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May 22 (Reuters) - EVO Payments Inc:
* EVO ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING * EVO PAYMENTS INC - PRICING OF ITS INITIAL PUBLIC OFFERING OF 14 MILLION SHARES OF ITS CLASS A COMMON STOCK AT A PRICE TO PUBLIC OF $16.00 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evo-payments-inc-announces-pricing/brief-evo-payments-inc-announces-pricing-of-ipo-at-16-00-per-share-idUSASC0A3BL |
May 3, 2018 / 6:00 PM / Updated 31 minutes ago Croatia arrests Bosnian over 2016 Tunisia assassination - agency Reuters Staff 2 Min Read
ZAGREB (Reuters) - Croatian police have arrested a Bosnian citizen who may be extradited to Tunisia over his alleged involvement in the killing of a Tunisian in 2016 who Palestinian group Hamas said was one of its members, state news agency Hina reported on Thursday.
“A Bosnian national was arrested on March 13 on the basis of an Interpol arrest warrant from Tunisia. The person is in custody, and the extradition procedure is in charge of Croatian judicial bodies,” Hina cited a police statement as saying.
Police representatives were not immediately available to comment.
Hina also said, citing media reports, that a Tunisian official earlier confirmed that two suspects had been identified and one had been arrested in Croatia.
Mohammed Zawari, an aerospace engineer and drone expert, was shot dead in December 2016 near the city of Sfax. The Tunisian authorities later said that they had arrested 10 Tunisians but that two foreigners suspected of plotting the killing had escaped.
Hamas blamed Israel for the killing of Zawari, who it said had been a member of its organisation for 10 years. Reporting by Igor Ilic; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-croatia-crime-tunisia/croatia-arrests-bosnian-over-2016-tunisia-assassination-agency-idUKKBN1I42B5 |
May 29, 2018 / 9:37 AM / Updated 16 minutes ago ECB's Constancio tells Italy: read the rules on central bank support Reuters Staff 1 Min Read
BERLIN (Reuters) - Any intervention by the European Central Bank to help Italy in the event of liquidity problems must “serve the fulfilment of our mandate” and follow “certain conditions”, ECB’s outgoing Vice-President Vitor Constancio was quoted as saying on Tuesday. European Central Bank (ECB) Vice President Vitor Constancio holds a news conference at the ECB headquarters in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski
“Italy knows the rules. They might want to read them again,” Constancio told Spiegel magazine in an interview, according to a pre-release, when asked if the central bank would intervene in the case of an emergency and rescue Italy from an insolvency. Reporting by Michael Nienaber; Editing by Paul Carrel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-ecb-constancio/ecbs-constancio-tells-italy-read-the-rules-on-central-bank-support-idUKKCN1IU0ZE |
May 10, 2018 / 4:02 AM / 2 days ago Israel says informed Russia ahead of its strikes in Syria Reuters Staff 1 Min Read
JERUSALEM (Reuters) - Israel forewarned Russia of its strikes on Thursday against multiple targets in Syria, an Israeli military spokesman said.
“The Russians were informed prior to our attack by the established mechanisms that we have,” Lieutenant-Colonel Jonathan Conricus told reporters without elaborating. Writing by Dan Williams; Editing by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-israel-russia-st/israel-says-informed-russia-ahead-of-its-strikes-in-syria-idUKKBN1IB0EF |
WASHINGTON, May 15, 2018 /PRNewswire/ -- Weather Analytics LLC, a leading provider of risk information for insurance carriers, today announced it has acquired and merged with Athenium Inc. Weather Analytics also announced today it is investing more than $25 million to build new decision-support software for insurers, enabled by artificial intelligence and computer-vision capabilities.
Bill Pardue, who co-founded Weather Analytics LLC and now is Chairman & Chief Executive Officer of the merged companies, said both the Athenium acquisition and the $25 million additional investment will expand greatly insurers' current cost-effective choices for advanced decision support.
"Carriers deserve intelligent solutions to get more informed insights, and these solutions will come from additional specialized products for risk selection and pricing," Pardue said. "Insurers also want the choice of a single risk selection and pricing provider who can marry those capabilities with third-party content and operational insights. Merged with Athenium, we now are in a great position to make that happen for customers."
Athenium software currently helps carriers assess performance of both claims and underwriting, noted Joe Kislo, CEO & President of Athenium Inc. "We have helped clients identify more than half a billion dollars of claims and underwriting opportunities since 2010. With this union of our companies, we can apply Weather Analytics' data-science expertise to boost further both operational savings and insights for clients."
"Increasingly over the next two years," Kislo added, "Weather Analytics and Athenium together will become the market-leading information solution for carriers. Our products will deliver for a broad set of insurers' business lines – property, workers' compensation, automotive, and general and professional liability."
Employees at the combined company now total more than 100 people, and recruiting is accelerating for more scientists and technologists. They will continue to work at company offices in Washington, DC, Waltham, MA, and Dover, NH. "The combined entity will operate as 'Athenium Analytics,' with unified web sites and branding, beginning this summer," Kislo said.
Dr. Ellen Cousins, Chief Scientist for the combined companies, noted that Weather Analytics already has expanded solutions beyond weather, by analyzing many previously under-modeled risks – from commercial auto losses, to food security, to the spread of infectious diseases.
Dr. Cousins said the $25 million program for new initiatives will fund creation and applications of probabilistic models to assist insurers. "In the natural-hazard realm, we will assess risks of inland flooding, earthquakes, and wildfire," said Dr. Cousins.
"These new programs will include advanced mobile applications for crop insurance, tools to more efficiently insure small businesses, and models to assess risk in workers' comp for diverse business classifications," Dr. Cousins added. "There also will be new, synergistic solutions involving Athenium products," she said.
"For example, starting this summer, clients using Athenium tools will be able to validate and model weather-related damage claims by using Weather Analytics reporting capabilities," Dr. Cousins said.
"Other major new capabilities in development include deep machine learning for computer recognition of structural objects," said Chris Skarinka, President and cofounder of Weather Analytics. "Computer vision is already beginning to help underwriters drive down costs and improve effectiveness of structural inspections and damageability assessments," Skarinka added.
"Innovative features to identify roof and property attributes for underwriters will generate imaging analytics and damageability models for a fraction of the expense from current providers," he said.
"Together, the two firms now will serve more than 65 insurance carriers and reinsurers, plus financial traders, and the U.S. Intelligence and Defense Communities," Skarinka said.
ABOUT WEATHER ANALYTICS
Weather Analytics aids insurance carriers and risk managers with decisive and reliable business intelligence through intuitive, easy-to-use web applications. Powered by over four decades of rationalized, gap-free, global, weather data, Weather Analytics is the premier meteorological data analysis company on a global scale. Our meteorologists and data scientists deliver rich, predictive insights impacting a range of fields, including property, crop, auto, and maritime activity.
Weather Analytics LLC was founded in 2012 and is a portfolio company of In-Q-Tel, the private venture firm serving the U.S. Central Intelligence Agency and the broader intelligence community.
ABOUT ATHENIUM
Athenium delivers exceptional performance improvement solutions that optimize the quality assurance process for insurers worldwide. Our innovative measurement and analytics solutions provide our customers with meaningful, timely, and actionable performance information they can trust for deeper insight and better-informed decision making.
Athenium was founded in 1997 with the goal of developing best-in-class tools that would lead organizations to better problem-solving and more efficient operations. Customers consistently experience better reviews for quality assurance, reduced leakage, and positive movement toward to their performance goals.
Sherman & Company LLC served as financial advisor to Athenium on this transaction.
For interviews and images,
Please contact Jim Shelhamer, Executive Vice President
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/weather-analytics-acquires--merges-with-athenium-inc-300649119.html
SOURCE Weather Analytics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-weather-analytics-acquires-merges-with-athenium-inc.html |
May 14, 2018 / 1:01 AM / in 13 minutes World stocks rise amid U.S.-China trade hopes; oil gains Lewis Krauskopf 4 Min Read
NEW YORK (Reuters) - A gauge of stocks around the world reached its highest point in about two months on Monday amid hopes for improving trade relations between the United States and China, while oil prices climbed further.
Wall Street’s main stock indexes registered slim gains, pulling back from stronger increases during the session.
U.S. President Donald Trump pledged on Sunday to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company, offering a job-saving concession to Beijing ahead of high-stakes trade talks this week.
MSCI’s index of stocks across the globe .MIWD PUS gained 0.12 percent, hitting a roughly two-month high during the session.
Growing trade tensions have worried investors, with concerns about a global trade war feeding into increased volatility in the stock market in recent months.
“It seems like there’s a little less concern about a trade war with China given some of the overtures that President Trump made,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “They’re hoping for a dying down of the trade war rhetoric and, quite frankly, they’re probably looking for some successful deals (to be) made.”
The Dow Jones Industrial Average .DJI rose 68.24 points, or 0.27 percent, to 24,899.41, the S&P 500 .SPX gained 2.41 points, or 0.09 percent, to 2,730.13 and the Nasdaq Composite .IXIC added 8.43 points, or 0.11 percent, to 7,411.32.
Energy shares .SPNY were the top-performing major group, helped by oil price gains, while defensive sectors such as real estate .SPLRCR and utilities .SPLRCU lagged. A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai
In Asia, Shanghai's SSE Composite index .SSEC rose 0.3 percent, Hong Kong's Hang Seng index .HSI climbed 1.4 percent, and Japan's Nikkei .N225 rose 0.5 percent.
Investors also pointed to improving sentiment about geopolitical tensions involving North Korea. U.S. Secretary of State Mike Pompeo said on Sunday that Washington would agree to lift sanctions on North Korea if the country agrees to dismantle its nuclear weapons program, a move that would create economic prosperity that “will rival” that of South Korea.
The pan-European FTSEurofirst 300 index .FTEU3 lost 0.04 percent.
Oil prices rose as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to its deepest in nearly five months.
U.S. crude CLcv1 settled up 0.37 percent to $70.96 per barrel and Brent LCOcv1 settled up 1.44 percent at $78.23.
The report from the Organization of the Petroleum Exporting Countries “was bullish. That absolute plunge in Venezuelan production ... just highlights how tenuous the market is in terms of the supply and demand balance,” said John Kilduff, a partner at Again Capital LLC.
The dollar index .DXY rose 0.09 percent, with the euro EUR= down 0.05 percent to $1.1936.
Benchmark 10-year U.S. Treasury notes US10YT=RR last fell 7/32 in price to yield 2.9969 percent, from 2.971 percent late on Friday. Additional reporting by Stephen Culp and Ayenat Mersie in New York; Editing by Cynthia Osterman and James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asian-stocks-up-as-u-s-china-trade-tensions-ease-dollar-dips-idUSKCN1IF01O |
May 14, 2018 / 2:28 PM / Updated an hour ago New York lets Winklevoss firm offer new cryptocurrency services Reuters Staff 1 Min Read
NEW YORK, May 14 (Reuters) - New York state’s top financial services regulator on Monday said it has authorized Gemini Trust Co, a bitcoin exchange founded by Cameron and Tyler Winklevoss, to offer custody services and trading of Zcash, Litecoin and Bitcoin Cash on that platform.
Maria Vullo, the state’s financial services superintendent, said Gemini is the first qualified custodian and exchange to receive her office’s approval to offer trading of Zcash in New York. (Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/new-york-cryptocurrency-gemini-winklevos/new-york-lets-winklevoss-firm-offer-new-cryptocurrency-services-idUSL2N1SL0NQ |
MISSISSAUGA, Ontario, Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today announced that all of the nominees listed in the Management Proxy Circular dated March 20, 2018 were elected as directors of Hydrogenics Corporation at the Company’s Annual General Meeting held on May 11, 2018 in Mississauga, Ontario, Canada.
Each of the directors were re-elected by a majority of the votes cast by shareholders present or represented by proxy. The results of the vote are detailed below.
Nominee Votes For % For Votes Withheld % Withheld Douglas Alexander 6,282,705 95.6 289,413 4.4 Joseph Cargnelli 6,486,206 98.7 85,912 1.3 Sara Elford 6,485,485 98.7 86,633 1.3 David Ferguson 6,260,840 95.3 311,278 4.7 Don Lowry 6,259,375 95.2 312,743 4.8 Daryl Wilson 6,510,809 99.1 61,309 0.9 About Hydrogenics
Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centres in Russia, Europe, the US and Canada.
Hydrogenics Contacts:
Marc Beisheim, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
[email protected]
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
[email protected]
Source:Hydrogenics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-hydrogenics-announces-election-of-directors.html |
May 16, 2018 / 1:06 PM / in 2 minutes Brazil's Taesa makes offer for Cemig's Centroeste Reuters Staff 1 Min Read
SAO PAULO, May 16 (Reuters) - Transmission company Taesa delivered a non-binding offer for 51 percent of Cia Centroeste de Minas Gerais SA, currently owned by Cia Energetica de Minas Gerais, the two companies said in securities filings on Wednesday.
Cemig, as Cia Energetica de Minas Gerais is commonly known, also said it will announce auction rules for the divestiture of certain assets of Cemig Telecom by the end of May.
In March, Reuters reported that Cemig intended to sell Cemig Telecom assets in an auction rather than privatize the company. Reporting by Luciano Costa Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/cemig-divestiture-taesa/brazils-taesa-makes-offer-for-cemigs-centroeste-idUSE6N1PP01V |
ATHENS, Greece--(BUSINESS WIRE)-- Piraeus Bank S.A. ("Piraeus" or the "Bank" or the “Group”) announces that it has entered into an agreement with Bain Capital Credit LP ("Bain") in relation to the sale of non-performing and denounced corporate credit exposures, secured with real estate collateral, equivalent to €1,950mn total legal claims or €1,450mn on-balance sheet gross book value (the “Portfolio” and the “Transaction”, respectively).
The Transaction is subject to customary conditions, regulatory and other approvals by the respective authorities in Greece, including the consent of the Hellenic Financial Stability Fund.
The Transaction is expected to generate circa 20 basis points of CET-1 capital, as at 31st March 2018, while reducing the NPE ratio of the Bank by more than 100 basis points. Following the completion of the Transaction, Piraeus will have no control over the servicing of the Portfolio and will retain none of the risks and rewards associated with it.
“This is the first commercial real-estate backed NPE sale taking place in our country and one which Piraeus prepared and executed methodically. It sets the mark and materially contributes in the creation of the secured NPE market in Greece. The Transaction underlines our strong determination to continue de-risking our balance sheet and implementing our capital enhancing plan, in-line with our strategic initiative, Agenda 2020. We are greatly encouraged by Bain's direct investment in Greece, which we read as a strong vote of confidence in the prospects of the newly established NPE market, the recovering real estate prices and the Greek economy overall”, Christos Megalou, the Group’s Chief Executive Officer, said.
“We are delighted to continue to strengthen our position in the Greek non-performing credit, a market with circa €100bn of NPEs”, said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business.
“This investment demonstrates our interest in the market as we are excited to play a part in Greece’s recovery. After having acquired similarly complex portfolios across Europe, this transaction showcases our expertise in executing deals of this magnitude”, added Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business.
“We are thrilled to be able to continue returning financially stranded Greek assets to being productive units of the economy, and look forward to further developing the great working relationships we have formed", said Brad Palmer, a Managing Director and Head of Bain Capital Credit’s European operations.
UBS Limited is acting as exclusive financial advisor of Piraeus for the Transaction. Alix Partners and Ernst & Young have assisted in the preparation of data-rooms, real estate valuations and other materials related to the Transaction. Shearman & Sterling is acting as international legal counsel to Piraeus and Zepos & Yannopoulos as Greek legal counsel to Piraeus for the Transaction.
Support in executing this deal for Bain Capital Credit was provided by Mount Street, loan servicing specialists; Property Solutions Asset Management and Danos Real Estate provided real estate valuation advice, whilst Kirkland & Ellis, Karatzas & Partners and Andreas Angelidis & Associates provided legal assistance. Other financial due diligence and advisory was performed by Deloitte. Alvarez & Marsal also provided support to Bain.
About Piraeus Bank
Piraeus Bank, founded in 1916, is the leading lender in Greece with a 30% market share, offering a full range of financial products and services to more than 5mn customers. Total assets of the Group amounted to €64bn, net loans to €41bn and customer deposits to €43bn on 31 March 2018. Piraeus Bank employees 13 thousand people in Greece and operates a nationwide network of 600 units, ranking first in customer satisfaction in the Greek market. In parallel, the Bank is at the forefront of digitalization and innovation in Greece, catering for the needs of more than 1.5mn customers in e-banking services. For more information on Piraeus Bank: http://www.piraeusbank.gr/en .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005588/en/
Piraeus Bank
George Papaioannou
Head of Press Office
[email protected]
+30 210 3288830
or
Powerscourt
Alex Rowbottom
[email protected]
+44 (0)20 7250 1446
Source: Piraeus Bank S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-piraeus-bank-agrees-the-sale-of-a-corporate-npe-portfolio-equivalent-to-a1950mn-of-legal-claims-or-a1450mn-gross-book-value.html |
Earnings are still driving the market, says strategist 1 Hour Ago Hank Smith, Haverford Trust, and Samantha Azzarello, J.P. Morgan Funds, discuss the moves in the market from geopolitical tensions, economic influence and earnings season. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/earnings-are-still-driving-the-market-says-strategist.html |
UNITED NATIONS (Reuters) - Two-thirds of the United Nations Security Council expressed “profound concern” on Monday that a 2016 resolution demanding an end to Israeli settlement building on land that Palestinians want for an independent state was not being implemented.
Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa A letter to Secretary-General Antonio Guterres from 10 members of the 15-member council coincided with the bloodiest single day for Palestinians since 2014. Israeli troops fatally shot dozens of Palestinian protesters on the Gaza border as the Trump administration opened the U.S. Embassy to Israel in Jerusalem.
“The Security Council must stand behind its resolutions and ensure they have meaning; otherwise, we risk undermining the credibility of the international system,” wrote Bolivia, China, Ivory Coast, Equatorial Guinea, France, Kazakhstan, Kuwait, the Netherlands, Peru and Sweden in the letter seen by Reuters.
A month before U.S. President Donald Trump took office in January 2017, the Security Council adopted a resolution demanding an end to Israeli settlements, with 14 votes in favor and one abstention by former U.S. President Barack Obama’s administration. Trump had denounced the resolution and called for the United States to wield its veto.
U.N. Middle East envoy Nickolay Mladenov reported to the Security Council last year that Israel was flouting the demand for an end to settlements, while both parties were ignoring a call to stop provocation, incitement and inflammatory rhetoric.
The signatories to the letter said they were writing “to express our profound concern about the lack of implementation” of the resolution.
The 10 Security Council members also asked Guterres on Monday to start submitting his quarterly reports on the implementation of the resolution in writing instead of orally.
“While there may sometimes be legitimate reasons for oral reports, they should be reserved for exceptional circumstances,” the council members wrote.
The resolution also “underlines that it will not recognize any changes to the 4 June 1967 lines, including with regard to Jerusalem, other than those agreed by the parties through negotiations.”
Israel considers all of Jerusalem to be its capital. Palestinians want the eastern part of the city as the capital of a future independent state of their own.
Most countries consider East Jerusalem, which Israel annexed after capturing it in the 1967 Middle East War, to be occupied territory, including the Old City, home to sites considered holy to Muslims, Jews and Christians alike.
The U.S. Embassy move to Jerusalem fulfilled a pledge by Trump, who in December recognized the city as Israel’s capital.
Reporting by Michelle Nichols; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-un/two-thirds-of-u-n-security-council-upset-by-non-implementation-of-mideast-resolution-idUSKCN1IG05B |
DETROIT (AP) — For years, Tesla has boasted that its cars and SUVs are safer than other vehicles on the roads, and CEO Elon Musk doubled down on the claims in a series of tweets this week.
The electric vehicles are under intense scrutiny from federal investigators, who have been looking into post-crash battery fires and the performance of Tesla's Autopilot semi-autonomous driving system. On Wednesday, they traveled to Utah to open another inquiry into a Tesla crash — their fourth this year — in which a Model S slammed into a firetruck that was stopped at a red light.
A look at the tweets and Tesla's past claims about the safety of its vehicles and Autopilot:
MUSK (from his tweets Monday): "According to (National Highway Traffic Safety Administration), there was an automotive fatality every 86M miles in 2017 ((tilde)40,000 deaths). Tesla was every 320M miles. It's not possible to be zero, but probability of fatality is much lower in a Tesla."
THE FACTS: This is based on a Tesla analysis of U.S. fatal crashes per miles traveled in 2017. The company's math is correct on the fatality rate involving all of the nation's 272 million vehicles, about 150,000 of which are Teslas, according to sales estimates from Ward's Automotive. But Tesla won't say how many fatalities occurred in its vehicles or how many miles they were driven.
We don't know of any Tesla fatalities in 2017, but the numbers can vary widely from year to year. There have been at least three already this year and a check of 2016 NHTSA fatal crash data — the most recent year available — shows five deaths in Tesla vehicles.
Statistically, experts say Musk's tweet analysis isn't valid. While Teslas could have a lower death rate, it may speak more about the demographics of Tesla drivers than it does about safety of the vehicles, says Ken Kolosh, manager of statistics for the National Safety Council.
Expensive Teslas tend to be driven by middle-age affluent people who are less likely to get in a crash than younger people, Kolosh said. Also, Tesla drivers tend to live in urban areas and travel on roads with lower speeds, where fatality rates are lower, he said.
Musk also is comparing a fleet of older, less-expensive vehicles to his newer and more costly models, Kolosh said. Most Teslas on the road are six years old or less. The average vehicle in the U.S. is 11.6 years old, according to IHS Markit. Older, less-expensive vehicles often aren't maintained like newer ones and would have more mechanical problems.
MUSK (from his tweets Monday in reference to the Utah crash): "What's actually amazing about this accident is that a Model S hit a fire truck at 60 mph and the driver only broke an ankle. An impact at that speed usually results in severe injury or death."
THE FACTS: It's true that the driver in the Utah crash sustained minor injuries considering how fast her car was traveling. The same is true for a January freeway crash near Los Angeles in which the driver was not hurt. But not all Tesla crashes end the same way.
In March, the driver of a Tesla Model X was killed in California when his SUV hit a barrier while traveling at "freeway speed." NHTSA and the National Transportation Safety Board are investigating that case, in which the Autopilot system was engaged. Autopilot was also engaged in the Utah crash, according to a summary of data from the car.
Last week, the NTSB opened a probe into an accident in which a Model S caught fire after crashing into a wall at a high speed in Florida. Two 18-year-olds were trapped in the vehicle and died in the flames. The agency has said it does not expect Autopilot to be a focus of that investigation.
TESLA (from a March 30 press release): "Over a year ago, our first iteration of Autopilot was found by the U.S. government to reduce crash rates by as much as 40 percent."
THE FACTS: The government says it did not assess how effective Autopilot is at reducing crashes. It did mention a 40 percent reduction in crash rates after "Autosteer" was installed in Tesla vehicles, based on data provided by Tesla. Autosteer is the part of Autopilot that keeps the car centered in a lane and can change lanes automatically. NHTSA said it did a "cursory" comparison of crash rates between vehicles with and without Autosteer, but it didn't consider whether drivers were actually using Autosteer, which has to be manually activated.
TESLA: The company has touted on its website and in press releases that the Model S sedan scored the highest numerical rating of any vehicle in NHTSA's crash tests, and that the Model X was the first SUV to get a five-star rating in every category.
THE FACTS: It's true that the Model S and Model X got five-star crash-test ratings from NHTSA, and the Model S did have the highest numerical score of any vehicle. But in more demanding tests by the Insurance Institute for Highway Safety, the Model S failed to get the industry group's coveted "Top Safety Pick" or "Top Safety Pick Plus" ratings.
The reasons: the Model S got an "Acceptable" rating in a front-end small offset crash test that mimics when the front driver-side corner of a vehicle collides with a tree or another vehicle. Its headlights also were rated "Poor." Vehicles have to get the highest rating of "Good" in five crash tests to be top safety picks. Fourteen large cars from other manufacturers received Top Safety Pick or Top Safety Pick Plus ratings. IIHS has not yet done crash tests on Tesla's Model X or Model 3.
The Model S also had a low rate of medical insurance claims for injuries, tying for seventh in IIHS's most recent rankings. The institute gave it a score of 46, which is 54 percent better than the average score of 100. The Toyota Camry, the top-selling car in America, scored 112. But the Model S had higher collision claim frequencies and was more expensive to fix than gas-powered large luxury cars.
Find AP Fact Checks at http://apne.ws/2kbx8bd
Follow @APFactCheck on Twitter: https://twitter.com/APFactCheck | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/the-associated-press-ap-fact-check-tesla-safety-claims-arent-quite-right.html |
May 29, 2018 / 9:16 AM / Updated 6 minutes ago How the world's biggest private equity oil and gas industry bid collapsed Sonali Paul 6 Min Read
MELBOURNE (Reuters) - Blame it on Trump, Iran or Venezuela. Rising oil prices combined with a heavy debt load killed the world’s biggest private equity oil and gas industry deal last week. FILE PHOTO: A sign for Santos Ltd is displayed on the front of the company's office building in the rural township of Gunnedah, located in north-western New South Wales in Australia, March 9, 2018. REUTERS/David Gray
Harbour Energy left Australia empty-handed after a year of chasing gas producer Santos Ltd ( STO.AX ), missing out on Santos’ stakes in three liquefied natural gas projects in Australia and Papua New Guinea as it sought to become a major LNG player.
The U.S. firm, backed by EIG Global Energy Partners, was forced to bid against itself five times, including twice over one weekend, until it made a final offer of $10.8 billion, up more than 50 percent from its first approach last August.
“The grievance runs deep and it’s heartfelt,” said a person in the Harbour camp.
Harbour Chief Executive Linda Cook, a former senior executive at Royal Dutch Shell ( RDSa.L ), was on a plane last Tuesday when she heard Santos had rejected its sixth offer, worth about A$6.95 a share. She declined to comment for this story.
Harbour’s disappointed chairman, Blair Thomas, was already back in Washington, DC, and didn’t mince words.
“There was insufficient engagement with Santos on valuation, no meaningful attempt by Santos to discuss a realistic price which could supported by any reasonable set of technical and commercial assumptions, and an unwillingness by their Board to explore means of closing the gap between the offer and their expectations,” he said in a two-page statement.
Thomas believed by the end of a weekend of back and forth between advisers on both sides that he had a deal with Santos Chairman Keith Spence, a person in the Harbour camp said.
Harbour’s team were parked in Sydney, where Harbour’s backer EIG has an office and advisers at JPMorgan, Morgan Stanley and Highbury are based, according to people involved. “A couple of hundred” people were involved in analyzing data and conducting due diligence, they said.
Cook and Thomas met Kevin Gallagher and Keith Spence, their counterparts at Adelaide-based Santos, on May 18. They felt encouraged the board would facilitate an offer going to shareholders, people in the Harbour camp said.
People on both sides said talks were cordial the whole time, but the Santos board was firm on value, and Harbour failed to offer enough of a premium as oil prices marched higher.
Crude prices climbed from around $52 a barrel when Harbour made its first approach in August to $80 last week, their highest since late 2014, as U.S. President Donald Trump imposed sanctions on Venezuela and pulled out of a nuclear arms control deal with Iran, both key oil producers.
What hurt Harbour was the $7.75 billion in debt they had lined up from JPMorgan and Morgan Stanley, which required oil price hedging against 30 percent of Santos’ oil-linked LNG sales, making the deal complex, Santos, investors and bankers said.
“The problem is when you get high-leverage deals there are a lot of terms and conditions you have to meet and it makes it inflexible,” said a veteran Australian investment banker not involved in the bid.
Santos balked when Harbour tried to force the company to lock in the hedges, in order to cut costs for the banks and allow Harbour to raise its offer.
Santos said it was “resilient” to the oil price fall, as it has slashed costs to be cash flow breakeven at $36 a barrel.
The value of the Harbour bid was “simply not compelling enough” compared with Santos’ own growth plan, the risks associated with the hedging and the reliance on Santos’ balance sheet to help fund the deal, a Santos spokeswoman said. FURIOUS CHINESE
Not only was Harbour jilted at the altar, but the biggest shareholders in Santos, Chinese gas distributor ENN Ecological 60003.SS and private equity firm Hony Capital missed out on more than doubling their combined stake to up to 40 percent in a privatized Santos.
Sources said ENN and Hony were as furious as Harbour.
“They’re deeply disappointed and angry and frustrated,” a person close to ENN said. “They feel that the outcome didn’t reflect some of the conversations with senior Santos people.”
However in a statement to the Shanghai Stock Exchange last week, ENN, which has a director on the board of Santos, said: “The company’s future cooperation with Santos is not affected.”
A Santos spokeswoman said ENN is part of a united Santos board, and the company’s strategic relationship with ENN and Hony remains in place.
Hony said it “will closely follow the further development”.
Swiss energy and commodities trader Mercuria, which was set to contribute 10 percent of the bid, was thwarted in its ambition to use Santos to get into LNG trading, where its rivals Glencore, Gunvor, Trafigura and Vitol are already active.
“A lot of time and money went into this...so it is annoying,” said a person familiar with Mercuria’s thinking.
Mecuria declined to comment.
Harbour’s first approach last August was swiftly rejected by the board under then-chairman Peter Coates, who had also rebuffed a $5.1 billion takeover offer two years earlier when Santos was wallowing in debt as oil prices collapsed.
The August approach was only disclosed by Santos in November after a newspaper outed Harbour. It took Harbour until March to line up funding from JPMorgan and Morgan Stanley and equity from Mercuria, ENN and Hony in order to make another approach.
Top 10 shareholder Argo Investments said the deal was too complex and would have involved Santos taking on too much risk when there was a lot of uncertainty around whether it would be approved.
Shareholders have faith in CEO Gallagher, who slashed costs and cut debt faster than expected over the past two years.
“It’s fair to say that he’s done a pretty good job,” said Argo Investments Managing Director Jason Beddow.
“The proof will be in the pudding as to how Santos looks in a year or two’s time - which is somewhat dependent on the oil price.” Reporting by Sonali Paul. Additional reporting by Julia Payne and Ron Bousso in London. Editing by Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-santos-m-a/how-the-worlds-biggest-private-equity-oil-and-gas-industry-bid-collapsed-idUKKCN1IU0WS |
May 3, 2018 / 6:22 AM / Updated 11 minutes ago Glencore expects trading profit at upper end of forecast range Reuters Staff 1 Min Read
LONDON (Reuters) - Commodities trader and mining company Glencore ( GLEN.L ) expects 2018 trading earnings before interest and tax to be in the top half of the $2.2 billion to $3.2 billion range previously announced, it said on Thursday after reporting first-quarter output in line with forecasts. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland September 30, 2015. REUTERS/Arnd Wiegmann/File Photo
It said production was broadly in line across all commodities and the ramp up at Katanga in Democratic Republic of Congo was going ahead, helping to take Glencore’s own copper output to 345,000 tonnes, against 21,300 tonnes in the same period a year ago. Reporting by Barbara Lewis and Arathy Nair; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-glencore-production/glencore-expects-trading-profit-at-upper-end-of-forecast-range-idUKKBN1I40H5 |
May 16 (Reuters) - CDRL SA:
* REPORTED ON TUESDAY Q1 NET LOSS OF 0.3 MILLION ZLOTYS VERSUS PROFIT OF 1.2 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 63.0 MILLION ZLOTYS VS 50.4 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN14U |
MISSISSAUGA, Ontario, May 11, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today reported first quarter 2018 financial results. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).
Recent Highlights
“Our first quarter was particularly busy with major proposals and significant project development,” said Daryl Wilson, President and Chief Executive Officer. “Revenue was down slightly year-over-year, reflecting shipment timing, but our gross margin and gross profit both rose due to improved product mix – ending the quarter with approximately $19.4 million of cash. We continue to bid on a steady stream of Quote: s for mobility fuel cells, energy storage systems, and fueling station equipment throughout North America and abroad while remaining particularly bullish on China and parts of Europe.
“We anticipate a strong year of announcements and scale-up of the business, and the Company recently won a C$5 million government grant in Canada as part of our plans to invest in future growth initiatives. At the same time, the significant shipments to China last year for mobility applications are moving through the test and evaluation phase, prior to the next level of order magnitude. Our current pipeline of opportunities is large and growing, so we view first quarter operating results as not reflective of the potential for top line expansion this year and beyond. While we are always subject to a degree of uncertainty regarding timing, particularly in China, we’re optimistic about order acceleration and the path to profitability due to our leadership position within the industry, continued strong demand for clean, sustainable solutions, and the increasing interest in hydrogen-based energy applications.”
Summary of Results for the Quarter Ended March 31, 2018
Company revenue was $8.1 million compared with $8.7 million in the first quarter of 2017, with the year-over-year decline due to shipment timing. Gross margin improved to 39.7% in the first quarter of 2018 compared with from 30.6% last year, as the Company posted gross profit of $3.2 million in the current quarter versus $2.7 million in the prior-year period. The higher gross margin was principally due to improved product mix. Cash operating costs 1 increased $1.5 million to $4.9 million in the 2018 first quarter compared to $3.4 million in 2017 due to $1.1 million of higher net research and development (“R&D”) expenses, primarily related to final completion of the Enbridge Power-to-Gas facility in Toronto as well as an increase of $0.4 million in cash selling, general and administrative (“SG&A”) expenses.
The Company’s Adjusted EBITDA 2 loss was $1.6 million in the first quarter of 2018 versus $0.7 million in the prior-year period. This variance reflects the aforementioned increase in cash operating costs, partially offset by higher gross profit.
The net loss for the quarter improved to $2.0 million, or $(0.13) per share, compared to $2.3 million, or $(0.18) per share, in the prior-year period.
The Company was awarded government funding in Canada totaling C$5 million reflecting a 50% match on anticipated expenditures related to scale-up of operations at Hydrogenics’ headquarters. The first C$2.5 million will be received in the second quarter of 2018, with the balance of funds advanced as expenditures are made later in 2018 and 2019.
The Company ended the first quarter of 2018 with backlog of $140.1 million, securing orders of $2.6 million for Power-to-Gas systems, fueling stations, industrial gas applications and mobility systems. Order backlog movement during the first quarter (in $ millions) was as follows:
December 31,
2017 backlog
IFRS 15
Adj. Orders
Received FX Orders
Delivered/
Revenue
Recognized March 31,
2018 backlog OnSite Generation $ 19.9 $ (0.8 ) $ 1.6 $ 0.4 $ 3.8 $ 17.3 Power Systems 124.9 (0.3 ) 1.0 1.5 4.3 122.8 Total $ 144.8 $ (1.1 ) $ 2.6 $ 1.9 $ 8.1 $ 140.1 Of the above backlog of $140.1 million, the Company expects to recognize $55.0 million in the following 12 months as revenue. Revenue for the year ending December 31, 2018 will also include orders both received and delivered during the balance of 2018.
Notes
Cash operating costs are defined as the sum of SG&A and R&D, less amortization and depreciation, and stock-based compensation expense inclusive of compensation costs indexed to the Company’s share price. This is a non-IFRS measure and may not be comparable to similar measures used by other companies. Management uses this measure as a rough estimate of the amount of fixed costs to operate the Corporation and believes this is a useful measure for investors for the same purpose. Adjusted EBITDA is defined as net loss excluding stock based compensation (both cash settled long term compensation indexed to share price and share based compensation), other finance income and expenses, depreciation and amortization. These items are considered by management to be outside of Hydrogenics’ ongoing operational results. Adjusted EBITDA is a non-IFRS measure and may not be comparable to similar measures used by other companies.
Conference Call Details
Hydrogenics will hold a conference call at 1:00 p.m. ET on May 11, 2018 to review the first quarter results. The telephone number for the conference call is (877) 307-1373 or, for international callers, (678) 224-7873. A live webcast of the call will also be available on the company's website, www.hydrogenics.com .
An archived copy of the conference call and webcast will be available on the company's website, www.hydrogenics.com , approximately six hours following the call.
About Hydrogenics
Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centers in Russia, Europe, the US and Canada.
Forward-looking Statements
This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, and under applicable Canadian securities law. These statements are based on management’s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; inability to address a slow return to economic growth, and its impact on our business, results of operations and consolidated financial condition; our limited operating history; inability to implement our business strategy; fluctuations in our quarterly results; failure to maintain our customer base that generates the majority of our revenues; currency fluctuations; failure to maintain sufficient insurance coverage; changes in value of our goodwill; failure of a significant market to develop for our products; failure of hydrogen being readily available on a cost-effective basis; changes in government policies and regulations; failure of uniform codes and standards for hydrogen fueled vehicles and related infrastructure to develop; liability for environmental damages resulting from our research, development or manufacturing operations; failure to compete with other developers and manufacturers of products in our industry; failure to compete with developers and manufacturers of traditional and alternative technologies; failure to develop partnerships with original equipment manufacturers, governments, systems integrators and other third parties; inability to obtain sufficient materials and components for our products from suppliers; failure to manage expansion of our operations; failure to manage foreign sales and operations; failure to recruit, train and retain key management personnel; inability to integrate acquisitions; failure to develop adequate manufacturing processes and capabilities; failure to complete the development of commercially viable products; failure to produce cost-competitive products; failure or delay in field testing of our products; failure to produce products free of defects or errors; inability to adapt to technological advances or new codes and standards; failure to protect our intellectual property; our involvement in intellectual property litigation; exposure to product liability claims; failure to meet rules regarding passive foreign investment companies; actions of our significant and principal shareholders; dilution as a result of significant issuances of our common shares and preferred shares; inability of US investors to enforce US civil liability judgments against us; volatility of our common share price; and dilution as a result of the exercise of options. Readers should not place undue reliance on Hydrogenics’ forward-looking statements. Investors are encouraged to review the section captioned “Risk Factors” in Hydrogenics’ regulatory filings with the Canadian securities regulatory authorities and the US Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics’ future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, unless otherwise required by law. The forward-looking statements contained in this release are expressly qualified by this.
Hydrogenics Contacts:
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
[email protected]
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
[email protected]
Reconciliation of Cash Operating Costs to Operating Costs and Adjusted EBITDA to Net Loss
(in thousands of US dollars)
(unaudited)
Cash operating costs
Three months ended
March 31 2018 2017 Selling, general and administrative expenses $ 2,836 $ 3,025 Research and product development expenses 2,081 1,005 Total operating costs $ 4,917 $ 4,030 Less: Depreciation of property, plant and equipment and intangibles (103 ) (106 ) Less: DSU recovery (expense) 326 (265 ) Less: Stock-based compensation expense (including PSUs & RSUs) (222 ) (151 ) Less: Loss on disposal of assets (3 ) (111 ) Cash operating costs $ 4,915 $ 3,397
Adjusted EBITDA
Three months ended
March 31 2018 2017 Net loss $ (1,954 ) $ (2,297 ) Finance income (loss), net (25 ) 940 Income tax expense 300 - Depreciation of property, plant and equipment and intangible assets 177 199 DSU expense (recovery) (326 ) 265 Stock-based compensation expense (including PSUs & RSUs) 222 151 Adjusted EBITDA $ (1,606 ) $ (742 ) Hydrogenics Corporation
Condensed Interim Consolidated Balance Sheets
(in thousands of US dollars)
(unaudited)
March 31, December 31, 2018 2017 Restated Assets Current assets Cash and cash equivalents $ 18,482 $ 21,511 Restricted cash 598 435 Trade and other receivables 7,158 8,736 Contract assets 5,981 6,578 Inventories 18,549 15,048 Prepaid expenses 1,281 1,374 52,049 53,682 Non-current assets Restricted cash 329 468 Contract assets 1,949 645 Investment in joint ventures 2,706 2,797 Property, plant and equipment 3,962 3,874 Intangible assets 169 180 Goodwill 4,687 4,569 13,802 12,533 Total assets $ 65,851 $ 66,215 Liabilities Current liabilities Operating borrowings $ – $ 1,200 Trade and other payables 11,181 10,361 Contract liabilities 11,705 11,821 Financial liabilities 4,646 4,913 Warranty provisions 655 1,174 Deferred funding 1,378 880 29,565 30,349 Non-current liabilities Other liabilities 7,998 8,516 Contract liabilities 4,498 2,223 Warranty provisions 884 921 Deferred funding 136 33 13,516 11,693 Total liabilities 43,081 42,042 Share capital 387,746 387,746 Contributed surplus 20,107 19,885 Accumulated other comprehensive loss (1,493 ) (1,822 ) Deficit (383,590 ) (381,636 ) Total equity 22,770 24,173 Total equity and liabilities $ 65,851 $ 66,215 Note: Prior period results restated to reflect the implementation of the IFRS15 revenue standard.
Hydrogenics Corporation
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss
(in thousands of US dollars, except share and per share amounts)
(unaudited)
Three months ended March 31, 2018 2017 Restated Revenues $ 8,147 $ 8,735 Cost of sales 4,909 6,062 Gross profit 3,238 2,673 Operating expenses Selling, general and administrative expenses 2,836 3,025 Research and product development expenses 2,081 1,005 4,917 4,030 Loss from operations (1,679 ) (1,357 ) Finance income (loss) Interest expense, net of financial instruments measured at amortized cost (381 ) (469 ) Foreign currency gains, net (1) 219 61 Loss from joint ventures (69 ) (70 ) Other finance gains (losses), net 256 (462 ) Finance income (loss), net 25 (940 ) Loss before income taxes (1,654 ) (2,297 ) Income tax expense 300 – Net loss for the period (1,954 ) (2,297 ) Items that may be reclassified subsequently to net loss Exchange differences on translating foreign operations 329 271 Comprehensive loss for the period $ (1,625 ) $ (2,026 ) Net loss per share Basic and diluted $ (0.13 ) $ (0.18 ) Weighted average number of common shares outstanding 15,436,879 12,545,076 Note: Prior period results restated to reflect the implementation of the IFRS15 revenue standard.
Hydrogenics Corporation
Condensed Interim Consolidated Statements of Cash Flows
(in thousands of US dollars)
(unaudited)
Three months ended March 31, 2018 2017 Restated Cash and cash equivalents provided by (used in): Operating activities Net loss for the period $ (1,954 ) $ (2,297 ) Increase in restricted cash (13 ) (90 ) Items not affecting cash: Loss on disposal of assets 3 111 Amortization and depreciation 177 199 Warrants (286 ) 420 Unrealized foreign exchange (gains) losses (24 ) 14 Unrealized loss on joint ventures 69 70 Accreted interest and amortization of deferred financing fees 444 213 Stock-based compensation 222 151 Stock-based compensation – DSUs (326 ) 265 Net change in non-cash operating assets and liabilities 557 314 Cash used in operating activities (1,131 ) (630 ) Investing activities Investment in joint venture - Enbridge – (93 ) Purchase of property, plant and equipment (234 ) (1,556 ) Receipt of government funding – 359 Proceeds from disposals of property, plant and equipment – 1,035 Cash used in investing activities (234 ) (255 ) Financing activities Principal repayment of long-term debt (250 ) (434 ) Interest payment (296 ) – Proceeds (repayment) of operating borrowings (1,193 ) 1,639 Repayment of repayable government contributions – (56 ) Cash provided by (used in) financing activities (1,739 ) 1,149 Increase (decrease) in cash and cash equivalents during the period (3,104 ) 264 Cash and cash equivalents – Beginning of period 21,511 10,338 Effect of exchange rate fluctuations on cash and cash equivalents held 75 6 Cash and cash equivalents – End of period $ 18,482 $ 10,608 Note: Prior period results restated to reflect the implementation of the IFRS15 revenue standard.
Source:Hydrogenics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-hydrogenics-reports-first-quarter-2018-results.html |
May 13, 2018 / 9:02 AM / Updated 3 hours ago Rugby - Australia stagger through Super weekend of woe Ian Ransom 4 Min Read
MELBOURNE (Reuters) - A calamitous loss for the Queensland Reds, the surrender of a 29-point lead by the New South Wales Waratahs and a shockingly small crowd in Canberra captured all the ills of Australian Super Rugby in a handful of hours on Saturday.
At the close of a mostly miserable day of matches, two of Australia’s four teams were all but out of the post-season race and the nation’s losing streak to New Zealand sides stretched to 39 matches.
The rot set in when the Reds ran out in Tokyo, fresh after a bye and full of confidence after upsetting South Africa’s conference-leading Lions in their last start.
That self-belief was torpedoed as the previously winless Sunwolves claimed a rousing 63-28 victory, virtually ensuring Queensland will miss the playoffs for a fifth straight year.
The Waratahs then threatened the upset of the season when they stormed to a 29-0 lead late in the first half away to the champion Canterbury Crusaders.
Instead, the Crusaders mounted the biggest comeback in Super Rugby history as the Waratahs collapsed to a 31-29 loss, with disputed calls rubbing salt into the visitors’ wounds.
The Melbourne Rebels-ACT Brumbies match offered the chance for at least one Australian team to salvage something positive from the weekend and the sides battled hard at Canberra Stadium.
The crowd of 5,283 was the smallest in nearly 20 years of Super Rugby in the nation’s capital and those that turned up saw the hosts squander a 14-point lead to lose 27-24.
Having stayed strong through recent years of strife in the Australian conference, the Brumbies are nearly certain to miss the post-season for the first time since 2012. STEADY DECLINE
The threadbare crowd and the twice champions’ free-fall under new coach Dan McKellar, an appointment promoted from within after Stephen Larkham stepped aside, will raise alarm bells at under-fire Rugby Australia.
“Certainly our form is playing a part (with the crowds) and I’ve got to front up and take ownership of that 100 percent and I’ll never hide away from that,” McKellar said.
“It’s if you start looking for quick fixes and blaming other people and looking for excuses, then it won’t (turn).”
Since the Waratahs clinched the nation’s last title under Michael Cheika in 2014, Australia’s teams have steadily declined as their New Zealand rivals have only grown stronger.
The competition has turned off local fans, many of whom were enraged when Rugby Australia axed Perth-based Western Force last year after spurning an offer of a multi-million dollar donation from mining tycoon Andrew Forrest to prop up the team.
Billionaire Forrest has spent part of his fortune setting up his World Series Rugby, bringing Asia-Pacific teams to Perth to play the Force in a series of matches featuring pre-match entertainment and rule modifications to speed up play.
The event has been dismissed by some media pundits as “gimmicky” but 19,000 turned up to the Force’s opening match against a Fijian side, comfortably outstripping the country’s biggest Super Rugby attendance this season.
Crowd sizes will be under the microscope when the Wallabies host Ireland in June internationals, after disappointing turn-outs for the tests against Fiji, Scotland and Italy last year.
“It’s really sad to be honest, as a rugby union person,” McKellar said in Canberra. “Everyone in this room and here tonight wants the game to be thriving. The reality is at the moment, it isn’t.” Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-australia/rugby-australia-stagger-through-super-weekend-of-woe-idUKKCN1IE0BU |
* Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by over 27 pct in two years
* But climbing supply from top producers comes amid record demand
SINGAPORE, May 28 (Reuters) - Oil prices dropped on Monday on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.
Brent crude futures were at $76.02 per barrel at 0016 GMT, down 42 cents, or 0.55 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $67.36 a barrel, down 52 cents, or 0.8 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May.
The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to a more than a decade low of under $30 per barrel.
But prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May, triggering consumer concerns that high prices would crimp economic growth and stoke inflation.
To address potential supply shortfalls, Saudi Arabia, top exporter and de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
"Crude oil prices collapsed ... after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second-half of the year to make up for losses elsewhere under the production cut agreement," ANZ bank said on Monday.
Meanwhile, surging U.S. crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production <C-OUT-T-EIA> has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russia, which pumps around 11 million bpd.
(Reporting by Henning Gloystein Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/reuters-america-oil-prices-fall-as-supply-from-top-3-producers-set-to-rise.html |
SYDNEY, May 2 (Reuters) - The credit worthiness AMP Ltd is at risk of being downgraded, S&P Global said on Wednesday, as the reputation of Australia’s largest-listed wealth manager gets savaged by a country-wide inquiry into financial sector misconduct.
S&P said it would lower AMP’s ‘A’ rating by a notch to ‘A-‘ if damaging revelations of misconduct at the Royal Commission were to impact the firm’s core wealth management business or if the risk of fines and legal actions increased materially.
The CEO and chairwoman of AMP have resigned over the past few weeks in the wake of disclosures at the inquiry that AMP misappropriated funds of thousands of clients over the last decade by charging them without providing advice, and that it had repeatedly lied to the corporate regulator.
“We believe that the group’s prospective competitive position may be at risk of weakening following the damage to its brand and reputation,” S&P Global said in an emailed statement. (Reporting by Paulina Duran; Editing by Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/amp-ratings/amps-credit-rating-at-risk-of-downgrade-amid-australia-inquiry-fallout-sp-idUSEMN0C9TW3 |
MONTREAL, May 03, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Stella-Jones Inc. (TSX:SJ) is pleased to announce that a quarterly dividend of $0.12 per share has been declared on the outstanding common shares of the Corporation, payable on June 27, 2018 to shareholders of record at the close of business on June 6, 2018. This dividend is designated to be an eligible dividend.
Contact:
Mr. Éric Vachon
Senior Vice-President and Chief Financial Officer
STELLA-JONES INC.
Tel. : (514) 940-3903
Website: www.stella-jones.com
Source: Stella-Jones Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-stella-jones-declares-quarterly-dividend.html |
SOFIA/BRUSSELS (Reuters) - European leaders will seek to agree a common stance on Wednesday towards threatened U.S. import tariffs on steel and aluminum, balancing the views of those most fearful of a trade war and those determined not to be bullied into concessions.
FILE PHOTO: Workers of German steel manufacturer Salzgitter AG stand in front of a furnace at a plant in Salzgitter, Germany, March 1, 2018. REUTERS/Fabian Bimmer/File Photo U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminum on grounds of national security, but granted EU producers a temporary exemption until June 1 pending the outcome of talks.
French President Emmanuel Macron and other EU leaders, who meet for a summit in Bulgaria from Wednesday, have said the bloc will not negotiate with a gun held to its head.
Donald Tusk, who chairs the summits, said on Wednesday EU unity was key.
“Here again, unity is our greatest strength and my objective is simple - we stick to our guns,” Tusk told a news conference before the dinner discussion. “This means a permanent exemption from U.S. tariffs on aluminum and steel if we are to discuss possible trade liberalization with the US.”
“The EU and US are friends and partners. Therefore US tariffs cannot be justified on the basis of national security. It is absurd to even think that the EU could be a threat to the United States.”
In bitter comments, Tusk said Trump has rid Europe of “all illusions” with the trade dispute and by pulling out of an international agreement on Iran’s nuclear program.
He said on Twitter: “Looking at latest decisions of @realDonaldTrump someone could even think: with friends like that who needs enemies. But frankly, EU should be grateful. Thanks to him we got rid of all illusions. We realize that if you need a helping hand, you will find one at the end of your arm.”
EU diplomats say the need to find a unified stance goes beyond just tariffs. The United States has withdrawn from the Iran nuclear deal, posing a threat to European companies doing business there, and has blocked appointments to the World Trade Organization, undermining its ability to settle trade disputes.
The debate will continue among trade ministers on Tuesday.
However, in the run-up to the June 1 deadline, Germany, mindful that its cars could be hit if the trade conflict deepens, has urged its EU partners to show more flexibility.
German Economy Minister Peter Altmaier, a former head of Chancellor Angela Merkel’s cabinet, has acknowledged that finding a common stance with France and formulating an offer to the United States were “equally difficult”.
The European Commission, which oversees trade policy for the 28 EU members, has insisted that the European Union be granted a permanent exemption without conditions.
Steel bars are seen inside the factory of precision engineering company Produmax in Shipley, Britain May 8, 2018. Picture taken May 8, 2018. REUTERS/Phil Noble It has also said it would respond to tariffs with its own duties on U.S. products, including motor bikes and whisky. It is expected to notify the WTO of its potential plans this week.
DON’T CALL IT TTIP A steel industry source said there were signs in written correspondence it had seen that the mood had changed and that the Commission was more inclined to find a compromise.
The Commission has mooted the idea of negotiating an agreement with the United States to lower import duties, but only once the permanent exemption is granted.
The idea would be to dust off bits of the planned Transatlantic Trade and Investment Partnership (TTIP), on which negotiations were frozen after Trump came into office.
Such an agreement would be far simpler, limited largely to tariff reduction, and would not be known as “TTIP”, a red rag to anti-globalisation protesters.
The EU view is that the first step would be an assessment of what both parties wish to negotiate, and then it would need EU members to approve a mandate. Negotiations proper could be years away.
Altmaier said the Europeans should discuss this regardless of any exemption.
One EU diplomat said Germany, and Altmaier in particular, risked undermining the Commission and that division would delight Washington.
“He’s rubbing a lot of people the wrong way,” the diplomat said. “What we think is important is that the ranks are closed... We’re not going to pay with a free trade treaty with something that is illegal in the first place.”
A further issue is that the United States has agreed permanent exemptions with countries such as Brazil and South Korea, but only by imposing import quotas instead of tariffs.
U.S. Commerce Secretary Wilbur Ross, who talked with EU Trade Commissioner Cecilia Malmstrom again on Tuesday, has been on the phone to EU capitals telling them to accept export restraints, according to EU diplomats.
However, a number of trade specialists in Brussels say that quotas on industrial goods are not allowed under WTO rules and that, in any case, the EU demand is that no measures be imposed.
Additional reporting by Maytaal Angel in London, Writing by Philip Blenkinsop, Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-eu/eu-heads-discuss-bold-or-fold-strategy-towards-trump-tariffs-idUSKCN1IH1VD |
May 3 (Reuters) - Shunfa Hengye Corp :
* Says it will pay cash dividend of 3.1 yuan(before tax)/10 shares for 2017 to shareholders of record on May 10
* The company’s shares will be traded ex-right and ex-dividend on May 11 and the dividend will be paid on May 11
Source text in Chinese: goo.gl/BCXVTu
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shunfa-hengye-to-pay-a-shares-div/brief-shunfa-hengye-to-pay-a-shares-div-for-fy-2017-on-may-11-idUSL3N1SA34Y |
Horizon Discovery Group plc
Horizon Discovery appoints Terry Pizzie as Chief Executive Officer
Cambridge, UK, 8 May 2018: Horizon Discovery Group plc (LSE: HZD) ("Horizon", "the Group" or "the Company"), a global leader in gene editing and gene modulation technologies, is pleased to announce the appointment of Terry Pizzie as Chief Executive Officer and Board Director with immediate effect.
Terry joined Horizon Discovery in 2017 as Head of Commercial Operations and has close to 30 years of leadership experience within the Biotechnology Tools sector. Since joining Horizon, Terry's impact has been significant as he has rapidly built a world-class commercial team, recruiting talent from across the industry. His actions have aligned Horizon's commercial teams and allowed them to sell the full Horizon portfolio to all customers across different geographies as well as form teams focused on adding value to key customer accounts.
Prior to joining Horizon, Terry worked for Pacific Biosciences, first as Vice President Europe, and later as Head of Global Sales. Previous leadership roles include Director Global Commercial Operations at Genetix prior to its acquisition by Danaher; and Senior Vice President Global Commercial Operations at Swedish Biotechnology firm Biacore, where he was part of the team that reignited the company's commercial success, culminating in its acquisition by GE Life Sciences in 2006. Terry started his career at Applied Biosystems in 1988 in a sales role and rose through the ranks to Vice President Europe in 2003. Terry graduated with a degree in Physiology & Biochemistry from the University of Reading.
Dr. Ian Gilham, Executive Chairman of the Board of Directors, Horizon Discovery, said: "I am delighted to announce the appointment of Terry as Horizon's new CEO, following a rigorous process that assessed both internal and external candidates. As the process evolved it became clear that Terry was the stand out candidate to deliver on the strategy and growth of the Group. Since joining Horizon, Terry has been instrumental in building a world-class commercial team, and his outstanding leadership and highly valuable commercial experience will help lead the Company through its next phase of growth and development as we transition from building scale through acquisitions towards becoming a sustainably profitable business driven by demand for our market-leading products and services in both gene editing and gene modulation. With Horizon's strong technology and commercial platforms and a highly experienced commercially-focused management team in place, Horizon is ideally positioned to execute on its growth plan and create value for shareholders.
"I would also like to take this opportunity to thank Richard for his dedicated work as interim Chief Executive Officer, ensuring the smooth day-to-day running of the business. He will resume his role as Chief Financial Officer with the Company following an orderly transition to Terry."
Terry Pizzie, Chief Executive Officer, Horizon Discovery, said: "Horizon has built a highly successful global business which has a world leading position in gene editing and gene modulation. We are now an established market leader across the high value and high margin RNAi and CRISPR end-markets which are estimated to be worth £2.2 billion and growing at approximately 20% per year. The Company is also a technology leader in the broader field of cell engineering as evidenced by the commercial success with important customers in this field. I am honoured to have been appointed to lead the Group at such an important stage in the Company's development. With the strong product and commercial platforms in place and our presence in high-growth markets I look forward to working with the Board and executive management team to deliver on our vision and strategy to build value for our customers, patients and shareholders."
The following additional information is provided in accordance with Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.
Terence William Pizzie, aged 57, owns a total of 67,997 ordinary shares of 1.0p each in the Company. His current and previous directorships or partnerships are detailed below:
Current directorships and partnerships:
None
Past directorships and partnerships held within the last 5 years:
TP Commercial Strategies Limited
There is no further information to be disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.
ENDS
For further information from Horizon Discovery Group plc, please contact:
Horizon Discovery Group plc
Ian Gilham, Executive Chairman
Terry Pizzie, Chief Executive Officer
Richard Vellacott, Chief Financial Officer
Tel: +44 (0) 1223 655 580
Numis Securities Limited (Broker and NOMAD)
Michael Meade / Freddie Barnfield
Tel: +44 (0) 207 260 1000
Consilium Strategic Communications (Financial Media and Investor Relations)
Mary-Jane Elliott / Matthew Neal / Melissa Gardiner
Tel: +44 (0) 20 3709 5700
Email: [email protected]
About Horizon Discovery Group plc www.horizondiscovery.com
Horizon Discovery Group plc (LSE: HZD) ("Horizon") is a world leader in gene editing and gene modulation technologies. Horizon designs and engineers cells using its translational genomics platform, a highly precise and flexible suite of DNA editing tools (rAAV, ZFN, CRISPR and Transposon) and, following the acquisition of Dharmacon, Inc., its functional genomics platform comprising gene knockdown (RNAi) and gene expression (cDNA, ORF) tools, for research and clinical applications that advance human health. Horizon's platforms and capabilities enable researchers to alter almost any gene or modulate its function in human or mammalian cell-lines.
Horizon offers an extensive range of catalogue products and related research services to support a greater understanding of the function of genes across all species and the genetic drivers of human disease and the development of personalised molecular, cell and gene therapies. These have been adopted by over 10,000 academic, drug discovery, drug manufacturing and clinical diagnostics customers around the globe, as well as in the Company's own R&D pipeline.
Horizon is headquartered in Cambridge, UK, and is listed on the London Stock Exchange's AIM market under the ticker "HZD".
Source:Horizon Discovery Group plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-horizon-discovery-appoints-terry-pizzie-as-chief-executive-officer.html |
WASHINGTON, April 30 (Reuters) - The U.S. Treasury said on Monday it expects to slow the pace of borrowing in the April-June period after debt sales surged earlier in the year following a law passed by Congress that lifted a cap on federal debt.
The Treasury Department said in a statement it expects to issue $75 billion through credit markets during the period, assuming an end-June cash balance of $360 billion. It also expects to issue $273 billion in net marketable debt in the July-September period.
In the first quarter, the Treasury borrowed $488 billion through credit markets. (Reporting by Jason Lange; Editing by Andrea Ricci)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-borrowing/u-s-treasury-expects-to-borrow-75-bln-in-second-quarter-idUSW1N1RW032 |
May 18, 2018 / 6:14 PM / Updated 20 hours ago IPL Scoreboard Reuters Staff 3 Min Read May 18 (OPTA) - Scoreboard at close of play on the first day of match 52 between Delhi Daredevils and Chennai Super Kings on Friday at Delhi, India Delhi Daredevils win by 34 runs Delhi Daredevils 1st innings Prithvi Shaw c Shardul Thakur b Deepak Chahar 17 Shreyas Iyer b Lungi Ngidi 19 Rishabh Pant c Dwayne Bravo b Lungi Ngidi 38 Glenn Maxwell b Ravindra Jadeja 5 Vijay Shankar Not Out 36 Abhishek Sharma c Harbhajan Singh b Shardul Thakur 2 Harshal Patel Not Out 36 Extras 0b 3lb 0nb 0pen 6w 9 Total (20.0 overs) 162-5 Fall of Wickets : 1-24 Shaw, 2-78 Iyer, 3-81 Pant, 4-94 Maxwell, 5-97 Sharma Did Not Bat : Mishra, Lamichhane, Boult, Khan Bowling Ov Md Rn Wk Econ Ex Deepak Chahar 3 0 23 1 7.67 2w Lungi Ngidi 3 0 14 2 4.67 2w Ravindra Jadeja 4 0 19 1 4.75 Shardul Thakur 4 0 27 1 6.75 Harbhajan Singh 2 0 24 0 12.00 Dwayne Bravo 4 0 52 0 13.00 2w Chennai Super Kings 1st innings Shane Watson c Trent Boult b Amit Mishra 14 Ambati Rayudu c Glenn Maxwell b Harshal Patel 50 Suresh Raina c Vijay Shankar b Sandeep Lamichhane 15 MS Dhoni c Shreyas Iyer b Trent Boult 17 Sam Billings c Abhishek Sharma b Amit Mishra 1 Ravindra Jadeja Not Out 27 Dwayne Bravo c Vijay Shankar b Trent Boult 1 Deepak Chahar Not Out 1 Extras 0b 2lb 0nb 0pen 0w 2 Total (20.0 overs) 128-6 Fall of Wickets : 1-46 Watson, 2-70 Rayudu, 3-90 Raina, 4-93 Billings, 5-113 Dhoni, 6-125 Bravo Did Not Bat : Singh, Thakur, Ngidi Bowling Ov Md Rn Wk Econ Ex Trent Boult 4 0 20 2 5.00 Sandeep Lamichhane 4 0 21 1 5.25 Avesh Khan 2 0 28 0 14.00 Harshal Patel 4 0 23 1 5.75 Amit Mishra 4 0 20 2 5.00 Glenn Maxwell 2 0 14 0 7.00 Umpire Handunnettige Dharmasena Umpire Vineet Kulkarni Video C Nandan Match Referee Manu Nayyar | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idUKMTZXEE5IXRT06D |
April 30, 2018 / 9:27 PM / Updated 15 hours ago Healthy, smoke-free lifestyle tied to at least an extra decade of life Lisa Rapaport 4 Min Read
(Reuters Health) - Adults who follow a healthy lifestyle in middle age may extend their lifespan by more than a decade and have a lower risk of dying from cancer or heart disease, a U.S. study suggests.
Researchers focused on five habits long linked to a lower risk of developing or dying from variety of chronic medical problems: not smoking, limiting alcohol, exercising, eating well, and maintaining a healthy weight.
During more than three decades of follow-up, people who followed all five of these habits were 74 percent less likely to die from all causes, 82 percent less likely to die from heart disease and 65 percent less likely to die from cancer.
At age 50, women who followed all five of these healthy habits had a life expectancy 14 years longer than women who adopted none of these habits, the study found.
And 50-year-old men who had been following all five healthy habits could expect to live 12 years longer than men who hadn’t followed any of them.
“Although we already know that healthy lifestyle habits can reduce risk of chronic diseases such as cardiovascular disease and cancer, few studies have quantified the benefits of these lifestyle factors on prolonging life expectancy,” said senior study author Dr. Frank Hu of the Harvard T.H. Chan School of Public Health in Boston.
Even though the U.S. is one of the wealthiest countries in the world, Americans have a shorter life expectancy than people in many other high-income countries due in part to higher rates of many preventable diseases, researchers note in Circulation.
The study involved almost 79,000 female nurses, with data collection starting in 1976, and more than 44,000 male health professionals, starting in 1986. Half of the women were followed for at least 34 years and half of the men for at least 27 years.
Altogether, 42,167 people died, including 13,953 who died from cancer and another 10,689 from cardiovascular disease.
Examined separately, each of the five individual healthy habits was associated with a lower risk of premature death, but the effect was biggest for people who adopted all five health habits, the study found.
The study wasn’t a controlled experiment designed to prove whether or how each of these lifestyle habits might directly contribute to longevity, or assess which individual habits might make the biggest impact.
Nevertheless, one habit looms large.
“There is no question that avoidance of smoking is a top priority,” Hu said by email.
“Avoidance of smoking and maintaining a healthy weight are critical for prevention of cancer, cardiovascular disease, and other chronic diseases,” Hu added. “Eating right and exercising regularly are not only important for maintaining a healthy weight, but also contribute to a lower risk of chronic disease, and not drinking too much is key to reducing risk of cancer and accidental injuries and deaths.”
While it’s already well known that healthy lifestyle choices can increase life expectancy and lower the risk of chronic disease, the study offers fresh evidence of exactly how many extra years people can add to their lives, said Keith Diaz, a researcher at Columbia University Medical Center in New York City who wasn’t involved in the study.
“This is quite a substantive amount of years and compelling evidence that, in the age of modern medicine, preventive strategies still greatly matter and should still be a focus of patients and their doctors,” Diaz said by email.
While the study doesn’t necessarily show one lifestyle habit is better than another, it does show that following some good habits is better than adopting none at all, Diaz added.
“Certainly adopting all five healthy lifestyle habits is no small feat and quite a challenge for most adults,” Diaz added. “But what this study demonstrates is that even adopting only one to two of these habits will increase one’s life expectancy.”
SOURCE: bit.ly/2HGdijK Circulation, online April 30, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-lifestyle/healthy-smoke-free-lifestyle-tied-to-at-least-an-extra-decade-of-life-idUKKBN1I12AD |
SANTA MONICA, Calif. and VANCOUVER, British Columbia, May 17, 2018 /PRNewswire/ -- Leading entertainment industry executive and entrepreneur Nathan Kahane has been named President of the Lionsgate (NYSE: LGF.A, LGF.B) Motion Picture Group and former Good Universe and Disney executive Erin Westerman has been named EVP of Production, it was announced today by Lionsgate Motion Picture Group Chairman Joe Drake. The moves are part of a realignment of the Company's motion picture business under its new leadership team.
Kahane, a cofounder and CEO of Good Universe, acquired by Lionsgate last October, and former President of Mandate Pictures, has served as an executive producer on over 30 films. He is widely regarded as one of the most filmmaker-friendly executives in the industry with longtime talent relationships with comedy superstars Seth Rogen and Evan Goldberg of Point Grey Pictures (Flarsky, Neighbors, Sausage Party), Sam Raimi and Robert Tapert of Ghost House Pictures, a leader in the horror/thriller genre with whom he has partnered on eight #1 box office hits, and horror maven Fede Alvarez (Don't Breathe, Evil Dead).
During his 20-year career, Kahane has shepherded a diverse array of critically-acclaimed box office hits including the Academy Award®-winning blockbuster Juno, the Harold & Kumar comedy franchise, the comedy hits 50/50 and This Is The End, Neighbors, and horror breakouts like Don't Breathe, The Grudge, and Evil Dead.
Westerman, an experienced Good Universe and Walt Disney Company production executive, was responsible for Good Universe's critically-acclaimed and Golden Globe®-winning film The Disaster Artist, the horror thriller Don't Breathe, and the Disney hits Cinderella, directed by Kenneth Branagh, and Rob Marshall's Into The Woods.
"I have worked alongside Nathan as an executive, entrepreneur and producer for 15 years, during which he has demonstrated a combination of great leadership skills, a game-changing approach to filmmaking, and talent relationships that are second to none," said Drake. "He has exactly the right skill set to sharpen the focus of our film slate, deepen our relationships with world-class talent, and lead our Motion Picture Group to the next level of performance."
"I'm thrilled by the opportunity to join a great leadership team at one of the most innovative and exciting studios in the business," said Kahane. "I look forward to assembling a commercially exciting, diverse slate of films that establishes Lionsgate as a premier destination for the top creative talent in the world. I'm also pleased to see Erin Westerman expand her managerial role, as she has already proven her superb creative instincts, talent relationships, and keen eye for top properties on which we will be focused."
Lionsgate's upcoming slate includes the comedy Uncle Drew, the eagerly-anticipated Sundance sensation Blindspotting, the action comedy The Spy Who Dumped Me, the stylish thriller A Simple Favor, the Seth Rogen/Charlize Theron comedy Flarsky, and the star-driven event films The Kingkiller Chronicle, John Wick: Chapter Three and Chaos Walking.
About Lionsgate
The first major new studio in decades, Lionsgate is a global content platform whose films, television series, digital products and linear and over-the-top platforms reach next generation audiences around the world. In addition to its filmed entertainment leadership, Lionsgate content drives a growing presence in interactive and location-based entertainment, gaming, virtual reality and other new entertainment technologies. Lionsgate's content initiatives are backed by a 16,000-title film and television library and delivered through a global licensing infrastructure. The Lionsgate brand is synonymous with original, daring and ground-breaking content created with special emphasis on the evolving patterns and diverse composition of the Company's worldwide consumer base.
For media inquiries, please contact:
Peter Wilkes
[email protected]
(310) 255-3726
View original content with multimedia: http://www.prnewswire.com/news-releases/leading-film-industry-executive-nathan-kahane-named-president-of-lionsgate-motion-picture-group-300650558.html
SOURCE Lionsgate | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-leading-film-industry-executive-nathan-kahane-named-president-of-lionsgate-motion-picture-group.html |
Oil caught between Iran pressures and surging US output 1:20pm BST - 01:49
Oil prices rose again on Wednesday on concerns the U.S. may re-impose sanctions on major exporter Iran, before giving up gains on new evidence of surging U.S. output. As David Pollard reports, the moves came as the IMF said Saudi Arabia needs prices to average $85-$87 a barrel this year to balance its state budget. ▲ Hide Transcript ▶ View Transcript
Oil prices rose again on Wednesday on concerns the U.S. may re-impose sanctions on major exporter Iran, before giving up gains on new evidence of surging U.S. output. As David Pollard reports, the moves came as the IMF said Saudi Arabia needs prices to average $85-$87 a barrel this year to balance its state budget. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FAI33Z | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/oil-caught-between-iran-pressures-and-su?videoId=423212281 |
May 2, 2018 / 9:22 AM / Updated 31 minutes ago Suicide attackers target headquarters of Libya's electoral commission Ahmed Elumami 3 Min Read
TRIPOLI (Reuters) - A group of militants including suicide bombers stormed the head offices of Libya’s electoral commission in Tripoli on Wednesday, killing at least 11 people and setting fire to the building, officials said.
Security forces engaged in a gun battle with the assailants as they tried to regain control of the offices, said electoral commission spokesman Khaled Omar, who fled the building with other staff as the attack unfolded.
There was no immediate claim of responsibility for the attack, but it appeared aimed at derailing efforts to organise elections in Libya by the end of this year, part of a U.N.-led attempt to unify and stabilise the country after years of turmoil.
The commission recently registered nearly one million new voters across Libya, though no date has been set for polls.
Wednesday’s attack was the first of its kind in Tripoli for several years. Though security across Libya remains volatile, violence in the capital has recently been limited to localised clashes between armed groups.
Pictures posted on social media showed thick black smoke billowing from the site of the attack, in the Ghout al-Shaal district west of central Tripoli.
“I saw two suicide bombers myself... they were shouting Allahu Akbar (God is greatest),” said Omar, adding that he had seen bombers’ body parts strewn on the ground.
“A suicide bomber blew up himself inside the commission and the others set a part of the building on fire.”
The victims included three employees of the commission and four members of local security forces, Omar said. The health ministry put the toll at 11 dead and two wounded.
Libya has been in a state of turmoil since a 2011 civil war resulted in the overthrow of longstanding ruler Muammar Gaddafi by rebel fighters backed by NATO air strikes.
Elections in 2014 were disputed, resulting in rival governments backed by competing military alliances in Tripoli and the east.
Militants linked to Islamic State have carried out suicide bombings across the north of the country in recent years, though the group lost most of its fighters in Libya when it was driven out of its stronghold in the central city of Sirte in 2016.
Libyan and Western officials say militants, including fighters loyal to Islamic State and al Qaeda, are now concentrated in remote desert areas, but also have sleeper cells in coastal cities including Tripoli.
Some Libyans and members of the international community have questioned the push for new elections this year, expressing concern about the lack of security as well as legal and logistical challenges. Writing by Aidan Lewis; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security/suicide-attack-targets-libyan-electoral-commission-offices-in-tripoli-spokesman-idUKKBN1I312F |
Bulls bet on this sector. Plus, where the market says Xilinx could be heading 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/unusual-options-activity-energy-xop-xilinx.html |
A National Labor Relations Board regional director has said that a small bargaining unit of workers at a South Carolina Boeing Co facility who prepare airplanes for test flights can vote in a union election later this month.
Regional Director John Doyle in Atlanta ruled on Monday that about 180 flight-line readiness technicians were an appropriate bargaining unit because they shared a community of interest distinct from the 2,500 other production and maintenance workers at the North Charleston plant.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2LoPcse
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment/small-unit-of-boeing-workers-can-vote-for-union-representation-nlrb-official-idUSL2N1ST2FP |
The prospect of retirement should be exciting. Maybe you've been working toward this goal since you took your first job and it's finally on the horizon. But what happens if you don't have enough money saved to retire?
You don't want to be stuck working forever, but do you have a choice if the investments in your portfolio aren't enough to support you? The good news is, there are things you can do if you are in this situation, but you need to act now. You need to explore your options, understand what you can do to make a positive impact to your financial situation, and focus on what you can control.
1. Change your retirement timeline. It might not be ideal, but you can still have the retirement you want if you're willing to work a little longer for it. Working an extra five years can have a massive impact on your nest egg. Since the last years of your career are also usually your highest-earning years, this could help you make the catch-up contributions you need to make your nest egg large enough to fund your retirement.
If the thought of five more years of your existing job is unbearable, consider how you could improve the situation. Could you reduce your hours? Request flex time? Work from home some (or all) days each week? Talk to your supervisor about your options, and get creative to make a few extra years feel a little less like work.
More from Fixed Income Strategies: | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/5-ways-you-can-still-secure-the-retirement-you-want.html |
May 1, 2018 / 4:57 PM / Updated 5 minutes ago BRIEF-Gulf Island’S Shipyard Division To Build Up To Four Additional Z-Tech 30-80 Terminal/Escort Tugs Reuters Staff
May 1 (Reuters) - Gulf Island Fabrication Inc:
* GULF ISLAND’S SHIPYARD DIVISION TO BUILD UP TO FOUR ADDITIONAL Z-TECH 30-80 TERMINAL/ESCORT TUGS
* GULF ISLAND FABRICATION - RECEIVED FOLLOW-ON CHANGE ORDERS FROM BAY-HOUSTON TOWING COMPANY AND SUDERMAN & YOUNG TOWING COMPANY FOR ADDITIONAL TUGS
* GULF ISLAND FABRICATION INC - EXPECT TO BEGIN DELIVERIES IN LATE 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gulf-islands-shipyard-division-to/brief-gulf-islands-shipyard-division-to-build-up-to-four-additional-z-tech-30-80-terminal-escort-tugs-idUSFWN1S80KE |
NEW YORK (Reuters) - A U.S. judge on Monday rejected Alibaba Group Holdings Ltd’s bid for a preliminary injunction to block the Dubai cryptocurrency firm Alibabacoin Foundation from using the Alibaba name.
FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/File Photo U.S. District Judge Paul Oetken in Manhattan said Alibaba did not show he had jurisdiction, having failed to establish a “reasonable probability” that Alibabacoin’s interactive websites were used to transact business with customers in New York.
The judge said it did not matter that Alibabacoin might eventually list its cryptocurrency on U.S. exchanges or that a New York company hosted one of its websites.
He also said any injury Alibaba might have suffered to its business, goodwill and reputation from alleged trademark infringement likely occurred in China, where the e-commerce retailer is based.
The Chinese company had alleged Alibabacoin hurt its business in the United States, causing actual confusion among customers there, in violation of federal and state laws.
A U.S.-based lawyer for Alibaba declined to comment. Lawyers for Alibabacoin did not immediately respond to requests for comment.
Oetken dissolved a temporary restraining order issued on April 2 by another judge against Alibabacoin.
He also said Alibaba deserved another chance to show why the case belongs in Manhattan.
Alibabacoin, which is also known as ABBC Foundation, has argued that it was not trying to piggyback off the Alibaba name.
It has also said China’s ban on initial coin offerings in September eliminated a key source of potential confusion among consumers about its lack of ties to Alibaba.
The case is Alibaba Group Holdings Ltd v. Alibabacoin Foundation et al, U.S. District Court, Southern District of New York, No. 18-02897.
Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-alibaba-lawsuit/alibaba-cannot-block-cryptocurrency-firm-from-using-similar-name-u-s-judge-idUSKBN1I12CP |
May 17 (Reuters) - McDonald’s Corp:
* MCDONALD’S RESTAURANTS EXPECT TO HIRE 2,000 IN IOWA THIS SUMMER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mcdonalds-restaurants-expect-to-hi/brief-mcdonalds-restaurants-expect-to-hire-2000-in-iowa-this-summer-idUSFWN1SO0X7 |
US inflation taking a back seat to wages: TS Lombard 23 Hours Ago TS Lombard Chief U.S. Economist Steve Blitz speaks about the Federal Reserve's approach to raising interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/us-inflation-taking-a-back-seat-to-wages-ts-lombard.html |
May 16, 2018 / 4:28 PM / Updated 18 minutes ago Swiss watchmaker Richemont launches lower priced brand to lure millennials Reuters Staff 3 Min Read
ZURICH (Reuters) - Luxury goods group Richemont ( CFR.S ) has launched a new watch brand, Baume, offering trendy time pieces priced in the hundreds rather than the thousands of dollars to lure young people away from their smartphones for reading the time. FILE PHOTO: Visitors view the A. Lange & Soehne stand during the opening day of the Salon International de la Haute Horlogerie (SIHH) watch fair for Richemont brands in Geneva, Switzerland, January 16, 2017. REUTERS/Pierre Albouy/File Photo
Swiss watchmakers have seen sales improve recently, after a prolonged downturn, but are struggling to reach young people who wear no watch at all or a connected Apple ( AAPL.O ) Watch and want online services luxury watchmakers have been slow to embrace.
The new Baume brand will be sold exclusively online with prices starting at $560, a clear indication it is aimed at younger customers. It will also try to appeal to their “green” conscience by using no animal-based or precious materials and only paper and cardboard for packaging.
Richemont’s watch business consists of high-end brands, such as IWC or Jaeger-LeCoultre, that cost thousands or even tens of thousands of dollars and are still mostly sold in traditional brick-and-mortar stores.
Luxury watch brands have only belatedly embraced digital marketing and distribution and are still seeking answers to the emergence of smartwatches such as Apple’s Apple Watch and the younger generation’s dwindling interest in traditional watches.
The Baume brand, officially launched on Tuesday, offers unisex watches in a minimalist design with watch straps made of recycled materials. There is also a customizable series where users can choose from over 2,000 permutations through an online configurator, the brand said in a statement.
Baume said it was “drawing experience and insight from the rich watchmaking history across the Richemont group” and was focused on “encouraging individuals to participate in a design-led global conversation”.
“Maybe they want to try and become relevant for younger consumers,” Exane BNP Paribas analyst Luca Solca said.
“They are using selling themes that should resonate well with millennials, at first sight. This could serve as the ‘access step’ into the category,” he said.
Richemont reports full-year results on Friday.
The group recently made an offer to acquire online retailer Yoox Net-a-Porter ( YNAP.MI ) and has started selling more luxury timepieces online. Reporting by Silke Koltrowitz; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-richemont-baume/swiss-watchmaker-richemont-launches-lower-priced-brand-to-lure-millennials-idUKKCN1IH2C2 |
May 31, 2018 / 3:10 PM / Updated an hour ago Sharapova anticipates return to the limelight in Paris Julien Pretot 3 Min Read
PARIS (Reuters) - It came as a surprise that Maria Sharapova, a two-time French Open champion and former world number one, was sent to Court One for her second-round match, but she’ll most likely be back in the spotlight on Saturday. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Russia's Maria Sharapova celebrates after winning her second round match against Croatia's Donna Vekic REUTERS/Christian Hartmann
The Russian, back at Roland Garros as 28th seed after a two-year hiatus, beat Croatia’s Donna Vekic 7-5 6-4 on Thursday on “the Bullring”, a court with less space around the lines, possibly making her task harder.
Sharapova has been used to play on the biggest courts at Grand Slams since she came to prominence by winning Wimbledon in 2004 at the age of 17.
Asked how it would feel to return to a main show court for her third-round match, she replied: “Do you know the schedule?”
The reporter: “Because it’s (sixth seed Karolina) Pliskova...”
Sharapova: “Well, there is also Sharapova.”
The five-time Grand Slam champion missed the 2016 tournament because of a doping ban and was denied an invitation last year shortly after her return from suspension. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Croatia's Donna Vekic in action during her second round match against Russia's Maria Sharapova REUTERS/Christian Hartmann
“I would love to be there (on centre court) again, of course. And from a draw perspective, it’s an anticipated seeding match if those two seeds went through, it’s a match that maybe
people anticipated,” Sharapova said.
For her second match in Paris since 2015, she was erratic throughout, but her iron willpower helped her set up a meeting with Pliskova. She will, however, need to be more consistent if she is to beat the Czech, a semi-finalist here last year. POWERFUL RETURN
She failed to finish off a point at the net and Vekic counter-attacked to set up a break point in the first set, which the Russian saved to move 4-3 up before breaking her opponent’s serve. Slideshow (8 Images)
Vekic, however, broke straight back with a powerful service return.
Sharapova, who is on a quarter-final collision course with 2016 champion Garbine Muguruza of Spain, was waiting for her moment. It came in the 12th game when she forced the Croatian into a lung-busting rally, forcing her opponent to net a forehand and drop the opening set.
To break Vekic’s rhythm from the baseline, Sharapova mixed it up with exquisite drop shots, but she made 31 unforced errors and dropped serve four times on Court One.
Vekic, the world number 50, offered stiff resistance at 5-4 in the second set but she bowed out on the fifth match point when Sharapova fired a sizzling forehand winner.
Next up is Pliskova, a big-serving player she beat in their only encounter in a Fed Cup match in 2015 on hard court.
“I don’t expect extremely long rallies against an opponent like that,” said Sharapova. “But sometimes it’s not what it takes to win a match, and I think you have to kind of take care of your service games, and I have to serve better than I have
been and take care of the return.
“But that side of the game, I feel, has improved in the
last few months and I like the challenge of coming up
against a really good server.” Reporting by Julien Pretot; Editing by Ed Osmond and David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-sharapova/erratic-sharapova-books-french-open-third-round-spot-idUKKCN1IW245 |
JOHANNESBURG (Reuters) - Three men armed with guns and knives slit the throats of three worshippers at a mosque near Durban in South Africa and a person was killed, an emergency service official said on Thursday.
Police investigators collect evidence at a mosque where three men where attacked in Ottawa, South Africa May 10, 2018. REUTERS/Rogan Ward One victim jumped from a side window of the building, which had been set ablaze sending smoke billowing, said Prem Balram, a spokesman for Reaction Unit SA, a private emergency service, who was among the first on the scene.
“One of the three has just died on his way to hospital. The other two are in critical condition,” said Balram, adding that the suspects fled in a white car. “The suspects were Egyptian males. The local people here identified them.”
Police investigators collect evidence at a mosque where three men where attacked in Ottawa, South AfricaMay 10, 2018. REUTERS/Rogan Ward South African police said the motive of the attack at a mosque on the Old Main Road in Ottawa the KwaZulu-Natal province was unknown and they were investigating.
Police investigators collect evidence at a mosque where three men where attacked in Ottawa, South Africa May 10, 2018. REUTERS/Rogan Ward Africa’s most industrialized country has a large expatriate community and attracts many tourists but has seldom been associated with Islamist militancy.
Balram said police had cordoned off the scene of the attack.
“There is a knife that was recovered at the scene, we believe the knife is suspected to have been used in the crime,” the KwaZulu-Natal police spokeswoman Captain Nqobile Ngwala said at the scene.
Police said in a statement that three unknown men entered a mosque after the midday prayer and attacked three people.
The suspects also set certain rooms in the mosque alight before fleeing in their getaway vehicle, police said.
“The motive of the attack on the three men is unknown at this stage,” police said, adding that no arrests have been made.
Reporting by James Macharia; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-mosque-attack/three-killed-in-south-africa-mosque-attack-talk-radio-702-idUSKBN1IB21R |
PHILADELPHIA, May 2, 2018 /PRNewswire/ -- Christopher McKee has been named a principal of CI Squared, LLC, a Philadelphia-based regional sales training company. CI Squared, which stands for Continuous Improvement and Innovation or CI², focuses on solving clients' problems with underdeveloped sales skills, lack of organizational cohesiveness and dysfunctional sales teams.
McKee has worked for high-tech and systems engineering companies in the areas of software, consulting services, and hardware. In addition, he has also worked in sales, sales management and consulting for commercial enterprises and government agencies, specializing in the last six years in value realization-engineering leadership. Prior to his embarking on a high-tech and system engineering career, McKee served as an intelligence officer for both the army and U.S. Naval Reserves.
"I am excited to have Chris McKee working with us as a new principal," said CI Squared co-founder John Geraci. "He is an experienced sales leader and sales training instructor. But his most recent experience as a leading value realization expert with IBM will help CI Squared and our customers measure and quantify the value we create together. He will also help our customers with value realization projects unrelated to our training."
Added Geraci: "His passions of analysis, analytics and insights into complex business issues and performance to drive business outcome optimization make him a great addition to the CI Squared executive team."
McKee said CI Squared is a good fit for him. He said: "Understanding depends on insight which depends on context. Storytelling is the key to communicating context. I assist customers in, defining, modeling and communicating value both subjectively and quantitatively for their sales approaches, customer offerings, management and training efforts. CI Squared is a great place to do this and make a difference."
CI Squared, LLC is a professional training company that utilizes an extraordinary communication framework to overcome clients' challenges. It uses storytelling to nudge people into action because no one likes to be told what to do. The company believes stories change the conversation in this "Age of Digital Disruption; it is located at 252 North Radnor Chester Rd. in St. Davids, Pa. Learn more about the company by visiting www.cisquared.net .
For more information, contact Sarah Hopkins, 215-740-0637 or [email protected] ; http://cisquared.net/
View original content with multimedia: http://www.prnewswire.com/news-releases/ci-squared-promotes-christopher-mckee-to-principal-300640853.html
SOURCE CI Squared | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-ci-squared-promotes-christopher-mckee-to-principal.html |
NHK: Japan plans retaliatory tariffs against U.S. 8:50am EDT - 01:25
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, according to NHK. Grace Lee reports.
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, according to NHK. Grace Lee reports. //reut.rs/2L4MxDL | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/nhk-japan-plans-retaliatory-tariffs-agai?videoId=427721775 |
Chinese ride-hailing firm Didi Chuxing has been given a permit to test self-driving cars in California .
The company is allowed to test autonomous vehicles in the state as of May 10, according to the California Department of Motor Vehicles' website .
Didi was not immediately available for comment when contacted by CNBC.
Didi, which bought out Uber's Chinese unit in 2016, is one of a number of Chinese firms looking to gain an edge over Silicon Valley tech giants.
Internet firm Baidu obtained its own permit to test driverless cars in California in 2016. It also established a research center in San Francisco to boost its artificial intelligence efforts.
Alibaba and Tencent have also been reported to have their own plans to test autonomous cars.
But the big ambitions of tech giants to launch driverless cars are being tested by high-profile crashes involving the vehicles.
Uber's self-driving tests were suspended earlier this year following a deadly crash in Arizona involving an autonomous vehicle and a pedestrian.
Controversy has also faced electric automaker Tesla following a number of crashes involving its self-driving cars. Last week, two teenagers were killed and a third injured after a crash involving one of Tesla's Model S cars in Florida.
Didi expanding beyond China Didi has been expanding around the world mostly through investing in and partnering with competitors.
The taxi firm acquired control of Brazilian taxi start-up 99 Taxi earlier this year, and has teamed up with other upstarts including Tallinn, Estonia-based Taxify and Dubai, United Arab Emirates-based Careem .
Didi made its first direct expansion outside of China into Mexico last month. It is reportedly holding talks about a listing that could help it reach a valuation of between $70 billion and $80 billion. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/didi-chuxing-gets-permission-to-test-self-driving-cars-in-california.html |
May 7 (Reuters) - Madison Holdings Group Ltd:
* UNIT BUYS PERFECT ELITE INVESTMENT HOLDINGS & SALE LOAN FOR HK$1.13 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-madison-holdings-groups-unit-buys/brief-madison-holdings-groups-unit-buys-perfect-elite-investment-sale-loan-for-hk1-13-bln-idUSFWN1SD03A |
* HSI -1.8 pct, HSCE -2.1 pct, CSI300 -1.3 pct
* Coal miners slump after Beijing intervened to cool the market
* HSI financial sector sub-index is 1.9 percent lower; property sector down 1.6 percent
May 23 (Reuters) - Hong Kong stocks posted their biggest intraday fall in seven weeks on Wednesday, pulled down by energy shares which slumped after Beijing intervened to cool the red-hot coal market. ** The Hang Seng index ended down 1.8 percent at 30,665.64, while the China Enterprises Index closed 2.1 percent lower at 12,090.79 points. ** The energy sector tumbled over 5 percent. Coal miners, including China Shenhua, Yanzhou Coal and China Coal were among the biggest casualties. ** China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with the matter said, the government’s first direct intervention to cool coal prices since mid-2016. ** The subindex of Hang Seng tracking the IT sector dipped 0.32 percent, the financial sector was 1.95 percent lower and property sector dipped 1.58 percent . ** The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd up 1.61 percent, while the biggest loser was China Petroleum & Chemical Corp, which was down 6.34 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.75 percent, while Japan’s Nikkei index closed down 1.18 percent . ** The yuan was Quote: d at 6.3881 per U.S. dollar at 0819 GMT, 0.36 percent weaker than the previous close of 6.3654. ** The top gainers among H-shares were Huaneng Power International Inc up 5.45 percent, followed by Dongfeng Motor Group Co Ltd gaining 2.24 percent and Byd Co Ltd up by 1.22 percent. ** The three biggest H-shares percentage decliners were China Petroleum & Chemical Corp which was down 6.34 percent, China Shenhua Energy Co Ltd which fell 6.3 percent and CNOOC Ltd down by 5.9 percent. ** About 2.51 billion Hang Seng index shares were traded, roughly 153.5 percent of the market’s 30-day moving average of 1.63 billion shares a day. The volume traded in the previous trading session was 0.00. ** At close, China’s A-shares were trading at a premium of 21.36 percent over the Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-hongkong-close/hk-stocks-fall-most-in-7-weeks-coal-miners-lead-losses-idUSZZN2NB000 |
MONROE, La., May 9, 2018 /PRNewswire/ -- CenturyLink, Inc. (NYSE: CTL) today reported results for first quarter ended March 31, 2018.
"CenturyLink achieved solid results for first quarter 2018, the first full quarter of operations following the acquisition of Level 3," said Glen F. Post, III, CenturyLink chief executive officer. "Now positioned as one of the world's leading network providers, we believe we have significant opportunities to grow our business and drive long-term shareholder value," Post concluded.
Total revenues were $5.95 billion for first quarter 2018, compared to $4.21 billion for first quarter 2017.
Diluted earnings per share was $0.11 for first quarter 2018, compared to diluted earnings per share of $0.30 for first quarter 2017. Diluted earnings per share excluding $147 million of after-tax integration-related expenses and special items was $0.25.
"We are focused on our sales force integration and driving profitable revenue growth while improving our customer experience," said Jeff Storey, CenturyLink president and chief operating officer. "Our integration efforts to date are leading to the synergies we expected and helping us move toward sustainable improved profitability and cash flow generation."
Financial Results
Metric
As Reported
Pro Forma 2
($ in millions, except per share data)
First Quarter
First Quarter
2018
2017
Business revenues
$
4,383
4,429
Consumer revenues
1,379
1,447
Regulatory revenues 3
183
174
Total revenues
$
5,945
6,050
Cost of products and services
2,803
2,880
Selling, general & administrative expenses
1,109
1,174
Share-based s
41
69
Adjusted EBITDA 1
2,074
2,140
Adjusted EBITDA, excluding integration-related expenses & special items 1, 4
2,181
2,181
Adjusted EBITDA margin 1
34.9
%
35.4
%
Adjusted EBITDA margin, excluding integration-related expenses & special items 1, 4
36.7
%
36.0
%
Cash Flow from operating activities
1,667
1,596
Capital expenditures
805
1,148
Capital expenditures, excluding integration-related capital expenditures & special items 6
788
1,137
Unlevered cash flow 1
1,352
854
Unlevered cash flow, excluding integration-related capital expenditures & special items 1, 5, 6
1,431
877
Free cash flow 1
862
448
Free cash flow, excluding integration-related capital expenditures & special items 1, 5, 6
941
471
Net income
115
123
Net income per common share - diluted
$
0.11
$
0.12
Weighted average shares outstanding (in millions) - diluted
1,069.2
1,061.7
As of January 1, 2018, the company prospectively adopted the new revenue recognition standard (ASC 606).
Overall, the adoption of this new standard negatively affected total revenues by approximately $15 million, with $10 million in Consumer and $5 million in Business. Within Business, the Enterprise business unit was negatively affected by approximately $11 million, slightly offset by a benefit to Medium and Small Business revenues of approximately $4 million. Our Wholesale and Indirect and International and Global Markets business units were affected minimally.
Revenues
As Reported
Pro Forma 2
($ in millions)
First Quarter
First Quarter
Percent
2018
2017
Change
By Business Unit
Medium & small business
$
860
901
(5)
%
Enterprise
1,315
1,292
2
%
International & global accounts
937
891
5
%
Wholesale & indirect
1,271
1,345
(6)
%
Consumer
1,379
1,447
(5)
%
Regulatory
183
174
5
%
Total
$
5,945
6,050
(2)
%
By Service Type
IP & data services
$
1,845
1,819
1
%
Transport & infrastructure
2,118
2,092
1
%
Voice & collaboration
1,637
1,812
(10)
%
IT & managed services
162
153
6
%
Regulatory
183
174
5
%
Total
$
5,945
6,050
(2)
%
Liquidity
As of March 31, 2018, CenturyLink had cash and cash equivalents of $501 million.
Integration Synergies and Expenses
At end of first quarter 2018, CenturyLink achieved approximately $215 million of annualized run-rate adjusted EBITDA synergies. Integration-related expenses for first quarter 2018 were $71 million, of which $65 million impacted adjusted EBITDA and $79 million impacted free cash flow. In total, CenturyLink has incurred approximately $241 million in Level 3 integration-related expenses.
2018 Business Outlook
"We generated strong adjusted EBITDA during first quarter 2018 and exited the quarter with annual run-rate adjusted EBITDA synergies of approximately $215 million, a solid increase from the year-end 2017 annual run-rate of approximately $75 million," said Sunit Patel, CenturyLink executive vice president and chief financial officer. "We remain confident in our outlook for the rest of the year and are reiterating our adjusted EBITDA and free cash flow outlook for full year 2018."
Metrics 1, 7
2018 Outlook
Adjusted EBITDA
$8.75 to $8.95 billion
Free cash flow
$3.15 to $3.35 billion
Dividends 8
$2.30 billion
Free cash flow after dividends
$850 million to $1.05 billion
GAAP interest expense
$2.25 billion
Cash interest
$2.10 billion
Capital expenditures
~16% of Revenue
Depreciation and amortization
$5.10 to $5.30 billion
Non-cash
$200 million
Cash income taxes 9
$100 million
Full year effective income tax rate
~25%
CenturyLink reduced its outlook for depreciation and amortization to $5.1 to $5.3 billion from $5.4 to $5.5 billion, due to valuation adjustments related to purchase price accounting. All other outlook measures remain unchanged.
Following the close of first quarter, CenturyLink received an anticipated tax refund of $314 million.
Investor Call
CenturyLink's management will host a conference call at 4:00 p.m. Central Time today, May 9, 2018. The conference call will be streamed live over CenturyLink's website at ir.centurylink.com . Additional information regarding first quarter 2018 results, including the presentation management will review during the conference call, will be available on the Investor Relations website prior to the call. If you are unable to join the call via the Web, the call can be accessed live at +1 877-283-5145 (U.S. Domestic) or +1 312-281-1200 (International).
A telephone replay of the call will be available beginning at 6:00 p.m. CDT on May 9, 2018, and ending July 31, 2018, at 11:59 p.m. CDT. The replay can be accessed by dialing +1 800-633-8284 (U.S. Domestic) or +1 402-977-9140 (International), reservation code 21887604. A webcast replay of the call will also be available on our website beginning at 11:00 a.m. CDT on May 10, 2018 and ending July 31, 2018 at 11:59 p.m. CDT.
Reconciliation to GAAP
This release includes certain non-GAAP historical and forward-looking financial measures, including but not limited to adjusted EBITDA, free cash flow, unlevered cash flow and adjustments to GAAP measures to exclude the effect of special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.
Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules. Reconciliation of additional non-GAAP historical financial measures that may be discussed during the call described above, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at www.centurylink.com and in the current report on form 8-K that we intend to file later today. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. CenturyLink may present or calculate its non-GAAP measures differently from other companies.
About CenturyLink
CenturyLink (NYSE: CTL) is the second largest U.S. communications provider to global enterprise customers. With customers in more than 60 countries and an intense focus on the customer experience, CenturyLink strives to be the world's best networking company by solving customers' increased demand for reliable and secure connections. The company also serves as its customers' trusted partner, helping them manage increased network and IT complexity and providing managed network and cyber security solutions that help protect their business.
Forward Looking Statements
Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," and similar expressions are as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of competition from a wide variety of competitive providers, including decreased demand for our legacy offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; the effects of ongoing changes in the regulation of the communications industry, including the outcome of regulatory or judicial proceedings relating to intercarrier compensation, interconnection obligations, universal service, broadband deployment, data protection and net neutrality; our ability to timely realize the anticipated benefits of our recently-completed combination with Level 3, including our ability to attain anticipated cost savings, to use Level 3's net operating losses in the amounts projected, to retain key personnel and to avoid unanticipated integration disruptions; our ability to safeguard our network, and to avoid the adverse impact on our business from possible security breaches, service outages, system failures, equipment breakages or similar events impacting our network or the availability and quality of our services; our ability to effectively adjust to changes in the communications industry and changes in the composition of our markets and product mix; possible changes in the demand for our products and services, including our ability to effectively respond to increased demand for high-speed broadband service; our ability to successfully maintain the quality and profitability of our existing product and service offerings, to provision them efficiently to our customers, and to introduce profitable new offerings on a timely and cost-effective basis; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, periodic share repurchases, dividends, pension contributions and other benefits payments; changes in our operating plans, corporate strategies, dividend payment plans or other capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market conditions or otherwise; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; increases in the costs of our pension, health, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations; adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower debt credit ratings, unstable markets or otherwise; our ability to meet the terms and conditions of our debt obligations; our ability to maintain favorable relations with our key business partners, customers, suppliers, vendors, landlords and financial institutions; our ability to effectively manage our network buildout projects and our other expansion opportunities; our ability to collect our receivables from financially troubled customers; any adverse developments in legal or regulatory proceedings involving us; changes in tax, communications, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels; the effects of changes in accounting policies or practices, including potential future impairment charges; the effects of adverse weather, terrorism or other natural or man-made disasters; the effects of more general factors such as changes in interest rates, in exchange rates, in operating costs, in general market, labor, economic or geo-political conditions, or in public policy; and other risks referenced from time to time in our filings with the U.S. ("SEC"). For all the reasons set forth above and in our SEC filings, you are cautioned not to unduly rely upon our , which speak only as of the date made. We undertake no obligation to publicly update or revise any for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, existing regulatory, technological, industry, competitive, economic and market conditions, and our assumptions as of such date. We may change our intentions, strategies or plans without notice at any time and for any reason.
(1)
See the attached schedules for definitions of non-GAAP metrics and reconciliation to GAAP figures.
(2)
Reference to "pro forma" figures assume the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017. For a description of adjustments made in connection with preparing these pro forma figures, see the attached schedule in the Non-GAAP metrics section of this release.
(3)
Regulatory revenues include CAF Phase 1, CAF Phase 2 and federal and state USF support revenue.
(4)
In first quarter 2018, special items include an impairment of $42 million and integration-related expenses of $65 million. In pro forma first quarter 2017, integration and acquisition-related expenses were $30 million.
(5)
In first quarter 2018, cash paid for integration-related expenses were $79 million. In pro forma first quarter 2017, cash paid for acquisition-related expenses were $23 million.
(6)
In first quarter 2018, integration-related capital expenditures were $17 million. In pro forma first quarter 2017 special items were $11 million.
(7)
All outlook measures in this release and the accompanying schedules (i) exclude integration-related expenses (ii) exclude the effects of special items, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (iii) speak only as of May 9, 2018. See "Forward Looking Statements" above. Italicized metrics have been revised since the original outlook provided on February 14, 2018.
(8)
Dividends is defined as dividends paid as disclosed in the Consolidated Statements of Cash Flows. Assumes continued payment of dividends at the current rates based on the number of shares outstanding on March 31, 2018. Payments of all dividends are at the discretion of the board of directors.
(9)
Cash income taxes are exclusive of all material prior period refunds.
CenturyLink, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED)
($ in millions, except per share amounts; shares in thousands)
Three months ended March 31,
Increase /
(decrease)
2018
2017
OPERATING REVENUES
$
5,945
4,209
41
%
OPERATING EXPENSES
Cost of services and products
2,803
1,888
48
%
Selling, general and administrative
1,109
810
37
%
Depreciation and amortization
1,283
880
46
%
Total operating expenses
5,195
3,578
45
%
OPERATING INCOME
750
631
19
%
OTHER (EXPENSE) INCOME
Interest expense
(535)
(318)
68
%
Other income (expense), net
21
(6)
(450)
%
Income tax expense
(121)
(144)
(16)
%
NET INCOME
$
115
163
(29)
%
BASIC EARNINGS PER SHARE
$
0.11
0.30
(63)
%
DILUTED EARNINGS PER SHARE
$
0.11
0.30
(63)
%
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
1,065,796
540,458
97
%
Diluted
1,069,183
541,522
97
%
DIVIDENDS PER COMMON SHARE (1)
$
0.54
0.54
—
%
Add back: integration-related expenses and special items (2)
147
25
—
%
NET INCOME EXCLUDING INTEGRATION-RELATED EXPENSES
AND SPECIAL ITEMS
$
262
188
DILUTED EARNINGS PER SHARE EXCLUDING INTEGRATION-
RELATED EXPENSES AND SPECIAL ITEMS
$
0.25
0.35
(1) Dividends per common share based on actuals previously reported
(2) Net of income tax effect. Refer to Non-GAAP Special Items for detail of special items included.
CenturyLink, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2018 AND DECEMBER 31, 2017
(UNAUDITED)
($ in millions)
As of
March 31, 2018
As of
December 31, 2017
ASSETS
CURRENT ASSETS
$
501
551
Restricted cash
5
5
Other current assets
3,677
3,638
Total current assets
4,183
4,194
NET PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment
51,942
51,204
Accumulated depreciation
(25,116)
(24,352)
Net property, plant and equipment
26,826
26,852
GOODWILL AND OTHER ASSETS
Goodwill
30,778
30,475
Restricted cash
31
31
Other, net
12,975
14,059
Total goodwill and other assets
43,784
44,565
TOTAL ASSETS
$
74,793
75,611
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt
$
437
443
Other current liabilities
4,330
4,414
Total current liabilities
4,767
4,857
LONG-TERM DEBT
36,940
37,283
DEFERRED CREDITS AND OTHER LIABILITIES
9,643
9,980
STOCKHOLDERS' EQUITY
23,443
23,491
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
74,793
75,611
CenturyLink, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED)
($ in millions)
Three months ended
March 31, 2018
March 31, 2017 *
OPERATING ACTIVITIES
Net income
$
115
163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,283
880
Deferred income taxes
123
(37)
Impairment of assets held for sale
27
—
Provision for uncollectible accounts
47
47
Net loss on early retirement of debt
1
—
Share-based compensation
41
21
Changes in current assets and liabilities, net
(139)
(25)
Retirement benefits
(49)
(25)
Changes in other noncurrent assets and liabilities, net
145
12
Other, net
73
21
Net cash provided by operating activities
1,667
1,057
INVESTING ACTIVITIES
Payments for property, plant and equipment and capitalized software
(805)
(780)
Deposits received on assets held for sale
34
—
Proceeds from sale of property and intangible assets
3
45
Other, net
—
3
Net cash used in investing activities
(768)
(732)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt
130
—
Payments of long-term debt
(68)
(31)
Net payments on 2012 credit facility and revolving line of credit
(405)
5
Dividends paid
(580)
(296)
Proceeds from issuance of common stock
—
3
Shares withheld to satisfy tax withholdings
(25)
(14)
Net cash provided by (used in) financing activities
(948)
(333)
Effect of exchange rate changes on cash and cash equivalents
(1)
—
Net decrease in cash, cash equivalents and restricted cash
(50)
(8)
*
Cash, cash equivalents and restricted cash at beginning of period
587
224
*
Cash, cash equivalents and restricted cash at end of period
$
537
216
*
In the second quarter of 2017, CenturyLink adopted Accounting Standards Update ("ASU") 2016-18, "Restricted Cash (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2016-18"), which requires that a statement of cash flows explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents as compared to the prior presentation, which explained only the change in cash and cash equivalents. ASU 2016-18 is effective January 1, 2018, but early adoption is permitted and requires retrospective application of the requirements to all previous periods presented. This change was applied on a retrospective basis to all previous periods to match the current period presentation with immaterial impact.
CenturyLink, Inc.
OPERATING METRICS
(UNAUDITED)
(In thousands)
As of
As of
As of
March 31, 2018
December 31, 2017
March 31, 2017
Operating Metrics
Consumer broadband subscribers
4,986
5,044
5,291
CenturyLink's methodology for counting broadband subscribers may not be comparable to those of other companies.
Description of Non-GAAP Metrics
Pursuant to Regulation G, the company is hereby providing definitions of non-GAAP financial metrics and reconciliations to the most directly comparable GAAP measures.
The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.
We use the term Special items as a non-GAAP measure to describe items that impacted a period's net income and the statement of operations for which investors may want to give special consideration due to their magnitude, nature or both. We do not use the term non-recurring because while some of these items are special because they are unusual and infrequent, others may recur in future periods.
Adjusted EBITDA ($) is defined as net income (loss) from the Statements of Income before income tax (expense) benefit, total other income (expense), non-cash impairment charges, depreciation and amortization and non-cash stock .
Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA divided by total revenue.
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of CenturyLink's internal reporting and are key measures used by Management to evaluate profitability and operating performance of CenturyLink and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding acquisition-related expenses) to compare CenturyLink's performance to that of its competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period its ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash impairment charges and non-cash stock because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes because these items are associated with CenturyLink's capitalization and tax structures. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted EBITDA excludes the gain (or loss) on extinguishment and modification of debt and other, net because these items are not related to the primary operations of CenturyLink.
There are limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from CenturyLink's calculations. Additionally, this financial measure does not include certain significant items such as interest income, interest expense, income taxes, depreciation and amortization, non-cash impairment charges, non-cash stock , the gain (or loss) on extinguishment and modification of debt and net other income (expense). Adjusted EBITDA and Adjusted EBITDA Margin (either with or without acquisition-related expense adjustments) should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income all as disclosed in the Statements of Cash Flows or the Statements of Income. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, as it is an indicator of the operational strength and performance of CenturyLink and, measured over time, provides management and investors with a sense of the underlying business' growth pattern and ability to generate cash. Unlevered Cash Flow excludes cash used for acquisitions and debt service and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to measure CenturyLink's cash performance as it excludes certain material items such as payments on and repurchases of long-term debt, interest income, cash interest expense and cash used to fund acquisitions. Comparisons of CenturyLink's Unlevered Cash Flow to that of some of its competitors may be of limited usefulness since CenturyLink does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash and cash equivalents in the Consolidated Statements of Cash Flows.
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of the CenturyLink's ability to generate cash to service its debt. Free Cash Flow excludes cash used for acquisitions, principal repayments and the impact of exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Free Cash Flow to measure CenturyLink's performance as it excludes certain material items such as principal payments on and repurchases of long-term debt and cash used to fund acquisitions. Comparisons of CenturyLink's Free Cash Flow to that of some of its competitors may be of limited usefulness since CenturyLink does not currently pay a significant amount of income taxes due to net operating loss carryforwards, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable and accounts payable and capital expenditures. Free Cash Flow should not be used as a substitute for net change in cash and cash equivalents on the Consolidated Statements of Cash Flows.
CenturyLink, Inc.
Non-GAAP Integration-Related Expenses and Special Items
(UNAUDITED)
($ in millions)
Actual
Pro Forma
Integration-Related Expenses and Special Items Impacting Adjusted EBITDA
1Q18
1Q17
(Gain) loss on sale of data centers and colocation business
$
—
11
OTT/Stream impairment of content commitment and hardware, software, and internal labor (1)
42
—
Total special items impacting adjusted EBITDA
42
11
Plus: integration-related expenses impacting adjusted EBITDA
65
30
Total integration-related expenses and special items impacting adjusted EBITDA
$
107
41
Integration-Related Expenses and Special Items Impacting Net Income
1Q18
1Q17
(Gain) loss on sale of data centers and colocation business
$
—
11
OTT/Stream impairment of content commitment and hardware, software, and internal labor (1)
42
—
Total special items impacting net income
42
11
Plus: integration-related expenses impacting net income
71
30
Total integration-related expenses and special items impacting net income
113
41
Income tax effect of integration-related expenses and special items (2)
(30)
(16)
Impact of tax reform
64
—
Total integration-related expenses and special items impacting net income, net of tax
$
147
25
(1) Includes $15 million of content commitment impairment and $27 million of hardware, software, and internal labor impairment.
(2) Tax effect calculated using the effective tax rate in place for each period, which was 38% for 2017 and 26.4% for Q1 2018.
CenturyLink, Inc.
Consolidated Statements of Income
(UNAUDITED)
($ in millions)
Three Months Ending March 31, 2017
Actual
Consolidated
CenturyLink
Predecessor
Level 3
Adjustments
Pro Forma
Combined
Company
OPERATING REVENUES
Operating revenues
$
4,209
2,048
(63)
(a)
6,194
Less: colocation sold to Cyxtera and not retained
—
—
(144)
(144)
Total operating revenues
4,209
2,048
(207)
6,050
OPERATING EXPENSES
Cost of services and products
1,888
1,050
(58)
(a)
2,880
Selling, general and administrative
810
364
—
1,174
Depreciation and amortization
880
297
67
(b)
1,244
Less estimated net costs of colocation sold to Cyxtera and not retained
—
—
(75)
(75)
Total operating expenses
3,578
1,711
(66)
5,223
OPERATING INCOME
631
337
(141)
827
OTHER (EXPENSE) INCOME
Interest expense
(318)
(132)
(77)
(c)
(527)
Other income (expense), net
(6)
(40)
—
(46)
Income tax benefit (expense)
(144)
(70)
83
(d)
(131)
NET INCOME
$
163
95
(135)
123
Pro Forma Reconciliation for Non-GAAP Adjusted EBITDA
Acquisition/integration related expenses
$
10
20
—
30
Share-based
$
21
48
—
69
(a)
Adjustment reflects the elimination of operating revenues and expenses for existing commercial transactions between CenturyLink and Level 3 and elimination of Level 3 deferred revenues.
(b)
Depreciation expense decreased on Level 3's property, plant and equipment resulting from decreased PP&E fair value. Increase in amortization expense resulting from increase intangible asset fair value.
(c)
Adjustments reflect the net increase in interest expense resulting from (i) interest on the new debt to finance the combination and the amortization of the related debt issuance costs; (ii) the elimination of Level 3's historical amortization of debt discount and amortization of debt issuance costs; and (iii) a reduction in interest expense from the accretion of the purchase accounting associated with reflecting Level 3's long-term debt based on its estimated fair value. The Q4 2017 adjustment also includes the reclassification of Level 3 interest income from Interest expense to Other income/(expense), net.
(d)
Income tax effect of Pro Forma adjustments was based on the effective tax rate of 38%.
CenturyLink, Inc.
Condensed Consolidated Statements of Cash Flows
(UNAUDITED)
($ in millions)
Three Months Ending March 31, 2017
Actual
Consolidated
CenturyLink
Predecessor
Level 3
Pro Forma
Combined
Company (1)
OPERATING ACTIVITIES
Net cash provided by operating activities
$
1,057
539
1,596
INVESTING ACTIVITIES
Payments for property, plant and equipment and capitalized software
(780)
(368)
(1,148)
Proceeds from sale of property
45
—
45
Other, net
3
—
3
Net cash used in investing activities
(732)
(368)
(1,100)
FINANCING ACTIVITIES
Net proceeds from the issuance of long-term debt
—
4,569
4,569
Payments of long-term debt and capital leases
(31)
(4,613)
(4,644)
Net proceeds on credit facility and revolving line of credit
5
—
5
Dividends paid
(296)
—
(296)
Proceeds from the issuance of stock
3
—
3
Shares withheld to satisfy tax withholdings
(14)
—
(14)
Net cash used in financing activities
(333)
(44)
(377)
Effect of exchange rates on cash, cash equivalents and restricted cash
—
1
1
Net (decrease) increase in cash, cash equivalents and restricted cash
(8)
128
120
Cash, cash equivalents and restricted cash at beginning of period
224
1,857
2,081
Cash, cash equivalents and restricted cash at end of period
$
216
1,985
2,201
Pro Forma Reconciliation for Non-GAAP Cash Flow:
Cash interest paid
$
255
153
408
Interest income
$
—
(2)
(2)
Cash integration-related expenses
$
21
2
23
(1)
The Pro Forma statement of cash flows was derived by summing the cash flows of legacy CenturyLink and legacy Level 3. There were no Pro Forma adjustments made related to the sale of the legacy CenturyLink data centers and colocation business.
CenturyLink, Inc.
Non-GAAP Cash Flow Reconciliation
(UNAUDITED)
($ in millions)
Actual
Pro Forma
1Q18
1Q17
Net cash provided by operating activities
$
1,667
1,596
Capital expenditures
(805)
(1,148)
Free cash flow
862
448
Cash interest paid
491
408
Interest income
(1)
(2)
Unlevered cash flow
$
1,352
854
Free cash flow
$
862
448
Add back: cash integration-related expenses
79
23
Free cash flow excluding cash integration-related expenses and special items
$
941
471
Unlevered cash flow
$
1,352
854
Add back: cash integration-related expenses
79
23
Unlevered cash flow excluding cash integration-related expenses and special items
$
1,431
877
Capital expenditures
$
(805)
(1,148)
Less: integration-related capital expenditures
$
17
—
Less: special items
—
11
Capital expenditures, excluding integration-related capital expenditures and special items
$
(788)
(1,137)
CenturyLink, Inc.
Adjusted EBITDA Non-GAAP Reconciliation
(UNAUDITED)
($ in millions)
Actual
Pro Forma
1Q18
1Q17
Net income
$
115
$
123
Income tax expense
(121)
(131)
Total other expense
(514)
(573)
Depreciation and amortization expense
1,283
1,244
Share-based s
41
69
Adjusted EBITDA
$
2,074
$
2,140
Add back: integration-related expenses (1)
$
65
30
Add back: special items (2)
42
11
Adjusted EBITDA excluding integration-related expenses and special items
$
2,181
$
2,181
Total revenues
$
5,945
$
6,050
Adjusted EBITDA margin
34.9
%
35.4
%
Adjusted EBITDA excluding integration-related expenses and special items margin
36.7
%
36.0
%
(1) Q1 2018 integration-related expenses include $65 million of expenses that impact adjusted EBITDA and $6 million of additional expenses that impact net income.
(2) Refer to Non-GAAP Special Items table for details of the integration-related expenses and special items included above.
Outlook
To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that CenturyLink is explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, CenturyLink has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While CenturyLink feels reasonably comfortable about the outlook for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.
CenturyLink, Inc.
2018 OUTLOOK
(UNAUDITED)
($ in millions)
Adjusted EBITDA Outlook
Twelve Months Ended December 31, 2018
Range
Low
High
Net income
$
470
950
Income tax expense
170
310
Total other expense
2,300
2,200
Depreciation and amortization expense
5,300
5,100
Non-cash
210
190
Integration-related expenses
300
200
Adjusted EBITDA
$
8,750
8,950
Free Cash Flow Outlook
Twelve Months Ended December 31, 2018
Range
Low
High
Net cash provided by operating activities excluding integration costs
$
7,050
7,150
Capital expenditures, excluding: integration projects
(3,900)
(3,800)
Free cash flow
$
3,150
3,350
View original content with multimedia: http://www.prnewswire.com/news-releases/centurylink-reports-first-quarter-2018-results-300645719.html
SOURCE CenturyLink, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-centurylink-reports-first-quarter-2018-results.html |
April 30 (Reuters) - Playwith Inc :
* Says it lowered conversion price of 13th series convertible bonds to 8,197 won/share from 8,853 won/share, effective April 30
Source text in Korean: goo.gl/oHvZd5
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-playwith-lowers-conversion-price-o/brief-playwith-lowers-conversion-price-of-13th-series-convertible-bonds-to-8197-won-share-idUSL3N1S73WC |
OTTAWA, May 14 (Reuters) - Canadian home prices rose slightly in April as Vancouver hit another record high, but the rate of appreciation continued to decelerate amid softening sales and higher interest rates, data showed on Monday.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices increased 0.2 percent on a monthly basis after a flat month in March.
It was the fourth-smallest April gain in the 20-year history of the index, though gains were notched in eight of the 11 markets surveyed, Teranet said.
Price gains also continued to decelerate on an annual basis, up 5.6 percent from April 2017 in the smallest 12-month increase since September 2015 and the 10th consecutive monthly slowdown from last June’s record 12-month gain of 14.2 percent.
Prices in Toronto were up 0.2 percent on a monthly basis, suggesting the situation in the country’s biggest city was stabilizing after recent declines following last year’s provincial government measures to rein in the market, as well as tighter mortgage rules that took effect at the start of 2018.
The Toronto index is down 7.1 percent from its peak in July 2017, Teranet said, but up 1.9 percent year-over-year.
Vancouver prices gained 0.3 percent, the 14th rise in 16 months, taking the index to a new record. Still, recent gains have been smaller than before, consistent with slower sales, particularly outside of the condo sector.
Further softening of Canada’s once-hot housing market is expected as home buyers react to the three interest rate hikes taken by the Bank of Canada since July, but the condo market in both Toronto and Vancouver has remained robust. (Reporting by Andrea Hopkins Editing by Phil Berlowitz )
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-housing/canada-home-prices-rise-in-april-teranet-idUSL1N1SI1MA |
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President Donald Trump will discuss criminal justice reform in a summit at the White House on Friday.
Trump plans to address the partisan divide in Congress on improving prison conditions and better-preparing prisoners for re-entry into society at the Prison Reform Summit, bringing together more than 100 activists, experts and policymakers.
This comes as part of a push from the president's senior adviser and son-in-law Jared Kushner who proposed a prison reform bill with CNN commentator Van Jones and American Tax Reform president Grover Norquist.
The bill, the Prison Reform and Redemption Act, would require the federal prison system to evaluate inmates after sentencing and provide services to help them avoid becoming repeat offenders, including drug treatment, job training and mental health counseling.
Congress disputes have brewed over improving prison conditions, including measures regarding women's health and sanitary needs.
The House Judiciary committee cleared an act which would place federal prisoners closer to home, allow more home confinement for lower-level offenders and expand prison employment programs. The First Step Act is a follow-up to the Sentencing Reform and Corrections Act passed by the committee in February.
The White House is pushing to conduct risk assessments on prisoners ready for re-entry to create customized programs to make them successful on the outside. Data-driven analysis on re-entry assessments is supported by a report from the White House Council of Economic Advisers, saying taxpayers could save $1.47 to $5.27 on the cost of repeated crime and incarceration. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/watch-trump-addresses-criminal-justice-at-prison-reform-summit.html |
VERBATIM: Zuckerberg apologizes amid EU grilling 4:22pm EDT - 00:52
Facebook CEO Mark Zuckerberg has apologized to EU lawmakers amid a grilling over a data scandal that's engulfed the tech firm.
Facebook CEO Mark Zuckerberg has apologized to EU lawmakers amid a grilling over a data scandal that's engulfed the tech firm. //reut.rs/2KMOwMc | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/verbatim-zuckerberg-apologizes-amid-eu-g?videoId=429374499 |
May 4, 2018 / 8:23 AM / Updated 35 minutes ago India's Flipkart approves $15 billion stake sale to Walmart-led group: Bloomberg Reuters Staff 2 Min Read
MUMBAI (Reuters) - Indian e-commerce firm Flipkart’s board has approved a deal to sell an equity stake of about 75 percent in the company to a group led by Walmart Inc ( WMT.N ) for about $15 billion, Bloomberg reported on Friday, citing unnamed sources. FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
SoftBank ( 9984.T ) will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google’s parent Alphabet Inc ( GOOGL.O ) was likely to participate in the investment with Walmart.
A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn’t certain, Bloomberg reported.
Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.
Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc ( AMZN.O ) has made a formal offer to buy 60 percent of Flipkart. Amazon, which is Flipkart’s biggest rival in India, declined to comment on that report. Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-flipkart-m-a-walmart/indias-flipkart-approves-15-billion-stake-sale-to-walmart-led-group-bloomberg-idUKKBN1I50RB |
May 9, 2018 / 2:19 PM / Updated an hour ago United's Mourinho positive Ferguson will make full recovery Reuters Staff 3 Min Read
MANCHESTER, England (Reuters) - Manchester United boss Jose Mourinho said on Wednesday he was “very positive” the club’s former manager Alex Ferguson would return to full health after suffering a brain haemorrhage. FILE PHOTO: Soccer Football - Saint-Etienne v Manchester United - UEFA Europa League Round of 32 Second Leg - Stade Geoffroy-Guichard, Saint-Etienne, France - 22/2/17 Sir Alex Ferguson in the stands Action Images via Reuters / Andrew Boyers/File Photo
Ferguson had emergency surgery last weekend which United said had gone “extremely well” and the 76-year-old is recovering from the operation in intensive care.
Speaking ahead of United’s Premier League trip to West Ham United on Thursday, Mourinho was reluctant to discuss Ferguson’s health in detail out of respect for his family’s privacy but was confident the Scot would make a full recovery.
“His family ask for privacy and that’s what I am going to respect,” Mourinho told reporters. “But we are positive, very positive. We are confident.”
When asked if Ferguson’s condition would have an impact on the team, Mourinho said: “No, I can only think that if there is any relation it is a positive relation.”
United have already qualified for next season’s Champions League and just need a point to guarantee finishing in second place behind arch-rivals and title winners Manchester City who were presented with the Premier League trophy at the weekend.
Mourinho said striker Romelu Lukaku will miss United’s trip to West Ham and Sunday’s final match of the season at home to Watford but added that it was “possible” the Belgian would be fit for the FA Cup final against Chelsea at Wembley on May 19.
Lukaku, United’s top scorer with 27 goals this season, suffered a foot injury in a league win over Arsenal last month.
His compatriot Marouane Fellaini, who started last week’s 1-0 league defeat at Brighton & Hove Albion, will also miss the trip to the London Stadium with a muscular problem.
“Lukaku will not play in the last league game of the season,” Mourinho added. “Fellaini might (play against Watford)... it is a muscular problem. We will wait and see.”
United captain Michael Carrick, who is set to retire at the end of the season and join Mourinho’s coaching staff, will make his farewell appearance against Watford this weekend.
The 36-year-old midfielder has won five Premier League titles, the Champions League, Europa League, FA Cup, three League Cup trophies and the Club World Cup since joining United from Tottenham Hotspur in 2006.
“He will start the last match, at Old Trafford, the last match of the Premier League, our captain in front of our fans, he will start the match against Watford,” Mourinho said.
“Some guys prefer to study, go to youth football, but in this situation, we decided the bridge can be that bridge — (he can) change shirts, dressing rooms and offices and start to be an assistant.” Reporting by Hardik Vyas in Bengaluru; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-whu-mun-mourinho/uniteds-mourinho-positive-ferguson-will-make-full-recovery-idUKKBN1IA2AQ |
22 Hours Ago | 02:00
The Federal Reserve is expected to give the signal for more rate hikes later this year as it wraps its meeting on Wednesday.
The bond market is still struggling with that concept, says Bryce Doty, senior portfolio manager of fixed income at Sit Investment Associates.
"It's going to be a bumpy ride," Doty told CNBC's " Futures Now " on Tuesday. "Regardless of how well [Fed members] communicate what they're going to do, it's going to be kind of a spicy year. There's going to be some indigestion."
The bond market has already seen some twists and turns in 2018 as the Fed emerged as a more hawkish decision-maker under its new chairman, Jerome Powell . The yield on the 10-year Treasury topped 3 percent last week for the first time in four years on the expectation of higher inflation and a faster pace of Fed rate hikes.
Although no hike is expected at this meeting, Doty says the Fed still has an important role to play when it makes its midafternoon announcement.
"Their job [on Wednesday] is to try and remove any lasting impression that the Fed is going to pause or somehow slow their pace of increasing rates," he said.
Beyond May, Doty sees the Fed with little choice but to continue on its path of rate hikes this year, whether the market likes it or not. The Fed can already declare victory in fulfilling its dual mandate: the personal consumption expenditures price index, the Fed's preferred measure of inflation, is at its target level and the labor market is tight.
"How do they not say 'Yeah, we've achieved our inflation target of 2 percent?' And they've already said that they've achieved their target of full employment," said Doty. "It seems like the message is going to be: 'We've done our job.'"
The Fed last increased rates at its March meeting. The markets are currently pricing in another 25-basis-point hike to the fed funds rate at the June meeting, according to CME Group fed funds futures. Another should come in September, while a December rate hike is a toss-up.
Expectations of a fourth rate hike increase this year should rise following Wednesday's announcement, predicts Doty.
"You've seen the expectation for four rate increases for the year climb steadily from just a few weeks ago. It's over 50 percent already and that'll probably move even higher" following Wednesday's meeting, he said.
Bonds could react in one of two ways to that kind of message, says Doty.
"The 10-year yield could easily pop up over 3 percent or it could go down and just be relieved that they're going to be vigilant against inflation," he said.
The yield on the 10-year Treasury note was at 2.99 percent Wednesday morning. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/bond-market-will-suffer-some-indigestion-as-fed-prepares-to-charge.html |
May 9, 2018 / 8:31 PM / Updated 15 minutes ago Europe licks wounds as Saudi Arabia and Israel hail Trump on Iran John Irish , Rania El Gamal , Steve Holland 7 Min Read
PARIS/DUBAI/WASHINGTON (Reuters) - When Saudi Arabia’s Crown Prince visited France in April, he oozed confidence that President Donald Trump would pull the United States out of the Iran nuclear deal which Riyadh has long opposed. U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement after signing it in the Diplomatic Room at the White House. REUTERS/Jonathan Ernst
Answering reporters’ questions in Paris, two weeks after talks with Trump in Washington, Prince Mohammed bin Salman compared the deal to the 1938 Munich Agreement which was meant by European powers to appease Nazi Germany but ended in war.
Where French, German and British diplomatic efforts failed with Trump, Saudi Arabia’s appear to have succeeded.
A source close to Saudi policymakers said Washington and Riyadh, Iran’s main regional rival, had been discussing the 2015 nuclear deal “for some time” before Trump announced on Tuesday that the United States was pulling out of it.
The source said it was “obvious” from the Crown Prince’s talks with Trump in the White House on March 20 and a visit to Riyadh a month later by U.S. Secretary of State Mike Pompeo that there had been a “coordination” of positions.
“We were for it and we worked on it,” another Saudi source said of Riyadh’s diplomacy.
Also celebrating is Israel, another of Iran’s enemies. Israeli Prime Minister Benjamin Netanyahu unveiled what he said was evidence of a secret Iranian nuclear weapons programme on April 30.
Most of the purported evidence Netanyahu presented dated to the period before the 2015 accord was signed, although he said Iran had also kept important files on nuclear technology since then, and continued adding to its “nuclear weapons knowledge”.
Tehran dismissed Netanyahu as “the boy who cried wolf”, and called his presentation propaganda.
Although Israeli officials said they did not know whether Trump had been swayed by the information, the president referred to it in his announcement on Tuesday.
Netanyahu had talks with Trump in the White House in March and Israeli diplomats worked hard behind the scenes to get their country’s views across on the deal, intended to prevent Tehran obtaining a nuclear bomb but seen by opponents as flawed.
Asked how much of the Israeli ambassador to Washington’s time had been spent arguing the case against the deal, Deputy Minister for Diplomacy Michael Oren told Reuters: “Ball-park guess? Something in the vicinity of 90-plus (percent) ... This issue is, for Netanyahu, paramount.”
For a graphic, click tmsnrt.rs/2I8E5RY MACRON VISIT WAS “LAST RESORT”
Trump’s announcement was a blow to French President Emmanuel Macron and German Chancellor Angela Merkel. Both tried to change Trump’s mind on Iran during visits to the White House in April, and both failed.
British Foreign Secretary Boris Johnson also made a last-minute dash to Washington but did not get to see the president.
He put Britain’s case at talks with Pompeo and in an interview with “Fox & Friends” on cable channel Fox News, which Trump regularly watches.
Despite their efforts, European leaders knew by mid-April that the chances of persuading Trump to stay in the nuclear deal were fading, European diplomats said.
“Macron’s visit was the last resort,” a European official told Reuters in Brussels, referring to the French leader’s talks with Trump in the White House on April 24.
Describing the last month of diplomacy as “disastrous”, the official said: “For weeks all the indications from the White House and State Department were: ‘He’s out (of the deal)’.”
On Wednesday, the European allies were seeking to salvage the nuclear deal and preserve their business with Iran.
Trump’s message to the Europeans in the run-up to his announcement was that they must come up with a way to toughen the nuclear deal if the United States was to remain in it, said sources familiar with the discussions.
He pressed for a separate deal to go alongside the nuclear agreement that would address other U.S. concerns about Iran such as its ballistic missile programme, which was not covered in the 2015 accord, they said.
Progress was made in the negotiations, but not enough to sway Trump.
The sources familiar with the debate said Trump wanted a separate agreement with the other main signatories of the original deal — France, Britain, Germany, China and Russia. But Berlin said the agreement would have to be submitted to a European Union body for approval, and this appeared to stall the effort, they said.
Pompeo told the German and British foreign ministers and a senior French official by telephone last Friday that Washington would no longer pursue the process with Europe.
The European and U.S. positions were too far apart on the so-called sunset clauses allowing for some restriction on Iran’s nuclear enrichment programme to be lifted. By midway through last week, European diplomats “felt like we were going through the motions,” a European official said. TRUMP APPOINTMENTS
Some European diplomats believed any chance of persuading Trump to stay in the deal had gone even before Macron visited Washington.
They saw Pompeo’s appointment in March as a deadly blow, and it was quickly followed by the arrival in the White House of John Bolton, another Iran hawk, as national security adviser.
Rex Tillerson, the previous secretary of state, had seen value in staying in the deal, as did Defense Secretary James Mattis. The president reluctantly agreed to give the deal more time in April 2017 when an initial renewal deadline approached.
But by the next deadline, last July, Trump was furious at aides for trying to persuade him to stay in the deal, a source familiar with the debate said.
“You mean you had three months, and you didn’t do anything?” he told them, the source said.
In October, Trump announced he would not permit U.S. certification of Iranian compliance with the deal, setting the United States on the path that it reached on Tuesday.
A White House official said that in the days leading up to the president’s announcement, top aides had not been seeking aggressively to talk Trump out of withdrawing because his mind had been made up.
By then, European officials were despondent, a European diplomat said.
“We realised we have to buy time. On the eve of the Trump decision, all we could do is to tell the Iranians: don’t do anything rash,” the diplomat said. Writing by Steve Holland and Timothy Heritage; Additional reporting by Robin Emmott in Brussels, Stephen Kalin in Riyadh, Dan Williams in Jerusalem and Elizabeth Piper in London and Marine Pennetier in Paris, Editing by Mike Collett-White | ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-diplomacy/europe-licks-wounds-as-saudi-arabia-and-israel-hail-trump-on-iran-idINKBN1IA383 |
May 3 (Reuters) - Blue Apron’s quarterly loss narrowed as the meal-kit delivery company cut back on marketing expenditure.
The New York-based company’s net loss narrowed to $31.7 million or 17 cents per share in the three months ended March 31, from $52.2 million or 78 cents per share a year earlier.
Blue Apron, which went public in late June last year, said revenue fell to $196.7 million from $244.8 million, reflecting a planned reduction in marketing. (Reporting by Uday Sampath in Bengaluru; Editing by Sai Sachin Ravikumar)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/blue-apron-hldg-results/blue-aprons-loss-narrows-in-first-quarter-idUSL3N1S94WJ |
May 23, 2018 / 1:02 AM / Updated 14 hours ago Motor racing-Formula One statistics for the Monaco Grand Prix Reuters Staff
May 23 (Reuters) - Statistics for Sunday’s Monaco Formula One Grand Prix:
- - - -
Lap distance:3.337km. Total distance: 260.286 km (78 laps)
2017 pole: Kimi Raikkonen (Finland) Ferrari, One minute 12.178 seconds.
2017 winner: Sebastian Vettel (Germany) Ferrari
Race lap record: Sergio Perez (Mexico) Force India 1:14.820 (2017)
Start time: 1310 GMT (1510 local) RACE WINS
Hamilton is going for his third win in a row, after Azerbaijan and Spain.
The Briton has 64 victories from 213 races and is second in the all-time list behind seven-times world champion Michael Schumacher (91). Vettel has 49.
Ferrari have won 231 races since 1950, McLaren 182, Williams 114, Mercedes 78 and Red Bull 56. Former champions McLaren and Williams have not won since 2012. POLE POSITION
Hamilton has a record 74 career poles. Vettel has 53.
Max Verstappen, at 20 years old, can become the youngest ever pole sitter this season. The current youngest is Vettel, who did it at the age of 21 years and 72 days. PODIUM
Hamilton has 121 career podiums and is second on the all-time list behind Schumacher (155). Vettel has 101, Kimi Raikkonen 94. POINTS
Hamilton has had a record 30 successive scoring finishes to date. He leads Vettel by 17 points after five races.
Mercedes are 27 points ahead of Ferrari in the constructors’ championship.
Russian rookie Sergey Sirotkin (Williams) is the only driver on the starting grid yet to score a point in his career.
Haas’s Romain Grosjean has yet to open his account for 2018 and including last season the Frenchman has not scored for nine races in a row.
Sauber have already scored more points (11) than in all of last year (five), with Charles Leclerc scoring in his last two races. The last time Sauber took points from three successive races was in 2015. MONACO
This year’s race is the 65th edition.
The last six races have seen the safety car deployed.
Mercedes have won four of the last five Monaco Grands Prix, but Ferrari ended that streak last year with their first in the principality since 2001.
The driver on pole has won 10 of the last 17 races in Monaco. In 1996, Frenchman Olivier Panis won from 14th on the starting grid — the lowest winning start position to date.
Since 1950, only 10 times has the race been won by a driver starting lower than third.
Four former Monaco winners will be on Sunday’s grid: Alonso (2006, 2007), Vettel (2011), Hamilton (2008, 2016), Raikkonen (2005).
Alonso missed last year’s race to compete in the Indianapolis 500.
Leclerc will be the first Monegasque to compete in his home race since Olivier Beretta in 1994. MILESTONE
Hamilton’s victory in Spain was his 41st from pole position, one more than the record he had previously shared with Schumacher.
Max Verstappen’s third place in Spain was Red Bull’s 150th podium finish.
Monaco also sees Red Bull celebrating their 250th race start. They won their 100th and 150th races.
Vettel can take his 50th win on Sunday. (Reporting Toby Davis) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-monaco-statistics/motor-racing-formula-one-statistics-for-the-monaco-grand-prix-idUKL3N1SR0A3 |
May 14, 2018 / 2:21 PM / Updated an hour ago Prince Harry and Meghan Markle to stay at separate hotels on eve of wedding Reuters Staff 3 Min Read
LONDON (Reuters) - Prince Harry and U.S. actress Meghan Markle will stay at hotels in the Windsor area on the night before their wedding, his office said on Monday, with the bride relaxing in a country house linked to one of Britain’s greatest political scandals. Britain's Prince Harry and his fiancee Meghan Markle attend a Service of Thanksgiving and Commemoration on ANZAC Day at Westminster Abbey in London, Britain, April 25, 2018. Eddie Mulholland/Pool via Reuters
Harry and Markle will tie the knot on Saturday at St George’s Chapel at Windsor Castle, the home of the prince’s grandmother Queen Elizabeth, to the west of London.
The night before their wedding, which is attracting huge global media interest, the couple will stay in separate luxury hotels nearby, Kensington Palace said.
“Prince Harry will stay at the Dorchester Collection’s Coworth Park. His Royal Highness will be joined by Best Man The Duke of Cambridge,” Kensington Palace said, referring to Harry’s elder brother Prince William.
“Ms. Markle, accompanied by her mother, Ms. Doria Ragland, will stay at Cliveden House Hotel, on the National Trust’s Cliveden Estate.”
On its website, the five-star Coworth Park, which is located about 7 miles (11 km) from Windsor, says it offers guests “an experience to refresh every sense within our welcoming oasis of calm” and rooms cost in excess of 2,000 pounds ($2,719) a night.
Cliveden House, a former stately home built in 1666 by the Duke of Buckingham as a gift to his mistress, has “remained a pinnacle of intrigue and glamour for the elite” and has played host to every British monarch since George I, its website says.
Suites at the hotel - including the appropriately “Prince of Wales”, the title of Harry’s father Prince Charles - cost from 1,535 pounds a night.
Cliveden, about 9 miles (14 km) north of Windsor, was at the centre of one of Britain’s most infamous political scandals in the 1960s.
The country house, then owned by Viscount Bill Astor, was where John Profumo, the then-minister for war, met Christine Keeler, the mistress of a suspected Russian spy, as she took a dip in the swimming pool in 1961.
The couple began an affair and Profumo was forced to resign after lying to parliament that they were involved in a relationship.
Last week, Harry’s spokesman said Markle and her mother would travel by car to Windsor on the morning of the wedding and the bride would then meet her father, Thomas Markle, at the chapel.
There had been speculation about what role Markle’s parents, who divorced when she was six, would play in the wedding ceremony.
In another royal announcement on Monday, it was revealed that three days after their wedding, the newlyweds will attend Charles’s 70th birthday patronage celebration in the gardens of Buckingham Palace on May 22.
Charles’s office said more than 6,000 people would attend the event including emergency services personnel who were first on the scene of a suicide bomb attack on a pop concert in Manchester, northern England, on May 22, 2017.
($1 = 0.7355 pounds) | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-markle/prince-harry-and-meghan-markle-to-stay-at-separate-hotels-on-eve-of-wedding-idINKCN1IF1X1 |
May 2 (Reuters) - BONDUELLE SAS:
* Q3 REVENUE EUR 672.9 MILLION VERSUS EUR 526.8 MILLION YEAR AGO
* NOW SEES BUSINESS GROWTH SLIGHTLY HIGHER THAN + 20% AT CONSTANT EXCHANGES RATES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bonduelle-q3-revenue-up-at-6729-mi/brief-bonduelle-q3-revenue-up-at-672-9-million-euros-idUSFWN1S912Q |
April 30 (Reuters) - Kremlin AG:
* SAYS AUDIT OF 2017 ACCOUNTS CAN NOT BE COMPLETED AT CURRENT TIME
* SAYS EXPECTS THE AUDIT TO BE COMPLETED IN THE NEXT FOUR WEEKS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kremlin-expects-audit-of-2017-acco/brief-kremlin-expects-audit-of-2017-accounts-to-be-completed-in-next-four-weeks-idUSFWN1S7130 |
RIYADH (Reuters) - Saudi Arabia’s crown prince wants to build a mega-city with the latest robotics under his grand plan to reform the kingdom.
Newly constructed private villas are seen near Riyadh, Saudi Arabia, May 29, 2018. Picture taken May 29, 2018. REUTERS/Faisal Al Nasser Civil servant Amer al-Ghamdi has a simpler dream: to buy an affordable home.
Whether Ghamdi and some 1.2 million Saudis in a similar financial position manage to do so will be vital if Crown Prince Mohammed bin Salman is to convince his people that the reform plan will benefit not just the super-rich.
Ghamdi, 35, spends most of his $2,670 monthly wage paying back loans he took to get married and buy a car. He and his wife, Hanan, now have three children and struggle to save money.
Buying a home is out of the question. A 250-square metre (2,691 square feet) house in Saudi cities costs from 700,000 to 850,000 riyals ($186,000 to $226,000), said Ibrahim Albuloushi, head of U.S. property consultant Jones Lang LaSalle in Saudi Arabia.
That is up to 10 times the annual salary for a low-income family in the Gulf Arab state.
“I tried to look for one of my relatives in Saudi to pay off my debts and give me a down payment to apply for a house at one of the commercial banks, but the interest will be very high and I am already paying a lot,” said Ghamdi, who lives in the capital Riyadh.
Saudi Arabia, the world’s top oil exporter, was once awash in petrodollars. This helped it provide a cradle-to-grave welfare system for its citizens with almost no taxation.
But a slump in oil prices has made fiscal discipline and diversification away from oil vital. Prince Mohammed’s Vision 2030 plan sets out to modernise the economy and reform the deeply conservative country, the birthplace of Islam.
The young prince, 32, has moved forcefully and rapidly where earlier leaders moved gradually and achieved moderate results.
AFFORDABLE HOMES Some Saudis, however, are sceptical. Western media have reported extravagant purchases by the crown prince, including a $300 million French chateau and a $500 million yacht.
In response to a question about these reports in an interview with U.S. network CBS in March, Prince Mohammed said his personal life was “something I’d like to keep to myself” but that he was a rich man who also made donations to charity.
The first contracts awarded for the NEOM business zone mega-project in the northwest of the country were for five palaces for the royal family.
Some critics say the pace of reform is too fast. They cite cuts to a generous subsidy system and the introduction of value-added tax early this year, moves that have hit some Saudis hard and eaten away at savings.
Compounding problems, the population has grown. It reached 32.55 million in 2017, a rise of 44 percent from 2004, and Riyadh’s boundaries are growing rapidly.
The housing minister says there are plans to build 1 million houses in five years with an investment of over $100 billion, mainly through public-private partnerships. Deals have been signed with South Korean and Chinese firms and U.S. companies have expressed interest.
“Real estate is the mirror of the economy. You cannot build homes if people cannot afford to buy them,” said Abdullah al-Sudairy, chief executive of mortgage finance company Amlak International. “Affordable housing means cost is five to six times annual income... We are not there yet.”
The ministry wants 60 percent of Saudis to own homes by 2020. It is working with local banks to facilitate financing and help developers increase the supply of affordable units by reducing red tape.
WAITING LIST Some 500,000 Saudis are on a waiting list for the Saudi Real Estate Development Fund (REDF), an arm of the housing ministry which offers Saudis interest-free loans to buy state-backed houses which cost around 650,000 riyals. This can be paid in long-term monthly instalments of up to 2,500 riyals each.
Khalid al-Amoudi, REDF general supervisor, said most could have access to finance in the next three years.
Ghamdi has been on the waiting list since 2011 and relief is nowhere in sight.
He has asked his wife to look for a job. But the last offer she received at a food factory offered only 3,500 riyals a month, most of which would have been used to put her infant daughter in nursery and for transportation costs.
Ghamdi is worried about taking out a new bank loan because of fears the government may make further cuts in state spending.
Salman al-Shedoukhi, a 30-year-old engineer with a monthly income of 15,000 riyals, also wonders if he will ever receive a government-backed house.
“To get bank financing for an average 900,000-riyal home, you will end up paying double this amount. It means I would spend 20 years using half my salary to pay off the loan,” he said.
To save money, he has moved into his father’s house with his wife and two daughters. But he is still burdened by a loan taken out four years ago to get married.
NO ROOM FOR ERROR Members of the Shura Council, a government advisory body, have criticised the housing ministry for slow progress in solving the problem and fulfilling citizens’ aspirations, questioning the number of land plots handed over.
“The housing ministry’s biggest achievement is chaining the citizens with a big loan from commercial banks and a bigger monthly instalment,” Abu Yazid Al Huwaiti, a Saudi citizen, wrote in a Twitter post in April.
Some housing officials have been replaced in recent years for failing to tackle the affordability issue.
There is no room for error as Prince Mohammed is counting on people like Ghamdi to support his reforms.
“Will they achieve 100 percent of the very ambitious goals they have set for themselves? Probably not,” said David Dew, who is managing director of SABB bank and monitors housing and unemployment.
“But will they make serious progress? Absolutely yes, they have to and they will.”
A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. REUTERS/Faisal Al Nasser Reporting by Marwa Rashad; Additional reporting by Stephen Kalin; Editing by Michael Georgy, Ghaida Ghantous and Timothy Heritage
| ashraq/financial-news-articles | https://in.reuters.com/article/saudi-housing/insight-saudi-housing-crisis-tests-crown-princes-reform-drive-idINKCN1IW0FR |
BOSTON, May 11, 2018 /PRNewswire/ -- FinMason , a rapidly growing international FinTech firm and leading provider of investment analytics as a service, today announced the appointments of industry veterans Peter Vitale and Stefan Thielen to their growing North American sales team. Vitale joins as director of enterprise sales and will be responsible for driving business growth and developing lasting client relationships. Thielen will serve as director of strategic relationships and be responsible for identifying business opportunities, managing client accounts and recognizing a number of pain points that FinMason can ease for financial services firms.
"Peter and Stefan are senior hires filling two key spots on our team. They really round out and complete our North American client effort," commented Kendrick Wakeman, CEO of FinMason. "Peter's extensive sales experience in the FinTech space and Stefan's distinguished career at Eaton Vance will help our current and prospective clients effectively envision and understand how FinMason's unique platform can improve functionality, accelerate time-to-market and save on costs."
Prior to joining FinMason, Vitale worked as head of sales for North America at Vaultize where he was responsible for establishing and managing a regional sales team, securing and maintaining partnerships with strategic firms and meeting company growth goals. He's also held roles as a vice president and sales manager at Backstop Solutions Group, director of OTC derivatives at Interactive Data Corporation, head of strategic partnerships at Fitch Group, and vice president and global head of sales at CME Group. Vitale earned his M.A in financial economics at Fordham University and holds a B.S. in finance from Boston College.
"It's amazing to see what Kendrick and his team have built here," said Vitale. "I've spent my entire career in FinTech and I still get excited when a firm is doing something innovative and shaking up the marketplace."
Thielen most recently served as director of business development in Schechter's Boston office. Prior to that, he spent 20 years at Eaton Vance Distributors, serving as a relationship manager and external wholesaler. In this role, Thielen focused on gaining platform access and research approval for Eaton Vance's investment strategies (along with affiliates Parametric, TABS and Atlanta Capital). As a wholesaler, he called on financial advisors across four western states, helping advisors grow their businesses and return on assets through effective seminars and strategic marketing. Thielen holds Series 7, 63, 65 and Life & Health licenses and is a current CFP ® candidate. Thielen earned a masters in finance at Northeastern University and holds a Bachelor of Science in business administration and marketing from Bryant University.
"When I learned what FinMason was doing in the investment analytics space, I knew it was right in line with what the industry is looking for," remarked Thielen. "I'm excited to be working alongside this world-class team and look forward to joining their mission."
This announcement comes on the heels of FinMason's expansion into Canada last week, the first step in a multi-regional, international expansion. Wakeman stated that the Canadian market will be serviced by the North American client team, which will include Vitale and Stefan. In 2017, the firm established European offices in Prague, announcing the opening of a new operations center based there. Since the expansion, FinMason has tripled the size of its staff and appointed a new president and COO, David Remstein, to keep pace with the rapid growth and development needs of the company.
ABOUT FINMASON INC.
FinMason is the world's largest independent investment analytics engine for financial services platforms. The Boston-based financial technology firm provides access to more than 700 calculations on every publicly traded asset in the world delivered through one simple API. Developed by FinMason's team of seasoned data practitioners and nine Ph.D.s, the cutting-edge platform delivers institutional-grade analytics in milliseconds via two core products: FinRiver™ – a lightning-fast API that delivers any analytics anywhere in a financial services firm's platform with just a few keystrokes; and FinScope™ – a bulk processing platform that can analyze millions of portfolios every night for compliance screening and performance attribution. For more information, visit www.FinMason.com and follow FinMason on Twitter , LinkedIn and Facebook .
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SOURCE FinMason | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-finmason-expands-north-american-sales-team.html |
Today's Bell Ringers, May 10, 2018 12 Hours Ago Today's bell ringers are AXA Equitable Holdings chairman Thomas Buberl and CEO Mark Pearson at the NYSE, and MarketAxess CEO Rick McVey at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/todays-bell-ringers-may-10-2018.html |
YANGON (Reuters) - When Cho Nwe Soe went to a Yangon court last month with her husband, she expected he would be fined for organising prayers in the street without a permit last year, and that they could go back home to prepare for Ramadan - the Muslim holy month.
A closed down Muslim madrassa is seen in Thaketa Township in Yangon, Myanmar May 14, 2018. REUTERS/Ann Wang Instead, her 41-year-old husband Aung San Lin and six other Myanmar Muslims, who last year organised the Ramadan street prayers after local madrassas were shuttered by Buddhist nationalists, were sent to jail for three months.
“I went insane. I didn’t know what to do,” said Cho Nwe Soe, wiping away her tears. She was speaking at the teashop the couple have run together for 12 years in Yangon’s eastern Thaketa township, home to many of the city’s Muslims.
The prison terms have unsettled many Muslims in Buddhist-majority Myanmar, and prompted human rights monitors to urge the government of Nobel Peace Prize laureate Aung San Suu Kyi to guarantee religious freedoms.
Global attention on the position of Muslims in Myanmar has largely focused on the Rohingya minority in the western state of Rakhine, after an army crackdown sent nearly 700,000 fleeing to Bangladesh. Activists say the jailing of the prayer leaders is a reminder that Muslims across the Southeast Asian nation face forms of discrimination and curbs on basic rights.
“Clear religious discrimination, and blatant violation of freedom of religion,” said Phil Robertson, deputy Asia director of Human Rights Watch, in a tweet following the sentencing.
A closed down Muslim madrassa is seen in Thaketa Township in Yangon, Myanmar May 14, 2018. REUTERS/Ann Wang Myanmar government spokesman Zaw Htay was not available for comment.
Two Yangon madrassas, which served as both religious schools and places of worship, were closed by local authorities last May under pressure from Buddhist nationalists, on the grounds they were operating without official approval.
SCARED TO PRAY Now, Cho Nwe Soe, who is also 41 and converted from Buddhism to Islam after getting married some 25 years ago, has to run the teashop and look after her children, including a baby daughter, on her own.
Slideshow (3 Images) Their shop is a small room with Islamic prayers in Arabic hanging from the walls and more than a dozen dilapidated tables perched on an uneven wooden floor. One of the madrassas shuttered in last year’s crackdown was close to the teashop, and since then many customers have been lost.
Muslims in Myanmar began celebrating Ramadan on Thursday. During the holy month, Muslims fast from dawn to sunset.
“If praying is a crime, we need to imprison the whole human race,” said 56-year-old Tin Shwe, a headmaster at one of the two closed madrassas, whose son, Soe Moe Oo, was also sentenced last month. “Now people are even scared to pray together.”
Cho Nwe Soe and Aung San Lin have always spent their Ramadan praying and running the business together, but this year she says she will close the teashop. Cho Nwe Soe said she cannot handle the workload - which means waking up before dawn and working until after sunset - alone.
“I also want to focus on prayers for my husband during this holy month, even if my customers want me to keep the place open,” said Cho Nwe Soe, as she put on her black hijab with pink and blue patterns.
During Eid al-Fitr, the celebration that marks the end of Ramadan, the couple normally celebrate by cooking snacks and visiting relatives.
This year, however, Cho Nwe Soe has cancelled all the visits - she will only cook samai, a dish of sweet fine vermicelli noodles mixed with warm milk, and take it to Aung San Lin.
“I won’t celebrate this year,” she said. “I’ll just visit my husband in prison and spend time with him.”
Reporting by Shoon Naing; Editing by Alex Richardson
| ashraq/financial-news-articles | https://www.reuters.com/article/myanmar-muslims-int/a-year-after-myanmar-madrassas-shuttered-street-prayer-organisers-face-ramadan-in-jail-idUSKCN1II1VF |
IRVINE, Calif., May 29, 2018 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS) (“Evolus” or the “Company”), a premiere aesthetics company, today announced the appointment of Lauren Silvernail as Chief Financial Officer and Executive Vice President, Corporate Development. Mrs. Silvernail joins Evolus from Revance Therapeutics where she most recently served as Chief Financial Officer and Chief Business Officer. At Revance she successfully led multiple capital raises and executed a number of the company’s pre-commercial strategies.
Prior to her time at Revance Therapeutics, Mrs. Silvernail was Chief Financial Officer and Vice President, Corporate Development at ISTA Pharmaceuticals Inc. working to grow the business from development stage through commercialization and into profitability until its acquisition by Bausch + Lomb. Prior to ISTA, Mrs. Silvernail served in various operating and corporate development positions for Allergan, most recently as Vice President of Business Development, where she led and closed acquisitions, licensing and commercial co-promotion transactions.
David Moatazedi, President and Chief Executive Officer of Evolus, stated, “I welcome Lauren to Evolus as her appointment further strengthens our executive leadership team and represents a critical milestone for the Company ahead of commercialization. Lauren brings extensive category experience and deep financial, operational, commercial, and corporate development expertise as we prepare to bring our first product candidate to market.”
Lauren Silvernail, Chief Financial Officer and Executive Vice President, Corporate Development of Evolus, said, “I am excited to join Evolus at this critical juncture in the evolving competitive landscape of the neurotoxin market. I am confident that my diverse background in healthcare will meaningfully complement the team as we move to execute on the Evolus vision to build a dynamic and customer centric dedicated aesthetics platform company.”
Earlier in her career Mrs. Silvernail was a partner in a seed venture capital fund and held marketing roles of increasing responsibility at Bio-Rad Laboratories and Varian Associates. She holds an MBA in Finance and Accounting from Anderson Graduate School of Management at UCLA and a BA in Biophysics from University of California, Berkeley.
About Evolus, Inc.
Evolus is a premiere aesthetics company focused on providing physicians and their patients with expanded choices in aesthetic treatments and procedures. Lead candidate DWP-450, also known by the chemical name prabotulinumtoxinA, is a 900 kDa purified botulinum toxin type A complex that is being evaluated for the treatment of moderate to severe glabellar lines.
Forward-Looking Statements
Statements made in this press release that relate to future plans, events, prospects or performance are as defined under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are statements that could be deemed , including statements containing the words "planned," "expect," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. While these are based on the current expectations and beliefs of management, such are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to the expectations expressed in this press release, including the risks and uncertainties disclosed in Evolus’ periodic filings with the Securities and Exchange Commission, including factors described in the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2017 and its Quarterly Report on Form 10-Q for the Quarter ended March 31, 2018, as filed with the Securities and Exchange Commission on March 29, 2018 and May 10, 2018, respectively, all of which are available online at www.sec.gov . Readers are cautioned not to place undue reliance on these , which speak only as of the date hereof. Except as required by law, Evolus undertakes no obligation to update or revise any to reflect new information, changed circumstances or unanticipated events.
Evolus Contacts:
Investor Contact:
Brian Johnston, The Ruth Group
Tel: +1 646-536-7028
Email: [email protected]
Media:
Kirsten Thomas, The Ruth Group
Tel: +1-508-280-6592
Email: [email protected]
Source: Evolus | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-evolus-appoints-veteran-healthcare-executive-lauren-silvernail-as-chief-financial-officer-and-executive-vice-president.html |
The latest virtual-reality headset from Facebook’s Oculus isn’t the most immersive, but since it costs $200 and doesn’t require a computer or smartphone, it’s a good portal into the VR world, says WSJ’s David Pierce. Photo/Video: Emily Prapuolenis/The Wall Street Journal | ashraq/financial-news-articles | http://live.wsj.com/video/oculus-go-vr-made-easy-and-cheap/079F519D-BB1A-460B-B516-0FA66ABA161E.html |
May 24 (Reuters) - YellowPepper:
* YELLOWPEPPER ANNOUNCES $12.5M IN ADDITIONAL FUNDING TO DRIVE LATIN AMERICAN GROWTH
* YELLOWPEPPER - ANNOUNCED CLOSE OF ITS $12.5 MILLION SERIES D FINANCING, WITH PARTICIPATION FROM VISA AND CURRENT INVESTORS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yellowpepper-announces-125-mln-in/brief-yellowpepper-announces-12-5-mln-in-additional-funding-to-drive-latin-american-growth-idUSFWN1SV0NI |
May 2, 2018 / 12:10 PM / Updated 24 minutes ago Mastercard profit rises 38 pct Reuters Staff 1 Min Read
May 2 (Reuters) - Mastercard Inc reported a 38 percent rise in quarterly profit on Wednesday, boosted by higher consumer spending on credit and debit cards.
Net income rose to $1.49 billion, or $1.41 per share, in the first quarter ended March 31 from $1.08 billion, or $1 per share, a year earlier. ( bit.ly/2rfeEYR )
Net revenue rose 31 percent to $3.58 billion. (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/mastercard-results/mastercard-profit-rises-38-pct-idUSL3N1S93WD |
May 25, 2018 / 6:08 AM / Updated 21 minutes ago Tennis-When Roland Garros embraced "Open" grand slam tennis Simon Cambers 4 Min Read
LONDON, May 25 (Reuters) - When the singles champions at this year’s French Open each pocket their 2.2 million euros ($2.7 million) in prize money, they might spare a thought for the players who made it all possible.
The tournament marks the 50th anniversary of the first “Open” grand slam event, when the likes of men’s winner Ken Rosewall, who had turned professional in 1957, were allowed back into the fold alongside the amateurs.
Australian Rosewall took away 15,000 French Francs (around $3,000 at 1968 exchange rates), while American Nancy Richey was unable to take the women’s first prize of around $1,250 as she was still an amateur.
Prize money was available to everyone although many of the amateurs, including Richey, did not pick up their cheques for fear they might be banned from team competitions.
Rosewall beat compatriot Rod Laver in four sets to win his second French Open title, 15 years after his first, though his preparation for his return to the grand slam arena was not quite textbook.
“I spent the week before with Bobby Riggs,” Rosewall told Reuters.
Riggs was a former Wimbledon and US Open champion who gained notoriety in 1973 when he lost a grudge match against Billie Jean King that was immortalised on film in 2017 as the ‘Battle of the Sexes’.
“There were a lot of top players who didn’t enter for some reason or other. I was playing OK because (even though) I was playing what you could call ‘rinky-dink tennis’, at least I was hitting the ball,” he said.
“I had these challenge matches with Bobby Riggs, I can look back on it and say it was fun. The French tournament was good, I enjoyed that, I played pretty well.”
The first professional Roland Garros also coincided with protests, riots and strikes that crippled Paris for weeks during May.
“I was staying privately with Philippe Chatrier, who was then the (vice) president of the French Tennis Federation,” Rosewall said.
“When they were having the big demonstration ... Philippe said to me: ‘I’ve got to go to this, this is part of history’, so he went off and I stayed at his place.
“I think there were some demonstrations and some trains were not running (but the) crowds were quite good, everybody seemed to get to the tennis, it was a good event.”
Richey played for the United States against France in a Federation Cup tie at Roland Garros the week before the French Open, having had to get a bus from Brussels because the airports were closed.
“I ended up moving hotels three times to get closer to the courts because the gasoline was running out,” she told Reuters in a telephone interview. “They did have official cars but they were asking the players to move as close to Roland Garros as we could, so I kept moving.
“Unbelievable, it was wild. The garbage was piled up, there was nothing moved up, just stacks of it, telephones were not working.”
Richey, who had won the Australian Open the previous year, beat Billie Jean King in the semi-finals and then came back from a set and 4-1 down to beat Britain’s Ann Jones in the final.
“I finished the second set with two aces and she double-faulted on match point,” Richey said.
“I was down 5-2 in the first set and Cliff (Richey, her brother and a former top-10 player) and I both agreed that pulling it to 5-5 and then her winning it 7-5 was the key to me winning that match because she got tired in that second set and then started making a few errors.”
While Jones took home around $500 for her troubles, all Richey received were daily expenses of $27 - a far cry from today’s riches. (Reporting by Simon Cambers; editing by John Stonestreet) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-50years/tennis-when-roland-garros-embraced-open-grand-slam-tennis-idUKL3N1ST3WG |
May 28, 2018 / 10:25 AM / Updated 5 hours ago PGA Tour Dean & DeLuca Invitational Scores Reuters Staff 5 Min Read May 28 (OPTA) - Scores from the PGA Tour Dean & DeLuca Invitational on Sunday -20 Justin Rose (England) 66 64 66 64 -17 Brooks Koepka (USA) 70 63 67 63 -16 Emiliano Grillo (Argentina) 64 67 69 64 -14 Kevin Na (USA) 62 73 70 61 -10 Louis Oosthuizen (South Africa) 67 71 64 68 Jon Rahm (Spain) 68 70 64 68 Kevin Tway (USA) 66 69 68 67 -9 Corey Conners (Canada) 71 68 63 69 Ben Crane (USA) 66 69 68 68 Joaquin Niemann (Chile) 68 72 65 66 -8 Tim Herron (USA) 66 70 68 68 Chris Kirk (USA) 66 71 67 68 Ben Silverman (Canada) 66 69 72 65 -7 Ryan Armour (USA) 68 68 66 71 Rickie Fowler (USA) 67 69 69 68 Bill Haas (USA) 67 73 69 64 Brian Harman (USA) 72 67 64 70 Danny Lee (New Zealand) 70 69 69 65 Tyrone Van Aswegen (South Africa) 67 67 71 68 -6 Joel Dahmen (USA) 68 69 68 69 Harris English (USA) 68 67 69 70 Chesson Hadley (USA) 71 71 65 67 Russell Knox (Scotland) 69 69 67 69 Satoshi Kodaira (Japan) 66 67 71 70 J.T. Poston (USA) 69 68 65 72 Andrew Putnam (USA) 64 72 70 68 Rory Sabbatini (South Africa) 66 71 71 66 Shubhankar Sharma (India) 73 68 66 67 Vaughn Taylor (USA) 67 70 70 67 Cheng Tsung pan (China PR) 68 71 70 65 Jimmy Walker (USA) 68 70 70 66 -5 Jason Kokrak (USA) 69 67 68 71 Matt Kuchar (USA) 67 73 65 70 Nicholas Lindheim (USA) 70 72 69 64 Ben Martin (USA) 66 71 68 70 William McGirt (USA) 70 67 67 71 Conrad Shindler (USA) 73 68 68 66 Jordan Spieth (USA) 69 68 70 68 Steve Stricker (USA) 65 72 68 70 Brian Stuard (USA) 70 72 68 65 Michael Thompson (USA) 70 72 64 69 -4 Chad Campbell (USA) 69 70 68 69 Bryson DeChambeau (USA) 68 67 71 70 Derek Fathauer (USA) 67 70 66 73 Tom Hoge (USA) 69 66 72 69 Mackenzie Hughes (Canada) 73 68 66 69 John Huh (USA) 69 71 68 68 Maverick McNealy (USA) 69 72 70 65 Pat Perez (USA) 70 70 71 65 Ted Potter, Jr. (USA) 68 72 63 73 Brandt Snedeker (USA) 70 71 68 67 -3 Abraham Ancer (USA) 70 68 66 73 Adam Hadwin (Canada) 68 72 68 69 Charley Hoffman (USA) 63 73 69 72 Kevin Kisner (USA) 72 68 71 66 Adam Scott (Australia) 69 73 71 64 Robert Streb (USA) 72 67 70 68 -2 Stewart Cink (USA) 67 70 69 72 Russell Henley (USA) 72 67 69 70 Anirban Lahiri (India) 67 74 68 69 Tom Lovelady (USA) 67 69 70 72 Kim Meen-whee (Korea Republic) 71 67 68 72 Trey Mullinax (USA) 69 70 70 69 -1 Beau Hossler (USA) 64 71 71 73 Patton Kizzire (USA) 71 70 68 70 0 Alex Cejka (Germany) 66 69 76 69 Jim Furyk (USA) 70 70 71 69 Brandon Harkins (USA) 69 69 73 69 Si Woo Kim (Korea Republic) 69 73 65 73 Shawn Stefani (USA) 66 73 70 71 1 Wesley Bryan (USA) 69 73 66 73 Tyler Duncan (USA) 72 69 71 69 2 Jhonattan Vegas (Venezuela) 64 77 70 71 3 Ollie Schniederjans (USA) 69 73 70 71 Richy Werenski (USA) 68 73 68 74 4 Kevin Streelman (USA) 69 67 72 76 6 Martin Piller (USA) 67 71 70 78 John Senden (Australia) 72 70 71 73 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-scores/pga-tour-dean-deluca-invitational-scores-idUKMTZXEE5SFOR9K3 |
May 17, 2018 / 8:15 PM / a few seconds ago Nordstrom's quarterly sales beat estimates Department store operator Nordstrom Inc ( JWN.N ) reported quarterly sales on Thursday that beat analysts’ estimates, as more people visited the upscale clothing and accessories retailer’s stores in the United States. The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017.REUTERS/Rick Wilking
The company’s net income rose to $87 million, or 51 cents per share, in the first quarter ended May 5, from $63 million, or 37 cents per share, a year earlier.
Nordstrom’s total revenue increased to $3.56 billion from $3.35 billion, beating analysts’ average estimate of $3.46 billion, according to Thomson Reuters I/B/E/S. Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://www.reuters.com/article/us-nordstrom-results/nordstroms-quarterly-sales-beat-estimates-idUSKCN1II2VB |
May 15 (Reuters) - Digital Ally Inc:
* DIGITAL ALLY, INC. ANNOUNCES 2018 FIRST QUARTER OPERATING RESULTS
* Q1 REVENUE $2.5 MILLION * DIGITAL ALLY - Q1 2018 REVENUES ADVERSELY AFFECTED BY SUPPLY CHAIN ISSUE WHICH PREVENTED CO FROM SHIPPING OVER $705,000 IN ORDER BACKLOG AT QUARTER END
* EXPECT THAT SUPPLY CHAIN WILL RETURN TO NORMAL DURING Q2 2018
* BOARD OF DIRECTORS HAS INITIATED A REVIEW OF STRATEGIC ALTERNATIVES TO BEST POSITION US FOR FUTURE
* STRATEGIC ALTERNATIVES INCLUDE MONETIZING PATENT PORTFOLIO, RELATED PATENT INFRINGEMENT LITIGATION AGAINST AXON AND WATCHGUARD
* DIGITAL ALLY - STRATEGIC ALTERNATIVES INCLUDE SALE OF ALL/SOME ASSETS, PROPERTIES/GROUPS OF PROPERTIES/INDIVIDUAL BUSINESSES OR MERGER WITH ANOTHER CO
* RETAINED ROTH CAPITAL PARTNERS TO ASSIST IN THIS REVIEW AND PROCESS
* BOARD APPROVED $6.05 MILLION PRIVATE PLACEMENT TO ADDRESS NEAR-TERM LIQUIDITY NEEDS BY REPAYING DEBT AND PROVIDING WORKING CAPITAL
* ON A NON-GAAP BASIS, REPORTED AN ADJUSTED NET LOSS OF $0.19 PER SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-digital-ally-q1-loss-per-share-037/brief-digital-ally-q1-loss-per-share-0-37-idUSASC0A2BI |
May 15 (Reuters) - MYnd Analytics Inc:
* MYND ANALYTICS PROVIDES BUSINESS UPDATE AND REPORTS SIGNIFICANT INCREASE IN REVENUES FOR THE SECOND QUARTER OF 2018
* MYND ANALYTICS INC - NET LOSS FOR THREE MONTHS ENDED MARCH 31, 2018 WAS APPROXIMATELY $2.7 MILLION
* MYND ANALYTICS INC - QTRLY REVENUE $459,900 VERSUS $31,900 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mynd-analytics-provides-qtrly-reve/brief-mynd-analytics-provides-qtrly-revenue-459900-versus-31900-idUSASC0A287 |
The financial-deregulation bill passed by the U.S. Congress this week is the latest phase in the eternal tug-of-war between regulators and banks. As fast as governments impose limits on the financial industry, banks, brokers and other firms fight back. It’s been happening for millennia, and it probably will keep happening until the end of time. WSJ City PM: Hedge Funds Raise Bets Against Italy, US Websites Go Dark in Europe as GDPR Kicks In | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/25/banks-won-big-in-washington-what-it-means-for-investors/ |
May 15, 2018 / 4:51 PM / Updated an hour ago Tears and joy as Egyptian Christians killed in Libya laid to rest Mostafa Salem 3 Min Read
AL-OUR, EGYPT (Reuters) - Tears mixed with joy on Tuesday as the remains of 20 Christians were laid to rest in Egypt’s Minya province more than three years after they were kidnapped and beheaded in Libya in an attack that provoked rare Egyptian air strikes.
The return of the bodies of 20 Egyptian Copts has brought families in rural Egypt a chance for some closure after years in mourning with little hope of having the bodies of their loved ones being recovered for burial.
“Everyone stood beside the martyr that belongs to him and cried a little, but they were tears of longing, nothing more,” said Bishri Ibrahim, father of Kerolos, one of the victims, at the funeral service at a church in the village of al-Our in Minya province, where they were all laid to rest.
“But we are happy and joyful that they have returned to the village. This is a blessing for the country and to all Copts all over the world,” he added.
Thirteen of the 21 Libya victims came from al-Our, a rural town of around 10,000 people south of Cairo.
President Abdel Fatah al-Sisi ordered the Church, named The Church of the Martyrs of Faith and Homeland, to be built soon after the incident and dedicated in their memory.
Sisi also ordered a wave of air strikes on the Islamic State’s militant bases in Libya.
The remains of the victims, who were flown from Libya about a private jet to Cairo on Monday night, were placed inside cylinder-shaped containers covered in velvet cloth with the names of each victim and interred under the church altar.
Families said the burial place would be opened as a shrine for visitors.
The victims had been among the many poor Egyptians who risked their lives to find work in the lawless chaos of Libya following the downfall of Muammar Gaddafi in 2011 and civil war.
A video posted by Islamic State in January 2015 showed 21 people — 20 Egyptian Copts and one Ghanaian Christian — lined up on a Libyan beach in orange jumpsuits before they were executed.
“I wanted to see Milad come back from Libya on his feet after his struggle and hard work to earn a living in a harsh life abroad,” 55-year-old Zaki Hanna, the father of one of the victims.
“But thanks be to God, he died a hero, did not beg anyone to spare his life and he and his brothers, the martyrs, did not abandon their faith or homeland.”
Bashir Estephanos, whose two younger brothers were killed by Islamic State in Libya, said all Christians in al-Our village had been praying for the past three years for the bodies of the “martyrs” to be found.
Libyan authorities recovered the bodies in October after the area where they were buried was recaptured from the militant Islamist group.
“Our prayers were answered, so thanks be to God from the bottom of our hearts,” he said, speaking before the bodies arrived in the village.
The head of the Coptic Church in Egypt, Pope Tawadros II, was at the airport to receive the remains when they arrived in Cairo on Monday night. Reporting by Mostafa Salem; writing by Sami Aboudi; editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-egypt/tears-and-joy-as-egyptian-christians-killed-in-libya-laid-to-rest-idUKKCN1IG2MI |
DUBLIN, May 2 (Reuters) - Ireland’s High Court refused a request by Facebook to delay a referral of a landmark privacy case to Europe’s top court on Wednesday, ordering its immediate referral.
Facebook sought the delay this week to allow it attempt to pursue a Supreme Court appeal and a lawyer for the company said it would still seek permission from the Supreme Court to appeal.
The Irish High Court this month ordered the case to be referred to the EU’s top court to assess whether the methods used for data transfers - including standard contractual clauses and the Privacy Shield agreement - were legal. (Reporting by Conor Humprhies, editing by Padraic Halpin and Louise Heavens)
| ashraq/financial-news-articles | https://www.reuters.com/article/facebook-privacy-ireland/irish-high-court-refuses-facebook-bid-to-delay-privacy-case-referral-idUSS8N1Q401D |
Total Votes:
Not a Scientific Survey. Results may not total 100% due to rounding.
Of course, we're coming off historically low levels , but that says a lot about what market watchers are calling a relatively new era of volatility after such a long period of historically quiet market moves."The anomaly that we saw in 2016 and 2017 was the really low VIX. So the tail-risk event, or the black swan event, was a slow-motion car crash of 2017, where we saw the VIX trading at 9," said Davitt. "So moving out of that extremely left-tail, low vol event into what is a more normal market is going to feel like the market has suddenly become significantly more volatile."
Davitt recommended that investors generally should stay away from incorporating leverage into their portfolios. He pointed specifically to the demise of a short volatility product, the XIV, which lost 80 percent in early February when the VIX shot higher.Other strategists have pointed out that volatility has picked up across other asset classes, as well."We are seeing a pickup in volatility in the Treasury market, and in the currency market," said Matt Maley, equity strategist at Miller Tabak, adding that when that kind of volatility gains momentum, it usually bleeds over in the stock market eventually. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/stat-about-wall-streets-fear-gauge-sums-up-new-era-of-volatility.html |
A goldfish named Jerry. No hacker is ever going to get past the security-question armor that is your first and only pet’s name, right?
Wrong.
Websites often use personal questions to reset your account if you forget your password, or as an additional layer of security to verify that it is really you logging in. What many people may not realize,... | ashraq/financial-news-articles | https://www.wsj.com/articles/website-security-questions-arent-nearly-as-safe-as-you-think-1527646020 |
BEIJING (Reuters) - China’s Foreign Ministry said on Sunday it hoped a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, originally set for Singapore next month, could happen as planned and be successful.
FILE PHOTO: A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively. REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos Direct dialogue between the leaders of the United States and North Korea is crucial to resolving the nuclear issue, the ministry said in a statement sent to Reuters.
Reporting by Ben Blanchard and Elias Glenn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-china/china-says-hopes-trump-kim-summit-can-happen-as-planned-idUSKCN1IS05V |
Square Inc. reported a wider first-quarter loss as the financial-technology firm spent more on product development and marketing, and signaled that it would continue to invest big sums into its payments and services businesses.
The San Francisco-based company reported a net loss of $24 million, or 6 cents a share, compared with a net loss of $15 million, or 4 cents a share, for the same quarter a year earlier. Adjusted earnings were 6 cents a share, in line with the consensus forecast from analysts polled by Thomson Reuters.... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/square-sees-faster-revenue-growth-discloses-bitcoin-activity-1525295733 |
May 1 (Reuters) - Honda Motor Co Ltd:
* AMERICAN HONDA MOTOR CO SAYS REPORTED APRIL 2018 SALES OF 125,701 HONDA AND ACURA VEHICLES, DOWN 9.2 PERCENT Source text: ( bit.ly/2HGA3nI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-honda-motor-reports-april/brief-american-honda-motor-reports-april-2018-sales-of-125701-honda-and-acura-vehicles-down-9-2-pct-idUSFWN1S80K7 |
HALIFAX, NS, May 31, 2018 /PRNewswire/ - DHX Media Ltd. (or the "Company") (TSX: DHX.A, DHX.B), (NASDAQ: DHXM), announces that its common voting shares and variable voting shares now trade under the single ticker "DHX" on the Toronto Stock Exchange ("TSX"). As previously announced, this consolidation is solely an administrative change for trading purposes, which is designed to enhance the liquidity and trading volume of DHX Media's shares. The Company's shares will continue to trade under the ticker "DHXM" on the NASDAQ Global Select Market ("NASDAQ").
The Company also announces the adoption by its board of directors (the "Board of Directors") of a new by-law (the "Advance Notice By-Law") that requires advance notice when director nominations are made by shareholders to provide for an orderly nomination process and ensure that shareholders are well-informed about director nominees in advance of shareholder meetings.
SINGLE CUSIP AND TSX TICKER
The Company's common voting shares previously traded on the TSX under "DHX.B" (CUSIP 252406707). Its variable voting shares previously traded on the TSX under "DHX.A" and on the NASDAQ under "DHXM" (CUSIP 252406608).
Effective today, both classes of shares have commenced trading under the single TSX symbol "DHX," and on the NASDAQ under "DHXM," as well as combining under the same CUSIP number 252406152. For trading purposes on the two stock exchanges and reporting in brokerage accounts, both classes of shares will also be combined under the single designation of "Common and Variable Voting Shares" of DHX Media.
ADVANCE NOTICE BY-LAW
The Company has adopted the "Advance Notice By-law" that requires advance notice be given to the Company when director nominations are made by shareholders other than through a request for a meeting or through a shareholder proposal, in each case in accordance with the Canada Business Corporations Act.
The Advance Notice By-law provides a clear process for shareholders to follow for director nominations, and will help ensure that all shareholders receive adequate notice and information about director nominees in order to exercise their voting rights in an informed manner. The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies.
Among other things, the Advance Notice By-law fixes deadlines by which shareholders must notify DHX Media of director nominations prior to any annual or special meeting of shareholders where directors are to be elected. It also sets forth the information about the proposed nominee that a shareholder must include in the notice for it to be valid.
In the case of an annual shareholder meeting, notice to the Company must be given not less than 30 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the first public announcement of the meeting's date, notice may be given not later than the close of business on the 10th day following such announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the first public announcement of the date of the special meeting.
The Advance Notice By-Law also prescribes the proper written form for a shareholder's notice and provides that the Company's Board of Directors may, in its sole discretion, waive any requirement under these provisions.
The Advance Notice By-law is effective immediately and will be placed before shareholders for approval, confirmation and ratification at the next Annual and/or Special Meeting of Shareholders of the Company (the "Meeting"). Pursuant to the provisions of the Act, the Advance Notice By-Law will cease to be effective unless it is approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by the shareholders of the Company at the Meeting.
The full text of the Advance Notice By-law is available under DHX Media's profile at www.sedar.com .
About DHX Media
DHX Media Ltd. (TSX: DHX.A, DHX.B; NASDAQ: DHXM) is a leading children's content and brands company, recognized globally for such high-profile properties as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the acclaimed Degrassi franchise. One of the world's foremost producers of children's shows, DHX Media owns the world's largest independent library of children's content, at 13,000 half-hours. It licenses its content to broadcasters and streaming services worldwide and generates royalties through its global consumer products program. Through its subsidiary, WildBrain, DHX Media operates one of the largest networks of children's channels on YouTube. Headquartered in Canada, DHX Media has 20 offices worldwide. Visit us at www.dhxmedia.com .
Disclaimer
This press release contains "forward-looking statements" under applicable securities laws with respect to DHX Media including, without limitation, statements regarding impacts of the consolidation of trading under a single ticker, and impacts of the Advance Notice By-Law. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and are based on information currently available to the Company. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations, among other things, include risks related to market factors, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under "Risk Factors" in the Company's most recent Annual Information Form and annual Management Discussion and Analysis, which also form part of the Company's annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
View original content with multimedia: http://www.prnewswire.com/news-releases/dhx-media-shares-begin-trading-under-a-single-ticker-on-the-tsx--board-adopts-an-advance-notice-by-law-300656960.html
SOURCE DHX Media Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-dhx-media-shares-begin-trading-under-a-single-ticker-on-the-tsx-board-adopts-an-advance-notice-by-law.html |
A federal appeals court on Friday tossed a lawsuit brought by a nonprofit arguing Gilead Sciences Inc patents relating to several of its HIV/AIDS drugs are invalid.
The U.S. Court of Appeals for the Federal Circuit affirmed a lower court decision that Los Angeles-based AIDS Healthcare Foundation could not seek a declaratory judgment that the Gilead patents are invalid.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2I8os0Y
| ashraq/financial-news-articles | https://www.reuters.com/article/ip-patent-gilead/gilead-defeats-nonprofits-challenge-to-aids-treatment-patents-idUSL1N1SI23T |
PARIS, April 30 (Reuters) - French President Emmanuel Macron told Russian leader Vladimir Putin of his aim to open new global talks over Iran’s post-2025, nuclear programme, his office said on Monday.
“The president ... highlighted his desire that talks could be opened up, in close consultation with Russia, other members of the U.N. Security Council, European and regional powers, on controls for Iran’s nuclear activity post-2025, its ballistic missiles programme, and also the situation in Syria and Yemen,” the president’s office said in a statement after the two leaders spoke on the phone.
The statement said they had also agreed to intensify dialogue on the crisis in Syria ahead of Macron’s trip to Russia at the end of May. (Reporting by Sudip Kar-Gupta; Editing by John Irish)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-france-russia/macron-tells-putin-of-desire-to-open-new-global-talks-on-iran-idUSP6N1RO011 |
Political novice Conte named Italy's new PM 1:22pm BST - 01:01
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. Scarlett Cvitanovich reports.
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. Scarlett Cvitanovich reports. //reut.rs/2IFvcnv | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429821158 |
May 7, 2018 / 5:34 AM / in 8 hours French leader Macron's power system - never explain, never apologise Michel Rose 8 Min Read
PARIS (Reuters) - When Emmanuel Macron was gearing up for his presidential campaign in 2016, he set out on an unprecedented “great march” – a door-to-door campaign to hear voters’ grievances in what promised to be a new, more open way of running the country. FILE PHOTO: French President Emmanuel Macron attends a meeting at the start-up incubator Soho3Q, in Beijing, China, January 9, 2018. REUTERS/Charles Platiau/File Photo
A year after his election, things have not turned out that way, and a small but growing number of rank-and-file supporters has voiced frustration at a leadership style that is, by Macron’s own admission, not always inclusive.
Surrounded by a small coterie of close aides, Macron is pushing through a series of contentious reforms with less consultation than is usual even for France, whose 1958 constitution gives the president wide-ranging powers.
The 40-year-old, described by one adviser as a hyperactive who needs little sleep, strongly defends his methods.
“I make absolutely no apology for the verticality of power,” he told literary journal La Nouvelle Revue Française.
“I am proud of the choices that are being made, and I hate the process which means you have to constantly explain the reasoning behind a decision.”
That grates with the likes of Corinne Lepage, a former minister under conservative Jacques Chirac who was one of the first well-known politicians to join Macron’s campaign in 2016.
Initially won over by the ex-minister’s charisma and a promise of doing politics differently, she said Macron’s programme was written behind closed doors by the same group of people now in charge at the Elysee.
“What I quickly found embarrassing is the contradiction between the bottom-up approach that was promised and sold to the French, and the reality,” Lepage told Reuters.
“It’s democratic centralism, the Soviet way. Completely vertical. And also very masculine.”
Many grass root supporters, who set up thousands of “En Marche” committees across France during Macron’s campaign, gave up when they realised their ideas did not filter through to Paris, she said.
While there is no sign of Macron changing tack, his popularity ratings have slipped to their lowest point since he took office, with only 40 percent of the population having a favourable opinion of him, according to a recent poll.
Among the reasons for weakening support is people’s perception of an arrogant president worried about looking after the wealthy. “WE CAN REFORM”
Despite being France’s youngest elected leader, Macron has shown a sure-footed confidence in office so far, backed by a tight group of like-minded administrators - most of them men and dubbed the “Macron Boys”, although there are women too.
Overseen by Alexis Kohler - who like Macron is an alumnus of the elite administrative school ENA and worked in the private sector - the core group of around a dozen members is responsible for driving the reform programme.
It has done so at breakneck speed. FILE PHOTO: French President Emmanuel Macron attends a ceremony to start the construction of the first metro line in Abidjan, Ivory Coast, November 30, 2017. REUTERS/Philippe Wojazer/File Photo
In just a year, Macron has made hiring and firing easier, slashed a wealth tax, launched an overhaul of the education system, unveiled plans to cut the number of lawmakers and confronted unions with a reform of the debt-laden railways.
More is in the pipeline.
“It’s started like a sprint but will soon turn into a marathon,” Kohler, 45, told Reuters in his gilded office, one room away from the president’s.
“We’re making plans rather far into 2018, even beyond that. We’re working on the basis that we’ll have the capacity to reform,” he said.
That confidence - in a country where governments have long been forced to water down or scrap reforms in the face of political opposition and protests - comes from a centralisation of power that is down as much to men as institutions.
Macron, who wrote his undergraduate philosophy dissertation on Renaissance Italian diplomat Machiavelli famed for his chilling guide to holding power, has ensured competing voices do not easily emerge.
He has capped the number of advisers ministers can have to 10, reducing their autonomy. When Macron was economy minister, he had 25 advisers.
Ministers also allow their press interviews to be proof-read by the Elysee - sometimes by Macron himself.
Many members of the cabinet are technocrats still widely unknown to the public. The prime minister, a former conservative mayor, has had to share advisers - often Macron loyalists - with the president.
Streamlined decision making goes hand-in-hand with tight control of the message, as an occurrence at the Elysee Palace in May last year underlined.
Kohler, Macron’s most trusted adviser, wanted to ensure that French company Alstom was not sidelined by a proposed plan by German industrial giant Siemens to merge part of its operations with Canadian rival Bombardier.
Any such merger could have left Alstom, the maker of TGV high-speed trains, isolated and weakened.
“I need three months without any leaks,” Kohler told the president’s press adviser, according to a person present.
Unusually for such high-stakes cross-border deals, nothing leaked until the day a Siemens-Alstom merger was announced by the two companies four months later.
Perhaps surprisingly for a president hailed as a saviour of progressive values in Europe and elsewhere, Macron’s office also announced it would move the press room - a symbol of transparency and accountability - out of the Elysee. Slideshow (6 Images)
Macron’s “special adviser” Ismael Emelien has developed a communications strategy using Twitter and Facebook Live to cut out the media and produce slick snippets of presidential life. LURCH TO THE RIGHT?
Shortly after his election, Macron was given a huge parliamentary majority thanks to an electoral system specifically designed by post-war leader Charles de Gaulle to maximise presidential independence from parliament.
His lawmakers, many of them newcomers to politics, have diligently passed reforms sent their way, often via legal decrees meant to speed up debate.
For investors, the ability to deliver a modernising programme is positive for the French economy and wider euro zone.
But Macron’s controlling style is not without risk.
Rivals and a handful of allies warn that the electorate could turn to populist parties in 2022 presidential elections if they feel their voices are not being heard by the presidency.
Although Macron’s majority remains solid, some supporters, mostly hailing from the left, feel he has lurched to the right and bypassed parliament.
A particularly divisive immigration bill, which critics said was too tough and jarred with Macron’s pro-refugee stance during campaigning, showed one of the first cracks in his support.
One Macron lawmaker voted against it and 14 abstained.
The defector, former Socialist Jean-Michel Clement, said there was a risk that France was drifting towards a situation where “parliamentary control is non-existent”.
“Why was I the only one to vote against this bill when everyone thought it was a bad one? Because they’re not answering the question,” he told Reuters.
“Does that mean the executive branch has a stranglehold on the legislative branch? I think it does,” he said.
And a draft constitutional reform to cut the number of lawmakers will tip the balance of power even more towards the president and the government and weaken parliament, he added.
The stakes are high: if voters conclude that Macron is merely the latest in a line of mainstream politicians that have let them down, that could benefit more extremist forces.
“The most disappointed ones won’t give their vote to the president twice. When you have Marine Le Pen at 21 percent and Jean-Luc Melenchon at 20 percent, anything can happen tomorrow,” said Clement.
Le Pen leads the far-right Front National party and Melenchon represents the far-left.
Advisers shrug off such criticism.
“He (Macron) says Nicolas Sarkozy and Francois Hollande’s big mistake has been to try to mother the French,” one top adviser said, referring to the previous two presidents.
“You have to accept the paternal side of the office, with all the unpopularity that it implies. Because a father is also a hated figure.” Writing by Michel Rose; additional reporting by John Irish, Noah Barkin, Emmanuel Jarry, Elizabeth Pineau; Editing by Mike Collett-White | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-macron-insight/french-leader-macrons-power-system-never-explain-never-apologise-idUKKBN1I80D9 |
May 6, 2018 / 12:55 AM / Updated 9 hours ago UK says foreign secretary Johnson to meet U.S. VP Pence, discuss Iran, North Korea Reuters Staff 2 Min Read
LONDON (Reuters) - Foreign Secretary Boris Johnson is travelling to the United States on Sunday for a two-day visit, during which he will meet Vice President Mike Pence and national security adviser John Bolton, Britain said. Foreign Secretary Boris Johnson arrives to vote in local government elections in London, May 3, 2018. REUTERS/Hannah McKay
The discussions in Washington will centre on Iran, North Korea, Syria and other issues, according to Britain’s foreign ministry, and come ahead of a visit to Britain by President Donald Trump planned for July 13.
“On so many of the world’s foreign policy challenges the UK and U.S. are in lockstep,” Johnson said in a statement, citing the poisoning in Britain of Russian double-agent Sergei Skripal, and opposition to the use of chemical weapons in Syria and to the development of nuclear weapons in North Korea.
“The UK, U.S., and European partners are also united in our effort to tackle the kind of Iranian behaviour that makes the Middle East region less secure - its cyber activities, its support for groups like Hezbollah, and its dangerous missile programme, which is arming Houthi militias in Yemen,” he added. U.S. Vice President Mike Pence arrives for a National Day of Prayer event in the Rose Garden of the White House in Washington, U.S., May 3, 2018. REUTERS/Leah Millis
Trump has said he wants to reimpose U.S. sanctions on Iran that were lifted in 2015 in exchange for Iranian commitments to curb its nuclear programme.
He has given Britain, France and Germany - who still back the deal - a May 12 deadline to fix what he views as its flaws. These include its failure to address Iran’s ballistic missile programme, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some terms expire.
Trump also caused upset in Britain and France on Saturday by suggesting U.S.-style gun rights might have stopped a recent surge in knife crime in London and past deaths from terrorist attacks in Paris. Reporting by David Milliken; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-usa/uk-says-foreign-secretary-johnson-to-meet-u-s-vp-pence-discuss-iran-north-korea-idUKKBN1I7003 |
Harry and Meghan ride through Windsor Saturday, May 19, 2018 - 00:55
Prince Harry and Meghan Markle ride through through Windsor in a horse and carriage after marrying in St George's Chapel. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Prince Harry and Meghan Markle ride through through Windsor in a horse and carriage after marrying in St George's Chapel. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IuFzdG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/19/harry-and-meghan-ride-through-windsor?videoId=428421002 |
The best-paid CEOs don’t necessarily run the best-performing companies.
Corporate boards have tried for years to tie chief executive compensation to the results they deliver. The better the company and its shareholders do, the more the top boss should be paid, or so the pay-for-performance mantra goes. In reality, CEO pay and performance often don’t match up, and 2017 was no exception.
Among... | ashraq/financial-news-articles | https://www.wsj.com/articles/ceo-pay-and-performance-dont-match-up-1526299200 |
May 3 (Reuters) - Menon Bearings Ltd:
* MARCH QUARTER NET PAT 51.1 MILLION RUPEES VERSUS PROFIT 57.6 MILLION RUPEES YEAR AGO
* MARCH QUARTER INCOME FROM OPERATIONS 387 MILLION RUPEES VERSUS 317.4 MILLION RUPEES YEAR AGO
* RECOMMENDED FINAL DIVIDEND OF 0.25 RUPEES PER SHARE Source text - bit.ly/2rgmmSb
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-menon-bearings-march-qtr-pr/brief-indias-menon-bearings-march-qtr-profit-rises-idUSFWN1SA04Z |
ANKARA (Reuters) - Muslim countries should review their ties with Israel, Turkish Prime Minister Binali Yildirim said on Tuesday, a day after Israeli forces killed 60 Palestinians during protests on the Gaza border.
Turkey has called for a meeting of the Organization of Islamic Cooperation on Friday. It has been one of the most vocal critics of the violence in Gaza, as well as the U.S. move to open its embassy in Jerusalem, which sparked the Palestinian protests.
Reporting by Tulay Karadeniz; Writing by Ali Kucukgocmen; Editing by Dominic Evans
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-turkey/muslim-countries-should-review-ties-with-israel-turkish-pm-idUSKCN1IG163 |
In her review of Adam Laats’s “Fundamentalist U” (Bookshelf, May 7), Naomi Schaefer Riley notes that much has been made of the incongruity of Liberty University’s choice of a thrice-married adulterer with a foul mouth, President Donald Trump, as its commencement speaker in 2017. Liberty’s inviting President Trump to speak was in keeping with the Bible’s recognition that all have sinned and fallen short in this life. Let’s not forget that Jesus was friends with tax collectors and prostitutes; perfect people didn’t need him.
Furthermore,... | ashraq/financial-news-articles | https://www.wsj.com/articles/liberty-university-is-right-to-invite-president-trump-1526315587 |
May 16, 2018 / 5:17 AM / Updated 43 minutes ago Novartis top lawyer exits over payment to Trump lawyer Reuters Staff 1 Min Read
ZURICH, May 16 (Reuters) - Novartis General Counsel Felix Ehrat will leave the company over his role in a $1.2 million contract the Swiss drugmaker struck with the lawyer for U.S. President Donald Trump, saying on Wednesday that it was legal but still an error.
The $100,000-per-month contract with Trump attorney Michael Cohen’s Essential Consulting, the same firm used to pay porn star Stormy Daniels $130,000 to hush up an alleged affair with Trump, has distracted Novartis’s efforts to improve its image after a series of bribery scandals.
Trump has denied the affair. (Reporting by John Miller; Editing by Michael Shields) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-daniels-novartis/novartis-top-lawyer-exits-over-payment-to-trump-lawyer-idUSFWN1SN034 |
May 9 (Reuters) - US Stem Cell Inc:
* US STEM CELL - ANNOUNCED INTENTION TO “VIGOROUSLY DEFEND” A LAWSUIT FILED ON MAY 9 BY U.S. DOJ AT REQUEST OF U.S. FDA
* US STEM CELL - U.S. DOJ LAWSUIT AT FDA’S REQUEST SEEKS TO STOP CO FROM PERFORMING SURGICAL PROCEDURE USING STEM CELLS FROM AUTOLOGOUS ADIPOSE TISSUE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-stem-cell-announces-intention-t/brief-us-stem-cell-announces-intention-to-vigorously-defend-a-lawsuit-filed-on-may-9-by-u-s-doj-at-request-of-u-s-fda-idUSFWN1SG1NF |
Stocks rise after the release of inflation data 11 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/stocks-rise-after-the-release-of-inflation-data.html |
STAMFORD, Conn.--(BUSINESS WIRE)-- Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data, today announced its financial results for the first quarter 2018.
Quarterly Financial Results:
Revenue of $983 million, an increase of 18 percent as reported and 15 percent at constant currency versus prior year GAAP EPS of $0.28; Adjusted EPS of $0.30 GAAP cash from operations of $83 million; free cash flow of $65 million The Company is reaffirming its annual guidance and updating solely to reflect the impact of the definitive agreement for the sale of Production Mail and its supporting software.
Transaction Signed and Debt Management:
On April 30, 2018, the Company announced it signed a definitive agreement to sell Production Mail and its supporting software to Platinum Equity for $361 million, subject to certain adjustments. The Company expects proceeds from the sale of approximately $270 million, net of estimated closing costs, transaction fees and taxes. The Company expects to use the majority of the net proceeds from the sale to pay down debt. The Company repaid its March 2018 notes for $250 million using repatriated non-U.S. cash.
“Our performance continues to show that Pitney Bowes is moving to growth and our strategy is delivering results,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “Revenue was strong in the quarter as our business continues to shift to the higher-growth markets. Our first quarter results demonstrate that we are making progress which sets us up to deliver our financial commitments for the year.”
On April 30, 2018, Pitney Bowes announced that it signed a definitive agreement for the sale of its Document Management Technologies (DMT) production mail business to Platinum Equity for $361 million, subject to certain adjustments. The company expects proceeds from the sale of approximately $270 million, net of estimated closing costs, transaction fees and taxes. Also, included in the transaction is the enterprise mail, print and data management software that integrates data with print streams to optimize document output for high-volume production mailers. The transaction is likely to be completed late in the second or early in the third quarter subject to customary closing conditions. Pitney Bowes expects to use the majority of the net proceeds from the sale to pay down debt.
“Our decision to sell our DMT production mail business is the result of a thorough evaluation of the best opportunity for long-term growth for both DMT and Pitney Bowes,” said Lautenbach. “As a stand-alone business, DMT will have greater flexibility and opportunity to build on its industry-leading portfolio, create greater market opportunity and deliver new client value. For Pitney Bowes, this transaction supports our move to higher growth markets and aligns with our strategic intent to do in the shipping market what we’ve done in mailing for almost 100 years – enabling global commerce by taking out the complexity and enhancing the value for clients.”
First Quarter 2018 Results
Revenue totaled $983 million, which was an increase of 18 percent as reported and 15 percent at constant currency versus prior year.
Commerce Services revenue grew 73 percent as reported and 71 percent at constant currency. Small and Medium Business (SMB) Solutions revenue declined 6 percent as reported and 8 percent at constant currency. Software Solutions revenue increased 4 percent as reported and 1 percent at constant currency. Production Mail revenue increased 9 percent as reported and 6 percent at constant currency.
GAAP earnings per diluted share (GAAP EPS) were $0.28, which included $0.01 for transaction costs largely related to the sale of Production Mail and its supporting software. Adjusted earnings per diluted share (Adjusted EPS) were $0.30.
The Company’s earnings per share results for the first quarter are summarized in the table below:
First Quarter* 2018 2017 GAAP EPS $0.28 $0.35 Transaction costs $0.01 - Restructuring charges, net - $0.01 Adjusted EPS $0.30 $0.36 * The sum of the earnings per share may not equal the totals above due to rounding.
GAAP Cash from Operations and Free Cash Flow Results
GAAP cash from operations during the quarter was $83 million and free cash flow was $65 million. Compared to the prior year, free cash flow decreased by $46 million primarily due to the timing of working capital, largely within accounts receivable.
During the quarter, the Company paid down $255 million of debt using repatriated non-U.S. cash. The Company also used cash to return $35 million in dividends to shareholders and pay $16 million for restructuring payments.
First Quarter 2018 Business Segment Reporting
Effective January 1, 2018, the Company revised its business reporting groups to reflect how it manages these groups and the clients served in each market.
The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns. Presort Services provides sortation services to qualify large mail volumes for postal worksharing discounts.
The SMB Solutions group offers mailing and office shipping solutions, financing, services, and supplies for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. This group includes the North America Mailing and International Mailing segments.
Software Solutions provide customer engagement, customer information, location intelligence software and data.
Production Mail provides mailing and printing equipment and services for large enterprise clients to process mail.
The results for each segment within the group may not equal the subtotals for the group due to rounding.
Commerce Services
($ millions) First Quarter Revenue 2018
2017
Y/Y
Reported
Y/Y
Ex Currency
Global Ecommerce $247 $88 180% 177% Presort Services 134
133
1%
1%
Commerce Services $381 $221 73% 71% EBIT Global Ecommerce $(8) $(4) (81%) Presort Services 27
31
(12%)
Commerce Services $19 $26 (27%) EBITDA * Global Ecommerce $7 $3 120% Presort Services 33
38
(12%)
Commerce Services $40 $41 (3%) * The Company uses segment EBIT as the primary measure of profit and operational performance for each segment. The Company is adding EBITDA as a useful non-GAAP measure in looking at the economics of the segments, especially in light of the Company’s more recent, larger acquisitions. EBITDA is provided in this table and subsequent tables in this document. A reconciliation of segment EBIT to segment EBITDA can be found in the financial schedules appended to this presentation.
Global Ecommerce
Results included a full quarter of revenue from Newgistics. On a proforma basis, Newgistics delivered 10 percent revenue growth, which was driven by strong performance in both parcel and fulfillment volumes.
Excluding Newgistics, the segment continued to generate double-digit revenue growth, which was driven by strong performance in both domestic shipping and cross border volumes. The EBIT loss was driven primarily by investments in market growth opportunities and operational excellence initiatives as well as the amortization of acquisition-related intangible assets. EBITDA improved from prior year driven by the higher revenue.
Presort Services
Revenue growth was driven by improved revenue per piece along with higher volumes of First Class mail and flats processed but partly offset by lower Standard Class mail volumes processed. EBIT and EBITDA margin declined from prior year primarily due to higher labor and transportation costs.
SMB Solutions
($ millions) First Quarter Revenue 2018
2017
Y/Y
Reported
Y/Y
Ex Currency
North America Mailing $325 $356 (8%) (9%) International Mailing 98
93
5%
(6%)
SMB Solutions $423 $449 (6%) (8%) EBIT North America Mailing $119 $141 (15%) International Mailing 16
13
20%
SMB Solutions $135 $154 (12%) EBITDA North America Mailing $136 $157 (13%) International Mailing 20
18
14%
SMB Solutions $157 $175 (10%) North America Mailing
Equipment sales declined largely due to lower sales in the top of the line products and a lower level of client lease extensions. Recurring revenue streams declined, largely around financing, rentals and service revenues. EBIT and EBITDA margins were lower than prior year largely due to the decline in recurring streams and equipment sales mix, but partially offset by lower expenses.
International Mailing
Revenue increased as reported but declined at constant currency. Equipment sales benefited from growth in Germany and France, but was offset by a decline largely in the UK. EBIT and EBITDA margins improved versus prior year primarily driven by lower expenses.
Software Solutions
($ millions) First Quarter 2018
2017
Y/Y
Reported
Y/Y
Ex Currency
Revenue $82 $78 4% 1% EBIT $5 $3 76% EBITDA $7 $5 50% Software Solutions
Revenue grew over prior year. Results reflect the implementation of the new revenue recognition standard (ASC 606). Revenue and EBIT were favorably impacted in the quarter by $11 million and $9 million, respectively, as a result of the timing of the revenue recognition. Excluding this impact, revenue declined from prior year driven by a lower level of large deals in the quarter. This quarter’s performance was also impacted by a higher mix of SaaS deals relative to up-front license deals. EBIT and EBITDA margins increased from prior year largely driven by the higher revenue.
While the Company benefited from the timing of recognized revenue this quarter, the Company does not expect the full year impact of ASC 606 to be material.
Production Mail
($ millions) First Quarter 2018
2017
Y/Y
Reported
Y/Y
Ex Currency
Revenue $97 $89 9% 6% EBIT $10 $9 7% EBITDA $10 $10 5% Production Mail
Equipment sales grew double-digits versus prior year largely due to higher inserter and printer placements. EBIT and EBITDA margins were relatively flat compared to prior year as a result of the higher revenue offset by the mix of products within equipment sales.
2018 Guidance
The Company is reaffirming its annual guidance and updating solely to reflect the impact of the definitive agreement to sell Production Mail and its supporting software. Beginning in the second quarter, Production Mail and its supporting software will be reported as discontinued operations.
Revenue, on a constant currency basis, is now expected to be in the range of 11 percent to 15 percent growth, when compared to 2017. Adjusted EPS is now expected to be in the range of $1.15 to $1.30. Free cash flow is now expected to be in the range of $300 million to $350 million.
This guidance discusses future results, which are inherently subject to unforeseen risks and developments. As such, discussions about the business outlook should be read in the context of an uncertain future, as well as the risk factors identified in the safe harbor language at the end of this release and as more fully outlined in the Company's 2017 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. This guidance excludes any unusual items that may occur or additional portfolio or restructuring actions, not specifically identified, as the Company implements plans to further streamline its operations and reduce costs. Revenue guidance is provided on a constant currency basis. The Company cannot reasonably predict the impact that future changes in currency exchange rates will have on revenue and net income. Additionally, the Company cannot provide GAAP EPS and GAAP cash from operations guidance due to the uncertainty of future potential restructurings, goodwill and asset write-downs, unusual tax settlements or payments and special contributions to its pension funds, acquisitions, divestitures and other potential adjustments, which could (individually or in the aggregate) have a material impact on the Company’s performance. The Company’s guidance is based on an assumption that the global economy and foreign exchange markets in 2018 will not change significantly. The Company’s guidance also includes changes in accounting standards implemented at the beginning of the year.
Conference Call and Webcast
Management of Pitney Bowes will discuss the Company’s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pitneybowes.com .
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; presort services; office mailing and shipping; location data; and software. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com .
Use of Non-GAAP Measures
The Company's financial results are reported in accordance with generally accepted accounting principles (GAAP); however, in its disclosures the Company uses certain non-GAAP measures, such as adjusted earnings before interest and taxes (EBIT), adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted earnings per share (EPS), revenue growth on a constant currency basis and free cash flow.
The Company reports measures such as adjusted EBIT, adjusted EPS and adjusted net income to exclude the impact of special items like restructuring charges, tax adjustments, goodwill and asset write-downs, and costs related to dispositions and acquisitions. While these are actual Company expenses, they can mask underlying trends associated with its business. Such items are often inconsistent in amount and frequency and as such, the adjustments allow an investor greater insight into the current underlying operating trends of the business.
In addition, revenue growth is presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency measures are intended to help investors better understand the underlying operational performance of the business excluding the impacts of shifts in currency exchange rates over the period. Constant currency is calculated by converting our current quarter reported results using the prior year’s exchange rate for the comparable quarter. This comparison allows an investor insight into the underlying revenue performance of the business and true operational performance from a comparable basis to prior period. A reconciliation of reported revenue to constant currency revenue can be found in the Company’s attached financial schedules.
The Company reports free cash flow in order to provide investors insight into the amount of cash that management could have available for other discretionary uses. Free cash flow adjusts GAAP cash from operations for capital expenditures, restructuring payments, unusual tax settlements, special contributions to the Company’s pension fund and cash used for other special items. A reconciliation of GAAP cash from operations to free cash flow can be found in the Company’s attached financial schedules.
Segment EBIT is the primary measure of profitability and operational performance at the segment level. Segment EBIT is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. The Company has also included segment EBITDA as a useful measure for profitability and operational performance, and an additional way to look at the economics of the segments, especially in light of some of the Company’s more recent, larger acquisitions. Segment EBITDA further excludes depreciation and amortization expense for the segment. A reconciliation of segment EBIT and EBITDA to total net income can be found in the attached financial schedules.
Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information can be found at the Company's web site www.pb.com/investorrelations .
This document contains “ ” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to those projected. These risks and uncertainties include, but are not limited to: declining physical mail volumes; competitive factors, including pricing pressures, technological developments, the introduction of new products and services by competitors, and fuel prices; our success in developing new products and services, including digital-based products and services, obtaining regulatory approvals, if needed, of new products, and the market’s acceptance of these new products and services; our ability to fully utilize the enterprise business platform in North America, and successfully deploy it in major international markets without significant disruptions to existing operations; a breach of security, including a cyberattack or other comparable event; the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws; changes in postal or banking regulations; changes in, or loss of, our contractual relationships with the United States Postal Service; the risk of losing large clients in the Global Ecommerce segment; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates, interest rates and labor conditions; capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs; management of outsourcing arrangements; integrating newly acquired businesses, including operations and product and service offerings; management of customer credit risk and other factors beyond its control as more fully outlined in the Company's 2017 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any contained in this document as a result of new information, events or developments.
Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months ended March 31, 2018 and 2017, and consolidated balance sheets as of March 31, 2018 and December 31, 2017 are attached.
Pitney Bowes Inc. Consolidated Statements of Income (Unaudited; in thousands, except share and per share amounts) Three months ended March 31, 2018 2017
Revenue: Equipment sales $ 155,808 $ 162,974 Supplies 65,374 66,818 Software 81,616 77,867 Rentals 95,280 99,870 Financing 80,103 85,745 Support services 118,463 118,847 Business services 386,538 224,519 Total revenue 983,182 836,640 Costs and expenses: Cost of equipment sales 78,751 69,562 Cost of supplies 21,147 21,471 Cost of software 25,353 25,308 Cost of rentals 24,596 20,662 Financing interest expense 12,225 12,974 Cost of support services 75,572 73,354 Cost of business services 297,399 150,843 Selling, general and administrative (1) 312,108 304,847 Research and development 32,784 31,856 Restructuring charges, net 1,021 2,082 Other components of net pension and postretirement cost (1) (1,719 ) 1,456 Interest expense, net 30,853 25,676 Total costs and expenses 910,090 740,091 Income before income taxes 73,092 96,549 Provision for income taxes 19,579 31,416 Net income $ 53,513 $ 65,133 Basic earnings per share $ 0.29 $ 0.35 Diluted earnings per share $ 0.28 $ 0.35 Weighted-average shares used in diluted earnings per share 188,174,983 186,875,143 (1) Effective Janaury 1, 2018, components of net periodic pension and postretirement costs, other than service costs, are required to be reported seperately. Accordingly, for the three months ended March 31, 2017, $1.5 million of costs have been reclassified from selling, general and administrative expense to Other components of net pension and postretirement cost.
Pitney Bowes Inc. Consolidated Balance Sheets (Unaudited; in thousands, except share amounts) March 31,
December 31,
Assets
2018
2017
Current assets: Cash and cash equivalents $ 719,875 $ 1,009,021 Short-term investments 55,603 48,988 Accounts receivable, net 488,028 524,424 Short-term finance receivables, net 792,802 828,003 Inventories 96,224 89,679 Current income taxes 42,274 58,439 Other current assets and prepayments 94,227 77,954 Total current assets 2,289,033 2,636,508 Property, plant and equipment, net 386,977 379,044 Rental property and equipment, net 182,727 185,741 Long-term finance receivables, net 640,987 652,087 Goodwill 1,965,984 1,952,444 Intangible assets, net 261,318 272,186 Noncurrent income taxes 61,367 59,909 Other assets 531,225 540,796 Total assets $ 6,319,618 $ 6,678,715 Liabilities and stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $ 1,375,166 $ 1,486,741 Current income taxes 9,457 8,823 Current portion of long-term debt 327,429 271,057 Advance billings 292,174 288,372 Total current liabilities 2,004,226 2,054,993 Deferred taxes on income 239,472 234,643 Tax uncertainties and other income tax liabilities 112,520 116,551 Long-term debt 3,248,713 3,559,278 Other noncurrent liabilities 499,794 524,689 Total liabilities 6,104,725 6,490,154 Stockholders' equity: Cumulative preferred stock, $50 par value, 4% convertible 1 1 Cumulative preference stock, no par value, $2.12 convertible 422 441 Common stock, $1 par value 323,338 323,338 Additional paid-in-capital 119,647 138,367 Retained earnings 5,235,874 5,229,584 Accumulated other comprehensive loss (771,995 ) (792,173 ) Treasury stock, at cost (4,692,394 ) (4,710,997 ) Total stockholders' equity 214,893 188,561 Total liabilities and stockholders' equity $ 6,319,618 $ 6,678,715
Pitney Bowes Inc.
Business Segments
(Unaudited; in thousands)
Three months ended March 31, 2018 2017 Revenue
Global Ecommerce $ 246,590 $ 88,152 Presort Services 134,458 132,677 Commerce Services 381,048 220,829 North America Mailing 325,430 355,578 International Mailing 97,897 93,058 Small & Medium Business Solutions 423,327 448,636 Software Solutions 81,616 78,220 Production Mail 97,191 88,955 Total revenue $ 983,182 $ 836,640 EBIT
Global Ecommerce $ (7,711 ) $ (4,270 ) Presort Services 27,026 30,717 Commerce Services 19,315 26,447 North America Mailing 119,471 141,008 International Mailing 15,892 13,269 Small & Medium Business Solutions 135,363 154,277 Software Solutions 4,849 2,749 Production Mail 9,619 8,964 Segment EBIT (1) $ 169,146 $ 192,437 EBITDA
Global Ecommerce $ 6,719 $ 3,052 Presort Services 33,188 37,915 Commerce Services 39,907 40,967 North America Mailing 136,320 157,003 International Mailing 20,413 17,966 Small & Medium Business Solutions 156,733 174,969 Software Solutions 7,270 4,837 Production Mail 10,261 9,733 Segment EBITDA (2) $ 214,171 $ 230,506 Reconciliation of segment EBITDA to net income Segment EBITDA $ 214,171 $ 230,506 Less: Segment depreciation and amortization (3) (45,025 ) (38,069 ) Segment EBIT 169,146 192,437 Corporate expenses (49,361 ) (55,156 ) Adjusted EBIT 119,785 137,281 Interest, net (4) (43,078 ) (38,650 ) Restructuring charges, net (1,021 ) (2,082 ) Transaction costs (2,594 ) - Provision for income taxes (19,579 ) (31,416 ) Net income $ 53,513 $ 65,133 (1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. (2) Segment EBITDA is calculated as Segment EBIT plus segment depreciation and amortization expense. (3) Includes depreciation and amortization expense of reporting segments only. Does not include corporate depreciation and amortization expense. (4) Includes financing interest expense and interest expense, net.
Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited; in thousands, except per share amounts) Three months ended March 31, 2018 2017 Y/Y Chg. Reconciliation of reported revenue to revenue excluding currency Revenue, as reported $ 983,182 $ 836,640 Favorable impact on revenue due to currency (19,537 ) Revenue, excluding currency $ 963,645 $ 836,640 15 % Reconciliation of reported net income to adjusted net income Net income $ 53,513 $ 65,133 Restructuring charges, net 755 1,353 Transaction costs 1,932 - Net income, as adjusted $ 56,200 $ 66,486 Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share Diluted earnings per share $ 0.28 $ 0.35 Restructuring charges, net 0.00 0.01 Transaction costs 0.01 - Diluted earnings per share, as adjusted $ 0.30 $ 0.36 Note : The sum of the earnings per share amounts may not equal the totals due to rounding. Reconciliation of reported net cash from operating activities to free cash flow Net cash provided by operating activities $ 82,672 $ 154,006 Capital expenditures (42,923 ) (35,920 ) Restructuring payments 15,702 12,416 Reserve account deposits 6,654 (19,346 ) Transaction costs 2,594 - Free cash flow $ 64,699 $ 111,156
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005266/en/
Pitney Bowes Inc.
Editorial
Bill Hughes, 203-351-6785
Chief Communications Officer
or
Financial
Adam David, 203-351-7175
VP, Investor Relations
Source: Pitney Bowes Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-pitney-bowes-announces-first-quarter-2018-financial-results.html |
VANCOUVER, Wash., May 09, 2018 (GLOBE NEWSWIRE) -- nLIGHT, Inc. (Nasdaq:LASR) announced that it will release its financial results for the first quarter of 2018 after the financial markets close on Wednesday, May 23, 2018. nLIGHT’s first quarter ended on March 31, 2018.
A conference call and simultaneous webcast to discuss the first quarter results will be held on Wednesday, May 23 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). An audio webcast will be available on the investor relations section of the company's web site at http://nlight.net/company/investors . A replay of the webcast will be available shortly after the conclusion of the call.
Access to the conference call will also be available by dialing 1-877-270-2148 (U.S., toll-free) or +1-412-902-6510 (international and toll), with the conference title: nLIGHT First Quarter 2018 Earnings. A telephone replay of the call will be available for a limited time at 1-877-344-7529 (U.S., toll-free) or +1-412-317-0088 (international and toll) with the passcode: 10119951.
About nLIGHT
nLIGHT, Inc. is a leading provider of high‑power semiconductor and fiber lasers used in a variety of end applications in the industrial, microfabrication, and aerospace and defense markets.
For more information contact:
Jason Willey
Investor Relations and Corporate Development
nLIGHT, Inc.
(360) 567-4890
[email protected]
Source: nLIGHT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-nlight-inc-announces-date-for-first-quarter-earnings-release.html |
May 16 (Reuters) - Britain's FTSE 100 index is seen opening up 8 points at 7,731 on Wednesday, according to financial bookmakers. * LONMIN: Britain's Competition and Markets Authority said it will examine whether a takeover of Lonmin by South Africa's Sibanye-Stillwater would reduce competition, knocking shares in both mining firms. * PADDY POWER BETFAIR: British bookmaker Paddy Power Betfair Plc is close to buying U.S. daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report. * AVIVA: Aviva customers who could not access their accounts or missed pension payments due to a bungled IT upgrade were promised compensation. on.ft.com/2rLzIpi * OIL: Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. * GOLD: Gold prices recovered slightly on Wednesday on short-covering after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar. * The UK blue chip index closed about 0.2 percent higher at 7722.98 on Tuesday, as strong performance by the heavyweight energy sector boosted the index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: National Express Group PLC Q1 2018 Trading Statement Marston's PLC Half Year 2018 Earnings Statement Brewin Dolphin Holdings PLC Half Year 2018 Earnings Statement Mitchells & Butlers PLC Half Year 2018 Earnings Statement Mondi PLC Q1 2018 Trading Statement SSP Group PLC Half Year 2018 Earnings Statement Premier Oil PLC Trading and Operations Statement Galliford Try PLC Trading Statement Release Burberry Group PLC Preliminary 2018 Earnings Statement Coats Group PLC Trading Statement TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sangameswaran S in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-16-idUSL3N1SN2ID |
(Repeats article to additional subscribers, no changes in text)
May 8 (Reuters) - Norway Royal Salmon ASA:
* NORWAY ROYAL SALMON Q1 OPERATIONAL EBIT NOK 193 MILLION (REUTERS POLL NOK 195 MILLION)
* NORWAY ROYAL SALMON Q1 HARVEST VOLUME OF 10,935 TONNES (REUTERS POLL 9,500 TONNES)
* NORWAY ROYAL SALMON Q1 REVENUES NOK 1.4 BILLION (NOK REUTERS POLL 1.19 BILLION)
* SAYS EXPECTS 2018 HARVEST VOLUME 40,000 TONNES (REUTERS POLL 40,025) VS FEB GUIDANCE 42,500 TONNES
* SAYS FOR REMAINING QUARTERS OF 2018, 3 590 TONNES ARE HEDGED AT A NASDAQ EQUIVALENT PRICE OF AROUND NOK 58.50 PER KG
* SAYS WE EXPECT GLOBAL HARVEST VOLUMES TO DECREASE FROM THE FIRST QUARTER 2018 LEVEL COMPARED WITH THE SAME PERIOD THE YEAR BEFORE.
* SAYS TOGETHER WITH GOOD DEMAND FOR SALMON, THIS PROVIDE THE BASIS FOR A CONTINUED POSITIVE MARKET OUTLOOK FOR THE INDUSTRY. Source text for Eikon: Further company coverage: (Reporting By Oslo Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SF0HJ |
May 22 (Reuters) - SignalFx:
* SIGNALFX RAISES $45 MILLION IN SERIES D FUNDING * SIGNALFX SAYS $45 MILLION IN SERIES D FUNDING LED BY GENERAL CATALYST WITH PARTICIPATION FROM ANDREESSEN HOROWITZ, CHARLES RIVER VENTURES Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-signalfx-raises-45-million-in-seri/brief-signalfx-raises-45-million-in-series-d-funding-idUSASC0A370 |
(Reuters) - Top Australian wealth manager AMP Ltd ( AMP.AX ) on Thursday reported subdued cash flows in its Australian wealth management business in the first quarter amid a scandal that has shaken up its board and sent its shares crashing.
Cash inflows during the quarter fell, while outflows narrowed, resulting in a net outflow of A$200 million ($149.2 million), flat over last year.
Total assets under management for the business at the end of the first quarter were A$128.3 billion, 2 percent lower than the last quarter, the company said, citing negative investment markets during the period.
Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-amp-results/australias-embattled-amp-reports-subdued-first-quarter-cash-flows-idUSKBN1IB03C |
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