text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Cows make annual pilgrimage in southern France Tuesday, May 29, 2018 - 01:10
Each year, farmers from the Massif Central region mark the occasion when the animals leave the valley, where they spend winter, for better quality grass higher up in the mountains. ▲ Hide Transcript ▶ View Transcript
Each year, farmers from the Massif Central region mark the occasion when the animals leave the valley, where they spend winter, for better quality grass higher up in the mountains. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2ITuNxG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/cows-make-annual-pilgrimage-in-southern?videoId=431458105 |
Announces Agreement with Stockholder Group
Will Seek Board Declassification
SAN ANTONIO, May 17, 2018 (GLOBE NEWSWIRE) -- Harte Hanks (NYSE:HHS) today announced that it will appoint Timothy “Bant” Breen, Maureen O’Connell and Martin Reidy to its Board of Directors, effective June 15, 2018. Harte Hanks has accepted the resignations of current directors Christopher Harte, Scott Key and Judy Odom, also effective June 15, 2018. William F. Farley has also announced his resignation, to be effective upon appointment of a replacement. These changes reflect the culmination of an on-going board and governance review and refreshment process, and the Company will also submit a proposal to declassify the Board at its 2018 Annual Meeting. In connection with the foregoing, the Company also reached an agreement with certain stockholders (the “Stockholder Group”) who collectively own approximately 11.8% of the Company’s outstanding shares, regarding the foregoing and other matters.
Commenting on the changes, Karen Puckett, CEO of Harte Hanks said, “We welcome Bant, Maureen and Martin to Harte Hanks’ Board. The addition of their proven marketing services and MarTech expertise to our existing members’ experience further strengthens our board. Together our Board’s qualifications align with our strategic objective—returning to profitable growth. The Board and management are unified in the mission to execute our strategic turnaround and deliver value for all stockholders.”
“On behalf of our stockholders and the entire Board, we sincerely thank Chris, Scott, Judy and Bill for their service. The Company and Board have benefitted from their strong experience, and we are grateful for their significant contributions.”
“We are pleased to have worked constructively with Harte Hanks to reach this agreement to add new independent directors to the Board which we believe is in the best interest of all stockholders,” said Sarah Harte, a member of the Stockholder Group. “We look forward to supporting Harte Hanks’ management team and the Board in our common goal of maximizing value for all stockholders.”
In connection with the appointments, Harte Hanks and the Stockholder Group have entered into a cooperation agreement. Under the terms of the cooperation agreement, the Stockholder Group has agreed to certain standstill and voting commitments. A copy of the cooperation agreement will be filed with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K to be filed by Harte Hanks.
Additional information on the Company’s Board of Directors will be included in the Company’s Proxy Statement, which will be filed with the Securities and Exchange Commission and mailed to stockholders. The Company anticipates that its 2018 Annual Meeting of Stockholders will be held in August.
About Timothy Breen:
Timothy “Bant” Breen was inducted into the Advertising Hall of Achievement in November 2010 and has a global marketing and communications background steeped in digital and innovation. He is the Founder, Chairman and CEO of Qnary, the global technology and solutions leader in digital reputation growth solutions for professionals and brands. Before founding and serving as CEO of Qnary, Bant was the Worldwide CEO of Interpublic Group’s global search and social media agency Reprise. His past roles have included President of global media agency Initiative, Executive Director of the IPG Media Lab, Founder of Ansible (IPG’s Mobile Marketing Agency), and Executive Vice President of global digital communications at Universal McCann (IPG).
About Maureen O’Connell:
Maureen O’Connell is a global business executive, CFO and board director recognized for significant value creation through strategic thinking and action at numerous public companies. Maureen is also recognized for her extensive M&A experience and her strength in operations and technology. Maureen has held executive leadership and board positions in a variety of industries including media, education, digital, retail, technology, professional services, biotech, pharma, homebuilding, real estate and insurance. Most recently, Maureen was Chief Financial and Administrative Officer for Scholastic Corporation from 2007 until 2017 where she was responsible for all global administrative functions, including Finance, Operations, Supply Chain, Technology, Human Resources and Legal. Maureen has served on the boards of directors of Beazer Homes and Sucampo Pharmaceuticals.
About Martin Reidy:
A distinguished digital and direct marketing industry veteran, Martin Reidy was recently the Chief Executive Officer and President of Ansira Partners, a digital marketing agency. He previously served as a Senior Consultant to MediaLink LLC, a marketing and strategy advisory firm, as the Chief Executive Officer and President of Meredith Xcelerated Marketing (a marketing services division within Meredith Publishing Inc.) and as the Chief Executive Officer and President of Publicis/Digitas/Modem Media/Dialog (a leading digital advertising and relationship marketing services firm). Martin has led teams as large as 2,500 employees spread across 50 countries managing marquee client accounts with Fortune 500 global brands.
Important Additional Information and Where to Find It :
Harte Hanks, its directors and/or its director nominees and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from Harte Hanks’ stockholders in connection with the 2018 Annual Meeting. Harte Hanks plans to file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2018 Annual Meeting (the “2018 Proxy Statement”).
STOCKHOLDERS ARE URGED TO READ THE 2018 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HARTE HANKS WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2018 Proxy Statement and other materials to be filed with the SEC in connection with the 2018 Annual Meeting. Some of such information can also be found in Harte Hanks’ definitive proxy statement for the 2017 Annual Meeting of Stockholders, filed with the SEC on July 20, 2017. To the extent holdings of Harte Hanks’ securities have changed since the amounts shown in the definitive proxy statement for the 2017 Annual Meeting of Stockholders, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC.
Stockholders will be able to obtain, free of charge, copies of the 2018 Proxy Statement (including any amendments or supplements thereto) and any other documents filed by Harte Hanks with the SEC in connection with the 2018 Annual Meeting at the SEC’s website ( www.sec.gov ), at Harte Hanks’ website ( www.hartehanks.com ), or by writing to the Company’s Corporate Secretary at Harte Hanks, 9601 McAllister Freeway, Suite 610, San Antonio, Texas 78216, or by calling Harte Hanks’ Corporate Secretary at (210) 829-9000.
About Harte Hanks:
Harte Hanks is a global marketing services firm specializing in multi-channel marketing solutions that connect our clients with their customers in powerful ways. Experts in defining, executing and optimizing the customer journey, Harte Hanks offers end-to-end marketing services including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center. From visionary thinking to tactical execution, Harte Hanks delivers smarter customer interactions for some of the world’s leading brands. Harte Hanks’ approximately 4,000 employees are located in North America, Asia-Pacific and Europe. For more information, visit Harte Hanks at www.hartehanks.com , call 800-456-9748, or email us at [email protected] . Follow us on Twitter @hartehanks or Facebook at https://www.facebook.com/HarteHanks .
As used herein, “Harte Hanks” or “the Company” refers to Harte Hanks, Inc. and/or its applicable operating subsidiaries, as the context may require. Harte Hanks’ logo and name are trademarks of Harte Hanks.
Note Regarding Forward-looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictions based on expectations and projections about future events, and are not statements of historical fact. You can identify forward-looking statements by the use of forward-looking terminology such as “plan”, “continue”, “expect”, “anticipate”, “intend”, “predict”, “project”, “estimate”, “likely”, “believe”, “might”, “seek”, “may”, “remain”, “potential”, “can”, “should”, “could”, “future” and similar expressions, or the negative of those expressions. These forward-looking statements include the Company’s beliefs or expectations relating to the agreement discussed above. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. All forward-looking statements are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such statements.
Contact:
Scott Hamilton
Public & Investor Relations
(303) 214-5563
[email protected]
Source:Harte Hanks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-harte-hanks-to-appoint-four-new-independent-directors-to-the-board.html |
Hawaii man hit by lava 'just wanted to live' Wednesday, May 23, 2018 - 00:34
Darryl Clinton, the Hawaii man hit by lava thrown up by the erupting Kilauea volcano, says the impact of the lava was ''incredibly powerful and hot'' but that he's glad he's still alive. Rough Cut (no reporter narration)
Darryl Clinton, the Hawaii man hit by lava thrown up by the erupting Kilauea volcano, says the impact of the lava was "incredibly powerful and hot" but that he's glad he's still alive. Rough Cut (no reporter narration) //reut.rs/2IJccEv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/hawaii-man-hit-by-lava-just-wanted-to-li?videoId=429640162 |
May 7 (Reuters) - Forward Pharma A/S:
* FORWARD PHARMA APPEALS THE DECISION OF THE OPPOSITION DIVISION TO REVOKE THE EP2801355 PATENT
* FORWARD PHARMA A/S - COMPANY HAS UNTIL AUGUST 2, 2018 TO SUBMIT ITS DETAILED GROUNDS OF APPEAL Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-forward-pharma-appeals-the-decisio/brief-forward-pharma-appeals-the-decision-of-the-opposition-division-to-revoke-the-ep2801355-patent-idUSFWN1SE0ZP |
When it began running on Broadway in February, “Escape to Margaritaville” garnered attention for the long lines it generated at the bar—so much so that the theater didn’t have enough booze on hand to keep the margaritas flowing.
But these days, the show, a jukebox musical based on the tropical-minded catalog of the singer-songwriter Jimmy Buffett, isn’t proving as popular.
Weekly... | ashraq/financial-news-articles | https://www.wsj.com/articles/is-margaritaville-wasting-away-on-broadway-1526945632 |
NEW YORK (Reuters) - Walmart Inc on Thursday said profit margins during the first quarter remained under pressure due to price cuts and higher freight costs, weighing on its shares even as sales and earnings came in stronger than expected.
Walmart’s gross margin, which has fallen for four consecutive quarters, was down 23 basis points in the quarter ended April 30. Within the U.S. division, operating income fell 3.1 percent from the prior year.
Shares of the world’s biggest retailer traded 1.6 percent down in afternoon trade after initially opening higher. The stock has fallen around 20 percent from an all-time high in January.
“The Street is trying to digest the margin performance and there are concerns around when they can make money given the large investments in e-commerce,” said Brian Yarbrough, an analyst with Edward Jones.
The weak margins overshadowed strong first-quarter results and progress in Walmart’s efforts to keep pace with rivals like Amazon.com Inc.
Walmart’s e-commerce sales grew 33 percent, above the 23-percent growth in the previous three months. It said it is on track to increase U.S. e-commerce sales by 40 percent for the full year.
The e-commerce rebound comes after a sharp slowdown during the crucial holiday quarter, which sent its shares down over 10 percent and wiped out $31 billion from its market capitalization.
“Online grocery continued to accelerate and we also have new brands in e-commerce including the partnership with Lord and Taylor, so there are a lot of different things driving growth there,” Chief Financial Officer Brett Biggs said in an interview. He said free two-day shipping boosted growth, and the Walmart.com site redesign helped late in the quarter.
The site redesign also boosted traffic to the company’s online grocery business by 10 percent to 20 percent, e-commerce chief Marc Lore told reporters on an earnings conference call.
INTERNATIONAL BOOST International sales were up 4.5 percent at $28.3 billion on a constant currency basis, helped by an early Easter, Biggs said.
The company is in the process of fixing its international business portfolio and recently said it will acquire a 77-percent stake in Indian e-commerce firm Flipkart for $16 billion, its largest deal ever, to compete with Amazon.com Inc in an important growth market. It plans to sell a majority stake in its UK grocery chain Asda Group Ltd to J Sainsbury PLC.
Walmart also recently reached agreements to sell its banking operations in Walmart Canada and Walmart Chile, it said on Thursday.
Excluding special items, adjusted earnings were $1.14 per share. The average analyst estimate was $1.12 per share, according to Thomson Reuters I/B/E/S.
Sales at U.S. stores open at least a year rose 2.1 percent excluding fuel, in line with analyst forecasts, according to Consensus Metrix. Walmart has recorded nearly four straight years of U.S. growth, unmatched by any other retailer.
Walmart said some consumers may have felt the pinch from rising gas prices, but consumer demand remained robust.
“In terms of (demand), this quarter is reasonably similar to what I have seen last year and we are comfortable with our strategy,” Walmart’s U.S. CEO Greg Foran said on a media call.
The comparable sales increase was driven by a jump in the price of items sold and by e-commerce. The company’s U.S. grocery business and higher branded drug prices also boosted growth.
Competition in the U.S. grocery sector intensified as rival Kroger Co struck a deal with British online grocery company Ocado Group to build and deliver groceries from robot-staffed warehouses.
Customer traffic at Walmart stores was up 0.8 percent during the quarter, slower than the 1.5 percent growth during the same period a year ago. A delayed spring hurt demand in weather-related categories and led customers to consolidate trips.
Biggs said demand in those categories rebounded this month.
Total revenue increased 4.4 percent to $122.7 billion, beating analysts’ estimates of $120.5 billion.
FILE PHOTO: The logo of Walmart is seen on shopping trolleys at their store in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File photo Reporting by Nandita Bose in New York; Editing by Nick Zieminski
| ashraq/financial-news-articles | https://in.reuters.com/article/walmart-results/walmarts-u-s-e-commerce-growth-rebounds-shares-rise-idINKCN1II1L0 |
May 16, 2018 / 9:09 PM / Updated 16 hours ago Roche breast cancer drug treatment time can be halved - study Deena Beasley 3 Min Read
(Reuters) - Treating early stage breast cancer patients for just six months with Roche’s Herceptin works as well as the current 12-month regimen, researchers who conducted a large clinical trial said on Wednesday.
Herceptin, a biotech medicine that costs around $76,700 a year in the United States, generated 2017 worldwide sales of more than $7 billion for Roche. If a shorter treatment duration is widely adopted it could significantly reduce sales.
Halving treatment duration reduces the number of people who have to quit therapy due to side effects and “obviously will have an effect on cost as well,” Dr. Bruce Johnson, president of the American Society of Clinical Oncology (ASCO), said during a conference call with reporters. He added that patients in the study need to be followed to see how they fare longer term.
Roche, in an emailed statement, said other studies have not shown that a shorter treatment duration works as well as 12 months, and emphasized that use of Herceptin for one year is the only FDA-approved indication for HER2-positive early breast cancer.
The Herceptin trial is one of thousands of cancer drug studies set to be presented at ASCO’s annual meeting next month in Chicago. Brief summaries of many of them were released on Wednesday.
Herceptin, first approved in 2005, is used for cancer patients whose tumors generate a protein called HER2, which accounts for about 25 percent of breast cancer cases. About 15 percent are early-stage HER2 disease. The injected drug, known chemically as trastuzumab, can cause serious side effects, including heart failure.
The 4,089-patient study, funded by Britain’s National Institute for Health Research, found that after surgery 89.4 percent of patients given six months of Herceptin were alive with no signs of cancer four years later, compared with 89.8 percent of women treated for 12 months.
In addition, four percent of women in the six-month group stopped treatment because of heart problems, compared with eight percent in the 12-month group.
“We are confident that this will mark the first steps towards a reduction in treatment duration for many women with HER2-positive breast cancer,” said Dr. Helena Earl, the study’s lead investigator and professor of clinical cancer medicine at the University of Cambridge.
Research is continuing to determine the impact of treatment length on quality of life as well as to define which patients are best suited for less treatment, Dr. Earl said.
Dr. Richard Schilsky, ASCO’s chief medical officer, said the study follow-up is still relatively short, but the results “likely will signal a shift, even in the U.S. oncology community, toward shorter duration of trastuzumab (post surgery)therapy.” Reporting By Deena Beasley; Editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-cancer-roche-hldg/roche-breast-cancer-drug-treatment-time-can-be-halved-study-idUKKCN1IH2ZC |
Tesla has given the first signals that it is giving up on its ambition to become a mass-market car maker. Prospective customers should be angry, and investors ought to be wary.
Over the weekend, Chief Executive Elon Musk announced a new, $78,000 version of Tesla’s car for the people, the Model 3. More important was his admission that his promised $35,000 version would cause the company to “lose money and die” if built right away.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/is-tesla-abandoning-the-mass-market-1526917239 |
STOCKHOLM, May 3 (Reuters) - Volvo Car Group, owned by China’s Zhejiang Geely Holding Group Co Ltd, said in a statement on Thursday its sales rose 12.2 percent year-on year in April on the back of strong growth in China and the United States.
* Total sales for the month of April reached 52,635 cars compared to 46,895 a year earlier
* Sales of the new XC40 as well as the 90-series cars were the main growth drivers in April
* Sales in China, Volvo Cars’ largest market, increased by 20.2 percent in April year-on-year on the back of strong customer demand for the locally produced XC60 SUV and S90 sedan
* Sales in the United States rose 17.0 percent year-on-year on the back of strong sales of Volvo’s SUV line-up
* In Europe, Volvo reported a 3.1 percent sales rise
* Source text: [ here ] (Reporting by Johannes Hellstrom; editing by Niklas Pollard)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/volvocars-geely-sales-april/geelys-volvo-cars-posts-12-2-pct-yr-yr-sales-rise-in-april-idUSL8N1SA31S |
May 1, 2018 / 8:19 PM / a few seconds ago Devon Energy reports quarterly loss vs year-ago profit Reuters Staff 1 Min Read
(Reuters) - Shale oil producer Devon Energy Corp ( DVN.N ) posted a loss of $197 million in the first quarter, hurt by higher expenses. FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford/File Photo
Net loss attributable to company shareholders stood at $197 million, or 38 cents per share, for the three months ended March 31 compared with a profit of $303 million, or 58 cents per share, a year earlier.
Total revenue rose to $3.81 billion from $3.55 billion. Reporting by Yashaswini Swamynathan and Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://www.reuters.com/article/us-devon-energy-results/devon-energy-reports-quarterly-loss-vs-year-ago-profit-idUSKBN1I24C2 |
Churchill Downs , the publicly traded racing and gaming company behind the Kentucky Derby, agreed on Wednesday with Golden Nugget Atlantic City to get into the New Jersey legal sports betting and online gaming markets.
The deal comes two days after the Supreme Court cleared the way for all states to allow legal sports betting. The high court ruling on Monday upheld a 2014 New Jersey law permitting sports betting at casinos and racetracks in the state.
Churchill Downs said it's targeting the first quarter 2019 to begin accepting legal wagers for sports betting and online gaming in New Jersey.
The Louisville, Kentucky-based company also announced a partnership with SBTech to utilize the integrated technology platform for its new gaming operations. SBTech has a number of global offices, including in London and in Tel Aviv .
The partnership with SBTech is intended to first help Churchill Downs enter New Jersey and Pennsylvania for sports betting and online gaming, and then to enter Mississippi for sports wagering.
Churchill Downs said it will get into Pennsylvania through its previously announced February acquisition of Erie-based Presque Isle Downs & Casino. In Mississippi, Churchill Downs said it will use its two existing brick-and-mortar casinos to offer on-site sports betting. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/churchill-downs-golden-nugget-to-enter-nj-sports-betting-online-gaming.html |
By David Z. Morris 2:19 PM EDT
As his client Donald Trump steamrolled political opponents in early 2016, lawyer Michael Cohen engineered access to as much as $774,000 in new credit. The FBI and federal prosecutors are reportedly investigating whether Cohen may have committed bank fraud in obtaining the credit lines, which some speculate may have been opened in anticipation of hush-money payments to protect Trump. Fraud charges could be used to compel Cohen’s cooperation in the ongoing Mueller investigation into Russian campaign meddling.
Cohen obtained new credit lines starting in February of 2016, according to the Wall Street Journal . Two separate lines of credit were secured against New York real estate, including a condominium in Trump World Tower owned by Cohen’s wife’s parents. According to the Journal , investigators are probing whether Cohen might have committed fraud either by inflating the stated value of the assets that backed the loans, or by misrepresenting how the funds would be used.
Get CEO Daily , Fortune’s newsletter for leaders.
The loan investigation adds a new wrinkle to an ongoing inquiry into whether Cohen broke the law in his role as a “fixer” for Trump. In October of 2016, just ahead of the presidential election, Cohen paid $130,000 to porn star Stephanie Clifford, a.k.a. Stormy Daniels, as part of a deal intended to prevent her from discussing an alleged sexual encounter with Trump. Investigators are digging into the source of those funds.
Adam Schuman, a former federal prosecutor in Brooklyn, told the Journal that the timeline suggests Cohen expanded his credit access in anticipation of high-dollar payoffs to defend Trump. “If he didn’t anticipate using these funds to assist with these types of third-party payments,” Schuman asked rhetorically, “then why did he still have the funds to pay Stormy Daniels if they were intended for some earlier, innocuous purpose?” Taking out the loans without telling creditors they were intended to be used as hush money could constitute fraud, according to Journal sources.
Trump and his team have maintained that the Daniels payoff was purely personal rather than political, theoretically shielding Cohen from campaign finance laws that limit direct or in-kind personal contributions to $5,400. The disclosure this week that Trump later reimbursed Cohen was apparently also intended to limit Cohen’s exposure to campaign finance violations, perhaps to reduce the possibility that Cohen could be pressured to cooperate with the Robert Mueller-led investigation of the Trump campaign’s possible cooperation with Russian state agents . Separate fraud charges could provide investigators another way to force Cohen’s cooperation. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/05/fbi-michael-cohen-banking-fraud-stormy-daniels/ |
May 16 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
The directors of Carillion Plc should be formally investigated after overseeing a "rotten corporate culture" and may warrant disqualification from holding boardroom roles in the future, a House of Commons inquiry has concluded. bit.ly/2IkAEMb
Concerns have been raised over plans by the former director of the Serious Fraud Office, David Green, to join law firm Slaughter and May, that has represented some of the biggest companies he has prosecuted. bit.ly/2L16rj4
The Guardian
EasyJet Plc is planning to expand its holiday business and set up a new loyalty scheme as it targets a 30 percent leap in profits this year. bit.ly/2L2IPe0
Sales at Sir Philip Green's Arcadia retail empire dropped below 2 billion pounds ($2.70 billion) during 2017 when a surge in online transactions hit trade in its shops. bit.ly/2rLrwFh
The Telegraph
Britain's economy is entering a "menopausal" phase after passing peak productivity, Ben Broadbent, deputy governor of the Bank of England has suggested. bit.ly/2rM0E83
Energy bill payers will be forced to stump up an extra 1.5 billion pounds for their energy over the next 15 years after a tweak to the government's auction for low-carbon power subsidies backfired. bit.ly/2rL3fiF
Sky News
Betfred, which owns The Tote, will axe more than 4,500 jobs if the government implements plans to slash maximum stakes on gambling machines to just 2 pounds. bit.ly/2rJFoju
One of Britain's fastest-growing online travel agents, Love Holidays, is likely to announce a takeover by Livingbridge, the private equity firm, for more than 180 million pounds. bit.ly/2rJXwcY
The Independent
Vodafone on Tuesday said its Chief Executive Addio Vittorio Colao will step down and be replaced by the current finance chief Nick Read. ind.pn/2rL3L05
The transport secretary, Chris Grayling, is expected this week to cancel the troubled Virgin Trains East Coast (VTEC) franchise, just three years after it began. ind.pn/2rKwq5v
$1 = 0.7405 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-16-idUSL3N1SN06U |
May 5, 2018 / 2:40 PM / in 2 hours Marx's German birthplace unveils controversial statue of him Reuters Staff 2 Min Read
TRIER, Germany (Reuters) - Protesters held banners reading “Down with capitalism” and “Father of all dictators” at Saturday’s unveiling of a statue of Karl Marx in the German city of Trier, reflecting the polarizing legacy of the philosopher in his birthplace and beyond. The 4.4 metres (14 feet) high bronze statue of Karl Marx, created by Chinese artist Wu Weishan and donated by China is unveiled to mark the 200th birth anniversary of the German philosopher in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
The bronze sculpture, which towers over 5 meters (16 feet) high including the plinth, is a gift from China to mark Saturday’s 200th birthday of the founder of Communism.
Marx spent the first 17 years of his life in Trier, a small town on the Moselle River in Germany’s far west. Chinese artist Wu Weishan poses next to his 4.4 metres (14 feet) high bronze statue of Karl Marx, donated by China, to mark the 200th birth anniversary of the German philosopher in his hometown Trier, Germany May 5, 2018. REUTERS/Wolfgang Rattay
Many see the post-World War Two division of Germany and the erection of the Berlin Wall to divide the Communist east from the capitalist West as a result of his ideas, but Trier mayor Wolfram Leibe said historical controversies should be acknowledged. Slideshow (4 Images)
“In Germany, we have this situation again and again with difficult, complex personalities of history - we want to hide them in the woods,” he said. “So it was a conscious act to bring Karl Marx into the city ... We don’t have to hide him.”
The city council voted to accept the gift from the Chinese government by 42 members to seven in March 2017.
While some see it as recognition of Trier’s most famous son, others argue that accepting the gift from China is not compatible with criticizing human rights abuses there.
Since 2015, China’s President Xi Jinping has presided over a widespread crackdown on human rights activists.
The statue depicts a thoughtful Marx, holding a book in one hand.
“Yes, we stand by the child of our city. And we deal with Karl Marx in a constructive and active way,” said Malu Dreyer, premier of the state of Rhineland-Palatinate, to which Trier belongs. “We are glad to receive this present, this gesture of friendship.” Reporting by Reuters TV; Writing by Paul Carrel; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-marx/marxs-german-birthplace-unveils-controversial-statue-of-him-idUSKBN1I60J4 |
DENVER, May 8, 2018 /PRNewswire/ -- TTEC (NASDAQ: TTEC), a leading global customer experience technology and services provider focused exclusively on the design, implementation and delivery of transformative solutions for many of the world's most iconic and disruptive brands, today announced financial results for the first quarter ended March 31, 2018.
"This quarter we continued to advance our position as a leading global provider of end-to-end, transformational digital customer experience management," commented Ken Tuchman, TTEC chairman and chief executive officer. "Our pipeline is increasing, our bookings are well diversified across our TTEC Digital and TTEC Engage centers of excellence, and our growing backlog provides us with confidence in our full year outlook. As digital transformation remains the leading business imperative, TTEC Digital's consulting and technology in unison with TTEC Engage's growth, care, and trust and safety operations are empowering our clients to win. Our end-to-end approach combines tech-enabled, insight driven service design strategy, with our cloud-based and traditional omnichannel platforms which we build, deploy and manage, plus our unmatched ability to operate and deliver optimal customer experiences on behalf of our clients to their customers."
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS
Revenue
First quarter 2018 GAAP revenue increased 10.9 percent to $375.2 million compared to $338.3 million in the prior year period. Non-GAAP AHFS/WD revenue increased 13.0 percent to $373.6 million over the prior year period. ASC 606 had a $12.5 million positive impact on revenue in the quarter.
Income from Operations
First quarter 2018 GAAP income from operations was $24.9 million, or 6.6 percent of revenue, compared to $26.5 million, or 7.8 percent of revenue in the first quarter 2017. Non-GAAP AHFS/WD income from operations, excluding $2.0 million in restructuring and asset impairments, was $27.4 million or 7.3 percent of adjusted revenue versus 8.1 percent in the prior year. ASC 606 had a $6.3 million positive impact on income from operations in the quarter.
Adjusted EBITDA
Non-GAAP Adjusted EBITDA was $51.1 million, or 13.6 percent of revenue, compared to $44.2 million, or 13.1 percent of revenue in the first quarter 2017.
Earnings Per Share
First quarter 2018 GAAP fully diluted earnings per share attributable to TTEC shareholders was $0.10 compared to $0.42 in the same period last year. Non-GAAP fully diluted earnings per share was $0.42 compared to $0.44 in the prior year.
Bookings
During the first quarter 2018, TTEC signed an estimated $100 million in annualized contract value revenue from new and expanded client relationships. The first quarter bookings mix was well diversified across segments, verticals, and geographies.
GAAP metrics are presented in accordance with Generally Accepted Accounting Principles, including the impact from TTEC's January 1, 2018 adoption of Accounting Standards Codification (ASC) 606 "Revenue from Contracts with Customers" using the modified retrospective method.
Non-GAAP AHFS/WD (excluding assets held for sale and wind-down) - As reflected in the attached reconciliation table, the definition of Non-GAAP AHFS/WD excludes from revenue and operating income (i) assets held for sale and wind-down, and (ii) impairment, restructuring and integration charges.
Non-GAAP Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) – As reflected in the attached reconciliation table.
STRONG BALANCE SHEET CONTINUES TO FUND OPERATIONS, DIVIDENDS, AND INVESTMENTS
As of March 31, 2018, TTEC had cash and cash equivalents of $81.6 million and debt of $322.1 million, resulting in a net debt position of $240.5 million. This compares to a net debt position of $131.1 million in the prior year period. As of March 31, 2018, TTEC had approximately $425 million of additional borrowing capacity available under its revolving credit facility versus $420 million in the prior year period. Cash flow from operations in the first quarter 2018 was $67.4 million compared to $74.9 million in the first quarter 2017. Capital expenditures in the first quarter 2018 were $7.5 million compared to $12.0 million in the first quarter 2017. Declared a 27-cent dividend per share, or $12.4 million, on February 28, 2018, which was paid on April 12, 2018 to shareholders of record on March 30, 2018. The dividend represented an approximate 23 percent increase over the distribution paid in April 2017.
SEGMENT REPORTING & COMMENTARY
TTEC reports financial results for the following four business segments: Customer Management Services (CMS), Customer Growth Services (CGS), Customer Technology Services (CTS) and Customer Strategy Services (CSS). Financial highlights for the segments are provided below.
Customer Management Services (CMS) – Customer Experience Delivery Solutions
CMS first quarter 2018 GAAP revenue increased 16.1 percent to $292.6 million compared to $252.1 million in the year ago quarter. Income from operations was $18.2 million or 6.2 percent of revenue compared to $20.6 million or 8.2 percent of revenue in the prior year. Non-GAAP income from operations was $19.5 million or 6.7 percent of revenue. This compares to $20.6 million or 8.2 percent of revenue in the prior year. ASC 606 had a $12.4 million and $6.3 million positive impact on revenue and income from operations, respectively.
Customer Growth Services (CGS) – Digitally-Enabled Revenue Growth Solutions
CGS first quarter 2018 GAAP revenue declined 3.3 percent to $32.5 million compared to $33.7 million in the year ago quarter. Income from operations was $1.4 million or 4.2 percent of revenue compared to $2.4 million or 7.2 percent of revenue in the prior year. Non-GAAP AHFS/WD revenue increased 0.2 percent to $32.5 million over the year ago period and income from operations was $2.0 million or 6.3 percent of adjusted revenue. This compares to $2.6 million or 8.1 percent of adjusted revenue in the prior year.
Customer Technology Services (CTS) – Hosted and Managed Technology Solutions
CTS first quarter 2018 GAAP revenue declined 1.4 percent to $35.2 million compared to $35.7 million in the year ago quarter. Income from operations was $4.8 million or 13.8 percent of revenue compared to $3.1 million or 8.6 percent of revenue in the prior year. Non-GAAP AHFS/WD revenue increased 11.0 percent to $35.2 million over the year ago period and income from operations was $4.8 million or 13.8 percent of adjusted revenue. This compares to $2.8 million or 8.8 percent of adjusted revenue in the prior year.
Customer Strategy Services (CSS) – Customer Experience Strategy and Data Analytics Solutions
CSS first quarter 2018 GAAP revenue declined 11.8 percent to $14.9 million from $16.8 million in the year ago quarter. Income from operations was $0.5 million or 3.4 percent of revenue compared to $0.4 million or 2.5 percent of revenue in the prior year. Non-GAAP AHFS/WD revenue declined 8.4 percent to $13.3 million over the year ago period and income from operations was $1.0 million or 7.7 percent of adjusted revenue. This compares to operating income of $0.8 million or 5.2 percent of revenue in the prior year.
BUSINESS OUTLOOK
"We are executing on multiple fronts and realizing tangible results from our strategy, differentiated solutions portfolio, and improved go-to-market platform," commented Regina Paolillo, chief financial and administrative officer at TTEC. "We are also particularly pleased with the improved performance and outlook of our technology services business, driven by a rapidly growing addressable market for hosted and cloud-based contact center technology, architecture and services."
Paolillo continued, "Our first quarter consolidated results were in line with our expectations. We are confident in our planned growth trajectory and ability to expand margins in 2018, supported by our bookings, revenue mix, increased backlog, and growing pipeline across the business."
We confirm full year 2018 guidance, which includes the adoption of ASC 606 "Revenue from Contracts with Customers" using the modified retrospective method, but excludes non-GAAP AHFS/WD (Assets Held for Sale and Wind-down), as follows:
Revenue – Revenue estimated to increase 3.3 to 4.7 percent between $1.505 and $1.525 billion. Operating Income Margin – Operating income margin estimated between 8.7 and 8.9 percent. Adjusted EBITDA Margin (1) – Adjusted EBITDA margin estimated between 13.9 and 14.2 percent. Capital Expenditures – Capital expenditures estimated at 3.8 percent of revenue, of which approximately 70 percent is growth oriented.
(1) As shown in the attached reconciliation table, transitioning to an Adjusted EBITDA calculation, which includes non-cash equity-based compensation expense.
SEC FILINGS
The Company plans to file its Quarterly Report on Form 10-Q for the period ending March 31, 2018 with the U.S. Securities and Exchange Commission no later than May 10, 2018, and based on currently available information, does not expect the final results for the financial period ended March 31, 2018 to be materially different from information presented in this Press Release.
About TTEC (pronounced T-tec):
TTEC (NASDAQ: TTEC) is a leading global customer experience technology and services provider focused exclusively on the design, implementation and delivery of transformative solutions for many of the world's most iconic and disruptive brands. The Company delivers outcome-based customer engagement solutions through TTEC Digital, its digital consultancy that designs and builds human centric, tech-enabled, insight-driven customer experience solutions for clients and TTEC Engage, its delivery center of excellence, that operates customer acquisition, care, growth and digital trust and safety services. Founded in 1982, the Company's 50,500 employees operate on six continents across the globe and live by a set of customer-focused values that guide relationships with clients, their customers, and each other. To learn more about how TTEC is bringing humanity to the customer experience, visit www.ttec.com .
NON-GAAP FINANCIAL MEASURES
This press release contains a discussion of certain non-GAAP financial measures that the Company includes to allow investors and analysts to measure, analyze and compare its financial condition and results of operations in a meaningful and consistent manner. A reconciliation of these non-GAAP financial measures can be found in the tables accompanying this press release.
FORWARD-LOOKING STATEMENTS
This earnings release contains within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current believes and expectations of TTEC Holding, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from what is expressed in the . Factors that could cause TTEC's results to differ materially from those described in the can be found in TTEC's Annual Report on Form 10-K for the year ended December 31, 2017, which has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is available on TTEC's website www.ttec.com , and on the SEC's public website at www.sec.gov . TTEC Holdings, Inc. does not undertake to update any .
Investor Relations Contact
Public Relations Contact
Address
Contact
Paul Miller
Olivia Griner
9197 South Peoria Street
ttec.com
+1.303.397.8641
+1.303.397.8999
Englewood, CO 80112
+1.800.835.3832
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three months ended
March 31,
2018
2017
Revenue
$375,249
$338,277
Operating Expenses:
Cost of services
283,370
253,898
Selling, general and administrative
47,045
43,220
Depreciation and amortization
17,924
14,500
Restructuring and integration charges, net
849
169
Impairment losses
1,120
-
Total operating expenses
350,308
311,787
Income From Operations
24,941
26,490
Other income (expense)
(16,907)
(932)
Income Before Income Taxes
8,034
25,558
Provision for income taxes
(2,102)
(5,391)
Net Income
5,932
20,167
Net income attributable to noncontrolling interest
(1,341)
(922)
Net Income Attributable to TTEC Stockholders
$ 4,591
$ 19,245
Net Income Per Share Attributable to TTEC Stockholders
Basic
$ 0.10
$ 0.42
Diluted
$ 0.10
$ 0.42
Income From Operations Margin
6.6%
7.8%
Net Income Attributable to TTEC Stockholders Margin
1.2%
5.7%
Effective Tax Rate
26.2%
21.1%
Weighted Average Shares Outstanding
Basic
45,871
45,950
Diluted
46,452
46,315
TTEC HOLDINGS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(unaudited)
Three months ended
March 31,
2018
2017
Revenue:
Customer Management Services
$292,641
$252,079
Customer Growth Services
32,540
33,658
Customer Technology Services
35,208
35,693
Customer Strategy Services
14,860
16,847
Total
$375,249
$338,277
Income From Operations:
Customer Management Services
$ 18,215
$ 20,596
Customer Growth Services
1,380
2,410
Customer Technology Services
4,844
3,057
Customer Strategy Services
502
427
Total
$ 24,941
$ 26,490
TTEC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
March 31,
December 31,
2018
2017
ASSETS
Current assets:
Cash and cash equivalents
$ 81,594
$ 74,437
Accounts receivable, net
344,249
385,751
Other current assets
84,409
74,767
Assets held for sale
7,412
7,835
Total current assets
517,664
542,790
Property and equipment, net
157,215
163,297
Other assets
359,983
372,649
Total assets
$1,034,862
$ 1,078,736
LIABILITIES AND EQUITY
Total current liabilities
$ 223,446
$ 200,456
Liabilities held for sale
1,481
1,322
Other long-term liabilities
464,712
514,113
Total equity
345,223
362,845
Total liabilities and equity
$1,034,862
$ 1,078,736
TTEC HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION
(In thousands, except per share data)
(unaudited)
Three months ended
March 31,
2018
2017
Reconciliation of Adjusted EBITDA:
Net Income
**
$ 5,932
$ 20,167
Interest income
(1,068)
(426)
Interest expense
6,459
2,318
Provision for income taxes
2,102
5,391
Depreciation and amortization
17,924
14,500
Asset impairment, restructuring and integration charges
1,969
169
Impairment of equity investment
15,632
-
Gain on sale of business unit
(794)
-
Gain on bargain purchase of acquisition
(685)
-
Equity-based compensation expenses
3,609
2,041
Adjusted EBITDA
$ 51,080
$ 44,160
Reconciliation of Free Cash Flow:
Cash Flow From Operating Activities:
Net income
**
$ 5,932
$ 20,167
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
17,924
14,500
Other
43,531
40,265
Net cash provided by operating activities
67,387
74,932
Less - Total Capital Expenditures
7,508
12,035
Free Cash Flow
$ 59,879
$ 62,897
Reconciliation of Non-GAAP Income from Operations:
Income from Operations
**
$ 24,941
$ 26,490
Restructuring and integration charges, net
849
169
Impairment losses
1,120
-
Non-GAAP Income from Operations
$ 26,910
$ 26,659
Non-GAAP Income from Operations Margin
7.2%
7.9%
Reconciliation of Non-GAAP EPS:
Net Income
**
$ 5,932
$ 20,167
Add: Asset impairment, restructuring and integration charges, net of related taxes
1,359
117
Add: Interest charge related to future purchase of remaining 30% for Motif acquistion
1,925
-
Add: Impairment of equity investment, net of related taxes
11,411
-
Less: Gain on sale of business unit, net of related taxes
(580)
-
Less: Gain on bargain purchase of acquisition, net of related taxes
(500)
-
Add: US 2017 Tax Act
485
-
Add: Changes in valuation allowance and returns to provision adjustments
(562)
(36)
Non-GAAP Net Income
$ 19,470
$ 20,248
Diluted shares outstanding
46,452
46,315
Non-GAAP EPS
$0.42
$0.44
** The numbers above include the adoption of ASC 606 and include the following first quarter 2018 amounts :
First Quarter 2018 Revenue : + $12.5 million
First Quarter 2018 Operating Income : + $6.3 million
First Quarter 2018 Net Income : + $4.5 million
TELETECH HOLDINGS, INC.
Non-GAAP AHFS/WD Reconciliation (Excluding Assets Held For Sale and Wind-down) & Year-over-Year (YoY) Growth Rate Comparison
U.S. Dollars in Thousands
FIRST QUARTER
(three months end, March 31, 2018)
Revenue
Operating Income
TTEC Digital
GAAP
Revenue
Revenue
Contribution
from AHFS/WD
Non-GAAP
Revenue
(excluding
AHFS/WD)
TTEC Digital
GAAP
Operating
Income
Non-GAAP
Operating
Income
Adjustments
Non-
GAAP
Operating
Income
Non-GAAP
Operating
Income
Contribution
from AHFS/WD
Non-GAAP
Operating
Income
(excluding
AHFS/WD)
CTS
$ 35,208
$ -
$ 35,208
CTS
$ 4,844
$ -
$ 4,844
$ (1)
$ 4,845
YoY Growth Rate:
-1.4%
11.0%
Operating Margin:
13.8%
13.8%
13.8%
CSS
$ 14,860
$ 1,608
$ 13,252
CSS
$ 502
$ 51
$ 553
$ (464)
$ 1,017
YoY Growth Rate:
-11.8%
-8.4%
Operating Margin:
3.4%
3.7%
7.7%
TTEC Engage
TTEC Engage
CMS
$292,641
$ -
$ 292,641
CMS
$ 18,215
$ 1,273
$ 19,488
$ -
$ 19,488
YoY Growth Rate:
16.1%
16.1%
Operating Margin:
6.2%
6.7%
6.7%
CGS
$ 32,540
$ -
$ 32,540
CGS
$ 1,380
$ 645
$ 2,025
$ (24)
$ 2,049
YoY Growth Rate:
-3.3%
0.2%
Operating Margin:
4.2%
6.2%
6.3%
Company (Consolidated)
$375,249
$ 1,608
$ 373,641
Company (Consolidated)
$ 24,941
$ 1,969
$ 26,910
$ (489)
$ 27,399
YoY Growth Rate:
10.9%
13.0%
Operating Margin:
6.6%
7.2%
7.3%
Segments Defined: CMS (Customer Management Services), CGS (Customer Growth Services), CTS (Customer Technology Services), CSS (Customer Strategy Services)
Non-GAAP AHFS/WD Defined:Excludes from revenue and operating income i) assets held for sale and wind-down, and ii) impairment, restructuring and integration charges.
View original content with multimedia: http://www.prnewswire.com/news-releases/ttec-announces-first-quarter-2018-financial-results-300644926.html
SOURCE TTEC Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ttec-announces-first-quarter-2018-financial-results.html |
SCOTTSDALE, Ariz., May 03, 2018 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (NASDAQ:KONA), an American grill and sushi bar, will hold a conference call on Thursday, May 10, 2018 at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2018. The Company will report its financial results in a press release prior to the conference call.
To access the conference call investors may dial 1-323-794-2423.The conference call will be followed by a question and answer session. Please call the conference telephone number 5-10 minutes prior to the start time so that an operator may register your name and organization.
The conference call will be broadcast simultaneously over the internet via the investors section of the Company’s website at www.konagrill.com .
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through June 9, 2018 by calling 1-412-317-6671. To access the replay please use the ID number 4757721. The replay will also be available via the investors section of the Company’s website at www.konagrill.com .
About Kona Grill
Kona Grill features a global menu of contemporary American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. Kona Grill owns and operates 46 restaurants, guided by a passion for quality food and exceptional service. Restaurants are located in 23 states and Puerto Rico: Alabama (Huntsville); Arizona (Chandler, Gilbert, Phoenix, Scottsdale(2)); California (Irvine); Colorado (Denver); Connecticut (Stamford); Florida (Miami, Tampa, Sarasota, Winter Park); Georgia (Alpharetta); Hawaii (Honolulu); Illinois (Lincolnshire, Oak Brook); Indiana (Carmel); Idaho (Boise); Louisiana (Baton Rouge); Maryland (Baltimore); Michigan (Troy); Minnesota (Eden Prairie, Minnetonka); Missouri (Kansas City); Nebraska (Omaha); New Jersey (Woodbridge); Nevada (Las Vegas(2)); Ohio (Cincinnati, Columbus); Puerto Rico (San Juan); Tennessee (Franklin); Texas (Austin, Dallas, El Paso, Friendswood, Fort Worth, Houston, Plano, San Antonio(2), The Woodlands); Virginia (Arlington, Fairfax, Richmond). Additionally, Kona Grill has three restaurants in Monterrey, Mexico, Dubai, United Arab Emirates and Vaughan, Canada that operate under franchise agreements. For more information, visit www.konagrill.com
Investor Relations Contact:
Kona Grill, Inc.
Christi Hing, Chief Financial Officer
(480) 922-8100
[email protected]
Source:Kona Grill, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-kona-grill-sets-first-quarter-2018-conference-call-for-thursday-may-10-2018-at-500-p-m-et.html |
Risk, Privacy, and Compliance Specialist Will Support Company Advancements in Orchestration and Reporting
VANCOUVER, British Columbia--(BUSINESS WIRE)-- D3 Security, a developer of award-winning security orchestration, automation and incident response (SOAR) solutions for Fortune 500 companies, today announced the addition of cybersecurity leader, Christian Reina, as the company’s Director of Incident Response. Reina’s extensive background spans 20 years and includes security program development and executive leadership for large and highly regulated organizations. An accredited CISSP, CISM, CRISC, CISA, and PMP, Reina will support the continued development of D3 Security’s award-winning Security Orchestration, Automation and Incident Response (SOAR) solution.
Before joining D3 Security, Reina served as the Information Security Officer and Assistant Director of Information Risk Management for the 1199SEIU National Benefit Fund. In this role, he organized the strategic design and successful implementation of a comprehensive information security program across 23 operating funds, as well as a shared service organization. Prior to this, Reina was an Accredited CISSP Trainer for The Knowledge Academy in New York City, following a 12-year stint leading a cybersecurity and enterprise risk management team for the Affinity Federal Credit Union.
“Implementations of our security orchestration, automation, and incident response platform are growing rapidly, and the people behind it are key drivers of our customers’ success,” said Gordon Benoit, President of D3 Security. “We are excited to welcome Christian to our team and confident that his knowledge and skills will greatly aid both D3 and our valued customers.”
In his new role, Reina will work with D3 Security’s acclaimed product development team to ensure the platform’s orchestration, automation, and investigation management capabilities directly align with the needs of the enterprise. Drawing on his own experience with highly regulated industries, he will support D3 Security in addressing and solving the real-world challenges experienced by SOC analysts, team leaders, and CISOs worldwide.
“D3 Security has an exceptional reputation as the only technology provider to offer an all-encompassing solution that combines SOAR and robust case management,” said Reina. “I am honored to join their team and contribute to their work of supercharging enterprise SOCs and revolutionizing their incident response capabilities.”
To learn more about D3 Security’s leadership team and incident response orchestration platform, please visit https://d3security.com .
About D3 Security
D3 Security’s Incident Response Orchestration Platform is the foundation for the world’s most advanced security operations. The automated incident response and case management solution enables full-lifecycle incident management, relieving the pressure on analysts and SOCs, while helping organizations to rapidly remediate incidents and generate a comprehensive log of incidents and actions taken. Industry-specific configurations are available, as are fully configurable workflows and playbooks based on the NIST, SANS and CERT standards.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005104/en/
LaunchTech Communications
Allison Arvanitis, 910-690-9482
[email protected]
Source: D3 Security | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-cybersecurity-leader-christian-reina-joins-d3-security-as-director-of-incident-response.html |
(Adds details from regulatory filing, background)
May 17 (Reuters) - Warehouse club operator BJ's Wholesale Club Holdings Inc has filed for an initial public offering with regulators on Thursday to list itself on the New York Stock Exchange, marking its bid to become a public company again.
BJ's move to list itself comes as the U.S. retail industry is undergoing a massive transformation, due to the increasing shift of consumer dollars being spent online.
Warehouse club operators, however, have largely bucked the downturn as their business models rely mainly on recurring membership revenues rather than just topline sales.
The company, which was taken private in 2011 for $2.8 billion in cash by private equity firms Leonard Green & Partners LP and CVC Capital Partners Ltd, will list under the symbol "BJ", a regulatory filing showed.
The Wall Street Journal reported in April that the company could be valued between $2 billion and $3 billion, with its private-equity backers raising at least $400 million.
The preliminary filing did not reveal how many shares the company planned to sell or their expected price.
Founded in 1984, the company owns 215 warehouse clubs, mainly on the U.S. east coast, and competes with Walmart Inc's Sam's Club and Costco Wholesale Corp.
BJ's said it generated net income of $50 million on total sales of $12.8 billion for fiscal 2017.
The share offering will be underwritten by Bofa Merrill Lynch, Deutsche Bank Securities, Goldman Scahs and J.P. Morgan. (Reporting by Sweta Singh and Sidharth Cavale in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-1-bjs-wholesale-files-for-ipo-in-shifting-us-retail-landscape.html |
Xenon’s novel clinical stage epilepsy candidates, XEN1101 and XEN901, to be presented at upcoming
14th Eilat Conference on New Antiepileptic Drugs and Devices on May 15, 2018
BURNABY, British Columbia, May 08, 2018 (GLOBE NEWSWIRE) -- Xenon Pharmaceuticals Inc. (Nasdaq:XENE), a clinical stage biopharmaceutical company, today reported its financial results for the quarter ended March 31, 2018 and provided a corporate update.
Dr. Simon Pimstone, Xenon’s Chief Executive Officer, said, “Xenon is approaching an exciting and pivotal juncture within our clinical epilepsy programs. We are presenting interim Phase 1 data from our ongoing XEN1101 clinical trial at the 14th EILAT Conference in Madrid, Spain on May 15, 2018. Our presentation will include a preliminary pharmacodynamic read-out from the completed Phase 1a transcranial magnetic stimulation (TMS) study. We are also providing an update on our XEN901 epilepsy program in a second podium presentation.”
Dr. Pimstone added, “We have now locked the XEN1101 clinical database in order to analyze preliminary Phase 1 results from 42 healthy volunteers. We are looking forward to presenting these interim XEN1101 data; not only will we have a better understanding of the safety, tolerability and pharmacokinetics of XEN1101, but positive TMS findings could provide early validation of target engagement and activity on cortical excitability and help guide our planning for the next stages of clinical development. These interim data will also allow for a comparison between XEN1101 and a first generation potassium channel opener, ezogabine, which was approved for the adjunctive treatment of adult focal seizures. Looking forward, we expect to be able to present the complete XEN1101 Phase 1 data, including results from the Phase 1b randomized TMS study in the second half of the year, and, anticipate initiating a Phase 2 clinical trial in adult patients with focal seizures by year end.”
Dr. Pimstone continued, “Additionally, we remain on track to present the complete XEN901 Phase 1 data in the second half of this year and initiate a Phase 2 clinical trial thereafter. These significant milestones underscore the substantial amount of progress we have made within our proprietary and highly differentiated epilepsy programs and contribute to our excitement around the near-term catalysts still to come this year.”
Achievements and Anticipated Milestones
XEN1101 is a Kv7 potassium channel opener being developed by Xenon for the treatment of epilepsy including: treatment-resistant adult and pediatric focal seizures; rare, pediatric forms of epilepsy, such as EIEE7, an early infantile epileptic encephalopathy associated with mutations in the KCNQ2 gene that cause loss-of-function in the Kv7.2 potassium channel; and potentially other neurological disorders.
The XEN1101 Phase 1 clinical trial currently underway is evaluating the safety, tolerability and pharmacokinetics of both single ascending doses (SAD) and multiple ascending doses (MAD) of XEN1101 in healthy subjects, and includes a pharmacodynamic read-out from a transcranial magnetic stimulation (TMS) study that is designed to assess XEN1101’s ability and potency to modulate cortical excitability, an important CNS effect observed with anti-epileptic drugs. Xenon has completed a Phase 1a pilot TMS study in 8 healthy subjects and has now begun a double-blind, placebo-controlled, randomized cross-over Phase 1b TMS study, which is expected to include approximately 15 healthy subjects.
Xenon is presenting interim Phase 1 results – including preliminary pharmacokinetic, tolerability and safety data from 42 subjects, along with a read-out from the 8 subject Phase 1a pilot TMS study – at the 14th EILAT Conference on New Antiepileptic Drugs and Devices to be held in Madrid, Spain on May 15, 2018. The release of the complete Phase 1 results, including the Phase 1b TMS data from approximately 15 subjects, is anticipated in the second half of 2018. Xenon anticipates initiating a Phase 2 clinical trial evaluating XEN1101 as a treatment for adult focal seizures by year end. Xenon also intends to explore a parallel plan to advance XEN1101 into rare, pediatric forms of epilepsy as soon as feasible thereafter.
XEN901 is a potent, highly selective Nav1.6 sodium channel inhibitor being developed by Xenon for the treatment of epilepsy including treatment resistant adult and pediatric focal seizures, as well as rare, pediatric forms of epilepsy, such as EIEE13, an early infantile epileptic encephalopathy due to gain-of-function mutations in the SCN8A gene that encodes the Nav1.6 sodium channel.
The XEN901 Phase 1 clinical trial currently underway is a randomized, double-blind, placebo-controlled study designed to evaluate XEN901’s safety, tolerability and pharmacokinetics in both SAD and MAD cohorts of approximately 64 healthy subjects in total. An update on the XEN901 clinical program, along with supporting pre-clinical data, will be presented at the EILAT Conference on May 15, 2018. Upon completion of the Phase 1 clinical trial, a read-out of results is anticipated in the second half of 2018, followed by a Phase 2 trial evaluating XEN901 as a treatment for adult focal seizures. Xenon also intends to pursue a parallel plan to advance XEN901 into rare, pediatric forms of epilepsy as soon as feasible thereafter.
Xenon has identified an additional clinical stage, ion channel program, XEN007 (active ingredient flunarizine), to expand its existing neurology-focused product pipeline. XEN007 is a CNS-acting calcium channel inhibitor that directly modulates Cav2.1, which is a critical calcium channel implicated in the pathophysiology of familial hemiplegic migraine (HM), a rare and debilitating neurological disorder. Xenon’s clinical development plans include a proposed strategy to develop XEN007 as the first treatment specifically approved for HM anywhere in the world. Xenon has received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for XEN007 for the treatment of HM. In addition, Xenon has entered into key agreements in order to access regulatory files and manufacturing support to potentially enable the accelerated clinical development of XEN007 directly into a Phase 2 clinical trial. Xenon is currently examining various development strategies for XEN007 with key opinion leaders and leading clinicians, as well as exploring options for potential partnerships for this program.
Xenon has an ongoing collaboration with Genentech, a member of the Roche Group, which is focused on developing novel inhibitors of Nav1.7 for the treatment of pain. Genentech has completed a Phase 1 clinical trial for GDC-0310, which is an oral, selective Nav1.7 small-molecule inhibitor developed for the potential treatment of pain. Guidance around the future clinical development of GDC-0310 will be updated once ongoing pre-clinical studies are completed and the final results are analyzed by Genentech.
First Quarter 2018 Financial Results
Cash and cash equivalents and marketable securities as of March 31, 2018 were $35.1 million, compared to $43.7 million as of December 31, 2017. There were 14,171,301 common shares and 2,868,000 Series 1 Preferred Shares, which Series 1 Preferred Shares are convertible into common shares on a one-for-one basis at the option of the holder, subject to certain limitations, outstanding as of March 31, 2018. Based on current assumptions, which include fully supporting the planned clinical development of XEN1101 and XEN901, Xenon anticipates having sufficient cash to fund operations into mid-2019, excluding any revenue generated from existing partnerships or potential new partnering arrangements.
Research and development expenses for the quarter ended March 31, 2018 were $5.6 million, compared to $5.9 million for the same period in 2017. The decrease of $0.3 million was primarily attributable to decreased spending on XEN801, a product candidate that is no longer being developed, and a decrease in pre-clinical, discovery and other internal program expenses. This decrease was partially offset by increased spending on XEN1101, which was acquired in April 2017, XEN901 and pre-clinical and discovery expenses supporting our Nav1.6 program.
General and administrative expenses for the quarter ended March 31, 2018 were $2.2 million and did not change significantly as compared to $2.1 million for the same period in 2017.
Other income for the quarter ended March 31, 2018 was $4.1 million, compared to $0.5 million for the same period in 2017. The increase was primarily driven by a one-time gain of $4.4 million on the termination of the collaboration agreement with Teva Pharmaceuticals International GmbH, along with Teva Canada Limited (collectively, “Teva”) resulting from the cancellation of 1,000,000 common shares of Xenon that were owned by Teva, partially offset by a change in unrealized foreign exchange gains and losses arising from the translation of Canadian denominated balances to U.S. dollars.
Net loss for the quarter ended March 31, 2018 was $3.8 million, compared to $7.5 million for the same period in 2017, due primarily to the increase in other income.
Xenon also announced today that it has entered into an at-the-market equity offering sales agreement with Stifel, Nicolaus & Company, Incorporated, under which Xenon may sell its common shares, from time-to-time, for up to $30.0 million in aggregate sales proceeds in "at the market" transactions.
Conference Call Information
Xenon will host a conference call and live audio webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its first quarter 2018 financial results and to provide a business update. To participate in the call, please dial (855) 779-9075, or (631) 485-4866 for international callers, and provide conference ID number 4982979. The webcast will be broadcast live on the “Investors” section of Xenon's website at www.xenon-pharma.com and will be available for replay following the call for 30 days.
About Xenon Pharmaceuticals Inc.
We are a clinical stage biopharmaceutical company focused on developing innovative therapeutics to improve the lives of patients with neurological disorders. Building upon our extensive knowledge of human genetics and diseases caused by mutations in ion channels, known as channelopathies, we are advancing – both independently and with our collaborators – a novel product pipeline of central nervous system, or CNS, therapies to address areas of high unmet medical need, such as epilepsy, migraine and pain. For more information, please visit www.xenon-pharma.com .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These forward-looking statements are not based on historical fact, and include statements regarding our expectations regarding the sufficiency of our cash to fund operations into mid-2019, the timing of and results from clinical trials and pre-clinical development activities, including those related to XEN901, XEN1101 and our other product candidates, the plans of our collaboration partners, the potential efficacy, safety profile, future development plans, addressable market, regulatory success and commercial potential of XEN901, XEN1101 and our other product candidates, the anticipated timing of IND, or IND equivalent, submissions and the initiation of future clinical trials for XEN901, XEN1101 and our other product candidates, the efficacy of our clinical trial designs, our ability to successfully develop and achieve milestones in the XEN901, XEN1101 and other development programs, the potential to advance XEN007 directly into a Phase 2 clinical trial, the anticipated benefits of the unique mechanisms of action of XEN901 and XEN1101, the design of our clinical trials and anticipated enrollment, and the progress and potential of our other ongoing development programs. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical trials may not demonstrate safety and efficacy of any of our or our collaborators' product candidates; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our efforts to expand our current pipeline may not be successful; any of our or our collaborators' product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; regulatory agencies may not permit XEN007 to advance directly into a Phase 2 clinical trial; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; adverse conditions in the general domestic and global economic markets; as well as the other risks identified in our filings with the Securities and Exchange Commission and the securities commissions in British Columbia, Alberta and Ontario. These forward-looking statements speak only as of the date hereof and we assume no obligation to update these forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.
“Xenon” and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in various jurisdictions. All other trademarks belong to their respective owner.
XENON PHARMACEUTICALS INC.
Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents and marketable securities $ 35,078 $ 43,667 Other current assets 1,583 1,154 Other assets 1,101 1,300 Total assets $ 37,762 $ 46,121 Liabilities Current liabilities: Accounts payable and accrued expenses 2,388 3,383 Loan payable, current portion 1,400 700 Loan payable, long-term 5,476 6,104 Total liabilities $ 9,264 $ 10,187 Shareholders ’ equity $ 28,498 $ 35,934 Total liabilities and shareholders ’ equity $ 37,762 $ 46,121 XENON PHARMACEUTICALS INC.
Condensed Consolidated Statements of Operations
(Expressed in thousands of U.S. dollars except share and per share amounts)
Three Months Ended March 31, 2018 2017 Revenue: Collaboration revenue $ — $ 16 Operating expenses: Research and development 5,580 5,903 General and administrative 2,238 2,100 Total operating expenses 7,818 8,003 Loss from operations (7,818 ) (7,987 ) Other income 4,063 470 Net loss (3,755 ) (7,517 ) Net loss attributable to preferred shareholders (33 ) — Net loss attributable to common shareholders $ (3,722 ) $ (15,752 ) Net loss per common share: Basic $ (0.21 ) $ (0.42 ) Diluted $ (0.21 ) $ (0.43 ) Weighted-average common shares outstanding: Basic 17,804,421 17,946,209 Diluted 17,804,421 17,974,469 Investor/Media Contact :
Jodi Regts
VP, Corporate Affairs & Investor Relations
Xenon Pharmaceuticals Inc.
Phone: 604.484.3353
Email: [email protected]
Source:Xenon Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-xenon-pharmaceuticals-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
AMMAN (Reuters) - Hundreds of rebels left the last major besieged opposition enclave in Syria on Monday, with thousands more expected to follow, responding to months of pressure by a Russian-backed government offensive, the army, rebels and residents said.
A first convoy of buses with hundreds of rebels and their families, accompanied by Russian military police, departed from the city of Rastan, starting a week-long evacuation from towns and villages in an enclave between the cities of Homs and Hama.
Rebels representing several major Free Syrian Army (FSA) factions capitulated to a Russian-imposed deal after marathon talks with Russian generals on May 2 in Dar al Kabira town in the northern Homs countryside.
The deal forced them to hand in heavy weapons and gave those rebels not ready to make peace with the army the option of leaving with light arms to rebel-held areas in northern Syria.
Draft dodgers would have a six-month reprieve.
Russia exerted pressure by pounding the main towns of the enclave, where over 300,000 inhabitants live, in an escalation that killed and wounded dozens, rebels and residents said.
The Russians closed a border crossing near a key road to prevent civilians fleeing, to raise pressure on mainstream rebels to accept the terms, rebels and residents said.
Fears that Russia and its Syrian ally would unleash an even tougher push, on the scale that ended rebel control of Aleppo in 2016 and eastern Ghouta last month, prompted the capitulation to spare civilian lives, residents and civilian negotiators said.
“They left rebels with no option after bombing civilians and giving them no choice either to submit or obliterate their areas and make civilians pay the price,” said Abul Aziz al Barazi, one of the civilian opposition negotiators told Reuters.
BOMBING The war has been going President Bashar al-Assad’s way since Russia intervened on his side in 2015. From holding less than a fifth of Syria in 2015, Assad has recovered to control the largest chunk of the country with Russian and Iranian help.
A major bombing campaign that began last February ended the last remaining pockets of opposition resistance in the eastern Ghouta, the biggest enclave around the capital, that had for years withstood a siege and successive army onslaughts.
The fall of the once heavily defended Ghouta demoralized rebels in others areas further east of the capital closer to the Iraqi border and in a southern Damascus pocket.
Now the only besieged area left is a small enclave in southern Damascus, where a few hundred Islamic State militants are making a last stand as aerial strikes devastate the once teeming major Palestinian camp of Yarmouk, Syria’s largest, and nearby Hajar al Aswad town.
The last batch of rebels in the remaining south Damascus pockets, which includes the towns of Babila, Yalda and Beit Sahem, are expected to leave in the course of this week.
The Homs and Hama rebel enclave deal leaves the mainly Sunni civilians unprotected, leaving many residents there afraid of revenge by militias from surrounding Alawite villages.
Accordingly rebels in the enclave say that under the agreement they have gained assurances that the Russian military police would spread out and man checkpoints around the enclave for a renewable six-month period. The rebels see the move as a guarantee against the entry of paramilitary pro-Assad militias.
While Syria’s conflict is in part a proxy struggle among great powers, it is also has a sectarian element pitting the mainly Sunni-led rebels against the minority Alawite community to which Assad’s family belongs.
In the latest deal and in other areas, many have opted to stay and make peace with the army rather than leave their homes for an uncertain future in refugee camps in northern Syria.
The opposition accuse the authorities of pushing demographic changes that uproot Sunnis. The authorities deny this and say many civilians were held hostage by forces they call terrorists.
Reporting by Suleiman Al-Khalidi, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria/rebels-begin-evacuation-of-syrias-last-besieged-enclave-idUSKBN1I81OD |
SoulCycle formally requested to withdraw its IPO registration on Friday, but it doesn't mean the fitness company is down for the count.
In an SEC filing on Friday, CEO Melanie Whelan said the fitness and lifestyle company "decided not to pursue the offering due to market conditions," but also requested fees paid in connection with the IPO be credited for future use — suggesting the boutique fitness and lifestyle company just may try again in the future.
When SoulCycle initially filed for an IPO in 2015, the company said it hoped to raise at least $100 million, a placeholder figure, to pay off debt and open studios.
As recently as March 12, SoulCycle rival Peloton was reportedly seeking $120 million more in funding, which would push its valuation to $1.2 billion, Bloomberg reported.
Disclosure: Comcast, the parent company to NBCUniversal and CNBC, is an investor in Peloton.
WATCH: SoulCycle pulls its IPO show chapters SoulCycle pulls IPO due to market conditions 21 Hours Ago | 01:52 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/soulcycle-pulls-ipo-due-to-market-conditions.html |
May 30, 2018 / 5:13 AM / a few seconds ago Kazakhstan says Belgian court lifts $21.5 billion asset freeze Reuters Staff 2 Min Read
ALMATY (Reuters) - A Belgian court has lifted a freeze on about $21.5 billion (16.2 billion pounds) in Kazakhstan’s National fund assets imposed after a dispute with a Moldovan businessman, the Kazakh justice ministry said on Wednesday.
The largest asset freeze against the Central Asian nation, originally put in place last year over a $530 million claim against the Kazakh government by Anatolie Stati, will now be limited to the value of the claim, the ministry said in a statement.
Stati, his son Gabriel and their companies say they have been subjected to harassment from Astana aimed at forcing them to sell their Kazakh investments cheaply.
Kazakhstan denies the allegations. However, the Statis and two of their companies – Ascom Group S.A. and Terra Raf Trans Traiding Ltd - have won an international arbitration award of around $500 million against the Kazakh government.
Kazakhstan has refused to pay, accusing Stati of using fraudulent means to secure a favorable arbitration ruling and filing lawsuits against him. The Statis, in turn, filed enforcement lawsuits in several European countries which led to large-scale Kazakh asset freezes last year.
The justice ministry said on Wednesday the Belgian court could lifted the freeze on the remaining $530 million depending on a ruling by a British court - where Kazakhstan is disputing the Statis’ claim, with trial set to start in October.
The $59 billion rainy-day National fund, replenished by revenues from oil and metals exports, is one of Kazakhstan’s sovereign funds, invested mostly in bonds. Reporting by Olzhas Auyezov; Editing by Gopakumar Warrier | ashraq/financial-news-articles | https://uk.reuters.com/article/us-kazakhstan-fund-belgium/kazakhstan-says-belgian-court-lifts-21-5-billion-asset-freeze-idUKKCN1IV0E8 |
(Repeats with no changes to text)
HELSINKI, April 30 (Reuters) - Finland’s Amer Sports has agreed to buy Swedish sports fashion brand Peak Performance from IC Group for about 255 million euros ($309 million), the companies said on Monday.
Amer will add Peak Performance’s outdoor fashion and urban collection to a brand portfolio that includes Wilson tennis rackets, Salomon skis and Louisville Slugger baseball bats.
“Peak Performance ...has a strong relevancy in sports fashion, and moreover a significant share of sales in womenswear and direct to consumer,” Amer said in a statement.
Peak has annual sales of 145 million euros while Amer reported 2017 revenue of 2.7 billion euros.
Amer shares were up 2.2 percent while IC Group was up 4.3 percent at 0818 GMT.
$1 = 0.8249 euros Reporting by Jussi Rosendahl; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/peakperformance-ma-amer-sports/rpt-finlands-amer-sports-buys-peak-performance-for-309-million-idUSL8N1S72U2 |
Private investigators root out sexual harassment in the workplace 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/workplace-sexual-harassment-investigators.html |
How ‘Solo’ star Donald Glover (aka Childish Gambino) went from YouTube comic to ‘Star Wars’ 13 Mins Ago Before Donald Glover (also known as Childish Gambino) played Lando Calrissian in the new "Star Wars" movie, he was making viral YouTube comedy videos that caught Tina Fey's attention. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/solo-star-donald-glover-from-youtube-comic-to-star-wars.html |
May 30, 2018 / 12:13 AM / Updated 10 hours ago Grand Slam, French Open Women's Singles Seeds Progress Reuters Staff 5 Min Read May 30 (OPTA) - Seeds Progress from the Grand Slam, French Open Women's Singles matches on Tuesday .. Seeds .. Seed Round Rslt Opponent Score 1 Simona Halep (ROU) 1st to play Alison Riske (USA) (start 09:00) 2 Caroline Wozniacki (DEN) 2nd to play Georgina Garcia Perez (ESP) (start 13:30) 1st won Danielle Collins (USA) 7-6(2) 6-1 3 Garbine Muguruza (ESP) 2nd to play Fiona Ferro (FRA) (start 08:00) 1st won Svetlana Kuznetsova (RUS) 7-6(0) 6-2 4 Elina Svitolina (UKR) 2nd to play Viktoria Kuzmova (SVK) (start 09:00) 1st won Ajla Tomljanovic (AUS) 7-5 6-3 5 Jelena Ostapenko (LAT) 1st lost Kateryna Kozlova (UKR) 7-5 6-3 6 Karolina Pliskova (CZE) 2nd to play Lucie Safarova (CZE) (start 08:00) 1st won Barbora Krejcikova (CZE) 7-6(6) 6-4 7 Caroline Garcia (FRA) 2nd to play Shuai Peng (CHN) (start 08:00) 1st won Ying-Ying Duan (CHN) 6-1 6-0 8 Petra Kvitova (CZE) 2nd to play Lara Arruabarrena (ESP) (start 09:00) 1st won Veronica Cepede Royg (PAR) 3-6 6-1 7-5 9 Venus Williams (USA) 1st lost Qiang Wang (CHN) 6-4 7-5 10 Sloane Stephens (USA) 2nd to play Magdalena Frech (POL) (start 15:30) 1st won Arantxa Rus (NED) 6-2 6-0 11 Julia Goerges (GER) 2nd to play Alison Van Uytvanck (BEL) (start 08:00) 1st won Dominika Cibulkova (SVK) 6-4 5-7 6-0 12 Angelique Kerber (GER) 2nd to play Ana Bogdan (ROU) (start 08:00) 1st won Mona Barthel (GER) 6-2 6-3 13 Madison Keys (USA) 2nd to play Caroline Dolehide (USA) (start 11:30) 1st won Sachia Vickery (USA) 6-3 6-3 14 Daria Kasatkina (RUS) 2nd to play Kirsten Flipkens (BEL) (start 16:00) 1st won Kaia Kanepi (EST) 6-4 6-1 15 Coco Vandeweghe (USA) 2nd to play Lesia Tsurenko (UKR) (start 08:00) 1st won Laura Siegemund (GER) 6-4 6-4 16 Elise Mertens (BEL) 2nd to play Heather Watson (GBR) (start 08:00) 1st won Varvara Lepchenko (USA) 6-7(9) 7-6(4) 6-0 17 Ashleigh Barty (AUS) 2nd to play Serena Williams (USA) (start 08:00) 1st won Natalia Vikhlyantseva (RUS) 6-3 6-1 18 Kiki Bertens (NED) 2nd to play Aliaksandra Sasnovich (BLR) (start 08:00) 1st won Aryna Sabalenka (BLR) 6-2 6-1 19 Magdalena Rybarikova (SVK) 2nd to play Belinda Bencic (SUI) (start 08:00) 1st won Luksika Kumkhum (THA) 6-3 6-0 20 Anastasija Sevastova (LAT) 1st lost Mariana Duque Marino (COL) 4-6 6-1 6-3 21 Naomi Osaka (JPN) 2nd to play Zarina Diyas (KAZ) (start 09:00) 1st won Sofia Kenin (USA) 6-2 7-5 22 Johanna Konta (GBR) 1st lost Yulia Putintseva (KAZ) 6-4 6-3 23 Carla Suarez Navarro (ESP) 2nd to play Maria Sakkari (GRE) (start 16:00) 1st won Ana Konjuh (CRO) 6-0 6-1 24 Daria Gavrilova (AUS) 2nd to play Bernarda Pera (USA) (start 08:00) 1st won Sorana Cirstea (ROU) 4-6 7-6(4) 6-3 25 Anett Kontaveit (EST) 2nd to play Alexandra Dulgheru (ROU) (start 09:00) 1st won Madison Brengle (USA) 6-1 4-6 6-2 26 Barbora Strycova (CZE) 2nd to play Ekaterina Makarova (RUS) (start 09:00) 1st won Kurumi Nara (JPN) 1-6 6-3 6-4 27 Shuai Zhang (CHN) 2nd to play Irina-Camelia Begu (ROU) (start 08:00) 1st won Kristina Kucova (SVK) 6-0 7-5 28 Maria Sharapova (RUS) 2nd to play Donna Vekic (CRO) (start 08:00) 1st won Richel Hogenkamp (NED) 6-1 4-6 6-3 29 Kristina Mladenovic (FRA) 1st lost Andrea Petkovic (GER) 7-6(10) 6-2 30 Anastasia Pavlyuchenkova (RUS) 2nd to play Samantha Stosur (AUS) (start 08:00) 1st won Polona Hercog (SLO) 6-4 7-6(1) 31 Mihaela Buzarnescu (ROU) 2nd to play Rebecca Peterson (SWE) (start 09:00) 1st won Vania King (USA) 6-3 6-3 32 Alize Cornet (FRA) 2nd to play Pauline Parmentier (FRA) (start 16:00) 1st won Sara Errani (ITA) 2-6 6-2 6-3 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-seeds-womens-singles/grand-slam-french-open-womens-singles-seeds-progress-idUKMTZXEE5UILW5SH |
May 21, 2018 / 12:23 PM / Updated 24 minutes ago PRECIOUS-Gold hits 2018 low as trade comments lift stocks, dollar Reuters Staff 3 Min Read * Dollar index climbs to five-month high * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Updates prices; adds comment, byline, NEW YORK to dateline) By Renita D. Young and Jan Harvey NEW YORK/LONDON, May 21 (Reuters) - Gold on Monday marked a new low for the year to date after U.S. Treasury Secretary Steven Mnuchin's declaration that a trade war between China and the United States was "on hold" helped boost appetite for higher-risk assets, such as stocks. Buoyancy in U.S. Treasury yields also weighed on appetite for non-interest-bearing assets, like bullion, analysts said. Spot gold fell to its lowest since late December at $1,281.76 an ounce, and was down 0.03 percent at $1,291.1 per ounce by 1:34 p.m. EDT (1734 GMT). U.S. gold futures for June delivery settled down 40 cents, or 0.03 percent, at $1,290.90 per ounce. "The dollar's riding high and the 10-year (Treasury note's) yield has broken above 3.05 percent for the first time since 2011," said Mitsubishi analyst Jonathan Butler. A stronger dollar makes assets priced in the U.S. greenback more expensive for holders of other currencies, while a bounce in yields had added to pressure on gold. "With the China trade news, international investors sold off gold," said Michael Matousek, head trader at U.S. Global Investors. The world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks aimed at boosting U.S. exports to China. Gold prices last week fell below the psychologically-important level of $1,300 an ounce, and posted the first weekly close below the 200-day moving average since late December. The yellow metal is also being weighed down by expectations that the Federal Reserve will lift U.S. interest rates again next month. Higher interest rates make non-yielding assets like gold less attractive to investors. Naeem Aslam, chief market analyst at Think Markets, said investors were now looking ahead to this week's meeting of the Federal Open Market Committee, which sets rates. "If the Fed doesn't tame its hawkish stance, we would expect more weakness in the gold price," he said. Mitsubishi's Butler said gold could benefit from safe-haven buying in the long run if that exuberance loses steam and inflation pressures mount. But he added: "It's possible that we might see a further correction in the very short term. That will of course depend on the newsflow, and whether the dollar can hold on to its gains." Meanwhile, platinum gained 1.9 percent at $899.50 an ounce, after also marking a fresh low for the year in earlier trade at $873.50. Silver was up 0.4 percent at $16.49 an ounce, while palladium , the most industrial of the major precious metals, jumped 2.9 percent to $990.72. (Additional reporting by Apeksha Nair in Bengaluru; editing by Adrian Croft and G Crosse) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-hits-2018-low-as-trade-comments-lift-stocks-dollar-idUSL5N1SS2R0 |
THE WOODLANDS, TEXAS, Optium Cyber Systems, Inc. (the Company) (OTC:OCSY) has released its financial results for the first fiscal quarter ended March 31, 2018. The financial statements and annual report may be viewed at: www.otcmarkets.com/stock/OCSYD/disclosure
In comparison to the same period last year:
-- current assets decreased $326,722 due to the write-off of uncollectable receivable;
-- non-current assets grew $2,345,427 as a result of the acquisition of a technology platform and an investment in an associated company through the issuance of a licensing agreement;
-- current liabilities increased $46,850 as a result of the appointment of additional management and related accrued management fees;
-- operating revenue increased $150,000 compared to $0 as a result of the commencement of the monetization of the technology platform;
-- operating expenses decreased $43,141 due to a reduction of consulting and professional fees; and
-- net income increased to $38,303 compared to a net loss of $154,841.
“We are very pleased that our company continues to show a profit,” commented George Rutherford, President of Optium Cyber Systems. “We are one of a handful of startup tech companies that have been able to successfully monetize their technology in a very short period of time. At the same time we have been able to control our costs resulting in positive bottom line. Our continued goal is to be first to market with a comprehensive yet cost-effective cyber security solution that is transferrable to any situation and scalable to any size;” continued Mr. Rutherford.
About Optium Cyber Systems, Inc.
OCSI has developed a proprietary process to analyze, identify and address cyber security vulnerabilities in an organization’s critical IT infrastructure which is scalable to any size organization in any industry. OCSI has recently launched in the health care sector, focusing on protecting health care facilities including hospitals, nursing homes and doctor’s offices from cyberthreats such as the manipulation of medical devices or theft of patient records. OCSI is a publicly traded company having its common shares Quote: d on the OTC Markets under the symbol "OCSY".
Contact
Investor Relations
Ten Associates LLC
11529 N. 120th St.
Scottsdale, Arizona
85259 USA
Telephone: 480-326-8577
Contact: Thomas E. Nelson
Email: [email protected]
Optium Cyber Systems, Inc.
8350 Ashlane Way, Suite 104
The Woodlands, Texas
77382 USA
Telephone: 936-559-7407
Web: www.optiumcyber.com
Email: [email protected]
Twitter: https://twitter.com/OCSI4INVESTOR
Facebook: https://www.facebook.com/OCSI4INVESTOR
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Optium Cyber Systems, Inc.'s filings with OTC Markets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source:Optium Cyber Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-optium-cyber-systems-releases-2018-first-quarter-financial-results.html |
5 COMMENTS Iranians walk past a currency exchange shop in Tehran on April 10. Photo: AFP/Getty Images
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here . Follow us on Twitter at @WSJRisk.
Bribery:
One of China’s wealthiest people was sentenced to four years in prison for bribing officials at the United Nations. Ng Lap Seng apologized before his sentencing . (AP, NYT, AFR)
A former energy minister on the Caribbean nation of Antigua and Barbuda denies asking for bribes despite taped phone calls suggesting otherwise. The tapes reveal property magnate Peter Singh Virdee and another businessman discussing payoff to politicians. Both men deny wrongdoing. (AO, SKNO)
A former mayor of Niles, Ohio, was sentenced to 10 years in prison for taking bribes. (AP, VV)
Money Laundering:
The Council of the European Union on Monday endorsed new rules to combat money laundering and terrorist financing. (release)
Italian mobsters are using casinos in Malta to launder money, an investigation found. (OCCRP)
Banks and regulators in Singapore released their best practices for combating money laundering. (AT)
Japan is running into challenges as it tries to crack down on money laundering involving crytopcurrencies. (TM)
Cybercrime/Privacy:
The Chili’s restaurant chain says some customer data, including credit card information, was hacked during a malware attack . (DB, CNBC)
A number of issues are muddying efforts in Nigeria to combat cybercrime. (GuardianNG)
A family-planning nonprofit organization in New South Wales, Australia, says personal information of clients was compromised in a ransomware attack. (ZDN)
Sanctions:
U.S. President Donald Trump reversed course and said he now is looking for ways to spare Chinese telecommunications equipment company ZTE Corp. from U.S. sanctions. (WP, NYT)
European Union companies that continue to do business with Iran could face U.S. sanctions. The sanctions threat comes as the head of the U.S. Joint Chiefs of Staff meets with his NATO counterparts. Europe continues its push to save the agreement. Can reneging on the deal turn allies against the U.S.? (Reuters, CNN, WE, Bloomberg, CNN)
Russia oil and gas company Rosneft signed a deal to export more oil to Europe despite western sanctions against the country. (MT)
South Korean businesses are ready to invest in North Korea if sanctions are removed. (Guardian)
Transparency:
Mr. Trump has until Tuesday to release his personal financial disclosure report . Will it include details of the payment to porn star Stormy Daniels? (USAT)
Details from the Paradise Papers show Ukrainian criminals hid their ill-gotten gains by buying expensive London real estate. (BBC)
Whistleblowers:
A former HSBC whistleblower who fled to Spain in 2009 was arrested there earlier this month and fears he may be sent to Switzerland to serve a five-year prison term for stealing secret HSBC bank files. (BBC)
General Anticorruption:
A Qatari investor accused of bribery in the U.S. was seen in a photo with Mr. Trump’s personal lawyer, Michael Cohen. The photo was made public by the attorney representing Ms. Daniels in her lawsuit against the president. Qatari officials didn’t comment. Ms. Daniels’ attorney, Michael Avenatti, looks to famed Chinese warrior Sun Tzu for inspiration. (MJ, HP, SCMP)
Some U.S. lawmakers are looking for ways to protect the work being done by special prosecutor Robert Mueller should Mr. Trump decide to fire him. Mr. Trump may not decide on whether to meet in person with Mr. Mueller until after his summit with North Korea’s leader. (NBC, AP)
Malaysia’s former prime minister is accused in a new report of blocking the corruption investigation into the state’s 1MBD fund. The head of Malaysia’s antigraft watchdog stepped down as the country’s new prime minister takes over. The new leader says his finance minister must clear himself of corruption charges before he can resume work. (Reuters, Bloomberg)
Share this: 1MBD Antigua Australia best practices Chili's China Corruption Currents crytopcurrencies EU European Union family planning HSBC Iran Japan Korea London Mafia Malaysia Malta Michael Avenatti Michael Cohen mobsters Mueller Ng Lap Seng Nigeria Peter Singh Virdee Rosneft Russia Singapore Stormy Daniels terrorist financing Trump Ukraine UN United Nations ZTE Previous The Barclays Case Highlights Challenge for Boards Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Conduct Risk: Improving Culture Across the Enterprise Establishing and maintaining effective oversight of employee and organizational conduct have been challenging for a number of global financial services organizations, resulting in damage to reputation and shareholder value. John Taft, vice chairman of Baird, and Elia Alonso, Deloitte Risk and Financial Advisory principal with Deloitte & Touche LLP, discuss how management and the board can help close gaps to build a strong corporate culture and make strides toward better management of conduct risk.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/14/corruption-currents-can-europe-save-nuclear-deal-with-iran/ |
May 16 (Reuters) - DIAGNOSTIC MEDICAL SYSTEMS GROUP SA :
* ANNOUNCED ON TUESDAY THAT Q1 CONSOLIDATED REVENUE WAS EUR 4.9 MLN VS EUR 6.2 MLN YR AGO
Source text: bit.ly/2IjWmjv
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN1I6 |
May 16, 2018 / 8:09 AM / Updated an hour ago IEA warns global oil demand may suffer as crude nears $80 Amanda Cooper 3 Min Read
LONDON (Reuters) - Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo
The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
Oil has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on Tehran over its nuclear activities.
“It would be extraordinary if such a large jump did not affect demand growth, especially as end-user subsidies have been reduced or cut in several emerging economies in recent years,” the IEA said.
Oil inventories in the world’s richest nations, the most transparent and easy to track, have now fallen 1 million barrels below the five-year average, the level targeted by the Organization of the Petroleum Exporting Countries and its partners, as the group restrains crude output for a second year.
“For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market,” the IEA said.
“For its part, the IEA will monitor developments closely and is ready to act if necessary to ensure that markets remain well supplied.”
Iran, which produces around 3.8 million bpd and is OPEC’s third-largest supplier behind Saudi Arabia and Iraq, could face severe disruption to its exports.
The IEA said the previous round of sanctions, which were lifted in early 2016, cut Iran’s crude exports by more than 1 million bpd.
“It is too soon to say what will happen this time, but we should examine whether other producers could step in to ensure an orderly flow of oil to the market and offset a disruption to Iranian exports,” the agency said.
Iran exported 2.6 million bpd of crude in April, according to the oil ministry’s news agency SHANA.
The IEA estimates demand for OPEC’s crude will average 32.25 million bpd for the rest of 2018, compared with output of 32.12 million bpd in April. [OPEC/O].
World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production.
Economic crisis has driven Venezuelan production to its lowest in years, while natural decline in Mexico cut production by 175,000 bpd in April, down 8 percent year-on-year, the largest fall for any non-OPEC producer.
Record output from the United States pushed non-OPEC supplies up by 2.1 million bpd year-on-year to 59.4 million bpd. Production elsewhere outside OPEC was flat to lower, the IEA said, noting declines in the North Sea and Brazil.
The IEA, which advises Western governments on energy policy, expects non-OPEC supply to rise by 1.87 million bpd in 2018, up from a previous forecast of 1.8 million bpd. Reporting by Amanda Cooper; Editing by Dale Hudson | ashraq/financial-news-articles | https://in.reuters.com/article/oil-iea/iea-warns-global-oil-demand-may-suffer-as-crude-nears-80-idINKCN1IH0S6 |
INSIGHT: Preparing the royal wedding cake 1:30pm IST - 01:25
The royal wedding cake designer and her team were busy in Buckingham Palace's kitchens on Thursday (May 17) putting the finishing touches on a ''quintessentially Spring and British'' wedding confectionary fit for a prince and princess. Claire Ptak, who runs a bakery in London, was chosen by Prince Harry and U.S. fiancee Meghan Markle in March to design the cake which will have ''a lemon sponge, a lemon curd filling and an elderflower Swiss spring buttercream'' icing. ▲ Hide Transcript ▶ View Transcript
The royal wedding cake designer and her team were busy in Buckingham Palace's kitchens on Thursday (May 17) putting the finishing touches on a "quintessentially Spring and British" wedding confectionary fit for a prince and princess. Claire Ptak, who runs a bakery in London, was chosen by Prince Harry and U.S. fiancee Meghan Markle in March to design the cake which will have "a lemon sponge, a lemon curd filling and an elderflower Swiss spring buttercream" icing. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KACOEm | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/insight-preparing-the-royal-wedding-cake?videoId=427997087 |
Buying back stock is a horrible thing to do for a bank, says Dick Bove 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/buying-back-stock-is-a-horrible-thing-to-do-for-a-bank-says-dick-bove.html |
ACHESON, Alberta, May 14, 2018 (GLOBE NEWSWIRE) -- ENTREC Corporation (TSX:ENT) (“ ENTREC ” or the “ Company ”), a heavy haul transportation and crane solutions provider, today announced financial results for the first quarter ended March 31, 2018.
Revenue for the three months ended March 31, 2018 increased by 7% to $40.1 million from $37.3 million in 2017 due to significant growth from ENTREC’s operations in the United States. ENTREC’s US revenue increased by 69% to $16.3 million in 2018 from just $9.7 million last year. Higher activity levels related to oil and natural gas in North Dakota and Texas, along with improved customer pricing, were the primary drivers of this growth. In addition, the Company’s recent expansion into Colorado generated additional revenue of $1.1 million in the quarter.
ENTREC’s revenue in Canada declined to $23.7 million in the first quarter of 2018 from $27.6 million last year due to lower activity levels in the conventional oil and gas sector. The slower start to the year in conventional oil and gas was due to lower revenue from construction project activity as well as lower spending on upstream activities by ENTREC’s customers. Offsetting a portion of the revenue decline in Canada was higher revenue related to oil sands maintenance repair and operation (MRO) work in the quarter.
JV Driver loss provision
In the first quarter of 2018, ENTREC deferred recognizing revenue of $1.9 million with the JV Driver Group of Companies (“JV Driver”). This adjustment (the “JV Driver loss provision”) reduced ENTREC’s adjusted EBITDA in Q1 2018 from $2.8 million to $0.9 million and increased adjusted net loss from $3.3 million to $5.2 million. JV Driver is a group of companies under common control that owns approximately 20% of ENTREC’s issued and outstanding common shares and of which one of ENTREC’s directors is also an officer and director.
ENTREC provided heavy haul transportation services to JV Driver related to a construction project in the United States that was completed in March 2018. For this project, JV Driver also requested that ENTREC hire a specific 3 rd party sub-contractor to provide crane services to JV Driver on the project. The amount owing from JV Driver at March 31, 2018 was $3.1 million USD ($4.0 million CAD) related to this project.
JV Driver is now disputing a significant portion of this amount and asserting back charges to ENTREC related to the lack of performance by the 3 rd party sub-contractor. ENTREC believes that all of the amounts owing from JV Driver are valid and will pursue all remedies to collect these balances owing, including continued good-faith negotiations with JV Driver and, if required, litigation.
ENTREC will vigorously assert its rights in this matter and will recognize additional revenue as more certainty over collection of the disputed amounts is achieved, whether through negotiation or litigation.
Included in trade and other payables is also $1.5 million USD ($1.9 million CAD) payable to the noted 3 rd party sub-contractor. ENTREC is disputing a significant portion of these amounts due to the sub-contractor’s non-performance. ENTREC has not yet recognized any recovery related to these disputed amounts.
Adjusted EBITDA and net loss
Adjusted EBITDA declined to $0.9 million in the first quarter of 2018 due to the JV Driver loss provision of $1.9 million. Excluding this adjustment, adjusted EBITDA would have improved to $2.8 million from $2.3 million in the first quarter of 2017 due to the higher US revenue.
Adjusted net loss increased to $5.2 million for the three months ended March 31, 2018, again also due to the JV Driver loss provision. Excluding this provision, adjusted net loss would have improved slightly to $3.3 million from $3.7 million last year.
A summary of ENTREC’s financial results for the first quarter of 2018 was as follows:
Three months ended
$ thousands, except per share amounts and margin percent March 31
2018 March 31
2017 Revenue 40,067 37,298 Gross profit 4,522 5,559 Gross margin 11.3 % 14.9 % Adjusted EBITDA (1)(2) 921 2,281 Adjusted EBITDA margin (1) 2.3 % 6.1 % Per share (1) 0.01 0.02 Adjusted net loss (1) (5,217 ) (3,683 ) Per share (1) (0.05 ) (0.03 ) Net loss (5,078 ) (3,404 ) Per share – basic (0.05 ) (0.03 ) Per share – diluted (0.05 ) (0.03 ) Basic weighted average shares outstanding 109,627 109,491 As at
$ thousands March 31
2018 December 31
2017 Working capital (1) 22,758 27,052 Total assets 224,804 227,496 Total liabilities 184,597 182,705 Shareholders’ equity 40,207 44,791 Note 1: See “Non-IFRS Financial Measures” section of the Company’s Management Discussion & Analysis for the three months ended March 31, 2018.
Note 2: Adjusted EBITDA excluding the JV Driver loss provision of $1.9 million would have been $2.8 million for the quarter ended March 31, 2018.
2018 Outlook
Overall, ENTREC’s strategy to grow its business through geographic and industry diversification in fiscal 2018 will continue to be focused on the following initiatives:
Significantly expanding its business in the United States; Obtaining additional MRO work with existing and new clients; Pursuing construction project work related to infrastructure, power generation, and other industries; Cross-selling crane services and specialized transportation services to existing clients; and Acquiring new customers through a continued focus on safety and customer service.
“As we move through 2018, the outlook for our US business continues to be very positive,” said John M. Stevens, ENTREC’s President and CEO. “Growing demand for our services in a recovering oil and gas sector is leading to both increased activity levels as well as higher customer pricing. Assuming oil prices can be maintained at current levels or increase further as 2018 progresses, we should continue to see higher industry activity levels in the United States that should result in further customer pricing improvements and improved profitability.”
In addition to the on-going growth from its operations in North Dakota and Texas, ENTREC recently expanded its operations into Colorado in the fourth quarter of 2017. The Company’s new operations in Colorado are focused on supporting several industries, including the oil and gas sector, wind power, and other general construction. ENTREC anticipates its revenue will continue to grow in the Colorado market over the balance of 2018.
"Due to macro-economic factors and low natural gas prices, we remain cautious on the oil and natural gas industry in western Canada in the short-term,” said Mr. Stevens. “These macro-economic factors include current pipeline constraints, which have contributed to significant discounts in the market price for the oil produced in western Canada compared with other jurisdictions. Other negative macro-economic factors include rising carbon taxes and increasing regulatory requirements to achieve government approvals for large industrial projects. Until the industry environment improves, producers will continue to be hesitant to invest in oil and gas developments in western Canada.”
ENTREC expects revenue from its MRO work in the Alberta oil sands region will continue to be steady throughout 2018. A final investment decision on the $40 Billion LNG Canada project in Kitimat is also expected later this year. If approved, this project would be positive for the natural gas industry in Canada and ENTREC.
Over the longer-term, ENTREC’s competitive position continues to be positive. The Company is well-positioned geographically, with a complete range of crane and specialized transportation services in each of its key markets in Canada, North Dakota, and Texas. ENTREC also continues to be the industry leader in customer service, employee engagement and safety, which will be key contributors to its success in the long-term.
A complete set of ENTREC’s most recent financial statements and Management’s Discussion and Analysis will be filed on SEDAR ( www.sedar.com ) and posted on the Company’s website ( www.entrec.com ).
About ENTREC
ENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT .
Non-IFRS Financial Measures
Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, loss (gain) on disposal of property, plant and equipment, foreign exchange loss (gain) on long-term debt, loss (gain) on convertible debentures, share-based compensation, bargain purchase gains, impairment of long-lived assets, and non-recurring business acquisition and integration costs. ENTREC believes that, in addition to net income, adjusted EBITDA is a useful measure as it provides an indication of the financial results generated by its principal business activities prior to consideration of how these activities are financed or how the results are taxed in various jurisdictions and before certain non-cash expenses such as depreciation, amortization, loss (gain) on disposal of property, plant and equipment, share-based compensation, bargain purchase gains, and impairment of long-lived assets. Adjusted EBITDA also illustrates what adjusted EBITDA is, excluding the effect of non-recurring business acquisition and integration costs.
Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. Adjusted EBITDA per share is calculated as adjusted EBITDA divided by the basic weighted average number of shares outstanding during the period.
Adjusted net loss is calculated excluding the after-tax amortization of acquisition-related intangible assets, impairment of long-lived assets, notional interest accretion expense arising from convertible debentures, foreign exchange loss (gain) on long-term debt, bargain purchase gain, and gain on extinguishment of convertible debentures. These exclusions represent non-cash charges that the Company does not consider indicative of ongoing business performance. The Company also believes the elimination of amortization of acquisition-related intangible assets provides management and investors an improved view of its business results by providing a degree of comparability to internally developed intangible assets for which the related costs are expensed as incurred.
Adjusted loss per share is calculated as adjusted net loss divided by the basic weighted average number of shares outstanding during the applicable period.
Working capital is calculated as current assets less current liabilities. The Company believes working capital is a useful supplemental measure as it provides an indication of its ability to settle debts as they come due.
Please see ENTREC's Management Discussion & Analysis for the three months ended March 31, 2018 for reconciliations of each of adjusted EBITDA and adjusted net loss to net loss, the most directly comparable financial measure calculated and presented in accordance with IFRS.
Forward-looking Statements
This press release contains forward-looking statements which reflect ENTREC’s current beliefs and are based on information currently available to ENTREC. These statements require ENTREC to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond ENTREC's control.
Examples of forward-looking statements in this press release and the key assumptions and risk factors involved in such statements include, but are not limited to the following: (i) ENTREC’s expectation that assuming oil prices can be maintained at current levels or increase further as 2018 progresses, it should continue to see higher industry activity levels in the United States that should result in further customer pricing improvements and improved profitability. This expectation is subject to the assumption that oil prices will be high enough in 2018 to encourage additional spending by oil and gas companies. ENTREC’s ability to achieve this growth is subject to a number of risks. The risks most likely to affect this growth include volatility of the oil and natural gas sector, economy and cyclicality, and competition; (ii) ENTREC’s expectation that revenue from its operations in Colorado will continue to grow over the balance of 2018. This expectation is subject to the Company’s ability to successfully expand its operations in Colorado. The Company’s ability to achieve this growth is subject to a number of risks. The risks most likely to affect revenue growth in Colorado include volatility of the oil and natural gas sector, economy and cyclicality, and competition; (iii) ENTREC’s cautious outlook on the oil and natural gas industry in western Canada in the short-term. This cautious outlook is based on current negative macro-economic factors that are hindering investment in the western Canadian oil and natural gas industry; (iv) ENTREC’s expectation that revenue from its MRO work in the Alberta oil sands region will be steady throughout 2018. This belief is based on the assumption that oil and natural gas prices will be high enough in 2018 to maintain current levels of spending by oil and gas companies in the Alberta oil sands region. This assumption is also subject to a number of risks. The risks most likely to affect this assumption include volatility of the oil and natural gas sector, Alberta oil sands exposure, economy and cyclicality, and competition; (v) ENTREC’s expectation that a positive final investment decision on the $40 Billion LNG Canada project would be beneficial for the natural gas industry in Canada and ENTREC. This expectation is based on the assumption that a positive decision will encourage additional investment in the natural gas industry in western Canada and ENTREC will obtain additional work in the natural gas sector and in supporting construction activity related to the proposed LNG project. This expectation is also completely subject to a positive final investment decision by LNG Canada. There is no certainty of this. These assumptions are subject to a number of risks. The risks most likely to affect this assumption include volatility of the oil and natural gas sector, economy and cyclicality, and competition; and (vi) ENTREC’s expectations related to recovering additional revenue from JV Driver and disputing costs with its 3 rd party sub-contractor. These expectations are subject to uncertainty due to the wide range of outcomes that can arise in contract disputes and litigation. There can be no assurance that ENTREC will be successful in these disputes.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on ENTREC. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
For further information, please contact:
John M. Stevens - President & CEO
Telephone: (780) 960-5625
Jason Vandenberg – CFO
Telephone: (780) 960-5630
www.entrec.com
Source:ENTREC Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-entrec-corporation-announces-2018-first-quarter-financial-results.html |
5 days ago | 4,649 shares About
Russian Insight aggregates the latest stories, tweets and videos about Russia from around the world. Updated every minute, this website is an English-language primer on all things Russia.
Learn more Content
Our automated aggregation service scans both Russian and Western media sources, as well as blogs and social networks, to deliver objective news coverage without editorial control. Newsletter Subscribe to our daily email updates:
Email Address | ashraq/financial-news-articles | http://www.reuters.com/article/us-ukraine-crisis-mh17-lavrov/russia-says-wont-be-pushed-around-over-downing-of-flight-mh17-idUSKCN1IU0Z4 |
May 29, 2018 / 11:00 AM / Updated 16 minutes ago RPT-Civil rights advisers hope Starbucks' anti-bias training sets example Reuters Staff
(Repeats May 28 story with no changes)
By Lisa Baertlein
LOS ANGELES, May 28 (Reuters) - Black leaders who are advising Starbucks Corp on its anti-bias training program, which begins Tuesday, hope it will reinvigorate decades-old efforts to ensure minorities get equal treatment in restaurants and stores, setting an example for other corporations.
Starbucks committed to the training after a Philadelphia cafe manager’s call to police resulted in the arrests of two black men who were waiting for a friend. The arrests sparked protests and accusations of racial profiling at the coffee chain known for its liberal stances on social issues such as same-sex marriage.
Anti-bias training is intended to get participants to recognize their own unconscious biases and avoid unintentional discrimination.
Starbucks is closing 8,000 company-owned U.S. stores at around 2 pm local time on Tuesday as a first step in training 175,000 employees on racial tolerance. Some 6,000 licensed Starbucks cafes will remain open in locations such as grocery stores and airports, and those employees will be trained at a later time.
Starbucks’ training could have a lasting impact on its employees’ behavior and pave the way for other companies to finally tackle racism in their own eateries and shops, said Heather McGhee, president of public policy group Demos.
McGhee said one of her earliest memories as a black girl was being chased from a penny candy store by a white store manager.
McGhee and NAACP Legal Defense and Educational Fund President Sherrilyn Ifill, who are both advising Starbucks on its program, said they have been in regular contact with company executives, particularly Chief Operating Officer Rosalind Brewer, who also is African-American.
“People forget that the effort to be treated as full citizens with dignity in public spaces in this country was central to the civil rights movement, from the Freedom Riders to the Montgomery bus boycott to the lunch counter sit ins” of the 1950s and 1960s, said Ifill.
The NAACP in the past sued Abercrombie & Fitch, Wet Seal and Denny’s Corp for racial bias. Each of the companies reached multi-million dollar settlements and vowed to change their practices.
Starbucks in a preview of Tuesday’s four-hour program said employees will watch videos featuring company leaders, hip hop artist Common and experts from the Perception Institute as well as a short documentary the on history of racism in public spaces. They also will participate in discussion and problem-solving sessions on identifying and avoiding bias.
The company already has issued employee guidelines for addressing disruptive customer behavior, including sleeping, using abusive language or taking drugs. The guidelines encourage workers to ask if they would take the considered action with any customer, to verify the perceived situation with a co-worker and to dial 911 if the situation becomes unsafe.
Starbucks did not comment on future training plans. It has said it intends to eventually share its training program with other companies.
Corporate America began to embrace anti-bias training after the 2014 killing of Michael Brown, an unarmed black teenager by a white police officer in Ferguson, Missouri.
Most anti-bias programs involve education on what unconscious bias is, why humans have it, its impact on social interactions and society and mitigation tools.
“Most people want to think of themselves as being fair ... if you give them the tools to do that, their better angels take over,” said Howard Ross, author of “Everyday Bias” and founding partner of Cook Ross, which offers training on unconscious bias and gave Starbucks input on its program. Reporting by Lisa Baertlein in Los Angeles; Editing by Peter Henderson and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/starbucks-training-anti-bias/rpt-civil-rights-advisers-hope-starbucks-anti-bias-training-sets-example-idUSL2N1SX00C |
May 2 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington
- This Diary is filed daily. ** Indicates new events -
WEDNESDAY, MAY 2 LONDON - Keynote speech by ECB Supervisor Ignazio Angeloni at the FT-Fitch Global Banking Conference “The Lending Landscape and Financial Stability Ten Years On” in London, United Kingdom – 1140 GMT. BERLIN - German Finance Minister Olaf Scholz presents his budget plans for 2018 and 2019 during a news conference - 1030 GMT. LONDON - Sweden Central Bank Governor Stefan Ingves will hold a closing address at the Financial Times Global Banking Conference in London – 1200 GMT. WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement – 1800 GMT. THURSDAY, MAY 3 ** STOCKHOLM - Riksbank invites interested parties to a discussion on payments in the future. This is the third in a series of seminars on the role of the central bank in the economy - 0600 GMT. ZURICH, Sweden - Swiss National Bank Chairman Thomas Jordan gives speech on “That’s why Switzerland’s full money,” Swiss Institute for Banking and Finance s / bf-HSG, Zurich – 1600 GMT. FRANKFURT, Germany - ECB Vice-President Vitor Constancio will give Keynote speech at Joint ECB/EC Conference “Fostering banking union and capital markets union – a top-down or bottom-up approach?” organised by the ECB in Frankfurt, Germany - 1200 GMT. FRANKFURT, Germany - ECB Executive Board member Benoit Coeure moderating high-level a policy panel at Joint ECB/EC conference “Fostering banking union and capital markets union – a top-down or bottom-up approach?” organised by the ECB in Frankfurt, Germany - 1230 GMT. STOCKHOLM - The Riksdag Committee on Finance will hold an open hearing with Riksbank Governor Stefan Ingves and others on the report Account of Monetary Policy 2017 - 0800 GMT. PARIS - Bank of France Governor Francois Villeroy de Galhau is to speak at a conference hosted by the French central bank and the European Investment Bank titled “Investment in France: gearing up momentum” – 0700 GMT.
OLSO - Norway Central Bank announces interest rate decision - 0800 GMT.
FRIDAY, MAY 4 ** NEW YORK - Federal Reserve Bank of New York President William Dudley participates in “Financial Tumult of Our Times and Challenges Ahead” conversation hosted by Bloomberg LP - 1645 GMT. VALLETTA - Keynote speech by ECB Vice President Vitor Constancio at a conference on ‘Central Banks in Historical Perspective: What Changed After the Financial Crisis?’ organised by the Central Bank of Malta in Valletta, Malta – 0745 GMT. STANFORD, California - Federal Reserve Bank of San Francisco President John Williams speaks before the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 1900 GMT. STANFORD, California - Federal Reserve Vice Chair for Supervision Randal Quarles makes presentation before panel, “Financial Stability, Regulations and the Balance Sheet” at the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 2130 GMT. STANFORD, California - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Monetary Policy and Reform in Practice” panel before the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 0000 GMT.
OSLO - Norway Central Bank chief Oystein Olsen and Director Yngve Slyngstad participate in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 0700 GMT. STOCKHOLM - Riksbank General Council Meeting - 1100 GMT. SUNDAY, May 6 AMELIA ISLAND, Florida - Federal Reserve Vice Chair for Supervision Randal Quarles speaks before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 2300 GMT TOKYO - Bank of Japan releases minutes of Monetary Policy Meeting held on Mar 8 and 9 – 2350 GMT.
MONDAY, MAY 7 ** VANBERG, Sweden - Riksbank First Deputy Governor Kerstin af Jochnick will visit Varberg and Halmstad. She will participate in SEB’s lunch meeting on changed behaviour. She will discuss developments on the payment market and the need to analyse a possible e-currency, as well as current monetary policy - 0930 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates “Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics” panel before conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability – 1800 GMT.
FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in “Policy Session 3: Learning About an ML-Driven Economy” before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal – Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais – 1900 GMT. TUESDAY, MAY 8 STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9 JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting – 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 ** SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women’s Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 ** NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk’s Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center “Central Banking Series with Banque de France,” - 0645 GMT OSLO - Norway Central Bank chief Øystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank’s history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16 ** ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA – Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association – 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, MAY 21 STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” of the conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks at the conference - 1830 GMT. TUESDAY, MAY 29 FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
THURSDAY, JUNE 21 BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1S8310 |
We need to change our thoughts about Apple: Portfolio Manager 2 Hours Ago Dan Morgan of Synovus Trust and Paul Meeks of Sloy, Dahl and Hoist discuss Warren Buffet and Apple. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/we-need-to-change-our-thoughts-about-apple-portfolio-manager.html |
Amazon is launching a new subscription service specifically designed for kids. Called Prime Book Box, the service will be available in one, two, or three-month subscriptions, and will deliver a box of discounted books to a child’s doorstep.
Books in Amazon’s Prime Book Box are divided by age group. Toddlers will receive four board books and older kids (ages 3-12) will receive either two novels or two hardcover picture books, TechCrunch reports .
When they subscribe, parents will select the age group they’re buying for. Amazon divides books into four age categories: birth to two, three to five, six to eight, and nine to 12.
Just like some other subscription services, Amazon Prime Book Box subscribers will get a preview of what’s expected to ship in their next box before it goes out. If they’re not interested in a particular title (or already own it), then Amazon will offer some alternatives that can be swapped in its place. Amazon will also pay attention to what titles you’ve ordered previously and will not include any of your previous Amazon purchases.
Amazon Prime Book Box is currently available via invitation only for Prime members , You can request an invitation to join the program here . | ashraq/financial-news-articles | http://fortune.com/2018/05/01/amazon-prime-book-box-kids/ |
TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- The Beneplan Employee Benefits Co-operative Inc. has issued patronage dividends in the sum of $2.3 million to its participating member-owners.
Member-owners are employers who manage benefit plan funds for small & medium Canadian employers.
This is the largest patronage dividend, which represents the co-operative’s growth in 2017. The dividends represent any surplus premium left over after employee health benefit claims are paid, after administrative expenses. The Beneplan Co-operative pays this surplus back to its member-owners (who are also its policyholders) in proportion with each owner’s actual claims experience in 2017.
“This is in stark contrast to the rest of the group benefits industry, where insurers or third-party administrators actually keep the profit left over in the plan,” says Yafa Sakkejha, General Manager of Beneplan Inc, the management firm administering the co-operative. “That’s why we’re seeing a rapid uptake in growth as a result of dividends being delivered every year since our co-op’s inception.”
Of patronage dividends issued, the average small business received a $9,943 return of premium on an average annual premium of $72,788. The group’s dividends represented an average of an 11% return of premium. On average, 4 out of 5 employers received a dividend due to low claims history, where 1 out of 5 did not receive a dividend but was not charged for the deficit that their group incurred in the pool.
Beneplan is noticing a trend in Canadians joining co-operatives and other mutual-insurance models in an effort to curb pricing and find bespoke service not found at larger insurers.
About Beneplan
Beneplan Inc is the administrator of the Beneplan Employee Benefits Co-operative Inc, a buying group formed in 2000 to help Canadian employers reduce costs on employee benefits, without cutting coverage. Since 2000, Beneplan has paid $14 million in dividends to its small business members who choose fully-insured plans and are too small to self-insure their corporate benefits. Beneplan also offers complimentary services, such as drug advocacy, HR advice and policy templates, nutritionist visits, paramedical fraud solutions, mental health prevention strategies, and universal coverage for pharmacogenetic testing.
www.beneplan.ca
Media contact: Sufyan Shaikh [email protected]
Source: Beneplan | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-beneplan-pays-2-point-3-million-to-policy-holders.html |
Today, Australian entrepreneur Emily Hamilton is the brains behind some of the best-kept tresses on social media , and she presides over a small business empire.
But the success of her Bali-inspired hair masque Coco and Eve, and its string of accompanying beauty brands, was by no means guaranteed.
In fact, it might never have been if it weren't for a lesson from her late father, she told CNBC Make It .
Hamilton was in her teens when she received the insight that continues to resonate with her more than two decades on.
It was the 1990s at the time, and Australia was in the grips of its worst recession since the Great Depression of the 1930s. At its peak, interest rates shot up almost 18 percent.
The crash hit Hamilton's father's property business hard, and the family was forced to move out of their home in Geelong, a city near Melbourne, and downsize to a smaller house.
"It was like 10 steps back and one huge leap forward." -Emily Hamilton, co-founder of Supernova However, determined to not let in bring his business down, her father decided to buy a derelict building on the outskirts of Geelong and set himself the goal of redeveloping it into offices.
The site was a dive, Hamilton recalled, and to the family and outside observers, his goal seemed almost insurmountable.
But, against the odds, he pulled it off, and it went on to become one of the region's leading business hubs.
Supernova Emily Hamilton, co-founder of Supernova "He said he was going to turn it into a business park — and he did," noted Hamilton. "It was like 10 steps back and one huge leap forward."
The experience had a lasting impact on Hamilton and her three siblings.
Not only did it drive each of them to become entrepreneurs in their own right. But it also enabled them to cope when faced with inevitable business challenges of their own, said Hamilton.
"It really taught me that even when your back's against the wall, you have to keep going" -Emily Hamilton, co-founder of Supernova In 2014, failure to crack the Asian market meant Hamilton had to shut the Singapore arm of her first venture, Bellabox, an Australia-based beauty subscription service set up together with her twin sister, Sarah.
Unwilling to give up, however, Hamilton decided to change tack: Rather than provide consumers with monthly samples of products they might like, as was the Bellabox model, she set about figuring out where the demand lay then creating the cosmetics in response.
Months later, she and her husband set up cosmetics incubator Supernova and its first beauty line, SkinnyMint detox tea.
One thing’s for sure. Babe @thekrisondra knows we’ve got her back
A post shared by SkinnyMint | Teatox & Gummies (@skinnymintcom) on May 10, 2018 at 6:26pm PDT
"It really taught me that even when your back's against the wall, you have to keep going," Hamilton said, drawing on the early lessons from her father.
That perseverance has paid off. Four years on, Supernova now boasts runaway success from its string of brands, including skincare mask Sand & Sky, fitness line BodyBoss and, its latest launch, hair care masque Coco & Eve.
The company remains entirely self-funded. However, Hamilton said she expects to soon take on investment to grow its Singapore headquarters, as well as the office led by her sister in Melbourne and smaller hubs in London and Delhi.
Supernova Beauty brands including SkinnyMint, Sand & Sky and Coco & Eve are showcased in Supernova's Singapore HQ When asked what experience she hopes to pass onto other future entrepreneurs, Hamilton said it all comes down to getting creative and then investing the time to watch it pay off.
"What's important is to be very entrepreneurial because you're starting from zero," she said.
"It's all about looking at how you can be different and stand out."
Like this story? Like CNBC Make It on Facebook ! | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/skinnymint-bodyboss-founder-emily-hamilton-driven-by-fathers-success.html |
SAN DIEGO, May 23, 2018 /PRNewswire/ -- ProSciento, Inc., a leading specialty clinical research organization (CRO) exclusively focused on NASH, diabetes, obesity and related metabolic diseases, today announced the appointment of Pete Nieto as Vice President of Business Development. Nieto joins ProSciento from the CRO PPD, where he served as Executive Director of Early Phase Business Development. Nieto's appointment is effective immediately.
As Vice President of Business Development at ProSciento, Nieto will oversee global sales and the further development of strategic biopharma partnerships. He joins ProSciento during a period of significant global expansion, including the opening of the company's office in Australia and the growth of its clinical trial site network and method hubs in Europe, the Asia-Pacific region, and other emerging markets.
"Pete is an exceptional addition to our leadership team at an opportune time of significant growth for the company as we continue to expand global operations and client relationships," said Marcus Hompesch, MD, ProSciento's Chief Executive Officer and Chairman of the Board. "Pete is highly regarded in the CRO industry and has considerable experience in leading and expanding global sales and partnership initiatives."
"ProSciento is uniquely positioned for growth in today's rapidly evolving clinical research industry as a therapeutically focused CRO providing full service solutions for all aspects of early clinical development strategy and execution," said Nieto, ProSciento's newly appointed Vice President of Business Development. "I'm thrilled to join the ProSciento leadership team as we continue to build upon the company's existing presence as a leading metabolic clinical R&D provider in the US, Europe and Australia, while also continuing to build upon our presence in Asia and South America."
Nieto joins ProSciento with an extensive track record in business development and leading sales teams within the CRO industry. In his most recent position as Executive Director of Early Phase Business Development at PPD, Pete was instrumental in the expansion of the company's early phase sales and marketing initiatives for clinical trial services, as well as the launch of a new clinical trial unit in Las Vegas. His additional business development leadership roles in the CRO industry include senior level positions at Pharm-Olan International, ICON Clinical Research and Quintiles, now IQVIA. Nieto received his bachelor's degree in business administration from Rider University in Lawrenceville, New Jersey.
About ProSciento, Inc.
ProSciento is a leading specialty clinical research organization (CRO) exclusively focused on NASH, diabetes, obesity and related metabolic diseases. The company is widely recognized for its scientific and therapeutic expertise, unparalleled experience in metabolism, and utilization of advanced, specialized methodologies for metabolic clinical research. ProSciento works with biopharma companies worldwide to support their outsourced clinical research needs with a comprehensive and scalable portfolio of services, from strategic planning through completion of early phase clinical drug and device development. Founded in 2003, ProSciento has conducted more than 280 clinical projects for NASH, diabetes and obesity and supported the development of numerous metabolic drugs and devices on the market globally today. For more information, please visit www.prosciento.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/prosciento-appoints-pete-nieto-as-vice-president-of-business-development-300653193.html
SOURCE ProSciento, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-prosciento-appoints-pete-nieto-as-vice-president-of-business-development.html |
North Korean official heads to U.S. to discuss summit 5:28pm BST - 01:17
A senior North Korean official is headed to New York to discuss an upcoming summit, U.S. President Donald Trump said on Tuesday, the latest indication that an on-again-off-again meeting between Trump and North Korea’s leader may go ahead next month. ▲ Hide Transcript ▶ View Transcript
A senior North Korean official is headed to New York to discuss an upcoming summit, U.S. President Donald Trump said on Tuesday, the latest indication that an on-again-off-again meeting between Trump and North Korea’s leader may go ahead next month. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L6KVJ5 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/north-korean-official-heads-to-us-to-dis?videoId=431460312 |
May 15, 2018 / 12:11 AM / Updated 7 hours ago U.S. criticises China for shielding Myanmar from U.N. action Michelle Nichols 4 Min Read
UNITED NATIONS (Reuters) - The United States indirectly criticised China on Monday for shielding Myanmar from strong U.N. Security Council action over a military crackdown against mainly Rohingya Muslims that the U.S. and other countries have denounced as ethnic cleansing. FILE PHOTO - Refugees are seen at the Cox's Bazar refugee camp in Bangladesh, near Rakhine state, Myanmar, during a trip by United Nations envoys to the region April 29, 2018. REUTERS/Michelle Nichols
U.S. Ambassador Nikki Haley did not mention China by name, but China proposed substantial amendments to a British-drafted Security Council statement on Myanmar last week. The 15-member council eventually agreed a weaker statement.
The Security Council met on Monday to discuss a visit by envoys to Myanmar and Bangladesh two weeks ago.
Rohingya insurgent attacks on security posts in Myanmar’s Rakhine state in August last year sparked a military operation that sent nearly 700,000 Rohingya fleeing to camps in Cox’s Bazar in Bangladesh.
“Some members of the council have kept us from taking action for cynical and self-interested reasons,” Haley said. “Some undermined the unity of the council demonstrated during the trip with unhelpful edits that only weakened the council’s message.”
Speaking before Haley, China’s U.N. Ambassador Ma Zhaoxu told the Security Council that Myanmar and Bangladesh should be encouraged to solve the crisis bilaterally to make sure it doesn’t “drag on or become more complicated.”
“The council should continue to encourage Myanmar and Bangladesh to increase consultations and cooperation for the early implementation of the bilateral arrangement,” he said.
Myanmar and Bangladesh agreed in January to complete the voluntary repatriation of the refugees within two years but differences between the two sides remain and implementation of the plan has been slow.
Diplomats said Russia has also backed China in council discussions on Myanmar.
Speaking after Haley, Russia’s deputy U.N. Ambassador Dmitry Polyanskiy said the unity of the council on the issue was important and he hoped some members “will not fall prey to the temptation of using this situation to pursue their narrow, domestic political aims.”
Fleeing refugees have reported killings, rapes and arson on a large scale. Myanmar denies ethnic cleansing and has said its operations in Rakhine were a legitimate response to attacks on security forces by Rohingya insurgents.
“The government of Myanmar has stated time and again that no violation of human rights will be condoned,” Myanmar’s U.N. Ambassador Hau Do Suan told council on Monday. “Allegations supported by evidence will be investigated and action taken in accordance with the law.”
The United States and Canada have imposed unilateral sanctions against a general in Myanmar’s military for his role in the crackdown and the European Union is preparing individual sanctions.
Haley, who did not travel to Myanmar and Bangladesh, said that the Security Council had “unique tools to encourage Burma to take real steps towards resolving this crisis,” though she did not elaborate.
“We should move quickly to adopt a resolution that institutes real steps to resolve this enormous and growing humanitarian and human rights crisis,” Haley said. Reporting by Michelle Nichols; editing by Clive McKeef | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-un/u-s-criticises-china-for-shielding-myanmar-from-u-n-action-idUKKCN1IG00J |
April 30 (Reuters) - Gardner Denver Holdings Inc:
* GARDNER DENVER HOLDINGS INC SAYS SELLING STOCKHOLDERS ARE OFFERING 22.09 MILLION SHARES OF COMMON STOCK OF GARDNER DENVER HOLDINGS, INC - SEC FILING
* GARDNER DENVER HOLDINGS INC SAYS WILL NOT RECEIVE ANY PROCEEDS FROM SALE OF CO'S COMMON STOCK BY SELLING STOCKHOLDERS Source : bit.ly/2rarh7i Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gardner-denver-holdings-says-selli/brief-gardner-denver-holdings-says-selling-stockholders-are-offering-22-09-million-shares-of-common-stock-of-co-idUSFWN1S71CJ |
Getty Images People inside the offices of JP Morgan Chase in New York City.
J.P. Morgan Chase , the world's biggest investment bank by revenue, has created a new management team to help it better serve Wall Street clients who increasingly want to trade with algorithms through electronic platforms. The bank named Chris Berthe as its head of global cash execution with responsibility over teams that electronically match buyers and sellers of stocks, according to a memo exclusively obtained by CNBC. Dennis Fitzgerald will be head of global cash risk, which is dominated by stock trading departments where the bank uses its own balance sheet to help facilitate trades. The memo was sent Wednesday from equities trading co-heads Jason Sippel and Mark Leung. The world of equities trading, which generates roughly $58 billion a year in revenue for Wall Street, has continued to shift to electronic platforms on the one hand, or to specialists in trading large blocks of stock and other scenarios requiring the bank's capital, Sippel said in an interview.
In February, J.P. Morgan said that 99 percent of equities orders were now electronic, which typically are a fraction of the cost of voice orders to execute. Helped by investments in electronic trading, prime brokerage and quantitative services, J. P. Morgan has climbed the global rankings. It had 10.3 percent of the market for equities and prime brokerage last year, compared to 7.7 percent in 2012. Berthe and Fitzgerald will rely on the companies' investments in big data, quantitative research and other technologies, the memo said. The company has a $10.8 billion budget for technology spending across its businesses this year. The bank also created a new group, Americas execution services, led by Adam Englander and Matthew Mallgrave, to make sure that clients can easily transact in any way, whether its with humans or by electronic means. ``We believe that the new organizational structure and the people in it are perfectly suited to gain competitive share from the rapid evolution that is occurring all around us,'' Sippel and Leung said in the memo. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/jpmorgan-revamps-its-stock-trading-business-in-a-sign-of-the-changes-sweeping-through-wall-street.html |
May 13, 2018 / 4:28 PM / Updated an hour ago The Palestinian whose life spans the 'Catastrophe' of his people Stephen Farrell 6 Min Read
JERUSALEM (Reuters) - At 96, Mohammad Mahmoud Jadallah has razor sharp memories of the founding of Israel in 1948, the event that has shaped his life and that of his fellow Palestinians. Mohammad Mahmoud Jadallah, a 96-year-old Palestinian from Sur Baher, a village in the suburbs of Arab east Jerusalem, sits in his house during an interview, May 8, 2018. REUTERS/Ronen Zvulun
The event whose 70th anniversary is celebrated by Israel is lamented by Palestinians as the Nakba, or “Catastrophe” - the displacement of hundreds of thousands of Palestinians.
And on May 14, three days before he turns 97, he will witness what many Palestinians like him see as another setback to their dream of statehood: the United States will open its new embassy in Jerusalem on land that Jadallah said was once farmed by his village.
“We have lived a life of Nakbas. We have never experienced happiness or tranquillity,” he said in the living room of the family home, near Sur Baher’s imposing Omari mosque.
The new embassy will lie on a hillside across the valley from Sur Baher, on what he said was once village land growing figs, grapes and wheat. In the decades since Israel was created, it has been enveloped in Jerusalem’s municipal boundaries.
Israel calls Jerusalem its undivided capital. Palestinians say the U.S. decision to move its embassy there undermines their demand for East Jerusalem as the capital of their future state.
“Decisions are being made on our behalf internationally. As of right now, we can’t change anything. We are of no use, no one asks for our opinion,” he said.
Born on a hilltop overlooking Jerusalem in 1921, just four years after Palestine was captured by the British Empire from the Ottoman Empire, he watched the early waves of Zionist Jewish immigrants arrive in the hills around his village.
As a young man, he worked as a waiter in the King David Hotel in Jerusalem’s Old City, just two miles (three km) from his village - and was there in 1946 when the Jewish paramilitary group Irgun blew it up, killing more than 90 people.
He fought under doomed Arab commanders in lost battles against Jewish forces during the struggle for control of Jerusalem as the modern state of Israel was born. A painting of Jerusalem and a photo showing young Mohammad Mahmoud Jadallah, a 96-year-old Palestinian from Sur Baher, a village in the suburbs of Arab east Jerusalem, are seen in his house, May 8, 2018. REUTERS/Ronen Zvulun
As a middle-aged man he watched as Israeli troops captured his village during the 1967 Six Day War. Israel later expanded Jerusalem eastward to include Sur Baher and other neighbouring villages, annexed the area, and has occupied it ever since.
And as an elderly man, Jadallah embraced Yasser Arafat in Jericho in the 1990s when the veteran Palestinian leader returned from exile to set up the Palestinian Authority.
Arafat was known to Palestinians as “Al-Khetiyar” - The Old Man. But, such is Jadallah’s longevity, he was 10 years his senior when they met and Jadallah has outlived the leader of Palestine Liberation Organisation (PLO) by more than a decade. KING DAVID TO NAKBA
Jadallah lives at the end of a zig-zagging series of narrow streets next to a patch of olive trees. On shelves and walls of his neatly appointed living room is a painstakingly assembled trove of sepia photographs, paintings and plaques - pictures of him in military uniform as a young man, and of him with Arafat.
Known to everyone in the village, he has 10 children and has had to compile a chart to keep track of his 134 grandchildren and succeeding generations.
Although 70 years of Nakba dominates his recollections, perhaps the most extraordinary memory is of the day he had just arrived for work at the King David Hotel, narrowly escaping death from Irgun explosives hidden inside milk churns.
“The kitchen had a special door, which was used to bring inventory in, and it was where workers used to get in,” he said. Slideshow (3 Images)
“They entered from there in a pick up car. The car had cans of milk, we saw it with our own eyes,” he said.
When the blast went off it “cut the room in half,” killing everyone inside, he said, including a colleague from Sur Baher.
“There was a state of panic. People were running in the dining room and in other places in the hotel. There was a lot of confusion in the hotel in general.”
Around him events moved quickly. The following year, in 1947, the United Nations General Assembly agreed a plan to partition Palestine into Arab and Jewish states.
Jewish leaders accepted the plan, which gave them 56 percent of the land. But the Arab League rejected it.
Realising war was coming, Jadallah went to Syria in 1947 for military training. He returned to serve in the Arab Liberation Army, a volunteer force opposing the partition plan, and later fought with the Jerusalem guerrilla leader Abdel Qader Husseini.
“We were all rebels fighting,” he recalls. “There were fighters, mujahideen, and we were part of it. A group of young men were chosen, and I was chosen with another guy to represent Sur Baher.”
On hearing Husseini had died at the battle of al-Qastal, west of Jerusalem, he knew defeat was likely.
“The situation changed for us, the morale changed,” he said. “The day the British withdrew and the Israeli flag was put on the building of the High Commissioner, the Nakba started.”
From that day to now, he has never had hopes of peace.
“Peace will not be achieved because we are weak. The Palestinian people have been manipulated throughout history,” he said.
“All we want is to live in peace and safety on our land, in our homes. We don’t want anything else. We want peace. We want to live where we were born.” Reporting by Stephen Farrell; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-nakba-life/the-palestinian-whose-life-spans-the-catastrophe-of-his-people-idUKKCN1IE0TY |
* Dollar firmer vs basket of currencies
* Near-term focus on Fed minutes due Wednesday
* Turkish lira slides to fresh record low
* Talk of stop-loss TRY selling by Japan retail traders (Updates prices)
By Masayuki Kitano
SINGAPORE, May 23 (Reuters) - The dollar edged higher versus a basket of currencies on Wednesday, with investors awaiting the minutes of the Federal Reserve’s last policy meeting for hints on the pace of further U.S. monetary tightening.
The dollar index, which measures the currency against a basket of six major peers, rose 0.1 percent to 93.681. On Monday, the index set a five-month high of 94.058.
The increase marked a gain of more than 5 percent from mid-April and was driven by generally upbeat U.S. economic data and expectations the Fed would raise interest rates at least two more times this year.
The yen gained broadly on Wednesday, as investors sought safer assets amid economic concerns after U.S. President Donald Trump tempered optimism over progress made so far in trade talks between the world’s two largest economies. Trump said on Tuesday he was not pleased with recent trade talks between the United States and China.
Further weighing on the prices of riskier assets, Trump also said there was a “substantial chance” his summit with North Korean leader Kim Jong Un will not take place as planned on June 12 amid concerns that Kim is resisting giving up his nuclear weapons.
Against the yen, the dollar fell 0.3 percent to 110.53 yen , pulling away from a four-month high of 111.395 yen set on Monday.
The safe-haven yen also rose against other currency crosses and surged against the Turkish lira, amid talk of Japanese retail investors selling the lira as stop-loss levels were hit.
The yen tends to rise in times of market turbulence since Japan is the world’s largest creditor nation and traders tend to assume Japanese investors would repatriate funds at times of crisis.
Investors are now looking to the release on Wednesday of the Fed’s minutes from its most recent meeting, when it kept interest rates steady.
In its post-meeting statement issued in early May, the Fed also said inflation had “moved close” to its target and that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.”
“We hope to have a bit more clarity on the inflation outlook from the Fed. The second dimension is basically how tolerant the Fed (policymakers) are of a possible inflation overshoot above 2 percent,” said Heng Koon How, head of markets strategy for UOB in Singapore.
The euro fell 0.1 percent to $1.1762, edging back in the direction of a six-month low of $1.1717 set on Monday.
In emerging markets, the Turkish lira also sold off more after rating agencies sounded the alarm on Tuesday about plans by President Tayyip Erdogan to tighten his grip on monetary policy.
The lira tumbled to a record low of 4.8450 per U.S. dollar in early Asian trade on Wednesday.
After paring some losses, the lira stood at 4.7700 per dollar, still down roughly 2 percent on the day.
Against the yen, the lira tumbled 2.3 percent to 23.1873 yen. (Reporting by Masayuki Kitano Additional reporting by Reuters FX analyst Krishna Kumar and Tokyo markets team; Editing by Sam Holmes and Christian Schmollinger)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-edges-up-ahead-of-fed-minutes-turkish-lira-tumbles-idUSL3N1SU1N6 |
SAN DIEGO, May 10, 2018 /PRNewswire/ --
On May 10, 2018, Entest Group, Inc. (OTC: ETNI) declared the distribution on a pro rata basis as a dividend in kind of 3,000,000 of the common shares of Zander Therapeutics, Inc., par value $0.0001, currently owned by Entest Group, Inc. to:
(a) Holders of record of the outstanding common shares of ETNI as of the record date, which is May 30, 2018.
(b) Holders of record of the shares of any outstanding series of the preferred shares of ETNI as of the record date, which is May 30, 2018.
Shareholders of ETNI shall receive one (1) common share of Zander Therapeutics, Inc. for each 17 common and/or preferred shares of ETNI held as of the record date. The distribution of the 3,000,000 common shares of Zander Therapeutics, Inc. to the common and preferred shareholders of ETNI will occur on June 11, 2018 ("Distribution Date"). No fractional shares will be distributed. Where the distribution to the shareholder would result in a fractional share, that distribution will be rounded down to the nearest whole share amount.
About Zander Therapeutics Inc. and Entest Group Inc.:
Zander Therapeutics is a subsidiary of Entest Group Inc. (OTCPINK: ETNI), a publicly traded biotechnology company focused on veterinary medicine. The Company seeks to develop small molecule and immune stimulating therapies for veterinary applications.
Currently, the Company's major interest is in developing small molecule therapies for treating cancer and autoimmune diseases in animals, which include arthritis.
Zander Therapeutics Inc. is the exclusive licensee for veterinary applications of Regen BioPharma Inc.'s (OTCQB: RGBP) (OTCQB: RGBPP) intellectual property and technology relating to NR2F6. NR2F6 is a molecular switch known as an "orphan nuclear receptor," which controls genes associated with the immune response. Zander Therapeutics is solely focused on veterinary applications.
Disclaimer : This news announcement may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact Information:
Zander Therapeutics, Inc.
David R. Koos, Ph.D.
Chairman & Chief Executive Officer
+1-619-702-1404 Phone
+1-619-330-2328 Fax
[email protected]
http://www.zandertherapeutics.com
SOURCE Entest Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-entest-group-inc-declares-property-dividend-of-3000000-common-shares-of-zander-therapeutics-inc.html |
May 10, 2018 / 10:32 AM / Updated 12 minutes ago 'It's about war and peace': Merkel urges restraint in Middle East Michael Nienaber 3 Min Read
AACHEN/BERLIN, Germany (Reuters) - German Chancellor Angela Merkel and French President Emmanuel Macron have called on Israel and Iran to exercise restraint in the Middle East to avoid further escalation of hostilities in the region, a German government spokesman said on Thursday.
Israel said it attacked nearly all of Iran’s military infrastructure in Syria after Iranian forces fired rockets at Israeli-held territory for the first time.
“The escalations of the past few hours show us that it is truly about war and peace. And I can only call on all sides to exercise restraint here,” Merkel said during a ceremony awarding Macron the Charlemagne Prize for strengthening EU integration.
Both leaders discussed the Iranian rocket attacks and Israel’s response and called for prudence and de-escalation, a German government spokesman said.
Expectations of a flare-up in the Middle East were stoked by President Donald Trump’s announcement on Tuesday that he was withdrawing the United States from the 2015 nuclear deal between Iran and world powers.
The Trump administration portrayed its rejection of that agreement as a response, in part, to Tehran’s interventions in the Middle East, underpinning Israeli Prime Minister Benjamin Netanyahu’s tough line toward Iran.
Merkel told Iran’s President Hassan Rouhani in a telephone call later on Thursday that she supported maintaining the nuclear accord as long as Tehran upholds its side of the deal.
Merkel called for talks to be held in a broader format on Iran’s ballistic missile program and its regional activities - including in Syria and Yemen, her office said in a statement.
She condemned overnight attacks by Iranian forces on Israeli military positions in the Golan Heights, and called on Iran to contribute to de-escalation in the region. “LET’S FACE IT”
In her speech, Merkel urged the European Union to improve its foreign and defense policy, arguing that Europe could no longer fully rely on the United States to protect it.
“Let’s face it, Europe is still in its infancy with regard to the common foreign policy,” she said. “And it will be existentially necessary to make progress here because the nature of the conflicts has completely changed since the end of the Cold War.”
Pointing to the civil war in Syria, Merkel said that many of the global conflicts today were flaring on the doorstep of Europe.
“And it is no longer the case that the United States of America will simply protect us. Instead, Europe has to take its destiny into its own hands. That is the task for the future.”
Macron echoed the call to flesh out Europe’s common foreign and defense policy. “We made the choice to build peace in the Middle East. Other powers ... haven’t kept their word,” Macron said, without naming a country directly.
“We must succeed in building our own sovereignty, which in this region, will be the guarantor of stability,” he said. Reporting by Reuters TV in Aachen, Michael Nienaber in Berlin, Richard Lough in Paris, writing by Michael Nienaber, Editing by Larry King, William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-merkel/merkel-macron-urge-iran-and-israel-to-exercise-restraint-idUSKBN1IB1BF |
May 10 (Reuters) - Genocea Biosciences Inc:
* GENOCEA REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* GENOCEA BIOSCIENCES INC - QTRLY LOSS PER SHARE $0.21
* GENOCEA BIOSCIENCES INC - SEES CASH AND CASH EQUIVALENTS AS SUFFICIENT TO SUPPORT OPERATING EXPENSES, CAPEX REQUIREMENTS INTO Q4 2019 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genocea-reports-qtrly-loss-per-sha/brief-genocea-reports-qtrly-loss-per-share-0-21-idUSASC0A1EI |
May 16, 2018 / 1:01 PM / Updated an hour ago UPDATE 1-Novartis ex-CEO says regrets hiring, not firing Trump lawyer Reuters Staff
(Adds comments by ex-CEO, background)
By John Miller
ZURICH, May 16 (Reuters) - Ex-Novartis Chief Executive Joe Jimenez regrets rushing into a $100,000-per-month consulting contract with U.S. President Donald Trump’s personal lawyer but said post-election uncertainty over the administration’s healthcare ideas put pressure on the Swiss drugmaker to sign a deal quickly. “There should have been more due diligence,” Jimenez said in an interview with Reuters on Wednesday.
“There was scarcity of asset, right? I mean, there were very few people who knew the people that were being placed in a lot of jobs.”
Novartis was looking for help understanding the Trump administration’s thinking and was referred to Cohen by a third party, Jimenez said, declining to name this person.
Jimenez said he also made a mistake in not seeking to end payments to Michael Cohen immediately after Novartis quickly determined that he would be of little help.
Cohen was eventually paid $1.2 million by Novartis for the one-year deal that prompted the drugmaker’s top lawyer to resign on Wednesday.
Novartis General Counsel Felix Ehrat quit, saying the contract with Cohen was legal but ill-advised.
Jimenez, whose pay topped $11.3 million in 2017, remains on the Swiss company’s payroll after stepping down as CEO on Feb. 1 to make way for successor Vas Narasimhan. He said his formal ties to Novartis would end soon when a notice period expires.
Novartis and AT&T, which also made a payment to Cohen’s firm Essential Consultants, were both contacted by the office of U.S. Special Counsel Robert Mueller about the situation in late 2017, part of his investigation into alleged Russian meddling into the presidential election a year earlier.
Jimenez said he was personally interviewed by Mueller’s team over Novartis’s payments.
He said the Cohen episode had nothing to do with his departure from the company.
“Absolutely not,” Jimenez told Reuters, adding he had informed the Novartis board in early 2017 that he was likely to leave. “We had no idea this was going to turn into this kind of a situation.”
At an investor event at Novartis headquarters in Basel on Wednesday, Narasimhan apologised again over what he said was the drugmaker’s latest ethical blunder and pledged the company would do better.
Since 2015, Novartis has paid hundreds of millions in settlements and fines as a result of kickback allegations in South Korea, the United States and China and faces an investigation of alleged bribery in Greece.
A trial for another U.S. kickbacks case is scheduled for 2019. Novartis disputes the allegations.
Jimenez, who said he spoke with Cohen on the phone but never met him, said his real mistake was to continue payments after Novartis concluded Trump’s attorney could not deliver useful insights that he had promised. OVERSOLD
“After my team spent some time with him, it was then clear he had oversold his abilities,” he said. “We wanted to terminate the contract at that point, but in the end we decided there would be almost-certain litigation.”
“This was the mistake,” Jimenez said. “We should have just ended our relationship at that point, regardless of what it was going to cost us.”
After the one meeting in New York with Novartis staff, Cohen occasionally contacted Novartis, at one stage suggesting it build a new U.S. factory. “We didn’t act on any of his recommendations,” Jimenez said.
The Novartis payments were first mentioned last week by Michael Avenatti, the lawyer for pornographic actress Stormy Daniels, who says she had a one-time sexual encounter with Trump in 2006 and was paid $130,000 by Cohen in October 2016. Trump denies having sex with Daniels, whose real name is Stephanie Clifford. (Editing by Michael Shields) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-daniels-jimenez/update-1-novartis-ex-ceo-says-regrets-hiring-not-firing-trump-lawyer-idUSL5N1SN49F |
(Reuters) - Factbox on the England national team ahead of the 2018 World Cup:
FIFA ranking: 13 (till June 7)
Previous tournaments:
England have appeared in 14 World Cups, including the last five. Their best performance was 1966, on home soil, when they won the tournament, beating West Germany 4-2 (aet). Their best performance since that triumph was in 1990 when they lost on penalties in the semi-final to West Germany. They reached the quarter-finals in 2002 and 2006 but went out at the group stage in 2014.
Coach: Gareth Southgate
The 47-year-old Southgate was an England international defender and midfielder who played for Crystal Palace, Aston Villa and Middlesbrough during a career which saw him win 57 caps for his country. After his playing career, he managed Middlesbrough for three years before taking charge of England’s Under-21 team. Southgate was appointed England manager in November, 2016, having previously taken temporary charge of the side following the sacking of Sam Allardyce.
He is keen to see England play a similar style throughout the age groups with more emphasis on ball-playing defenders and attacking wing-backs and looks likely to go with five at the back in Russia.
Key players:
Harry Kane: The striker, who will be England’s captain, will be central to their hopes in Russia and he has something to prove after looking exhausted throughout the 2016 European Championship finals. His 12 goals in 23 appearances for his country have shown he can translate his prolific form for Tottenham Hotspur (30 Premier League goals this past season) to the international stage and with his club mate Dele Alli likely to play behind him, the Spurs link could be crucial.
Raheem Sterling: The former Liverpool winger has improved his all-round game significantly under Pep Guardiola at Manchester City and his pace, skill and ability to go past defenders could provide the moments of inspiration England will need in a squad otherwise short of stardust. The 23-year-old has not always delivered in England colors, though, and will be desperate to do so this time.
Form guide:
England have conceded one goal, from a penalty, in their last six games which include goalless draws with World Cup favorites Germany and Brazil, a 1-0 win over the Netherlands and a 1-1 draw with Italy. Their last loss was a 3-2 friendly defeat by France in Paris in June, 2017.
How they qualified:
In a relatively straightforward group where Slovakia finished second, England cruised through to the finals with eight wins and two draws — against Slovenia and Scotland, scoring 18 goals and conceding three.
Prospects:
England will be confident of progressing from Group G where they play Tunisia, Panama and, in their final game, Belgium.
The Belgians, inspired by Manchester City midfielder Kevin De Bruyne, will be the biggest threat to England but both sides could be in situations where a draw might suit.
Should England make it to the second round, they will play the first or second-placed team from Group H which features Poland, Colombia, Senegal and Japan.
However Southgate’s team could be up against Brazil or Germany in the quarter-finals.
Reporting by Mitch Phillips, editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-eng-factbox/soccer-england-world-cup-factbox-idUSKCN1IP2F3 |
BEIJING (Reuters) - China’s nod to state-owned companies to start buying U.S. soybeans again to help placate its top trading partner may turn into a test of Beijing’s will over market forces.
FILE PHOTO: Workers transport imported soybean products at a port in Nantong, Jiangsu province, China March 22, 2018. REUTERS/Stringer/File Photo A buying spree right now would be painful for well-stocked Chinese soybean end-users and traders, according to interviews with five executives at major trading houses and processors, particularly as U.S. beans are more expensive than supplies from rival Brazil.
U.S. export prices have pushed even higher this week as sellers have bet on a bonanza, but Chinese crushers already face razor thin margins to turn beans into animal feed or cooking oil.
Meanwhile, state-owned COFCO [CNCOF.UL] and other big traders have built up big stocks of Brazilian beans in anticipation of a trade war, leaving them little room to take in much more, according to a source at COFCO and traders.
“Government’s guidance or not, it doesn’t really matter. Business is business,” said a manager at a medium-sized crusher in northern China, which has sufficient supplies for its factory through June. “A crusher won’t buy beans if it’s not profitable.”
Brazilian beans are about $15 per tonne cheaper than American ones.
“If China really steps up buying U.S. soybeans, it won’t be good news for the domestic market,” said Zhang Yun, analyst with industry portal cofeed.com, pointing to high imports, mountains of meal and narrowing crush margins.
China’s soymeal inventory stands at 1.15 million tonnes, near its highest in nine months, while soybean stockpiles have jumped by 25 percent since mid-April to 7.01 million tonnes, their highest since September.
Soybean imports edged up 0.2 percent in the first quarter to 19.6 million tonnes, with arrivals from Brazil more than doubling while U.S. shipments fell. [SOY/CN]
To view a graphic on Crush margins for soybean processors in China, click: reut.rs/2KSlJpm
QUIET RETURN The renewed interest in U.S. grains comes after Beijing pledged at the weekend to increase imports to avert a trade war that could damage the global economy.
China gobbles up about 60 percent of globally traded soybeans, which are America’s top agricultural export to the country, worth an estimated $13 billion last year.
China’s Ministry of Commerce told Reuters it had not issued instructions to state-owned companies to step up purchases of U.S. soybeans.
But state-owned stockpiler Sinograin made enquiries for U.S. beans this week for the first time since early April, a move that market participants interpreted as a sign that government curbs on buying American goods had been lifted.
Restrictions preventing COFCO from buying U.S. soybeans have also been removed, sources familiar with the matter said.
FILE PHOTO: Workers transport imported soybeans at a port in Nantong, Jiangsu province, China April 9, 2018. REUTERS/Stringer/File Photo Sinograin and COFCO did not respond to requests for comment.
But the U.S. Department of Agriculture (USDA) on Friday said private exporters sold 312,000 tonnes of U.S. soybeans to China for shipment in the marketing year that begins Sept. 1 - the first significant sales since early April, when trade tensions between Washington and Beijing began to escalate.
The USDA on Friday also said exporters sold 165,000 tonnes of optional-origin soybeans to China.
The United States sold 264,000 tonnes of new-crop soybeans to an undisclosed destination, data on Thursday showed, which traders said was likely China. Reuters could not immediately confirm this.
Some analysts said logistics problems in South America, including a truckers’ strike that paralyzed Brazil transport this week, may steer Chinese buyers back to U.S. soybeans.
“The issue with Brazil and Argentina is they have proven not to be dependable suppliers. It points to the need to diversify your supply lines. I think that is why they (China) are coming back to buy U.S.,” said Roy Huckabay with Linn & Associates, a Chicago brokerage.
To view a graphic on China's soymeal stocks have surged, click: reut.rs/2LnZSr7
STRATEGIC STOCKPILE It is not clear how much China may buy, but the United States is expected to have about 14 million tonnes of beans left over this year after expected sales, worth about $6 billion - an indication of what may be available.
In 2018-19, the surplus is estimated to be 11 million tonnes, worth $4.5 billion. The market has speculated the government may be preparing to replenish its state reserves.
Crushers worry that any extra buying will boost prices and further erode margins as demand dwindles from the animal feed industry. Pig farmers, the top users of meal, are bleeding cash and struggling with sinking hog prices amid a burgeoning glut.
Bids for U.S. Gulf Coast exports rose this week on demand from exporters for old- and new-crop shipments, with activity picking up as trade tensions eased, traders said.
Higher prices are particularly painful for crushers in the south where a manager at a large crusher said firms are bleeding about 20-30 yuan ($3.13-$4.70) for every ton of beans they crush due to huge imports and weaker demand.
“Some crushers in the south have already started delaying cargoes to reduce pressure on stocks,” he said.
To view a graphic on China's soybean mountain, click: reut.rs/2LvUTob
Reporting by Hallie Gu and Dominique Patton in BEIJING; additional reporting by Karl Plume and Julie Ingwersen in CHICAGO; writing by Josephine Mason; editing by Richard Pullin, Manolo Serapio Jr. and G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-soybeans/in-u-s-soybean-splurge-beijing-faces-tough-sell-to-saturated-market-idUSKCN1IQ132 |
Less than four months after losing an unprecedented $500 million of virtual coins to hackers, Japanese cryptocurrency exchange Coincheck is plotting its comeback.
Under new leadership after a fire sale to brokerage Monex Inc., Coincheck has been spending heavily to improve security and restore confidence among clients who withdrew at least $540 million in the wake of the hack. In an interview, Monex Chief Executive Officer Oki Matsumoto said he expects the exchange to secure an official license in Japan next month. He’s also planning to bring Coincheck’s platform to America.
Matsumoto, who declined to specify a timeline for the U.S. expansion, has a lot riding on his crypto bet: Monex shares have surged 98 percent since news of the Coincheck takeover emerged last month, the biggest gain in Japan’s benchmark Topix Index. His plans for America may strike some as odd given that the country is typically seen as less friendly toward virtual currencies than Japan, but Matsumoto predicts that may be about to change.
“Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead,” he said in an interview from his 25th floor office in central Tokyo.
A highly anticipated decision by U.S. authorities on whether to classify coins such as Ether and Ripple as securities, commodities, or something else will create the regulatory clarity necessary to attract more investors to cryptocurrencies, even if the move leads to more stringent oversight and a short-term selloff, according to Matsumoto.
The former Goldman Sachs Group Inc. partner sees a favorable crypto environment forming in the West, including lower taxes and growing interest from institutional money managers. He pointed to France’s decision, reported by Le Monde last month, to lower the capital gains tax rate by more than half to 19 percent. That compares with a 55 percent levy in Japan.
“At that level, it’s hard to even think of crypto as something you’d put in your portfolio,” Matsumoto said of Japan’s tax. “That means it’ll just remain a plaything for speculators.”
While Japan legalized crypto exchanges last year, the country has yet to begin formal discussions on amending its securities law to allow crypto-linked products such as futures and exchange-traded funds. The government has no immediate plans to cut the tax rate, Takuya Hirai, a member of the ruling Liberal Democratic Party, told Bloomberg in late January.
America’s regulators will likely have the biggest influence over what role cryptocurrencies play in society and the economy, Matsumoto said.
“What the U.S. decides will have a huge impact on Japan,” he added.
The Coincheck purchase has thrown Matsumoto back into the spotlight in Japan. He first came to prominence in the late 1990s after leaving Goldman to start Monex, one of Japan’s first online brokerages. Riding the euphoria of the dot-com bubble, Matsumoto promised to revolutionize Japan’s financial industry with online trading. That didn’t quite come to pass, but Monex quietly grew into a profitable business with a market value of about $1 billion.
Matusmoto discovered Bitcoin in 2013 and opened a personal trading account at Coincheck two years later. He was also introduced to the exchange’s co-founder Koichiro Wada, who helped Matsumoto set up Bitcoin payments at one of his personal businesses, a steak restaurant.
That meeting proved fruitful three years later, when Wada sought help after Coincheck was hacked. In March, after some intense negotiations, the two sides arrived at a $34 million price tag for the exchange and agreed to split profits for the next three fiscal years. Coincheck, which has reimbursed users affected by the hack, last month reported a $490 million operating profit for the year ended March, more than six times Monex’s earnings in the same period.
It’s far from clear whether Coincheck will ever return to that level of profitability. Turnover on the exchange in April was about 95 percent lower than in December — Coincheck’s busiest-ever month — after the hack spooked clients and cryptocurrency prices tumbled, according to data compiled by jpbitcoin.com and Bloomberg.
Matsumoto is undaunted.
“We can broaden our customer base at Coincheck,” he said. “In the end, we should and we can replicate the profitability they achieved before.”
| ashraq/financial-news-articles | http://fortune.com/2018/05/18/japan-coincheck-matsumoto/ |
VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) -- Metallic Minerals Corp. (TSX-V:MMG) (US OTC:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce its 2018 exploration program at its 100%-owned Keno Silver Project in Canada’s Yukon Territory. Plans for 2018 follow on the success of the inaugural program in 2017, which advanced three targets to the resource delineation stage, six targets to drill-ready status, and identified a number of earlier stage priority targets for advancement. Drilling is anticipated to commence in early June along with concurrent exploration work on all priority targets.
Figure 1 - Caribou Vein Long Section
Figure 2 - Homestake Geologic Plan Map
Metallic Minerals has acquired a 166 km 2 land position in the prolific Keno Hill Silver District, which has produced over 200 million ounces of high-grade silver 1 . With over 100 years of mining history, the geological controls to mineralization are well understood, and the recent discovery of several major new deposits in the district demonstrates the excellent potential for new world-class discoveries through systematic exploration along the known mineralized structural corridors. With 10 of these known mineralized trends traversing Metallic Minerals’ holdings, the Company is focused on identifying and rapidly advancing the most prospective targets toward resource definition.
Exploration at the Keno Silver Project for 2018 will focus on three stages of targets as a priority:
Resource Delineation-Stage Targets – A top priority for 2018 will be to complete step out drilling on the three identified resource delineation targets at Caribou, Homestake and the recently acquired Formo target to determine the potential scale of the mineralized systems. The well-mineralized structures at each of these targets have been defined by trenching, channel sampling and shallow drilling that is open at depth and along strike, allowing for further expansion and the potential to define new silver resources;
Advanced Surface Targets – Our second priority will be the first phase drill testing of up to six advanced surface targets, which have returned high-grade values from surface sampling - Gold Hill, Bounty, Duncan, Silver Basin, Vanguard and Silver Queen. Drilling on these targets will be designed to test vertically under the known surface mineralization to demonstrate the potential of these targets to move to a resource delineation stage; and
Earlier Stage Targets – The Company has prioritized 20 earlier stage targets in the less explored parts of the property that show potential to host significant high-grade Keno-type silver mineralization along recognized mineral trends. These targets will see follow-up work including drone-based geophysics, soil sampling, detailed stratigraphic mapping and trenching with the objective to advance the most prospective areas to a first phase drill testing stage.
Greg Johnson, Metallic Minerals Chairman & CEO stated, “We are excited to be launching our second year of exploration on the Keno Silver Project, building on the successes of the past 18 months for the Company. Following a very systematic approach, we have been able to move from land acquisition through our inaugural field programs, the results of which demonstrated our ability to rapidly advance from target identification to new discoveries in these under explored areas of the prolific Keno Hill Silver District. Results from 2017 confirmed the existence of high-grade silver in Keno-type structures beginning at surface and that those systems are open at depth and along strike. These new targets show very high grades and stratigraphic settings that are comparable with some of the largest deposits in the district. Our plans for 2018 are to undertake a robust drill-focused program, following and expanding upon the same systematic exploration methodology as 2017. We are confident our ongoing exploration efforts can add significantly to the overall silver resources of the Keno District, which has potential to be world-class in scale.”
Priority Resource Delineation Targets:
Caribou Target
The Caribou target is one of the most advanced targets at the Keno Silver Project. Caribou is a shallow dipping, well-mineralized structure hosted in Keno Hill Quartzite, the rock unit which hosts the majority of historic production and resources in the Keno Hill Silver District. The Caribou target was discovered and worked in the 1920s and 30s and produced 87 tons of ultra high-grade material grading 6,072 g/t silver. The results from Metallic Minerals’ 2017 drill program show that the Caribou target is a classic Keno-type high-grade system with bonanza grades, such as hole CH017-023 which intercepted 1.6 meters grading 2,851 g/t silver equivalent (1,405 Ag g/t, 26% Pb, 3.7% Zinc and 0.28 g/t Au). The objective of exploration was to drill below the shallow historic mining and sampling on the structure to determine the potential of the systems to host significant high-grade silver-lead-zinc deposits and to provide vectors to assist follow-up exploration. Drilling and trenching show high-grade silver, lead and zinc within a well-mineralized structure that is open to depth, with widths of 1-3 meters that are typical of the Keno Hill Silver District. There are currently a total 14 intercepts grading more than 800 g/t silver equivalent on the Caribou structure with the system open to expansion to the north and south (see Figure 1 - Caribou Long Section below). This compares with an average reserve grade for primary silver deposits in the industry of approximately 300 g/t silver or 500 g/t silver equivalent 2 with the average resource grade in the Keno Hill Silver District at 400-500 g/t silver.
The Caribou vein structure features at least three well-defined strongly mineralized shoots showing the potential to rapidly develop a resource on this target. Planned work for 2018 at Caribou will include additional drilling to test the down dip continuation of high grade shoots of the shallow-dipping vein identified in 2017 and a continuation of step-out drilling to the south where the mineralized vein remains open and untested. Drill holes and trenches are shown on the longitudinal section below, with their respective grades, where they intersect the plane of the vein.
Figure 1 : Caribou Vein Long Section
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/357a9db6-cf74-4109-866e-7e5f062eee1d
Homestake Target
The Homestake target is one of the Company’s top priority targets due to its size, historic production, very high grades at surface and its stratigraphic setting within the Keno Hill Quartzite. The results from exploration in 2017 show that the Homestake targets are high-grade Keno-type silver-lead-zinc vein structures within a broad structural corridor nearly 200 metres wide, with both longitudinal and transverse-style veins. The objective of exploration at the Homestake target was to drill below, and along trend of, the shallow historic mining and sampling on the structure to determine the potential of the systems to host significant high-grade silver, lead, zinc and gold, and to provide vectors to assist follow-up exploration aimed at pursuing higher-grade material. The strongest grades to date include assays of 4,027 g/t silver from drilling and 4,717 g/t silver from trenching on the Homestake #1 vein, and 22.1 g/t gold with 332 g/t silver from trenching on the Homestake #2 vein. The exploration results from drilling and trenching confirm the existence of high-grade, well-mineralized 1-3 meter-wide structures that are typical of the Keno Hill Silver District and which remain open to depth and along trend. There are currently 21 vein intersections grading more than 600 g/t silver equivalent on the Homestake structures including five that exceed 10 g/t gold on the Homestake #2 structure (see Figure 2 below).
The structures at Homestake remain open to expansion down dip in the central area near the historic workings with significant additional exploration upside and potential for rapid resource development to the west and to the east where drilling returned well mineralized Keno Hill Quartzite stratigraphy with the potential for the two vein structures to converge in a broader mineralized structural zone. The width of the structure in this eastern target area was particularly notable, extending over 15 meters in three mineralized structures. Planned work for 2018 will include additional drilling to test the down dip continuation of high grade shoots of the shallow-dipping vein identified in 2017 and a continuation of step-out drilling to the west and east.
Drill holes and trenches are shown on the geologic plan map below, with their respective grades, starting from surface.
Figure 2 : Homestake Geologic Plan Map
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/34036022-6a67-43a7-810b-41f87f885dac
Formo Target
Metallic Minerals acquired the advanced Formo project in the fall of 2017. The project is host to the historic Formo mine, also known as the Yukeno mine, which produced high-grade material from vein structures primarily hosted by greenstones below the main Keno Hill Quartzite. At least 3 vein structures have been identified at Formo in underground workings, drilling and trenching. The Formo structures are two kilometres northeast of the historic Hector-Calumet mine, which was the largest producer in the Keno Hill Silver District producing nearly 100 million ounces of silver 1 . Historic production from the Formo veins totaled 340 tonnes of 1,673 g/t Silver (48.88 oz/t Ag). An historic resource estimate reported by D. Campbell in 1965 totaled 44,000 tons grading 548.6 g/t silver (16.0 oz/t Ag) 6.9% lead and 10.7% zinc (A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves within the definitions and standards outlined in National Instrument 43-101. The Company is not treating the historical estimate as current mineral resources or mineral reserves and cautions that this estimate should not be relied upon) 3 .
Ongoing compilation and modelling work by Metallic Minerals at Formo has identified that the mineralized shoots containing the historic resource appear to remain open at depth and potentially along strike. Final results of the modelling work are anticipated to be completed in the near future to allow for planning of a series of drill holes in 2018 to confirm the historic results and to test the potential to extend known mineralization down dip and along strike towards the delineation of a resource at the Formo target.
Metallic anticipates providing further updates on progress at its Keno Silver Project over coming weeks and months.
Footnote 1: Cathro, R. J. (Bob). Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, [S.l.], Sept. 2006. ISSN 1911-4850
Footnote 2: New Explorer for High-Grade Silver Resources in the Prolific Keno Hill Silver District of Yukon, Canada; Michael Fowler, Loewen, Ondaatje, McCutcheon Ltd (LOM), September 2017
Footnote 3: Report on the Geology, Geochemistry and Trenching of the Keno Hill Area Subleases and Working Permits, Dawson Eldorado Mines Ltd., Philip D. Van Angeren (P.Geo) and Paul S. White (P.Eng); February 13, 1987 and 2002 Summary Report on the Keno Mining Leases, for Southern Rio Resources, Jean Pautler, P. Geo, June 20, 2002
About Metallic Minerals Corp.
Metallic Minerals Corp. is a growth-stage exploration company focused on the acquisition and development of high-grade silver and gold in the Yukon within under-explored districts with potential to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada's Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s McKay Hill Project, northeast of Keno Hill, is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.metallic-minerals.com
Email: [email protected]
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Quality Assurance / Quality Control
Analytical work in 2017 was done by Bureau Veritas Commodities Canada Ltd. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Each rock (grab) sample was analyzed for 36 elements using an Aqua Regia digestion with inductively coupled plasma-atomic emission spectroscopy (ICP-AES) and inductively coupled Plasma-mass spectrometry (ICP-MS) (AQ202). Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish (FA530-Ag, Au). Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry (MA404) or titration (GC516, GC8917). All results have passed the QAQC screening by the lab.
Qualified Person
Scott Petsel, P.Geo, Vice President, Exploration, is a Qualified Person as defined by National Instrument 43-101. Mr. Petsel has reviewed the scientific and technical information in this news release and approves the disclosure contained herein. Mr. Petsel has reviewed the results of the sampling programs and confirmed that all procedures, protocols and methodologies used conform to industry standards.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Metallic Minerals Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-metallic-minerals-announces-2018-exploration-program-at-keno-silver-projectain-the-yukon-territory.html |
May 21, 2018 / 8:40 PM / Updated 15 minutes ago Russian military shoots down 'unidentified drone' near Khmeimim air base in Syria - RIA Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s military said on Monday it had shot down an unidentified drone that came close to its Syrian air base at Khmeimim, RIA news agency said, citing the Russian Defence Ministry.
“There are neither casualties nor physical damage. Russia’s Khmeimim air base is operating as normal,” it said.
The British-based war monitoring group Syrian Observatory for Human Rights said explosions had been heard near the base and appeared to have come from Russian air defences confronting an attack. Reporting by Denis Pinchuk and Lisa Barrington | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-russia/russian-military-shoots-down-unidentified-drone-near-khmeimim-air-base-in-syria-ria-idUKKCN1IM29W |
May 7 (Reuters) - Highlight Event and Entertainment Ltd :
* EQS-ADHOC: HIGHLIGHT EVENT & ENTERTAINMENT AG AND THE NATIVE SA ENTER INTO STRATEGIC PARTNERSHIP IN DIGITAL ENTERTAINMENT & CELEBRITY E-COMMERCE SPACE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-highlight-event-entertainment-and/brief-highlight-event-entertainment-and-the-native-sa-enter-into-strategic-partnership-idUSASO0004C0 |
WESTFORD, Mass., Kadant Inc. (NYSE:KAI) announced today that its Board of Directors has approved a quarterly cash dividend to stockholders of $0.22 per share to be paid on August 9, 2018 to stockholders of record as of the close of business on July 12, 2018. Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with approximately 2,500 employees in 20 countries worldwide. For more information, visit www.kadant.com .
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our business, financial performance and cash dividend program. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading "Risk Factors" in Kadant’s annual report on Form 10-K for the year ended December 30, 2017 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our customers’ ability to obtain financing for capital equipment projects; the variability and uncertainties in sales of capital equipment in China; international sales and operations; the oriented strand board market and levels of residential construction activity; development and use of digital media; currency fluctuations; price increases or shortages of raw materials; dependence on certain suppliers; our acquisition strategy; failure of our information systems or breaches of data security; changes in government regulations and policies and compliance with laws; our internal growth strategy; competition; soundness of suppliers and customers; changes in our tax provision or exposure to additional tax liabilities; our ability to successfully manage our manufacturing operations; disruption in production; future restructurings; economic conditions and regulatory changes caused by the United Kingdom’s likely exit from the European Union; our debt obligations; restrictions in our credit agreement; loss of key personnel; protection of patents and proprietary rights; fluctuations in our share price; soundness of financial institutions; environmental laws and regulations; anti-takeover provisions; and reliance on third-party research.
Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
[email protected]
or
Media Contact Information:
Wes Martz, 269-278-1715
[email protected]
Source:Kadant Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-kadant-declares-cash-dividend.html |
10 minutes ago Rahane to lead India against Afghanistan in Kohli's absence Reuters Staff 3 Min Read
MUMBAI (Reuters) - Ajinkya Rahane will lead India against Afghanistan, who play their maiden test in Bengaluru in June, in the absence of regular captain Virat Kohli, the country’s cricket board (BCCI) said on Tuesday. FILE PHOTO: Cricket - South Africa vs India - First One Day International - Kingsmead Stadium, Durban, South Africa - February 1, 2018. India's Ajinkya Rahane plays a shot. REUTERS/Rogan Ward
Kohli will represent Surrey in June after signing a one-month contract with the English county side to prepare for the test series against England later this year.
He will return to lead India in the limited-overs series in Ireland in June before they head to England for three T20 internationals, three ODIs and a five-test series starting in August.
Afghanistan will play their inaugural test match from June 14 in Bengaluru’s M Chinnaswamy Stadium.
The South Asian country and Ireland joined the ranks of full member nations of the International Cricket Council last year, taking the total number of test-playing countries to 12.
India also decided to manage the workloads of other test regulars, opting to rest batsman Rohit Sharma and pace duo Bhuvneshwar Kumar and Jasprit Bumrah for the Afghanistan test.
Batsman Karun Nair, seamer Shardul Thakur and left-arm wrist-spinner Kuldeep Yadav were drafted in. Thakur is yet to play in the five-day format for India.
The world’s top-ranked test side last played the longest format in January in South Africa, where they lost a hard-fought three-test series 2-1.
Uncapped medium-pacer Siddarth Kaul made it into both India’s T20 and 50-over sides for the tour of Ireland and England after impressive performances for Sunrisers Hyderabad in the Indian Premier League.
Batsmen Lokesh Rahul and Ambati Rayudu were also rewarded with spots in the ODI side after strong showings in the IPL.
India test squad against Afghanistan: Ajinkya Rahane (captain), Shikhar Dhawan, Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Karun Nair, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Umesh Yadav, Mohammed Shami, Hardik Pandya, Ishant Sharma, Shardul Thakur
India T20 squad against Ireland and England: Virat Kohli (captain), Shikhar Dhawan, Rohit Sharma, Lokesh Rahul, Suresh Raina, Manish Pandey, MS Dhoni, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Washington Sundar, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Siddarth Kaul, Umesh Yadav
India ODI squad against England: Virat Kohli (captain), Shikhar Dhawan, Rohit Sharma, Lokesh Rahul, Shreyas Iyer, Ambati Rayudu, MS Dhoni, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Washington Sundar, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Siddarth Kaul, Umesh Yadav Reporting by Sudipto Ganguly; | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-india-squads/cricket-rahane-to-lead-india-against-afghanistan-in-kohlis-absence-idUKKBN1I91MV |
April 30 (Reuters) - GROUPE SFPI SA:
* ANNOUNCES THE SALE OF ITS SUBSIDIARY SPOMASZ-WRONKI
* SALE REALIZED AT PRICE OF EUR 6.6 MILLION, REAL ESTATE INCLUDED Source text: bit.ly/2JAeFNF Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-groupe-sfpi-sells-its-subsidiary-s/brief-groupe-sfpi-sells-its-subsidiary-spomasz-wronki-idUSFWN1S701S |
PARIS (Reuters) - French President Emmanuel Macron swept into office last May on a pledge to create jobs and improve the lives of workers by rebooting the country’s economy.
A year on, annual economic growth has picked up — closing the gap with Germany and pulling away from other major European powers such as Britain and Italy. The pace of new business openings have increased sharply and improvements in the jobs market have left some employers warning about skilled workers being in short supply.
But economists say the rosier picture is due at least in part to stronger growth across Europe as well as policies put in place by Macron’s predecessor, Francois Hollande.
To help measure Macron's impact on the economy, Reuters has compiled a graphic showing a dashboard of indicators that will update as new data is released over the course of his presidency tmsnrt.rs/2JH3um9 .
The data show some early signs that the president’s policies are having an effect among entrepreneurs and in the labour market. But there has been little change in disposable income for workers and efforts to reverse years of declining competitiveness don’t appear to have borne fruit.
Macron’s ability to re-invigorate the euro zone’s second-largest economy will be a critical factor in how his success is measured at home. It will also shape how much influence he can bring to bear in Europe, where he is trying to convince Germany of the need to further overhaul economic and monetary union to bolster the euro zone against future crises.
While the economy grew quickly after Macron’s election, it slowed at the start of this year due in part due to one-off factors that curtailed consumer spending, according to figures released Friday. Economists said they expect growth to return to a healthy clip.
Macron has repeatedly said his reforms would start to have a significant impact 18 months to two years into his presidency. An Elysee adviser told Reuters there was no time frame for improving the economic outlook. “That’s why we’re not cheering about the current upturn, because we’re perfectly aware that to a large extent it’s down to the economic context.”
FALLING UNEMPLOYMENT When Macron took office in May, the French economy was starting to rebound after years of unimpressive growth. That gave him a firm footing on which to confront France’s historically muscular trade unions as he seeks to reshape economic and social policy.
A former investment banker, Macron had been a minister in the Hollande’s government, before quitting to launch his own political movement. Barely a year later, aged 39 years, he led it to electoral victory casting himself as an agent of change, of ‘neither of the left nor the right.’
Macron quickly moved to start overhauling France’s labour regulations to tackle unemployment, which was well above the eurozone average.
Macron’s government has provided employers more freedom to hire and fire through a loosening of labour rules, among other measures.
Initial signs appear promising for Macron. Overall unemployment in France is down to 8.9 percent, from 9.4 percent when he took office and below the 9.1 percent average for the country over the last 20 years, according to France’s INSEE statistics agency. Youth unemployment is falling at an even faster pace.
Companies also are more frequently hiring on permanent contracts as opposed to short-term ones. The level approached 49 percent in February, a level only rarely seen over the past two decades, according to Reuters analysis of data from the ACOSS national payrolls agency.
However, economists say the increase in permanent contracts appears only partly due to Macron’s policies as numbers were rising before he assumed office. A shortage of skilled labour is also helping workers negotiate more favorable terms.
START-UP NATION
The most marked difference is in the rate at which new businesses are starting up. Macron had made a high-profile push to encourage entrepreneurship, promising within weeks of his election to transform France into a “nation of start-ups.”
FILE PHOTO: French President Emmanuel Macron is seen before his first long live television interview on prime time at the Elysee Palace in Paris, France, October 15, 2017. REUTERS/Philippe Wojazer/File Photo In its first budget, Macron’s government scrapped a wealth tax long-opposed by entrepreneurs and set a flat 30 percent tax for all capital income.
The number of new businesses opening spiked in the immediate aftermath of Macron’s election as president and the rate has continued to grow at a double-digit pace.
The business community say Macron’s arrival has brought about a dramatic change in attitude to entrepreneurship in a country where people traditionally have been reluctant to take the risk of starting new businesses.
Landing a job at a bank or a household brand is no longer the sole badge of success for graduates of top business schools, such as HEC, said Olivier Millet, the head of venture-capital lobby France Invest.
“There’s a political message when HEC students are not going into finance or marketing but into entrepreneurship,” he said. “You haven’t succeeded in life unless you’ve started a company.”
The reforms have prompted some political opponents to dub him “president of the rich,” an idea he dismisses saying he has no problem with wealth as long as it benefits the broader economy.
PURCHASING POWER Another key factor for voters and the economy is whether French workers notice any improvement in their wallets.
So far, households have seen little increase in disposable income, according to INSEE, the statistics agency. And, what increase there has been in wage growth has largely been offset by higher inflation, leaving gross disposable income growth stagnant since Macron took office.
Macron has introduced some tax cuts, such as reductions to workers payroll tax, but they are being phased in over time to ease the impact on public finances.
“A lot of workers say the economy is growing again, but there’s no reduction in inequality, so there’s a huge demand for better distribution,” said veteran union boss Jean-Claude Mailly, who retired last month as head of the Force Ouvriere.
People are “getting impatient,” he told Reuters.
Macron’s government estimates its tax reforms will add 1.6 percent to gross domestic product by 2025 and create a quarter of a million jobs.
FOREIGN INVESTMENT France has also seen a significant increase in foreign direct investment, which reached a decade high last year, according to the central bank.”What we saw in 2017 is not so much linked to the election and change of government as the result of the previous two, three, four years,” said Pascal Cagni, the former Europe head of Apple and now chairman of Business France, which promotes the country among foreign businesses.
But Cagni said he believes Macron’s policies will encourage foreign investment to continue to grow. “That’s why I am extremely positive about the outlook.”
Slideshow (2 Images) The competitiveness of French firms overseas, however, has not improved. French exporters are still struggling to claw back market share lost during a twenty-year decline in competitiveness.
Economic recovery requires consistency, said French central bank head Francois Villeroy de Galhau. “That’s true for many things in France’s economy, but especially for competitiveness.”
Additional reporting by Cyril Altmeyer, Mathieu Rosemain and Jean-Baptiste Vey, Editing by Richard Lough and Cassell Bryan-Low
| ashraq/financial-news-articles | https://in.reuters.com/article/france-economy-macron/measuring-macron-is-frances-leader-rebooting-the-economy-idINKBN1I40BC |
Actors Jennifer Connelly and Paul Bettany have sold their Manhattan home and bought a Brooklyn Heights townhouse for roughly $15.5 million, according to people familiar with both off-market deals. Real-estate agents say the Brooklyn purchase represents one of the most expensive transactions ever closed in the borough.
A listing for the property dating back to 2006 said the 25-foot-wide Brooklyn home spans approximately 8,000 square feet and has views to the Statue of Liberty and the lower Manhattan skyline. It wasn’t clear... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/actors-jennifer-connelly-and-paul-bettany-sell-in-tribeca-and-buy-in-brooklyn-1527019240 |
Second Quarter 2018 Highlights (Versus Second Quarter 2017)
Revenue growth of 13%, driven by improved economic environment, strong price execution and specialty growth Net income for the quarter was $0.4 million, or $0.01 per diluted share, which includes the negative impact of contingent consideration items. Adjusted net income was $11 million, or $0.14 per diluted share, excluding the contingent consideration items Adjusted EBITDA of $54 million increased 18% from prior year Net leverage of 4.1x, a decrease from 4.8x last year and 4.4x last quarter
THE WOODLANDS, Texas, May 09, 2018 (GLOBE NEWSWIRE) -- Nexeo Solutions, Inc. (NASDAQ:NXEO) (the "Company" or "Nexeo Solutions"), today announced its consolidated financial results for the three months ended March 31, 2018.
David Bradley, President and Chief Executive Officer of Nexeo Solutions stated, "Our proprietary operating platform and go-to-market strategy were designed to enable differential performance in volatile environments. This, combined with the focus of our talented team and the unique value proposition we offer to suppliers and customers, continues to deliver above-market performance for all of our stakeholders."
Sales and operating revenues for the three months ended March 31, 2018 were $1,041.0 million, including $19.8 million in revenues from Ultra Chem, and $917.7 million for the three months ended March 31, 2017. Excluding revenues from Ultra Chem, the increase was primarily attributable to an increase in average selling prices of 11.7% across all segments in all regions. Approximately $25.0 million of the increase was a result of strengthening exchange rates of various currencies versus the U.S. Dollar ("USD") as compared to the same period in the prior fiscal year.
Gross profit was $115.7 million and $102.2 million for the three months ended March 31, 2018 and March 31, 2017, respectively. The Company's centralized platform allowed it to effectively manage supply constraints affecting various product lines. Additionally, specialty mix increased in both the Chemicals and Plastics lines of business. Approximately $2.2 million of the increase in gross profit was due to strengthening exchange rates of various currencies versus the USD compared to the same period in the prior fiscal year.
The Company reported net income of $0.4 million and a net loss of $1.1 million for the three months ended March 31, 2018 and March 31, 2017, respectively. Adjusted EBITDA was $53.7 million and $45.7 million for the three months ended March 31, 2018 and March 31, 2017, respectively. For a description of adjusted EBITDA and a reconciliation to its most comparable GAAP financial measure, please read "Non-GAAP Financial Measures".
Second Quarter 2018 Performance
The results of the Company's operating performance are described below and, unless otherwise indicated, are a comparison of the three months ended March 31, 2018 with the three months ended March 31, 2017.
Three Months Ended March 31, Period Over Period 2018 2017 $ Change % Change Chemicals Sales and operating revenues $ 487.8 $ 415.0 $ 72.8 17.5 % Gross profit 62.0 50.6 11.4 22.5 % Plastics Sales and operating revenues 516.9 471.7 45.2 9.6 % Gross profit 47.0 45.8 1.2 2.6 % Other Sales and operating revenues 36.3 31.0 5.3 17.1 % Gross profit 6.7 5.8 0.9 15.5 % Consolidated Sales and operating revenues 1,041.0 917.7 123.3 13.4 % Gross profit 115.7 102.2 13.5 13.2 % Segment Highlights
Chemicals - Sales and operating revenues for the Chemicals line of business for the three months ended March 31, 2018 were $487.8 million, including $19.8 million in revenues from Ultra Chem, and $415.0 million for the three months ended March 31, 2017. Excluding the impact from Ultra Chem, the increase in revenue was primarily attributable to a 10.2% increase in average selling prices and an increase in volumes of 2.3% across multiple product lines. Volume and average selling price performance was a result of continued expansion of our specialty business and recovery in the oil and gas industry, partially offset by volume decreases in Asia.
Gross profit was $62.0 million and $50.6 million for the three months ended March 31, 2018 and March 31, 2017, respectively. Gross profit increased due to our strong commercial execution strengthened by leveraging our centralized technology platform to effectively manage supply shortages for certain specialty products globally as well as supply constraints in North America predominately caused by adverse weather conditions during the quarter.
Plastics - Sales and operating revenues for the Plastics line of business were $516.9 million and $471.7 million for the three months ended March 31, 2018 and March 31, 2017, respectively. The revenue increase was primarily attributable to a 14.1% increase in average selling prices resulting from improved product mix in North America and continued market share gain in EMEA. Overall, volumes were down 4.0% compared to the three months ended March 31, 2017 resulting from the commercial decision to terminate low margin and unprofitable business in North America and Asia. Approximately $23.5 million of the increase was a result of strengthening exchange rates of various currencies versus the USD compared to the same period in the prior fiscal year.
Gross profit was $47.0 million and $45.8 million for the three months ended March 31, 2018 and March 31, 2017, respectively. Our centralized platform allowed us to effectively manage supply constraints affecting various product lines. Additionally, our specialty mix increased in both the Chemicals and Plastics lines of business. Approximately $2.1 million of the increase in gross profit was due to strengthening exchange rates of various currencies versus the USD compared to the same period in the prior fiscal year.
Other - Sales and operating revenues for the Other segment were $36.3 million and $31.0 million for the three months ended March 31, 2018 and March 31, 2017, respectively. The increase in revenues was primarily due to growth in service offerings to existing customers.
Gross profit was $6.7 million and $5.8 million for the three months ended March 31, 2018 and March 31, 2017, respectively. The increase was primarily due to certain management cost savings initiatives.
Nexeo Solutions to Hold Earnings Conference Call
The Company will hold a conference call to discuss its second quarter fiscal year 2018 earnings on Thursday, May 10, 2018 at 9:00 a.m. CT (10:00 a.m. ET). To participate in the conference call by telephone, please call one of the following telephone numbers and reference the below access passcode 10 minutes prior to the scheduled start time:
Domestic: +1.844.412.1004 International: +1.216.562.0451 Passcode: 4589438
The conference call and presentation will also be broadcast live via the Internet. You may listen by accessing the Investor Relations section of the Company's website at www.nexeosolutions.com . You should connect to the website at least 15 minutes prior to the conference call to register, download and install any necessary audio software to ensure a successful user experience.
If you are unable to participate, a replay of the conference call will be available on May 10, 2018, beginning at 12:00 p.m. CT (1:00 p.m. ET), through May 17, 2018. The phone number for the conference call replay is +1.855.859.2056 (Domestic) or +1.404.537.3406 (International). The access passcode is 4589438. Additionally, the recorded conference call will be accessible through the Investor Relations section of the Company’s website at www.nexeosolutions.com .
All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by the Company and cannot be recorded or rebroadcast without the Company's express written consent.
Non-GAAP Financial Measures
Adjusted EBITDA and adjusted net income was derived based on methodologies other than in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company’s management has included this measure because they believe it is indicative of the Company’s operating performance, is used by investors and analysts to evaluate the Company and can facilitate comparisons across periods. As presented by the Company’s management, this measure may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and adjusted net income should be considered in addition to, not as a substitute for, financial measures presented in accordance with GAAP. Moreover, certain non-GAAP financial measures as presented for financial reporting purposes herein may differ from similarly titled measures in the applicable covenants in our credit facilities.
The Company evaluates performance on the basis of adjusted EBITDA, which it defines as its consolidated net income (loss), plus the sum of interest expense, net of interest income, income tax expense (benefit), depreciation, amortization, other operating expenses, net (which primarily consists of acquisition and integration-related expenses, employee stock-based compensation expense, and other restructuring and transformational expenses), impairment charges, loss on extinguishment of debt and other income (expense), net, gains and losses on foreign currency transactions, debt refinancing costs and other non-operating activity. Management believes that adjusted EBITDA is indicative of the Company’s operating performance and that it is used by investors and analysts to evaluate companies with similar capital structures. The Company believes that adjusted EBITDA is an important indicator of operating performance because:
adjusted EBITDA excludes the effects of income taxes, as well as the effects of financing and investing activities by eliminating the effects of interest, depreciation and amortization;
the Company uses adjusted EBITDA in setting performance incentive targets;
the Company considers gains (losses) on the acquisition, disposal and impairment of assets as resulting from investing decisions rather than ongoing operations; and
other significant one-time items, while periodically affecting the Company's results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of its results.
The Company evaluates performance on the basis of adjusted net income, which it defines as its consolidated net income (loss), plus the change in fair value of contingent consideration obligation net of tax impact. Contingent consideration is comprised of two components, the Deferred Cash Consideration and the Tax Receivable Agreement ("TRA"), which have a non-cash impact and can change significantly quarter to quarter dependent on key valuation inputs. In order to estimate the fair value of the Deferred Cash Consideration, the Company estimates the value of the Excess Shares using a Monte Carlo simulation model with the market price of the Company’s common stock at each valuation date being a significant input to this model. Unobservable inputs to the valuation are the expected volatility during the applicable period as well as a marketability discount to reflect the illiquidity of the Excess Shares given their terms. The Company estimates the fair value of the liability for the contingent consideration related to the TRA based on a discounted cash flow model which incorporates assumptions of projected taxable income, projected income tax liabilities and an estimate of tax benefits expected to be realized as a result of the Business Combination. Key inputs to the valuation are prevailing tax rates and market interest rates impacting the discount rate. Management believes that adjusted net income is indicative of the Company’s operating performance and that it is used by investors and analysts to evaluate companies with similar capital structures. The Company believes that adjusted net income is an important indicator of operating performance because:
adjusted net income excludes the effects of the change in fair value of contingent consideration obligation net of tax impact, which have a non-cash impact and can change significantly quarter to quarter dependent on key valuation inputs.
A reconciliation of adjusted EBITDA and adjusted net income to net income (loss) from continuing operations for Nexeo Solutions, Inc. and Subsidiaries, the most comparable GAAP financial measure, is included at the end of this release.
About Nexeo Solutions, Inc.
Nexeo Solutions is a leading global chemicals and plastics distributor, representing products from world-class producers to a diverse customer base. From product specification to sustainable solutions, the Company goes beyond traditional logistics to provide value-added services across many industries, including chemicals manufacturing, oil and gas, coatings, personal care, healthcare, automotive and 3D printing. The Company leverages a centralized technology platform to identify efficiencies and create solutions to unlock value for suppliers and customers. Learn more at www.nexeosolutions.com .
Forward-Looking Statements
This press release contains statements related to the Company’s future plans and expectations and, as such, includes " " within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those statements that are based upon management’s current plans and expectations as opposed to historical and current facts and are often identified in this press release by use of words including but not limited to "may," "believe," "will," "project," "expect," "estimate," "anticipate," and "plan." Although the contained in this press release reflect management’s current assumptions based upon information currently available to management and based upon that which management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these . Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company’s actual results, performance prospects and opportunities in future periods to differ materially from those expressed or implied by such . These risks and uncertainties include, among other things: the Company’s ability to achieve projected cost savings; consolidation of the Company’s competitors; increased costs of products the Company purchases and its ability to pass on cost increases to its customers; disruptions to the supply of chemicals and plastics that the Company distributes or in the operations of the Company’s customers; the Company’s significant working capital requirements and the risks associated with maintaining large inventories; any disruptions to the Company’s ERP system; the Company’s ability to meet the demands of the Company’s customers on a timely basis; risks and costs related with operating as a stand-alone company; risks related to the Company’s supplier and customer contracts; risks related to the Company’s substantial indebtedness; changes in state, federal or foreign laws affecting the industries in which we operate; the Company’s ability to comply with any new and existing environmental and other laws and regulations; and general business and economic trends in the United States and other countries, including uncertainty as to changes and trends. The Company's future results will depend upon various other risks and uncertainties, including the risks and uncertainties discussed in the Company's SEC filings, including in the sections entitled "Risk Factors" in such SEC filings.
FOR FURTHER INFORMATION PLEASE CONTACT
Investor Relations, Nexeo Solutions
Tel: +1.281.297.0856, [email protected]
Nexeo Solutions, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited, in millions, except share amounts and par value) March 31, 2018 September 30, 2017 Current Assets Cash and cash equivalents $ 42.4 $ 53.9 Accounts and notes receivable (net of allowance for doubtful accounts of $2.6 million and $2.2 million, respectively) 630.6 597.4 Inventories 374.3 315.5 Income taxes receivable 2.0 3.4 Other current assets 22.9 19.8 Total current assets 1,072.2 990.0 Non-Current Assets Property, plant and equipment, net 296.0 316.1 Goodwill 706.2 703.0 Other intangible assets, net of amortization 227.4 231.5 Deferred income taxes
2.3 2.3 Other non-current assets 13.8 10.6 Total non-current assets 1,245.7 1,263.5 Total Assets $ 2,317.9 $ 2,253.5 Current Liabilities Short-term borrowings, current portion of long-term debt and capital lease obligations $ 49.9 $ 51.1 Accounts payable 390.7 384.2 Accrued expenses and other liabilities 54.2 58.4 Due to related party pursuant to contingent consideration obligations
8.8 12.5 Income taxes payable 7.1 3.2 Total current liabilities 510.7 509.4 Non-Current Liabilities Long-term debt and capital lease obligations, less current portion, net 829.9 794.0 Deferred income taxes 30.8 34.9 Due to related party pursuant to contingent consideration obligations 121.2 127.7 Other non-current liabilities 7.9 9.9 Total non-current liabilities 989.8 966.5 Total Liabilities 1,500.5 1,475.9 Commitments and contingencies Equity Preferred stock, $0.0001 par value (1,000,000 shares authorized, none issued and outstanding as of March 31, 2018 and September 30, 2017) — — Common stock, $0.0001 par value (300,000,000 shares authorized; 89,753,662 shares issued and 89,741,309 shares outstanding as of March 31, 2018 and 89,353,641 shares issued and 89,344,065 shares outstanding as of September 30, 2017) — — Additional paid-in capital 767.9 764.4 Retained earnings 31.7 4.8 Accumulated other comprehensive income 17.9 8.5 Treasury stock, at cost: 12,353 and 9,576 shares as of March 31, 2018 and September 30, 2017 (0.1 ) (0.1 ) Total equity 817.4 777.6 Total Liabilities and Equity $ 2,317.9 $ 2,253.5
Nexeo Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited, in millions, except share amounts and par value) Three Months Ended March 31, 2018 2017 Sales and operating revenues $ 1,041.0 $ 917.7 Cost of sales and operating expenses 925.3 815.5 Gross profit 115.7 102.2 Selling, general and administrative expenses 85.9 80.0 Transaction related costs — 0.3 Change in fair value of contingent consideration obligations 12.6 10.0 Operating income 17.2 11.9 Other income, net 0.4 0.2 Interest income (expense) Interest income 0.1 0.1 Interest expense (12.7 ) (12.5 ) Net income (loss) before income taxes 5.0 (0.3 ) Income tax expense 4.6 0.8 Net income (loss) attributable to Nexeo Solutions, Inc. $ 0.4 $ (1.1 ) Net income (loss) per share available to common stockholders Basic $ 0.01 $ (0.01 ) Diluted $ 0.01 $ (0.01 ) Weighted average number of common shares outstanding Basic 76,795,742 76,746,168 Diluted 77,281,397 76,746,168
Nexeo Solutions, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited, in millions) Six Months Ended March 31, 2018 2017 Cash flows from operations Net income (loss) $ 26.9 $ (9.4 ) Adjustments to reconcile to cash flows from operations: Depreciation and amortization 39.1 34.6 Debt issuance costs amortization, debt issuance costs write-offs and original issue discount amortization 2.2 2.0 Provision for bad debt 0.9 (0.1 ) Deferred income taxes (6.1 ) (5.6 ) Equity-based compensation expense 3.5 2.7 Change in fair value of contingent consideration obligations (6.0 ) 20.6 (Gain) loss from sales of property and equipment (0.4 ) 0.1 Gain related to reimbursements of certain capital expenditures incurred — (2.7 ) Changes in assets and liabilities: Accounts and notes receivable (28.6 ) (70.4 ) Inventories (55.3 ) (23.7 ) Other current assets (1.5 ) 1.9 Accounts payable 2.3 33.8 Accrued expenses and other liabilities (6.6 ) (10.6 ) Changes in other operating assets and liabilities, net 4.6 0.9 Net cash used in operating activities (25.0 ) (25.9 ) Cash flows from investing activities Additions to property and equipment (8.0 ) (14.5 ) Proceeds from the disposal of property and equipment 2.6 0.1 Proceeds from reimbursement of certain capital expenditures incurred — 2.9 Cash paid for asset acquisitions (7.7 ) (5.1 ) Net cash used in investing activities (13.1 ) (16.6 ) Cash flows from financing activities Cash paid to TPG related to TRA (4.2 ) — Proceeds from short-term debt 32.7 19.5 Repayments of short-term debt (36.2 ) (19.1 ) Proceeds from issuance of long-term debt 374.8 385.5 Repayments of long-term debt and capital lease obligations (339.9 ) (293.6 ) Payment of debt issuance costs (0.8 ) (1.3 ) Net cash provided by financing activities 26.4 91.0 Effect of exchange rate changes on cash and cash equivalents 0.2 (0.7 ) Increase (decrease) in cash and cash equivalents (11.5 ) 47.8 Cash and cash equivalents at the beginning of the period 53.9 47.5 Cash and cash equivalents at the end of the period $ 42.4 $ 95.3 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 23.6 $ 24.7 Cash paid during the period for taxes (net of refunds) $ 5.3 $ 2.6 Supplemental disclosure of non-cash investing activities: Non-cash capital expenditures $ 1.0 $ 15.8 Non-cash intangible assets acquired $ 3.0 $ 3.4 Supplemental disclosure of non-cash financing activities: Non-cash capital lease obligations, net $ 0.2 $ 13.4
Nexeo Solutions, Inc. and Subsidiaries Segment Information (Unaudited, in millions) Three Months Ended March 31, 2018 2017 Chemicals Sales and operating revenues $ 487.8 $ 415.0 Gross profit 62.0 50.6 Plastics Sales and operating revenues 516.9 471.7 Gross profit 47.0 45.8 Other Sales and operating revenues 36.3 31.0 Gross profit 6.7 5.8 Consolidated Sales and operating revenues 1,041.0 917.7 Gross profit 115.7 102.2
Nexeo Solutions, Inc. and Subsidiaries Adjusted Net Income Reconciliation (Unaudited, in millions except per share data) Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Amount Per Share* Amount Per Share* Net income (loss) from continuing operations $ 0.4 $ 0.01 $ (1.1 ) $ (0.01 ) Change in fair value of contingent consideration obligation 12.6 0.16 10.0 0.13 Tax impact of change in fair value of contingent consideration obligation (1.9 ) (0.02 ) (2.1 ) (0.03 ) Adjusted net income $ 11.1 $ 0.14 (1 ) $ 6.8 $ 0.09 *Per share amounts based on diluted shares for the three months ended March 31, 2018 and basic shares for the three months ended March 31, 2017
(1) Per share amounts above do not equal the total due to rounding
Nexeo Solutions, Inc. and Subsidiaries Adjusted EBITDA Reconciliation (Unaudited, in millions) Three Months Ended March 31, 2018 2017 Net income (loss) from continuing operations $ 0.4 $ (1.1 ) Interest expense, net 12.6 12.4 Income tax expense 4.6 0.8 Depreciation and amortization 19.6 17.8 Other operating expenses, net (1) 16.5 15.8 Adjusted EBITDA from continuing operations $ 53.7 $ 45.7 (1) See Other Operating Expenses, Net table for additional detail
Nexeo Solutions, Inc. and Subsidiaries Other Operating Expenses, Net (Unaudited, in millions) Three Months Ended March 31, 2018 2017 Management add-backs (1) $ 2.6 $ 3.4 Change in fair value of contingent consideration obligation 12.6 10.0 Foreign exchange (gains) losses, net (2) (0.5 ) 0.8 Compensation expense related to management equity plan (non-cash) 1.8 1.3 Transaction and other transaction related costs (3) — 0.3 Other operating expenses, net $ 16.5 $ 15.8 (1) One-time management adjustments associated with integration, restructuring, transformational activities and asset impairments
(2) Includes the impact of net realized and unrealized foreign exchange gains and losses related to transactions in currencies other than the functional currency of the respective legal entity for the purpose of evaluating the Company's performance and facilitating more meaningful comparisons of performance to other fiscal periods
(3) Includes professional and transaction costs related to acquisitions, potential acquisitions and other business combination related items
Source:Nexeo Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-nexeo-solutions-reports-second-quarter-fiscal-year-2018-financial-results.html |
May 3 (Reuters) - RATIONAL AG:
* Q1 SALES REVENUES OF 173.5 MILLION EUROS * Q1 EBIT AMOUNTED TO 40.8 MILLION EUROS, 7 PERCENT DOWN ON PREVIOUS YEAR (2017: 44.1 MILLION EUROS)
* CONFIRMED OUTLOOK PROVIDED FOR FISCAL YEAR 2018 Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rational-q1-ebit-at-eur-408-mln/brief-rational-q1-ebit-at-eur-40-8-mln-idUSFWN1S91GI |
This analyst says Spotify is music to Wall Street’s ears 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/this-analyst-says-spotify-is-music-to-wall-streets-ears.html |
EFFINGHAM, Ill., May 08, 2018 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.22 per share. The dividend is payable on or about May 25, 2018 to all shareholders of record as of the close of business on May 18, 2018.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank and Alpine Bank. As of March 31, 2018, the Company had total assets of approximately $5.7 billion and its Wealth Management Group had assets under administration of approximately $3.1 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiary. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank .
CONTACTS:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at [email protected] or (217) 342-7321
Source:Midland States Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-midland-states-bancorp-inc-declares-quarterly-cash-dividend-of-0-point-22-per-share.html |
President Trump announced Tuesday that the U.S. will withdraw from the Iran nuclear deal and reinstate sanctions on Tehran. He called the deal "defective" and said it didn't do enough to stop the country from developing nuclear weapons. Photo: Getty Images | ashraq/financial-news-articles | http://live.wsj.com/video/president-trump-announces-exit-from-iran-deal/17D69EC3-F945-43F1-8170-570F7D0633D3.html |
in 2 minutes BRIEF-Aramark Reports Q2 Earnings Per Share $0.11 Reuters Staff
* REPORTS SECOND QUARTER 2018 EARNINGS AND INCREASES 2018 OUTLOOK * Q2 SALES $3.9 BILLION VERSUS I/B/E/S VIEW $3.91 BILLION
* RAISES FY 2018 ADJUSTED EARNINGS PER SHARE VIEW TO $2.20 TO $2.30 INCLUDING ITEMS * Q2 EARNINGS PER SHARE $0.11
* Q2 EARNINGS PER SHARE VIEW $0.46 — THOMSON REUTERS I/B/E/S
* AFFIRMING ITS FULL-YEAR FREE CASH FLOW OUTLOOK OF GREATER THAN $400 MILLION
* COMPANY IS AFFIRMING ITS FULL-YEAR FREE CASH FLOW OUTLOOK OF GREATER THAN $400 MILLION | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aramark-reports-q2-earnings-per-sh/brief-aramark-reports-q2-earnings-per-share-0-11-idUSASC0A0D0 |
U.S. crude oil futures fell on Thursday despite a larger-than-expected decline in inventories, pushing its discount to global Brent crude to its highest level in more than three years.
U.S. West Texas Intermediate crude ended the session down $1.17, or 1.7 percent, at $67.04 a barrel. WTI fell 2.2 percent during May, breaking a two-month winning streak.
Brent crude was up 2 cents at $77.52 per barrel by 2:21 p.m ET, after settling the last session up 2.8 percent. Brent is heading for a more than 3 percent gain this month.
U.S. commercial crude inventories fell by 3.6 million barrels in the week to May 25, the Energy Information Administration reported. Analysts in a Reuters poll expected a decrease of 525,000 barrels.
Offsetting the big drop in crude stockpiles, gasoline stocks rose by 534,000 barrels, while distillate stockpiles, which include diesel and heating oil, jumped by 634,000 barrels. Inventories of both products were expected to fall by more than a million barrels.
show chapters Oil price decline 'temporary', says pro 9 Hours Ago | 03:04 West Texas futures have been under pressure as U.S. production keeps rising. In the most recent week, it rose toward 10.8 million barrels per day, a new weekly record, though those figures are less reliable than lagging monthly figures.
U.S. crude oil production jumped 215,000 bpd to 10.47 million bpd in March, the highest on record, EIA said in a monthly report on Thursday.
"Domestic production keeps rising, but it may have reached a point where increasing amounts of barrels of crude oil are becoming stranded," said John Kilduff, a partner at Again Capital LLC in New York.
At one point, the premium for Brent over WTI surpassed $11 a barrel, the largest spread since March 2015. That spread has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland.
"The Brent/WTI is blowing out. I think there must be what looks like some capitulation going on in the spread between those two contracts," Saxo Bank senior manager Ole Hansen said.
The wider premium makes U.S. crude exports more competitive than those linked to the Brent price, such as North Sea or West African grades of oil.
show chapters Oil prices driven more by financial markets than physical ones, says oil expert 11:11 AM ET Wed, 30 May 2018 | 03:27 Crude futures surged on Wednesday on a report that OPEC might continue its deal with Russia and other producers to cap production. That tempered concerns following earlier reports that OPEC could ease the output limits at its June 22 meeting.
"With the OPEC meeting still another three weeks away, oil prices are likely to remain sensitive to headlines," ANZ bank said in a note.
A Gulf source familiar with Saudi Arabia's thinking said OPEC and its allies aim to continue their agreement to cut oil output through the end of the year, but they are ready to make adjustments to offset any supply shortfall, Reuters reported on Wednesday.
Prior to that, the oil price slid to a three-week low below $75 a barrel on Monday after Organization of Petroleum Exporting Countries and its non-OPEC allies including Russia indicated they could adjust their deal to curb supplies and increase production.
Sources have told Reuters that Saudi Arabia, the effective leader of OPEC, and Russia were discussing boosting output by about 1 million barrels per day (bpd) to compensate for losses in supply from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.
OPEC and non-OPEC producers have committed to cut output by 1.8 million bpd until the end of 2018.
— CNBC's Tom DiChristopher contributed to this report.
Correction: This story has been updated to reflect that EIA corrected its weekly release on crude stockpiles. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/oil-markets-unexpected-growth-in-us-crude-stocks-in-focus.html |
TOKYO (Reuters) - Japan’s government will push back its time frame for achieving a balanced budget by five years to fiscal 2025 but set an interim target to review progress in getting the country’s fiscal house in order, the Nikkei newspaper reported on Wednesday.
FILE PHOTO: A Japan Yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration/File Photo The interim target would require the government to spur growth while curbing the burgeoning social welfare cost of a rapidly ageing population, underscoring the challenge premier Shinzo Abe faces in sustaining the economic recovery and market confidence over Japan’s handling of its finances.
The dire prospects of Japan’s fiscal state prompted a ruling party panel led by Fumio Kishida, the party’s policy chief and a possible candidate for next prime minister, to call for more debate not just on spending cuts but higher taxes.
“It’s hard to restore fiscal health unless Japan undergoes reform not just on spending but revenues reflecting social and economic developments,” the panel said in a proposal on Tuesday.
Japan had originally aimed to achieve a budget surplus in fiscal 2020. But Abe shelved that deadline last year when he called a snap election with a pledge to revamp the social welfare system for all generations.
Under a new deadline to be set in June, the government will aim to achieve a surplus in the primary budget - which excludes debt servicing and new bond sales - by the fiscal year ending in March 2026, the Nikkei said.
Its interim goal, with a deadline of fiscal 2021, will aim to achieve three targets: cutting the ratio of debt to gross domestic product (GDP) to around 180 percent, the budget deficit to 1.5 percent of GDP, and the ratio of fiscal deficit to GDP to 3 percent or lower, according to a draft seen by the Nikkei.
The targets would not be too ambitious and would allow Abe to ramp up fiscal spending to ease the pain on the economy from a scheduled hike in the sales tax next year, the Nikkei said.
The fiscal deficit target would also keep pressure on the Bank of Japan to maintain its ultra-loose monetary policy, as higher interest rates would lead to bigger deficits, it said.
The International Monetary Fund has warned of the need for Japan to work out a long-term plan to get its finances in order, as the country is already saddled with the heaviest public debt among major industrialized nations.
But analysts said Abe’s government has put fiscal reform on the back burner as he focuses more on growth than austerity to revive the economy and restore public finances.
Investors are closely watching the government’s plans to balance the budget for clues on how willing Abe could be in ramping up fiscal spending to counter an expected shock from next year’s sales tax hike.
Projections by the Cabinet Office showed in January that a primary budget surplus will be met in fiscal 2027, meaning that spending reform would be needed to bring forward the target.
But the government is already laying the groundwork for substantial increases in welfare spending in next fiscal year’s budget to subsidize education and childcare costs, highlighting the difficulty of restoring fiscal health.
Reporting by Leika Kihara and Takaya Yamaguchi; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-fiscal/japan-to-set-interim-fiscal-target-to-balance-budget-in-fy2025-nikkei-idUSKCN1IO08E |
Running Italy is 'difficult,' analyst says 1:57 AM ET Fri, 11 May 2018 Wolfgango Piccoli, managing director at Teneo, discusses Italy’s ongoing political deadlock. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/running-italy-is-difficult-analyst-says.html |
Justify splashed through the slop to win the Kentucky Derby by 2 1/2 lengths on Saturday, becoming the first colt in 136 years to wear the roses after not racing as a 2-year-old.
The colt that began his racing career in February improved to 4-0 and gave Bob Baffert his fifth Derby victory. That snapped a tie and left the 65-year-old trainer trailing only Ben Jones with six.
Mike Smith earned his second Derby victory. The 52-year-old jockey crossed the finish line at Churchill Downs with only a few specks of mud on his white and green silks in the rainiest Derby in the race's 144-year history.
Justify, the 5-2 favorite in the field of 20, ran 1 1/4 miles in 2:04.20. Good Magic finished second and Audible was another head back in third. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/justify-prevails-in-rain-and-mud-takes-144th-kentucky-derby-and-breaks-136-year-record.html |
May 15 (Reuters) - Gold Resource Corp:
* GOLD RESOURCE CORPORATION RECEIVES FINAL PERMIT AND BOARD APPROVAL FOR ISABELLA PEARL GOLD PROJECT, MINERAL COUNTY, NEVADA
* GOLD RESOURCE -PLAN OF OPERATION FOR ISABELLA PEARL GOLD PROJECT APPROVED BY BUREAU OF LAND MANAGEMENT, NEVADA DEPARTMENT OF ENVIRONMENTAL PROTECTION 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-gold-resource-corporation-receives/brief-gold-resource-corporation-receives-final-permit-and-board-approval-for-isabella-pearl-gold-project-idUSFWN1SM0QZ |
Essam Al-Sudani | Reuters People work at the Halfaya oilfield in Amara, southeast of Baghdad, Iraq.
OPEC on Monday forecast that U.S. drillers will account for most of the growth in oil production this year but warned that the global economic growth picture is clouded by uncertainty, in part due to American trade policy and sanctions.
The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.
OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.
U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily. show chapters 11:04 PM ET Wed, 9 May 2018 | 02:19
OPEC's own production was up slightly in April by about 12,000 barrels a day to 31.93 million bpd, according to independent sources that the group cites in its monthly report. An increase in output from Saudi Arabia was offset by a decline from Venezuela, where production fell by nearly 42,000 bpd as the country's economic crisis lingers on.
The group, along with Russia and several other producers, has been limiting its output since January 2017 in order to drain a glut of oil that caused a historic price crash. They have been trying to drive down oil stockpiles in developed countries to the five-year average.
Those stockpiles stood at just 9 million barrels above that level in March, according to OPEC. However, OPEC added a caveat in its latest monthly report, saying inventories are still 258 million barrels above levels in January 2014, the year oil prices crashed.
OPEC will discuss whether the production caps should be adjusted at a meeting next month. The deal to keep 1.8 million barrels a day off the market is set to last through the end of the year. Global growth warning
OPEC said recent data in developed countries could point to a weakening global growth trend. It noted that purchase managers indexes in major economies for April were mostly weak. While growth was expected to taper off somewhat, the data from Europe in particular was softer than anticipated.
"Major emerging economies' growth dynamics have thus far counterbalanced this soft spot, and global growth may recover in the remainder of the year due to US fiscal stimulus and a rebound in OECD growth," it said, referring to a group of developed nations. "However, after a period of a considerable growth, uncertainties seem to be on the rise."
U.S. trade policy and sanctions are fueling that uncertainty at a time when there are concerns that rising interest rates, especially in the United States, could crimp economic growth, OPEC said. It pointed specifically to new sanctions on Russia, tariffs on Chinese goods and steel and aluminum imports, continued trade negotiations with China and NAFTA and President Donald Trump 's decision to withdraw from the Iran nuclear deal last week.
"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased," OPEC said.
The group did not address the U.S. exit from the nuclear deal at length in its latest report. The decision means the United States is restoring wide-ranging sanctions on Iran, OPEC's third-largest producer and will potentially slap penalties on foreign companies that buy Iranian oil. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/opec-raises-oil-output-forecast-warns-about-global-growth-uncertainty.html |
MUST READS Italy’s Upstart Parties Set Possible Two anti-establishment parties poised to take power in Italy have finalized a coalition agreement that challenges the constraints of the euro, setting up a possible fight with European leaders who only recently steered the common currency through a deep Investors Incredulous Over Italy's Coalition Draft | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/18/italy-on-collision-course-with-europe/ |
ST PETERSBURG (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Friday that compliance with the global deal on oil output cuts is very high.
FILE PHOTO: OPEC Secretary-General Mohammad Barkindo listens during a news conference in Vienna, Austria, November 7, 2017. REUTERS/Heinz-Peter Bader/File Photo Barkindo, speaking to reporters during his visit to the Russian city of St Petersburg, also said concerns that compliance with the deal between OPEC and non-OPEC countries would decrease after oil prices recover have not materialized.
Reporting by Olesya Astakhova; Writing by Maria Tsvetkova; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-opec-russia-barkindo/opecs-barkindo-says-compliance-with-oil-supply-pact-very-high-idUSKCN1IQ0LR |
May 10, 2018 / 10:14 AM / Updated 8 minutes ago BRIEF-Smart Sand Q1 Earnings Per Share $0.02 Reuters Staff
May 10 (Reuters) - Smart Sand Inc: * Q1 EARNINGS PER SHARE $0.02
* Q1 REVENUE $42.6 MILLION VERSUS I/B/E/S VIEW $46.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.08 — THOMSON REUTERS I/B/E/S
* COMPANY ESTIMATES THAT FULL YEAR 2018 CAPITAL EXPENDITURES WILL BE APPROXIMATELY $85 TO $95 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.08, REVENUE VIEW $46.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-smart-sand-q1-earnings-per-share-0/brief-smart-sand-q1-earnings-per-share-0-02-idUSASC0A1AT |
Even Serena Williams can’t avoid the mommy track.
The organizers of the French Open announced on Monday that they would not seed Serena Williams even though Williams was ranked No.1 when she left the tour on maternity leave in January 2017. While that rank has been protected during her maternity leave, which allowed her to enter the French Open, seeding is based on current rank, and this week Serena Williams is ranked No. 453.
The French Open will be her first major competition back after giving birth in September and experiencing life-threatening complications that kept her in bed for six weeks. In March she briefly rejoined the tour for two tournaments where she was unseeded in Indian Wells and Miami. Without a seed, Williams is likely to face an uphill battle as she plays against more experienced players earlier on, a dynamic that contributed to her middling performance at the March tournaments.
At present, the Women’s Tennis Association (WTA) treats pregnancy the same way as an injury or illness, though they’re considering a rule change that would treat maternity leave differently. Still, USA Today sports columnist Nancy Armour argues the French Open need not stay “ stuck in the 1950s ” just because the WTA is. That is to say, they could decide to seed Williams anyway.
Several of Williams’s fiercest competitors seem to agree that the 23-time Grand Slam champion should be seeded. Maria Sharapova, a noted rival, said “It’s such an incredible effort for a woman to come back from physically, emotionally. … There’s just another whole dimension to the travel, to the experiences, to the emotions to the physicality of every single day. …So, yeah, I definitely think that would be a nice change.” | ashraq/financial-news-articles | http://fortune.com/2018/05/22/serena-williams-french-open-not-seeded-maternity-leave/ |
DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE Inc. (NYSE:ALE) is evolving into a renewable energy powerhouse while also growing its businesses and increasing its earnings outlook, Chairman, President and CEO Al Hodnik told investors today at the Duluth-based energy company’s 2018 annual meeting of shareholders.
Approximately 900 people attended the 2018 Annual Meeting at the Duluth Entertainment Convention Center on Tuesday, where they elected 12 directors, approved compensation-related resolutions and ratified the selection of ALLETE's accounting firm. After conducting business, they heard from Al Hodnik, ALLETE chairman, president and CEO, and three other company leaders.
“We began executing our energy-related diversification strategy about eight years ago, and that vision is paying dividends as renewables and the nexus of energy and water fuel ALLETE’s growth,” Hodnik said. “ALLETE Clean Energy has risen in size and stature to become ALLETE’s second-largest income producer. Meanwhile, U.S. Water is perfectly situated for future growth as demand grows for solutions to water scarcity, conservation and reuse.”
He reported ALLETE earned $3.38 per share in 2017 on net income that was up 10.9 percent over 2016, and ALLETE's market capitalization is now roughly $3.8 billion, up from $3.5 billion at this time in 2017. The company's board of directors recently increased the dividend 4.7 percent to $2.24 per share on an annual basis, and Hodnik said the company's three-year total shareholder return through the end of 2017 was 49.9 percent.
“Our current strategic positioning along with a generally healthy economic outlook led your board of directors to recently increase ALLETE’s average annual earnings growth target from 5 percent to 5-7 percent,” Hodnik said.
Hodnik pointed to a Goldman Sachs study of 36 U.S. and Canadian energy companies that ranked ALLETE the fourth-largest investor in wind and solar energy among that group relative to the companies’ market capitalizations. Most of that investment is in wind, with ALLETE’s nearly 1,100 megawatts of capacity nearly evenly split between Minnesota Power and ALLETE Clean Energy.
Much of ALLETE’s growth can be attributed to ALLETE Clean Energy, he said, with three big wind projects underway with Xcel Energy, Montana-Dakota Utilities and NorthWestern Energy. The projects, two in North Dakota and one in Montana, total about 240 megawatts and are made possible in part by a $135 million investment in wind turbines that qualify for federal production tax credits. With more development potential available, he said ALLETE Clean Energy could announce more projects over the next year.
Much of ALLETE’s growth in recent years also has happened in North Dakota, Hodnik said, and all the initiatives there have had one thing in common—a strategic partner in ALLETE subsidiary BNI Energy that helped open the door to doing business in the state.
“BNI Energy has provided steady earnings for ALLETE, but its value goes far beyond financial. BNI provides ALLETE with two very important strategic qualities, our reputation and our location,” said BNI President and General Manager Wade Boeshans. “We bring instant credibility and familiarity when we sit down with government officials or landowners to discuss a project, and that has helped ALLETE grow and prosper in North Dakota.”
With ALLETE companies Minnesota Power and ALLETE Clean Energy engaged in wind operations in North Dakota, Boeshans said BNI is now helping U.S. Water, another ALLETE company, expand its presence in the state’s energy sector that requires large amounts of water.
LaMarr Barnes, U.S. Water CEO, said water and energy are so tightly linked that when his company makes a customer’s water processes more efficient it also reduces the customer’s energy use and by extension reduces carbon emissions.
“Companies today are trying to improve their environmental performance by reducing their water consumption, using alternative water sources or by improving the purity of water they return to the environment, and those areas are our core strengths,” he said. “When we help our customers reduce their water and energy use, and help them reduce their costs, they become a closer partner with U.S. Water. Those ongoing, longer-term relationships with customers return long-term value to ALLETE.”
Also at Tuesday’s meeting, Bethany Owen, ALLETE senior vice president and chief legal and administrative officer, unveiled ALLETE’s sustainability statement: At ALLETE, we recognize that impacts from human activity, including climate change, are real, complex and interrelated. We are committed to answer the call to transform the nation’s energy and water landscape through innovative and sustainable solutions.
Owen said ALLETE’s broad and balanced view of sustainability includes the environment, society and governance, three key areas needed for a healthy society.
“The challenges associated with climate change are real, complex and interrelated, and the call to action is urgent. At ALLETE, we are proud of the significant strides we’ve made in reducing our carbon footprint, while balancing all that our stakeholders have come to expect of us, including affordability, reliability and environmental stewardship,” Owen said. “We will also continue to help the individuals and communities we serve to thrive and grow by working to bridge opportunity, and related achievement, gaps. Relative to our best-practice governance, we will continue to live our shared values and to ensure strong, diverse leadership on our board of directors and in our growing company.”
Hodnik said Minnesota Power continues to be a leader in clean energy and carbon reduction under its Energy Forward strategy.
He said the addition of natural gas is an important component of Energy Forward , providing a highly flexible and reliable resource that pairs well with carbon-free but variable wind and solar resources. After completion of the Great Northern Transmission Line and construction of the proposed renewable-enabling Nemadji Trail Energy Center natural gas facility and associated wind and solar projects, Hodnik said Minnesota Power’s energy mix will consist of 44 percent renewable energy by 2025 and reduce carbon emissions by 40 percent by 2030. Superior Water, Light and Power is one of the first utilities in the nation to install smart meters for three utilities – electricity, water and natural gas – paving the way for customers to monitor their energy and water use on a real-time basis.
“ALLETE has been answering the call to transform our nation’s energy and water landscape,” Hodnik said. “ALLETE has pivoted and is poised for further growth. Through wise investments and strong partnerships, we are transforming ALLETE.”
ALLETE shareholders, voting by proxy, elected directors Kathryn W. Dindo, Sidney W. Emery Jr., George G. Goldfarb, James S. Haines Jr., Alan R. Hodnik, James J. Hoolihan, Heidi E. Jimmerson, Madeleine W. Ludlow, Susan K. Nestegard, Douglas C. Neve, Robert P. Powers and Leonard C. Rodman. The Don Shippar Community Leadership Award, given annually, was presented to Superior Water Light and Power employee Faye Livangood for her volunteer efforts in the Twin Ports.
ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services in St. Michael, Minnesota, BNI Energy in Bismarck, North Dakota, and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com . ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006546/en/
ALLETE Inc.
Investor Contact:
Vince Meyer, 218-723-3952
[email protected]
Source: ALLETE Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-allete-ceo-says-diversification-fuels-growth-outlook-at-annual-meeting-of-shareholders.html |
May 29, 2018 / 2:46 AM / Updated 12 hours ago Alibaba injects pharmacy assets into healthcare unit in $1.4 billion deal Reuters Staff 2 Min Read
SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd will inject some of its online pharmacy business into a listed unit in a deal valued at HK$10.6 billion ($1.35 billion), the firm said in a statement on Tuesday. 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
Alibaba Health Information Technology Ltd will buy Ali JK Nutritional Products Holding Limited, which controls sales of medical devices, healthcare products, adult products and healthcare services on Alibaba’s Tmall platform.
The deal will see parent Alibaba receive newly issued shares in Ali Health, taking its economic interest in the firm to 56.2 percent from 48.1 percent currently. Alibaba will also have a 67.5 percent voting interest in Ali Health after the deal.
The deal should bolster business for Ali Health amid a broader push into a fast-growing healthcare technology market by other firms in China, such as Tencent Holdings-backed WeDoctor and recently listed Ping An Healthcare.
Alibaba CEO Daniel Zhang said in a statement that healthcare was a “strategically important” business area for the firm and that the deal would help turn Ali Health into the country’s “best healthcare ecosystem”.
Ali Health’s CEO added that the deal would help the firm expand by adding new categories to its offering.
Chinese healthcare spending is set to hit $1 trillion by 2020, up from $357 billion in 2011, according to consultancy McKinsey & Co, with technology firms increasingly looking to break into a growing private healthcare market.
The business unit being injected into Ali Health generated a gross merchandise volume of around 20.56 billion yuan ($3.21 billion) in the financial year to March 31 and had over 3,300 related merchants, Ali Health said in a statement.
Alibaba said the deal was subject to approval from Ali Health shareholders and the Hong Kong stock exchange.
($1 = 7.8451 Hong Kong dollars)
($1 = 6.4065 Chinese yuan) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-alibaba-health/alibaba-injects-pharmacy-assets-into-healthcare-unit-in-1-4-billion-deal-idUKKCN1IU06S |
May 3, 2018 / 2:59 AM / Updated 5 hours ago Giuliani says Trump repaid $130,000 his lawyer spent to quiet porn star Reuters Staff 2 Min Read
WASHINGTON (Reuters) - Former New York City Mayor Rudy Giuliani, who joined President Donald Trump’s legal team last month, said on Wednesday that Trump repaid the $130,000 his lawyer gave to an adult-film star to buy her silence about an alleged affair with the president.
Trump has said he did not know about the payment to Stormy Daniels, who says she had a one-night stand with Trump in 2006. Trump’s lawyer Michael Cohen paid Daniels, whose real name is Stephanie Clifford, the money in 2016 to keep quiet about the alleged sexual encounter before the presidential election.
In an interview on Fox News, Giuliani, a former federal prosecutor and longtime friend of Trump, said the president knew about the $130,000 payment and reimbursed Cohen.
“They funnelled it through a law firm and the president repaid it,” Giuliani said.
“He didn’t know about the specifics of it, as far as I know, but he did know about the general arrangement that Michael would take care of things like this,” Giuliani said.
He said the payment did not violate campaign finance laws because it was not drawn from Trump campaign funds.
The White House did not immediately respond to a request for comment.
When asked by reporters on April 5 if he knew about the payment to Daniels, Trump responded, “No.” Asked why Cohen made the payment, Trump said: “You’ll have to ask Michael Cohen. Michael is my attorney. You’ll have to ask Michael.”
Cohen has said he paid Daniels out of his own pocket and was not reimbursed by Trump.
The White House has denied Trump had sex with Daniels.
Daniels has sued Trump and Cohen to be released from the non-disclosure agreement, saying it was invalid because Trump never signed it. She has also sued Trump for defamation. FILE PHOTO: A combination photo shows Adult film actress Stephanie Clifford, also known as Stormy Daniels speaking in New York City, and U.S. President Donald Trump speaking in Washington, Michigan, U.S. on April 16, 2018 and April 28, 2018 respectively. . REUTERS/Brendan Mcdermid (L) REUTERS/Joshua Roberts (R)/File Photos Reporting by Eric Beech; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-daniels/giuliani-says-trump-repaid-130000-his-lawyer-spent-to-quiet-porn-star-idUKKBN1I405V |
May 10 (Reuters) - 3TL Technologies Corp:
* 3TL TECHNOLOGIES ANNOUNCES THREE YEAR AGREEMENT WITH GLOBAL MEDIA & ENTERTAINMENT COMPANY AND PROVIDES UPDATE
* 3TL TECHNOLOGIES CORP - THE AGREEMENT SIGNED ON APRIL 17, 2018 IS A RENEWAL AND EXTENSION OF TWO-YEAR LICENCE THAT WAS SIGNED IN 2016 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-3tl-technologies-announces-three-y/brief-3tl-technologies-announces-three-year-agreement-with-global-media-entertainment-company-idUSASC0A1HI |
SEOUL (Reuters) - The chairman of LG Group, Koo Bon-moo, who helped transform South Korea’s fourth-largest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease.
LG Group chairman Koo Bon-moo is seen in this undated handout photo provided by LG Group on May 20, 2018. LG Group/Handout via REUTERS Koo, 73, had been ill for a year, LG Group said in a statement.
Koo had been fighting a brain disease and had undergone surgery, said a group official who declined to be identified.
“Becoming the third chairman of LG at the age of 50 in 1995, Koo established three key businesses - electronics, chemicals and telecommunications - led a global company LG, and contributed to driving (South Korea’s) industrial competitiveness and national economic development,” LG said.
LG Group also established a holding company in order to streamline ownership structure and to begin the process of succession.
The country’s powerful family-run conglomerates are implementing generational succession amid growing calls from the government and public to improve transparency and corporate governance.
Slideshow (3 Images) LG Corp ( 003550.KS ), a holding company of the conglomerate, had said on Thursday its longtime chairman was unwell and it planned to nominate his son to its board of directors in preparation for a leadership succession.
HEIR APPARENT Heir apparent Koo Kwang-mo is from the fourth generation of LG Group’s controlling family. He owns 6 percent of LG Corp and currently heads LG Electronics’ information display unit.
He joined the finance division of LG Electronics in 2006 and has been involved in several businesses such as appliances, home entertainment and group strategy, LG said.
The late chairman adopted Koo in 2004 from his younger brother Koo Bon-neung after his only son died in a car accident.
The change at the helm is not expected to be disruptive to the group’s business, one analyst told Reuters.
“Although Koo passed away at a relatively early age, his son has already been in a senior position and I don’t think there will be a big change in governance structure or strategic decisions,” said Park Ju-gun, head of corporate analysis firm CEO Score.
Under Koo’s leadership, the conglomerate changed its corporate brand to LG from Lucky Goldstar and sold LG’s semiconductor business to Hyundai, now SK Hynix Inc ( 000660.KS ), under government-led restructuring in the wake of the Asia financial crisis in the late 1990s.
Major affiliates are LG Electronics Inc ( 066570.KS ), display maker LG Display ( 034220.KS ) and electric car battery maker LG Chem ( 051910.KS ).
South Korean prosecutors said this month they raided LG Group’s head office as part of a probe into alleged tax evasion by family members controlling the conglomerate.
The company said Koo’s funeral would be held privately with family members. Visitors including Samsung Group heir Jay Y. Lee have paid their condolences at his altar.
Reporting by Jane Chung and Ju-min Park; Additional reporting by Miyoung Kim and Jeongmin Kim; editing by Jacqueline Wong and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southkorea-lgcorp-chairman-death/south-koreas-lg-group-chairman-koo-bon-moo-dies-yonhap-idUSKCN1IL036 |
Reston, VA, May 10, 2018 (GLOBE NEWSWIRE) -- HighPoint Global’s acquisition of Primescape Solutions has been named a finalist for the 2018 Corporate Growth Awards in the category of Deal of the Year Under $50 Million.
The annual Corporate Growth Awards are sponsored by ACG National Capital to recognize the enterprises and individuals in the greater Washington, D.C. metro area’s business community that have exhibited excellence in corporate growth and dealmaking over the past year.
HighPoint’s acquisition was selected as a finalist from a large number of nominated corporate transactions and deals, all of which were exceptional in their execution and the value they delivered to the parties involved. Finalists were chosen by the 2018 Corporate Growth Awards Committee, chaired by the former ACG National Capital President, Marc Marlin, a Managing Director at Kipps DeSanto & Co.
“Every year, ACG National Capital receives hundreds of nominations for its Corporate Growth Awards from some of the region’s fastest growing and most successful businesses,” said Marc Marlin. “Having a transaction named as a finalist in this distinguished and remarkable group of deals is an honor, and we look forward to recognizing all of the finalists, and our winners, at the upcoming Corporate Growth Awards Gala.”
The acquisition of Primescape added digital strategies, software development, and data services to HighPoint’s focus on improving the citizen experience (CX), with services including contact center optimization, training and learning management, quality assurance, and journey mapping. The combined company continues to provide support for the full range of citizen touchpoints with government including websites, mobile apps, video, social media, and call centers.
“We quickly saw that Primescape Solutions’ digital transformation services, together with HighPoint’s citizen experience technology and expertise, would enhance our ability to provide customers with end-to-end services,” said Ben Lanius, CEO of HighPoint. “This ACG recognition validates that our combined company is a powerhouse for critical citizen and digital services and ignites our passion for growth.”
The winners of the Corporate Growth Awards will be announced at a black-tie gala on May 22, 2018 at the Ritz Carlton Tysons Corner. Additional information about the event and finalists can be found on the events page at www.acg.org .
About HighPoint
HighPoint helps government agencies elevate the citizen experience TM by improving the touchpoints through which citizens interact with government. From contact centers and employee experience to digital and data services, our team works with government agencies to more efficiently integrate the people, processes and technology that help government deliver on the needs of citizens and employees. HighPoint delivers services for 15 government clients including the Centers for Medicare and Medicaid Services, Office of the Comptroller of Currency, Department of State, Defense Logistics Agency and Department of Housing and Urban Development.
HighPoint is a privately held company founded in 2006 with 350 employees across offices in Indianapolis, Indiana; Baltimore, Maryland; and Reston and Herndon, Virginia. For additional information about HighPoint, visit www.highpointglobal.com .
About ACG National Capital
ACG National Capital, a chapter of the international association, ACG (Association for Corporate Growth) that serves Washington, D.C., northern Virginia and southern Maryland, drives middle-market growth and increases deal flow. It provides unparalleled opportunities for networking, deal making and professional development for individuals involved in building corporate value through M&A, strategic partnerships, organic growth and capital funding.
ACG National Capital's veteran leadership and its membership have participated in nearly every M&A transaction completed recently in the D.C. metro region with over 400 members. visit www.acgcapital.org or the ACG online publication at www.acgcapitalblog.com .
Kim Miller HighPoint Global 7039355010 [email protected]
Source: HighPoint Global | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-highpoint-named-finalist-for-2018-corporate-growth-awards.html |
May 7 (Reuters) - NCS Multistage Holdings Inc:
* NCS MULTISTAGE HOLDINGS INC SAYS CO MAY OFFER AND SELL UP TO $300 MILLION IN THE AGGREGATE OF SHARES OF CO’S COMMON STOCK - SEC FILING
* NCS MULTISTAGE HOLDINGS SAYS SELLING STOCKHOLDERS MAY OFFER, SELL UP TO 35.8 MILLION SHARES OF CO’S COMMON STOCK, IN ONE OR MORE OFFERINGS
* NCS MULTISTAGE HOLDINGS SAYS CO WILL NOT RECEIVE ANY PROCEEDS FROM THE SALE OF CO'S COMMON STOCK BY THE SELLING STOCKHOLDERS Source text: ( bit.ly/2whZjLK )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ncs-multistage-holdings-says-may-o/brief-ncs-multistage-holdings-says-may-offer-up-to-300-mln-in-aggregate-of-shares-of-cos-common-stock-idUSFWN1SE103 |
May 8 (Reuters) - Proteon Therapeutics Inc:
* PROTEON THERAPEUTICS AND LONZA EXTEND MANUFACTURING AGREEMENT FOR COMMERCIAL SUPPLY
* PROTEON THERAPEUTICS INC - PARTNERS EXTEND EXISTING CONTRACT FOR MANUFACTURE OF VONAPANITASE TO 2029 AS ONGOING PHASE 3 TRIAL NEARS COMPLETION
* PROTEON THERAPEUTICS - CONTRACT EXTENSION WITH LONZA PHARMA & BIOTECH FOR COMMERCIAL SUPPLY OF INVESTIGATIONAL VONAPANITASE’S API Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-proteon-therapeutics-and-lonza-ext/brief-proteon-therapeutics-and-lonza-extend-manufacturing-agreement-for-commercial-supply-idUSFWN1SF0PL |
May 16, 2018 / 12:07 AM / Updated 10 hours ago Windies and Bangladesh to play T20 matches in Florida West Indies and Bangladesh will play two Twenty20 matches in Florida in August, Cricket West Indies (CWI) announced on Tuesday.
The scheduling continues CWI’s efforts to make inroads into the largely untapped North American market, following on the heels of two matches between West Indies and India at the same venue two two years ago.
The Aug. 4-5 matches will be held at the Central Broward oval in Lauderhill, south Florida.
“Both matches are scheduled for the weekend and will be played under the lights,” CWI chief executive Johnny Grave said.
“Our intention is to work with ICC Americas members, USA Cricket & Cricket Canada in partnership to establish cricket as a popular sport from North to South America.”
Though West Indies has fallen on hard times at the five-day test level, they remain a powerhouse in the short three-hour version of the game and are the reigning world champions.
The Bangladesh tour of the Caribbean will include two tests in July, followed by and three Twenty20s.
Sri Lanka will also tour the Caribbean, with three tests next month — one each in Trinidad, St. Lucia and Barbados. Reporting by Andrew Both; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-win-florida/windies-and-bangladesh-to-play-t20-matches-in-florida-idUKKCN1IH00E |
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Magellan Health, Inc. (NASDAQ: MGLN) announced today that Swati Abbott and Matthew J. Simas have been elected at the 2018 annual meeting of shareholders to Magellan’s board of directors. Both Abbott and Simas were nominated for election to the board to fill the seats previously held by Kay Coles James, president of the Heritage Foundation, and Mary Sammons, former chairperson and CEO of Rite Aid Corporation.
“We are fortunate to have two experienced healthcare industry leaders join our board of directors,” said Barry M. Smith, chairman and chief executive officer of Magellan Health. “As we continue to focus on leading humanity to healthy, vibrant lives, Matthew and Swati’s combined knowledge and skills will benefit our work to bring innovative solutions to the fastest growing, most complex areas of healthcare."
Since 2011, Abbott has served as the president and chief executive officer of Health Intelligence Company, LLC, doing business as Blue Health Intelligence, a healthcare data and analytics company. She has significant knowledge and experience in healthcare data analytics and managed care. Prior to joining Blue Health Intelligence, she was the president of MEDai, Inc., an industry leader in predictive analytics which was acquired by Reed Elsevier in 2008. She also served as managing director for the Medical Management Strategic Business Unit at ViPS. Abbott currently serves as a director of Prognos, Inc., a private healthcare data analytics company, and The Family Institute, a non-profit agency involved in clinical service, education and research.
Simas currently serves as the director of Truveris, Inc., a private healthcare services company providing transparency to the prescription drug ecosystem through data-driven innovations. He has 30 years of experience in the healthcare industry with extensive expertise in health technology and in the pharmacy benefits management (PBM) industry. Simas was founder, chairman and chief executive officer of MedInitiatives, Inc., a provider of business intelligence technology and data analytics serving the pharmacy benefit manager, payer and pharma markets, which was acquired by IMS Health in 2007. He also held previous roles as a director of MedImpact Healthcare Systems, Inc., and the executive chairman of BusinessOne Technologies, Inc. Simas also served as the chairman and interim chief executive officer of Alliance Health (now UpWell), a private healthcare company providing services to members with chronic health conditions.
“We thank Kay and Mary for their valuable contributions over the years and we greatly appreciate their guidance and leadership as members of our board,” said Smith.
About Magellan Health: Magellan Health, Inc. is a leader in managing the fastest growing, most complex areas of health, including special populations, complete pharmacy benefits and other specialty areas of healthcare. Magellan supports innovative ways of accessing better health through technology, while remaining focused on the critical personal relationships that are necessary to achieve a healthy, vibrant life. Magellan's customers include health plans and other managed care organizations, employers, labor unions, various military and governmental agencies and third-party administrators. For more information, visit MagellanHealth.com .
(MGLN-GEN)
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006167/en/
Magellan Health, Inc.
Media Contact:
Lilly Ackley, 860-507-1923
[email protected]
or
Investor Contact:
Joe Bogdan, 860-507-1910
[email protected]
Source: Magellan Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-magellan-health-elects-two-new-board-members.html |
Hydrogen truck startup Nikola Motor has hit Tesla (tsla) with a $2 billion patent infringement lawsuit that accuses the company run by CEO Elon Musk of stealing certain aspects of its semi truck design.
Nikola filed the lawsuit Tuesday in Arizona federal court. The lawsuit claims that Tesla’s electric semi, which was unveiled in November 2017, infringes on several of its patents, including Nikola’s mid-entry door, fuselage, and wrap windshield that is designed to give the driver an unobstructed view of the road.
Nikola Motor is designing and building its own driverless, hydrogen fuel cell–powered Class 8 truck. The company posted a design of its Nikola One freight truck in May 2016. The company unveiled the Nikola On e in December 2016. It is also developing a Nikola Two day-cab, which will begin testing in fall 2018. It’s expected to go into full production in 2021.
In January, Nikola Motor announced plans to build a $1 billion hydrogen-electric semi truck factory in a suburb of Phoenix.
“It’s patently obvious there is no merit to this lawsuit,” a Tesla spokesperson said in an emailed statement.
Four months after Nikola first published its design, Aaron Hoyos, a recruiter for Tesla, reached out to Nikola’s chief engineer Kevin Lynk, the lawsuit alleges. In that email, the lawsuit alleges that Hoyos told Lynk that “Tesla is building a new team to focus on development heavy Class A trucks” and said his background would be a “good fit.”
Tesla released a teaser image of its Tesla Semi in April 2017. Six months later, just days before Tesla would reveal its Tesla Semi truck at a splashy event, Nikola sent a letter demanding the company not proceed with the unveiling until the patent infringement was resolved, the lawsuit says. Nikola says in the lawsuit that Tesla never responded.
The lawsuit highlights an increasingly heated competition in the trucking industry. Dozens of other companies, from truckmakers like Daimler, Navistar, and Volkswagen to startups like Peloton and Embark as well as Uber’s Otto and Waymo, the erstwhile Google self-driving project, are pursuing what they believe is the next generation of trucking .
| ashraq/financial-news-articles | http://fortune.com/2018/05/02/tesla-lawsuit-nikola-truck-patent-infringement/ |
OTTAWA, May 02, 2018 (GLOBE NEWSWIRE) -- Calian Group Ltd. (TSX:CGY) will hold a telephone conference call at 2:00 p.m. eastern time on Wednesday, May 9, 2018 to discuss the results for the period ended March 31, 2018, which will be released during business hours May 9, 2018.
Interested participants from the financial & media community should call 613-714-5462 or 1-888-394-8218 at approximately 1:55 p.m. The conference ID is 8407368.
Following the presentation, interested parties will be invited to participate in a question and answer session.
The conference call will be available for a period of 14 days for playback and is accessible by dialing 1-888-203-1112, passcode 8407368.
About Calian
Calian employs over 2,900 people with offices and projects that span Canada, U.S. and international markets. The company's capabilities are diverse with services delivered through two divisions. The Business and Technology Services (BTS) Division is headquartered in Ottawa and includes the provision of business and technology services and solutions to industry, public and government in the health, training, engineering and IT services domains. Calian’s Systems Engineering Division (SED) located in Saskatoon plans, designs and implements complex communication systems for many of the world’s space agencies and leading satellite manufacturers and operators. SED also provides contract manufacturing services for both private sector and military customers in North America.
For further information, please visit our website at www.calian.com , or contact us at [email protected]
Kevin Ford Jacqueline Gauthier President and Chief Executive Officer Chief Financial Officer 613-599-8600 613-599-8600
Source:Calian Group Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-calian-to-hold-conference-call-following-announcement-of-second-quarter-results.html |
May 16, 2018 / 12:52 PM / Updated 21 minutes ago UK's risk of losing euro clearing after Brexit eases Huw Jones 4 Min Read
LONDON (Reuters) - The threat of clearing in euro denominated financial contracts being forcibly moved from London to the European Union after Brexit eased on Wednesday after EU lawmakers backed more detailed economic tests for relocation. FILE PHOTO: European Commissioner for Regional Policy Danuta Huebner makes statements to the Greek press after her meeting with Greek Prime Minister Costas Karamanlis in Athens August 31, 2007. Huebner arrived in Greece to inspect damage from forest fires that have killed 63 people. REUTERS/John Kolesidis (GREECE)
The EU has proposed a draft law that instructs its regulators to check on “systemic” foreign clearing houses that handle large amounts of euro-denominated assets like interest rate swaps.
If a foreign clearing house’s home regulator - the Bank of England in the case of Britain - failed to cooperate with EU supervisors, the bloc would require clearing for EU customers to relocate to the EU.
The draft law is seen by Britain as an attack on the City of London financial district where an arm of the London StockExchange ( LSE.L ) - LCH - clears the bulk of euro denominated assets. In the immediate aftermath of Britain’s vote in 2016 to leave the EU then French President Francois Hollande said London should no longer be allowed to clear euro assets.
However, clearing industry officials say the issue is losing political heat as the technical complexity of shifting huge derivatives positions cross-border becomes better understood.
British regulators have signalled a willingness to cooperate with the EU on clearing after Brexit, saying they already do so with the United States.
The European Parliament’s economic affairs committee voted by 45 to 4 in favour of the draft law with amendments to impose more detailed economic tests for relocating clearing operations. VIABLE SUBSTITUTES
The committee backed the need for the bloc’s securities watchdog ESMA to examine the costs and benefits of forcing a foreign clearing house to obtain a licence in the EU, and to check if EU customers have viable substitutes to a foreign clearing house.
ESMA would also have to consider the consequences for the outstanding contracts at a foreign clearer, and whether relocation actually cuts systemic risk in the EU.
Parliament’s centre right party said in a statement ahead of the ballot that it did not want to require British-based clearing houses to relocate to the EU.
It does, however, want EU regulatory power over non-EU clearing houses if they clear transactions in euros.
“If you want to do business in euros you have to accept that there will be a referee from the European Union, a real referee who has the power to send you off the pitch,” said Danuta Huebner, the centre-right lawmaker who is steering the draft law through parliament.
Denying a non-EU clearing house the ability to serve customers in the bloc should remain in the draft law as an “insurance mechanism” in case supervisory cooperation does not work, Huebner said.
LCH and the Bank of England have warned that forced relocation would mean fragmenting markets in Europe, bumping up costs and potentially seeing the activity shift to New York.
Rival Deutsche Boerse ( DB1Gn.DE ) has sweetened its euro clearing service in an attempt to win a quarter of the lucrative business from LCH in London. Once EU states have agreed their own position on the draft law after the summer, they will sit down with parliament to thrash out a final version that becomes law. Additional reporting by Peter Maushagen in Brussels; Editing by Toby Chopra and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-clearing/eu-lawmakers-tone-down-rhetoric-over-euro-clearing-after-brexit-idUKKCN1IH1OD |
May 10, 2018 / 10:08 AM / in 6 minutes BRIEF-Cascades Reports Qtrly Net Earnings Per Common Share Of $0.65 Reuters Staff 1 Min Read
May 10 (Reuters) - Cascades Inc:
* CASCADES ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2018; STRONG CONTAINERBOARD FUNDAMENTALS DRIVING POSITIVE OUTLOOK FOR REMAINDER OF YEAR * QTRLY ADJUSTED NET EARNINGS PER COMMON SHARE OF $0.13
* Q1 EARNINGS PER SHARE VIEW C$0.21, REVENUE VIEW C$1.12 BILLION — THOMSON REUTERS I/B/E/S
* “EXPECT PROFITABILITY LEVELS IN OUR TISSUE PAPER DIVISION TO REMAIN UNDER PRESSURE” Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cascades-reports-qtrly-net-earning/brief-cascades-reports-qtrly-net-earnings-per-common-share-of-0-65-idUSFWN1SH0P9 |
Israel on fault-line of shifting region 12:48pm EDT - 01:50
After last week's tit-for-tat escalation between Iran and Israel in Syria, Jerusalem finds itself at the heart of a shifting region. Reuters' Stephen Farrell reports.
After last week's tit-for-tat escalation between Iran and Israel in Syria, Jerusalem finds itself at the heart of a shifting region. Reuters' Stephen Farrell reports. //reut.rs/2GaW60i | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/israel-on-fault-line-of-shifting-region?videoId=426276642 |
May 9, 2018 / 7:21 AM / Updated 34 minutes ago China stocks marginally down as financials weigh Reuters Staff
* Shanghai stocks lower, blue-chip CSI300 index down
* Losses in Shanghai stocks led by Aurora Optoelectronics Co Ltd
* China’s A-shares at 22.86 pct premium over H-shares.
SHANGHAI, May 9 (Reuters) - China stocks ended marginally lower on Wednesday as losses in financial and property shares outweighed gains in energy stocks.
** The blue-chip CSI300 index fell 0.2 percent to 3,871.62 while the Shanghai Composite Index dipped 0.1 percent to 3,159.15 points.
** The blue-chip CSI300 index was down 0.18 percent, with its financial sector sub-index falling 0.35 percent and the consumer staples sector shedding 0.41 percent while the real estate index was down 0.95 percent and healthcare sub-index was up 0.26 percent. ** The smaller Shenzhen index ended down 0.09 percent and the start-up board ChiNext Composite index was weaker by 0.06 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.16 percent while Japan’s Nikkei index closed down 0.44 percent . ** At 07:07 GMT, the yuan was quoted at 6.3756 per U.S. dollar, 0.13 percent weaker than the previous close of 6.3671. ** The largest percentage gainers in the main Shanghai Composite index were Zhejiang Sunriver Culture Co Ltd, up 10.08 percent, followed by Jiangsu Jiangnan Water Co Ltd , up 10.06 percent and Qingdao Copton Technology Co Ltd, up 10.01 percent. ** The largest percentage losers in the Shanghai index were Aurora Optoelectronics Co Ltd, down 10.02 percent, followed by Shanghai Laimu Electronics Co Ltd, down 5.89 percent and Zhejiang ChiMin Pharmaceutical Co Ltd , down 5.86 percent. ** About 12.26 billion shares were traded on the Shanghai exchange, roughly 78.8 percent of the market’s 30-day moving average of 15.56 billion shares a day; volume in the previous trading session was 14.69 billion. ** As of 07:08 GMT, China’s A-shares were trading at a premium of 22.86 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.59 as of the last full trading day while the dividend yield was 2.2 percent. (Reporting by Shanghai Newsroom; Editing by Vyas Mohan) | ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-close/china-stocks-marginally-down-as-financials-weigh-idUSZZN2RAM00 |
May 3 (Reuters) - DongFeng Automobile Co Ltd:
* SAYS IT SOLD 13,202 VEHICLES IN APRIL, DOWN FROM 15,717 VEHICLES YEAR AGO Source text in Chinese: bit.ly/2HMuBMa (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dongfeng-automobile-sells-less-veh/brief-dongfeng-automobile-sells-less-vehicles-in-april-from-year-ago-idUSH9N1S403K |
May 22 (Reuters) - Outreach:
* OUTREACH SECURES $65 MILLION IN SERIES D FUNDING TO INCREASE REVENUE TEAM PRODUCTIVITY AND RETURN
* OUTREACH SAYS ROUND WAS LED BY SPARK CAPITAL AND INCLUDES INVESTMENT FROM SAPPHIRE VENTURES Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-outreach-secures-65-mln-in-series/brief-outreach-secures-65-mln-in-series-d-funding-idUSASC0A38S |
- Company files IND for lead neoantigen vaccine program, GEN-009 -
- ATLAS ™ platform continues to stand apart from in silico methods of neoantigen identification -
- Conference call today at 9 am ET -
CAMBRIDGE, Mass., May 10, 2018 (GLOBE NEWSWIRE) -- Genocea Biosciences, Inc. (NASDAQ:GNCA), a biopharmaceutical company developing neoantigen cancer vaccines, today reported financial and operating results for the first quarter ended March 31, 2018.
“2018 has been an exciting year for Genocea,” said Chip Clark, president and chief executive officer of the company. “Following our January financing, we are funded to advance our lead neoantigen cancer vaccine candidate GEN-009 into clinical trials later this year, and to continue to generate and present scientific data further elaborating on the ability of our ATLAS platform to identify and characterize neoantigens for use in cancer vaccines.”
Recent Milestones & Events
January 2018: Genocea announced completion of a financing resulting in net proceeds of $51.7 million, including significant investments by New Enterprise Associates (NEA) and Vivo Capital. (Vivo). January 2018: The U.S. Patent and Trademark Office issued an allowance on United States Patent 9,873,870, further strengthening the Company’s intellectual property position on its ATLAS platform for the identification and characterization of neoantigens and tumor-associated antigens. January 2018: Genocea and Oncovir, Inc. entered into a license and supply agreement for Oncovir’s Hiltonol® (poly-ICLC) adjuvant, a key component of Genocea’s personalized cancer vaccine candidate, GEN-009. February and March 2018: Genocea strengthened its leadership through the election of NEA partner Ali Behbahani, M.D., to its Board of Directors, and the appointment of industry veteran Narinder Singh as senior vice president of pharmaceutical sciences and manufacturing. April 2018: Genocea scientists presented data at the 2018 Annual Meeting of the American Association for Cancer Research (AACR) further highlighting the advantages of its ATLAS platform over in silico methods in neoantigen identification and detailing the development of a novel model to study the mechanism of inhibitory antigens identified by ATLAS. April 2018: Genocea filed an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) to begin clinical development of GEN-009. Genocea plans to initiate a Phase 1/2a clinical trial for GEN-009 in patients with a variety of tumor types in the second half of 2018 and to report top-line immune response data from this trial in the first half of 2019.
First Quarter 2018 Financial Results
Cash Position: As of March 31, 2018, cash and cash equivalents were $51.2 million compared to $12.3 million as of December 31, 2017. Research and Development (R&D) Expenses: R&D expenses were $7.3 million for the quarter ended March 31, 2018, compared to $9.7 million for the same period in 2017. The decrease was largely due to reduced headcount, consulting and professional service costs, and decreased clinical costs. General and Administrative (G&A) Expenses: G&A expenses were $3.1 million for the quarter ended March 31, 2018, compared to $3.6 million for the same period in 2017. The decrease was primarily due to reduced compensation, consulting, and professional services. Net Loss: Net loss was $15.3 million for the quarter ended March 31, 2018, compared to a net loss of $13.7 million for quarter ended March 31, 2017. The increase in net loss is principally due to the change in fair value of warrants during the first quarter of 2018, related to the January 2018 public offering.
Financial Guidance
Genocea expects that its existing cash and cash equivalents are sufficient to support its operating expenses and capital expenditure requirements into the fourth quarter of 2019, having recently refinanced its debt facility with Hercules Capital.
Subsequent to the close of the first quarter ended March 31, 2018 and under its existing at-the-market equity offering program (ATM), Genocea sold an aggregate of 3.6 million shares of its common stock, receiving approximately $3.1 million in net proceeds after deducting commissions.
Genocea continues to explore strategic alternatives for GEN-003, its Phase 3-ready investigational immunotherapy for the treatment of genital herpes.
Conference Call
Genocea will host a conference call and webcast today at 9:00 a.m. ET. The conference call may be accessed by dialing (844) 826-0619 (domestic) or (315) 625-6883 (international) and refer to conference ID number 3866939. A live webcast of the conference call will be available online from the investor relations section of the Company's website at http://ir.genocea.com . A webcast replay of the conference call will be available on the Genocea website beginning approximately two hours after the event and will be archived for 30 days.
About Genocea Biosciences, Inc.
Genocea's mission is to help conquer cancer by designing and delivering targeted vaccines and immunotherapies. While traditional immunotherapy discovery methods have largely used predictive methods to propose T cell targets, or antigens, Genocea has developed ATLAS™, its proprietary technology platform, to identify clinically relevant antigens of T cells based on actual human immune responses. Genocea is using ATLAS in immuno-oncology applications to develop neoantigen cancer vaccines, while also exploring partnership opportunities for general cancer vaccines and a vaccine targeting cancers caused by Epstein-Barr Virus. Genocea expects to begin clinical development of its first neoantigen cancer vaccine, GEN-009, in 2018. For more information, please visit www.genocea.com .
Forward-Looking Statements
This press release includes forward-looking statements, including statements relating to the expected clinical development of GEN-009, the rate of cash utilized by Genocea in its business, and the period for which existing cash will be able to fund such operation , within the meaning of the Private Securities Litigation Reform Act. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time. Applicable risks and uncertainties include those identified under the heading "Risk Factors" included in Genocea's Annual Report on Form 10-K for the year ended December 31, 2017 and any subsequent SEC filings. These forward-looking statements speak only as of the date of this press release and Genocea assumes no duty to update forward-looking statements, except as may be required by law.
GENOCEA BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands)
March 31, December 31, 2018 2017 Cash and cash equivalents $ 51,179 $ 12,272 Other assets 5,285 5,215 Total assets $ 56,464 $ 17,488 Debt, current and long-term $ 13,874 $ 14,311 Accounts payable 2,094 3,516 Accrued expenses and other liabilities 4,514 5,711 Warrant liability 21,414 — Total liabilities 41,896 23,538 Stockholders' equity (deficit) 14,568 (6,050 Total liabilities and stockholders’ equity $ 56,464 $ 17,488 GENOCEA BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
Three months ended
March 31, 2018 2017 Operating expenses: Research and development $ 7,275 $ 9,742 General and administrative 3,109 3,634 Total operating expenses 10,384 13,376 Loss from operations (10,384 ) (13,376 ) Other expense: Change in fair value of warrants (4,697 ) — Interest expense, net (208 ) (359 ) Total other expense (4,905 ) (359 ) Net loss $ (15,289 ) $ (13,735 ) Net loss per share - basic and diluted $ (0.21 ) $ (0.48 ) Weighted-average number of common shares used in computing net loss per share 71,238 28,496 Contact:
Jennifer LaVin
617-715-6687
[email protected]
Source:Genocea Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-genocea-reports-first-quarter-2018-financial-and-operating-results.html |
China's Tencent plans culture deal with UK 6:42am EDT - 01:20
Chinese internet giant Tencent is planning a cultural trade deal with Britain, including film, video games and fashion, deepening cooperation between the two countries and setting the stage for its own international expansion moves. Dhruv Tikekar reports. ▲ Hide Transcript ▶ View Transcript
Chinese internet giant Tencent is planning a cultural trade deal with Britain, including film, video games and fashion, deepening cooperation between the two countries and setting the stage for its own international expansion moves. Dhruv Tikekar reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KNddc9 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/chinas-tencent-plans-culture-deal-with-u?videoId=425228563 |
May 30 (Reuters) - Moody’s Investors Service on Wednesday downgraded the credit rating of Australian wealth manager AMP Ltd’s life insurance unit, citing growing competitive challenges, but affirmed its holding company’s debt ratings.
Moody’s downgraded AMP Life’s Insurance Financial credit rating to Aa3 from Aa2, citing the challenging operating environment for life insurers in Australia including competition from international firms.
AMP Life’s competitive position may come under pressure from reputational damage to its brand and franchise from allegations raised by an inquiry into Australia’s financial sector, which may result in lower net cash inflows to the group, Moody’s said.
Reporting by Susan Mathew in Bengaluru; Editing by Shri Navaratnam
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-inquiry-amp/moodys-downgrades-credit-rating-of-amp-ltds-life-insurance-arm-idUSL3N1T12DD |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.