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SAN DIEGO--(BUSINESS WIRE)-- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system (CNS) disorders, today announced that Elena Ridloff, CFA, has been appointed to the newly created position of Senior Vice President, Investor Relations, leading investor and financial communications activities. She will report to Steve Davis, ACADIA’s President and Chief Executive Officer and serve as a member of the company’s Executive Management Committee.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502005581/en/
Elena Ridloff, CFA, Senior Vice President, Investor Relations (Photo: Business Wire)
“We are thrilled to welcome Elena Ridloff to our senior leadership team,” said Mr. Davis. “Elena’s deep knowledge of the healthcare industry, strong relationships with the financial community, and keen understanding of capital markets make her a valuable addition to the team as we continue to advance our development and commercial efforts focused on CNS disorders with high unmet needs.”
Ms. Ridloff joins ACADIA from Alexion Pharmaceuticals, where she was Vice President, Investor Relations reporting to the Chief Financial Officer and serving as a member of the Operating Committee. In building and leading the investor relations function at Alexion, she played a key role in developing and executing the company’s investor relations strategy and outreach to broaden and strengthen the shareholder base. Prior to Alexion, she was Chief Executive Officer and Managing Member of BIOVISIO, an independent consulting firm providing strategic, financial and investor relations counsel to the life sciences industry. Ms. Ridloff was also a Managing Director at Maverick Capital, a hedge fund based in New York, and was responsible for investments in the biotechnology, pharmaceutical, medical device and life science sectors.
Ms. Ridloff attended the University of Pennsylvania where she earned a Bachelor of Arts in History and Sociology of Science. She is also a CFA ® charterholder.
About ACADIA Pharmaceuticals
ACADIA is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. ACADIA maintains a website at www.acadia-pharm.com to which we regularly post copies of our press releases as well as additional information and through which interested parties can subscribe to receive e-mail alerts.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the advancement of ACADIA’s development and commercial efforts. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development, approval and commercialization, and the fact that past results of clinical trials may not be indicative of future trial results. For a discussion of these and other factors, please refer to ACADIA’s annual report on Form 10-K for the year ended December 31, 2017 as well as ACADIA’s subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005581/en/
Investor Contact:
ACADIA Pharmaceuticals Inc.
Lisa Barthelemy, 858-558-2871
[email protected]
or
Media Contact:
Taft Communications
Bob Laverty, 609-558-5570
[email protected]
Source: ACADIA Pharmaceuticals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-acadia-pharmaceuticals-announces-appointment-of-elena-ridloff-cfa-as-senior-vice-president-investor-relations.html |
FRANKFURT, May 7 (Reuters) - Allianz’s chief executive officer suggested that he was open to a “merger of equals”, but he also said that lofty stock values stood in the way of big deals, the Financial Times reported on Monday.
“It is very difficult to justify paying 30 percent more on a 30 billion euro ($35.75 billion) asset than to pay 30 percent on a 5 billion euro asset,” the paper Quote: d Oliver Baete as saying.
He said good targets were hard to find. “We’ve decided that we have not found yet the attractive asset to make us comfortable to plough out a lot of money,” he told the Financial Times. ($1 = 0.8391 euros) (Reporting by Tom Sims; Editing by Christoph Steitz)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/allianz-ma/allianz-ceo-suggests-open-to-merger-of-equals-ft-idUSFWN1SE0U2 |
Ocado courts global food retailers with robot army 9:47pm IST - 01:41
Supermarkets around the world are struggling to develop a sustainable system that delivers food to customers. In the last six months three of the biggest have turned to Ocado, set up by three former Goldman Sachs bankers 18 years ago. Scarlett Cvitanovich reports.
Supermarkets around the world are struggling to develop a sustainable system that delivers food to customers. In the last six months three of the biggest have turned to Ocado, set up by three former Goldman Sachs bankers 18 years ago. Scarlett Cvitanovich reports. //reut.rs/2KMrvdb | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/ocado-courts-global-food-retailers-with?videoId=425299329 |
Commodities tomorrow: Crude flat on the day 7 Hours Ago 03:25 03:25 | 3 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/commodities-crude-flat.html |
SOUTH SAN FRANCISCO, Calif. (AP) _ Achaogen Inc. (AKAO) on Friday reported a loss of $47.2 million in its first quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of $1.06. Losses, adjusted for non-recurring costs and to extinguish debt, were 98 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 91 cents per share.
The biopharmaceutical company posted revenue of $2.1 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $1.3 million.
Achaogen shares have risen 3 percent since the beginning of the year. The stock has decreased 53 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AKAO at https://www.zacks.com/ap/AKAO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-achaogen-1q-earnings-snapshot.html |
May 4, 2018 / 4:08 PM / Updated 6 minutes ago Greece busts cancer drug theft gang, 21 arrests include doctors Reuters Staff 2 Min Read
ATHENS (Reuters) - Greece has broken up a criminal gang that stole cancer drugs from hospitals and smuggled them to other European countries for resale at a premium, potentially depriving patients of life-saving medicine, police said on Friday.
Twenty-one people aged between 22 and 70 have been arrested, among them doctors and nurses, according to the police.
They are suspected of using forged prescriptions to get hold of the drugs which they then sent to warehouses in Italy, Germany and Switzerland where they were sold at a big mark-up.
The nature of the crime suggested “particular contempt for society”, police spokesman Theodoros Chronopoulos said. “They were guided by nothing but profit.”
Most cancer drugs are available in Greece only through state hospitals because of their relatively high cost, and those are subsidized by the state.
The gang is believed to have been active since 2013, the peak of a debt crisis that sapped Greece’s economic output and slashed spending in vital sectors including healthcare.
Police said gang members would forge prescriptions for contrived medical conditions, and they were also investigating whether any bona fide cancer patients were short-charged by getting smaller quantities of medication than prescribed.
Once shipped to other countries, the drugs would be sold at more than double the price to a regular clientele, police said.
The value of the drugs sent abroad was estimated at 25 million euros ($29.85 million), Chronopoulos said, and the damage to the state was at least 13.7 million euros.
The gang had also set up a pharmacy to export the medicine, produce fake receipts and find steady customers, police said. Reporting by Renee Maltezou; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-greece-crime-cancer/greece-busts-cancer-drug-theft-gang-21-arrests-include-doctors-idUSKBN1I520V |
ROME (Thomson Reuters Foundation) - From Senegalese children killed by lead poisoning to Bengalis dying from arsenic in drinking water, experts called on Wednesday for a new global accord to address emerging health risks posed by millions of contaminated sites.
Human activities, such as mining and manufacturing, waste from livestock, industry and urban sprawls, and pesticides and fertilisers are the main pollutants contaminating some 5 million locations globally, said environmental scientist Ravi Naidu.
“To remediate all the contaminated sites is humanity’s really next great challenge,” Naidu, who heads the Global Center for Environmental Remediation at the University of Newcastle in Australia, said at the opening of a soil pollution conference.
“Earth is now affected by more than 144,000 man-made chemicals ... They not just impact soil, but water, the aquatic system and human health.”
Soil pollution is a poorly understood, but growing, problem, experts said, with some countries increasing their pesticide use, while the risks of new pollutants, such as waste from old electronics and plastics, are only just being acknowledged.
Clean ups can cost millions of dollars, a huge burden for developing countries, short of both money and manpower to make their soils safe, Naidu told the Thomson Reuters Foundation.
The world has only cleaned up about 10 percent of contaminated sites in about half a century, he added, calling for more regulation and a global accord on contaminants, similar to the Paris Agreement to combat climate change.
Without a systematic global assessment of soil pollution, it is hard for nations to understand the scale and severity of the threat, the United Nations’ Food and Agriculture Organization (FAO) said.
“We know it’s a problem but it has been difficult to quantify,” said Marco Martuzzi, an environmental expert with the World Health Organization, which is assessing the health impacts of landfills in Europe.
“When we have acute effects like children dying and contamination that goes through the food chain ... It’s not an acceptable situation.”
Reporting by Thin Lei Win. Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-soil-pollution/cleaning-up-polluted-soil-is-humanitys-next-great-challenge-idUSKBN1I32OZ |
WASHINGTON (Reuters) - President Donald Trump on Friday signed three executive orders designed to make it easier to fire federal government workers and to crack down on the unions that represent them, drawing immediate criticism from a group representing federal employees.
U.S. President Donald Trump speaks at the commissioning and graduation ceremony for U.S. Naval Academy Class of 2018 at the Navy-Marine Corps Memorial Stadium in Annapolis, Maryland, U.S., May 25, 2018. REUTERS/Kevin Lamarque Administration officials said the orders would give government agencies greater ability to remove employees with “poor” performance, get “better deals” in union contracts and require federal employees with union responsibilities to spend less time on union work.
“Today the president is fulfilling his promise to promote more efficient government by reforming our civil service rules,” said Andrew Bremberg, director of the White House’s Domestic Policy Council, in a conference call with reporters.
“These executive orders will make it easier for agencies to remove poor-performing employees and ensure that taxpayer dollars are more efficiently used.”
The American Federation of Government Employees said in a statement that the moves intended to “strip federal employees of their decades-old right to representation at the worksite” and would hurt veterans, law enforcement officers and others.
“This administration seems hellbent on replacing a civil service that works for all taxpayers with a political service that serves at its whim,” the group’s president, J. David Cox Sr. said in a statement.
Reporting by Jeff Mason; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-workers/trump-eases-firing-of-federal-workers-cracks-down-on-unions-idUSKCN1IQ355 |
(Reuters Health) - Sleep-tracking devices and mobile apps can help engage users in improving sleep health, but none of the consumer technologies has been proven accurate or validated to screen for sleep disorders, the American Academy of Sleep Medicine said in a new statement.
Still, the technologies are generating consumer interest in sleep quality, which is a positive trend, the AASM board of directors writes in the Journal of Clinical Sleep Medicine.
“Patients bring in their devices and want to know what the numbers mean and how we can help,” said the statement’s lead author Dr. Seema Khosla, chief medical officer of the North Dakota Center for Sleep in Fargo.
“Sleep is too important to ignore,” she said in a telephone interview. “The effects spill into every organ system.”
Consumer devices and apps can help patients initially understand their sleep concerns and spur conversations with doctors, Khosla’s team writes. However, they haven’t been rigorously tested for accuracy against the professional equipment in sleep clinics, and they can’t replace a medical evaluation.
“Patients often have anxiety when they search online for questions about their data,” Khosla said. “We want to partner with patients to understand what they’re concerned about, what their symptoms are and what we can do.”
Since most devices and apps are sold in the lifestyle/entertainment category, they don’t require regulatory approval or oversight. The technologies claim to track and define sleep-related metrics such as number of hours asleep, as well as movement and restlessness overnight.
But clinicians can’t really use this information since the technologies haven’t been validated. Also, the data aren’t standardized from one device or app to the next and aren’t available for doctors to analyze directly. In addition, sleep apps don’t tend to use the latest research data or national guidelines to back up their recommendations, the authors note.
“Over time, we’ve learned that bad data is worse than no data,” Khosla said. “Patients will come to me with concerns about the number of times they woke up or how much deep sleep they got, but once we look at the numbers and talk, we see that it’s actually quite normal.”
The statement encourages doctors to be aware of consumer sleep technologies and open to discussing the data with patients.
“We don’t get enough sleep in our country, and I’m tickled that more people are taking interest in their sleep,” Khosla said. “I consider it a win, and we need to help patients understand how to interpret their data.”
In the future, sleep devices and apps could provide long-term data for sleep research, allow doctors to review patients’ sleep data remotely between office visits and become part of electronic medical records, the statement points out. Of course, this also comes with privacy concerns for patient data, and unvalidated numbers could be added to patient charts without doctors’ prior review.
“Guidelines from an academic and clinical organization like the AASM are a timely and welcome step in the right direction,” said Dr. Sushanth Bhat of the Division of Sleep Medicine at Hackensack Meridian Health-JFK Medical Center in Edison, New Jersey, who wasn’t involved in the AASM statement.
Bhat and colleagues previously studied volunteers who had in-laboratory polysomnography while using a sleep app. They found the app’s results didn’t correlate with the professional equipment for sleep efficiency, light sleep, deep sleep or the time it took to fall asleep. It was highly accurate in sleep-wake detection but wasn’t great with specific data.
“Inexpensive consumer-oriented sleep technology will undoubtedly have an important role to play in the future,” Bhat told Reuters Health by email. “It is crucial that consumers remember that they do not take the place of a formal evaluation.”
Dr. Lee Brooks of the Children’s Hospital of Philadelphia similarly found discrepancies between a sleep app for children and sleep-lab results in an earlier study. “Consumers should consider their numbers an estimate,” said Brooks, who wasn’t involved with the AASM statement.
“If you’re feeling terrific, awake and alert, don’t create a problem where none exists,” he said by phone. “But if you’re regularly feeling sleepy or cranky, you may want to follow up on your numbers.”
SOURCE: bit.ly/2kj5PZW Journal of Clinical Sleep Medicine, online May 15, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-sleep-tracking/sleep-tracking-wearables-and-apps-no-substitute-for-sleep-tests-idUSKCN1IP2YJ |
WASHINGTON (Reuters) - U.S. Senator John McCain rebukes President Donald Trump in a new memoir, accusing his fellow Republican of failing to uphold U.S. values by showering praise on international “tyrants,” discrediting the media, ignoring human rights and demeaning refugees.
FILE PHOTO - Senator John McCain (R-AZ) speaks at a press conference about the National Defense Authorization Act in Washington, U.S., October 25, 2017. REUTERS/Aaron P. Bernstein/File Photo “Flattery secures his friendship, criticism his enmity,” wrote McCain in “The Restless Wave,” which he co-authored with longtime aide Mark Salter.
“It is hard to know what to expect from President Trump, what’s a pose, what’s legitimate,” McCain said in the book that is due to be released on May 22. An advance copy was sent to Reuters by publisher Simon & Schuster.
McCain, the 2008 Republican presidential nominee, remains one of the strongest voices in his party on foreign policy, despite a battle with brain cancer. He has been credited with championing civility and compromise in Congress during an era of acrid partisanship in U.S. politics.
The 81-year-old Arizona lawmaker, who has served in the Senate since 1987, has also been both a critic and target of Trump, who during his 2016 presidential campaign disparaged McCain’s war record by saying he was not a hero after enduring 5-1/2 years as a prisoner of war in North Vietnam.
In his memoir, McCain said Trump had appeared to mock the idea the United States should promote its values abroad and slammed him for threatening to kill the spouses and children of terrorists during his campaign.
“His lack of empathy for refugees, innocent, persecuted, desperate men, women and children is disturbing. The way he speaks about them is appalling,” said McCain, who still chairs the Senate Armed Services Committee despite his long medical absence from Washington.
At the same time, McCain noted Trump’s praise of Russian President Vladimir Putin and said he “seems just as smitten” with Chinese President Xi Jinping, leaders whom McCain accused of repression.
“He has showered with praise some of the world’s worst tyrants,” McCain added.
He also accused Trump of failing to raise U.S. concerns about human rights.
“The world expects us to be concerned with the condition of humanity. We should be proud of that reputation,” McCain said. “I’m not sure the President understands that.”
Trump’s branding of unflattering news stories as fake news - regardless of their validity - was a technique “copied by autocrats who want to discredit and control a free press,” McCain said.
The White House did not immediately offer any comment on McCain’s accusations.
POLITE REBUFF McCain was the central figure in one of the most dramatic moments in Congress of Trump’s presidency when he returned to Washington in July 2017, shortly after his brain cancer diagnosis, for a crucial middle-of-the-night vote.
Still bearing a black eye and scar from surgery, McCain gave a thumbs-down signal in a decisive vote to scuttle a Trump-backed bill to repeal the Obamacare healthcare law.
In the book, McCain recalled how Trump called him shortly before he cast his vote.
“I listened quietly as he asked me to reconsider. I don’t remember exactly how I responded, but it was a polite rebuff,” McCain wrote.
McCain mocked Steve Bannon and Sebastian Gorka - whom he called some of Trump’s “weirder” advisers - saying he was relieved they had left the administration.
“Bigger misfits haven’t been seen inside a White House since William Taft got stuck in his bathtub,” McCain wrote, referring to early 20th-century President William Howard Taft.
McCain concluded his memoir by citing Robert Jordan, the main character in Ernest Hemingway’s “For Whom the Bell Tolls,” who said as his death approached: “The world is a fine place and worth fighting for and I hate very much to leave it.”
“And I do too,” McCain wrote. “But I don’t have a complaint. Not one. It’s been quite a ride.”
Reporting by Phil Stewart; Additional reporting by Will Dunham, Susan Cornwell and Jeff Mason; Editing by Bill Trott and Peter Cooney
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-mccain/mccain-in-new-book-scolds-trump-for-undermining-u-s-values-idUSKBN1I42L4 |
SACRAMENTO, Calif. (AP) — California lawmakers moved Wednesday to create a state-backed bank to handle the billions of dollars flowing from the newly legal recreational marijuana market.
The world's largest legal recreational marijuana economy, created under a law that took effect this year, is projected to grow to $7 billion.
The bill approved by a bipartisan 29-6 state Senate vote is designed to help pot entrepreneurs who usually deal in cash because most banks won't accept money from a product that remains illegal under federal law.
SB930 now goes to the Assembly for consideration.
The bill would permit charter banks and credit unions regulated by the state Department of Business Oversight to provide limited banking services to pot-related businesses.
They could use the banks to pay rent, state and local taxes and fees, vendors within California for goods and services related to the cannabis business and to buy state and local bonds and other investments.
"We're not using the federal system, we're not using the federal wire," Democratic Sen. Bob Hertzberg of Van Nuys said of his proposal. "This is a short-term creative approach to deal with this extraordinary problem."
He said the banks would suffice until what proponents hope will be an eventual change in federal law.
Hertzberg said the current system is dangerous because it requires pot dealers to conduct their business using cash, sometimes tens of thousands of dollars. He said he's heard of some businesses burying or hiding tens of millions of dollars for lack of an alternative.
State budget officials project California will collect $600 million in cannabis taxes in the upcoming year, but that often requires the businesses to haul duffel bags full of cash to tax agencies.
The cash economy also makes audits and other standard oversight measures difficult. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-california-senate-supports-state-backed-bank-for-pot-money.html |
DEERFIELD, Ill., May 3, 2018 /PRNewswire/ -- Caterpillar Inc.'s (NYSE: CAT) board of directors has appointed Steve Ferguson a vice president of the company, effective June 1, 2018. He will lead the Industrial Power Systems Division (IPSD), replacing Ramin Younessi, who was recently promoted to group president of the Energy & Transportation segment. IPSD consists of all engines 18 liters and below, retail generators and Caterpillar Defense – spanning the three globally recognized brands of Cat ® , Perkins and FG Wilson. Ferguson will report to Younessi.
"Steve has been delivering great results by driving lean and flexible cost-competitive component manufacturing operations at Caterpillar facilities around the world – experience that will be an excellent fit for his new role leading IPSD," said Ramin Younessi, incoming group president of Energy & Transportation. "Combined with his business and finance background, focus on safety and quality, and ability to connect with customers, Steve will provide exemplary leadership for this exciting and diverse group."
Most recently, Ferguson has been general manager of Caterpillar's Advanced Component Manufacturing business, overseeing operations at 15 global facilities. He began his career with Caterpillar as an accountant in 1990 and held positions of increasing responsibility in both machine and engine divisions including roles in pricing, business planning, financial analysis and business resources. Ferguson was based in Singapore from 2011 to 2015, first as the senior business resources manager for the Excavation Division and then as chief financial officer for the Construction Industries segment.
Ferguson holds a bachelor's degree from Eastern Illinois University and is a graduate of the Advanced Executive Program at Northwestern University's Kellogg School of Management.
About Caterpillar
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.462 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com . To connect with us on social media, visit | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-caterpillar-announces-new-industrial-power-systems-vice-president.html |
NEW YORK, May 11, 2018 /PRNewswire/ -- A joint-venture between Trevian Capital and Crown Properties Inc, announced its $34,650,000 acquisition of three garden-style multifamily properties totaling 407 units in Elgin, Illinois, Madison, Wisconsin, and Chesterton, Indiana.
Trevian and Crown acquired the three-asset portfolio from a longtime family owner/operator who undermanaged the assets. The 1970's and 80's vintage portfolio was 94% occupied at the time of closing. The business plan is to cure deferred maintenance, implement institutional management, modernize units and finishes, add amenities, rebrand the properties, and bring rents to market. The repositioned assets will provide quality workforce housing to the broad market segment of residents that are priced out of single family ownership and Class A product. Trevian and Crown plan to spend in excess of $3,500,000 in upgrades throughout the portfolio in the near term.
Trevian and Crown were able to navigate a complex deal, whereby all three properties were in foreclosure and being managed by a receiver, and a fourth property, also in default, needed to be sold simultaneously.
"We are excited for the opportunity to breathe new life back into these assets and have them become cornerstones of their communities," said Michael Hoffenberg, Founder and Managing Principal of Trevian Capital. "Trevian is more commonly known for its bridge lending platform, where we are very active in the transitional and value-add multifamily sector helping borrowers execute on this exact strategy. Our role in the world of special situations puts us in a unique seat to make strategic multifamily acquisitions ourselves," added Hoffenberg. "Similar to how we operate in our lending platform, our ability to provide the seller with speed and certainty of execution, won the deal for us."
"This acquisition exemplifies the need to preserve our housing stock that caters to the working-class. Once revitalized, these properties will be attractive to individuals and families who want to live in clean and safe communities that they can be proud of," said Matthew Lefkowitz, Principal of Crown Properties. "We are excited to partner with Trevian Capital and bring our collective vision to fruition."
Trevian Capital ( www.treviancap.com ) provides senior secured bridge loans for i) time sensitive situations, ii) transitional assets, iii) distressed sponsors, and iv) special situations in the middle-markets nationwide with a focus on multifamily. Pricing ranges from L + 400 – L + 800 with leverage up to 85% of cost. Trevian Capital also actively acquires value-add multifamily properties.
Crown Properties Inc ( www.crownproperties.com ) is a vertically integrated real estate investment and development company based in New York City. Established in the early 1980s, Crown owns, operates and has interest in a portfolio in excess of $2 billion, including 7,000,000 square feet of commercial property and 2,500 residential units.
Contact: Michael Hoffenberg (212) 376-5636; [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/trevian-capital-and-crown-properties-announce-34-650-000-multifamily-acquisition-300647063.html
SOURCE Trevian Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-trevian-capital-and-crown-properties-announce-34650000-multifamily-acquisition.html |
May 29, 2018 / 5:54 AM / Updated an hour ago Alberto remnants threaten Alabama after two killed in North Carolina Rich McKay 3 Min Read
(Reuters) - Alberto, the first storm of the 2018 Atlantic hurricane season, spawned scattered flooding in Alabama as it weakened into a subtropical depression on Tuesday, a day after two journalists were killed in North Carolina when a tree fell on their car. Subtropical Storm Alberto arrives at Orange Beach, Alabama, U.S., May 28, 2018, in this picture obtained from social media. David Green/@dsg_dukester/Twitter/via REUTERS
In Maryland, searchers on Monday found the body of a man swept away when a flash flood triggered by a separate storm tore through the main street of a historic town.
Near hurricane-force winds from Alberto dropped to about 30 miles per hour (48 km per hour) as it lost strength while crossing the Gulf of Mexico and making landfall in the U.S. South, the National Weather Service said.
The National Hurricane Center (NHC) canceled coastal warnings and watches for the storm, which spun up days before the formal start of the hurricane season on June 1.
Local media in Alabama and the Florida Panhandle reported scattered flash flooding, downed trees and minor power outages as Alberto rumbled north. About half of Alabama’s 67 counties were under a flash flood watch.
Alberto was forecast to weaken to a “remnant low pressure” system by Tuesday evening as it moves into the Tennessee Valley and then the Ohio Valley, the weather service said.
The NHC warned the storm would dump rains of 2-6 inches (6-15 cm), with up to 12 inches over north Florida and Alabama through Tuesday night. It could deliver up to 6 inches of rain in some areas as it moves toward lower Michigan by Wednesday evening, officials said. Subtropical Storm Alberto is pictured nearing the Florida Panhandle in this May 27, 2018 NASA handout photo. NASA/Handout via REUTERS
Karen Clark & Co, a risk-modeling firm, on Tuesday estimated the insured losses from Alberto at $50 million.
In Maryland, searchers found the body of Eddison Hermond, 39, who was swept away by a torrent of water in historic Ellicott City on Sunday, the Howard County Police Department said on Twitter.
Hermond was swept up as he tried to help a shop owner who had escaped flood waters with her cat, police said. The flooding was the second time Ellicott City had been devastated by high water in two years.
Two television journalists covering the worsening weather in North Carolina were killed on Monday by a falling tree that struck their car. Anchor Mike McCormick and camera operator Aaron Smeltzer from Greenville, South Carolina’s, WYFF News were on Highway 176 when the tree came down after heavy rains saturated the ground, police said.
After Alberto’s passage, Royal Dutch Shell Plc was sending workers back to the eastern Gulf of Mexico and Chevron Corp restored some production on Monday.
Four deadly hurricanes struck the United States last year, killing at least 144 people and causing billions of dollars in damage, massive power outages and devastating hundreds of thousands of homes and businesses, according to the NHC. Reporting by Rich McKay in Atlanta and Ian Simpson in Washington; Additional reporting by Ian Simpson and Daniel Trotta; Editing by Scott Malone, Jeffrey Benkoe and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto/once-mighty-storm-alberto-fizzles-but-can-still-soak-u-s-idUSKCN1IU0FX |
May 1 (Reuters) - 1-800-Flowers.Com Inc:
* 1-800-FLOWERS.COM, INC. REPORTS RESULTS FOR ITS FISCAL 2018 THIRD QUARTER
* Q3 LOSS PER SHARE $0.13 * Q3 REVENUE $238.5 MILLION VERSUS I/B/E/S VIEW $231.4 MILLION
* Q3 EARNINGS PER SHARE VIEW $-0.12 — THOMSON REUTERS I/B/E/S
* IS UPDATING ITS GUIDANCE FOR FISCAL 2018 * 1-800-FLOWERS.COM - SEES CONSOLIDATED COMPARABLE REVENUE AT HIGH END OF ITS PREVIOUSLY STATED RANGE OF $1.13 BILLION TO $1.15 BILLION FOR FY
* SEES 2018 EPS OF APPROXIMATELY $0.60 PER DILUTED SHARE * FY2018 EARNINGS PER SHARE VIEW $0.63, REVENUE VIEW $1.14 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-1-800-flowerscom-q3-loss-per-share/brief-1-800-flowers-com-q3-loss-per-share-0-13-idUSASC09YJJ |
Curl up with a cup of coffee and enjoy the free WiFi. Use a tablet computer to try out a mix of apps. Check out the latest big screen TV.
Those experiences have become familiar at the local Starbucks or some electronics stores like Best Buy or Apple . But there's a company offering those perks and more, one not generally thought of as a retailer.
It's Comcast .
Consumers may love to hate their cable companies, but Comcast is betting its new retail stores with giant video screens and comfy couches will help strengthen its connection to customers. There will be zones where they can try out products ranging from Comcast's X1 video player to smart locks controlled with the tap of an iPad.
Comcast plans to set up shop in malls and shopping centers, sometimes moving into spaces that more traditional chains have left empty after struggling with slipping sales.
Source: BusinessWire The stores will be more akin to the sleek, interactive spaces pioneered by tech titan Apple, designed as much around experiencing gadgets as they are to selling them.
"We're opening . . . next to the Apples and Sephoras and Ultas ,'' Tom DeVito, Comcast's senior vice president of retail sales and service said. "We want to be where customers shop."
Comcast has already opened stores in Pueblo, Colo.; Aventura, Fla.; Henrico, Va.; Chattanooga, Tenn., and Tucson, Ariz. It plans to open more than 50 additional locations this year. It ultimately wants to have one of the storefronts within a 15 minute drive of every Comcast customer.
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The new Xfinity store format stands in stark contrast to the Internet and cable company's spartan service centers of old, where customers often had to travel to inconvenient office parks to pay a bill or return a faulty modem.
It's a smart move, says Neil Saunders, managing director of retail consultancy GlobalData.
"Customers spend a lot on cable and internet services, so being able to try out products and services in a high-quality environment is appreciated,'' Saunders says. " The days of getting away with a shabby service desk in a dimly lit unit have long since gone."
Comcast customers will be able to continue taking care of routine tasks like paying bills or swapping out equipment at the new stores. But they will also be able to try out Xfinity apps with various devices in different sections of the store.
Customers who subscribe to the internet service can check out a mobile offering that allows them to pay for data by the gigabyte if they choose. And in the store's "home zone,'' customers can use Xfinity's Home platform to flip on a light or review security camera footage with the click of a smartphone, tablet or TV remote control.
A TV monitor will simulate the customer being at home.
"From your smartphone, you can shut the light off on the display,'' says DeVito. "From an iPad, you can unlock the door. You can set the sensors in your garage, you can dim your light. We've created a set of interactive displays that simulate you being in your home so we can make the product come to life.''
DeVito added that "we think as customers come into our stores and learn how to fully use all the capabilities of our products... that will drive better retention, a better customer experience (and) more loyalty."
Disclosure: Comcast is parent of NBCUniversal and CNBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/comcasts-xfinity-storefronts-are-reminiscent-of-apple-stores.html |
* SSEC -0.8 pct, CSI300 -0.8 pct, HSI -1.0 pct
* HK->Shanghai Connect daily quota used 0.7 pct, Shanghai->HK daily quota used 0.3 pct
* FTSE China A50 -1.1 pct, BNY Mellon ADR China Select Index -0.7 pct
SHANGHAI, May 23 (Reuters) - Stocks in China and Hong Kong dropped on Wednesday, led by a slump in coal miners, as Beijing intervened to cool the red-hot coal market. ** The CSI300 index fell 0.8 percent to 3,875.59 at the end of the morning session, while the Shanghai Composite Index lost 0.8 percent to 3,188.65 points. ** In Hong Kong, the Hang Seng index dropped 1.0 percent to 30,909.01, while the Hong Kong China Enterprises Index lost 1.3 percent to 12,194.86 points. ** Investors were also cautious 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, souring the improved market sentiment following weekend comments from U.S. Treasury Secretary Steven Mnuchin that trade war is “on hold”. ** Indexes tracking energy firms in the mainland and Hong Kong both fell around 3 percent, with losses led by coal miners. ** China’s largest coal miner China Shenhua tumbled 5.9 percent in Shanghai and 6.8 percent in Hong Kong, while Yanzhou Coal Mining slumped more than 8 percent both in Shanghai and Hong Kong. ** China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with the matter said, the government’s first direct intervention to cool coal prices since mid-2016. ** “The rally in coal prices has prompted the government to issue a flurry of measures to bring down prices,” said Zhang Min, a coal analyst with Sublime Information. ** Bucking the broad trend, China’s auto parts makers surged on the mainland as Beijing said it will steeply cut import tariffs for automobiles and car parts. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.36 percent, while Japan’s Nikkei index was down 1.18 percent. ** The yuan was Quote: d at 6.374 per U.S. dollar, 0.14 percent weaker than the previous close of 6.3654. ** The largest percentage gainers on the main Shanghai Composite index were Guangdong Dcenti Auto-Parts Stock Ltd Co up 10.02 percent, followed by Tibet Weixinkang Medicine Co Ltd gaining 10.02 percent and Changzhou Langbo Seal Polytron Technologies Co Ltd up by 10 percent. ** The largest percentage losses on the Shanghai index were Inly Media Co Ltd down 10.02 percent, followed by Yanzhou Coal Mining Co Ltd losing 8.1 percent and Shandong Shida Shenghua Chemical Group Co Ltd down by 6.47 percent. ** The top gainers among H-shares were Huaneng Power International Inc up 4.36 percent, followed by Dongfeng Motor Group Co Ltd gaining 3.03 percent and Guangdong Investment Ltd up by 1.95 percent. ** The three biggest H-shares percentage decliners were China Shenhua Energy Co Ltd which has fallen 7.01 percent, ZhongAn Online P & C Insurance Co Ltd which has lost 4.2 percent and New China Life Insurance Co Ltd down by 4.0 percent. ** As of 04:00 GMT, China’s A-shares were trading at a premium of 21.44 percent over the Hong Kong-listed H-shares. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 3 percent, while the IT sector rose 0.7 percent. The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd up 2.14 percent, while the biggest loser was China Shenhua Energy Co Ltd which was down 7.01 percent.
Reporting by Luoyan Liu and John Ruwitch; Editing by Biju Dwarakanath
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-hong-kong-stocks-fall-as-coal-miners-slump-idUSL3N1SU1ZQ |
Barely a month after launching yuan-denominated oil futures, China on Thursday will start allowing foreign investors to trade in its historically volatile iron-ore market. As in crude, the country is the world’s biggest consumer of iron ore, a key ingredient for steelmaking. The Dalian futures market, one of two major global price points for the WSJ City: Trump's Trade Agenda Brings Heightened Tensions, Apple Flexes Its Financial Muscles Next WSJ Wealth Adviser Briefing: Catchy Tickers, Gun Purchase Monitoring, Diet Vodka | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/02/china-iron-ore-futures-open-to-outside-world/ |
By David Z. Morris 3:43 PM EDT
Tesla has begun to issue an over-the-air firmware update that CEO Elon Musk says will improve the car’s braking performance, after Consumer Reports chose not to recommend the car because of issues including emergency stopping distance.
According to a tweet from Musk, the update began rolling out on Friday. He wrote that the update “should improve braking distance by ~20 ft for repeated heavy braking events.” Also, firmware fix for upgraded brake performance on standard Model 3 started rolling out yesterday. Should improve braking distance by ~20 ft for repeated heavy braking events. Thanks @ConsumerReports for excellent critical feedback!
Get Data Sheet , Fortune’s technology newsletter.
Consumer Reports’ tests found that the Model 3 had dramatic problems with emergency braking at high speeds. At 60 mph, the car took 152 feet to stop—7 feet more than a full-sized Ford F-150 pickup.
It’s likely easier to fix the Model 3’s braking with a software adjustment than it would be on some conventional cars, though. That’s because the car’s computer-controlled motor plays a significant role in braking. That also allows braking to recapture some battery power.
The effectiveness of the update will be subject to further high-profile scrutiny, as Consumer Reports has said it would retest the Model 3 if the braking distance were improved. Even if the improvements work, it might not be enough to earn a recommendation from the respected publication, which also cited the car’s confusing controls, stiff ride, and wind noise in withholding its endorsement.
Those issues may be addressable with further software updates or relatively small production tweaks, though, and Consumer Reports also found much to praise. It called the car’s acceleration “blistering,” and its 350-mile range was the highest the publication ever recorded for an electric vehicle.
Getting a Consumer Reports recommendation is likely a high priority for Tesla, and Musk has repeatedly expressed admiration for the organization even in the midst of broader criticisms of the media . Though it has a huge backlog of pre-orders for the Model 3, some reports suggest the company will need to find new financing in the near future, and its stock has been hammered repeatedly since late 2017. If the Model 3 turns to be anything less than a sterling vehicle, the company’s problems could be unstoppable. | ashraq/financial-news-articles | http://fortune.com/2018/05/27/tesla-model-3-braking-update/ |
DUBAI, May 24 (Reuters) - Yemen declared a state of emergency on Socotra on Thursday after a tropical storm flooded several villages and capsized boats on the island and left at least 17 people missing, government officials said.
Socotra, which lies between the Arabian Peninsula and Horn of Africa, has been largely untouched by a three-year-old war in Yemen and is under the control of the internationally recognized government whose president remains in exile in Saudi Arabia.
The island “requires urgent aid to help people stranded in their villages or those who reside in the mountains”, government spokesman Rajeh Badi told the state news agency SABA.
He said 17 people were missing after two boats capsized and three cars were washed away by floods. Another official said more than 200 families had been evacuated from their villages.
Badi urged a Saudi-led military coalition and international organizations to provide urgent aid to the island.
The Western-backed alliance intervened against the Iran-aligned Houthi movement in Yemen in 2015 to restore the government of Abdu Rabbu Mansour Hadi. Saudi and UAE forces have a presence on Socotra island.
The storm is expected to hit southern Yemen and the coast of neighboring Oman on Thursday, Oman’s state news agency reported. It said Omani authorities evacuated hospitals in Dhofar province and other areas bordering Yemen.
Yemen is already grappling with the world’s most urgent humanitarian crisis. The war has killed more than 10,000 people, displaced three million and pushed the impoverished country to the verge of starvation, according to the United Nations.
A tropical cyclone hit the Horn of Africa on Wednesday, killing more than 50 people in Somaliland. (Reporting By Aziz El Yaakoubi; Editing by Ghaida Ghantous, William Maclean)
| ashraq/financial-news-articles | https://www.reuters.com/article/yemen-security-cyclone/tropical-storm-hits-yemens-socotra-state-of-emergency-declared-idUSL5N1SV1MM |
May 9 (Reuters) - CytomX Therapeutics Inc:
* CYTOMX THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $14.2 MILLION VERSUS I/B/E/S VIEW $16.4 MILLION
* QTRLY NET LOSS PER SHARE, BASIC AND DILUTED $0.40 * Q1 EARNINGS PER SHARE VIEW $-0.44, REVENUE VIEW $16.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cytomx-therapeutics-q1-revenue-142/brief-cytomx-therapeutics-q1-revenue-14-2-mln-vs-i-b-e-s-view-16-4-mln-idUSASC0A147 |
May 8, 2018 / 12:10 PM / in 11 minutes BRIEF-Real Matters Reports Quarterly Net Income Per Share $0.03 Reuters Staff
May 8 (Reuters) - Real Matters Inc:
* REAL MATTERS REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS * REAL MATTERS INC QUARTERLY NET INCOME PER SHARE $0.03
* REAL MATTERS INC QUARTERLY ADJUSTED NET INCOME PER SHARE $0.02
* REAL MATTERS INC QUARTERLY CONSOLIDATED REVENUES $66.1 MILLION VERSUS $64.5 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-real-matters-reports-quarterly-net/brief-real-matters-reports-quarterly-net-income-per-share-0-03-idUSASC0A0FZ |
LONDON, May 16 (Reuters) - British luxury group Burberry beat market forecasts with a 2 percent rise in full-year adjusted profit to 467 million pounds, as it embarks on a new chapter under designer Riccardo Tisci, the former Givenchy star appointed in March.
The brand, which chief executive Marco Gobbetti is repositioning in a higher luxury segment, reported group revenue of 2.73 billion pounds ($3.7 billion), down 1 percent. Comparable same store sales rose 3 percent, in line with market forecasts.
Analysts were expecting the company to report adjusted operating profit of 453 million pounds, according to a company-provided consensus of 19 analyst forecasts. ($1 = 0.7401 pounds) (Reporting by Paul Sandle; editing by Kate Holton)
| ashraq/financial-news-articles | https://www.reuters.com/article/burberry-group-results/burberry-beats-forecasts-with-2-pct-rise-in-full-year-profit-idUSASO0004VF |
May 23, 2018 / 5:51 AM / Updated 33 minutes ago MOVES-Carlyle Group hires two senior execs for Southeast Asian deals Reuters Staff 1 Min Read
HONG KONG, May 23 (Reuters) - U.S. private equity firm Carlyle Group LP announced on Wednesday two senior hires on its Asian private equity team, amid a major strategic push into Southeast Asian deals.
Carlyle named Robby Winarta as managing director, leading the firm’s investment activities in Indonesia. Jakarta-based Winarta had been with Credit Suisse for 20 years, most recently as head of the bank’s Indonesian investment banking coverage.
Carlyle also hired Long Hoang as a director focusing on deals in Vietnam. Hoang joined the firm from TPG Capital where he was a vice president.
The two senior hires come as Carlyle is inching towards the closure of a $6.5 billion Asia private equity fund, its biggest ever in the region.
Carlyle has also beefed up its Southeast Asian team with the new hires, which will focus principally on both small and large market opportunities in Indonesia, Vietnam and Philippines. (Reporting by Kane Wu; Editing by Amrutha Gayathri) | ashraq/financial-news-articles | https://www.reuters.com/article/carlyle-moves/moves-carlyle-group-hires-two-senior-execs-for-southeast-asian-deals-idUSL3N1SU2EX |
May 24, 2018 / 9:54 AM / Updated 5 minutes ago EU proposes new sovereign bond-backed securities, faces criticism Francesco Guarascio 3 Min Read
BRUSSELS (Reuters) - The European Commission proposed on Thursday setting up a new class of Sovereign Bond-Backed Securities (SBBS) to encourage banks and investors to diversify their holdings of euro zone bonds. FILE PHOTO: Workers adjust and clean the logo of the European Commission at the entrance of the Berlaymont building, the EC headquarters, in Brussels September 12, 2013. REUTERS/Yves Herman
The plan, which confirms an earlier Reuters report, is meant to address a weakness that came to light during the 2010-2012 euro zone debt crisis, when banks’ high exposure to their sovereigns’ own debt exacerbated the problems facing banks and euro zone authorities alike.
European Union officials said SBBS would reduce investors’ bias towards their own countries and increase the financial stability of the euro zone.
“This is a pragmatic proposal that will strengthen private risk absorption through integrated financial markets and reduce risk in the banking sector,” European Commission vice president Valdis Dombrovskis said.
SBBS would be composed of bonds from all 19 countries that use the euro, with a fixed amount of national bonds from each country.
Risks will not be shared among participating countries, under the Commission’s plan, meaning that bonds from states deemed safer by investors, such as Germany, will continue to carry lower yields than riskier countries, like Greece or Italy.
The new asset would have a senior, more secure tranche, corresponding to 70 percent of the nominal value of the issuance, with the rest being allocated to one or more subordinated, riskier tranches.
This set-up is meant to overcome Germany’s resistance to the plan, as Berlin fears that it could lead to higher borrowing costs for itself to absorb risks of weaker economies of the bloc - a fear amplified by recent high-spending plans of a proposed new eurosceptic Italian government.
Despite the Commission’s insistence that SBBS were not leading to mutualization of risks, Germans remained sceptical.
“Once SBBS are on the way, the next step will be to ask for joint liability. Therefore, SBBS are Eurobonds through the backdoor and must be stopped,” said Markus Ferber, a German lawmaker who is vice-chairman of the European Parliament’s economic committee.
The Commission’s proposal also faces criticism for not being ambitious enough. The lack of risk-sharing would make the new asset indistinguishable from sovereign bonds of each euro zone state, critics said, arguing that appetite for this product was likely to be very limited.
To heed this concern, the EU executive is proposing lower capital requirements for banks that hold these securities. They would not be treated as other securitized products, which require lenders to offset their risks with capital buffers. The Commission, however, refrained from estimating the possible market for SBBS.
“Securitization regulatory charges are not justified for SBBS,” the Commission said, arguing that these new securities would be backed by risk-free sovereign bonds. Reporting by Francesco Guarascio; editing by Philip Blenkinsop and David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-sovereign-sbbs/eu-commission-proposes-new-sovereign-bond-backed-securities-idUSKCN1IP1G2 |
ZURICH, May 3 (Reuters) - Swiss luxury goods group Cie Financiere Richemont SA said Jean-Jacques Van Oosten had resigned as chief technology officer for personal reasons after only four months on the job.
“We respect Dr Jean-Jacques Van Oosten’s decision to pursue his career outside the group and wish him every success in his future endeavours,” it said in a statement on Thursday.
Van Oosten had joined the executive committee only at the start of the year after two decades in the retail and digital sectors. (Reporting by Michael Shields Editing by Victoria Bryan)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/richemont-cto/richemont-technology-chief-steps-down-after-four-months-idUSFWN1SA03F |
May 3 (Reuters) - Gencor Industries Inc:
* Q2 REVENUE ROSE 37 PERCENT TO $30.8 MILLION * BACKLOG WAS $45.6 MILLION AT MARCH 31, 2018 COMPARED TO $42.9 MILLION AT MARCH 31, 2017
* “GENCOR HAS EXPERIENCED GROWTH IN ALL REGIONS ACROSS U.S. AS DEMAND FOR OUR EQUIPMENT CONTINUES TO BE STRONG” Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gencor-reports-q2-earnings-per-sha/brief-gencor-reports-q2-earnings-per-share-0-26-idUSASC09ZGD |
May 2 (Reuters) - Exelixis Inc:
* EXELIXIS AND INVENRA ENTER INTO COLLABORATION TO DISCOVER AND DEVELOP NOVEL BIOLOGICS TO TREAT CANCER
* EXELIXIS INC - COMPANIES WILL PARTNER TO ADVANCE MULTISPECIFIC ANTIBODIES IN UP TO SEVEN DISCRETE PROJECTS
* EXELIXIS INC - EXELIXIS WILL PAY INVENRA AN UPFRONT PAYMENT OF $2.0 MILLION PLUS $2.0 MILLION AT INITIATION OF EACH DISCOVERY PROJECT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-exelixis-and-invenra-enter-into-co/brief-exelixis-and-invenra-enter-into-collaboration-to-develop-novel-biologics-to-treat-cancer-idUSFWN1S917W |
May 16, 2018 / 8:38 AM / Updated 16 minutes ago Exclusive: Iran asks Chinese oil buyers to maintain imports after U.S. sanctions - sources Chen Aizhu 4 Min Read
BEIJING (Reuters) - A senior official at Iran’s state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after U.S. sanctions kick in, three people familiar with the matter said, but failed to secure guarantees from the world’s biggest consumer of Iranian oil. FILE PHOTO: Cars of the Iranian delegation are seen parked outside a building of the Diaoyutai state guesthouse as Iranian Foreign Minister Mohammad Javad Zarif meets Chinese State Councillor and Foreign Minister Wang Yi in Beijing, China, May 13, 2018. REUTERS/Thomas Peter/File Photo
The sources told Reuters Saeed Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), held separate meetings in Beijing on Monday with top executives at Chinese oil giant Sinopec’s trading unit and state oil trader Zhuhai Zhenrong Corp to discuss oil supplies and seek assurances from the Chinese buyers.
Khoshrou was accompanying Iran’s foreign minister Javad Zarif in the first stop of a tour of world powers before travelling on to Europe. Tehran is mounting a last-ditch effort to save a 2015 nuclear deal that Washington has abandoned, with plans to impose unilateral sanctions including strict curbs on Iran’s oil exports.
“During the meeting, Mr. Khoshrou conveyed Mr. Zarif’s message that Iran hopes China will maintain the levels of imports,” said one person briefed on the meetings.
China, the world’s top crude oil buyer, imported around 655,000 barrels a day on average from Iran in the first quarter of this year, according to official Chinese customs data - equivalent to more than a quarter of Iran’s total exports.
Chinese executives did not make firm commitments but said as state oil companies they will fall in line with Beijing’s wishes, the person said. The visit was the NIOC marketing chief’s second to Beijing this year - he also met with Chinese customers about a month ago.
A second person with direct knowledge of the discussion, said Chinese firms “shared the same hope to maintain purchases”, adding companies are still assessing the possible impact of the new sanctions.
The people familiar with the matter declined to be identified because they are not authorised to speak to media.
Sinopec and Zhuhai Zhenrong declined to comment. NIOC did not immediately respond to a request for comment. FILE PHOTO: Iran's Foreign Minister Mohammad Javad Zarif listens to anchor Charlie Rose, at an event held in conjunction with the 72nd United Nations General Assembly in Manhattan, New York, U.S., September 27, 2017. REUTERS/Bria Webb/File Photo BEIJING REGRETS
Buyers in Asia - including China - and Europe have said they will seek waivers from sanctions during a six-month grace period now in force.
During a visit by Zarif to Brussels on Tuesday, European powers vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran’s oil and investment flowing, but admitted they would struggle to provide the guarantees Tehran seeks.
China’s foreign ministry said last week it regretted the U.S. decision and called for parties involved to stick to diplomatic approaches to stay on track for full implementation of the 2015 accord.
Between 2012 and 2015, under European Union and U.S. sanctions to curb Iran’s nuclear program, Chinese companies took up nearly half of Iran’s oil exports, which were slashed by more than half and cost Tehran as much as $80 billion in lost revenue.
Sinopec, Asia’s top refiner, and state-oil trader Zhuhai Zhenrong Corp together account for close to 90 percent of China’s total Iranian oil purchases. State oil group CNPC buys the rest.
Apart from supplies under annual contracts, CNPC and Sinopec have been lifting Iranian crude as part of their billions of dollars of investment at Iranian oil fields. reut.rs/2KpL4XE
China has less of a banking issue in trading with Iran than some international peers. During previous sanctions Beijing used a domestic bank, Bank of Kunlun Co Ltd, to settle tens of billions dollars worth of oil transactions with Iran. Most of the transactions were settled in euros and Chinese renminbi. Additional reporting by Florecen Tan in Singapore; Editing by Kenneth Maxwell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-china-oil-exclusive/exclusive-iran-asks-chinese-oil-buyers-to-maintain-imports-after-u-s-sanctions-sources-idUKKCN1IH0VH |
May 9, 2018 / 3:17 PM / in 6 minutes UPDATE 1-CIA nominee: US must do more vs China efforts to 'steal' technology Reuters Staff 1 Min Read
(Updates with question about two companies)
WASHINGTON, May 9 (Reuters) - U.S. President Donald Trump’s nominee to be CIA director, Gina Haspel, said on Wednesday the United States needs to do more to address what she described as China’s “overt and illicit efforts to steal” U.S. technology.
U.S. government agencies and members of Congress have recently made a series of moves aimed at stopping or reducing access by some Chinese firms to the U.S. economy amid allegations that they could be using the technology to spy on Americans or steal intellectual property.
Republican Senator Marco Rubio asked Haspel if she would use products from Huawei Technologies and ZTE Corp , two companies that U.S. officials have described as having links to the Chinese Communist party’s intelligence apparatus.
Haspel, who joked that she does not have a social media account, said she would not. (Reporting by Patricia Zengerle Editing by Chizu Nomiyama and Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-haspel-china/update-1-cia-nominee-us-must-do-more-vs-china-efforts-to-steal-technology-idUSL1N1SG17G |
May 3 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
THE GLOBE AND MAIL ** Venture capitalist Michael Savage lost a British Columbia (BC) Supreme Court bid to avoid securities fines and was told by the court's judge that the ban and fine he received in 2008 for defrauding investors remains in place. tgam.ca/2HL5AVB
** One of Canada's biggest medical marijuana companies, MedReleaf Corp, is conducting talks with some of its rivals that could lead to the creation of the country's most valuable cannabis grower, sources say. tgam.ca/2rd4Zlt
** A new report from the Immigrant Services Society of BC highlights increase in entrepreneurship among Syrian refugees in British Columbia with the study finding that the number of refugees working has doubled over the past year. tgam.ca/2HRDAfi
NATIONAL POST ** Increased contributions to the Canada Pension Plan could deny the country billions in retirement savings that might be used for investments at home, the Fraser Institute warned on Thursday. bit.ly/2rhFakh
Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-3-idUSL3N1SA452 |
Iran warns the U.S. over the nuclear deal 4:47pm BST - 01:21
Iranian President Hassan Rouhani warned the United States on Sunday that if Donald Trump scraps the 2015 nuclear deal, then America will regret it.
Iranian President Hassan Rouhani warned the United States on Sunday that if Donald Trump scraps the 2015 nuclear deal, then America will regret it. //uk.reuters.com/video/2018/05/06/iran-warns-the-us-over-the-nuclear-deal?videoId=424437464&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/iran-warns-the-us-over-the-nuclear-deal?videoId=424437464 |
May 9, 2018 / 7:12 AM / Updated an hour ago China's Tencent signs broad cultural deal with Britain Eric Auchard 3 Min Read
LONDON (Reuters) - Chinese internet giant Tencent ( 0700.HK ) will announce 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. FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo
Tencent, China’s second most valuable company, runs the country’s biggest social network, music and gaming systems.
Its billion user-strong WeChat messaging app sits at the heart of China’s booming internet economy, yet the company remains largely unknown to Westerners outside of technology or financial circles. FILE PHOTO: A Tencent sign is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 4, 2017. REUTERS/Aly Song/File Photo
Tencent said the initial focus of the Memorandum of Understanding (MoU) it has agreed with the UK Department of International Trade would be on film, video games and fashion, which it will bring to its large domestic audience in China.
It will cover digital, cultural and creative projects with the BBC, British Fashion Council, Visit Britain, the country’s tourist promotion board, and technical publisher Springer Nature, known for titles such as Nature and Scientific American.
Financial terms were not disclosed. Britain’s Secretary of State for International Trade Liam Fox and Tencent Senior Executive Vice President Seng Yee Lau will announce the deal at an event in London later on Wednesday.
In 2017, Tencent Video, a Netflix-like streaming video service in China, jointly produced the blockbuster nature documentary “Blue Planet 2” with the BBC. It has reached more than 220 million viewers worldwide since it was first broadcast.
The popularity of Tencent’s WeChat app stems from how it melds messaging, social networking, e-commerce, media and gaming features in one place that a billion Chinese consumers use on their smartphones from morning to night.
So far, Tencent’s international expansion strategy has consisted of making it easier for Chinese tourists to use its services when travelling overseas, rather than creating localised versions of its apps for non-Chinese audiences, said Raj Rajgopal, president of digital strategy consultant Virtusa.
Instead, Tencent has made scores of international investments in ecommerce, payments and gaming firms. Its biggest move in Europe has been to acquire majority control of Finnish mobile games site Supercell in an $8.6 billion deal in 2016. Reporting by Eric Auchard in London, editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tencent-holdings-britain/chinas-tencent-signs-broad-cultural-deal-with-britain-idUKKBN1IA0RC |
* Italy renews attempt to form a government
* HP Inc, Salesforce.com gain on strong results
* Energy, bank stocks lead S&P gainers
* Indexes up: Dow 1.18 pct, S&P 1.22 pct, Nasdaq 0.83 pct (Updates to early afternoon)
By Medha Singh
May 30 (Reuters) - U.S. stocks rose on Wednesday, with a surge in energy stocks helping Wall Street recover from a steep selloff in the previous session that was driven by political turmoil in Italy.
Hopes that Italy might avoid a potentially damaging general election set the markets off to a strong start on Wednesday.
At the session’s peak, the S&P 500 erased all its losses from Tuesday on news that Italy’s 5-Star Movement party called for eurosceptic economist Paola Savona to withdraw his candidacy as economy minister to the possible formation of a government.
“The extent that it sold off was probably a little too much. So a little bit of a bounce back is not that big a surprise,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
Fears about the political instability had sent investors scurrying to safety assets on Tuesday, with the U.S. Treasury market enjoying its best day in at least about seven years. However, stocks took a beating, with the S&P 500 posting its first 1 percent drop in May.
At 13:13 p.m. EDT the Dow Jones Industrial Average was up 286.48 points, or 1.18 percent, at 24,647.93, the S&P 500 was up 32.91 points, or 1.22 percent, at 2,722.77 and the Nasdaq Composite was up 61.05 points, or 0.83 percent, at 7,457.65.
Traders also said the political uncertainty in Italy also led to a drop in the expectations for U.S. interest rate hikes for the year, helping the stock markets gain momentum.
“In essence, investors perceived the mounting risks in Europe to warrant almost one less rate hike this year than just one week ago, a meaningful shift in investor sentiment,” John Lynch, chief equity strategist at LPL Financial in Charlotte, North Carolina, wrote in a note.
The S&P energy index jumped 3.13 percent and was on track for its biggest one-day gain in nearly three weeks.
Energy shares, which provided the biggest boost to the S&P 500, benefited from a more than 2.4 percent surge in crude oil prices.
Bank stocks, which were the worst hit on Tuesday, recovered with the S&P financial index rising 1.86 percent.
Cloud-based business software maker Salesforce.com rose 1.7 percent, while computer and printer maker HP Inc jumped 3.4 percent after raising full-year profit forecasts.
Advancing issues outnumbered decliners by a 4.28-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.77-to-1 ratio on the Nasdaq.
The S&P index recorded 24 new 52-week highs and two new lows, while the Nasdaq recorded 171 new highs and 21 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-energy-banks-fuel-wall-sts-rebound-sp-500-erases-losses-idUSL3N1T15CY |
Baghdad residents vote in Iraq election 6:32am EDT - 00:55
Iraq holds its first parliamentary election on Saturday (May 12) since defeating Islamic State, but few people expect its new leaders to deliver the stability and economic prosperity that have long been promised. Rough cut (no reporter narration).
Iraq holds its first parliamentary election on Saturday (May 12) since defeating Islamic State, but few people expect its new leaders to deliver the stability and economic prosperity that have long been promised. Rough cut (no reporter narration). //reut.rs/2rEeRDZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/baghdad-residents-vote-in-iraq-election?videoId=426196487 |
May 15, 2018 / 9:29 AM / Updated 5 minutes ago U.N. warns of more Gaza violence, condemns Israel's use of force Reuters Staff 1 Min Read
GENEVA (Reuters) - The U.N. human rights office condemned Monday’s “appalling deadly violence” by Israeli security forces in Gaza and said it was extremely worried about what might happen later on Tuesday, while calling for an independent investigation. An Israeli tank is seen on the Israeli side of the border fence between Israel and the Gaza Strip May 15, 2018. REUTERS/Baz Ratner
U.N. human rights spokesman Rupert Colville told a regular U.N. briefing in Geneva that Israel had a right to defend its borders according to international law, but lethal force must only be used a last resort, and was not justified by Palestinians approaching the Gaza fence. Reporting by Tom Miles; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israeli-palestinians-un/u-n-warns-of-more-gaza-violence-condemns-israels-use-of-force-idUKKCN1IG17X |
TORONTO--(BUSINESS WIRE)-- Acerus Pharmaceuticals Corporation (TSX:ASP) (“Acerus” or the “Company”) today announced that it has entered into an exclusive agreement to commercialize Pharmanest AB (“Pharmanest”) Short Acting Lidocaine product (“SHACT”), a novel pain relief drug device combination in Canada.
SHACT is a novel technology that provides pain relief on vaginal mucosal tissue. In a clinical study conducted in Sweden, the SHACT treatment was associated with significant reduction of pain and discomfort in women undergoing gynecological interventions without causing bothersome side effects. In the 218-patient study, women treated with SHACT experienced significantly less pain during intrauterine device (IUD) placement compared to those treated with placebo (p<0.0001). In Canada, over 220 000 IUDs were inserted in the twelve months ending June 2017. 1 The market for IUD’s has been steadily increasing with double-digit annual growth as more women opt for that method of contraception.
“This is an excellent partnership for Acerus as SHACT is well-aligned with our strategy of becoming the Canadian leader in women’s health by providing innovative products addressing unmet medical needs. Acerus currently intends to file a new drug submission with Health Canada in the first half of 2019, and, if approved, expects SHACT to be commercialized in the first half of 2020”, said Tricia Symmes, Chief Operating Officer of Acerus.
“This transaction will help broaden our women’s health product portfolio and will leverage our existing salesforce. With SHACT, Acerus continues to build a unique product offering that will help accelerate and diversify our product revenues,” added Ed Gudaitis President and Chief Executive Officer of Acerus.
Helena Jansson, CEO of Pharmanest, noted: “We are extremely pleased to be partnering with Acerus Pharmaceuticals, an emerging Canadian leader in women’s health. We believe they have all the expertise and infrastructure required to make SHACT a commercial success in Canada.”
Under the terms of the license agreement, Pharmanest will receive an upfront and regulatory milestone payments upon Acerus receiving marketing approval in Canada. Pharmanest will also receive milestone payments based on Acerus achieving sales targets. Pharmanest will oversee the manufacturing of SHACT and will receive a tiered supply price for the product comprised of a percentage on net sales of the product.
About SHACT
SHACT is a novel delivery technology that provides pain relief on mucosal tissue. In a clinical study conducted in Sweden, SHACT treatment was associated with significant reduction of pain and discomfort in women undergoing gynaecological interventions without causing bothersome side effects. In the 218-patient study, women treated with SHACT experienced significantly less pain during intrauterine device (IUD) placement compared to those treated with placebo (p<0.0001).).
About Acerus
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the development, manufacture, marketing and distribution of innovative, branded products that improve patient experience, with a primary focus in the field of men’s and women’s health. The Company commercializes its products via its own salesforce in Canada, and through a global network of licensed distributors in the U.S. and other territories.
Acerus currently has three marketed products: ESTRACE ® , a product for the symptomatic relief of menopausal symptoms, is commercialized in Canada; NATESTO ® , the first and only testosterone nasal gel for testosterone replacement therapy in adult males diagnosed with hypogonadism, is commercialized in Canada and the U.S.; and URIVARX ® , a Natural Health Product that helps reduce symptoms of hyperactive bladder such as daytime urinary frequency, urgency and nocturia. URIVARX ® was recently approved by Health Canada and will be offered over-the-counter to Canadians dealing with such symptoms. Also, NATESTO ® has been licensed for distribution in 48 additional countries worldwide. Marketing approvals in jurisdictions outside of North America are expected to take place over the course of the coming years. Acerus’ pipeline includes five innovative products: STENDRA ® , a new chemical entity PDE5 inhibitor for the treatment of erectile dysfunction, which has been approved by the US FDA and the EU EMA and is commercialized in the US under the trade name STENDRA ® and in the EU under the trade name SPEDRA ® ; ELEGANT™ Vaginal Moisturizer, which provides comfort to women suffering from vaginal dryness, and ELEGANT™ pH, which is a pH balanced vaginal product; GYNOFLOR™, an ultra-low dose vaginal estrogen combined with a probiotic, for which a NDS has been filed in Canada for the treatment of vaginal atrophy, restoration of vaginal flora and treatment of certain vaginal infections; and TEFINA™, a clinical stage product aimed at addressing a significant unmet need for women with female sexual dysfunction. Finally, Acerus is working on expanding its product portfolio by leveraging its proprietary delivery systems, patents and formulation expertise. As such, Acerus has a number of products in various stage of development. One of these projects relates to cannabinoids (whether synthetic or naturally derived cannabinoids) to be delivered intranasally to patients, which may have multiple possible therapeutic applications (the “Cannabinoids Initiative”). Acerus has filed patent applications on the Cannabinoids Initiative, is currently working on setting up a series of pharmacokinetic clinical trials and is actively looking at potential partnering transactions for these initiatives.
Acerus’ shares trade on TSX under the symbol ASP. For more information, visit www.aceruspharma.com and follow us on Twitter and LinkedIn .
About Pharmanest AB
Pharmanest AB ( www.pharmanest.se ) is a Swedish privately-held pharmaceutical company focused on new products for pain relief in the gynecology and obstetrics field. Pharmanest AB was founded by scientists at Karolinska Institute and the idea to develop mucosal analgesia is based on identification of sensory nerves in the reproductive tract. Pharmanest’s major shareholders include Östersjöstiftelsen (The Foundation for Baltic and East European Studies) which was founded by the Swedish Government in 1994. Its mission is to support research and doctoral studies at Södertörn University and the foundation currently manages a portfolio worth close to SEK 6 billion, Recipharm Venture Fund, part of Recipharm, a leading (CDMO) within the pharmaceutical industry and Praktikerinvest, an investment company within the Praktikertjänst Group, Sweden’s biggest provider of private health and dental care, owned and run by dentists, doctors and other therapists.
Notice regarding
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, including with respect to the commercial success of SHACT in Canada, and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 20, 2018 that is available at www.sedar.com . Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
References
1 IQVIA CompuScript Audit, June 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005324/en/
Acerus Pharmaceuticals Corporation
Tricia Symmes, (416) 509-2116
Chief Operating Officer
[email protected]
Source: Acerus Pharmaceuticals Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-acerus-acquires-canadian-rights-to-novel-pain-relief-product-for-gynecological-procedures-from-pharmanest.html |
May 2 (Reuters) - IDEX ASA:
* REPORTED ON MONDAY IDEX’S REMOTE ENROLMENT SOLUTION FEATURED BY MASTERCARD
* MASTERCARD HAS BEEN WORKING WITH CO IN DEVELOPMENT OF REMOTE SELF-ENROLMENT SOLUTION TO ENABLE SECURE MASS ENROLMENT FOR BIOMETRIC CARDS
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91D7 |
A group of left-leaning advocacy groups has launched an initiative to ask the Federal Trade Commission to break up Facebook's major social platforms.
Freedom from Facebook is a movement asking the FTC to force the social media giant to split its core platform, Instagram, WhatsApp and Messenger into competing networks. The effort is being led by MoveOn, Demand Progress, Sum of Us, MPower Change, Content Creators Coalition, Citizens against Monopoly, Jewish Voice for Peace and Open Markets.
"Facebook unilaterally decides the news that billions of people around the world see every day," the organization said on its website. "It buys up or bankrupts potential competitors to protect its monopoly, killing innovation and choice."
show chapters Mark Zuckerberg says Facebook didn't notify FTC of leak: 'We considered it a closed case' 3:39 PM ET Tue, 10 April 2018 | 02:46 A Facebook spokesperson pointed out the Instagram and WhatsApp acquisitions were approved by government regulators.
The spokesperson also noted in a statement that Facebook is a "competitive environment" that allows people to use its free services alongside other companies, noting the average person uses eight different apps.
"People use Facebook, Instagram, WhatsApp and Messenger because they find them valuable, and we've been able to better fight spam and abuse and build new features much faster by working under one roof," the statement said. "We support smart privacy regulation and efforts that make it easier for people to take their data to competing services. But rather than wait, we've simplified our privacy controls and introduced new ways for people to access and delete their data, or to take their data with them."
The salvo from left-leaning groups comes after Facebook has already been criticized by conservatives amid accusations of censorship, improper ad targeting and fallout around the data practices of third-party firm Cambridge Analytica. Some of the groups in Freedom From Facebook are religiously affiliated — notable since Facebook was accused by ProPublica last year of allowing anti-Semitic ad targeting . Those tools have since been removed.
In addition to asking the public to petition the FTC, Freedom From Facebook wants users to have the ability to communicate across competing platforms and more privacy protections.
"[Facebook] tracks us almost everywhere we go on the web and, through our smartphones, even where we go in the real world. It uses this intimate data hoard to figure out how to addict us and our children to its services," the group said.
A memo from FTC commissioner Rohit Chopra suggested earlier this month that the FTC would take a harsher stance against corporate offenders. In the past, organizations like Facebook were let off with a warning for a first offense typically without financial penalty.
Axios reported Freedom from Facebook will spend six figures running digital ads on Facebook, Instagram, Twitter and other platforms to promote its campaign.
show chapters How to download a copy of everything Facebook knows about you 7:09 PM ET Fri, 23 March 2018 | 00:28 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/moveon-left-leaning-groups-are-petitioning-ftc-to-break-up-facebook.html |
April 30 (Reuters) - Baloise Holding Ltd:
* BALOISE GROUP REVEALS SST RATIO OF 262 PER CENT Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-baloise-group-reveals-sst-ratio-of/brief-baloise-group-reveals-sst-ratio-of-262-per-cent-idUSFWN1S606T |
MOSCOW, May 1 (Reuters) - Armenian opposition leader Nikol Pashinyan failed to secure a majority of votes in parliament to become prime minister on Tuesday after weeks of protests forced the previous holder of the post to step down.
Pashinyan, who was the only candidate for the post, had called on individual lawmakers to cross party lines and support him after the ruling Republican Party said that it would not vote for him.
Pashinyan received 45 votes, short of the 53 he needed to have a majority in the 105-seat legislature. (Reporting by Hasmik Mkrtchyan Writing by Gabrielle Tétrault-Farber Editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-protests-vote/armenian-opposition-leader-fails-to-win-selection-as-pm-idUSL8N1S848B |
May 16, 2018 / 10:34 PM / Updated an hour ago Rugby - Charteris, Francis and Adams ruled out of Wales tour Reuters Staff 2 Min Read
LONDON (Reuters) - England-based players Luke Charteris, Tomas Francis and Josh Adams have been withdrawn from the Wales squad for next month’s tour, the Welsh Rugby Union said on Wednesday.
Wales play South Africa in Washington on June 2, a date that falls outside World Rugby’s official window and Premiership Rugby Limited says the players are ineligible to play in the game.
“We are really disappointed that Josh, Tomas and Luke have to miss out on the opportunity to tour with Wales and play international rugby this summer,” Wales coach Warren Gatland said.
Lock Charteris, prop Francis and winger Adams are eligible to take part in tests in Argentina on June 9 and 16 but Wales need their players to be available for the whole tour.
“The situation is very clear for players playing in England going forward and heading into a Rugby World Cup year,” Gatland said.
“With the players unavailable to link up with the squad until the week of our second test match, we have had to replace them in the squad.”
Prop Rhodri Jones and the uncapped Ashton Hewitt and Aaron Wainwright have been called up to replace them.
Flanker Josh Navidi has been ruled out of the tour after dislocating his shoulder playing for Cardiff Blues in their European Challenge Cup final win over Gloucester on Friday. Reporting by Ed Osmond, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-wales/rugby-charteris-francis-and-adams-ruled-out-of-wales-tour-idUKKCN1IH35N |
PARIS, May 11 (Reuters) -
* Commodity trading group Louis Dreyfus Company (LDC) says final purchase price of sale of its global metals business (LDC Metals) to NCCL Natural Resources Investment Fund was $466 million.
* LDC did not disclose an expected sale price when it announced the initial sale agreement in December.
* NCCL Natural Resources Investment Fund is managed by New China Capital Legend as general partner, with two limited partners - AXAM Asset Management and China Molybdenum Co., Ltd.
* The sale of the metals business is part of LDC’s strategy to focus on core agricultural commodity activities. (Reporting by Gus Trompiz; Editing by Sudip Kar-Gupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/louisdreyfus-metals-sale/louis-dreyfus-says-final-price-for-sale-of-metals-business-was-466-mln-idUSFWN1SI0VH |
DUBAI, May 9 (Reuters) - Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Oil soars, shares rattled as Trump dumps Iran nuclear deal
* MIDEAST STOCKS-Gulf markets slip on Iran worries, Egypt rebounds from drop
* Oil prices jump after U.S. walks away from Iran nuclear deal
* PRECIOUS-Gold prices dip as dollar regains footing
* Trump ignores European pleas and abandons ‘defective’ Iran nuclear deal
* U.S. Treasury’s Mnuchin: Revoking Boeing, Airbus licenses to sell jets to Iran
* COLUMN-Saudi Arabia stands to win most from Trump ditching Iran deal: Russell
* Jordan urges political solution to rid Mideast of nuclear arms
* Gulf Arab allies jubilant at U.S. withdrawal from Iran deal
* Rouhani says Iran will remain in nuclear deal without U.S.
* Iran faces banking turmoil after U.S. nuclear deal exit
* Turkey’s lira weakens to new record low against U.S. dollar
* Iraq requests EBRD development bank membership and support
* Independent candidates get most votes in Tunisia’s municipal election
* U.S. urges post-election Lebanon to uphold regional policy
* Libya targets oil production capacity above 2 mln bpd by 2022 -NOC
* Iraq’s Kurdistan region to hold elections on Sept. 30
* Iran prepares to export new oil grade amid sanctions threat- sources
SAUDI ARABIA * Saudi Arabia hints it may raise oil output after U.S. quits Iran nuclear deal
* MEDIA-Saudi prince and NYC company to buy Plaza Hotel for $600 mln - NY Post
* Alhokair Saudi mall developer secures $1.9 bln Islamic loan
* GIB Capital to advise on first stage of Jeddah transport project
* TABLE-Saudi Arabia Q1 earnings estimates (1)
* TABLE-Saudi Arabia Q1 earnings estimates (2)
UNITED ARAB EMIRATES * UAE energy minister says efforts to rebalance oil market are “progressing well”
* EXCLUSIVE-Emirates facing cabin crew shortages -sources
* TABLE-Abu Dhabi Q1 earnings estimates
* TABLE-Dubai Q1 earnings estimates
* BRIEF-Manazel Real Estate AGM Authorizes Board To Facilitate Upto AED 2.6 Bln Sukuk Issuance
QATAR * NEWSMAKER-Saad Al-Kaabi: Keeping Qatar’s gas flowing under Gulf boycott
* MEDIA-Qatar eyes stake in Newsmax - Politico
* EXCLUSIVE-Qatar Petroleum CEO says pushing ahead with expansion despite Gulf embargo
* TABLE-Qatar Q1 earnings estimates
KUWAIT * TABLE-Kuwait Q1 earnings estimates
* Kuwait Petroleum seeks LNG cargo for June -sources
BAHRAIN * TABLE-Bahrain Q1 earnings estimates
OMAN * TABLE-Oman Q1 earnings estimates (Reporting by Dubai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-factors/mideast-factors-to-watch-may-9-idUSL8N1SG0B3 |
Many of the changes to the tax code were covered extensively by mainstream media, including the tax bracket changes, the increase in the standard deduction, the elimination of personal exemptions, and the lowering of the corporate rate. When it comes to your personal financial planning and investments, here is a refresher to some of the changes that may impact you as a result of the Tax Cuts and Jobs Act:
Use of 529 plans expanded to younger students. Parents with kids in private school have been presented with an advantage because now they can make distributions up to $10,000 per student, per year for K-12 education. With such wider use for 529 plans , couples who don't even have kids yet may want to maximize the time funds grow tax-free by opening 529s for themselves as both "owner" and "beneficiary," then changing the beneficiary to their children once they have them.
Pass-through entities and company retirement plans. While owners of C corporations benefit the most from the new tax bill, many pass-through business owners also win big. With the new $315,000 threshold limit for the 20 percent pass-through deduction, tax planning to lower income by contributing to defined benefit plans and defined contribution plans is now more important than ever.
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Given how much lower pass-through rates are now for many business owners relative to ordinary income bracket rates, it may make sense for some business owners to not contribute as much to these tax-deductible plans. They'll be withdrawing these funds later in life at ordinary income tax rates that are potentially much higher than the deduction tax rate they'll be getting when they contribute.
Roth recharacterizations and Roth conversions. Gone are the days of doing multiple Roth conversions in a single year, keeping the conversions and paying taxes on the accounts that went up and doing a recharacterization and avoiding the taxes on the accounts that went down. Starting this year, reversing a conversion of a traditional individual retirement account into a Roth individual retirement account isn't allowed.
Although, given the bracket changes, it will make sense for more people in early retirement to do Roth conversions . A common strategy with Roth conversion is to convert just enough IRA funds to stay in the same tax bracket. With the new lower brackets wider apart than before, more dollars can be converted in those brackets without spilling over into higher brackets.
Sign Up for Our Newsletter Your Wealth Weekly advice on managing your money SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . Another Roth conversion strategy is to compare retiree married bracket rates in their 60s to potential widowed single bracket rates in their 80s and 90s. With less of a marriage penalty in the new brackets, it makes sense for more couples early in retirement to do Roth conversions.
Paying back company retirement-plan loans. If you had an outstanding 401(k) plan loan, before the new tax bill you had to pay off that loan within 60 days of leaving your job. Now you have more time to pay off the loan if you leave your job: It's not due until your tax-return deadline.
Charitable deductions and donor advised funds. With so many of the itemized deductions eliminated under the new tax bill, many Americans will likely start to oscillate years of taking the standard deduction and bunching itemized deductions. For those charitably inclined, it might make sense to plan to contribute to a donor advised fund to take the charitable deduction, then allocate those funds to your charity of choice over time. With the adjusted gross income limit for cash contribution deductions to charities increasing to 60 percent, donor advised funds are even more advantageous for some people.
"Whether you are a business owner or only need to file your personal income taxes, it's important to be aware of and understand the changes brought about by the Tax Cuts and Jobs Act." Municipal bond market. The new tax bill affects the municipal bond (muni) market in myriad ways. We'll likely see curtailed supply due to the loss of the tax exemption on refunding bonds, lower demand from corporate buyers due to their lower tax rates, and possibly higher demand from individuals in high-tax states looking for tax breaks due to the cap on their state and local taxes deduction. Over the long-term, watch out for potential muni-issuer credit deterioration due to the state and local tax deduction changes.
Alternative Minimum Tax (AMT) and stock options. Of course, this was a big win for many high-earning Americans with both the exemption increasing and the phase-out increased. If you have incentive stock options, it's probably time to talk to your CPA and financial advisor about re-visiting your framework for evaluating and executing your stock options.
Whether you are a business owner or only need to file your personal income taxes, it's important to be aware of and understand the changes brought about by the Tax Cuts and Jobs Act and plan now for April 2019.
(Editor's Note: This article originally appeared on Investopedia.com .)
— By David Flores Wilson, senior wealth manager at Watts Capital | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/heres-how-the-new-federal-tax-law-may-impact-you.html |
May 19, 2018 / 7:14 AM / Updated 7 hours ago Briton exiled for reporting on 1MDB returns to Malaysia Reuters Staff 3 Min Read
KUALA LUMPUR (Reuters) - A British journalist whose reporting on a financial scandal at a Malaysian state fund stirred opposition that led to the downfall of disgraced former premier Najib Razak arrived in Malaysia on Saturday after the new government tore up an arrest warrant.
Clare Rewcastle-Brown, editor of news website Sarawak Report, published details of the alleged transfer of $681 million from 1Malaysia Development Berhad (1MDB) to bank accounts held by Najib.
Najib, who founded 1MDB, has consistently denied wrongdoing.
Born and raised in Sarawak, on the Malaysian side of Borneo island, Rewcastle-Brown had been living in exile after Malaysian authorities issued a warrant for her arrest in 2015, citing activities “detrimental to parliamentary democracy”.
Sarawak Report and Medium.com, a blogging platform which hosted her site, were also blocked in the country.
She returned to Malaysia after learning that the sites had been unblocked and the warrant lifted by the new government led Prime Minister Mahathir Mohamad, who led the opposition to a surprise election victory last week over his erstwhile protege, Najib.
“It was very relaxed at the airport, no problems with immigration,” she told Reuters in a brief phone interview.
“It’s a big sigh of relief from me.”
Since taking office, Mahathir has reopened investigations into 1MDB and Najib’s involvement in the scandal.
Having ruled Malaysia for ten years, Najib was summoned by the anti-graft agency on Friday, while police confiscated truckloads of possible evidence, including jewellery, luxury handbags and cash from premises linked to the former prime minister.
During 2014 and 2015, Sarawak Report published a series of groundbreaking articles, with documents that detailed how money was allegedly siphoned off from 1MDB.
The website also broke the news that former attorney-general Abdul Gani Patail, who was sacked in 2015, had been planning to charge Najib with graft.
Mahathir, who met with Abdul Gani on Tuesday, confirmed the account at a news conference the next day.
Rewcastle-Brown said she had not been invited to meet with the new administration and hoped only to see friends she had not spoken with after she was blocked from entering Malaysia. She is the sister-in-law of former British Prime Minister Gordon Brown.
“It was a tough battle for all of us... the previous administration spent so much time and money trying to get me,” she said.
“But I wouldn’t have done it if I didn’t have a deep down confidence that Malaysia could come through and this could have a good outcome.” Reporting by Rozanna Latiff; Editing by Simon Cameron-Moore and Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-journalist/briton-exiled-for-reporting-on-1mdb-returns-to-malaysia-idUKKCN1IK06E |
May 2 (Reuters) - Morguard Real Estate Investment Trust :
* ANNOUNCES 2018 FIRST QUARTER RESULTS * QTRLY REVENUE FROM REAL ESTATE PROPERTIES WAS $69.3 MILLION, VERSUS $71.3 MILLION
* QTRLY FFO PER SHARE $0.37 * Q1 FFO PER SHARE VIEW C$0.39 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-morguard-real-estate-investment-tr/brief-morguard-real-estate-investment-trust-reports-qtrly-ffo-per-share-0-37-idUSASC09Z8Y |
(Reuters) - U.S. Environmental Protection Agency chief Scott Pruitt’s security detail has cost taxpayers about $3.4 million so far, up more than 30 percent from his predecessor during an equivalent period, according to details released by the agency, which said Pruitt’s life had been threatened.
FILE PHOTO - EPA Administrator Scott Pruitt testifies before a Senate Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Environmental Protection Agency on Capitol Hill in Washington, U.S., May 16, 2018. REUTERS/Al Drago Pruitt, who environmental groups have accused of lax enforcement and cozy ties with industry, requested 24-hour protection beginning on his first day in office. It was an unusual measure for the nation’s top environmental regulator, and Pruitt and the agency have said it was justified by a high number of threats to his life.
“Administrator Pruitt has faced an unprecedented amount of death threats against him and to provide transparency EPA will post the costs of his security detail and pro-actively release these numbers on a quarterly basis,” EPA spokesman Jahan Wilcox said in an emailed statement. “Americans should all agree that members of the President’s cabinet should be kept safe from violent threats,” he added.
Security for the EPA administrator cost taxpayers $3.43 million between the first quarter of 2017 through the second quarter of 2018, according to the figures, released as part of a Freedom of Information Act request.
That compares with $2.48 million spent on his predecessor Gina McCarthy during the first six quarters of her tenure, which began in the middle of 2013, according to the figures.
It represents an uptick of just over 30 percent in inflation-adjusted terms.
Pruitt’s spending on security, first-class air travel and office renovations, have been subject to intense scrutiny from lawmakers. Many Democrats and a handful of Republicans have called for his resignation over the issue.
EPA’s Office of Inspector General has said Pruitt, who has been actively pursuing President Donald Trump’s agenda to roll back environmental regulation and boost industry, has received many times more threats than previous EPA chiefs, a lot of them in the form of email and social media posts.
Trump has expressed support for Pruitt, saying he is doing a “fantastic” job at EPA. Some other top administration officials have resigned or been fired over spending scandals.
Writing by Richard Valdmanis; Editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-epa-security/epa-spends-30-percent-more-on-pruitts-security-cites-death-threats-idUSKCN1IQ2X3 |
(Reuters Health) - Physicians’ employers should commit to gender equity in pay, leadership development, career opportunities, and parental and family leave policies, a leading U.S. doctors group recommends.
Among other things, the recommendations from the American College of Physicians (ACP) urge hospitals, clinics and other places that employ doctors to avoid financial or career penalties for working less than full time. Both men and women should also have the same access to a minimum of six weeks of family and medical leave even when they’re still medical students or physicians in training.
“For many reasons, including the pay gap and gender bias and discrimination, women physicians face a higher rate of burnout than men - some studies show that rate to be as high as 71 percent for women physicians,” said Dr. Susan Thompson Hingle, chair of the ACP Board of Regents and a professor at the Southern Illinois University School of Medicine.
“Burnout is not only due to the pay gap, but it certainly contributes,” Hingle said by email. “Burned out physicians not only leave medicine early, thus worsening the physician shortage, but they also provide lower quality care . . . , have higher rates of medical errors, and lower patient satisfaction.”
To start addressing gender equity issues, parental leave should be mandated even in medical school and there should be flexibility in board certification processes that allow for trainees who take time off for parental leave to still sit for their boards, Hingle said.
“Promotion and academic rank are contributors to salary and to respect,” Hingle added. “Because of many factors, including societal expectations, women progress more slowly through the academic ranks, thus contributing to the gender disparities in salary and in leadership.”
Hospitals, clinics and other employers should also take steps to increase the number of women in leadership positions, the recommendations note. Employers should also investigate the impact of gender compensation inequity and barriers to career advancement and best practices to close these gaps across all practice settings.
Regular training sessions should also cover topics like implicit bias that might get in the way of women receiving equal pay or opportunities for mentoring, training and advancement on the job.
In addition, employers should offer programs in leadership development, negotiation and career development to medical students and junior physicians.
“Gender and status are so tightly conflated (men and things associated with men like leadership, power, authority are imbued with higher status than women and things like nurturing, supporting, relational) that it allows subjectivity to unintentionally influence the way the human mind evaluates objective data,” said Dr. Molly Carnes, author of an accompanying editorial and director of the Center for Women’s Health Research at the University of Wisconsin-Madison.
“So a high salary ‘for a woman’ brings to mind a different dollar amount that a high salary ‘for a man,’ and this leads to salary discrepancies across all fields,” Carnes said by email. “Every field has its own metrics for calculating salary, but the same phenomenon leads to the gender pay gaps in all fields.”
SOURCE: bit.ly/2Fw3qmY Annals of Internal Medicine, online April 16, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-doctors-gender-equity/u-s-doctors-group-calls-for-equal-pay-opportunities-for-female-physicians-idUSKBN1I24HM |
May 3 (Reuters) - Sunic System Co Ltd :
* Says it signed a 2.94 billion won contract to provide OLED equipment
Source text in Korean : goo.gl/yLktge
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunic-system-signs-contract-worth/brief-sunic-system-signs-contract-worth-2-94-bln-won-idUSL3N1SA2K3 |
Luxembourg's finance minister believes that Europe should consult with the United States before going ahead with any taxation plans on large digital firms like Google .
"If a provisional taxation would lead to an escalation in the relationship with the main partners, and specifically with the United States, it would obviously be counterproductive, that's why I think the dialogue with the U.S. is so important," Pierre Gramegna told CNBC's Joumanna Bercetche Wednesday.
The European Commission proposed in late March changes to how digital businesses are taxed in the 28 member states of the EU. The Commission — the EU's executive body — said at the time that digital companies pay on average an effective tax rate of 9.5 percent — compared to 23.2 percent for traditional businesses, which it said was not fair.
show chapters Luxembourg's finance minister: Must avoid a 'cliff edge' Brexit 6:35 AM ET Wed, 2 May 2018 | 01:42 It then went on to suggest that even an added digital tax of 3 percent could generate about 5 billion euros ($5.99 billion) in revenues per year. If implemented, the proposal would therefore mean that firms such as Google , Amazon and Facebook could face higher taxes in Europe. Amazon has its European base located in Luxembourg.
European authorities have said that the United States has demonstrated willingness to discuss the issue. Gramegna added that there is a "consensus inside the European Union that we need to find a new model to address the issue of digital economy."
"Where there is less consensus is how to approach that, because what is on the table now is recognized by all as being kind of a quick fix, a turnover tax, which has lots of disadvantages," he said.
France, perhaps the most vigorous advocate of a digital tax, wants to see an agreement at the EU level by the end of the year. The issue has become even more relevant after controversies involving tech giants — such as the recent data scandal involving Facebook — and ahead of European elections in 2019.
However, there are countries that are against Europe taking the lead on the issue, and would rather wait for a common agreement at the OECD (Organization for Economic Co-operation and Development) level.
show chapters Luxembourg finance minister: Greece's economic situation has improved 7:19 AM ET Wed, 2 May 2018 | 02:21 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/luxembourgs-gramegna-digital-tax-needs-to-be-discussed-with-the-us.html |
May 2 (Reuters) - W&T Offshore Inc:
* W&T OFFSHORE ANNOUNCES FIRST QUARTER 2018 OPERATIONAL AND FINANCIAL RESULTS, REVISED 2018 CAPITAL EXPENDITURE PROGRAM AND 2018 GUIDANCE
* Q1 ADJUSTED EARNINGS PER SHARE $0.19 EXCLUDING ITEMS * PRODUCTION FOR Q1 OF 2018 AVERAGED 36,976 BARRELS OF OIL EQUIVALENT (“BOE”) PER DAY
* PRODUCTION FOR Q1 OF 2018 WAS 3.3 MILLION BOE COMPARED TO Q1 2017 OF 3.8 MILLION BOE
* REVISED FULL YEAR 2018 PRODUCTION AND EXPENSE GUIDANCE * SEES Q2 TOTAL PRODUCTION 3.3 MMBOE - 3.6 MMBOE
* SEES FULL FULL YEAR 2018 TOTAL PRODUCTION 13.2 MMBOE - 14.6 MMBOE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wt-offshore-reports-q1-earnings-pe/brief-wt-offshore-reports-q1-earnings-per-share-0-19-idUSASC09Z8X |
May 31 (Reuters) - Australian shares are poised to climb on Thursday as global stocks recovered, boosted by optimism that Italy may fend off a potential general election. Italy's two anti-establishment parties were said to be renewing efforts to form a government, rather than force the country to the polls for a second time this year. Energy stocks will likely rise, taking cues from a surge in oil prices on Wednesday. The local share price index futures rose 0.7 percent, a 50.3-point premium to the underlying S&P/ASX 200 index close. The benchmark shed half a percent on Wednesday. New Zealand's benchmark S&P/NZX 50 index rose 0.4 percent in early trade. (Reporting by Karthika Suresh Namboothiri in Bengaluru)
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PRINCETON, N.J.--(BUSINESS WIRE)-- Munich Reinsurance America, Inc. (Munich Re America) has appointed Sarina Puccio to Team Leader for Credit, Surety and Political Risk in the Reinsurance Division. She will be responsible for managing and growing the surety, trade credit and political risk business portfolio, as well as ensuring underwriting and pricing integrity, overseeing client relationships and managing a team of underwriters dedicated to this business.
Frank Bonner, who previously managed the credit and surety business, will retire after 40 years with Munich Re America.
“Having spent her entire career in the field of surety and credit insurance, Sarina brings deep industry expertise to her new role,” said Steve Levy, Chief Executive Officer and President for the Reinsurance Division, Munich Reinsurance America, Inc. “She is laser focused on providing superior client service and has demonstrated these skills by taking the lead in creating solutions and resolving problems during her tenure at the company. Sarina is a highly valued member of the team and we look forward to her continued success.”
Sarina joined Munich Re America in Princeton, New Jersey, as a Vice President and Production Underwriter for the credit, surety and political risk business in January 2017. She previously served for nearly five years as a portfolio underwriter, credit, surety and political risk, for a European based reinsurance company that underwrites business in the US market from abroad. From 2003 to 2012, she was employed by one of the largest credit insurers in the world holding a variety of positions in client and project management and branch and field support working in the firm’s German and French offices.
She holds a Bachelor’s degree in Business Administration from University of Applied Sciences, Mainz, Germany and completed her senior thesis on the impact of the financial crisis on trade credit. In March 2018 Sarina was nominated as a Rising Star by Reactions.
About Munich Reinsurance America, Inc.
Munich Reinsurance America, Inc. is one of the largest reinsurers in the United States. We provide reinsurance coverages, specialty reinsurance, and risk management solutions to commercial and personal lines insurance carriers, agents and brokers, program administrators, and managing general agents. Our admitted and non-admitted insurance company affiliates also offer specialty insurance products. We provide insurance carriers with white label products to help protect against the devastating effects of natural catastrophes and emerging risks, while our Innovation Lab offers client solutions in a rapidly evolving technology risk landscape. We believe that by looking out for our clients’ best interests with innovative risk solutions we can help build more resilient communities and close insurance gaps.
Munich Reinsurance America, Inc., a subsidiary of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“Munich Re”), earns high ratings for financial strength from A.M. Best Company. We serve our clients from our Princeton, New Jersey campus and regional offices throughout the United States. For additional information visit www.munichreamerica.com .
The Munich Re Group (the “Group”) stands for exceptional solution-based expertise, consistent risk management, financial stability, and client proximity. The Group operates in all lines of re/insurance with employees throughout the world and is one of the world’s leading reinsurers. Additional information can be found at www.munichre.com .
Disclaimer
This press release may contain forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re America. Known and unknown risks, uncertainties and other factors could lead to material differences between any forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our company. Neither the company nor its affiliates assume any obligation to update any forward-looking statements reflected herein, conform them to future events or developments or any liability as a consequence of the foregoing.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005071/en/
Munich Reinsurance America, Inc.
Jodi Dorman, 609-243-4533
[email protected]
www.munichreamerica.com
http://twitter.com/munichre_US
Source: Munich Reinsurance America, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-munich-re-america-appoints-puccio-team-leader-for-credit-surety-and-political-risk.html |
LONDON, May 30 (Reuters) - Norwegian companies topped an investor group’s new sustainable food producers’ index, which is based on criteria such as use of antibiotics, animal welfare and food safety.
Fish farmers Marine Harvest and Leroy Seafood Group led the first Coller FAIRR Protein Producer index, which was launched on Wednesday and measures 60 global intensive farming companies against eight criteria.
“Investors need ESG [environmental, social and governance] data and transparency to make better investment decisions, yet this information is lacking in the meat, fish and dairy sector,” said Jeremy Coller, chief investment officer of Coller Capital.
“As megatrends like climate change, antibiotic resistance and food technology radically reshape the way we produce and consume meat, fish and dairy, the Coller FAIRR index will help institutional capital identify both best in class companies and potential stranded assets in the food sector.”
Investors are increasingly judging companies according to ethical, sustainable and governance criteria, which they say are important factors in company performance.
The FAIRR (Farm Animal Investment Risk & Return) group is backed by $5.6 trillion in investment assets.
Abigail Herron, global head of responsible investment at Aviva Investors, said the index would help it in its company analysis and encourage good practice among food companies.
The league table approach “drives the race to the top and makes sustainability a bit of a competitive sport,” she said.
“It’s amazing how quickly being in the bottom quartile escalates to a board level conversation.” (Reporting by Carolyn Cohn, editing by Louise Heavens and Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/farming-investment-index/norway-tops-new-sustainable-farm-investor-index-idUSL5N1SW515 |
May 3 (Reuters) - Alamo Group Inc:
* ALAMO GROUP ANNOUNCES NEW CHAIRMAN OF THE BOARD * ALAMO GROUP INC - APPOINTMENT OF RODERICK BATY AS ITS NEW CHAIRMAN
* ALAMO GROUP INC - BATY WILL SUCCEED RONALD A. ROBINSON, WHO HAD BEEN SERVING AS INTERIM CHAIRMAN OF BOARD SINCE NOVEMBER OF 2017 Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alamo-group-appoints-roderick-baty/brief-alamo-group-appoints-roderick-baty-as-its-new-chairman-idUSASC09ZR7 |
May 15, 2018 / 7:32 PM / Updated 10 minutes ago Venezuela to give local Kellogg unit to workers after company halts operations Reuters Staff 1 Min Read
CARACAS (Reuters) - Venezuela’s local Kellogg Co ( K.N ) unit will be handed over to workers after the U.S. multinational pulled out of the country due to an economic crisis, said President Nicolas Maduro at a campaign rally on Tuesday. Reporting by Alexandra Ulmer, Brian Ellsworth; Writing by Girish Gupta; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-kellogg-venezuela/venezuela-to-give-local-kellogg-unit-to-workers-after-company-halts-operations-idUKKCN1IG32C |
S&P Global Inc., the financial-information giant, plans to build a stand-alone ratings business in China, bringing it a step closer to expanding its presence in one of the world’s biggest bond markets.
The company has notified the Chinese government of a plan to launch an independent credit-ratings firm in the country, an S&P spokesman said Wednesday. A trade deal last year opened up China to U.S. ratings firms. S&P is speaking with regulators on the entrance.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/s-p-global-moves-to-start-ratings-business-in-china-1527158400 |
May 31, 2018 / 3:57 AM / Updated 3 hours ago Olympics: Tokyo 2020 marathon to end with grueling incline Jack Tarrant 3 Min Read
TOKYO (Reuters) - The route for the Tokyo 2020 Olympics marathon was announced on Thursday with the main feature being a steep incline to finish the race at the newly built Olympic stadium. The construction site of the New National Stadium, main stadium of Tokyo 2020 Olympics and Paralympics, is seen in Tokyo, Japan December 22, 2017. REUTERS/Issei Kato/File Photo
The route will pass through many of the city’s historic and popular areas including Tokyo Tower and ‘Thunder Gate’ in Asakusa as well as the Imperial Palace, the primary residence of the Japanese Emperor.
The final stretch promises to be grueling with a steady one percent incline over the last three kilometers of the course taking the athletes back to the Olympic stadium in the city’s west.
Naoko Takahashi, marathon gold medalist at the Sydney 2000 Olympics, said she hoped the course would prove memorable in marathon-mad Japan.
“It is really exciting to imagine just two years from now the side streets along the Tokyo 2020 marathon and race walk route filled with countless fans,” said Takahashi, whose gold-medal winning feat was matched by compatriot Mizuki Noguchi four years later in Athens.
“I look forward to seeing some great performances from the runners, who will be encouraged by those fans lining the route. They will be memorable races.”
The route for the race walk events was also announced and will take place in the Imperial Palace’s Outer Gardens.
Marathon running is one of the most popular sports in Japan, with over one million people cheering on the athletes at the annual Tokyo Marathon.
The Olympic course largely resembles that of the Tokyo Marathon, one of the world’s most iconic running events which is held in winter to avoid the city’s punishing summer heat and humidity.
Organizers for the July 24 - Aug. 9 Games said a start time for the marathon had yet to be decided but it is expected to be held early in the morning to avoid the worst of the high temperatures.
The last time the Olympics were held in Asia, at Beijing in 2008, the marathon started at 7:30 a.m. local time.
“As far as planning the course, we did not think especially about counter-measures against the heat. However, we are currently discussing how to cope with the high temperatures in general with Olympic management,” Tokyo 2020 spokesman Masa Takaya said.
The men’s marathon is traditionally held on the last day of the Games to close out the athletics calendar.
(The story is refiled to correct extent of incline in third paragraph.) Reporting by Jack Tarrant; Editing by Ian Ransom | ashraq/financial-news-articles | https://www.reuters.com/article/us-olympics-2020-marathon/olympics-tokyo-2020-marathon-to-end-with-grueling-incline-idUSKCN1IW0BC |
May 4, 2018 / 10:30 AM / Updated 16 minutes ago Palestinian leader Abbas offers apology for remarks on Jews Stephen Farrell 5 Min Read
JERUSALEM (Reuters) - Palestinian President Mahmoud Abbas on Friday offered an apology after he was accused of anti-Semitism for suggesting that historic persecution of European Jews had been caused by their conduct, not by their religion.
Abbas condemned anti-Semitism and called the Holocaust the “most heinous crime in history” in a statement issued by his office in Ramallah after a four-day meeting of the Palestinian National Council (PNC), at which he had made the remarks.
“If people were offended by my statement in front of the PNC, especially people of the Jewish faith, I apologize to them,” Abbas said in the statement.
“I would like to assure everyone that it was not my intention to do so, and to reiterate my full respect for the Jewish faith, as well as other monotheistic faiths.”
Abbas, 82, was excoriated by Israeli and Jewish leaders and diplomats who accused him of anti-Semitism and Holocaust denial for his remarks on Monday during his opening speech to the PNC, the de facto parliament of the Palestine Liberation Organization.
He said that Jews living in Europe had suffered massacres “every 10 to 15 years in some country since the 11th century and until the Holocaust”.
Citing books written by various authors, Abbas said: “They say hatred against Jews was not because of their religion, it was because of their social profession. So the Jewish issue that had spread against the Jews across Europe was not because of their religion, it was because of usury and banks.”
Israeli Defense Minister Avigdor Lieberman swiftly rejected Abbas’ apology. He wrote on Twitter: “Abu Mazen is a wretched Holocaust denier, who wrote a doctorate of Holocaust denial and later also published a book on Holocaust denial. That is how he should be treated. His apologies are not accepted.”
Reacting to the speech, Prime Minister Benjamin Netanyahu on Wednesday accused Abbas of grave anti-Semitism and Holocaust denial. Rabbis Marvin Hier and Abraham Cooper of the U.S.-based Jewish human rights organization the Simon Wiesenthal Center said Abbas’ words were those of “a classic anti-Semite”.
U.N. Middle East envoy Nickolay Mladenov called Abbas’ comments “deeply disturbing”. Related Coverage Israeli defense minister rejects Abbas apology over remarks on Jews
The United States on Friday asked the U.N. Security Council to denounce the comments by Abbas as “unacceptable, deeply disturbing” and not in “the interests of the Palestinian people or peace in the Middle East.” Such statements have to be agreed by consensus. PREVIOUS COMMENTS
A veteran member of Fatah, the PLO’s dominant faction, Abbas served for decades as a loyal deputy of his predecessor, Yasser Arafat. He assumed the leadership of Fatah, the PLO and the Palestinian Authority after Arafat died in 2004, and was re-elected as chairman of the PLO’s Executive Committee on Friday.
In 1982 Abbas obtained a doctorate in history at the Moscow Institute of Orientalism in the then-Soviet Union. His dissertation, entitled “The Secret Relationship between Nazism and the Zionist Movement” - to which Lieberman referred - drew widespread criticism from Jewish groups.
The following year the Simon Wiesenthal Center released translated quotations from the book, including one excerpt about World War Two in which, according to the center’s translation, Abbas wrote:
“Following the war ... word was spread that six million Jews were amongst the victims and that a war of extermination was aimed primarily at the Jews ... The truth is that no one can either confirm or deny this figure. In other words, it is possible that the number of Jewish victims reached six million, but at the same time it is possible that the figure is much smaller - below one million.”
After Abbas’ speech on Monday, Hier and Cooper said: “The world can now see that see that, for Palestinian Authority President Abbas, nothing has changed in the 45 years since his doctoral dissertation was first published.”
But in his apology on Friday, Abbas said: “I would also like to reiterate our long held condemnation of the Holocaust, as the most heinous crime in history, and express our sympathy with its victims. FILE PHOTO - Palestinian President Mahmoud Abbas heads a Palestinian cabinet meeting in the West Bank city of Ramallah July 28, 2013. REUTERS/Issam Rimawi/Pool/File Photo
“Likewise, we condemn anti-Semitism in all its forms, and confirm our commitment to the two-state solution, and to live side by side in peace and security,” he said, referring to an eventual resolution of the Israel-Palestinian conflict. Reporting by Stephen Farrell, additional reporting by Michelle Nichols at the UNITED NATIONS; Editing by Angus MacSwan | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-abbas/palestinian-leader-abbas-offers-apology-for-remarks-on-jews-idUSKBN1I5131 |
Deckers posts big earnings beat 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/deckers-earnings.html |
AMSTERDAM (Reuters) - Dutch anti-Islam politician Geert Wilders began his appeal on Thursday against a conviction for inciting discrimination, accusing prosecutors of trying to destroy his right to free speech.
Dutch far-right politician Geert Wilders of the PVV party attends a news conference during a European far-right leaders meeting in Prague, Czech Republic December 16, 2017. REUTERS/David W Cerny/Files Wilders, whose party finished second in an election last year, is the leader of the opposition in the Netherlands and one of the leading figures in Europe’s far right.
“What the Islamists haven’t been able to do to me, the prosecutors are trying to do anyway: destroy freedom of expression,” Wilders said on Twitter before the start of Thursday’s hearing, held in a special high-security courtroom near Amsterdam’s Schiphol airport.
Wilders is appealing against his 2016 conviction for inciting discrimination, over a campaign rally at which he asked supporters whether they wanted more or fewer Moroccans in the country. When they chanted “Fewer! Fewer!” he replied: “We’re going to take care of that.”
His lawyer Geert-Jan Knoops argued at the start of proceedings that the criteria that determined whether speech was discriminatory were hazy and had been “selectively applied” against Wilders.
To support his argument, he noted that prosecutors did not press charges against Wilders’ biggest domestic political rival, Alexander Pechtold of the centrist D66 Party, over a remark earlier this year possibly insulting to Russians.
Knoops asked for a delay in proceedings until prosecutors released information about that case. Prosecutor Gerard Sta told judges there was no reason to delay the appeal.
“This case is about two words: ‘fewer’ and ‘Moroccans’,” he said. “There’s no question as to whether the suspect said them, there’s only the question of how they should be explained.”
He said that discussion of Pechtold’s case was tangential when Wilders could address the charges against him head on.
“I would like to invite (you) to join the debate,” Sta said. “Would you like to say something, Mr. Wilders?”
Wilders replied that he would not participate in “a prosecution whose goal is to have me gagged.”
“I should not be here. This debate belongs in parliament.”
Prosecutors are also appealing against Wilders’ acquittal over separate charges of inciting hatred. Prosecutors have sought a fine of 5,000 euros ($5,900) but no jail time.
Article 1 of the Dutch constitution forbids discrimination on any grounds. Wilders says he has never called for violence and has explained he believes the number of Moroccans in the country can be reduced by legal means. He was previously acquitted of hate speech in 2011.
The appeals hearings run through June 6, with a verdict expected a month later.
Wilders has lived in safe houses under 24-hour guard since 2004 to protect him from Islamist militants who threaten to kill him. He says Islam is a fascist ideology, and has called for halting immigration from Muslim countries, shutting mosques and banning the Koran.
($1 = 0.8460 euros)
Editing by Anthony Deutsch and Alison Williams
| ashraq/financial-news-articles | https://in.reuters.com/article/wilders-discrimination/dutch-lawmaker-wilders-appeals-discrimination-conviction-idINKCN1II0UV |
FRANKFURT, May 12 (Reuters) - German markets regulator BaFin has found that transactions to buy a 9.69 percent Daimler stake on behalf of Geely chairman Li Shufu did not meet German disclosure rules, Germany’s Frankfurter Allgemeine Zeitung said.
Investment bank Morgan Stanley should have disclosed its transactions on Feb. 22, 2018 rather than on Feb. 23, Frankfurter Allgemeine Zeitung said, quoting a letter written on behalf of German finance ministry official Christine Lambrecht.
BaFin, which is overseen by Germany’s finance ministry, was not immediately available for comment. A spokeswoman for Morgan Stanley declined to comment.
Morgan Stanley was part of a group of banks which helped Geely’s chairman buy a stake in German carmaker Daimler in a way which skirted disclosure rules.
Violating disclosure rules can carry a penalty of up to two million euros for individuals, and up to ten percent of annual revenues for corporations.
Geely said it had informed markets in a timely fashion. “The capital market was at all times informed about the correct number of voting rights,” Geely said in a statement.
“However, BaFin has asked Geely to make an additional disclosure for 22 February 2018 based on a new interpretation of the legal provisions by BaFin which was published for the first time on 9 May 2018,” Geely said. (Reporting by Edward Taylor Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/daimler-geely-shell-disclosure/german-regulator-says-geelys-daimler-stake-needed-earlier-disclosure-report-idUSL8N1SJ070 |
April 30 (Reuters) - First Industrial Realty Trust Inc :
* FIRST INDUSTRIAL REALTY TRUST- PUBLIC OFFERING PRICE FOR 4.8 MILLION SHARES PREVIOUSLY SOLD TO CITIGROUP AS SOLE BOOKRUNNER OF OFFERING IS $30.65 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-industrial-realty-trust-offe/brief-first-industrial-realty-trust-offers-4-8-million-shares-idUSFWN1S71EP |
U.S. stocks booked slight gains for the week, though continuing trade negotiations with China, along with geopolitical tensions with North Korea and worries about rising interest rates, have kept investors on edge.
Stocks such as Boeing, Deere and Caterpillar have become unofficial proxies for fears about an escalating U.S.-China trade dispute.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/investors-are-taking-stock-of-trade-1527296542 |
May 16, 2018 / 8:08 PM / a few seconds ago As gig economy grows, U.S. lenders reluctant to relax income rules: survey Reuters Staff 3 Min Read
(Reuters) - Most U.S. mortgage lenders are not ready to relax income rules even as more Americans become part of the so-called gig economy, and banks are excluding income from this work on loan applications, a survey released on Wednesday showed.
Lenders worry about the ability of gig economy workers to meet their monthly mortgage payments when their income is less predictable than an employee with a steady, regular paycheck, according to the survey from mortgage finance agency Fannie Mae.
Roughly a fifth of the U.S. population works job to job including employment with gig economy companies like Uber[UBER.UL] and TaskRabbit.
The trend comes as housing supply remains tight and home values and borrowing costs are on the rise.
“Almost all lenders think it is difficult to use gig economy income to approve mortgage applications, citing inconsistencies and variability as risk factors,” Fannie Mae said of its findings. “The few who think using gig economy income is easy note that reliable documentation is crucial.”
Sixty-nine percent of the mortgage executives told Fannie that current underwriting guidelines for self-employment income verification are “about right.” This compared with a third of them who believe they are “too strict.”
The executives surveyed said they were open to options for gig and self-employed borrowers to compensate for the variability of their income, Fannie said.
These options include a demonstrated improvement in credit scores for these types of applicants; lowering of their overall indebtedness and raising their cash on hand.
Lenders said they would consider creating new policies for self-employed individuals and relaxing existing income documentation and verification standards.
Seventy-one percent of the executives said borrowers have applied for a loan using gig income in the past year, Fannie said.
Nearly 90 percent of them expected the number of loan applicants with gig income would grow in the next three to five years.
About two-thirds of executives acknowledged accepting gig income on mortgage applications would at least “somewhat help” low- to moderate-income borrowers.
In a survey in December, Fannie found most gig economy workers who rent believe it would be tough to obtain a mortgage, blaming the ability to raise enough money for a down payment and credit as the steepest hurdles to getting a loan. Reporting by Richard Leong; Editing by Daniel Bases and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-mortgages-gigeconomy/as-gig-economy-grows-u-s-lenders-reluctant-to-relax-income-rules-survey-idUSKCN1IH2U1 |
May 2 (Reuters) - Wynn Resorts Ltd:
* WYNN RESORTS SAYS ON MAY 2, COUNSEL FOR CO DELIVERED LETTER TO COUNSEL FOR ELAINE WYNN IN RESPONSE TO LAWSUIT FILED BY ELAINE WYNN - SEC FILING
* WYNN RESORTS SAYS SET UP A SECURE WEBSITE CONTAINING THE “NOBO” LIST AND “DTC” LIST THAT ELAINE WYNN REQUESTED
* WYNN RESORTS SAYS CO'S MANAGEMENT AND BOARD REMAIN OPEN TO CONSTRUCTIVE DIALOGUE WITH ELAINE WYNN Source text: ( bit.ly/2KrHPj7 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wynn-resorts-says-counsel-for-co-d/brief-wynn-resorts-says-counsel-for-co-delivered-letter-to-counsel-for-elaine-wynn-in-response-to-lawsuit-filed-by-elaine-wynn-idUSFWN1S91BJ |
May 22 (Reuters) - SONAE SGPS SA:
* SAID LATE ON MONDAY BOARD CONTINUES TO EVALUATE POTENTIAL LISTING OF PART OF COMPANY’S RETAIL PORTFOLIO, IN WHICH SONAE WOULD MAINTAIN A MAJORITY SHAREHOLDING
* THE RETAIL PORTFOLIO WHICH WOULD POTENTIALLY BE LISTED MAINLY INCLUDES COMPANY’S FOOD RETAIL BUSINESS (SONAE MC) AND THE ENTITY THAT MANAGES ITS REAL ESTATE PROPERTIES (SONAE RP)
* SONAE HAS APPOINTED BARCLAYS, BNP PARIBAS AND DEUTSCHE BANK TO ARRANGE EXPLORATORY MEETINGS WITH POTENTIAL INVESTORS FOR A POSSIBLE INITIAL PUBLIC OFFERING (IPO)
* NO FORMAL DECISION HAS BEEN TAKEN AT THIS STAGE Source text: bit.ly/2rUs2lp
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1ST0HB |
LOS ANGELES, May 11, 2018 /PRNewswire/ -- CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical research and development company specializing in oncology, today announced that it has entered into definitive purchase agreements with certain institutional investors to sell in a registered direct offering 5,600,000 shares of its common stock, at a purchase price of $1.25 per share, resulting in gross proceeds of $7.0 million. The offering is expected to close on or about May 15, 2018, subject to customary closing conditions.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
After deducting the placement agent's fees and estimated offering expenses, the net proceeds to CytRx are expected to be approximately $6.5 million. CytRx intends to use the net proceeds from the offering for working capital and general corporate purposes, including possible new drug discovery activities and acquisitions or mergers.
The shares of common stock are being sold pursuant to a "shelf" registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and declared effective on April 21, 2017. Such shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus related to the offering will be filed with the SEC, and will be available on the SEC's website located at https://www.sec.gov and may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by calling (646) 975-6996 or emailing [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About CytRx Corporation
CytRx Corporation (Nasdaq: CYTR) is a biopharmaceutical Company specializing in research and clinical development of novel anti-cancer drug candidates that employ linker technologies to enhance the accumulation and release of drug at the tumor. CytRx is rapidly expanding its pipeline of ultra-high potency oncology candidates at its laboratory facilities in Freiburg, Germany, through its LADR™ (Linker Activated Drug Release) technology platform, a discovery engine designed to leverage CytRx's expertise in albumin biology and linker technology for the development of a new class of potential breakthrough anti-cancer therapies. Aldoxorubicin, CytRx's most advanced drug conjugate, is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to NantCell, Inc.
Forward-Looking Statements
This press release contains forward-looking statements. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks and uncertainties relating to statements regarding CytRx's expectations with respect to the completion, timing and size of the offering, the expected proceeds from the offering and the anticipated use of the proceeds from the offering, the ability of NantCell, Inc., to obtain regulatory approval for its products that use aldoxorubicin; the ability of NantCell, Inc., to manufacture and commercialize products or therapies that use aldoxorubicin; the amount, if any, of future milestone and royalty payments that we may receive from NantCell, Inc.; CytRx's ability to develop new ultra-high potency drug candidates based on our LADR™ technology platform; and other risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx's most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Argot Partners
Michelle Carroll
(212) 600-1902
[email protected]
View original content: http://www.prnewswire.com/news-releases/cytrx-announces-7-0-million-registered-direct-offering-300646901.html
SOURCE CytRx Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-cytrx-announces-7-point-0-million-registered-direct-offering.html |
May 4, 2018 / 6:49 AM / Updated 5 minutes ago Cleveland Square raises stake in AA to 4.02 percent - filing Reuters Staff 1 Min Read
LONDON (Reuters) - Cleveland Square, an investment vehicle rule by private equity investor Gary Klesch, has raised its stake in British roadside recovery group and insurer AA ( AAAA.L ), a regulatory filing showed on Friday.
Cleveland has increased its stake to 4.02 percent from 3.01 percent.
A recent slump in AA’s share price has prompted speculation of takeover bids by private equity firms. Reporting by Huw Jones, editing by Maiya Keidan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-aa-pl-cleveland-shareholders/cleveland-square-raises-stake-in-aa-to-4-02-percent-filing-idUKKBN1I50J9 |
May 30 (Reuters) - PROCHNIK SA:
* REPORTED ON TUESDAY Q1 NET LOSS OF 4.3 MILLION ZLOTYS VERSUS LOSS OF 2.3 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 10.2 MILLION ZLOTYS VERSUS 11.3 MILLION ZLOTYS YEAR AGO
* THE WORSENING RESULTS DUE TO RESTRUCTURING COSTS AND FALL OF SALES AND MARGINS REGARDING THE RAGE AGE BRAND
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T114C |
CAMPO NOVO DO PARECIS, Brazil (Reuters) - A right-wing Brazilian presidential candidate who compares himself to Donald Trump is attracting support across Brazil’s farm belt, where the fiery former paratrooper may secure the funding needed for his bid to run Latin America’s biggest country.
FILE PHOTO: Federal deputy Jair Bolsonaro, a pre-candidate for Brazil's presidential elections takes part a protest against former Brazilian president Luiz Inacio Lula da Silva while the Supreme Court issues its final decision about his habeas corpus plea, in Brasilia, Brazil, April 4, 2018. REUTERS/Ueslei Marcelino/File photo Jair Bolsonaro’s early lead in national opinion polls for October’s presidential race has been dismissed by many pundits because he the lacks the strong party base traditionally needed to win elections in this continent-sized country of 209 million people.
Yet the 63-year-old’s tough law-and-order stance and plans to ease gun controls, plus his opposition to environmental protections and native land claims are resonating with wealthy landowners in Brazilian farm country.
Bumper stickers stating “Bolsonaro Save Brazil” and “We Are All Bolsonaro” are a common sight on pickups in Campo Novo do Parecis, a farm town in the state of Mato Grosso, Brazil’s agricultural powerhouse.
With the jailing of Brazil’s former president Luiz Inacio Lula da Silva for corruption, Bolsonaro, a seven-term congressman, leads a fragmented field with five months to go until the election.
A poll this week showed him ahead of environmentalist Marina Silva when Lula’s name is excluded.
In the midwestern farm states that drive the world’s eighth-largest economy, Bolsonaro’s lead grows to a commanding 10 percentage points, according to pollster Datafolha.
While those states are less populous than coastal regions, they are home to powerful landowners flush with cash from recent bumper crops, whose political donations may be key to building a nationwide campaign for Bolsonaro.
For graphic on Latin America's upcoming elections click tmsnrt.rs/2rAQ4l1
Tall and thin, with a shock of greying hair combed to one side and an intense gaze, Bolsonaro’s biggest selling point in the eyes of many voters is a clean record on corruption when much of the political class has been tarred with graft scandals. With that, they are prepared to overlook his more incendiary comments.
Related Coverage Factbox - Far-right Brazilian candidate thrives on controversy Despite his popularity, Bolsonaro only has the backing of a small fringe party. Under Brazil’s election laws, that gives him just 10 seconds of free television time when campaigning kicks off, a serious handicap in a nation where TV ads have a big impact.
Polls suggest up to 45 percent of voters remain undecided.
Bolsonaro’s aides say his social media reach will make up for lost TV time, citing a Facebook following more than twice the size of Marina Silva’s.
With anger at establishment parties riding high in Brazil, the brash iconoclast has compared his candidacy to Trump’s 2016 campaign, stirring some voters with fiery speeches while alarming others.
Brazil’s attorney general charged Bolsonaro last month with inciting discrimination against women, black people, indigenous people and gays.
He also faces a Supreme Court trial for inciting rape in a 2014 verbal attack on a congresswoman, whom he called ugly and said he “would not rape because she did not deserve it.”
“Trump faced the same attacks I am facing - that he was a homophobe, a fascist, a racist, a Nazi - but the people believed in his platform and I was rooting for him,” Bolsonaro told Reuters in a September interview.
Bolsonaro could not be reached for comment on this story.
FILE PHOTO: Federal deputy Jair Bolsonaro, a pre-candidate for Brazil's presidential elections speaks with Augusto Heleno Pereira, retired General of the Brazilian Army, during a protest against former Brazilian president Luiz Inacio Lula da Silva while the Supreme Court issues its final decision about his habeas corpus plea, in Brasilia, Brazil, April 4, 2018. REUTERS/Ueslei Marcelino/File photo CRIME IN FARM COUNTRY Bolsonaro’s hardline rhetoric on crime has also inspired grassroots organizing in the midwest region, where prosperous farms are threatened by land invasions and increasing robberies.
“If we could have rifles like ranchers in the United States, that would deter criminals,” said farmer Flavio Giacomet. “He is not the savior who will end corruption and crime, but of the candidates out there today, I would vote for him.”
A recent survey by Brazilian agriculture lobby CNA showed an increase in armed robbery on farms, with organized gangs seizing machinery and costly fertilizers and pesticides.
In rural parts of Mato Grosso, robberies are up 60 percent and murders jumped 44 percent in the last five years, according to data from the state government.
Bolsonaro’s criticism of environmental licensing rules and state interference in the economy also “are music to farmers’ ears,” said Endrigo Dalcin, former president of Mato Grosso grain farmers group Aprosoja.
Comments on China “taking over” Brazil appear not to have dented his support among farmers, although the Asian giant is by far the biggest buyer of Brazilian grains.
Bolsonaro told Reuters last year that his foreign policy priority if elected would be to strengthen ties with the Trump administration and aim to restore the United States as Brazil’s top trade partner, a position it lost to China in 2009.
“I don’t see Bolsonaro’s rhetoric as anti-China. It is more about regulating Chinese investments in Brazil,” said Antonio Galvan, vice president of Aprosoja. “I don’t think he is referring to Brazil not selling its products to China. That would not make any sense.”
Ever since Brazil banned corporate donations to political campaigns, candidates have targeted wealthy farmers for financing and Bolsonaro’s bid will rely on rural donations.
Slideshow (6 Images) Giacomet and other farmers told Reuters they would donate money to Bolsonaro’s campaign but only if he emerges as a viable contender with a coalition of parties behind him.
BULLET, BEEF AND BIBLE LOBBY Bolsonaro has pledged to end the expansion of indigenous reservations as native communities claim more land rights in the face of the steady advance of Brazil’s agricultural frontier into what was once the Amazon rainforest.
He supports changing laws to allow commercial agriculture and mining on reservations, backing bills that could clear an increasingly conservative Congress.
Bolsonaro was the only presidential hopeful to appear this month at the inauguration of Brazil’s biggest farm equipment fair, the Agrishow expo in Sao Paulo’s sugarcane belt.
Supporters there broke into chants and he was cheered when he climbed aboard a tractor and revved up the engine. He said his connection with the crowd came from his honesty and religious convictions.
“We will not make a deal with the Devil to get elected,” said Bolsonaro, whose middle name means ‘Messiah’. “Our commitment is to God and the people.”
Bolsonaro’s rise is part of a sharp rightward swing in Brazilian politics, led by market-friendly President Michel Temer who took over from impeached leftist Dilma Rousseff in 2016, ending 14 years of rule by Lula’s Workers Party.
Despite Brazil’s reputation for tolerance, a conservative alliance of evangelical Christians, farm state lawmakers and pro-gun politicians has steadily advanced in Congress, holding 230 of the 513 seats in the lower house.
This broad caucus, popularly known as the “Bullet, Beef and Bible Lobby”, wants to ease gun sales, tighten Brazil’s already restrictive abortion laws and give Congress final say in defining indigenous reservations — all planks in Bolsonaro’s platform.
The CNA farm lobby said it does not endorse presidential candidates, nor will the Congressional farm caucus, whose members come from different parties. But that is not dampening enthusiasm in rural Brazil.
“The whole town is campaigning hard for him,” said Gilvia Casarin, a bank manager in Campo Novo do Parecis. “They cannot think of a better name than his.”
Reporting by Ana Mano and Anthony Boadle, additional reporting by Ricardo Brito in Brasilia and Marcelo Teixeira in Ribeirão Preto; editing by Brad Brooks, Daniel Flynn and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-bolsonaro-analysis/brazils-wealthy-farm-belt-backs-trump-like-presidential-candidate-idUSKCN1II2SR |
PHILADELPHIA, May 7, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has acquired 23 approved and one pending drug product applications from a subsidiary of Endo International plc for an upfront payment plus future milestone payments. The portfolio primarily consists of oral solutions with a few semi-solid products. For the 12 months ended March 2018, combined sales of the acquired products were in excess of $175 million, according to IMS.
"This transaction perfectly dovetails with our strategy to grow our top and bottom lines and diversify our product offering by complementing internal development efforts with the acquisition of commercially ready products," said Tim Crew, chief executive officer of Lannett. "The acquired products, combined with our planned launches of our previously approved and other recently acquired products, create new, near-term revenue and profitability streams. We expect to begin launching the products, under the Lannett label, as soon as the transfer activities are completed and appropriate regulatory filings are made, currently estimated to be in the second half of fiscal 2019. We believe there is an abundance of similar opportunities in the market today; our team is in various stages of negotiation on a number of transactions to add products to our portfolio."
Crew went on to say that the acquired portfolio of products will be manufactured at Lannett's liquid generics facility in Carmel, New York, which has the capacity, capability and expertise.
Bourne Partners acted as lead financial advisor to Endo International plc for this transaction.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com .
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully commercializing the products acquired from Endo, as well as the planned product launches, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
View original content with multimedia: http://www.prnewswire.com/news-releases/lannett-acquires-portfolio-of-generic-products-from-endo-international-300643319.html
SOURCE Lannett Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-lannett-acquires-portfolio-of-generic-products-from-endo-international.html |
May 15 (Reuters) - Cequence Energy Ltd:
* CEQUENCE ENERGY ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* AVERAGE QUARTERLY PRODUCTION OF 6,970 BOE/D (17% LIQUIDS), AN INCREASE OF FOUR PERCENT FROM Q4 2017
* QTRLY FUNDS FLOW FROM OPERATIONS PER SHARE $0.01 * CEQUENCE ENERGY- LIQUIDS WEIGHTING OF CO’S PRODUCTION IS EXPECTED TO INCREASE FROM APPROXIMATELY 17% IN Q1 OF 2018 TO A FORECASTED 27% IN Q2 OF 2018
* SEES AVERAGE PRODUCTION OF 6,300 BOE/D FOR SIX MONTHS ENDED JUNE 30, 2018 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cequence-energy-average-q4-product/brief-cequence-energy-average-q4-production-6970-boe-d-up-4-pct-idUSASC0A2IQ |
May 17 (Reuters) - Ascena Retail Group Inc:
* ASCENA RETAIL GROUP INC - ON MAY 15, 2018, BOARD OF CO INCREASED SIZE OF BOARD TO ELEVEN DIRECTORS - SEC FILING Source text: ( bit.ly/2L8N08d ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ascena-retail-increased-size-of-bo/brief-ascena-retail-increased-size-of-board-to-eleven-directors-idUSFWN1SO106 |
Amazon.com said on Monday it had hired Vernon Sanders to help run its television productions, tapping a former NBC executive who oversaw shows such as "The Blacklist," "Friday Night Lights," and "30 Rock" for the U.S. network.
The action bolsters the ranks of Amazon's original content division and marks the latest touch of Jennifer Salke, who became head of Amazon's TV and film studio earlier this year after the role was vacant for months. Sanders will join Amazon's Albert Cheng as co-head of television, each reporting to Salke.
"Having worked side-by-side with him for seven years at NBC Entertainment, I can speak first-hand to his talents as a leader and creative force," Salke said of Sanders in a press statement.
Amazon is investing heavily in videos available through Prime to draw more people to the subscription club, which also features fast shipping, an incentive for members to shop more with the online retailer.
Sanders most recently had a producing deal with Universal Television, part of Comcast's NBCUniversal, since late last year.
( Disclosure: Comcast is parent of CNBC. ) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/amazon-taps-former-nbc-exec-to-help-run-tv-programming.html |
HOUSTON--(BUSINESS WIRE)-- Plains All American Pipeline, L.P. (NYSE: PAA ) and Plains GP Holdings (NYSE: PAGP ) today reported first-quarter 2018 results.
First-Quarter Highlights
Delivered 1Q18 financial and operating results slightly ahead of expectations Approximately $60 million year-over-year fee-based Segment Adjusted EBITDA growth ($80 million when taking into consideration impact of divested assets) On target with leverage reduction plans and execution of expansion capital program Reiterated 2018 guidance, expect full-year common unit distribution coverage of ~170% Continue to expect 14-15% fee-based Segment Adjusted EBITDA growth in 2019
“We are pleased to report first-quarter results that were slightly ahead of our expectations,” stated Willie Chiang, Executive Vice President and Chief Operating Officer of Plains All American Pipeline. “These results reflect year-over-year Adjusted EBITDA growth in our fee-based segments of approximately 13%, or 18% when taking into consideration divested assets.”
“We continue to make progress towards the execution of our strategic plans. We remain on track to achieve our deleveraging objectives and targeted credit metrics by early 2019 while maintaining substantial distribution coverage underpinned by predominantly fee-based cash flow. Additionally, strong Permian fundamentals provide visibility for continued momentum for PAA’s fee-based growth, further complemented by the execution of our capital program.”
Plains All American Pipeline, L.P. Summary Financial Information (unaudited)
(in millions, except per unit data)
Three Months Ended
March 31, % GAAP Results 2018 2017 Change Net income $ 288 $ 444 (35 )% Diluted net income per common unit $ 0.33 $ 0.58 (43 )% Diluted weighted average common units outstanding 727 758 (4 )% Distribution per common unit declared for the period $ 0.30 $ 0.55 (45 )% Three Months Ended
March 31, % Non-GAAP Results (1) 2018 2017 Change Adjusted net income $ 310 $ 224 38 % Diluted adjusted net income per common unit $ 0.36 $ 0.27 33 % Adjusted EBITDA $ 593 $ 512 16 % Implied DCF per Common Unit $ 0.61 $ 0.44 39 % (1) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding certain selected items that PAA believes impact comparability of financial results between reporting periods, as well as for information regarding non-GAAP financial measures (such as Adjusted EBITDA) and their reconciliation to the most directly comparable measures as reported in accordance with GAAP. Segment Adjusted EBITDA for the first quarter of 2018 and 2017 is presented below:
Summary of Selected Financial Data by Segment (unaudited)
(in millions)
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Transportation Facilities Supply and
Logistics
Transportation Facilities Supply and
Logistics
Segment Adjusted EBITDA $ 335 $ 185 $ 72 $ 273 $ 188 $ 51 Percentage change in Segment Adjusted EBITDA versus 2017 period 23 % (2 )% 41 % Percentage change in Segment Adjusted EBITDA versus 2017 further adjusted for impact of divested assets 26 % 5 % N/A First-quarter 2018 Transportation Segment Adjusted EBITDA increased 23% versus comparable 2017 results. This increase was primarily driven by increased volume on our Permian Basin systems, in addition to contributions from our Eagle Ford JV system, which receives Permian volumes from our Cactus pipeline. First-quarter 2018 also benefited from Diamond pipeline being placed into service in late 2017. These increases were partially offset by the sale of non-core assets in our Rocky Mountain and Central regions.
First-quarter 2018 Facilities Segment Adjusted EBITDA decreased by 2% versus comparable 2017 results. The impact of non-core asset sales was partially offset by increased revenue from Canadian gas processing activity, increased rail terminal activity at certain of our U.S. crude oil terminals and at our Fort Saskatchewan NGL terminal, and capacity expansions at Cushing.
First-quarter 2018 Supply and Logistics Segment Adjusted EBITDA increased by 41% versus comparable 2017 results due to improved NGL and crude oil margin and arbitrage opportunities.
2018 Full-Year Guidance
The table below presents our full-year 2018 financial and operating guidance:
Financial and Operating Guidance (unaudited)
(in millions, except per unit and barrel data)
Twelve Months Ended December 31, 2016 2017 2018 (G) + / - Segment Adjusted EBITDA Transportation $ 1,141 $ 1,287 $ 1,535 Facilities 667 734 665 Fee-Based $ 1,808 $ 2,021 $ 2,200 Supply and Logistics 359 60 100 Other income/(expense), net 2 1 — Adjusted EBITDA (1) $ 2,169 $ 2,082 $ 2,300 Interest expense, net (2) (451 ) (483 ) (425 ) Maintenance capital (186 ) (247 ) (215 ) Current income tax expense (85 ) (28 ) (30 ) Other (33 ) (12 ) 5 Implied DCF (1) $ 1,414 $ 1,312 $ 1,635 Preferred unit distributions paid (3) — (5 ) (160 ) General partner cash distributions (565 ) — — Implied DCF Available to Common Unitholders $ 849 $ 1,307 $ 1,475 Implied DCF per Common Unit (1) $ 1.83 $ 1.82 $ 2.03 Implied DCF per Common Unit and Common Equivalent Unit (1) $ 1.63 $ 1.67 $ 1.99 Distributions per Common Unit (4) $ 2.65 $ 1.95 $ 1.20 Common Unit Distribution Coverage Ratio 0.87x 0.94x 1.70x Operating Data Transportation Average daily volumes (MBbls/d) 4,637 5,186 5,925 Segment Adjusted EBITDA per barrel $ 0.67 $ 0.68 $ 0.71 Facilities Average capacity (MMBbls/Mo) 127 130 125
Segment Adjusted EBITDA per barrel $ 0.44 $ 0.47 $ 0.44
Supply and Logistics Average daily volumes (MBbls/d) 1,153 1,219 1,275 Segment Adjusted EBITDA per barrel $ 0.85 $ 0.13 $ 0.21 Expansion Capital $ 1,405 $ 1,135 $ 1,400 Second-Quarter Adjusted EBITDA as Percentage of Full Year 22% 22% 19% - 20% (G) 2018 Guidance forecasts are intended to be + / - amounts. (1) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the Non-GAAP Reconciliation tables attached hereto for information regarding non-GAAP financial measures and, for the historical 2016 and 2017 periods, their reconciliation to the most directly comparable measures as reported in accordance with GAAP. We do not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that we have defined as “Selected Items Impacting Comparability” without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. Thus, a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures could result in disclosure that could be imprecise or potentially misleading. (2) Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps. (3) Cash distributions paid to our preferred unitholders during the year presented. The distribution requirement of our Series A preferred units was paid-in-kind for all 2016 and 2017 quarterly distributions and for the February 2018 quarterly distribution. Distributions on our Series A preferred units must be paid in cash beginning with the May 2018 quarterly distribution. The distribution requirement of our Series B preferred units, which were issued in October 2017, is payable semi-annually in arrears on May 15 and November 15. A pro-rated initial distribution on the Series B preferred units was paid on November 15, 2017. (4) Cash distributions per common unit paid during 2016 and 2017. 2018(G) reflects the current distribution rate held constant. Plains GP Holdings
PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables included at the end of this release. Information regarding PAGP’s distributions is reflected below:
Q1 2018 Q4 2017 Q1 2017 Distribution per Class A share declared for the period $ 0.30 $ 0.30 $ 0.55 Q1 2018 distribution percentage change from prior periods — % (45 )% Conference Call
PAA and PAGP will hold a joint conference call at 4:00 p.m. CT on Tuesday, May 8, 2018 to discuss the following items:
PAA’s first-quarter 2018 performance; Financial and operating guidance for the full year of 2018; Capitalization and liquidity; and PAA and PAGP’s outlook for the future.
Conference Call Webcast Instructions
To access the internet webcast please go to https://event.webcasts.com/starthere.jsp?ei=1188859&tp_key=2db2d6dbfd
Alternatively, the webcast can be accessed at www.plainsallamerican.com , under the Investor Relations section of the website (Navigate to: Investor Relations / either “PAA” or “PAGP” / News & Events / Quarterly Earnings). Following the live webcast, an audio replay in MP3 format will be available on the website within two hours after the end of the call and will be accessible for a period of 365 days. A transcript will also be available after the call at the above referenced website.
Non-GAAP Financial Measures and Selected Items Impacting Comparability
To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future. The primary additional measures used by management are earnings before interest, taxes, depreciation and amortization (including our proportionate share of depreciation and amortization and gains or losses on significant asset sales of unconsolidated entities) and adjusted for certain selected items impacting comparability (“Adjusted EBITDA”) and implied distributable cash flow (“DCF”).
Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measurements that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains or losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), the mark-to-market related to our Preferred Distribution Rate Reset Option, gains and losses on derivatives that are related to investing activities (such as the purchase of linefill) and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and business outlook and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may further be adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Accounts payable and accrued liabilities” on our Condensed Consolidated Financial Statements. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.
Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, expansion projects and numerous other factors. These types of variations are not separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.
Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Implied DCF and other non-GAAP financial performance measures are reconciled to Net Income (the most directly comparable measure as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and notes thereto. In addition, we encourage you to visit our website at www.plainsallamerican.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures.
Except for the historical information contained herein, the matters discussed in this release consist of that involve certain risks and uncertainties that could cause actual results or outcomes to results or outcomes anticipated in the . These risks and uncertainties include, among other things, declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets, whether due to declines in production from existing oil and gas reserves, reduced demand, failure to develop or slowdown in the development of additional oil and gas reserves, whether from reduced cash flow to fund drilling or the inability to access capital, or other factors; the effects of competition; market distortions caused by over-commitments to infrastructure projects, which impacts volumes, margins, returns and overall earnings; unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof); maintenance of our credit rating and ability to receive open credit from our suppliers and trade counterparties; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; fluctuations in refinery capacity in areas supplied by our mainlines and other factors affecting demand for various grades of crude oil and natural gas and resulting changes in pricing conditions or transportation throughput requirements; the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event, including attacks on our electronic and computer systems; failure to implement or capitalize, or delays in implementing or capitalizing, on expansion projects, whether due to permitting delays, permitting withdrawals or other factors; tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; the successful integration and future performance of acquired assets or businesses and the risks associated with operating in lines of business that are distinct and separate from our historical operations; the failure to consummate, or significant delay in consummating, sales of assets or interests as a part of our strategic divestiture program; the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations; the currency exchange rate of the Canadian dollar; continued creditworthiness of, and performance by, our counterparties, including financial institutions and trading companies with which we do business; inability to recognize current revenue attributable to deficiency payments received from customers who fail to ship or move more than minimum contracted volumes until the related credits expire or are used; non-utilization of our assets and facilities; increased costs, or lack of availability, of insurance; weather interference with business operations or project construction, including the impact of extreme weather events or conditions; the availability of, and our ability to consummate, acquisition or combination opportunities; the effectiveness of our risk management activities; shortages or cost increases of supplies, materials or labor; fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans; risks related to the development and operation of our assets, including our ability to satisfy our contractual obligations to our customers; factors affecting demand for natural gas and natural gas storage services and rates; general economic, market or business conditions and the amplification of other risks caused by volatile financial markets, capital constraints and pervasive liquidity concerns; and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the storage of natural gas and the processing, transportation, fractionation, storage and marketing of natural gas liquids as discussed in the Partnerships’ filings with the Securities and Exchange Commission.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, NGLs and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 5 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com .
Plains GP Holdings is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com .
PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)
Three Months Ended
March 31, 2018 2017 REVENUES $ 8,398 $ 6,667 COSTS AND EXPENSES Purchases and related costs 7,519 5,593 Field operating costs 292 288 General and administrative expenses 79 74 Depreciation and amortization 127 121 Total costs and expenses 8,017 6,076 OPERATING INCOME 381 591 OTHER INCOME/(EXPENSE) Equity earnings in unconsolidated entities 75 53 Interest expense, net (106 ) (129 ) Other expense, net (1 ) (5 ) INCOME BEFORE TAX 349 510 Current income tax expense (13 ) (10 ) Deferred income tax expense (48 ) (56 ) NET INCOME $ 288 $ 444 NET INCOME PER COMMON UNIT: Net income allocated to common unitholders — Basic $ 237 $ 406 Basic weighted average common units outstanding 725 691 Basic net income per common unit $ 0.33 $ 0.59 Net income allocated to common unitholders — Diluted $ 237 $ 443 Diluted weighted average common units outstanding 727 758 Diluted net income per common unit $ 0.33 $ 0.58 NON-GAAP ADJUSTED RESULTS
(in millions, except per unit data)
Three Months Ended
March 31,
2018 2017 Adjusted net income $ 310 $ 224 Diluted adjusted net income per common unit $ 0.36 $ 0.27 Adjusted EBITDA $ 593 $ 512 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in millions)
March 31,
2018 December 31,
2017 ASSETS Current assets $ 3,962 $ 4,000 Property and equipment, net 14,114 14,089 Goodwill 2,543 2,566 Investments in unconsolidated entities 2,882 2,756 Linefill and base gas 870 872 Long-term inventory 159 164 Other long-term assets, net 893 904 Total assets $ 25,423 $ 25,351 LIABILITIES AND PARTNERS' CAPITAL Current liabilities $ 4,601 $ 4,531 Senior notes, net of unamortized discounts and debt issuance costs 8,935 8,933 Other long-term debt 115 250 Other long-term liabilities and deferred credits 736 679 Total liabilities 14,387 14,393 Partners' capital 11,036 10,958 Total liabilities and partners' capital $ 25,423 $ 25,351 DEBT CAPITALIZATION RATIOS
(in millions)
March 31,
2018 December 31,
2017 Short-term debt (1) $774 $ 737 Long-term debt 9,050 9,183 Total debt $9,824 $ 9,920 Long-term debt $9,050 $ 9,183 Partners' capital 11,036 10,958 Total book capitalization $20,086 $ 20,141 Total book capitalization, including short-term debt $20,860 $ 20,878 Long-term debt-to-total book capitalization 45 % 46 % Total debt-to-total book capitalization, including short-term debt 47 % 48 % (1) As of March 31, 2018 and December 31, 2017, short-term debt includes borrowings of approximately $556 million and $523 million, respectively, for short-term hedged inventory purchases and borrowings of approximately $217 million and $212 million, respectively, for cash margin deposits with our clearing brokers, which are associated with financial derivatives used for hedging purposes. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
OPERATING DATA (1)
Three Months Ended
March 31, 2018 2017 Transportation segment (average daily volumes in thousands of barrels per day): Tariff activities volumes Crude oil pipelines (by region): Permian Basin (2) 3,240 2,466 South Texas / Eagle Ford (2) 422 310 Central (2) 441 405 Gulf Coast 204 342 Rocky Mountain (2) 257 385 Western 174 189 Canada 318 363 Crude oil pipelines 5,056 4,460 NGL pipelines 173 180 Tariff activities total volumes 5,229 4,640 Trucking volumes 99 114 Transportation segment total volumes 5,328 4,754 Facilities segment (average monthly volumes): Liquids storage (average monthly capacity in millions of barrels) 109 111 Natural gas storage (average monthly working capacity in billions of cubic feet) 67 97 NGL fractionation (average volumes in thousands of barrels per day) 138 125 Facilities segment total volumes (average monthly volumes in millions of barrels) (3) 124 131 Supply and Logistics segment (average daily volumes in thousands of barrels per day): Crude oil lease gathering purchases 1,031 916 NGL sales 361 351 Supply and Logistics segment total volumes 1,392 1,267 (1) Average volumes are calculated as total volumes for the period (attributable to our interest) divided by the number of days or months in the period. (2) Region includes volumes (attributable to our interest) from pipelines owned by unconsolidated entities. (3) Facilities segment total volumes is calculated as the sum of: (i) liquids storage capacity; (ii) natural gas storage working capacity divided by 6 to account for the 6:1 mcf of natural gas to crude Btu equivalent ratio and further divided by 1,000 to convert to monthly volumes in millions; and (iii) NGL fractionation volumes multiplied by the number of days in the period and divided by the number of months in the period. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT (1)
(in millions, except per unit data)
Three Months Ended
March 31, 2018 2017 Basic Net Income per Common Unit Net income $ 288 $ 444 Distributions to Series A preferred unitholders (37 ) (34 ) Distributions to Series B preferred unitholders (12 ) — Other (2 ) (4 ) Net income allocated to common unitholders $ 237 $ 406 Basic weighted average common units outstanding 725 691 Basic net income per common unit $ 0.33 $ 0.59 Diluted Net Income per Common Unit Net income $ 288 $ 444 Distributions to Series A preferred unitholders (37 ) — Distributions to Series B preferred unitholders (12 ) — Other (2 ) (1 ) Net income allocated to common unitholders $ 237 $ 443 Basic weighted average common units outstanding 725 691 Effect of dilutive securities: Series A preferred units — 65 Equity-indexed compensation plan awards (2) 2 2 Diluted weighted average common units outstanding 727 758 Diluted net income per common unit (3) $ 0.33 $ 0.58 (1) We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income (whether paid in cash or in-kind). After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method. (2) Our Long-term Incentive Plan (“LTIP”) awards that contemplate the issuance of common units and certain AAP Management Units that contemplate the issuance of common units to AAP when such AAP Management Units become earned are considered dilutive unless (i) vesting occurs only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. LTIP awards and AAP Management Units that are deemed to be dilutive are reduced by a hypothetical unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. (3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for the three months ended March 31, 2018 as the effect was antidilutive. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED FINANCIAL DATA BY SEGMENT
(in millions)
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Transportation Facilities Supply and
Logistics
Transportation Facilities Supply and
Logistics
Revenues (1) $ 454 $ 292 $ 8,112 $ 389 $ 293 $ 6,400 Purchases and related costs (1) (46 ) (5 ) (7,925 ) (24 ) (11 ) (5,970 ) Field operating costs (1) (2) (147 ) (84 ) (64 ) (141 ) (83 ) (67 ) Segment general and administrative expenses (2) (3) (28 ) (21 ) (30 ) (29 ) (19 ) (26 ) Equity earnings in unconsolidated entities 75 — — 53 — — Adjustments: (4) Depreciation and amortization of unconsolidated entities 14 — — 14 — — (Gains)/losses from derivative activities net of inventory valuation adjustments (1 ) (1 ) (21 ) — 2 (291 ) Long-term inventory costing adjustments — — (13 ) — — 7 Deficiencies under minimum volume commitments, net 8 2 — 5 6 — Equity-indexed compensation expense 6 2 3 1 — 2 Net (gain)/loss on foreign currency revaluation — — 10 — — (4 ) Significant acquisition-related expenses — — — 5 — — Segment adjusted EBITDA $ 335 $ 185 $ 72 $ 273 $ 188 $ 51 Maintenance capital $ 29 $ 14 $ 2 $ 29 $ 27 $ 3
(1) Includes intersegment amounts. (2) Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense. (3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period. (4) Represents adjustments utilized by our Chief Operating Decision Maker (“CODM”) in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the ���Selected Items Impacting Comparability” table for additional discussion. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS IMPACTING COMPARABILITY (in millions, except per unit data)
Three Months Ended
March 31, 2018 2017 Selected Items Impacting Comparability: (1) Gains from derivative activities net of inventory valuation adjustments (2) $ 19 $ 285 Long-term inventory costing adjustments (3) 13 (7 ) Deficiencies under minimum volume commitments, net (4) (10 ) (11 ) Equity-indexed compensation expense (5) (11 ) (3 ) Net gain/(loss) on foreign currency revaluation (6) (8 ) 3 Significant acquisition-related expenses (7) — (5 ) Selected items impacting comparability - Adjusted EBITDA $ 3 $ 262 Gains from derivative activities (2) 3 — Tax effect on selected items impacting comparability (28 ) (42 ) Selected items impacting comparability - Adjusted net income $ (22 ) $ 220 (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. (2) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results of operations, we identify the earnings that were recognized during the period related to derivative instruments for which the identified underlying transaction does not occur in the current period and exclude the related gains and losses in determining adjusted results. In addition, we exclude gains and losses on derivatives that are related to investing activities, such as the purchase of linefill. We also exclude the impact of corresponding inventory valuation adjustments, as applicable, as well as the mark-to-market adjustment related to our Preferred Distribution Rate Reset Option. (3) We carry crude oil and NGL inventory comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and writedowns of such inventory that result from price declines as a selected item impacting comparability. (4) We have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on our capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results. (5) Our total equity-indexed compensation expense includes expense associated with awards that will or may be settled in units and awards that will or may be settled in cash. The awards that will or may be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation and the majority of the awards are expected to be settled in units. The portion of compensation expense associated with awards that are certain to be settled in cash is not considered a selected item impacting comparability. (6) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in gains and losses that were not related to our core operating results for the period and were thus classified as a selected item impacting comparability. (7) Includes acquisition-related expenses associated with the Alpha Crude Connector acquisition. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data)
Three Months Ended
March 31, 2018 2017 Net Income to Adjusted EBITDA and Implied DCF Reconciliation Net Income $ 288 $ 444 Interest expense, net 106 129 Income tax expense 61 66 Depreciation and amortization 127 121 Depreciation and amortization of unconsolidated entities (1) 14 14 Selected items impacting comparability - Adjusted EBITDA (2) (3 ) (262 ) Adjusted EBITDA $ 593 $ 512 Interest expense, net (3) (106 ) (125 ) Maintenance capital (45 ) (59 ) Current income tax expense (13 ) (10 ) Adjusted equity earnings in unconsolidated entities, net of distributions (4) 14 (15 ) Distributions to noncontrolling interests (5) — (1 ) Implied DCF $ 443 $ 302 Preferred unit distributions (6) — — Implied DCF Available to Common Unitholders $ 443 $ 302 Implied DCF per Common Unit (7) $ 0.61 $ 0.44 Implied DCF per Common Unit and Common Equivalent Unit (8) $ 0.56 $ 0.40 Cash Distribution Paid per Common Unit $ 0.30 $ 0.55 Common Unit Cash Distributions (5) $ 218 $ 371 Common Unit Distribution Coverage Ratio 2.03x 0.81x Implied DCF Excess / (Shortage) $ 225 $ (69 ) (1) Adjustment to add back our proportionate share of depreciation and amortization expense and gains or losses on significant asset sales of unconsolidated entities. (2) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. (3) Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps. (4) Represents the difference between non-cash equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization and gains or losses on significant asset sales) and cash distributions received from such entities. (5) Cash distributions paid during the period presented. (6) No cash distributions were paid to our preferred unitholders during the periods presented. The current $0.5250 quarterly ($2.10 annualized) per unit distribution requirement of our Series A preferred units was paid-in-kind for each quarterly distribution since their issuance through February 2018. Distributions on our Series A preferred units will be paid in cash beginning with the May 2018 quarterly distribution. The current $61.25 per unit annual distribution requirement of our Series B preferred units, which were issued in October 2017, is payable semi-annually in arrears on May 15 and November 15. (7) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period of 725 million and 691 million, respectively. (8) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid (if any), divided by the weighted average common units and common equivalent units outstanding for the periods of 796 million and 756 million, respectively. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, at any time after January 28, 2018, in whole or in part, subject to certain minimum conversion amounts. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (continued)
(in millions, except per unit data)
Three Months Ended
March 31, 2018 2017 Net Income Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation Basic net income per common unit $ 0.33 $ 0.59 Reconciling items per common unit (1) (2) 0.28 (0.15 ) Implied DCF per common unit $ 0.61 $ 0.44 Basic net income per common unit $ 0.33 $ 0.59 Reconciling items per common unit and common equivalent unit (1) (3) 0.23 (0.19 ) Implied DCF per common unit and common equivalent unit $ 0.56 $ 0.40 (1) Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA and Implied DCF Reconciliation” table for additional information. (2) Based on weighted average common units outstanding for the period of 725 million and 691 million, respectively. (3) Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the period of approximately 71 million and 65 million, respectively. Three Months Ended
March 31, 2018 2017 Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation Basic net income per common unit $ 0.33 $ 0.59 Selected items impacting comparability per common unit (1) 0.03 (0.32 ) Basic adjusted net income per common unit $ 0.36 $ 0.27 Diluted net income per common unit $ 0.33 $ 0.58 Selected items impacting comparability per common unit (1) 0.03 (0.31 ) Diluted adjusted net income per common unit $ 0.36 $ 0.27 (1) See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information. Three Months Ended
March 31, 2018 2017 Fee-based Segment Adjusted EBITDA to Adjusted EBITDA Reconciliation Transportation segment adjusted EBITDA $
335 $ 273 Facilities segment adjusted EBITDA 185 188 Fee-based segment adjusted EBITDA $
520 $
461 Supply and Logistics segment adjusted EBITDA 72 51 Adjusted other income/(expense), net (1) 1 — Adjusted EBITDA (2) $ 593 $ 512 (1) Represents Other expense, net adjusted for selected items impacting comparability of $2 million and $5 million for the three months ended March 31, 2018 and 2017, respectively. See the “Selected Items Impacting Comparability” table for additional information. (2) See the “Net Income to Adjusted EBITDA and Implied DCF Reconciliation” table for reconciliation to net income. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (continued)
(in millions, except per unit and ratio data)
Twelve Months Ended
December 31, 2017 2016 Net Income to Adjusted EBITDA and Implied DCF Reconciliation Net Income $ 858 $ 730 Interest expense, net 510 467 Income tax expense 44 25 Depreciation and amortization 626 494 Depreciation and amortization of unconsolidated entities (1) 45 50 Selected items impacting comparability - Adjusted EBITDA (1 ) 403 Adjusted EBITDA $ 2,082 $ 2,169 Interest expense, net (2) (483 ) (451 ) Maintenance capital (247 ) (186 ) Current income tax expense (28 ) (85 ) Adjusted equity earnings in unconsolidated entities, net of distributions (3) (10 ) (29 ) Distributions to noncontrolling interests (2 ) (4 ) Implied DCF $ 1,312 $ 1,414 Preferred unit distributions (4) (5 ) — General partner cash distributions (5) — (565 ) Implied DCF Available to Common Unitholders $ 1,307 $ 849 Implied DCF per Common Unit (6) $ 1.82 $ 1.83 Implied DCF per Common Unit and Common Equivalent Unit (7) $ 1.67 $ 1.63 Cash Distribution Paid per Common Unit $ 1.95 $ 2.65 Common Unit Cash Distributions (8) $ 1,386 $ 1,627 Common Unit Distribution Coverage Ratio 0.94x 0.87x Implied DCF Excess / (Shortage) $ (79 ) $ (213 ) (1) Adjustment to add back our proportionate share of depreciation and amortization expense and gains or losses on significant asset sales of unconsolidated entities. (2) Excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps. (3) Represents the difference between non-cash equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization and gains or losses on significant asset sales) and cash distributions received from such entities. (4) Cash distributions paid to our preferred unitholders during the period presented. The $0.5250 quarterly ($2.10 annualized) per unit distribution requirement of our Series A preferred units has been paid-in-kind for each quarterly distribution since their issuance; as such, no Series A preferred unit distributions are included for any periods presented. Distributions on our Series A preferred units must be paid in cash beginning with the May 2018 quarterly distribution. The $61.25 per unit annual distribution requirement of our Series B preferred units, which were issued in October 2017, is payable semi-annually in arrears on May 15 and November 15. A pro-rated initial distribution on the Series B preferred units was paid on November 15, 2017. (5) The Simplification Transactions, which closed on November 15, 2016, simplified our governance structure and permanently eliminated our incentive distribution rights (IDRs) and the economic rights associated with our 2% general partner interest. (6) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the periods of 717 million and 464 million, respectively. (7) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid (if any), divided by the weighted average common units and common equivalent units outstanding for the periods of 784 million and 522 million, respectively. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, at any time after January 28, 2018, in whole or in part, subject to certain minimum conversion amounts. (8) Cash distributions paid during the period presented. For the twelve months ended December 31, 2016, includes $565 million of cash distributions paid to the general partner during the period. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (continued)
(in millions, except per unit data)
Twelve Months Ended
December 31, 2017 2016 Net Income Per Common Unit to Implied DCF Per Common Unit and Common Equivalent Unit Reconciliation Basic net income per common unit $ 0.96 $ 0.43 Reconciling items per common unit (1) (2) 0.86 1.40 Implied DCF per common unit $ 1.82 $ 1.83 Basic net income per common unit $ 0.96 $ 0.43 Reconciling items per common unit and common equivalent unit (1) (3) 0.71 1.20 Implied DCF per common unit and common equivalent unit $ 1.67 $ 1.63 (1) Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA and Implied DCF Reconciliation” table for additional information. (2) Based on weighted average common units outstanding for the period of 717 million and 464 million, respectively. (3) Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the period of 67 million and 58 million, respectively. Reconciliation of Segment Adjusted EBITDA to Segment Adjusted EBITDA further adjusted for impact of divested assets Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Transportation Facilities Supply and
Logistics
Transportation Facilities Supply and
Logistics
Segment Adjusted EBITDA $ 335 $ 185 $ 72 $ 273 $ 188 $ 51 Impact of divested assets (1) — — — (8 ) (12 ) — Segment Adjusted EBITDA further adjusted for impact of divested assets $ 335 $ 185 $ 72 $ 265 $ 176 $ 51 (1) Estimated impact of divestitures completed during 2017, assuming an effective date of 1/1/17. Divested assets include certain non-core pipelines in the Rocky Mountain and Central regions previously reported in our Transportation segment, and certain Bay Area, California terminal assets and the Bluewater natural gas storage facility previously reported in our Facilities segment. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED ADJUSTED NET INCOME PER COMMON UNIT (1)
(in millions, except per unit data)
Three Months Ended
March 31, 2018 2017 Basic Adjusted Net Income per Common Unit Net income $ 288 $ 444 Selected items impacting comparability - Adjusted net income (2) 22 (220 ) Adjusted net income $ 310 $ 224 Distributions to Series A preferred unitholders (37 ) (34 ) Distributions to Series B preferred unitholders (12 ) — Other (2 ) (4 ) Adjusted net income allocated to common unitholders $ 259 $ 186 Basic weighted average common units outstanding 725 691 Basic adjusted net income per common unit $ 0.36 $ 0.27 Diluted Adjusted Net Income per Common Unit Net income $ 288 $ 444 Selected items impacting comparability - Adjusted net income (2) 22 (220 ) Adjusted net income $ 310 $ 224 Distributions to Series A preferred unitholders (37 ) (34 ) Distributions to Series B preferred unitholders (12 ) — Other (2 ) (4 ) Adjusted net income allocated to common unitholders $ 259 $ 186 Basic weighted average common units outstanding 725 691 Effect of dilutive securities: Equity-indexed compensation plan awards (3) 2 2 Diluted weighted average common units outstanding 727 693 Diluted adjusted net income per common unit (4) $ 0.36 $ 0.27 (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method. (2) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. (3) Our LTIP awards that contemplate the issuance of common units and certain AAP Management Units that contemplate the issuance of common units to AAP when such AAP Management Units become earned are considered dilutive unless (i) vesting occurs only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. LTIP awards and AAP Management Units that are deemed to be dilutive are reduced by a hypothetical unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. (4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for the three months ended March 31, 2018 and 2017 as the effect was antidilutive. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP REVENUES $ 8,398 $ — $ 8,398 $ 6,667 $ — $ 6,667 COSTS AND EXPENSES Purchases and related costs 7,519 — 7,519 5,593 — 5,593 Field operating costs 292 — 292 288 — 288 General and administrative expenses 79 1 80 74 1 75 Depreciation and amortization 127 — 127 121 1 122 Total costs and expenses 8,017 1 8,018 6,076 2 6,078 OPERATING INCOME 381 (1 ) 380 591 (2 ) 589 OTHER INCOME/(EXPENSE) Equity earnings in unconsolidated entities 75 — 75 53 — 53 Interest expense, net (106 ) — (106 ) (129 ) — (129 ) Other expense, net (1 ) — (1 ) (5 ) — (5 ) INCOME BEFORE TAX 349 (1 ) 348 510 (2 ) 508 Current income tax expense (13 ) — (13 ) (10 ) — (10 ) Deferred income tax expense (48 ) (14 ) (62 ) (56 ) (40 ) (96 ) NET INCOME 288 (15 ) 273 444 (42 ) 402 Net income attributable to noncontrolling interests — (236 ) (236 ) — (361 ) (361 ) NET INCOME ATTRIBUTABLE TO PAGP $ 288 $ (251 ) $ 37 $ 444 $ (403 ) $ 41 BASIC AND DILUTED NET INCOME PER CLASS A SHARE $ 0.23 $ 0.34 BASIC AND DILUTED WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING 157 120 (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET DATA
(in millions)
March 31, 2018 December 31, 2017 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets $ 3,962 $ 3 $ 3,965 $ 4,000 $ 3 $ 4,003 Property and equipment, net 14,114 15 14,129 14,089 16 14,105 Goodwill 2,543 — 2,543 2,566 — 2,566 Investments in unconsolidated entities 2,882 — 2,882 2,756 — 2,756 Deferred tax asset — 1,373 1,373 — 1,386 1,386 Linefill and base gas 870 — 870 872 — 872 Long-term inventory 159 — 159 164 — 164 Other long-term assets, net 893 (2 ) 891 904 (3 ) 901 Total assets $ 25,423 $ 1,389 $ 26,812 $ 25,351 $ 1,402 $ 26,753 LIABILITIES AND PARTNERS' CAPITAL Current liabilities $ 4,601 $ 1 $ 4,602 $ 4,531 $ 2 $ 4,533 Senior notes, net of unamortized discounts and debt issuance costs 8,935 — 8,935 8,933 — 8,933 Other long-term debt 115 — 115 250 — 250 Other long-term liabilities and deferred credits 736 — 736 679 — 679 Total liabilities $ 14,387 $ 1 $ 14,388 $ 14,393 $ 2 $ 14,395 Partners' capital excluding noncontrolling interests 11,036 (9,335 ) 1,701 10,958 (9,263 ) 1,695 Noncontrolling interests — 10,723 10,723 — 10,663 10,663 Total partners' capital 11,036 1,388 12,424 10,958 1,400 12,358 Total liabilities and partners' capital $ 25,423 $ 1,389 $ 26,812 $ 25,351 $ 1,402 $ 26,753 (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
(in millions, except per share data)
Three Months Ended
March 31, 2018 2017 Basic and Diluted Net Income per Class A Share (1) Net income attributable to PAGP $ 37 $ 41 Basic and diluted weighted average Class A shares outstanding 157 120 Basic and diluted net income per Class A share $ 0.23 $ 0.34 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-plains-all-american-pipeline-l-p-and-plains-gp-holdings-report-first-quarter-2018-results.html |
May 3 (Reuters) - Beiqi Foton Motor Co Ltd:
* SAYS IT HAS RECEIVED NEW ENERGY CAR SUBSIDIES OF 384.4 MILLION YUAN ($60.51 million) Source text in Chinese: bit.ly/2HPvu6K ($1 = 6.3529 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-beiqi-foton-motor-receives-new-ene/brief-beiqi-foton-motor-receives-new-energy-car-subsidies-of-384-4-million-yuan-idUSH9N1S403F |
May 10 (Reuters) - Senseonics Holdings Inc:
* SENSEONICS HOLDINGS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $2.9 MILLION VERSUS I/B/E/S VIEW $2.6 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.12 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-senseonics-holdings-reports-q1-los/brief-senseonics-holdings-reports-q1-loss-per-share-0-16-idUSASC0A1LH |
01:35 01:35 | 9:48 AM ET Wed, 30 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/pending-home-sales-dip.html |
May 3 (Reuters) - Pico Holdings Inc:
* PICO HOLDINGS, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2018
* Q1 LOSS PER SHARE $0.12 * QTRLY TOTAL REVENUE $344,000 VERSUS $ 26.2 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pico-holdings-q1-loss-per-share-01/brief-pico-holdings-q1-loss-per-share-0-12-idUSASC09ZKP |
May 21 (Reuters) - Kosmos Energy Ltd:
* KOSMOS ENERGY SAYS ANAPAI-1 WELL DRILLING IN BLOCK 45 OFFSHORE SURINAME ENCOUNTERED SHALLOW BORE HOLE STABILITY ISSUES BEFORE REACHING TARGET INTERVAL
* KOSMOS ENERGY LTD SAYS KOSMOS AND ITS PARTNER WILL RE-SPUD WELL, ANAPAI-1A, TARGETING SAME OBJECTIVES
* KOSMOS ENERGY LTD SAYS ANAPAI-1A IS EXPECTED TO SPUD IMMINENTLY, AND WILL TAKE APPROXIMATELY 50 TO 60 DAYS TO DRILL WITH RESULTS EXPECTED EARLY IN Q3 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kosmos-energy-provides-suriname-ac/brief-kosmos-energy-provides-suriname-activity-update-idUSFWN1SS00H |
NEW YORK--(BUSINESS WIRE)-- International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the first quarter 2018.
Highlights
Net loss for the first quarter was $29.3 million, or $1.01 per share, compared to net income of $18.1 million, or $0.62 per share, in the first quarter of 2017. The net loss for the first quarter includes a $6.6 million loss from the sale of four vessels. Net loss excluding the loss from vessel sales was $22.7 million, or $0.78 per share. Time charter equivalent (TCE) revenues (A) for the first quarter were $48.8 million, compared to $84.1 million in the first quarter of 2017. Adjusted EBITDA (B) for the first quarter was $6.5 million, compared to $46.6 million in the same period of 2017. Cash (C) was $91.2 million as of March 31, 2018; total liquidity was $141.2 million, including $50 million undrawn revolver. The Company’s FSO joint ventures closed on a credit facility in April 2018; International Seaways received $110 million in proceeds from the drawdown of the facility. Delivered a 2002-built MR and a 2004-built MR to buyers in January and February, respectively. Agreed to sell an older VLCC during the first quarter, which delivered to buyers in April. Completed sale and leaseback transactions for two 2009-built Aframaxes in March. Subsequent to the end of the quarter, agreed to sell a 2001-built Aframax, a 2004-built MR and a 2003-built ULCC. The MR delivered to buyers in April.
“During the first quarter, we maintained our lean and scalable model with low breakevens, continued to benefit from our contracted fixed-rate charters, and increased our cash position to $91.2 million,” said Lois K. Zabrocky, International Seaways’ president and CEO. “We also continued to execute on our fleet growth and renewal strategy in 2018 year to date, highlighted by the sale of four vessels with an average age of 15.4 years. We also have taken important steps to enhance our financial flexibility ahead of the anticipated second quarter closing of the acquisition of six VLCCS, which is expected to increase the size of the Company’s fleet by 23% on a deadweight ton basis, following the recent sale of older vessels. While preparing these vessels for sale resulted in a reduction in revenue and increased costs in the near term, the sales generated substantial additional liquidity for the acquisition and balance sheet. We are pleased to add highly-efficient modern sister ships to our fleet, positioning the Company to significantly reduce its fleet’s age and enhance its earnings power.”
Ms. Zabrocky continued, “We are pleased to have recently closed on an attractive credit facility for our FSO joint ventures, which provides the Company with $110 million in proceeds and underscores the sizable contracted cash flows these vessels generate and the significant value of these assets. We believe we are well-positioned to complete the six-vessel acquisition based on our success increasing the Company’s liquidity position, combined with the expected assumption of the debt currently secured by the vessels. Going forward, we expect our balanced fleet deployment strategy and moderate level of predictable cash flows to enable International Seaways to both optimize revenue through the current tanker cycle and capitalize on the market recovery in both the crude and the product tanker sectors.”
Agreement to Acquire Six VLCCs
On April 18, 2018, the Company entered into a stock purchase and sale agreement to acquire the holding companies for six VLCCs from Euronav NV in connection with the closing of Euronav’s announced acquisition of Gener8 Maritime. The $434 million transaction is inclusive of assumed debt, and includes five 2016-built VLCCs and one 2015-built VLCC, each constructed at Shanghai Waigaoqiao Shipbuilding Co. The Company intends to fund the transaction, which is expected to close in the second quarter of 2018, with a combination of available liquidity, the assumption of all or part of the debt that is currently secured by the vessels, which will have an expected outstanding balance of $311 million (as of March 31, 2018), maturing between 2027 and 2028 and carrying a fixed annual interest rate of LIBOR plus 2.0%, and other incremental third-party financing. The transaction is subject to a number of closing conditions, including (i) consummation of Euronav’s announced acquisition of Gener8 Maritime, (ii) amendment of the Company’s existing credit facility as required to consummate the transaction, on terms and conditions reasonably acceptable to us, (iii) accuracy in all material respects of the representations and warranties, and compliance in all material respects with the covenants and agreements, made by Euronav in the agreement, and (iv) receipt of all required third-party consents, third-party approvals and regulatory approvals. If the Company is unable to receive the necessary consents from the lenders of its existing term loan with respect to the transaction, the Company has agreed, if Euronav so elects, to purchase the holding companies for the six vessels for the same $434 million purchase price and may or may not assume the debt secured by the vessels. Euronav would then be expected to repurchase two of the 2016-built vessels from the Company for aggregate consideration of $143 million. Such repurchase may also involve prepayment of all or part of the outstanding debt obligations associated with the vessels and would be subject to certain other conditions.
First Quarter 2018 Results
Net loss for the first quarter was $29.3 million, or $1.01 per share, compared to net income of $18.1 million, or $0.62 per share, in the first quarter of 2017. The net loss in the first quarter of 2018 reflects a decline of $35.3 million in TCE revenues compared with the first quarter of 2017, a reduction in equity in income of affiliated companies of $5.3 million, a net loss on vessel disposals during the 2018 period of $6.6 million and the effect of positioning vessels for sale as part of our fleet renewal strategy.
Consolidated TCE revenues for the first quarter of 2018 were $48.8 million, compared to $84.1 million in the first quarter of 2017. Shipping revenues for the first quarter of 2018 were $52.0 million, compared to $88.8 million in the first quarter of 2017.
The reduction in equity in income of affiliated companies was principally attributable to decreases in earnings from the two FSO joint ventures as charter rates in the five-year service contracts that commenced in the third quarter of 2017 are lower than the charter rates included in the service contracts under which the FSO joint ventures operated during the first quarter of 2017.
Adjusted EBITDA was $6.5 million for the quarter, compared to $46.6 million in the first quarter of 2017, principally driven by TCE revenues.
Crude Tankers
TCE revenues for the Crude Tankers segment were $29.2 million for the quarter, compared to $56.0 million in the first quarter of 2017. This decrease resulted primarily from the impact of lower average blended rates in all of the Crude Tanker fleet sectors, aggregating approximately $28.0 million. VLCC, Aframax and Panamax spot rates declined to approximately $12,900, $10,000 and $12,700 per day, respectively. Approximately $3.9 million of the reduction in TCE revenues represents the impact of the Company’s only ULCC being idle for the entirety of the current quarter. The decline in TCE revenues also reflects a $3.5 million decrease in revenue in the Crude Tankers Lightering business during the current quarter. These declines were tempered by the impact of 234 additional revenue days, reflecting the two Suezmaxes and one VLCC that were acquired in the second half of 2017, aggregating $4.6 million. Shipping revenues for the Crude Tankers segment were $32.4 million for the quarter, compared to $59.9 million in the first quarter of 2017.
Product Carriers
TCE revenues for the Product Carriers segment were $19.6 million for the quarter, compared to $28.1 million in the first quarter of 2017. This decrease was primarily due to a decline in average daily blended rates earned by the MR, LR1 and LR2 fleets, with spot rates declining to approximately $11,200, $11,600 and $13,900 per day, respectively, accounting for $4.6 million of the decline in TCE revenues. Additionally, the impact of 324 fewer revenue days due to the sale of four MRs between August 2017 and February 2018 and the redelivery of a bareboat vessel late in December 2017 contributed to the lower TCE revenues, partially offset by 95 fewer MR drydocking days in the first quarter of 2017, as compared to the prior year period. Shipping revenues for the Product Carriers segment were $19.6 million for the quarter, compared to $28.9 million in the first quarter of 2017.
Vessel Sales
During the quarter, the Company delivered a 2002-built MR and a 2004-built MR to buyers in January and February, respectively. The Company also completed sale and leaseback transactions for two 2009-built Aframaxes during the quarter. The associated bareboat charters are for periods ranging from 70 to 73 months and contain purchase options executable by the Company, commencing at the end of the third year.
The Company also agreed to sell a 2000-built VLCC, which was classified as held for sale at March 31, 2018 and delivered to its buyer in April. In April, the Company agreed to sell a 2001-built Aframax, a 2004-built MR and a 2003-built ULCC, which is conditional on the closing of the agreement to acquire the six VLCCs from Euronav NV. The 2004-built MR was delivered to the buyer in April and the other vessels are expected to be delivered to their buyers during the second quarter of 2018.
Closing of Credit Facility by FSO Joint Ventures
In April, the Company announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced agreement to acquire six VLCCs. The joint venture facility has an interest rate of LIBOR plus 2% and amortizes over the remaining terms of the five-year contracts with North Oil Company (NOC), in July 2022 and September 2022, for the FSO Asia and FSO Africa, respectively. ING Bank Belgium SA/NV and ABN AMRO Bank N.V. acted as joint lead arrangers for the credit facility.
Conference Call
The Company will host a conference call to discuss its first quarter 2018 results at 9:00 a.m. Eastern Time (“ET”) on Friday, May 4, 2018.
To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.intlseas.com .
An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, May 4, 2018 through 11:59 p.m. ET on Friday, May 11, 2018 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10119732.
About International Seaways, Inc.
International Seaways, Inc. (NYSE:INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owned and operated a fleet of 53 vessels as of March 31, 2018, including one ULCC, nine VLCCs, two Suezmaxes, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 15 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. Additionally, the Company has signed a stock purchase and sale agreement to acquire six modern VLCCs, subject to certain financing and other conditions, expected to close during the 2nd quarter of 2018. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com .
Forward-Looking Statements
This release contains . In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered . These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2017 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any . Forward-looking statements and written and oral attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Consolidated Statements of Operations
($ in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Shipping Revenues: Pool revenues $ 35,514 $ 49,773 Time and bareboat charter revenues 7,913 17,350 Voyage charter revenues 8,551 21,627 Total Shipping Revenues 51,978 88,750 Operating Expenses: Voyage expenses 3,177 4,618 Vessel expenses 36,658 33,728 Charter hire expenses 8,623 11,351 Depreciation and amortization 17,624 18,616 General and administrative 6,029 6,274 Separation and transition costs - 735 Loss on disposal of vessels and other property 6,573 - Total operating expenses 78,684 75,322 (Loss)/income from vessel operations (26,706 ) 13,428 Equity in income of affiliated companies 8,340 13,606 Operating (loss)/income (18,366 ) 27,034 Other income 679 204 (Loss)/income before interest expense and income taxes (17,687 ) 27,238 Interest expense (11,621 ) (9,167 ) (Loss)/income before income taxes (29,308 ) 18,071 Income tax provision (8 ) (4 ) Net (loss)/income $ (29,316 ) $ 18,067 Weighted Average Number of Common Shares Outstanding: Basic 29,106,180 29,180,255 Diluted 29,106,180 29,195,544 Per Share Amounts: Basic and diluted net (loss)/income per share $ (1.01 ) $ 0.62 The Company adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASC 715), which requires that an employer classify and report the service cost component in the same line item or items in the statement of operations as other compensation costs arising from services rendered by the pertinent employees during the period and disclose by line item in the statement of operations the amount of net benefit cost that is included in the statement of operations. The other components of net benefit cost would be presented in the statement of operations separately from the service cost component and outside the subtotal of income from operations. The Company adopted this accounting standard on January 1, 2018 and has applied the guidance retrospectively.
Consolidated Balance Sheets ($ in thousands) March 31, December 31, 2018 2017 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 53,472 $ 60,027 Voyage receivables 50,696 58,187 Other receivables 2,621 4,411 Inventories 3,977 3,270 Prepaid expenses and other current assets 9,781 5,897 Total Current Assets 120,547 131,792 Restricted cash 37,714 10,579 Vessels and other property, less accumulated depreciation 1,019,049 1,104,727 Vessel held for sale, net 17,940 5,108 Deferred drydock expenditures, net 26,014 30,528 Total Vessels, Deferred Drydock and Other Property 1,063,003 1,140,363 Investments in and advances to affiliated companies 384,024 378,894 Other assets 7,184 2,856 Total Assets $ 1,612,472 $1,664,484 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 24,707 $ 22,805 Payable to OSG 34 367 Current installments of long-term debt 20,625 24,063 Total Current Liabilities 45,366 47,235 Long-term debt 500,643 528,874 Other liabilities 2,821 2,721 Total Liabilities 548,830 578,830 Equity: Total Equity 1,063,642 1,085,654 Total Liabilities and Equity $ 1,612,472 $1,664,484
Consolidated Statements of Cash Flows
($ in thousands) Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Cash Flows from Operating Activities: Net (loss)/income $ (29,316 ) $ 18,067 Items included in net income not affecting cash flows: Depreciation and amortization 17,624 18,616 Amortization of debt discount and other deferred financing costs 1,250 1,979 Stock compensation, non-cash 629 740 Undistributed earnings of affiliated companies (8,425 ) (13,436 ) Other – net - 131 Items included in net income related to investing and financing activities: Loss on disposal of vessels and other property 6,573 - Cash distributions from affiliated companies 6,212 - Payments for drydocking (1,249 ) (7,026 ) Insurance claims proceeds related to vessel operations 1,061 5 Changes in operating assets and liabilities 1,187 (7,803 ) Net cash (used in)/provided by operating activities (4,454 ) 11,273 Cash Flows from Investing Activities: Expenditures for vessels and vessel improvements (1,911 ) (397 ) Proceeds from disposal of vessels and other property 57,430 - Expenditures for other property (126 ) (26 ) Investments in and advances to affiliated companies, net 869 (74 ) Repayments of advances from joint venture investees 2,488 - Net cash provided by/(used in) investing activities 58,750 (497 ) Cash Flows from Financing Activities: Payments on debt (33,438 ) (1,546 ) Cash paid to tax authority upon vesting of stock-based compensation (278 ) (164 ) Net cash used in financing activities (33,716 ) (1,710 ) Net increase in cash, cash equivalents and restricted cash 20,580 9,066 Cash, cash equivalents and restricted cash at beginning of year 70,606 92,001 Cash, cash equivalents and restricted cash at end of period $ 91,186 $ 101,067 The Company adopted ASU No. 2016-18, Statement of Cash Flows (ASC 230), Restricted Cash, which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after December 31, 2017 and interim periods within that reporting period. The Company adopted this accounting standard on January 1, 2018. The adoption of this accounting standard resulted in the inclusion of restricted cash by $10,579 from December 31, 2017 in the beginning-of-period amount shown on the statement of cash flows for the three months ended March 31, 2018.
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2018 and the comparable period of 2017. Revenue days in the quarter ended March 31, 2018 totaled 4,066 compared with 4,151 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.
Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Spot Fixed Total Spot Fixed Total Crude Tankers ULCC Average TCE Rate $ — $ — $ — $ 42,595 Number of Revenue Days 90 — 90 — 90 90 VLCC Average TCE Rate $ 12,926 $ 13,085 $ 38,794 $ 42,141 Number of Revenue Days 617 89 706 564 88 652 Suezmax Average TCE Rate $ 14,927 $ — $ — $ — Number of Revenue Days 180 — 180 — — — Aframax Average TCE Rate $ 9,955 $ — $ 15,735 $ — Number of Revenue Days 554 — 554 585 — 585 Panamax Average TCE Rate $ 12,691 $ 11,562 $ 14,431 $ 21,450 Number of Revenue Days 180 537 717 494 184 678 Total Crude Tankers Revenue Days
1,621 626 2,247 1,643 362 2,005 Product Carriers LR2 Average TCE Rate $ 13,911 $ — $ 17,735 $ — Number of Revenue Days 90 — 90 90 — 90 LR1 Average TCE Rate $ 11,639 $ — $ 17,396 $ 19,034 Number of Revenue Days 354 — 354 90 267 357 MR Average TCE Rate $ 11,235 $ 5,294 $ 12,586 $ 5,488 Number of Revenue Days 1,285 90 1,375 1,608 91 1,699 Total Product Carriers Revenue Days
1,729 90 1,819 1,788 358 2,146 TOTAL REVENUE DAYS 3,350 716 4,066 3,431 720 4,151 Revenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.
Fleet Information
As of March 31, 2018 INSW’s owned and operated fleet consisted of 53 vessels, 39 of which were owned, 8 of which were chartered in, and 6 of which were held through joint venture partnerships (2 FSO and 4 LNG vessels)
Vessels Owned Vessels Chartered-in Total at March 31, 2018 Vessel Type Number Weighted by
Ownership Number Weighted by
Ownership Total
Vessels
Vessels
Weighted by
Ownership Total Dwt Operating Fleet FSO 2 1.0 — — 2 1.0 864,046 VLCC and ULCC 10 10.0 — — 10 10.0 3,194,100 Suezmax 2 2.0 — — 2 2.0 316,864 Aframax 5 5.0 2 2.0 7 7.0 787,859 Panamax 8 8.0 — — 8 8.0 555,504 Crude Tankers 27 26.0 2 2.0 29 28.0 5,718,373 LR2 1 1.0 — — 1 1.0 109,999 LR1 4 4.0 — — 4 4.0 297,710 MR 9 9.0 6 6.0 15 15.0 740,601 Product Carriers 14 14.0 6 6.0 20 20.0 1,148,310 Total Crude Tanker & Product Carrier Operating Fleet 41 40.0 8 8.0 49 48.0 6,866,683 LNG Fleet 4 2.0 — — 4 2.0 864,800 cbm 6,866,683
and
Total Operating Fleet 45 42.0 8 8.0 53 50.0 864,800 cbm
Reconciliation to Non-GAAP Financial Information
The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
(A) Time Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:
Three Months Ended March 31, ($ in thousands) 2018 2017 Time charter equivalent revenues $ 48,801 $ 84,132 Add: Voyage expenses 3,177 4,618 Shipping revenues $ 51,978 $ 88,750 (B) EBITDA and Adjusted EBITDA
EBITDA represents net(loss)/income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net (loss)/income as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:
Three Months Ended ($ in thousands)
March 31, 2018 2017 Net (loss)/income $ (29,316 ) $ 18,067 Income tax provision 8 4 Interest expense 11,621 9,167 Depreciation and amortization 17,624 18,616 EBITDA (63 ) 45,854 Separation and transition costs - 735 Loss on disposal of vessels and other property 6,573 - Adjusted EBITDA $ 6,510 $ 46,589 (C) Total Cash
($ in thousands) March 31, 2018
December 31, 2017
Cash and cash equivalents $ 53,472 $ 60,027 Restricted cash 37,714 10,579 Total Cash $ 91,186 $ 70,606
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005138/en/
Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
[email protected]
Source: International Seaways, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-international-seaways-reports-first-quarter-2018-results.html |
May 23 (Reuters) - COSMO PHARMACEUTICALS NV:
* RECEIVES COMPLETE RESPONSE LETTER FROM FDA ON METHYLENE BLUE MMX NDA
* FDA DID NOT RAISE ANY SAFETY OR MANUFACTURING CONCERN * COSMO PHARMACEUTICALS - FDA DETERMINED IT CAN’T APPROVE NDA IN ITS PRESENT FORM, PROVIDES RECOMMENDATIONS NEEDED FOR RESUBMISSION
* DOES NOT EXPECT ITS GUIDANCE FOR 2018 TO CHANGE AT THIS POINT IN TIME
* FDA IDENTIFIED UNSPECIFIED DEFICIENCIES THAT PRECLUDE CONTINUATION OF DISCUSSION OF LABELING AND POST-MARKETING REQUIREMENT/COMMITMENTS
* COSMO PHARMACEUTICALS THERE MIGHT NOT BE METHYLENE BLUE MMX REVENUES IN THIS YEAR, THERE ALSO WON’T BE ASSOCIATED PRODUCT LAUNCH AND SALES FORCE COSTS
* COSMO PHARMACEUTICALS - BELIEVES CONCERNS RAISED BY FDA ARE FULLY ADDRESSABLE, WILL WORK TO HAVE MEETING WITH FDA AS QUICK AS POSSIBLE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cosmo-pharmaceuticals-receives-com/brief-cosmo-pharmaceuticals-receives-complete-response-letter-from-fda-on-methylene-blue-mmx-nda-idUSFWN1SU08C |
May 8 (Reuters) - US Foods Holding Corp:
* Q1 SALES $5.8 BILLION VERSUS I/B/E/S VIEW $5.99 BILLION * Q1 EARNINGS PER SHARE VIEW $0.31 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 SALES UP ABOUT 3 PERCENT * QTRLY TOTAL CASE VOLUME DECREASED 2.3%; INDEPENDENT RESTAURANT CASE VOLUME INCREASED 4.3%
* SEES 2018 TOTAL CASE VOLUME GROWTH OF ABOUT 1% * FOR 2018, OUTLOOK FOR ADJUSTED EBITDA GROWTH OF 6-8% AND ADJUSTED DILUTED EPS OF $2.00-$2.10 REMAINS UNCHANGED
* “OUTLOOK FOR INDEPENDENT RESTAURANTS AND THE OVERALL INDUSTRY REMAINS STRONG” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-us-foods-holding-reports-q1-adjust/brief-us-foods-holding-reports-q1-adjusted-earnings-per-share-of-0-35-idUSASC0A0DG |
Steve Hoerter, Chief Commercial Officer at Agios Pharmaceuticals, Inc., Elected to Board of Directors
WALTHAM, Mass.--(BUSINESS WIRE)-- Deciphera Pharmaceuticals, Inc. (NASDAQ:DCPH), a clinical-stage biopharmaceutical company focused on addressing key mechanisms of tumor drug resistance, today announced that it has elected Mr. Steven L. Hoerter, Chief Commercial Officer at Agios Pharmaceuticals, Inc., to its Board of Directors, effective as of May 17, 2018. Mr. Hoerter will serve as an independent director and a member of the Nominating and Corporate Governance Committee. The number of Deciphera directors was increased from eight to nine in connection with Mr. Hoerter’s election.
“We are delighted to welcome Steve to our Board of Directors, and we value the expertise he brings to Deciphera at this strategically important time in the evolution of the Company,” stated Michael D. Taylor, Ph.D., President and Chief Executive Officer of Deciphera Pharmaceuticals. “Mr. Hoerter’s extensive commercial experience will be invaluable as we advance DCC-2618 through late stage development and plan for the possible registration and launch of this potential treatment for patients with gastrointestinal stromal tumors.”
“I’m excited by Deciphera’s robust oncology pipeline, and I look forward to helping guide the outstanding team at Deciphera as they work to bring these novel, precision medicines to patients,” said Mr. Hoerter.
Mr. Hoerter has served as Chief Commercial Officer of Agios since early 2016 where he built and leads the team responsible for the commercialization of the company’s portfolio of first-in-class medicines for oncology and rare genetic diseases. He has more than 25 years of global pharmaceutical and biotechnology experience, having held senior positions at leading oncology companies. Prior to joining Agios, Mr. Hoerter was executive vice president and Chief Commercial Officer at Clovis Oncology, Inc., where he built and led the company’s commercial organization. Before joining Clovis, he was General Manager and Management Center Head at Roche for the Sub-Saharan Africa and Indian Ocean Region. From 2005 to 2010, Mr. Hoerter held a variety of positions at Genentech, Inc., including serving on the senior leadership team for Genentech’s BioOncology business. Prior to that, Mr. Hoerter held commercial roles at Chiron Corporation and Eli Lilly and Company in the U.S., Europe, and Africa. Mr. Hoerter was a member of the Board of Directors of Ignyta, Inc., a biotechnology company focused on precision medicine in oncology, until the company’s acquisition by Roche earlier this year. Mr. Hoerter received his B.A. from Bucknell University, M.B.A. from Tilburg University and M.S. in management from Purdue University.
About Deciphera Pharmaceuticals
Deciphera Pharmaceuticals is a clinical-stage biopharmaceutical company focused on improving the lives of cancer patients by tackling key mechanisms of drug resistance that limit the rate and/or durability of response to existing cancer therapies. Our small molecule drug candidates are directed against an important family of enzymes called kinases, known to be directly involved in the growth and spread of many cancers. We use our deep understanding of kinase biology together with a proprietary chemistry library to purposefully design compounds that maintain kinases in a “switched off” or inactivated conformation. These investigational therapies comprise tumor-targeted agents designed to address therapeutic resistance causing mutations and immuno-targeted agents designed to control the activation of immunokinases that suppress critical immune system regulators, such as macrophages. We have used our platform to develop a diverse pipeline of tumor-targeted and immuno-targeted drug candidates designed to improve outcomes for patients with cancer by improving the quality, rate and/or durability of their responses to treatment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005538/en/
Media:
The Yates Network
Gina Nugent, 617-460-3579
[email protected]
or
Investor Relations:
Argot Partners
Laura Perry or Sam Martin, 212-600-1902
[email protected] or [email protected]
or
Company:
Deciphera Pharmaceuticals, LLC
Christopher J. Morl, 781-209-6418
Chief Business Officer
[email protected]
Source: Deciphera Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-deciphera-pharmaceuticals-expands-board-with-the-election-of-mr-steven-l-hoerter-as-a-director.html |
REDMOND, Wash., May 09, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced results for the quarter ended March 31, 2018.
Revenue for the first quarter of 2018 was $2.2 million, compared to $0.6 million for the first quarter of 2017. MicroVision's net loss for the first quarter of 2018 was $7.1 million, or $0.09 per share, compared to a net loss of $5.9 million, or $0.09 per share for the first quarter of 2017.
The company has implemented Revenue Standard ASC 606 for the year beginning January 1, 2018. The Company transitioned to the new standard using the full retrospective approach, and per the standard, historical periods have been adjusted as if the new standard was in place for historical periods.
“I am very pleased with the progress we have made over the last several months. Earlier this week we signed a new $10 million worldwide exclusive license agreement with a leading global technology company for the manufacture and distribution of display-only products, one of our five key vertical markets. This new agreement provides validation of our product roadmap and our revised Go-To-Market strategy. We also continued to make significant progress on our previously announced $24 million contract with a Tier 1 technology company,” said Perry Mulligan, MicroVision’s Chief Executive Officer.
“We also have achieved significant milestones in elements of our core technology, including a new time-of-flight ASIC and a next generation, high resolution MEMS scanner, both necessary to enable our goal of being ready for mass production with several of our new products in early 2019. We are currently working to complete the next generation of development kits that will support our Interactive Display and Sensing products,” Mulligan added.
Financial Results Conference Call
The company will host a conference call today to discuss its first quarter 2018 results and current business operations at 5:00 p.m. ET/2:00 p.m. PT. Interested parties can listen to the company's conference call by accessing the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for international participants) ten minutes prior to the start of the call using pass code number 9474035. A replay webcast of the call will also be available from the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page .
About MicroVision
MicroVision is the creator of PicoP® scanning technology, and ultra-miniature laser projection and sensing solutions. MicroVision’s patented technology is a single platform that can enable projected displays, image capture and interaction for a wide array of future-ready products in this rapidly evolving, always-on world. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Washington.
For more information, visit the company’s website at www.microvision.com , on Facebook at www.facebook.com/microvisioninc or follow MicroVision on Twitter at @MicroVision .
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to providing solutions, benefits under license agreements, progress on development contracts, potential customer agreements, milestones, potential demand for MicroVision technology and products, product roadmaps, Go-To-Market strategy, potential products and applications, features of MicroVision technology, and those containing words such as “validation,” “enable” and “goal” are forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: our ability to raise additional capital when needed; products incorporating our PicoP® display technology may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, our or our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
MicroVision, Inc. Balance Sheet (In thousands) (Unaudited) March 31, December 31, 2018 2017 Assets Current Assets Cash and cash equivalents $ 7,228 $ 16,966 Accounts receivable, net 2,502 15 Costs and estimated earnings in excess of billings on uncompleted contracts 258 680 Inventory 4,519 4,541 Other current assets 1,547 1,015 Total current assets 16,054 23,217 Property and equipment, net 2,950 3,251 Restricted cash 435 435 Intangible assets, net 573 602 Other assets 2,506 2,262 Total assets $ 22,518 $ 29,767 Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 1,989 $ 3,063 Accrued liabilities 6,607 5,864 Billings on uncompleted contracts in excess of related costs 4 5 Other current liabilities 10,103 10,142 Total current liabilities 18,703 19,074 Deferred rent, net of current portion 366 302 Other long-term liabilities 163 305 Total liabilities 19,232 19,681 Commitments and contingencies Shareholders' Equity Common stock at par value 79 79 Additional paid-in capital 529,205 528,873 Accumulated deficit (525,998 ) (518,866 ) Total shareholders' equity 3,286 10,086 Total liabilities and shareholders' equity $ 22,518 $ 29,767
MicroVision, Inc. Statement of Operations (In thousands, except earnings per share data) (Unaudited) Three months ended March 31, 2018 2017 Royalty revenue $ 11 $ 97 Contract revenue 2,177 471 Total revenue 2,188 568 Cost of product revenue 238 213 Cost of contract revenue 1,635 403 Total cost of revenue 1,873 616 Gross margin 315 (48 ) Research and development expense 4,828 3,318 Sales, marketing, general and administrative expense 2,607 2,580 Total operating expenses 7,435 5,898 Loss from operations (7,120 ) (5,946 ) Other income (expense), net (12 ) (3 ) Net loss $ (7,132 ) $ (5,949 ) Net loss per share - basic and diluted $ (0.09 ) $ (0.09 ) Weighted-average shares outstanding - basic and diluted 78,610 68,113 Investor Relations Contacts:
Ted Moreau
Darrow Associates, Inc.
608.298.7369
[email protected]
or
David H. Allen
Darrow Associates, Inc.
408.427.4463
[email protected]
Source:Microvision, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-microvision-announces-first-quarter-2018-results.html |
Free speech is out of fashion on college, university and even high school campuses, and pro-life students are hit especially hard. Putting aside any feelings about the issue of abortion, consider that pro-life students increasingly find their ability to make their case suppressed by fellow students and administrators. With more than 1,200 college and high school chapters, Students for Life of America works daily addressing obstacles to student speech. Among them:
• Vandalism and theft of displays and signs. Defacing displays... | ashraq/financial-news-articles | https://www.wsj.com/articles/campus-censorship-hits-pro-lifers-hard-1526942093 |
(Adds details, share movement)
May 17 (Reuters) - Pipeline operator Williams Cos said on Thursday it would buy the remaining 26 percent stake that it does not already own in its master limited partnership, William Partners LP, for $10.5 billion. Williams would give 1.494 of its shares for each share of Williams Partners, with the offer representing a premium of 6.4 percent based on Wednesday’s closing price.
The company said the deal will immediately add to cash available to dividends extending the period for which the company is not expected to be cash taxpayer through 2024.
The deal simplifies Williams’ corporate structure, streamlines governance and maintains investment-grade credit ratings, the company said.
Shares of Williams Companies were up 2.3 percent to $28 in premarket trading. (Reporting by Akshara P in Bengaluru; Editing by Gopakumar Warrier and Shailesh Kuber)
| ashraq/financial-news-articles | https://www.reuters.com/article/williamspartners-ma-williams/update-1-williams-to-buy-rest-of-williams-partners-in-10-5-bln-deal-idUSL3N1SO3R7 |
NEW YORK, May 17, 2018 /PRNewswire/ -- MFA Financial, Inc. (NYSE: MFA) announced today that in accordance with the terms of its 7.50% Series B Cumulative Redeemable Preferred Stock, the Board of Directors has declared a preferred stock dividend of $0.46875 per share for the quarter ending June 30, 2018. This dividend is payable on June 29, 2018, to preferred stockholders of record as of June 4, 2018.
MFA is a real estate investment trust primarily engaged in the business of investing, on a leveraged basis, in residential mortgage assets, including residential mortgage-backed securities and residential whole loans.
CONTACT: [email protected]
212-207-6488
www.mfafinancial.com
View original content: http://www.prnewswire.com/news-releases/mfa-financial-inc-announces-second-quarter-2018-preferred-dividend-of-0-46875-per-share-300650295.html
SOURCE MFA Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-mfa-financial-inc-announces-second-quarter-2018-preferred-dividend-of-0-point-46875-per-share.html |
The Netherlands' startups are looking to expand in Asia: StartupDelta 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/the-netherlands-startups-are-looking-to-expand-in-asia-startupdelta.html |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Xiana Mining Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : XIA Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8 :00 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--xia.html |
AUSTIN, Texas, May 08, 2018 (GLOBE NEWSWIRE) -- Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE), a clinical-stage biotechnology company that designs and develops innovative human enzyme therapeutics for patients with rare genetic diseases and cancer, today provided a corporate update and reported financial results for the quarter ended March 31, 2018.
“The first quarter was a terrific start to our year, with a number of positive and encouraging developments in our lead clinical investigational program, pegzilarginase,” said Anthony G. Quinn, M.B Ch.B, Ph.D., interim chief executive officer of Aeglea. “I’m excited that we are seeing the first evidence that marked and sustained reductions in plasma arginine with pegzilarginase translated into clinically relevant treatment effects for two patients with Arginase 1 Deficiency. We plan to continue to build on this momentum by reporting additional repeat dose data in patients with Arginase 1 Deficiency in the third quarter of 2018 and finalizing our pivotal study design by the end of the year. In addition, we expect to report topline safety and clinical data from our cancer trials in the fourth quarter of 2018.
“Our April follow-on offering provides us with capital to continue to advance our planned operations and further develop our capabilities as we transition into a pivotal study and start planning for a commercial launch. Our strong cash position and our worldwide commercial rights for pegzilarginase position us favorably to build on recent clinical achievements with investments focusing on accelerating our clinical and pipeline programs.”
Corporate Update
Arginase 1 Deficiency:
Aeglea presented initial data that it believes demonstrated clinically relevant treatment effects with pegzilarginase in two Arginase 1 Deficiency patients after only eight weeks of dosing and confirmed the utility of standardized assessment tools in quantifying disease manifestations at the 2018 Annual Clinical Genetics Meeting of the American College of Medical Genetics and Genomics (ACMG) in April. This built upon data presented at the 2018 Annual Meeting of The Society for Inherited Metabolic Disorders (SIMD) that demonstrated pegzilarginase produces marked and sustained reductions in plasma arginine in patients with Arginase 1 Deficiency. Aeglea expects to report additional pediatric and adult repeat dose data in patients with Arginase 1 Deficiency in the third quarter of 2018.
Cancer:
Aeglea dosed the first patients with pegzilarginase in two small cell lung cancer (SCLC) trials: the single-agent Phase 1 cohort expansion and the Phase 1/2 combination trial with KEYTRUDA®, an anti-PD-1 therapy marketed by Merck (known as MSD outside the United States and Canada). Aeglea presented Phase 1 dose escalation data regarding pegzilarginase in patients with advanced solid tumors at the 2018 Annual Meeting of the American Association for Cancer Research (AACR) in April. The Company expects to report topline data, including safety and clinical activity, for the advanced solid tumor cohort expansions and the SCLC combination trial in the fourth quarter of 2018. Aeglea expects to initiate Phase 2 of its combination trial for patients with SCLC in the third quarter of 2018.
Upcoming Events
Aeglea will participate and provide a corporate update at the UBS Global Healthcare Conference in New York, May 21-23, 2018.
First Quarter 2018 Financial Results
As of March 31, 2018, Aeglea had available cash, cash equivalents and marketable securities of $43.5 million, which excludes approximately $37.7 million in net proceeds from a follow-on public offering which closed on April 23, 2018. Based on Aeglea’s current operating plan, management believes it has sufficient capital resources to fund anticipated operations through the middle of 2020.
Aeglea recognized grant revenues of $1.5 million in the first quarter of 2018, compared with $1.0 million in the first quarter of 2017. The grant revenues were the result of a $19.8 million research grant received from the Cancer Prevention and Research Institute of Texas (CPRIT). The revenue increase was primarily due to higher qualifying expenditures associated with the clinical trials for pegzilarginase in cancer patients in the first quarter of 2018 compared with the first quarter of 2017.
Research and development expenses totaled $6.8 million for the first quarter of 2018, compared with $4.9 million for the first quarter of 2017. The increase was primarily due to expanded clinical activity for Aeglea’s lead product candidate, pegzilarginase, as Aeglea advanced a Phase 1/2 clinical trial in patients with Arginase 1 Deficiency and initiated three single-agent cohort expansions in advanced solid tumor patients and a Phase 1/2 combination trial with KEYTRUDA in patients with small cell lung cancer.
General and administrative expenses totaled $2.8 million for the first quarter of 2018, compared with $2.3 million in the first quarter of 2017. This increase was primarily due to additional employee headcount and compensation costs to further strengthen Aeglea’s management team and support expanding research and development activities.
Net loss totaled $8.1 million and $6.2 million for the first quarter of 2018 and 2017, respectively.
Inducement Grants
Aeglea also announced today that the Compensation Committee of its Board of Directors has granted non-qualified stock options to purchase an aggregate of 21,000 shares of Aeglea’s common stock to three new employees under Aeglea’s 2018 Equity Inducement Plan.
The 2018 Equity Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Aeglea (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Aeglea, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $9.76 per share, which is equal to the closing price of Aeglea’s common stock on May 3, 2018. Each of the option awards vests as to 25% of the shares on the one-year anniversary of its grant, with the remainder of the shares vesting ratably over 36 months thereafter.
About Aeglea BioTherapeutics
Aeglea is a clinical-stage biotechnology company that designs and develops innovative human enzyme therapeutics for patients with rare genetic diseases and cancer. Aeglea is developing pegzilarginase, its lead investigational therapy, for the treatment of Arginase 1 Deficiency, as monotherapy in arginine-dependent cancers and in combination with an immune checkpoint inhibitor for small cell lung cancer. In addition, Aeglea has an active research pipeline of other human enzyme-based approaches in both therapeutic areas. For more information, please visit http://aegleabio.com .
Safe Harbor / Forward Looking Statements
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, statements we make regarding our cash forecasts, the timing and success of our clinical trials and related data, the timing of announcements and updates relating to our clinical trials and related data, our ability to enroll patients into our clinical trials, success in our collaborations and the potential therapeutic benefits and economic value of our lead product candidate or other product candidates. Further information on potential risk factors that could affect our business and its financial results are detailed in our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Contact:
David Calusdian
Sharon Merrill Associates
617.542.5300
[email protected]
Investor Contact:
Charles N. York II
Chief Financial Officer
Aeglea BioTherapeutics
[email protected]
Financials
Aeglea BioTherapeutics, Inc.
Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) March 31, December 31, 2018 2017 ASSETS CURRENT ASSETS Cash and cash equivalents $ 10,760 $ 12,817 Marketable securities 32,715 37,482 Accounts receivable - grant 3,373 3,078 Prepaid expenses and other current assets 1,995 1,614 Total current assets 48,843 54,991 Property and equipment, net 810 854 Other non-current assets 133 232 TOTAL ASSETS $ 49,786 $ 56,077 LIABILITIES AND STOCKHOLDERS ’ EQUITY CURRENT LIABILITIES Accounts payable $ 763 $ 389 Deferred revenue — 20 Accrued and other current liabilities 5,002 5,220 Total current liabilities 5,765 5,629 Other non-current liabilities 101 111 TOTAL LIABILITIES 5,866 5,740 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 10,000,000 shares authorized
as of March 31, 2018 and December 31, 2017; no shares issued
and outstanding as of March 31, 2018 and December 31, 2017 — — Common stock, $0.0001 par value; 500,000,000 shares authorized
as of March 31, 2018 and December 31, 2017; 16,809,669 shares
and 16,670,188 shares issued and outstanding as of March 31, 2018
and December 31, 2017, respectively 2 2 Additional paid-in capital 124,648 122,950 Accumulated other comprehensive loss (98 ) (102 ) Accumulated deficit (80,632 ) (72,513 ) TOTAL STOCKHOLDERS’ EQUITY 43,920 50,337 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 49,786 $ 56,077
Aeglea BioTherapeutics, Inc.
Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) Three Months Ended
March 31, 2018 2017 Revenues: Grant $ 1,510 $ 982 Operating expenses: Research and development 6,870 4,949 General and administrative 2,885 2,364 Total operating expenses 9,755 7,313 Loss from operations (8,245 ) (6,331 ) Other income (expense): Interest income 143 95 Other expense (17 ) (11 ) Total other income 126 84 Net loss $ (8,119 ) $ (6,247 ) Net loss per share, basic and diluted $ (0.49 ) $ (0.47 ) Weighted-average common shares outstanding, basic and diluted 16,672,125 13,365,823
Source:Aeglea BioTherapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-aeglea-biotherapeutics-provides-corporate-update-and-reports-first-quarter-2018-financial-results.html |
May 18 (Reuters) -
For other diaries, please see:
Top Economic Events
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Political and General News
U.S. Federal Reserve
Today in Washington - This Diary is filed daily. ** Indicates new events. -
FRIDAY, May 18 CROATIA - Croatia’s central bank governor Boris Vujcic and Finance Minister Zdravko Maric will talk about monetary policy and fiscal policy plans, respectively (Final Day). SYDNEY - Reserve Bank of Australia Payments System Board Meeting.
MONDAY, MAY 21 ATLANTA - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on “Welfare Economics: Trade and a Review of Principles” before the Atlanta Economics Club - 1615 GMT.
PRAGUE - European Central Bank Governing Council member Ewald Novotny attends the Czech National Bank’s Research Open Day at the CNB headquarters, delivering the keynote speech and taking part in a short discussion - 0630 GMT. ABUJA - Central Bank of Nigeria holds monetary policy meeting (to May 22).
TUESDAY, MAY 22 LAGOS, Nigeria - Nigeria’s central bank monetary policy committee to meet for the second time this year to set benchmark interest rate. Economists expect the committee to move closer to easing rates as inflation declines - 1400 GMT. BUENOS AIRES - Argentina central bank releases monetary policy statement. BUCHAREST - OMFIF Economists Meeting with the National Bank of Romania.
CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24). BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT.
WEDNESDAY, MAY 23 SYDNEY - Reserve Bank of Australia Governor Philip Lowe will give a speech at the Australia-China Relations Institute, Sydney – 0800 GMT.
THURSDAY, MAY 24 AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar. SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference – 1100 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision.
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
WEDNESDAY, MAY 30 YEREVAN - Armenian central bank to publish inflation report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report.
THURSDAY, MAY 31 SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JUNE 4 ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT.
TUESDAY, JUNE 5 ** MELBOURNE, Australia - Panel participation by Michele Bullock, RBA assistant governor (financial system), at the Melbourne Business School - Competition in Banking conference, Melbourne – 2300 GMT. KOKOPO, Papua New Guinea – APEC Second Senior Finance Officials’ Meeting (to June 8). CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT.
WEDNESDAY, JUNE 6 BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bank of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision. TUESDAY, JUNE 12
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 ** MELBOURNE, Australia - Speech by Philip Lowe, RBA Governor, at the Australian Industry Group event, Melbourne – 0200 GMT. ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 ** BISHKEK - Bank of Lithuania holds monetary policy meeting of the ECB Governing Council. ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 ** SYDNEY - Speech by Luci Ellis, RBA assistant governor (economic), at the Infrastructure Partnerships event, Sydney. MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 ** SYDNEY - Speech by Tony Richards, RBA head of payments policy, at the Australian Business Economists (ABE) event on cryptocurrencies. GABORONE - Bank of Botswana Monetary Policy Committee Meeting.
SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds Monetary Policy Meeting.
FRIDAY, JUNE 22 ULAANBAATAR - Central Bank of Mongolia holds Monetary Policy Committee Meeting.
MONDAY, JUNE 25 ** BISHKEK - National Bank of the Kyrgystan holds board meetings on monetary policy rate. TUESDAY, JUNE 26
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 ** BISHKEK - Bank of Lithuania holds non-monetary policy meeting of the ECB Governing Council. LILONGWE - Reserve Bank of Malawi monetary policy committee meeting (to June 28).
KINGSTON - Bank of Jamaica holds interest rate announcement and monetary policy report.
BEIRUT - Lebanese central bank governor Riad Salameh and other government officials and business leaders from the country and the region participate in the annual Euromoney Lebanon Conference 2018. PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JUNE 29 COLOMBO – Central bank of Sri Lanka announces monetary policy report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report. | ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-june-29-idUSL3N1SO4V3 |
MCLEAN, Va., May 3, 2018 /PRNewswire/ -- Cyren (NASDAQ: CYRN) today announced it will release its first quarter 2018 results on Tuesday, May 22, 2018 before U.S. markets open.
The company will also host a conference call at 10 a.m. Eastern Time (5 p.m. Israel Time) on Tuesday, May 22, 2018.
US:
1-800-289-0438
Israel:
1-80-921-2883
International:
1-323-794-2423
The call will be simultaneously webcast live on the investor relations section of Cyren's website at http://ir.cyren.com , or by using the following link: http://public.viavid.com/index.php?id=129687 .
For those unable to participate in the live conference call, a replay will be available until June 5, 2018. To access the replay, the U.S. dial in number is 1-844-512-2921 and the non-U.S. dial in number is 1-412-317-6671. Callers will be prompted for replay conference ID number 8346828. An archived version of the webcast will also be available on the investor relations section of the company's website at http://ir.cyren.com/events .
About Cyren
More than 1.3 billion users around the world rely on Cyren's 100% cloud internet security solutions to protect them against cyber attacks and data loss every day. Powered by the world's largest security cloud, Cyren (NASDAQ and TASE: CYRN) delivers fast time to protection from cyber threats with award-winning security as a service for web, email, sandboxing, and DNS for enterprises, and embedded threat intelligence solutions for security vendors and service providers. Customers like Google, Microsoft and Check Point are just a few of the businesses that depend on Cyren every day to power their security. Learn more at www.cyren.com .
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc or twitter.com/cyren_ir
Company Contact:
Mike Myshrall, CFO
Cyren
+1.703.760.3320
[email protected]
Media Contact:
Matthew Zintel
Zintel Public Relations
+1.281.444.1590
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/cyren-schedules-first-quarter-2018-earnings-release-for-tuesday-may-22-2018-300641784.html
SOURCE Cyren | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-cyren-schedules-first-quarter-2018-earnings-release-for-tuesday-may-22-2018.html |
May 2, 2018 / 4:01 PM / Updated an hour ago Formula One aiming for Miami street race in October 2019 Alan Baldwin 3 Min Read
LONDON (Reuters) - Formula One is hoping to hold a race through the streets of downtown Miami next year. FILE PHOTO: Reporters are silhouetted by a screen showing a F1 logo during a news conference to announce a Formula One race in Mexico City July 23, 2014. REUTERS/Daniel Becerril
Sean Bratches, the sport’s managing director for commercial operations, said in a statement on Wednesday that he hoped Miami city authorities would back the plan.
“Earlier today the City of Miami Commission took an important step by adding an item to their upcoming agenda, that if approved, will make way to bring Formula One to downtown Miami next season,” he said.
“We appreciate the community’s interest in hosting a Formula One race and look forward to working with local officials and stakeholders to bring this vision to life.”
Formula One said that, if plans were approved, it hoped the inaugural race would be scheduled on the calendar for October, 2019.
The Miami Herald website reported a 10-year deal was under consideration, with the Commission due to meet on May 10 to authorise city manager Emilio Gonzalez to negotiate a contract by July 1.
A fan festival is already scheduled for Miami this year, in the same week as the Oct. 21 U.S. Grand Prix at the Circuit of the Americas in Austin.
Texas currently hosts the only U.S. race on the calendar but commercial rights holders Liberty Media, who took over the sport in January last year, want to grow Formula One in what they see as a key market.
Miami has long been talked about as a possible venue, along with Las Vegas and Los Angeles, although there could be some local opposition to street closures and noise.
A group calling itself the Better Florida Alliance has already organised a petition headlined “Say no to Formula One closing Miami streets”.
The south Florida city has never before hosted a Formula One championship grand prix, although it has hosted a round of the all-electric Formula E series.
“Miami is a first-class global city and Formula One is a first-class global brand,” said U.S. entrepreneur and Miami Dolphins NFL franchise owner Stephen Ross, who is supporting the Miami project.
“In cooperation with the City of Miami and Miami-Dade County, I am confident we can deliver yet another global event that will be a destination for people from around the world and drive economic value to South Florida.”
The Miami Herald said a new company owned by Ross would be the potential promoter of the race. Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-miami/formula-one-aiming-for-miami-street-race-in-october-2019-idUKKBN1I328L |
May 3 (Reuters) - Citadel Group Ltd:
* CO HAS SIGNED A NEW HOSTED SAAS INFORMATION MANAGEMENT CONTRACT WITH A GOVERNMENT ORGANISATION IN QUEENSLAND Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-citadel-group-signs-new-hosted-saa/brief-citadel-group-signs-new-hosted-saas-information-management-contract-idUSFWN1S91AL |
By Bloomberg 4:16 PM EDT
The White House released a blistering statement attacking China’s government for a recent demand that U.S. and other airlines change the way they refer to Taiwan, Hong Kong and Macau in promotional materials.
“This is Orwellian nonsense and part of a growing trend by the Chinese Communist Party to impose its political views on American citizens and private companies,’’ White House Press Secretary Sarah Huckabee Sanders said Saturday in a statement.
U.S. airlines were among several that received letters from China’s Civil Aviation Administration calling for strict guidelines for any references to Taiwan, Hong Kong and Macau, according to the White House. The Chinese government considers those entities as part of China and objects to references that indicate they are independent.
“China’s internal internet repression is world-famous,’’ Sanders said in the statement. “China’s efforts to export its censorship and political correctness to Americans and the rest of the free world will be resisted.’’
The sharply worded statement comes just hours after a high-level delegation from President Donald Trump’s administration returned from a visit to Beijing. The visit was part of a broader attempt to stave off a trade war between the world’s two biggest economies.
Trump said Friday on Twitter that he’d be receiving a briefing on Saturday about the visit. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/05/white-house-china-airline-demands/ |
COLUMBUS, Ohio, American Electric Power (NYSE: AEP) has named Malcolm Smoak president and chief operating officer of its Southwestern Electric Power Co. utility company, effective today. Smoak has been serving as interim president and chief operating officer for SWEPCO.
Smoak, 60, will have responsibility for all aspects of electric service for SWEPCO's more than 532,000 customers. He will report to Paul Chodak, executive vice president, AEP Utilities. Smoak replaces Venita McCellon-Allen, who retired from the company.
Smoak previously was vice president, Distribution Region Operations for SWEPCO with responsibility for the electric distribution system, engineering, operations, construction and maintenance for SWEPCO customers in Louisiana, Arkansas, northeast Texas and the Texas panhandle. SWEPCO expects to name a new vice president of Distribution Region Operations soon.
"Malcolm's operational experience and deep understanding of our business will be extremely beneficial as we focus on making infrastructure investments on behalf of our customers to enhance service and also to diversify SWEPCO's energy mix with more renewable resources, like the Wind Catcher project," Chodak said. "Malcolm has demonstrated a strong commitment to SWEPCO customers, and I'm confident that his leadership will enable SWEPCO to continue providing the innovative, high-quality services our customers desire."
Smoak joined SWEPCO in 1984 as a distribution engineer in Shreveport, La. He has served in a variety of roles in metering, operations and engineering at SWEPCO. He also co-led inspections and remediation of underground distribution networks for six AEP utility companies.
Smoak earned a bachelor's degree in electrical engineering from Louisiana Tech University. He also completed executive management programs at Louisiana State University and The Ohio State University.
Smoak is a registered professional engineer in Louisiana. He is a member of the Institute of Electrical and Electronics Engineers and past president of the Shreveport Chapter. He also is a past member of the Louisiana Tech Engineering and Science Foundation and currently is serving as a member of the Louisiana Tech Electrical Engineering Advisory Board. Since 2005, Smoak has been a principal member of the National Electrical Safety Code, Subcommittee 8, representing the National Society of Professional Engineers. Smoak also is a board member of Shreveport Green, a non-profit organization dedicated to improving the city's environment.
American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's more than 17,000 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.
SWEPCO, an American Electric Power (AEP: NYSE) company, serves 532,000 customers in western Arkansas, northwest and central Louisiana, northeast Texas and the Texas Panhandle. SWEPCO's headquarters are in Shreveport, La.
with multimedia: releases/aep-names-smoak-president-and-coo-of-swepco-300647792.html
SOURCE American Electric Power | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-aep-names-smoak-president-and-coo-of-swepco.html |
May 20, 2018 / 4:33 AM / Updated 23 minutes ago U.S. sanctions on Iran threaten vital Afghanistan trade project Jonathan Landay , Rupam Jain 6 Min Read
WASHINGTON/KABUL (Reuters) - U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord and re-impose sanctions on Tehran threatens to derail a project to help build Afghanistan’s economy, endangering a key goal of the U.S. strategy to end America’s longest war.
The Indian-backed Chabahar port complex in Iran is being developed as part of a new transportation corridor for land-locked Afghanistan that could potentially open the way for millions of dollars in trade and cut its dependence on Pakistan, its sometimes-hostile neighbour.
Building Afghanistan’s economy would also slash Kabul’s dependence on foreign aid and put a major dent in the illicit opium trade, the Taliban’s main revenue source.
But Trump’s decision to re-impose sanctions on Iran and penalize financial institutions for doing business with Tehran is clouding Chabahar’s viability as banks, nervous they could be hit with crippling penalties, pull back from financing.
“President Trump’s decision has brought us back to the drawing board and we will have to renegotiate terms and conditions on using Chabahar,” a senior Indian diplomat said. “It is a route that can change the way India-Iran-Afghanistan do business, but for now everything is in a state of uncertainty.”
The White House did not respond to requests for comment.
Launched in 2016, the joint Iran-India-Afghanistan Chabahar project already was facing holdups. It has yet to see significant traffic apart from some containers of donated wheat from India, and the first shipments of Afghan dried fruit to India are not expected before July.
At least three contracts to build infrastructure at the port now have been delayed, with two Chinese companies and a Finnish group left hanging while bankers seek clarity from Washington before approving guarantees, a person close to the project said.
In addition, Afghan traders, who were hoping for an alternative to Pakistan’s port of Karachi, now find themselves cut off from funding and forced to rely on the traditional hawala money transfer system, which is insufficient on its own to transform an economy. Hawala is a trust-based system commonly used in Afghanistan that involves the movement of funds between agents in different countries.
“We know our correspondent banks would not let us pay for imports coming through that port,” said a senior executive at one major Afghan lender.
Chabahar is among a number of projects of transport and energy networks projects designed to boost Afghanistan’s trade and lay the foundations for a mining industry capable of exploiting its billions of dollars in untapped mineral reserves.
Bypassing the border with Pakistan, which last year was closed for some 50 days over various disputes, Chabahar is seen as a way for Afghanistan to consolidate its relationships with India and other regional powers.
“The only way to get India more involved” in Afghanistan’s economic development “is through Chabahar,” said Barnett Rubin, an expert with New York University’s Center for International Cooperation and a former adviser to the State Department and the United Nations. “Our Iran policy is headed for a train wreck with our Afghanistan policy.” FOREIGN AID
Some 17 years after the U.S.-led invasion to oust the Taliban from power, Afghanistan remains one of the world’s poorest countries, highly dependent on foreign aid.
Apart from illegal opium exports estimated at some $2 billion by the International Monetary Fund, its main products are dried and fresh fruits, and carpets, none of which amount to more than a fraction of the value of the drugs trade.
Initially Afghanistan would export agricultural produce – such as pomegranates and grapes - through Chabahar, utilizing a section of a road India paid for and then an extension to the Iranian border that New Delhi built, experts said.
Eventually, those exports could expand to mineral resources, something Trump has expressed an interest in gaining for U.S. firms. For India, this would mean using a planned railroad to Chabahar to export iron ore from two tracts at the Hajigak iron mine in central Afghanistan that it won the rights to exploit, the experts said.
“The economic piece is really important to get a glimmer of hope for Afghanistan to move beyond a land-locked, poppy-based economy. We are now shooting that in the head,” said Thomas Lynch, a National Defense University expert and a former U.S. Army officer who advised the chairman of the Joint Chiefs of Staff on South Asia policy.
“There is no other legitimate and reliable way to do that. You can’t do it by air, you can’t do it through Pakistan because they just extort for everything they do,” said Lynch. “The lifeline runs through Chabahar.”
In addition, by hindering the development of Chabahar, the United States will leave Afghanistan dependent on Pakistan, historically its main trade partner and outlet to the world.
That would undermine another Trump goal of pressuring Islamabad to shutter Afghan insurgent sanctuaries on its side of the border and force the militants into peace talks.
Afghan officials have lobbied hard for exemptions to the sanctions for Afghan companies operating though Chabahar without success and are waiting for clarity from Washington.
“Now the uncertainty is that we don’t know what’s going to happen with Chabahar,” said Atiqullah Nusrat, Chief Executive of the Afghanistan Chamber of Commerce and Industry. “We haven’t heard anything so we have to wait and see what happens.” Additional reporting by James Mackenzie in KABUL and Nidhi Verma in NEW DELHI; Editing by Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-afghanistan-analysis/u-s-sanctions-on-iran-threaten-vital-afghanistan-trade-project-idUKKCN1IL04J |
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