services of our customers or licensees, including those resulting from security vulnerabilities, defects or errors. These and other risks are set forth in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 25, 2018 filed with the SEC. Our reports filed with the SEC are available on our website at www.qualcomm.com . We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
Qualcomm Contact:
John Sinnott, Investor Relations
Phone: 1-858-658-4813
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/qualcomm-announces-new-10-billion-stock-repurchase-authorization-300645868.html
SOURCE Qualcomm Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-qualcomm-announces-new-10-billion-stock-repurchase-authorization.html |
May 19, 2018 / 11:05 AM / Updated 5 hours ago Iran says oil export drop not expected if EU saves nuclear deal Alissa de Carbonnel 4 Min Read
TEHRAN (Reuters) - Iranian Oil Minister Bijan Zanganeh said on Saturday that U.S. President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the EU could salvage the pact. FILE PHOTO: Iran's Oil Minister Bijan Zanganeh talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger
“Every new decision in OPEC needs unanimity... I believe that if the European Union helps us... the level of the oil exports of Iran will not change,” Zanganeh told reporters after a meeting with the EU’s energy chief Miguel Arias Canete.
Following Trump’s decision on May 8, the U.S. Treasury said Washington would reimpose a wide array of Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran’s oil sector and transactions with its central bank.
The EU wants to salvage the 2015 nuclear deal, which offers the Islamic Republic relief from economic sanctions in exchange for curbs on its nuclear programme. Europe sees the agreement as an important element of international security.
During the last round of sanctions, Iran’s oil supplies fell by around one million barrels per day, but the country re-emerged as a major oil exporter after sanctions were lifted in 2016.
However major European companies, partly wary of the remaining U.S. sanctions on Iran, have been reluctant to do business with Tehran, which needs to attract over $100 billion in foreign investment to boost its crude output.
“I have no doubt that these extraterritorial sanctions from U.S. against Iran will have an impact on (foreign) investment in Iran,” Zanganeh told reporters. “It will not stop us but will reduce the rate of growth.” BOOSTING TRADE
In the wake of new U.S. sanctions, some buyers of OPEC’s third-largest oil producer said they would seek U.S. waivers to purchase Iranian crude. “Our main customers are in Asia ... but we expect to preserve and save this level of exports to Europe and Africa,” he said.
Arias Canete, who is in Tehran for a two-day trip, presented Iranian counterparts with an array of potential measures drafted by the EU this week to mitigate the impact of U.S. sanctions in a bid to bolster moderates around President Hassan Rouhani, who want to keep trade open with the West.
“We want to solve all the problems that are impeding normal trade in oil,” Arias Canete said.
Zanganeh said Iran was particularly keen for the EU to act on a proposal urging EU governments make direct euro-denominated payments for oil exports to Iran’s central bank, bypassing the U.S. financial system.
Other measures included renewing a sanctions-blocking measure to protect European businesses in Iran and allowing the European Investment Bank to do business in Iran.
EU investment in Iran, mainly from Germany, France and Italy, has jumped to more than 20 billion euros since 2016, in projects ranging from aerospace to energy.
But some foreign firms have already started signaling their intent to pull back from Iran.
The French energy company Total (TOTF.PA) said on Wednesday it will pull out of a multibillion-dollar gas project in Iran if it cannot secure a waiver from U.S. sanctions. Iran had hailed the contract as a symbol of the accord’s success.
“If Total does not receive U.S. waivers, they will quit and will be replaced by a Chinese company,” Zanganeh said.
French gas and power group Engie (ENGIE.PA), Polish gas firm PGNiG (PGN.WA) and German lender DZ Bank were the latest companies on Friday to say that their business dealings with Iran would be affected by new U.S. sanctions.
Zanganeh said other countries such as Russia and China were keen to fill the vacuum left by the potential exit of European investors.
“The Chinese are very eager. Two big companies SINOPEC and CNPC are our historical partners for Iran. In the biggest fields in Iran they are eager to be involved,” Zanganeh said. Writing by Parisa Hafezi, Editing by William Maclean and Ros Russell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-oil/iran-says-oil-export-drop-not-expected-if-eu-saves-nuclear-deal-idUKKCN1IK0DK |
May 8 (Reuters) - OncoSec Medical Inc:
* ONCOSEC EXPANDS RELATIONSHIP WITH MERCK, ANNOUNCES CLINICAL COLLABORATION TO EVALUATE COMBINATION OF IMMUNOPULSE IL-12 AND KEYTRUDA FOR TRIPLE NEGATIVE BREAST CANCER
* ONCOSEC MEDICAL - PLANNED TRIAL WILL EVALUATE SAFETY, EFFICACY OF COMBINATION IN CERTAIN PATIENTS WITH INOPERABLE LOCALLY ADVANCED OR METASTATIC TNBC
* ONCOSEC MEDICAL SAYS UNDER COLLABORATION AGREEMENT, ONCOSEC WILL SPONSOR, FUND STUDY AND MERCK WILL PROVIDE KEYTRUDA
* ONCOSEC MEDICAL SAYS ADDITIONAL DETAILS OF THE COLLABORATION WERE NOT DISCLOSED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oncosec-expands-relationship-with/brief-oncosec-expands-relationship-with-merck-for-combination-of-immunopulse-il-12-and-keytruda-idUSB8N1LI03M |
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
The current controversy over data privacy may look like a tempest in a teapot compared to the possible misuses of artificial intelligence. Or as Fei-Fei Li, chief scientist for AI at Google Cloud, put it in a recent email: “I don’t know what would happen if the media starts picking up a theme that Google is secretly building AI weapons or AI technologies to enable weapons for the Defense industry.”
Good morning at midweek. Aaron in for Adam, thinking about whether it should be Arnold Schwarzenegger’s Terminator or Majel Barrett-Roddenberry’s Star Trek computer voice that comes to mind when we consider the future of AI.
A trio of New York Times reporters has dug into the internal debate at Google over developing AI applications for the military after the company won a Pentagon contract to do just that. The reporters got their hands on the Li email, as well as many others, to reveal just how controversial the Pentagon work is inside the company. Some of this has been reported previously, like Gizmodo’s report about Google employees resigning over the contract. But the Times report includes considerable new detail and nuance.
And it also goes to show that we probably can’t rely on tech companies to police themselves when it comes to dangerous AI developments. Not only did Google take the military work, citing the fact that competitors Amazon (amzn) and Microsoft (msft) were already in the running, but its all-too-frequent arrogance was also on display. Google co-founder Sergey Brin explained to employees last week, according to the Times , that it would be better for the world if military groups engaged with Google rather than just traditional defense contractors. That’s a rationalization that could justify almost any unethical or risky decision. Google (googl) also says it’s developing guidelines that will include a ban on AI work in weaponry.
Still, the debate over whether or how to regulate artificial intelligence is just getting started. AI expert Amitai Etzioni and his son and fellow expert Oren Etzioni penned a lengthy essay last year arguing against regulation . He’s out of media favor right now, but Tesla (tsla) CEO Elon Musk has been the most vocal on the other side of the debate, calling for strong and immediate regulation .
But if there’s one take away from all of the recent reporting, it’s that decisions must be made soon, because the industry is racing ahead now. | ashraq/financial-news-articles | http://fortune.com/2018/05/30/controversial-google-military-ai-contract-fuels-ai-regulation-debate/?iid=recirc_f500landing-zone2 |
May 19, 2018 / 2:59 AM / Updated 4 hours ago ISS sides against two Tesla directors, backs split of Musk's roles Ross Kerber 3 Min Read
BOSTON (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) recommended on Friday that investors vote against Tesla Inc ( TSLA.O ) directors Antonio Gracias and James Murdoch, increasing pressure on the car maker over their roles on its board. FILE PHOTO: A Tesla charging station is seen in Salt Lake City, Utah, U.S. on September 28, 2017. REUTERS/Lucy Nicholson/File Photo
ISS also backed two shareholder proposals to be voted on at the company’s annual meeting set for June 5, including one that would require it to separate the current chairman and CEO roles of founder Elon Musk.
“The complexity of large-scale manufacturing and the challenges of successfully commercializing new technologies and new manufacturing and marketing techniques suggest that shareholders would be better served by having Musk focus on running the company, and allowing an independent director to run the board,” according to a copy of ISS’ recommendations seen by Reuters.
The recommendations by the top proxy adviser echo those made earlier this week by rival Glass Lewis, although ISS did side with Tesla and recommend investors vote for Musk’s brother and current director Kimbal Musk.
Union-affiliated activist CtW Investment Group has criticized the three Tesla directors up for election this year as being too close to Elon Musk or unqualified.
In its report, ISS wrote that Gracias, CEO of Valor Management Corp, is not sufficiently independent for key board committees. It also cited concerns regarding the lack of performance-based elements in Tesla’s pay plan in recommending the vote against Gracias, a compensation committee member.
ISS wrote that Murdoch is “overboarded” since he serves as the CEO of Twenty-First Century Fox Inc ( FOXA.O ) and on other boards.
A Tesla director not up for election this year because of the board’s staggered election schedule is Steve Jurvetson. He has been on leave from Tesla’s board since November when he also resigned from venture capital firm Draper Fisher Jurvetson (DFJ) amid an internal DFJ probe into sexual harassment allegations made against him, which he denied.
ISS wrote Tesla’s proxy notes Jurvetson’s leave but not the background, and said that Tesla “shareholders should expect a greater degree of transparency from the company as to the reason he remains on leave” and about his future status. Reporting by Ross Kerber; Editing by Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-tesla-directors/proxy-adviser-iss-recommends-votes-against-two-tesla-directors-idUKKCN1IK03M |
May 6, 2018 / 3:14 PM / Updated 39 minutes ago French government faces legal pressure over arms sales to Saudi, UAE Reuters Staff 3 Min Read
PARIS (Reuters) - Two rights groups campaigning for the French government to halt weapons sales to Saudi Arabia and the United Arab Emirates said on Sunday they were taking their case to France’s highest legal authority. FILE PHOTO: French President Emmanuel Macron attend a joint news conference with Switzerland's President at the Elysee Palace in Paris, France, July 18, 2017. REUTERS/Gonzalo Fuentes/File Photo
President Emmanuel Macron has come under pressure from rights groups to scale back ties with a Saudi-led coalition that has intervened in Yemen’s civil war, where more than 10,000 people have been killed since 2015.
Droit Solidarite, a legal NGO, and Aser, which specialises in armament issues, demanded in March that export licenses to Saudi Arabia and the UAE be withdrawn. They gave Prime Minister Edouard Philippe a two-month ultimatum.
They have had no response, so the groups said they would present a legal challenge on Monday to the Conseil d’Etat, France’s highest legal authority, which advises the government on legislative matters and arbitrates on public policy issues.
“It will be up to (Council of State) to decide on the legality of the export licence authorisations issued by the prime minister,” ASER et Droit Solidarite said in a statement.
The two argue that France is violating national and international law by selling arms that are being used in the conflict in Yemen. The United Nations and rights groups accuse the coalition of targeting civilians, which amounts to a war crime, a charge the coalition denies.
The French government was not immediately available for comment.
Saudi Arabia and the UAE are major purchasers of French arms, and the country’s top defence firms, such as Dassault ( AVMD.PA ) and Thales ( TCFP.PA ) have big contracts in the Gulf.
The Saudi-led coalition is fighting on the side of an internationally recognised Yemeni government against the Iran-aligned Houthi group.
Since the war began, at least three million people have been displaced and Yemen has been plunged into a humanitarian disaster.
Unlike many if its allies, in France - the world’s third-biggest arms exporter - export licensing procedures have no parliamentary checks or balances, and are approved through a committee headed by the prime minister.
Some European states, including Germany, have curtailed links with the Saudi-led military coalition, though France, Britain and the United States have not followed suit. Reporting by Sarah White, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-yemen-security-france/french-government-faces-legal-pressure-over-arms-sales-to-saudi-uae-idUKKBN1I70LM |
Palestinians protest as Nakba Day draws near 12:10pm EDT - 01:18
Demonstrators are protesting for the last Friday of a six-week protest at the Gaza-Israel border ahead of the U.S. relocating their embassy from Tel Aviv to Jerusalem.
Demonstrators are protesting for the last Friday of a six-week protest at the Gaza-Israel border ahead of the U.S. relocating their embassy from Tel Aviv to Jerusalem. //reut.rs/2G81nps | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/palestinians-protest-as-nakba-day-draws?videoId=425940024 |
May 29, 2018 / 6:06 PM / Updated 40 minutes ago Former WPP chief Sorrell attempts marketing comeback - Sky News Reuters Staff 2 Min Read
LONDON (Reuters) - Martin Sorrell, who stepped down just six weeks ago as chief executive of WPP ( WPP.L ), the world’s biggest advertising group, is attempting a comeback through a new marketing company, Sky News reported on Tuesday. FILE PHOTO: Sir Martin Sorrell, then chairman and CEO of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017. REUTERS/Eric Gaillard/File Photo
Sorrell will announce he is to become chairman of a little-known financial holding company, Derriston Capital ( DERR.L ), and use it to build a “next generation marketing services group”, the broadcaster said.
Derriston, which was listed on the London Stock Exchange in 2016, did not immediately return a call for comment.
Sky News, citing an unnamed source close to the transaction, said Derriston would acquire S4 Capital, an entity controlled by Sorrell, and that Sorrell would put 40 million pounds of his own money into the venture.
Institutional investors including Lombard Odier, Miton, RIT Capital Partners, Schroders and Toscafund would add a further 11 million pounds.
Sorrell, the driving force behind 33 years of dealmaking and relentless expansion at WPP, stepped down on April 14 after the board investigated an allegation of misconduct.
WPP discontinued the investigation after Sorrell quit. He denied the allegations but in a letter to WPP staff published when he departed, he said the “current disruption” was “putting too much unnecessary pressure on the business”.
Present in 112 countries, WPP serves clients including Ford, Unilever, P&G and a string of other major corporations around the world. Reporting by David Milliken, editing by David Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-derriston-cap-sorrell/former-wpp-chief-sorrell-to-take-new-role-at-derriston-sky-news-idUKKCN1IU2EE |
May 9, 2018 / 12:16 PM / in 29 minutes Zurich Insurance plays down M&A talk as first quarter premiums beat Carolyn Cohn , Michael Shields 3 Min Read
ZURICH/LONDON (Reuters) - Zurich Insurance ( ZURN.S ) has no plans for a big merger, it said on Wednesday, despite speculation of a pick-up in dealmaking in the industry and that the Swiss company could get involved. FILE PHOTO: The logo of Zurich Insurance Group is seen at the company's headquarters in Zurich, Switzerland September 2, 2013. REUTERS/Arnd Wiegmann/File Photo
The insurer’s comments came as it beat analysts’ forecasts with a 5 percent rise in property and casualty (P&C) premiums for the first quarter.
Zurich’s share price has fluctuated in recent weeks on speculation of a takeover bid by rival Allianz ( ALVG.DE ). Allianz CEO Oliver Baete said in an interview with the Financial Times this week he was open to a merger of equals.
French insurer AXA’s ( AXAF.PA ) recent $15 billion purchase of Bermuda-based XL ( XL.N ) has also driven talk of more consolidation in the industry, following a record year for insurance losses from natural disasters in 2017.
“We don’t exist to do M&A,” Zurich’s chief financial officer George Quinn told an analysts’ call, saying the focus for Europe’s fifth-largest insurer was on smaller transactions.
“We don’t believe in this large-scale multi-market approach to M&A, it’s a huge distraction for the business. It’s pretty rare that in this world, two plus two equals four, or more than four.”
Zurich generated $9.33 billion in P&C gross written premiums in the first quarter, up 5 percent in dollar terms but down 1 percent like-for-like as the firm focused on profitability.
Gross written premiums for P&C had been expected at around $9.1 billion, according to a Reuters survey of three analysts.
Zurich did not give first-quarter profit figures, but said it was continuing to make good progress towards its 2017-2019 targets. It is targeting $1.5 billion in cost cuts by the end of 2019.
Vontobel analysts described the results as a “relatively solid start to the year”, reiterating their “hold” rating on the stock.
For the flagship P&C business, growth in Asia-Pacific and Latin America was mainly offset by curtailed activity in North America.
P&C premium rate increases totalled around 2 percent overall, though Quinn said rates in North American regions affected by last year’s natural catastrophes such as hurricanes and wildfires were likely to rise further.
Zurich’s life insurance premium sales rose 13 percent like-for-like to $1.25 billion on an annual premium equivalent basis, which takes account of policies with large single payments as well as those with regular annual payments.
The new business margin for life insurance was 25.2 percent and the new business value was stable at $273 million.
At 1245 GMT, Zurich’s shares were up 0.4 percent at 318.30 Swiss francs. Additional reporting by Paul Arnold; Editing by Brenna Hughes Neghaiwi and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-zurich-ins-group-m-a/zurich-insurance-doesnt-believe-in-large-scale-ma-cfo-idUSKBN1IA1RH |
May 5, 2018 / 10:46 AM / Updated 22 minutes ago 'Traumatised' Kiprop vows to prove innocence Isaack Omulo 5 Min Read
ELDORET, Kenya (Reuters) - Kenya’s former Olympic and world 1,500 metres champion Asbel Kiprop said he was traumatised by the news that he failed a doping test for the banned blood-booster EPO and vowed to prove his innocence. FILE PHOTO: Asbel Kiprop of Kenya reacts after winning the men's 1500 metres final during the 15th IAAF World Championships at the National Stadium in Beijing, China, August 30, 2015. REUTERS/Phil Noble/File Photo
The Athletics Integrity Unit (AIU) confirmed on Friday that Kiprop has tested positive following an out-of-competition test in November last year.
“My family and I are devastated. I am traumatised,” Kiprop, a Chief Inspector in Kenya’s police force, told Reuters on Saturday.
“The line of questioning I was subjected to earlier strongly suggested somebody had an axe to grind.”
Kiprop, 28, said in a long statement on Thursday that his urine sample might have been tampered with by testers who tipped him off about their visit and took a payment from him.
The AIU, an Independent body set up to combat corruption and unethical conduct within athletics on behalf of the sport’s ruling body the IAAF, said it had investigated and was satisfied there was no interference with Kiprop’s sample.
The AIU said Kiprop had been given advance notice which contravenes the World Anti-Doping Agency’s guidelines stating that out-of-competition tests should be conducted without prior notice to athletes.
Kiprop’s is the latest in a long line of doping cases in the east African nation, where around 50 athletes have failed tests in recent years.
Federico Rosa, who manages many of Kenya’s elite athletes, was charged as an accomplice after three-times Boston Marathon champion Rita Jeptoo tested positive for EPO. He was later cleared of the charges.
Jemimah Sumgong, the 2016 Rio Olympics women’s marathon winner, and Mathew Kisorio are among Rosa’s athletes who failed doping tests.
“I have worked so hard to build a career since 2003 when I was 13 years old. The achievements I made are crumbling before my own eyes, for a crime that I have not committed,” Kiprop said.
“In the court of public opinion, as an advocate of clean sports, I know I am very innocent. I am accused of something that I have never committed. ATHLETICS FAMILY
Athletics runs deep in Kiprop’s family.
His father David Kebenei represented Kenya at the 1987 All Africa Games in Nairobi, where he finished fourth in the 1,500 metres.
Kebenei ran in the golden era of British middle-distance running, competing against current IAAF President Sebastian Coe in the early 1980s. Kiprop’s brother Victor Kebenei is an upcoming 800 metres runner.
“I trained at Kipchoge Keino IAAF/IOC High Performance Training Centre under coach Jimmy Beauttah, who also coached illustrious Kenyans like Moses Kiptanui, Daniel Komen and others who inspired me,” Kiprop said.
“I can’t disgrace these people, IAAF/IOC, by doping, something I have been publicly vocal against throughout my running life. I have been tough on dopers, and even called for a law to criminalise doping and to punish dopers including imprisonment.
“I will fight the case to prove my innocence to the end. It is my position that the process was flawed from the start. I was given prior warning of testing. Why would I accept to be tested if I knew I had EPO in my system?,” he added.
The AIU said it was satisfied the process was properly conducted.
“A mixed perception has been created by these allegations,” said Kiprop, world champion in 2011, 2013 and 2015 and promoted to gold at the 2008 Olympics after Bahrain’s Rashid Ramzi tested positive for doping.
“As a consequence, I find it very difficult to walk in public, to look up the main media and social media and to generally carry on with my daily activities.”
Kiprop’s case is now with an IAAF disciplinary tribunal and he could be banned for four years if found guilty of doping.
He dismissed the possibility of being injected without his knowledge.
“I can’t remember somebody possibly injecting me unknowingly,” he said.
“To the best of my knowledge, there has never been an occasion where I have either been deeply asleep or have been unconscious to a point where somebody could have injected me without my knowledge.
“My last injection was in 2014, for a yellow fever vaccination before travelling to Bahamas for the first World Relays.
“It is unfortunate that this is happening when I am preparing to move to road races after the 2019 World Championships in Doha which I want to be my last track event, possibly with a fourth world title.” Editing by Sudipto Ganguly and Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sport-doping-kiprop/traumatised-kiprop-vows-to-prove-innocence-idUKKBN1I60BQ |
May 21 (Reuters) - RealPage Inc:
* REALPAGE INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2GADqaB ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-realpage-files-for-potential-mixed/brief-realpage-files-for-potential-mixed-shelf-offering-idUSFWN1SS0V2 |
May 12, 2018 / 9:22 PM / Updated 23 minutes ago UPDATE 2- Men's Singles Results Reuters Staff 1 Results Men's Singles Semi-final .. 5-Dominic Thiem (AUT) beat 6-Kevin Anderson (RSA) 6-4 6-2 2-Alexander Zverev (GER) beat Denis Shapovalov (CAN) 6-4 6-1 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-masters-1000-wta-premier-madrid-masters-mens-singles-results-idUKMTZXEE5CMWETAW |
May 30, 2018 / 8:34 AM / Updated 12 hours ago No bids for Air India so far, will not extend deadline: aviation secretary Reuters Staff 1 Min Read
NEW DELHI (Reuters) - The government has not received any bids so far for its stake in state-run carrier Air India, the civil aviation secretary told TV channels, a day before the formal bidding process closes. The Air India logo is seen on the facade of its office building in Mumbai, July 7, 2017. REUTERS/Danish Siddiqui/Files
The government will not extend the deadline for submissions of interest in Air India, R.N. Choubey said on Wednesday. The deadline for receiving bids has already been extended once to May 31 from May 14.
Prime Minister Narendra Modi’s government, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt. Reporting by Aditi Shah; Editing by Alex Richardson | ashraq/financial-news-articles | https://in.reuters.com/article/air-india-divestment/no-bids-for-air-india-so-far-will-not-extend-deadline-aviation-secretary-idINKCN1IV0XI |
MOSCOW (Reuters) - One of Russia’s most famous paintings, which depicts Tsar Ivan the Terrible cradling his dying son, has been badly damaged after a man attacked it with a metal pole after drinking vodka.
The canvas, “Ivan the Terrible and His Son Ivan on November 16, 1581,” was completed by renowned Russian realist Ilya Repin in 1885 and portrays a grief-stricken tsar holding his own son in his arms after dealing him a mortal blow, a historical incident whose veracity some Russian nationalists dispute.
The gallery in central Moscow where the painting was displayed, the State Tretyakov Gallery, said a man had attacked the canvas just before closing time on Friday evening.
It said he had somehow got past a group of gallery employees, picked up one of the metal security poles used to keep the public back from the painting, and struck its protective glass covering several times.
“As a result of the blows the thick glass ... was smashed,” the gallery said in a statement. “Serious damage was done to the painting. The canvas was pierced in three places in the central part of the work which depicts the figure of the tsarevich (the tsar’s son).”
The frame was also badly damaged, the gallery said, but it said that “by a happy coincidence” the most precious elements of the painting — the depiction of the faces and hands of the tsar and his son — were not damaged.
VODKA Police sources told Russian news agencies that the attacker, who was detained and now faces being charged with damaging a cultural artefact, was a 37-year-old man from the city of Voronezh about 460 kilometers (286 miles) from Moscow.
In a video released by the interior ministry, the man confessed to attacking the painting and said he recognized the seriousness of his crime.
“I came to look at the painting,” the man, who was not named, told the police.
“I wanted to leave, but then dropped into the (gallery’s) buffet and drank 100 grams of vodka. I don’t drink vodka and became overwhelmed by something.”
Some Russian media cited him as saying he had attacked the painting because he thought its depiction of Russian history was inaccurate.
Russian nationalists who object to the painting and dispute its veracity have previously demanded the gallery remove it from display, something the Tretyakov has refused to do.
The canvas was also attacked in 1913 by a mentally disturbed man who slashed it with a knife three times. Repin, the painting’s creator, was still alive at the time and personally restored it.
Editing by Stephen Powell
| ashraq/financial-news-articles | https://in.reuters.com/article/us-russia-painting-attack/famous-russian-painting-damaged-in-vodka-fueled-attack-idINKCN1IR0O4 |
Twitter makes a push on video content with the FIFA World Cup 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/twitter-makes-a-push-on-video-content-with-the-fifa-world-cup.html |
May 15, 2018 / 6:11 AM / Updated 13 minutes ago CYBG reports first half loss of £76 million on PPI charges Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s CYBG ( CYBGC.L ) reported a loss of 76 million pounds for the first half of the year on Tuesday, as it booked a previously-announced 350 million pound charge for the mis-selling of payment protection insurance.
CYBG reported the hit in March after a media campaign by Britain’s financial watchdog boosted claims by customers against banks for Britain’s costliest ever consumer scandal, in which people were mis-sold often worthless insurance products.
The bank offered no update on the status of its 1.6 billion pound all-shares takeover bid for rival Virgin Money ( VM.L ), a move that spiked wider talk of consolidation among British mid-sized lenders when it was announced earlier in May. Reporting By Emma Rumney and Lawrence White, editing by Sinead Cruise | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cybg-results/cybg-reports-first-half-loss-of-76-million-on-ppi-charges-idUKKCN1IG0MY |
GE sells transportation unit for $11 bln 2:24am IST - 01:17
General Electric confirmed it was unloading the bulk of its transportation business which makes train engines to Wabtec, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11 billion. Aleksandra Michalska reports.
General Electric confirmed it was unloading the bulk of its transportation business which makes train engines to Wabtec, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11 billion. Aleksandra Michalska reports. //reut.rs/2GCuS33 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/ge-sells-transportation-unit-for-11-bln?videoId=429111050 |
May 3, 2018 / 8:28 PM / Updated 5 minutes ago Hedge fund heaps criticism on Tesla after Musk's conference call Reuters Staff 2 Min Read
NEW YORK (Reuters) - A small hedge fund manager who has long been betting against Tesla Inc ( TSLA.O ) on Thursday redoubled his call for the stock to fall to zero, comments that came as investors were already hammering the electric car maker. FILE PHOTO: A Tesla car charges at a charging station in Beijing, China, April 18, 2017. REUTERS/Thomas Peter/File Photo
Speaking at the Kase Learning Short Selling Conference in New York, Stanphyl Capital Partners founder Mark Spiegel criticized Tesla’s financials and said they are “worsening” under heavy competition from luxury automakers.
Tesla Chief Executive Elon Musk on Wednesday raised eyebrows by cutting off analysts’ questions about capital requirements after the company reported a record loss for the first quarter.
Tesla shares tumbled as much as 8 percent on Thursday as investors worried about the fallout from Musk’s behavior on the earnings conference call.
Spiegel began his presentation at the private investment conference by saying “That was the funniest friggin’ call.”
He then devoted his allotted 15 minutes to disparaging Musk and arguing that Tesla has no protective moat to give it a competitive advantage, even when it came to technology.
Spiegel is not the only one betting against Tesla, with the stock listed as the biggest U.S. equity short, according to financial analytics firm S3 Partners.
Tesla’s stock price dropped to $283 on Thursday, down from a record of $389 reached in September. The retreat comes as a relief for some short-sellers after the stock climbed for much of 2017.
The latest share move wiped out Tesla short-sellers’ 2018 losses, bringing year-to-date paper profits to $683 million, according to S3 Partners.
Prominent funds betting against Tesla include Jim Chanos’ Kynikos Associates LP and David Einhorn’s Greenlight Capital. Reporting by Svea Herbst-Bayliss; Editing by Meredith Mazzilli | ashraq/financial-news-articles | https://www.reuters.com/article/us-hedgefunds-shorting-tesla/hedge-fund-heaps-criticism-on-tesla-after-musks-conference-call-idUSKBN1I42LL |
* Brent stays near $75 on worries U.S. may exit nuclear deal
* Dollar surges to new 2018 high on U.S. growth
* Resilient tech sector underpins world shares
* Italian shares, bonds selloff on election uncertainty
* Dollar keeps up pressure on emerging markets (Updates throughout, adds Quote: on Italy, emerging markets)
By Sujata Rao
LONDON, May 8 (Reuters) - Oil prices eased on Tuesday from 3-1/2-year highs they hit on worries the United States may be set to pull out of a key nuclear accord with Iran, but robust tech sector gains in Asia helped support world stocks near one-week highs.
U.S. President Donald Trump will announce at 1800 GMT whether Washington will withdraw from a deal that eased economic sanctions on Iran in exchange for Tehran limiting its nuclear programme. A decision to leave the accord could give another boost to this year’s 13 percent oil rally, by constraining Iranian crude exports.
Brent futures nevertheless eased one percent after hitting new highs above $75 a barrel and MSCI’s world equity index hovered around flat after two days of gains, having touched one-week highs in the previous session.
“(Trump’s decision) has been so well covered, it’s probably all in the price by now. And most recent commentary seems to be that after all the bluster, he may only partially withdraw from the deal,” said Frances Hudson, global thematic strategist at Aberdeen Standard Investments.
Hudson noted that oil prices had bucked the recent rise in the dollar - usually the two are inversely correlated - suggesting investors remained optimistic about the world economy and hence future demand for crude.
“It’s telling you that people are still in glass-half-full mode as far as the economy is concerned,” Hudson said.
Downplaying concerns that oil’s rise could stoke inflation and dent company profits, she added: “I don’t think energy costs for many companies these days are a big enough proportion of their cost base, especially for tech and service sector shares.”
Wall Street was lifted on Monday by a strong rally in Apple shares to new record highs following forecast-beating results last week and billionaire Warren Buffett’s decision to increase his stake in the firm.
Nearly 80 percent of the S&P 500 companies which have reported first quarter earnings have topped profit estimates, according to Thomson Reuters.
MSCI’s global tech index closed Monday at six-week highs . That helped lift emerging Asian shares by 0.5 percent and Japanese equities by 0.2 percent .
Momentum fizzled in Europe, however, with a pan-European equity benchmark and European tech down 0.2 percent . Futures for S&P500, Dow Jones and Nasdaq also slipped about 0.2 percent, signalling Wall Street weakness .
Italian shares were the day’s worst performers, slipping 1.5 percent as chances grew of new elections following an inconclusive March 4 vote.
Italian 10-year bond yields rose almost nine basis points to end-March highs.
“It’s not a good day for Italian assets. Markets are starting to feel the pressure of elections,” said Carlo Franchini, head of institutional clients at Italy’s Banca Ifigest.
Italy’s fragile economic recovery was at risk, he added.
DOLLAR UP, EMERGING MARKETS DOWN Countering this was good news from China, where April exports and imports beat forecasts. Trade tensions between China and the United States also seem to have abated slightly, with talks resuming next week.
Mainland Chinese shares rose 1.3 percent.
On currencies, the prospect of solid U.S. growth propelled the dollar to a new 2018 high
Expectations of further rises in U.S. interest rates are forcing investors to buy back dollars they sold earlier this year on worries about Trump’s protectionist policies.
“For the foreseeable future attractive interest rates at favourable risk conditions will only be on offer in the United States,” Commerzbank said, referring to the fading likelihood of near-term policy tightening in Europe and Japan.
The euro fell 0.3 percent against the dollar to $1.1977 , the lowest since end-December.
Dollar gains have rippled through forex markets in recent days, forcing investors to unwind some of this year’s best performing trades - emerging markets.
A sovereign emerging dollar debt index saw spreads over Treasuries at the widest since early-2017, while many currencies touched multi-month lows.
The Turkish lira has plumbed successive record lows, while Argentina was forced last week to raise interest rates to 40 percent to stem peso bleeding
Tech-heavy emerging stocks rose on the day but are down 2 percent this month
“For a few months this year we saw the dollar fall and that was a strong driver ... now that the tide has turned, things look different,” said Cristian Maggio, a strategist at TD Securities.
Additional reporting by Hideyuki Sano in Tokyo and Andrew Galbraith in Shanghai; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-tech-sector-gains-keep-world-shares-near-one-week-high-idUSL8N1SF3ME |
Disney is making big moves in food.
At its annual NewFront on Tuesday — a presentation of upcoming video content for advertisers — the company introduced a new digital brand called Disney Eats. The online channel and editorial site features culinary shows and products aimed at families.
The move to target young families showed Disney's dedication to reach a generation of viewers who grew up watching videos on platforms like YouTube, and now are looking for content for their children on online mediums.
show chapters Disney dominates opening weekend box office in U.S. 20 Hours Ago | 02:25 Upcoming Disney Eats shows include seasons of "Kitchen Little," which will showcase kids working with celebrity chefs, and "Tiny Kitchen," with chefs creating small replicas of Disney food. Both were co-created with global entertainment company Tastemade .
Disney Eats will be part of the Disney Digital Network, which was previously known as Maker Studios and was acquired by Disney in 2014 for $500 million.
Disney told CNBC the food channel will uphold the same health standards that the company previously imposed on advertisers. In 2012, Disney made efforts to ensure that food products advertised on its television networks fit specific nutritional standards.
The new channel will also have another Tastemade food science series called "Must Be Science," as well as shows with Disney online influencers that will be announced at a later date. The programs are aimed at showcasing "co-cooking" experiences, or parents cooking with their kids. As for other potential moneymakers, Disney will sell branded products, including kitchen utensils, bakeware and cookbooks.
Disney also announced a relaunch of its free Oh My Disney mobile app and a podcast series. It will debut new programs for Facebook Watch, including "Designing Disney," a show about designers who create Disney-inspired projects, and "Disney Dream Job," a series about five children who spend a day working with Disney employees.
Additionally, Disney will launch more content for Marvel and Star Wars fans, including a new documentary series and fan awards within the programming. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/disney-eats-is-disneys-online-food-network.html |
Take-Two's big revenue miss, weak guidance 2 Hours 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/2018/05/16/take-twos-big-revenue-miss-weak-guidance.html |
Cross Country Healthcare Inc:
* CROSS COUNTRY HEALTHCARE ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.05 * Q1 REVENUE $210.3 MILLION VERSUS I/B/E/S VIEW $206.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.02 — THOMSON REUTERS I/B/E/S
* SEES ADJUSTED EPS FOR Q2 2018 $0.04 - $0.06
* SEES Q2 REVENUE $206 MILLION - $211 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.12, REVENUE VIEW $214.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cross-country-healthcare-q1-earnin/brief-cross-country-healthcare-q1-earnings-per-share-0-05-idUSASC09Z39 |
WASHINGTON—The Trump administration said Thursday that immigration judges may no longer administratively close cases, a way of letting someone avoid deportation, and released data showing that it is arresting far more illegal immigrants without criminal convictions than was true in the Obama administration.
Together, the announcements show how the administration is rolling back Obama-era rules and policies that allowed for discretion in who is targeted for removal from the U.S.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-era-immigration-arrests-net-higher-percentage-of-people-with-no-criminal-convictions-1526597830 |
May 7, 2018 / 8:06 PM / Updated an hour ago Iniesta's move to China in doubt Reuters Staff 1 Min Read
BARCELONA (Reuters) - Andres Iniesta’s potential move to Chinese Super League side Chongqing Lifan has been cast into doubt after they said they will not pay the Barcelona playmaker a salary that would distort the market. Soccer Football - FC Barcelona - Andres Iniesta Press Conference - Ciutat Esportiva Joan Gamper, Barcelona, Spain - April 27, 2018 FC Barcelona's Andres Iniesta during the press conference REUTERS/Albert Gea
Barca captain Iniesta, 33, said in April he would leave the club he joined as a 12-year-old in the summer, with media reports suggesting he would be moving to Chongqing.
In a statement on social network Weibo on Friday, the Chinese side’s president Jiang Lizhang said they are working with Iniesta in areas including marketing and youth education, but there is no deal for him to play.
Chongqing said they would adhere to rational investment and follow rules set by the government-controlled Chinese Football Association, which includes a salary cap.
Spanish reports had indicated Iniesta was close to agreeing a three-year deal with Chongqing, worth 81 million euros ($97 million).
($1 = 0.8386 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-fcb-iniesta/iniestas-move-to-china-in-doubt-idUKKBN1I82AT |
AxoGen Inc:
* AXOGEN, INC. ANNOUNCES APPOINTMENT OF KAREN ZADEREJ AS CHAIRMAN OF THE BOARD
* AXOGEN INC - ZADEREJ SUCCEEDS JAMIE M. GROOMS, WHO WILL REMAIN A DIRECTOR OF BOARD
* AXOGEN INC - ELECTED KAREN ZADEREJ AS CHAIRMAN OF BOARD IN ADDITION TO CURRENT ROLE AS PRESIDENT AND CEO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-axogen-inc-announces-appointment-o/brief-axogen-inc-announces-appointment-of-karen-zaderej-as-chairman-of-the-board-idUSASC0A309 |
Warren Buffett and Charlie Munger have been business partners since 1978 and have grown Berkshire Hathaway into one of the biggest companies in the world. Microsoft co-founder Bill Gates has worked with the pair for years as well; he joined Berkshire's board in 2004 .
Together, they've shared lots of wisdom . And they've learned from each other as well. "My whole business education started the day I met Warren, and the Berkshire team has helped keep it going at full speed," Gates said on CNBC's "Squawk Box" on Monday.
He says that Buffett has taught him valuable lessons about thinking long-term and approaching situations with that mindset. Getting to learn from his friend "has been an incredible education and totally shaped how I think about things."
Lacy O'Toole | CNBC Warren Buffett, Charlie Munger and Bill Gates Buffett gleaned a similar lesson throughout his years running Berkshire: The people you surround yourself with matter immensely.
"It's very important in life to associate with people who are better than you are," he tells "Squawk Box." "You will go in the direction of the people you associate with, and you'll get ideas from them, you'll see how their behavior works, all that sort of thing."
When choosing friends, Buffett says you should seek out people who you can both admire and enjoy. "With both Bill and Charlie, I've learned a lot, I've had an enormous amount of fun, but I pick up on their ideas and that's been a very good thing," he says.
"You will go in the direction of the people you associate with." -Warren Buffett Looking back on his years at the helm of Berkshire Hathaway, Munger is proud of the company he has helped Buffett build. He's especially pleased with Berkshire's ability to thrive as a business without a lot of undue complexity or red tape. "Usually there's a horse race for power and prominence," he says. "We have a very admirable bunch of people and we have less bureaucracy than almost anybody, and that is not a small achievement. I can't think of a single company of our size that has less bureaucracy than we do."
Buffett agrees, saying they've been fortunate to be able to build Berkshire from the ground up. "We haven't walked into some huge organization and had to crawl through the progressions and the politics," he says. "We've created what we want to create."
Don't miss: Here's why Warren Buffett says that he and Charlie Munger are successful
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show chapters Warren Buffett’s partner Charlie Munger: Avoid these 5 things that can make you miserable 10:42 AM ET Thu, 19 April 2018 | 01:23 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-warren-buffett-charlie-munger-and-bill-gates-work-together.html |
May 29, 2018 / 1:15 PM / Updated 11 minutes ago Brazil beef group says $170 mln in exports lost due to truckers' strike Reuters Staff 1 Min Read
SAO PAULO, May 29 (Reuters) - Brazilian beef companies have lost an estimated 40,000 tonnes of potential exports worth $170 million as a nationwide truckers protest entered its ninth day and was slow to unwind even after the government caved in to truckers’ demands.
Abiec, a group representing Brazilian beef-packers, told Reuters in a Tuesday statement that 107 plants out of 109 had halted production, with two operating with less than 50 percent of capacity. Abiec said beef products in 3,750 paralyzed trucks are nearing expiration dates beyond which they cannot be sold for human consumption in domestic and export markets. (Reporting by Ana Mano Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transportation-commodities/brazil-beef-group-says-170-mln-in-exports-lost-due-to-truckers-strike-idUSE6N1SV00L |
European markets open mixed as US bond yields surge 8 Hours 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/2018/05/16/european-markets-open-mixed-as-us-bond-yields-surge.html |
Molgradex Phase 3 IMPALA study enrollment on track for completion in Q3 2018 AeroVanc Phase 3 AVAIL study enrollment on track for completion in Q1 2019 Molgradex Phase 2a OPTIMA study enrollment on track for completion in Q3 2018 First patient enrolled in Molgradex IMPALA-X safety extension study Conference call scheduled for today at 5:30 p.m. E.T.
AUSTIN, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Savara Inc. (NASDAQ:SVRA), an orphan lung disease company, today reported first quarter ended March 31, 2018 and provided a business update.
“It has been an incredibly productive quarter, including the launch of two new clinical studies, OPTIMA and IMPALA-X , with our lead product candidate Molgradex,” stated Rob Neville, chief executive officer of Savara. “With a total of four ongoing clinical studies, our focus for the remainder of the year will continue to be the advancement of our core programs, while actively exploring the further expansion of our pipeline.”
Upcoming Milestones and Recent Developments
Anticipating completion of enrollment in the Molgradex Phase 3 IMPALA study in Q3 2018. The IMPALA study is evaluating our inhaled formulation of granulocyte-macrophage colony-stimulating factor, or GM-CSF, for the treatment of autoimmune pulmonary alveolar proteinosis, or aPAP. At the end of Q1, enrollment was at 96 patients out of a total target of 135 patients, with completion of enrollment currently on track for Q3 2018 and topline data anticipated in Q2 2019.
Anticipating completion of enrollment in the AeroVanc Phase 3 AVAIL study in Q1 2019. The AVAIL study is evaluating our vancomycin hydrochloride inhalation powder for the treatment of persistent methicillin-resistant Staphylococcus aureus (MRSA) lung infection in individuals living with cystic fibrosis. At the end of Q1, enrollment was at 62 patients out of a total target of 200 patients, with completion of enrollment currently on track for Q1 2019 and topline data anticipated in H2 2019.
Anticipating completion of enrollment in the Molgradex Phase 2a OPTIMA study in Q3 2018 . The OPTIMA study is evaluating our inhaled GM-CSF for the treatment of nontuberculous mycobacterial (NTM) lung infection . The study was initiated in mid-March 2018 and is expected to be completed in Q3 2018. As OPTIMA is an open-label study, depending on enrollment and other factors, interim results from the study may be provided during 2018.
Announcing first patient enrolled in the Molgradex IMPALA-X safety extension study . The IMPALA-X study is an open-label, multicenter study designed to determine the long-term safety and utilization of Molgradex in patients with aPAP. IMPALA-X offers patients the opportunity to continue treatment with Molgradex for up to three years after completion of the pivotal Phase 3 IMPALA study. Savara plans to initiate the IMPALA-X study in a rolling fashion in 12 of the countries participating in the IMPALA study by the end of 2018.
First Quarter Financial Results
Savara’s net loss attributable to common shareholders for the three months ended March 31, 2018 was $26.8 million, or $(0.88) per share, compared with a net loss attributable to common shareholders of $5.0 million, or $(1.65) per share, for the first quarter of 2017, which represents the historical financial information of the private company Savara Inc., which completed its merger transaction with Mast Therapeutics, Inc. on April 27, 2017 (the “Merger”).
Research and development expenses were $8.5 million for the three months ended March 31, 2018, compared with $2.9 million for the first quarter of 2017. The increase was primarily due to $2.7 million in increased expenses associated with the development of Molgradex, including the expansion of the IMPALA study in the U.S. and other countries and the commencement of the Molgradex NTM study, an increase of $2.2 million in AeroVanc study costs related to Phase 3 activities, and $0.7 million related to non-recurring milestone payments relating to the Aironite study acquired in the Merger, which was not a part of our product pipeline in the first quarter of 2017.
General and administrative expenses for the three months ended March 31, 2018 were $1.8 million, compared with $1.7 million for the first quarter of 2017.
Also, during the three months ended March 31, 2018, we recognized a one-time noncash impairment charge of $21.7 million to the carrying value of IPR&D related to the Aironite product candidate assumed in the Merger due to the unfavorable results from a Phase 2 study in which Aironite failed to meet the endpoints of the study and showed limited effectiveness in patients. We do not intend to further support or pursue the development of Aironite.
We reported a $4.6 million tax benefit for the first quarter of 2018 related to the reversal of a deferred tax liability resulting from the impairment of IPR&D acquired in the Merger.
As of March 31, 2018, Savara had cash, cash equivalents and short-term investments of approximately $85.0 million. The company's operating expenses for the first quarter of 2018 were approximately $32.1 million which included the one-time noncash impairment charge of $21.7 million to the carrying value of IPR&D acquired in the Merger. Savara ended the first quarter of 2018 with approximately $14.9 million in debt.
Conference Call and Webcast
Savara will hold a conference call today beginning at 5:30 p.m. Eastern Time / 4:30 p.m. Central Time to provide a business update. Shareholders and other interested parties may access the conference call by dialing (855) 239-3120 from the U.S., (855) 669-9657 from Canada, and (412) 542-4127 from elsewhere outside the U.S. and should request the Savara Inc. call. A live webcast of the conference call will be available online from the Investors section of Savara's website at http://www.savarapharma.com/investors/events/ . Replays of the webcast will be available on Savara's website for 30 days and a telephone replay will be available through May 16 th , 2018 by dialing (877) 344-7529 from the U.S., (855) 669-9658 from Canada, and (412) 317-0088 from elsewhere outside the U.S. by entering replay access code 10119917.
About Savara
Savara Inc. is an orphan lung disease company. Savara's pipeline comprises: Molgradex, an inhaled granulocyte-macrophage colony-stimulating factor, or GM-CSF, in Phase 3 development for aPAP, and in Phase 2a development for NTM lung infection; and AeroVanc, a Phase 3 stage inhaled vancomycin for treatment of MRSA infection in cystic fibrosis. Savara's strategy involves expanding its pipeline of potentially best-in-class products through indication expansion, strategic development partnerships and product acquisitions, with the goal of becoming a leading company in its field. Savara's management team has significant experience in orphan drug development and pulmonary medicine, identifying unmet needs, developing and acquiring new product candidates, and effectively advancing them to approvals and commercialization. More information can be found at www.savarapharma.com . (Twitter: @SavaraPharma )
Forward-Looking Statements
Savara cautions you that statements in this press release that are not a description of historical fact are within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others. Such statements include, but are not limited to, statements relating to our focus for the remainder of the year being on the continued advancement of our core programs and actively exploring further expansion of our pipeline, the timing of topline data or interim results and completion of enrollment of our Molgradex Phase 3 IMPALA, AeroVanc Phase 3 AVAIL and Molgradex Phase 2a OPTIMA studies, our plans to initiate the IMPALA-X study in 12 of the countries participating in the IMPALA study by the end of 2018, and our strategy and our goals. Savara may not actually achieve any of the matters referred to in such , and you should not place undue reliance on these . Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such . These are based upon Savara's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the outcome of our ongoing clinical trials for our product candidates, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for Savara's operations and to conduct or continue planned clinical development programs, the ability to obtain the necessary patient enrollment for our product candidates in a timely manner, the ability to successfully develop our product candidates, the risks associated with the process of developing, obtaining regulatory approval for and commercializing drug candidates such as Molgradex and AeroVanc that are safe and effective for use as human therapeutics, and the timing and ability of Savara to raise additional equity capital if needed to fund continued operations. All are expressly qualified in their entirety by these cautionary statements. For a detailed description of our risks and uncertainties, you are encouraged to review our documents filed with the SEC including our recent filings on Form 8-K, Form 10-K and Form 10-Q. You are cautioned not to place undue reliance on , which speak only as of the date on which they were made. Savara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
Contacts:
Savara:
Ioana C. Hone ( [email protected] )
(512) 961-1891
For IR: Solebury Trout
Gitanjali Jain Ogawa ( [email protected] )
(646) 378-2949
For Media: Neon Interactive
Patrick Wallace ( [email protected] )
(619) 200-7856
Tables to follow
Savara Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) (Unaudited) Three months ended March 31, (Unaudited) 2018 2017 Operating expenses: Research and development 8,539 2,948 General and administration 1,769 1,736 Impairment of acquired IPR&D 21,692 - Depreciation 107 90 Total operating expenses 32,107 4,774 Loss from operations $ (32,107 ) $ (4,774 ) Interest and other (expense)/income, net (221 ) (437 ) Loss before income taxes $ (32,328 ) $ (5,211 ) Income tax benefit 5,479 237 Net loss $ (26,849 ) $ (4,974 ) Other expenses attributable to common shareholders - (24 ) Net loss attributable to common shareholders $ (26,849 ) $ (4,998 ) Net loss per share - basic and diluted $ (0.88 ) $ (1.65 ) Weighted average common shares - basic and diluted 30,543,746 3,029,223
Savara Inc. and Subsidiaries Balance Sheet data (In thousands) (Unaudited) March 31, December 31, 2018 2017 Cash, cash equivalents and short-term investments $ 84,984 $ 94,313 Working capital 82,184 91,849 Total assets 128,872 159,628 Total liabilities 35,169 40,319 Stockholders' equity 93,703 119,309
Source: Savara | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-savara-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
AXA Equitable Holdings starts trading under $20 12 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/axa-equitable-holdings-starts-trading-under-20.html |
Hogan: Markets able to focus on fundamentals which are strong 1 Hour Ago Art Hogan of B. Riley FBR says the markets are much more focused right now on policies, such as trade, instead of the direction of rates. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/hogan-markets-able-to-focus-on-fundamentals-which-are-strong.html |
Valuations in India are a bit too high as compared to China: Portfolio manager 12 Hours Ago Garry Laurence of Perpetual Investments says he's impressed with consumer growth prospects in India, but the valuations to buy are a bit too high. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/valuations-in-india-are-a-bit-too-high-as-compared-to-china-portfolio-manager.html |
May 3 (Reuters) - Meritor Inc:
* MERITOR REPORTS SECOND-QUARTER FISCAL YEAR 2018 RESULTS
* Q2 EARNINGS PER SHARE $0.63 FROM CONTINUING OPERATIONS * Q2 ADJUSTED EARNINGS PER SHARE $0.75 FROM CONTINUING OPERATIONS
* SEES FY 2018 REVENUE $4.0 BILLION TO $4.1 BILLION * SEES FY 2018 ADJUSTED EARNINGS PER SHARE $2.70 TO $2.85 FROM CONTINUING OPERATIONS
* FY2018 EARNINGS PER SHARE VIEW $2.74, REVENUE VIEW $3.93 BILLION — THOMSON REUTERS I/B/E/S
* MERITOR - PERFORMANCE IN FISCAL 2018 WILL PUT US VERY CLOSE TO ACHIEVING 2019 EPS TARGET A YEAR EARLY Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-meritor-q2-earnings-per-share-063/brief-meritor-q2-earnings-per-share-0-63-from-continuing-operations-idUSASC09ZFI |
Published 7 Hours Ago Updated 5 Hours Ago Tesla said that it would become profitable in the second half of 2018, if it can hit Model 3 production goals, making 5,000 of the electric sedans per week. Tesla CEO Elon Musk previously tweeted that the company would be profitable, and cash-flow positive, in the second half of 2018. Justin L. Stewart | Anadolu Agency | Getty Images People inspect the Tesla Model 3 as it sits on display at the Los Angeles Auto Show last December.
Tesla says it will be profitable in the second half of 2018 if it can meet its Model 3 vehicle production and delivery goals.
"If we execute according to our plans, we will at least achieve positive net income excluding non-cash stock based compensation in Q3 and Q4 and we expect to also achieve full GAAP profitability in each of these quarters," the company wrote in a letter to shareholders accompanying its first-quarter earnings report on Wednesday.
The company also reiterated its plans to produce 5,000of its all-electric Model 3 sedans per week by the end of June. It will make its lower-priced base model available to drivers only after that goal is achieved.
Currently, Tesla is delivering a long-range rear-wheel drive Model 3 to customers for a starting price of $44,000. Others have been waiting for the short-range rear-wheel-drive version of the Model 3 which CEO Elon Musk promised for a base price of $35,000. show chapters 7 Hours Ago | 01:52
In April, Tesla reported that it had missed its first-quarter production and delivery targets for the Model 3. The company produced 2,020 Model 3s in the final week of the first quarter, short of its goal of producing 2,500 Model 3 sedans weekly by the end of March.
To increase its Model 3 production rate, Tesla will run its Fremont, California, factory around the clock, according to a leaked e-mail that Elon Musk sent to employees . Adding employees and shifts and paying more overtime to workers will raise costs for Tesla, another challenge to the Model 3 margins.
Tesla advised shareholders in its earnings statement today that it will plan to halt production at its Fremont factory for a total of about 10 days this quarter in order to improve processes so it can achieve its Model 3 production goals. It has already shut down production for a brief period in April.
Tesla's statement said that before that recent shutdown, it was able to produce 2,270 Model 3s in seven days, a new record for the company. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/tesla-profits-depend-on-meeting-model-3-goals.html |
President Donald Trump 's plan to bring down drug prices at home by forcing higher prices abroad won't work, former Health and Human Services Secretary Tommy Thompson said Friday.
Trump unveiled his administration's plan to lower prescription drug prices on Friday. During his speech from the White House, Trump criticized foreign countries for paying less than the U.S. for prescription drugs, saying it's time to end "global freeloading once and for all."
Thompson, who spoke in an interview with CNBC's " Power Lunch " before Trump's speech, praised the president and the current HHS secretary, Alex Azar , for "keeping their word" and addressing the issue of high drug prices in the U.S.
But when asked whether Trump's strategy to raise prices on foreign countries would work, he said, "Of course it wouldn't."
"Just raising the prices across the world isn't going to help America," said Thompson, who served as HHS secretary from 2001 to 2005 under President George W. Bush . "It's just going to increase prices for other people."
Former HHS Secretary Kathleen Sebelius, who said she spoke with Azar on Thursday about the drug-pricing plan, also took issue with Trump's plan to raise prices on foreign countries. She told "Power Lunch" that U.S. drug prices aren't a foreign issue.
"That doesn't do anything for American consumers," said Sebelius, who served as HHS secretary under former President Barack Obama . "There's no question American consumers pay the highest prices in the world. But that's because we don't have a drug-pricing policy."
On Friday, Trump also criticized drugmakers and middlemen such as pharmacy benefit managers. So-called PBMs negotiate drug benefits for insurance plans and employers.
Earlier Friday, Azar told CNBC's " Squawk Box " that everybody's gaining something from higher list prices except patients and taxpayers. "We have to fundamentally examine and re-examine the role of pharmacy benefit managers," he added.
— CNBC's Angelica LaVito contributed to this report.
Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/ex-hhs-secretary-trump-push-for-higher-drug-prices-abroad-wont-work.html |
May 4 (Reuters) - Tesla Inc Chief Executive Officer Elon Musk defended the snub of two Wall Street analysts on a conference call, proclaiming in a tweet on Friday that they “were trying to justify their Tesla short thesis.”
Musk’s antics on the bizarre call pushed the electric vehicle maker’s shares down on Thursday, with several analysts making scathing comments and at least three brokerages cutting price targets on the stock.
"The 'dry' questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis. They are actually on the *opposite* side of investors," Musk tweeted. ( bit.ly/2jrfYDr )
“(the questions) were neither valid nor pertinent,” he said.
In the call, Musk devoted 23 minutes in taking questions from a 25-year-old Tesla investor, Galileo Russell, who owns an YouTube investment channel called HyperChange TV.
“HyperChange represented actual investors, so I switched to them,” Musk wrote in another tweet. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-results-conferencecall/musk-defends-tesla-conference-call-snub-of-analysts-idUSL3N1SB3UZ |
WASHINGTON, May 7 (Reuters) - For details of the U.S. Treasury’s auction of 4-week bills this week, see:
here
Washington economics team
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-bills/u-s-to-sell-45-billion-in-4-week-bills-this-week-idUSW1N1R300U |
With the unemployment rate falling to 3.9%, causing concern for employers about a labor shortage , companies may increasingly recruit workers who they have historically avoided.
“There’s anecdotal evidence where we see employers who in areas with labor shortages are turning to groups that they wouldn’t usually have turned to,” said Catherine Barrera, chief economist at ZipRecruiter. “That may include those who have spent time in prison, people who have less education or less experience. Some employers are foregoing drug testing because the labor market is so tight.”
This comes as the unemployment figures for April dipped further below what economists dub as full employment—about 5%. The concept suggests that at 5%, everyone in an economy that wants a job, has a job.
The unemployment rate among high school dropouts who are 25-and-over, for instance, was 5.9% in April. And while that was higher than a month earlier, it was below the 6.4% rate a year ago, according to the Bureau of Labor Statistics. Data has also shown that disabled workers are returning to the workforce, according to the New York Times .
The tapping of workers in typically underemployed groups may also help explain why wage growth proved to be slower than expected in April, with the average hourly wages rising just 0.1% during the month.
Though that may soon change as employers seek to keep their workers by giving them higher wages.
“With the unemployment rate at 3.9%, we except wages will gradually reaccelerate over the course of the year,” a team of Morgan Stanley economists led by Ellen Zentner wrote in a Friday note. | ashraq/financial-news-articles | http://fortune.com/2018/05/04/unemployment-rate-labor-shortage/ |
May 2, 2018 / 8:11 PM / Updated 33 minutes ago Spotify operating loss narrows in first quarterly report
LONDON (Reuters) - Spotify Technology on Wednesday posted quarterly revenue in line with its recent outlook and sharply lower operating losses in the music streaming leader’s first financial report as a publicly traded company. FILE PHOTO: A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson/File Photo
The Swedish company, which began trading in an unorthodox public stock offering a month ago, reported a first-quarter operating loss of 41 million euros, a 55 percent improvement over the fourth quarter and 71 percent better than a year ago.
Revenue for the latest quarter was 1.139 billion euros ($1.36 billion), up 26 percent from a year earlier, or 37 percent excluding currency effects. That was broadly in line with the 1.10 billion euros to 1.15 billion euros the company had forecast.
Revenue was just shy of the 1.143 billion euro consensus estimate among 13 analysts tracked by Thomson Reuters I/B/E/S.
Spotify said it had 170 million active monthly users at the end of March, up 30 percent from the year-ago quarter. This included 75 million paying subscribers, up 45 percent year-on-year, from which the company generates the vast majority of its revenue.
The 75 million subscriber figure was slightly above the 74.43 million consensus estimate of analysts polled by Thomson Reuters. Reporting by Eric Auchard in London and Munsif Vengattil in Bengaluru; Additional reporting by Olof Swahnberg and Helena Soderpalm in Stockholm; Editing by Bill Rigby | ashraq/financial-news-articles | https://uk.reuters.com/article/us-spotify-tech-results/spotify-operating-loss-narrows-in-first-quarterly-report-idUKKBN1I32T8 |
GDP outlook Trade uncertainty may be sapping business investment, says Atlanta Fed's Bostic Uncertainty over President Donald Trump's trade policies is the "most obvious risk" facing the U.S. economy and may be prompting businesses to hold back on investment, Atlanta Fed President Raphael Bostic said. Bostic said conversations have raised the possibility that delayed investment because of trade risks may undercut the hoped-for effect of the recent corporate tax cuts. Recent surveys among business reported price pressures rising, and some firms saying they are now able to maintain profit margins by raising prices. Published 2 Hours Ago Christopher Dilts | Bloomberg | Getty Images Raphael Bostic
Uncertainty over President Donald Trump's trade policies is the "most obvious risk" facing the U.S. economy and may be prompting businesses to hold back on investment, Atlanta Fed President Raphael Bostic said on Wednesday.
In one of the sharpest Fed critiques yet of White House trade tactics, Bostic said conversations with business officials in his southern district have raised the possibility that delayed investment because of trade risks may undercut the hoped-for effect of the recent corporate tax cuts.
Stronger economic growth anticipated from those tax reductions was premised in part on higher business investment.
But "swelling optimism over tax policy in the beginning of the year has now been replaced almost completely by uncertainty regarding the proposed tariffs and the possibility of a trade war," Bostic said in remarks to the Jacksonville World Affairs Council. "I come away with the sense that for now, many firms may be responding to increased uncertainty by moving to the sidelines with respect to new cap-ex plans."
He said it also does not appear consumers are boosting spending dramatically because of the recent income tax cut.
Bostic said he still sees the economy growing above potential for now, and has recently said rates should rise two more times this year. Inflation is near its target and labor markets are tight, though not "overheated."
He said inflation may well breach the Fed's two percent target and stay there "for a while," something that would not be seen as an urgent problem given the long period inflation was below that level, Bostic said.
But price pressures may be building, Bostic said. Recent surveys among business reported price pressures rising, and some firms saying they are now able to maintain profit margins by raising prices, a rekindling of pricing power felt to be absent in recent years.
That appears particularly true for firms exposed to potential tariffs, Bostic said, another among the fallout consequences of rising trade tensions.
In a new approach to trade, "the question is always whether policymakers...can intervene with enough precision, to make matters better by acting. We all have heard the phrase "unintended consequences," and we understand the potential for action to leave the situation worse," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/trade-uncertainty-may-be-sapping-business-investment-says-atlanta-feds-bostic.html |
LONDON, May 14 (Reuters) - Scottish independence will never be off the table until it happens, Scottish First Minister Nicola Sturgeon said on Monday.
Sturgeon, speaking at Thomson Reuters in London, said that just under half of the Scottish electorate still supported independence.
“There will be different opinions as to whether we should do that now or in five years or ten years time, but with that body of opinion, a constitutional option like independence is not going to be off the table,” she said.
Sturgeon said that when there was clarity on the shape of the Brexit deal between the United Kingdom and the EU then she would be ready to give more details about Scotland’s attitude towards a new independence vote.
“I’m not sure independence will ever be off the table until it’s realised,” she said. (Reporting by Alistair Smout; editing by Guy Faulconbridge)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-scotland-independence/scottish-independence-is-never-off-the-table-sturgeon-says-idUSL9N1S100Y |
May 21 (Reuters) - CBRE Group Inc:
* CBRE GROUP, INC. APPOINTS DARA BAZZANO AS CHIEF ACCOUNTING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cbre-group-appoints-dara-bazzano-a/brief-cbre-group-appoints-dara-bazzano-as-chief-accounting-officer-idUSASC0A316 |
BERLIN, May 15 (Reuters) - German retailer Metro said on Tuesday it has taken steps to restore growth in its Russian business after falling sales there prompted it to cut its guidance last month.
Metro said group sales for the second quarter of its 2017/18 fiscal year fell 0.8 percent to 8.4 billion euros ($10 billion), while it reported a loss per share of 0.14 euros, both lower than average analyst forecasts, according to Thomson Reuters data.
Metro earlier this month appointed Philippe Palazzi as its new chief operating officer, replacing Pieter Boone, who was responsible for the Russia business that prompted the German retailer to cut its guidance, hitting its shares. (Reporting by Emma Thomasson Editing by Maria Sheahan)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/metro-results/metro-says-has-taken-steps-to-restore-growth-in-russia-idUSF9N1SA00Y |
YEREVAN (Reuters) - Nikol Pashinyan, leader of an Armenian protest movement locked in a standoff with the ruling elite, told Reuters on Wednesday he and his supporters would not give up, and would continue their campaign of civil disobedience.
“My only power is my people. We are not going to give up,” Pashinyan, dressed in his trademark camouflage T-shirt and cap, said at a protest in the Armenian capital. “We will continue our strike and disobedience.”
Asked if he would re-submit his candidacy for the prime minister’s job to parliament, after lawmakers rejected it on Tuesday, Pashinyan told Reuters: “We will think and negotiate.”
If parliament fails for a second time to choose a prime minister, it will be dissolved and early elections called. Pashinyan said if that happened, one option for his movement would be to boycott the election.
“I can’t tell you now, it will depend on the specific situation,” he said.
Reporting by Margarita Antidze; Writing by Christian Lowe; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-protests-pashinyan/armenia-protest-leader-we-will-not-give-up-idUSKBN1I30VH |
A bank that had been under federal investigation until last year has played a role in two recent real estate transactions involving Kushner Companies, Jared Kushner's family company.
Earlier this month, BofI Federal took over a mortgage previously owned by the Kushner Companies for a development in Brooklyn, New York City real estate filings show . The previously unreported transaction involves a loan on a development project in the historically industrial, now gentrifying Bushwick neighborhood. Kushner Companies had made a loan of roughly $30 million to the project at 215 Moore Street in late 2016. Jared Kushner remains a senior adviser to President Donald Trump.
BofI, which was previously known as Bank of Internet USA, said in a statement to ProPublica that it "has no exposure or relationship with Mr. Kushner or his company with respect to 215 Moore St." The bank likened the transaction to a routine refinancing.
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In another transaction last October, the Kushner Companies got a $57 million loan on one of its own projects in New Jersey. BofI Federal provided much of the money behind that loan, Bloomberg reported last week.
BofI Federal Bank faced a Securities and Exchange Commission investigation into its lending practices and conflict of interest policies until last year. After multiple subpoenas in 2016, the SEC closed the investigation in late June 2017.
Kushner stepped away from the management of his family real estate company to join the Trump White House but held onto many of his family company's assets, including the Bushwick project debt. Ethics experts have criticized the arrangement, saying it could create conflicts of interest if Kushner Companies business partners have business before the government.
Based in San Diego, the publicly traded BofI Federal does most of its real estate lending in California, and has only a small presence in the New York market. It has attracted attention from short-selling investors, who question the bank's business model and practices. The company has said the investors have purveyed misleading information.
In November 2016, shortly after the presidential election, Kushner Companies announced it was pursuing a new line of business in lending money to other developers' projects.
That month, the company made a loan of at least $33 million to a well-known New York developer, Toby Moskovits , for a project in Brooklyn. The developers have dubbed the project at 215 Moore Street and several adjacent lots the "Bushwick Generator." The project is targeting what they describe as "the job-generating tech and creative firms that are repowering Brooklyn's economy." On a recent visit, the project was still under construction. Most of the rundown former industrial building was still open to the sky, except for a central open-plan office area where a vintage Singer sewing machine table acts as a front desk.
In a transaction inked in early April, the Kushner Companies debt was transferred to BofI, which is now the lender on the project, real estate filings show. Public records don't reveal the terms of the BofI transaction and whether Kushner Companies made money or otherwise benefitted.
In a statement, BofI said that it had no relationship with Kushner regarding the Bushwick property. The bank said the owner of the Bushwick project was a pre-existing customer. BofI "decided, after carefully underwriting the transaction, to provide financing to one of our prior customers," the bank said in a statement.
A Kushner Companies spokeswoman said that the owners of the project exited from the loan and "repaid the Kushner lending arm." She declined to elaborate on the terms.
BofI also played a role in an earlier Kushner Companies transaction in Jersey City, New Jersey, across the Hudson River from Manhattan. Bloomberg reported that BofI provided much of the money for a $57 million October 2017 loan to the One Journal Square development.
The Jersey City loan was issued by Fortress Investment Group and BofI purchased an interest in the loan from Fortress. In its statement, BofI said the terms of that deal are confidential. "Banks routinely purchase participation interests in loans made by other institutional investors," the statement said.
In the hunt for funding for the same Jersey City project, Kushner's sister drew negative attention last year when she pitched Chinese investors using a controversial program that gives visas to foreigners who invest in the U.S.
The SEC investigation of BofI was closed without any action on June 27, 2017, several months before the first of the known Kushner transactions, according to documents obtained through public records requests by investment research outfit Probes Reporter .
As part of its investigation, the SEC subpoenaed documents from BofI relating to its internal controls, conflicts of interest policies, and residential loans to foreigners, among other matters.
The New York Post reported early last year that the Justice Department was also looking into issues at the bank related to possible money laundering. "We are not aware of any ongoing DOJ or Treasury investigation," the company said in a statement.
The White House didn't immediately respond to a request for comment.
Decca Muldowney contributed reporting. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/bank-of-internet-under-federal-investigation-in-multiple-kushner-deals.html |
-Founder of Acerta Pharma to lead Complexa as it advances Phase 2 clinical development of lead compound CXA-10 in two orphan indications-
BERWYN, Pa.--(BUSINESS WIRE)-- Complexa Inc., a clinical stage biopharmaceutical company, today announced the appointment of Francisco D. Salva as the company’s new Chief Executive Officer and President, effective immediately. Mr. Salva has been appointed to build on the company’s progress to date by further advancing the Phase 2 clinical development of its lead compound CXA-10 in two orphan indications, pulmonary arterial hypertension and focal segmental glomerulosclerosis. He will also focus on the development of the next-generation of nitrated fatty acid compounds to support the growth of the company.
“Francisco has a distinguished track record as a leader in the pharmaceutical and biotechnology sector, with a strong emphasis on finance and operations. During his tenure at Acerta Pharma, he built a company from the ground up, advanced a leading oncology product, and executed on numerous financings and industry deals,” said David Mott, Chairman of the Board of Directors of Complexa. “We look forward to Francisco leading Complexa during this critical time in our growth as we advance our lead compound CXA-10 in Phase 2 clinical development to help patients suffering from debilitating and life-threatening diseases.”
“I am extremely excited about the potential of CXA-10 as a disease-modifying therapy for the treatment of fibrotic and inflammatory diseases. I look forward to joining the Complexa management team, initiating the Phase 2 clinical development of CXA-10 and to finding solutions that will transform the lives of patients suffering from these diseases,” added Mr. Salva.
Most recently, Mr. Salva served as a Founder and Vice President of Operations for Acerta Pharma B.V., where he focused on key growth initiatives culminating in a $4 billion investment by AstraZeneca for a controlling ownership interest. While at Acerta Pharma, Mr. Salva was responsible for the company’s financial and operational activities. His responsibilities included deal analysis and negotiations, investor relationships, partnership compliance and financings. Prior to Acerta, he was Senior Director of Corporate Development at Pharmacyclics. Earlier in his career, Mr. Salva spent almost a decade as a life sciences venture capitalist at CIBC Capital Partners, INVESCO Funds Group and Patricof & Co. Ventures. He began his career at Wasserstein Perella & Co. Mr. Salva holds dual Bachelor of Arts degrees in Business Economics and Philosophy from Brown University and a Master of Science degree in Economics (Economics and Philosophy specialty) from the London School of Economics and Political Science.
About Complexa
Complexa Inc. is a patient-focused, science-driven, clinical stage biopharmaceutical company developing a novel class of compounds, nitrated fatty acids (NFAs), for the safe and effective treatment of debilitating fibrotic and inflammatory diseases. NFAs have demonstrated broad potential to be effective therapeutic agents in multiple disease indications in which oxidative stress, inflammation, fibrosis and/or direct tissue toxicity play significant roles. This class of molecules has the potential to be disease-modifying in many disorders, given their broad activity. An experienced consortium of investors, including Andera Partners, HBM Healthcare Investments, JAFCO, New Enterprise Associates (NEA) and Pfizer Venture Investments have committed funding to advance a platform of NFA agents across multiple orphan disease indications. Complexa’s lead candidate, CXA-10, is currently in Phase 2 development for focal segmental glomerulosclerosis (FSGS) and pulmonary arterial hypertension (PAH). For more information, visit www.complexarx.com .
About CXA-10
CXA-10 is an oral NFA compound which impacts the fibrotic and inflammatory pathways. CXA-10 acts through key reparative, metabolic and inflammatory pathways, including upregulation of Nrf2 pathways and inhibition of Nuclear factor-kappa B and Toll-Like Receptor 4. In addition, CXA-10 increases the expression of heat shock proteins, which act as chaperones during cellular stress, and inhibits xanthine oxidoreductase to reduce oxidative stress. In five Phase 1 clinical trials, CXA-10 demonstrated target engagement at the specific doses for Phase 2, with tolerability and safety in more than 100 subjects. Importantly, CXA-10 has demonstrated impact on relevant biomarkers of CXA-10 pharmacological action as well as inhibition of key biomarkers of disease-related inflammation and fibrosis.
//www.businesswire.com/news/home/20180514005595/en/
Sam Brown Inc.
Mike Beyer, 312-961-2502
[email protected]
Source: Complexa Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-complexa-appoints-francisco-d-salva-chief-executive-officer-and-president.html |
ACCRA (Reuters) - Tullow Oil is interested in new oil blocks off Ghana’s coast as part of the British explorer’s plans to consolidate its operations in the West African nation, Chief Executive Paul McDade said on Thursday.
Tullow is leading two operations offshore Ghana, including the country’s flagship 100,000 barrel-per-day Jubilee field, which began commercial production in late 2010.
Ghana’s energy ministry said this month it would award nine new upstream oil blocks for commercial exploration off its coast beginning this year.
“We as a company want to consolidate our presence in Ghana after our investments in Jubilee and TEN (Tweneboa, Enyenra, Ntomme). We don’t want to stop there but keep growing,” McDade told reporters in Accra, where he was meeting investors.
“We’d like to go and look at the new licenses being opened, we’d look at them from a geological point of view and if we find them attractive, you’d find us bidding for them,” he said.
Tullow has given up plans to reduce its stake in its TEN field which came on stream two years ago because the need for raising capital from the sale no longer existed, McDade said.
Reporting by Kwasi Kpodo; Editing by Edmund Blair and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ghana-oil/uks-tullow-oil-eyes-new-ghana-offshore-assets-ceo-idUSKCN1IW1G0 |
May 3 (Reuters) - Colabor Group Inc:
* COLABOR GROUP REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 2018
* Q1 LOSS PER SHARE C$0.04 * Q1 SALES FELL 8 PERCENT TO C$245.9 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-colabor-group-reports-q1-loss-per/brief-colabor-group-reports-q1-loss-per-share-c0-04-idUSASC09ZHA |
May 16 (Reuters) - MagneGas Corp:
* MAGNEGAS CORP - QTRLY REVENUE INCREASED TO $1.2 MILLION, COMPARED TO $0.871 MILLION IN SAME PERIOD LAST YEAR
* MAGNEGAS CORP - QTRLY NET LOSS PER SHARE: BASIC AND DILUTED $0.62 Source text: [ bit.ly/2k2IdsA ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-magnegas-corp-reports-qtrly-shr-lo/brief-magnegas-corp-reports-qtrly-shr-loss-0-62-idUSFWN1SN0W0 |
HANOVER, Md.--(BUSINESS WIRE)-- Ciena ® Corporation (NYSE: CIEN) expects to announce results for its fiscal second quarter earnings results ended April 28, 2018 on Thursday, May 31, 2018 before the open of the financial markets. The press release also will be available on Ciena’s website at www.ciena.com .
In conjunction with the announcement, Ciena’s management will host a live audio web broadcast beginning at 8:30 AM (Eastern) on May 31, 2018 accessible via www.ciena.com .
Rebroadcast Information
For those listeners unable to participate in the live web broadcast, an archived version of the conference call will be available shortly following the conclusion of the live call in the Investor Relations/Events section of Ciena’s website.
About Ciena
Ciena (NYSE: CIEN) is a network strategy and technology company. We translate best-in-class technology into value through a high-touch, consultative business model – with a relentless drive to create exceptional experiences measured by outcomes. For updates on Ciena, follow us on Twitter @Ciena , LinkedIn , the Ciena Insights blog , or visit www.ciena.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005135/en/
Ciena Corporation
Press Contact :
Nicole Anderson
877-857–7377
[email protected]
or
Investor Contact :
Gregg Lampf
877-243–6273
[email protected]
Source: Ciena Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-ciena-announces-reporting-date-and-web-broadcast-for-fiscal-second-quarter-2018-financial-results.html |
MOSCOW (Reuters) - Russia’s state railway monopoly Russian Railways (RZhD) has put up for sale its railcar leasing unit TransFin-M and its subsidiary Absolut Bank and is in discussions with potential buyers, according to three sources briefed on the sale talks.
TransFin-M had 63,000 railway wagons at the end of 2017, and is the fifth biggest company in the market in Russia.
Absolut Bank is Russia’s 35th biggest bank by assets, according to an Interfax ranking. The bank made a loss last year of 4 billion rubles ($63.78 million), according to its Russian standard financial results.
Both TransFin-M and Absolut Bank are owned by NPF-Blagosostoyanie, a pension funding controlled by RZhD.
Two executives whose banks have been in talks with Blagosostoyanie representatives about buying the assets said that TransFin-M and Absolut were being offered to potential buyers. They spoke on condition their employers were not identified.
The third source, an employee with a company to which the assets had been offered, said discussions were underway with four potential buyers: state-run lenders Sberbank ( SBER.MM ) and VTB ( VTBR.MM ), state-controlled Gazprombank ( GZPRI.MM ), and state leasing company GTLK.
RZhD and Blagostostoyanie declined to comment. Sberbank and VTB declined to comment, while Gazprombank and GTLK did not respond to Reuters questions.
Absolut Bank did not answer questions about a possible sale, but said that later this year the bank would receive a 6 billion rouble capital injection from its main shareholder. Transfin-M could not be reached for comment.
Reporting by Tatiana Voronova and Katya Golubkova; editing by Christian Lowe and Polina Devitt
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-rzhd-sale/russian-railways-seeks-buyers-for-its-leasing-unit-and-bank-sources-idUSKCN1IU1FK |
Here are some of the companies with shares expected to trade actively in Friday’s session. Stock movements reflect premarket trading. —Up 2.8%: The broadcast company exceeded quarterly profit and revenue expectations in the most recent quarter. —Down 1.2%: Twitter said it uncovered a glitch in how its users’ passwords were stored. While the social-media firm said Investors Beware The Falling Unemployment Rate Next Brexit & Beyond: Mixed Picture for British Prime Minister After Local Elections | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/04/stocks-to-watch-cbs-twitter-tesla-nike-berkshire-newell-activision-blizzard-celgene-pandora-gopro/ |
April 30 (Reuters) - First Credit Finance Group Ltd :
* UNIT TO GRANT LOAN FACILITY IN PRINCIPAL AMOUNT OF UP TO HK$21 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-credit-finance-group-says-un/brief-first-credit-finance-group-says-unit-to-grant-loan-facility-of-up-to-hk21-million-idUSFWN1S713N |
LONDON (Reuters) - British low-cost airline easyJet ( EZJ.L ) expects profits to rise more than 30 percent this year as it benefits from strong travel demand and the collapse of some smaller rivals.
Looking to build on that momentum, new CEO Johan Lundgren also said on Tuesday he would expand the company’s holiday business, loyalty scheme and business offering.
EasyJet, Europe’s second-biggest low-cost airline behind Ryanair ( RYA.I ), swung to a profit for the six months ended March 31, helped by the timing of Easter and the collapse of British rival Monarch last year and Italy’s Alitalia going into administration, pushing more customers to easyJet.
The company said that would help to drive annual profits up to 530-580 million pounds ($718-$786 million), at least 30 percent higher than last year’s headline result and around 5-15 percent above analysts’ current forecasts.
The forecast includes losses that easyJet expects to incur from its costly expansion into Berlin’s Tegel airport last year, when it bought part of failed airline Air Berlin’s operations.
Shares in easyJet, which have gained 40 percent over the last six months, rose 3 percent to stand at 1,735.5 pence, the biggest rise in Britain's FTSE-100 blue-chip index .FTSE .
“These should be seen as a very positive set of results, with encouraging trends for yields which should also bode well for Ryanair,” Investec analysts said in a note.
An EasyJet plane takes off at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante ORGANIC GROWTH Europe’s airline market has seen significant consolidation over the last year. Lufthansa and easyJet both bought parts of failed Air Berlin last year, and more recently British Airways-owner IAG ( ICAG.L ) said it was interested in buying low-cost, long- and short-haul carrier Norwegian ( NWC.OL ).
EasyJet has expressed an interested in Alitalia, but Lundgren said it did not want to buy any part of Norwegian.
“We’re not interested in participating in any bidding in Norwegian. We have a great set of plans on our own,” he told reporters on a call.
“Alitalia is the one that we have said publicly we’re engaging in discussion and that’s all we can say for now.”
Looking to its future strategy, easyJet said it would invest more in its holidays business, with Lundgren positioning the company to take market share from his former employer, the tour operator TUI ( TUIT.L ), and its rival Thomas Cook ( TCG.L ).
Lundgren, who took over from Carolyn McCall in December, also said he would focus on attracting more business passengers and introducing an expanded loyalty program to deliver increased profit per seat from 2020.
($1 = 0.7383 pounds)
Reporting by Sarah Young; Editing by Kate Holton and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-easyjet-results/easyjet-sees-profits-soaring-after-rivals-falter-idUSKCN1IG16W |
SIOUX FALLS, S.D., May 17, 2018 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (NASDAQ:RAVN) today reported financial results for the first quarter that ended April 30, 2018.
Noteworthy Items:
Consolidated net sales increased 19 percent year-over-year and all three divisions increased division profit margin year-over-year; Launched Applied Technology's new Latin American headquarters in Brazil, aggressively pursuing organic growth opportunities in this key region; Applied Technology sustained the strong sales performance achieved in the prior year despite persistently low commodity prices and increased division profit margin; Engineered Films' strong financial performance continued with organic growth and profit margin expansion; Aerostar doubled division operating income year-over-year, from $1.4 million to $2.8 benefiting from a narrowed focus and generating higher sales; Recognized a $5.8 million non-operating gain on the sale of the Company's ownership interest in Site-Specific Technology Development Group, Inc. (SST); Commitment to support South Dakota State University with a financial gift for the expansion of its precision agriculture program and the establishment of a new precision agriculture facility resulted in a $4.5 million operating expense during the first quarter.
First Quarter Results:
Net sales for the first quarter of fiscal 2019 were $111.1 million, up 18.8 percent versus the first quarter of fiscal 2018. Engineered Films and Aerostar achieved double-digit growth in sales year-over-year during the first quarter, and Applied Technology sustained the strong growth achieved in the prior year. Delivery of hurricane recovery film contributed sales of $8.9 million during this year's first quarter.
Operating income for the first quarter of fiscal 2019 was $21.5 million versus operating income of $18.2 million in the first quarter of fiscal 2018, increasing 18.2 percent year-over-year on a reported basis. All three divisions achieved growth year-over-year in operating income during the first quarter. Included in this year's first quarter operating income was an expense of $4.5 million related to the previously announced gift to South Dakota State University and $900 thousand of expenses related to Project Atlas. Excluding these items, operating income increased significantly more than reported results year-over-year.
Net income for the first quarter of fiscal 2019 was $22.1 million, or $0.61 per diluted share, versus net income of $12.3 million, or $0.34 per diluted share, in last year's first quarter. Included in this year's first quarter results on a pre-tax basis were: a non-operating gain on the sale of the Company's ownership interest in SST of $5.8 million ($4.7 million after-tax, or $0.13 per diluted share); an expense associated with the previously announced gift to South Dakota State University of $4.5 million ($3.7 million after-tax, or $0.10 per diluted share); and Project Atlas related expenses of $0.9 million ($0.7 million after-tax, or $0.02 per diluted share). Additionally, the 12.8 percentage point reduction in the Company's effective tax rate year-over-year resulted in a tax benefit relative to the prior year of $3.5 million, or $0.10 per diluted share.
Balance Sheet and Cash Flow:
At the end of the first quarter of fiscal 2019, cash and cash equivalents totaled $51.3 million, up $10.8 million versus the prior year-end. Cash proceeds from the sale of SST and continued strength in operating cash flows principally drove the increase in cash versus the prior quarter.
Net working capital 1 as a percentage of annualized net sales increased slightly year-over-year, from 23.4 percent in the first quarter of last year to 24.1 percent in this year’s first quarter. The increase was primarily driven by an increase in receivables within Engineered Films as a result of the acquisition of Colorado Lining International, Inc. (CLI).
We expect cash outflows for capital expenditures to be approximately $22 million in fiscal 2019. The increase over fiscal 2018 will primarily be driven by the installation of a new extrusion line for Engineered Films (Line 15).
Applied Technology Division:
Net sales for Applied Technology in the first quarter of fiscal 2019 were $40.4 million, essentially flat versus the first quarter of fiscal 2018. The division sustained the strong growth achieved in the prior year despite persistently low commodity prices. Geographically, domestic sales were down 2.4 percent year-over-year, while international sales were up 6.6 percent year-over-year.
Division operating income in the first quarter of fiscal 2019 was $15.9 million, up $2.5 million or 18.5 percent versus the first quarter of fiscal 2018. Division operating margin increased 620 basis points year-over-year, driven mostly by lower warranty expense and favorable legal recoveries.
Engineered Films Division:
Net sales for Engineered Films were $60.0 million, up 37.7 percent year-over-year. The increase in net sales was driven by organic growth, the sale of hurricane recovery film and the acquisition of CLI. The delivery of Hurricane recovery film and the acquisition of CLI contributed sales in this year's first quarter of $8.9 million and $7.7 million, respectively. In the first quarter of fiscal 2018 the division generated $2.3 million in sales to CLI.
Operating income in the first quarter of fiscal 2019 was $13.2 million, up $4.5 million or 51.3 percent versus the first quarter of fiscal 2018. Division operating margin increased 200 basis points year-over-year, from 20.0 percent to 22.0 percent, driven by strong operational execution and higher sales volume.
Aerostar Division:
Net sales for Aerostar during the first quarter of fiscal 2019 were $10.9 million, up $1.3 million or 13.5 percent versus the first quarter of fiscal 2018. This increase in net sales was driven by improved sales volume across core product lines. During the first quarter of fiscal 2019, the division sold its client private business in alignment with its strategy to focus on its core business. Aerostar's client private business generated sales of $0.3 million and $1.6 million in the first quarter of fiscal 2019 and 2018, respectively.
Division operating income in the first quarter of fiscal 2019 was $2.8 million, up $1.4 million versus the first quarter of fiscal 2018. This increase was primarily driven by increased sales volume and favorable sales mix. The sale of the client private business generated a small gain on sale during the first quarter of fiscal 2019; however, the change in division profit year-over-year was not significantly impacted by the client private business.
Fiscal 2019 Outlook:
“All three divisions continued to achieve strong operating results during the first quarter of fiscal 2019,” said Dan Rykhus, President and CEO. “Investments in growth are leading to increased demand, and operational execution is resulting in higher sales volume and improved financial performance.
“Applied Technology continues to drive results through innovation and investments to grow internationally. During the quarter, the division established its new Latin American headquarters in Brazil to drive sales in this key geographic market.
“Engineered Films continued to achieve expected sales growth and profitability. The division is leveraging past investments to capitalize on strategic opportunities and is investing in additional capabilities to capture increased demand from existing customers. The underlying fundamentals remain strong and the division's operational execution is delivering impressive financial results.
“Aerostar's financial performance progressed in the first quarter of fiscal 2019. Confidence is strong within the division and Aerostar further sharpened its focus as evidenced by the divestiture of its client private business during the quarter. Stratospheric balloon systems continue to build positive momentum and achieve key milestones.
“The Company is off to a strong start to the year. Underlying organic growth in consolidated net sales and operating income were approximately 5 percent and 20 percent, respectively, when excluding unusual items. Each of the divisions is well positioned in its markets and we expect our positive momentum to continue," concluded Rykhus.
Regulation G:
The information presented in this earnings release regarding earnings before interest, taxes, depreciation, and amortization (EBITDA) do not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below.
Conference Call Information:
The Company will host an investor conference call to discuss first quarter fiscal 2019 results tomorrow, Friday, May 18, 2018, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). The conference call audio will be available to all interested parties via a simultaneous webcast that can be accessed through the Investor Relations section of the Company’s website at http://investors.ravenind.com . Analysts and investors are invited to join the conference call by dialing: +1 (866) 393-0676. The event is scheduled to last one hour. For those unable to listen live, an audio replay of the event will be archived on the Company's website.
About Raven Industries, Inc.:
Raven Industries (NASDAQ:RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com .
Forward-Looking Statements:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words such as "may," "will," "plan," "believe," "expect," "intend," "anticipate," "potential," “should,” “estimate,” “predict,” “project,” “would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future - including statements relating to our future operating or financial performance or events, our strategy, goals, plans and projections regarding our financial position, our liquidity and capital resources, and our product development - are forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements, because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.
Contact Information:
Bo Larsen
Investor Relations Director
Raven Industries, Inc.
+1 (605) 336-2750
Source: Raven Industries, Inc.
RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except earnings per share) (Unaudited)
Three Months Ended April 30, 2018 2017 Fav (Un)
Change Net sales $ 111,129 $ 93,535 18.8 % Cost of sales 71,131 61,579 Gross profit 39,998 31,956 25.2 % Gross profit percentage 36.0 % 34.2 % Research and development expenses 5,285 3,980 Selling, general, and administrative expenses 13,182 9,498 Long-lived asset impairment loss — 259 Operating income 21,531 18,219 18.2 % Operating income percentage 19.4 % 19.5 % Other income (expense), net 5,679 (230 ) Income before income taxes 27,210 17,989 51.3 % Income tax expense 5,063 5,641 Net income 22,147 12,348 79.4 % Net income attributable to noncontrolling interest 12 — Net income attributable to Raven Industries, Inc. $ 22,135 $ 12,348 79.3 % Net income per common share: - Basic $ 0.62 $ 0.34 82.4 % - Diluted $ 0.61 $ 0.34 79.4 % Weighted average common shares: - Basic 35,914 36,179 - Diluted 36,381 36,539 RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) (Unaudited)
April 30 January 31 April 30 2018 2018 2017 ASSETS Cash and cash equivalents $ 51,317 $ 40,535 $ 50,477 Accounts receivable, net 66,812 58,532 51,617 Inventories 55,162 55,351 49,867 Other current assets 4,483 5,861 3,256 Total current assets 177,774 160,279 155,217 Property, plant and equipment, net 107,037 106,280 106,194 Goodwill and amortizable intangibles, net 56,344 57,294 52,141 Other assets 3,947 2,950 3,442 TOTAL ASSETS $ 345,102 $ 326,803 $ 316,994 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 14,714 $ 13,106 $ 13,909 Accrued and other liabilities 21,249 23,836 22,615 Total current liabilities 35,963 36,942 36,524 Other liabilities 16,053 13,795 12,726 Shareholders' equity 293,086 276,066 267,744 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 345,102 $ 326,803 $ 316,994
Net Working Capital and Net Working Capital Percentage 1 Accounts receivable, net $ 66,812 $ 58,532 $ 51,617 Plus: Inventories 55,162 55,351 49,867 Less: Accounts payable 14,714 13,106 13,909 Net working capital 1 $ 107,260 $ 100,777 $ 87,575 Annualized net sales $ 444,516 $ 383,292 $ 374,140 Net working capital percentage 1 24.1 % 26.3 % 23.4 % RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) (Unaudited)
Three Months Ended April 30, 2018 2017 Cash flows from operating activities: Net income $ 22,147 $ 12,348 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,683 3,614 Long-lived asset impairment loss — 259 Other operating activities, net (12,227 ) (8,519 ) Net cash provided by operating activities 13,603 7,702 Cash flows from investing activities: Capital expenditures (4,164 ) (2,790 ) Proceeds from sale or maturity of investments 6,556 — Purchases of investments (79 ) — Proceeds from sale of assets 832 14 Other investing activities, net 40 (60 ) Net cash provided by (used in) investing activities 3,185 (2,836 ) Cash flows from financing activities: Dividends paid (4,658 ) (4,691 ) Payment of acquisition-related contingent liabilities (295 ) (161 ) Other financing activities, net (822 ) (141 ) Net cash used in financing activities (5,775 ) (4,993 ) Effect of exchange rate changes on cash (231 ) (44 ) Net increase (decrease) in cash and cash equivalents 10,782 (171 ) Cash and cash equivalents at beginning of period 40,535 50,648 Cash and cash equivalents at end of period $ 51,317 $ 50,477 RAVEN INDUSTRIES, INC.
SALES AND OPERATING INCOME BY SEGMENT
(Dollars in thousands) (Unaudited)
Three Months Ended April 30, 2018 2017 Fav (Un)
Change Net sales Applied Technology $ 40,430 $ 40,490 (0.1 )% Engineered Films 59,992 43,555 37.7 % Aerostar 10,901 9,606 13.5 % Intersegment eliminations (194 ) (116 ) Consolidated net sales $ 111,129 $ 93,535 18.8 % Operating income (loss) Applied Technology $ 15,948 $ 13,453 18.5 % Engineered Films 13,196 8,720 51.3 % Aerostar 2,805 1,418 97.8 % Intersegment eliminations (15 ) (2 ) Total segment income 31,934 23,589 35.4 % Corporate expenses (10,403 ) (5,370 ) (93.7 )% Consolidated operating income $ 21,531 $ 18,219 18.2 % Operating income percentages Applied Technology 39.4 % 33.2 % 620bps Engineered Films 22.0 % 20.0 % 200bps Aerostar 25.7 % 14.8 % 1,090bps Consolidated operating income 19.4 % 19.5 % (10)bps RAVEN INDUSTRIES, INC.
EBITDA REGULATION G RECONCILIATION 2
(Dollars in thousands) (Unaudited)
Three Months Ended April 30, Fav (Un) Segments 2018 2017 Change Applied Technology Reported operating income $ 15,948 $ 13,453 18.5 % Plus: Depreciation and amortization 750 830 (9.6 )% ATD EBITDA $ 16,698 $ 14,283 16.9 % ATD EBITDA % of Net Sales 41.3 % 35.3 % Engineered Films Reported operating income $ 13,196 $ 8,720 51.3 % Plus: Depreciation and amortization 2,321 2,066 12.3 % EFD EBITDA $ 15,517 $ 10,786 43.9 % EFD EBITDA % of Net Sales 25.9 % 24.8 % Aerostar Reported operating income $ 2,805 $ 1,418 97.8 % Plus: Depreciation and amortization 219 417 (47.5 )% Aerostar EBITDA $ 3,024 $ 1,835 64.8 % Aerostar EBITDA % of Net Sales 27.7 % 19.1 % Consolidated Raven Net Income attributable to Raven Industries $ 22,135 $ 12,348 79.3 % Interest expense (income), net (37 ) 68 Income tax expense 5,063 5,641 Plus: Depreciation and amortization 3,683 3,614 EBITDA $ 30,844 $ 21,671 42.3 % EBITDA % of Net Sales 27.8 % 23.2 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-raven-industries-reports-strong-first-quarter-fiscal-2019-results.html |
MEMPHIS, Tenn., May 22, 2018 /PRNewswire/ -- Safety Supply Corporation, a leading manufacturer of high quality personal protective equipment (PPE) and parent of Radians, Inc., announced today they have acquired Neese Industries, Inc., an established global leader in FR clothing and protective rainwear for almost 60 years.
Radians and Neese combined will have manufacturing capabilities in Mexico which will improve lead times on several product lines by bringing manufacturing closer to the USA. Owning their plants, equipment and in-house design and production teams allows both companies to respond quickly to unique customer needs.
"FR clothing and protective rainwear are an important growth area in the Radians portfolio," said Bill England, President of Radians. "The acquisition of Neese bolsters our PPE platform and will build on our combined strengths of manufacturing, distribution, and product innovation. The acquisition allows us to broaden our efforts to be a top-tier, single-source supplier of high quality protective gear."
"We are looking forward to a mutually beneficial partnership with the management and employees of Radians," said Bob Riches, Neese product champion of FR clothing. "Radians and Neese share a respected reputation in the safety industry and the mutual mission of 'Protecting What Matters Most' which includes our relationships with workers, consumers, and our customers."
Riches will continue to lead and manage the 134 employees that work for Neese Industries and will play a major role in the expansion of FR clothing and rainwear at Radians. After systems integration is completed later this year, customers will be able to conveniently order both Radians products and Neese products on a single purchase order.
For more information, please contact inside sales toll-free at 877-723-4267 or send an email to [email protected] .
About Radians
Radians® is a Memphis, TN-based manufacturer of quality PPE, including safety eyewear, RadWear® high visibility apparel, rainwear, hearing protection, hand protection, head gear, cooling products, heated jackets, eyewash stations, and lens cleaning systems. Radians has partnered with highly respected companies including DSM Dyneema, DEWALT® and BLACK+DECKER™ to provide high performance personal protection products. Their brands include Bellingham Glove, Crossfire® by Radians, Arctic RadWear®, Nordic Blaze®, and VisionAid®. An ISO 9001:2008 certified leader in the PPE industry, the company has additional facilities in Reno, NV, Thomasville, NC, Bellingham, WA, British Columbia, and the United Kingdom. For more information, visit www.Radians.com .
About Neese Industries
Neese Industries is a Gonzales, LA-based manufacturer of high quality protective rainwear and flame resistant clothing. With over 1200 distributors and production facilities in three countries, Neese Protective Clothing has been known and respected by workers and consumers around the world since 1961. For more information, visit www.neeseind.com .
View original content: http://www.prnewswire.com/news-releases/radians-acquires-neese-industries-300652258.html
SOURCE Radians | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-radians-acquires-neese-industries.html |
The Kilauea volcano erupted Thursday on Hawaii’s Big Island, prompting local authorities to issue mandatory evacuations for more than 1,500 residents as an active lava flow threatened homes.
The eruption began shortly before 5 p.m. local time after earthquakes shook the island, according to the U.S. Geological Survey.
Gov. David Ige mobilized... | ashraq/financial-news-articles | https://www.wsj.com/articles/hawaiis-kilauea-volcano-shoots-lava-into-the-sky-evacuations-ordered-1525413186 |
Global PMI: business slows - best days over? 8:18pm IST - 01:46
Euro zone economic growth slowed much more sharply than expected this month, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead. As David Pollard reports, data from Japan also disappointed.
Euro zone economic growth slowed much more sharply than expected this month, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead. As David Pollard reports, data from Japan also disappointed. //reut.rs/2GIVOhA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/global-pmi-business-slows-best-days-over?videoId=429599777 |
By Valentina Zarya 7:04 AM EDT Good morning, Broadsheet readers! Eight women have accused Morgan Freeman of sexual harassment, Michelle Obama reveals the cover of her memoir, and Walmart is trying to lure moms back to professional work. Plus: A sappy note from me on my last day at Fortune. Have a marvelous Memorial Day weekend.
EVERYONE'S TALKING
Dear Broadsheeters,
Scouring the news every day for stories of female power is the best job you can imagine. I’ve received dozens of kind notes from you over the years, describing how this newsletter has fired you up, given you a greater sense of purpose, or helped you muster courage to do something you otherwise would not have. Well, the same goes for me.
Kristen and I often write about the need for more women in positions of power, for more female entrepreneurs, for more diverse investors. After three years of reading and writing about the people wearing these hats, I’ve decided to try one (or more) on myself.
Since you haven’t hesitated to share your honest thoughts about this newsletter, I won’t sugarcoat this either: Leaving a job you love to venture into the unknown is terrifying. These past three years at Fortune have been the most interesting, challenging, and fulfilling of my career. To say that I’m sad to leave is an understatement; I’m heart-broken. But I’m holding onto the thought that by taking some time now to invest in myself, I will be able to do more to serve you all.
Please keep in touch! My personal e-mail address is [email protected], and I’ve created this very fancy Google form if you’d like to share your contact info with me.
It’s been an honor and a joy.
Sincerely,
Val
Advertisement ALSO IN THE HEADLINES
• Under arrest Disgraced film mogul Harvey Weinstein was in police custody this morning on rape charges—eight months after the blockbuster report on his abusive behavior sparked a cultural reckoning.
New York Times
• Him, too? Actor Morgan Freeman has been accused by eight women of sexual harassment. His accusers allege that the actor subjected them to various inappropriate acts, such as unwanted touching and public—and at times sexual—comments about their bodies. Freeman apologized to “anyone who felt uncomfortable or disrespected;” he’s already facing professional consequences .
Fortune
• JPM’s secret weapon. My colleague Robert Hackett has written a wonderful (and nerdy) feature on the blockchain program at JPMorgan Chase. One-half of its leadership team is a purple-haired woman named Amber Baldet, “an unlikely banker from the start” who recently left the bank to launch her own blockchain startup, Clovyr. “We simply wanted to move more quickly than was really possible at a highly regulated entity,” Baldet says of the new venture.
Fortune
• Walmart woos moms. Walmart Labs, the tech division of the retail giant, has signed onto Path Forward, a nonprofit that facilitates programs to aid caregivers—mainly moms—in returning to professional work after taking time off. Starting in September, Labs will offer three-month internships in software engineering and product management roles to candidates looking to restart their careers after caregiving breaks.
Fortune
• Keep it moving . The Senate has (finally!) passed legislation that would overhaul the way sexual harassment complaints are handled on Capitol Hill. Among other stipulations, the new law would hold members of Congress personally responsible for paying settlements out of their own pockets. It now goes back to the House—where a similar bill already passed—to reconcile differences between the two chambers’ proposals.
CNN
MOVERS AND SHAKERS: The New Republic announced that Emily Cooke is joining as Editorial Director. Previously, she was Deputy Editor at Harper’s . Shannon Gordon has joined theBoardlist as CEO. She was most recently the VP of Customer Experience at Walmart.com and the SVP of Operations and Customer Experience at Shyp. New Enterprise Associates has promoted Carmen Chang , a former lawyer who leads NEA’s China practice, to the general partner level. United Continental Holdings has picked former Federal Aviation Administration boss Jane Garvey to be chairman—the first woman to hold the role.
IN CASE YOU MISSED IT
• Black women politics. Black women make up 7.3% of the U.S. population, but less than 5% of politicians, according to a new report by Higher Heights Leadership Fund and the Center for American Women and Politics. There are only 19 black women in Congress, and they hold only three statewide offices. With the midterm elections, however, that may soon change; several African-American women have already won primary races this cycle.
Fortune
• Sweden’s sex law. The Swedish Parliament has passed a law requiring explicit consent from participants before they engage in a sexual act; it is the 10th country in Western Europe to recognize nonconsensual sex as rape. Under previous laws, prosecutors had to show “that there had been violence, a threat of violence or the exploitation of a victim in a vulnerable state to establish rape.” When the law goes into effect, a prosecutor will need to show that consent was not given.
New York Times
• Fashion’s glass ceiling. Glamour and the Council of Fashion Designers of America surveyed 535 fashion professionals throughout the industry about their ambitions, opportunities, and setbacks. A few notable takeaways: 100% of women said that gender inequality is a problem in the industry, compared with less than 50% of men. Even more disturbing: At junior levels, 25% fewer women than men get promoted without asking; by the time they reach management positions, the gap widens to 72%.
Glamour
• Tracking progress. Having trouble keeping tabs on all of the women running for office? Check out Politico ‘s neat interactive showing how many women have won primary races across the House, Senate, and gubernatorial elections.
Politico
Share today’s Broadsheet with a friend.
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Advertisement ON MY RADAR
Michelle Obama revealed the cover of her memoir
BuzzFeed
A rape victim was just awarded $1 billion. Jurors told her: ‘You’re worth something.’
Washington Post
What’s behind the decline in female CEOs
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Southern Baptist leader removed as seminary president for remarks on women
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Doesn’t it feel like the second you figure anything out in life, it ends and you’re forced to start all over again? - Soccer star Abby Wambach, addressing the graduates of Barnard College in a commencement address | ashraq/financial-news-articles | http://fortune.com/2018/05/25/morgan-freeman-michelle-obama-walmart-broadsheet-for-may-25th/ |
Twitter alert! Reset passwords please 10:49pm BST - 01:38
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. ▲ Hide Transcript ▶ View Transcript
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FGhvya | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/twitter-alert-reset-passwords-please?videoId=423616449 |
May 7 (Reuters) - Dare Bioscience Inc:
* DARÉ BIOSCIENCE, INC. ENTERS INTO AGREEMENT TO ACQUIRE PRODUCT TO ADDRESS VULVAR AND VAGINAL ATROPHY IN HORMONE RECEPTOR-POSITIVE BREAST CANCER PATIENTS
* DARE BIOSCIENCE INC - DARÉ HAS ENTERED INTO AGREEMENT TO SECURE RIGHTS, CURRENTLY OWNED BY PEAR TREE, TO DEVELOP PT-101 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dar-bioscience-enters-into-agreeme/brief-dar-bioscience-enters-into-agreement-to-acquire-product-to-address-vulvar-and-vaginal-atrophy-in-hormone-receptor-positive-breast-cancer-patients-idUSASC0A01X |
May 1 (Reuters) - Pfizer Inc’s quarterly profit rose 14 percent, led by higher sales of breast cancer drug Ibrance.
The largest U.S. drugmaker said on Tuesday net profit rose to $3.56 billion or 59 cents per share in the first quarter of 2018, from $3.12 billion or 51 cents per share a year earlier.
Revenue rose 1 percent to $12.91 billion. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/pfizer-results/pfizers-quarterly-profit-rises-14-percent-idUSL3N1S8212 |
May 24, 2018 / 12:18 PM / Updated 6 minutes ago Russia's Mechel says its Q1 net profit down 76 pct y/y Reuters Staff 1 Min Read
MOSCOW, May 24 (Reuters) - Russian metals and mining group Mechel said on Thursday its net profit was 76 percent down in the first guarter of 2018, compared to the same period of last year, and totalled 3.3 billion roubles ($53.71 million).
Mechel’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were down 19 percent year-on-year at 18.4 billion roubles in the first three months of 2018.
Its revenue totalled 74.9 billion roubles in the same period, 3 percent less than last year, according to the company. $1 = 61.4400 roubles Reporting by Anastasia Lyrchikova Writing by Maria Tsvetkova Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/russia-mechel-revenue-profit/russias-mechel-says-its-q1-net-profit-down-76-pct-y-y-idUSR4N1LZ00C |
Iran slams U.S. sanctions push 10:49am EDT - 01:27
Iran on Wednesday kept up a drumbeat of opposition to U.S. demands for sweeping change in its foreign policy and nuclear program, and Tehran's ally Damascus dismissed out of hand a U.S. call for a withdrawal of Iranian forces from Syria. Scarlett Cvitanovich reports. ▲ Hide Transcript ▶ View Transcript
Iran on Wednesday kept up a drumbeat of opposition to U.S. demands for sweeping change in its foreign policy and nuclear program, and Tehran's ally Damascus dismissed out of hand a U.S. call for a withdrawal of Iranian forces from Syria. Scarlett Cvitanovich reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GJnVx1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/iran-slams-us-sanctions-push?videoId=429618806 |
Mike Zunino homered with two outs in the bottom of the 12th inning as the host Seattle Mariners defeated the Minnesota Twins 4-3 Saturday night at Safeco Field.
Zunino lined a 2-2 slider from right-hander Matt Magill (1-1) over the wall in left field as the Mariners improved to 5-0 in extra innings. It was Zunino’s eighth homer of the season.
Right-hander Chasen Bradford (4-0) pitched a scoreless inning for the victory.
Nelson Cruz and Jean Segura also hit home runs for the Mariners, who have a major-league-best 15 one-run victories.
Minnesota right-hander Jake Odorizzi and Seattle left-hander Wade LeBlanc each opened with five scoreless innings, reminiscent of their May 14 matchup at Target Field when they each went six scoreless innings.
But this time, they each ran into trouble in the sixth.
The Twins had just one hit through the first five innings against LeBlanc, an infield single by Max Kepler with two outs in the third.
Brian Dozier led off the sixth with grounder up the middle that just eluded a diving Segura, the Mariners’ shortstop. Dozier advanced to second on a passed ball and scored on Kepler’s double into the right field corner. Kepler reached third on Miguel Sano’s flyout to the warning track in right field and Eddie Rosario hit a run-scoring double off the glove of first baseman Ryon Healy to make it 2-0.
The Mariners answered in the bottom of the inning, as Segura led off by hitting a 1-0 pitch from Odorizzi over the manual scoreboard in left field. Guillermo Heredia then reached second on an infield single and a fielding error by shortstop Gregorio Petit. Mitch Haniger walked to bring up Cruz.
It looked as if the Mariners might squander the scoring opportunity when Heredia was thrown out at third by catcher Mitch Garver after an Odorizzi pitch got a few feet away from the plate. But Cruz lined a 2-1 pitch just over the right-center field wall, with center fielder Byron Buxton crashing into the fence as he tried to make a spectacular catch.
Buxton hit his head against the wall and fell to the warning track. He was attended to by the training staff and had to leave the game with a cut over his left eye.
Ryan Cook pitched a scoreless seventh in relief of LeBlanc, and Nick Vincent got the first two outs in the eighth before leaving with a 3-0 count against Sano because of a right groin strain. James Pazos entered and walked Sano on a 3-2 count before Rosario blooped a single into right-center field. Eduardo Escobar then hit a check-swing single to right to score pinch runner Ehire Adrianza to tie it at 3-3. Escobar tried to take an extra base but was thrown out at second to end the inning.
Segura became the third player to the leave the game because of injury after he was kicked in the head by Petit while trying to break up an inning-ending double play in the eighth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-min-recap/zuninos-12th-inning-hr-leads-mariners-past-twins-idUSMTZEE5RDIBKI2 |
Oil prices rose Monday on more signs of a tightening global oil market, despite the release of OPEC data which signaled robust production.
U.S. crude futures climbed 49 cents, or 0.69%, to $71.19 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose $1.02, or 1.32%, to $78.14 a barrel on ICE Futures Europe.
The Organization... | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-holds-gains-amid-u-s-production-growth-1526293899 |
BETHESDA, Md., May 30, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $81,827,200 in bridge financing for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East , two garden-style apartment communities in Garland, Texas. The multifamily properties are undergoing significant renovations and will cater to residents looking to live near Bayside, the $1 billion master-planned, resort-style development along the shore of Lake Ray Hubbard. Once complete, Bayside will feature upscale restaurants, retail, beachfront recreational activities, office space, and Texas' first Crystal Lagoon, an eight-acre manmade pool with clear turquoise water.
Led by Managing Director Alex Inman , Walker & Dunlop secured two bridge loans from a regional bank on behalf of the owner, Madera Residential. The financing will allow the owner to execute their business plan of repositioning both multifamily communities. Each three-year loan includes favorable terms, is partial interest-only, and is followed by a 30-year amortization.
"Having closed nearly 30 transactions with Walker & Dunlop already, it's no surprise they executed flawlessly on the transactions of both Landmark at Lake Village East & North." Commented Alton Smith at Madera Residential. "Alex and his team were able to present several different financing options from various lending sources, allowing us to choose the best fit for our business plan."
Said Mr. Inman, "Madera Residential is a highly skilled multifamily owner in the Dallas area and we are certain that their improvements will increase value for both the owner and residents." He added, "We are pleased to be part of an exciting project in a growing area of Texas."
Both properties were constructed in 1983 and are undergoing a comprehensive upgrade program to renovate unit interiors, make exterior improvements, and increase offerings to residents. As part of their business plan, Madera Residential's use of the loan proceeds improving curb appeal and interiors will add significant value to the overall portfolio.
Landmark at Lake Village North is an 848-unit, garden-style apartment community located near the intersection of Interstates 635 and 30 and close to the President George Bush Turnpike. Landmark at Lake Village East is a 321-unit, garden-style apartment community that sits on a peninsula of Lake Ray Hubbard. Amenities at the properties include features such as multiple swimming pools, several basketball courts, sand volleyball courts, tennis courts, dog parks, a playground, clubhouse with coffee lounge, 24-hour fitness center, and picnic and barbeque areas.
The properties enjoy quick access to both Downtown and Uptown Dallas, as well as the Firewheel, CityLine, and Rockwall neighborhoods. The properties are also well-positioned near future employment hubs within the submarket, such as the redevelopment of Big Town Mall into a new FedEx outpost.
Walker & Dunlop is a leader in the multifamily lending space, ranking as the #1 Fannie Mae DUS ® Lender in 2017 and within the top five largest multifamily lenders with Freddie Mac and HUD. Our brokered loan originations have also significantly increased, growing at a compound annual rate of 28 percent from 2014 to 2017. Learn more about our ability to execute on a variety of financing types:
Walker & Dunlop Originates $100 Million Revolving Credit Facility for Presidium $50 Million Loan Closed for Multifamily Property in Jacksonville, Florida by Walker & Dunlop $33.5 Million Freddie Mac Green Up® Loan Closed by Walker & Dunlop for Multifamily Property in Texas
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
View original content: http://www.prnewswire.com/news-releases/walker--dunlop-secures-82-million-in-bridge-financing-for-lakeside-apartments-in-texas-300656571.html
SOURCE Walker & Dunlop, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-walker-dunlop-secures-82-million-in-bridge-financing-for-lakeside-apartments-in-texas.html |
May 10 (Reuters) - Kona Grill Inc:
* Q1 SAME STORE SALES FELL 8.3 PERCENT * QTRLY LOSS PER SHARE $0.24 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kona-grill-reports-qtrly-loss-per/brief-kona-grill-reports-qtrly-loss-per-share-0-24-idUSASC0A1L0 |
Russian foreign minister Lavrov to visit North Korea on May 31: RBC Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov will travel to North Korea for a visit on May 31, the RBC news portal wrote on Wednesday, citing the Russian Foreign Ministry. Reporting by Vladimir Soldatkin; Writing by Tom Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-northkorea-lavrov/russian-foreign-minister-lavrov-to-visit-north-korea-on-may-31-rbc-idUSKCN1IO2BR |
May 16, 2018 / 11:07 PM / Updated 7 hours ago MPs call for post-Brexit pharmaceutical deal with EU Ben Hirschler 3 Min Read
LONDON (Reuters) - Britain must make a continued form of membership of the European Medicines Agency (EMA) a priority to protect the pharmaceutical industry and patients after Brexit, MPs said. FILE PHOTO: A nurse is given the vaccine against the H1N1 swine flu during a vaccination session for front line medical staff at the Countess of Chester Hospital in Chester, northern England, November 6, 2009. REUTERS/Phil Noble
The highly regulated industry fears disruption as the EMA relocates from London to Amsterdam, creating uncertainty about drug approvals after 2019. The EMA is already reallocating regulatory work done by experts in Britain to other countries.
Maintaining timely approvals for new products is crucial both for getting new medicines to patients and ensuring financial returns to drug companies, which work in decade-long product development cycles.
The British government has said it wants to see continued cooperation with Europe on medicines after Britain leaves the European Union, but there has so far been no agreement.
“It is now time for the government to end the uncertainty and translate words into actions. Some form of membership of the EMA is vital to the continued success of the pharma industry and to the welfare of British patients,” Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, said.
This should include finding a way to keep some of the EMA’s jobs and facilities in Britain, she added on Thursday.
A report by her committee concluded that leaving the EU without an agreement for the pharmaceutical industry would diminish access to markets, including 11.9 billion pounds of exports.
Access to medicines would also be at risk, since nearly three-quarters of UK pharmaceutical imports are from the EU.
In the absence of a deal, drugmakers will have to duplicate regulatory activities across the UK and EU, pushing up costs. The committee report said a separate regime could impose extra costs of 45,000 pounds for each new drug, making Britain an unattractive market for innovative medicines.
Global drugmakers, including UK-based GlaxoSmithKline ( GSK.L ) and AstraZeneca ( AZN.L ), have called for continued co-operation after Brexit between the EMA and Britain’s Medicines and Healthcare products Regulatory Agency.
The issue is also a major concern for many Japanese drug companies that have made Britain their European base.
But it will be up to EU governments to decide whether to offer some kind of mutual recognition system to Britain once the country is outside the EU and no longer under the remit of the European Court of Justice, which oversees the EMA. Reporting by Ben Hirschler; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-pharmaceuticals/mps-call-for-post-brexit-pharmaceutical-deal-with-eu-idUKKCN1IH37H |
OSLO, May 23 (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, voted against a motion presented at the annual general meeting of Royal Dutch Shell calling on the energy giant to set climate targets.
Long-term investors with $10.4 trillion of assets under management, including banks BNP Paribas and HSBC , had called on the energy giant to set firm carbon emission targets in line with the 2015 Paris Agreement.
The motion was defeated by 95 percent of Shell investors on Tuesday.
The fund also said it had voted in favour of the remuneration package of Chief Executive Ben van Beurden, worth 8.9 million euro ($10.51 million) in 2017, which was adopted by 75 percent of Shell investors on Tuesday. (Reporting by Gwladys Fouche, editing by Terje Solsvik and Ole Petter Skonnord)
| ashraq/financial-news-articles | https://www.reuters.com/article/shell-agm-norway-swf/norways-wealth-fund-voted-in-favour-of-shell-ceo-pay-against-climate-targets-idUSL5N1ST3TR |
ANTANANARIVO (Reuters) - Madagascar’s president approved a new election law lifting a provision that would have prevented the main opposition candidate from standing for office, which had provoked a political crisis and deadly street demonstrations.
Madagascar President Hery Rajaonarimampianina meets with Chinese President Xi Jinping (not pictured) at the Great Hall of the People on March 27, 2017 in Beijing, China. REUTERS/Lintao Zhang/Pool/Files Supporters of opposition politician Marc Ravalomanana, who served as president from 2002 until he was toppled in a 2009 coup, have demanded the scrapping of election rules they said were drawn up to stop him from running. The High Court ruled last week that the rules were unconstitutional.
“Organic laws (on elections) were promulgated today on the basis of the decisions and opinions of the High Constitutional Court,” President Hery Rajaonarimampianina’s office said in a statement late on Friday.
Ravalomanana had been barred from standing for office because of a criminal conviction imposed while he was in exile after the coup. His supporters said that provision was intended to prevent him from returning to power in the election, which is due later this year on a date that has yet to be announced.
The High Court overturned the rule that would have prevented him from standing, and also removed provisions that had restricted media access. Candidates will be permitted to receive money from abroad, as long as it does not come from foreign governments.
Ravalomanana has teamed up in opposition with the man who succeeded him, Andy Rajoelina. At an opposition march last month against the laws, police fired teargas at demonstrators and two people later died from their injuries.
Madagascar is one of the world’s poorest countries, despite reserves of nickel, cobalt, gold, uranium and other minerals. The 2009 coup scared off foreign investors.
Reporting by Lovasoa Rabary; Writing by George Obulutsa; Editing by Peter Graff
| ashraq/financial-news-articles | https://in.reuters.com/article/madagascar-politics/madagascar-president-lifts-restrictions-on-opposition-candidates-idINKCN1ID0ED |
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