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May 11, 2018 / 7:56 PM / in 4 minutes Pompeo promises North Korea future 'brimming with prosperity' if it denuclearizes Reuters Staff 2 Min Read
WASHINGTON (Reuters) - North Korea faces “a future brimming with peace and prosperity” if it gives up its nuclear weapons soon, U.S. Secretary of State Mike Pompeo said on Friday as the two countries prepare for a historic summit between U.S. President Donald Trump and Kim Jong Un. U.S. Secretary of State Mike Pompeo holds a joint press availability with South Korean Foreign Minister Kang Kyung-wha after their meeting at the State Department in Washington, U.S., May 11, 2018. REUTERS/Kevin Lamarque
“If North Korea takes bold action to quickly denuclearize, the United States is prepared to work with North Korea to achieve prosperity on the par with our South Korean friends,” Pompeo told a news conference after talks with his South Korean counterpart in Washington.
“If Chairman Kim chooses the right path, there is a future brimming with peace and prosperity for the North Korean people,” he said.
Pompeo, who returned from Pyongyang this week with three American prisoners who had been held by North Korea, said the release of men had helped set conditions for a successful meeting between Trump and Kim in Singapore on June 12.
Pompeo said he had “good, substantive” conversations with Kim in Pyongyang and believed both sides understood the ultimate goal of the summit.
Pompeo said the complete denuclearization of the Korean peninsula would however require “robust verification” program by the United States and other countries.
“It’s a big undertaking for sure, but one that Chairman Kim and I had the opportunity to have a good, sound discussion on, so that I think we had a pretty good understanding between our two countries what the shared objectives are,” Pompeo said.
South Korean Foreign Minister Kang Kyung-wha stressed that sanctions against Pyongyang would not be lifted until it had taken concrete steps to denuclearize.
“We very much hope to see further steps, more concrete steps toward denuclearization at the U.S.-North Korea summit, so we’re not talking about sanctions relief at this point,” she said. Reporting by Lesley Wroughton and David Brunnstrom; Editing by Jonathan Oatis and Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-southkorea-pompeo/u-s-says-denuclearization-by-pyongyang-will-require-robust-oversight-idUSKBN1IC2GZ |
May 3 (Reuters) - Berkshire Hathaway Inc bought 75 million additional Apple Inc shares in the first quarter, CEO Warren Buffett told CNBC on Thursday.
"If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States." CNBC Quote: d Buffett as saying cnb.cx/2HLPdIp.
Berkshire said in February its Apple stake grew by about 23 percent since the end of September to roughly 165.3 million shares worth $28 billion.
Berkshire Hathaway was not immediately available for comment. Apple did not immediately respond to a Reuters request for comment. (Reporting by Philip George in Bengaluru; Editing by Amrutha Gayathri)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/berkshire-buffet-apple/buffetts-berkshire-hathaway-bought-75-mln-more-apple-shares-in-q1-cnbc-idUSL3N1SB1LY |
May 1 (Reuters) - Slate Retail REIT:
* REPORTS FIRST QUARTER 2018 RESULTS * QTRLY RENTAL REVENUE WAS $36.5 MILLION, WHICH IS AN INCREASE OF $9.3 MILLION OVER THE SAME PERIOD IN THE PRIOR YEAR
* QTRLY FUNDS FROM OPERATIONS PER UNIT INCREASED TO $0.33 PER UNIT
* QTRLY ADJUSTED FUNDS FROM OPERATIONS (“AFFO”) WAS $11.0 MILLION OR $0.24 PER UNIT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-slate-retail-reports-qtrly-funds-f/brief-slate-retail-reports-qtrly-funds-from-operations-of-0-33-unit-idUSASC09YVA |
Bank Indonesia may want to 'pace' its interest rate hikes: Economist 16 Hours Ago Song Seng Wun of CIMB Private Banking says the setting of rates by Indonesia's central bank should be "more calibrated" in nature. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/bank-indonesia-may-want-to-pace-its-interest-rate-hikes-economist.html |
Russia's Lavrov meets Kim Jong Un in North Korea 6:50am EDT - 01:16
Russian Foreign Minister Sergei Lavrov meets with North Korean leader Kim Jong Un in Pyongyang, and invites Kim to Moscow. No reporter narration.
Russian Foreign Minister Sergei Lavrov meets with North Korean leader Kim Jong Un in Pyongyang, and invites Kim to Moscow. No reporter narration. //reut.rs/2H9P64e | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/russias-lavrov-meets-kim-jong-un-in-nort?videoId=431892531 |
May 20, 2018 / 6:12 AM / Updated 6 hours ago South Korea, U.S. to work closely on summit after Pyongyang's about-face Jeongmin Kim 3 Min Read
SEOUL (Reuters) - South Korean President Moon Jae-in and U.S. President Donald Trump held discussions on Sunday to ensure that the North Korea-U.S. summit remains on track after North Korea threatened to pull out of the high-level talks. FILE PHOTO: U.S. President Donald Trump and South Korea's President Moon Jae-in hold a joint press conference at the presidential Blue House in Seoul, South Korea, November 7, 2017. REUTERS/Jung Yeon-Je/Pool
Moon and Trump spoke over the phone for about 20 minutes, and exchanged their views on North Korea’s recent reactions, South Korea’s presidential office said without elaborating.
“The two leaders will work closely and unwaveringly for the successful hosting of the North Korea- U.S. summit set on June 12, including the upcoming South Korea-U.S. summit,” the presidential official said.
Moon and Trump are set to meet on Tuesday in Washington before North Korean leader Kim Jong Un meets with Trump on June 12 in Singapore.
The White House said Trump and Moon discussed recent developments in North Korea and continued “their close coordination ahead of President Trump’s June 12 meeting with North Korean leader Kim Jong Un.”
Although a historic inter-Korean summit in late April raised hopes of reconciliation, North Korea showed a dramatic change in tone in recent days.
North Korea’s chief negotiator Ri Son Gwon said on Thursday it would not hold talks with South Korea unless their demands were met, taking issue with the U.S.-South Korean air combat drills known as Max Thunder. It came a day after it threatened to pull out of the summit with the United States.
Further dampening the mood, a spokesman for North Korea’s Red Cross Society demanded on Saturday that South Korea’s government should send North Korean female restaurant workers back to their home “without delay” to show the will to improve the inter-Korean ties, the North’s Korea Central News agency said.
A dozen North Korean restaurant workers came to South Korea in 2016 from China, and North Korea had urged to send them back claiming they were abducted by the South, even though the South has said the 12 workers decided to defect of their own free will.
Lee Dong-bok, a researcher at New Asia Research Institution, said part of the reason for the North’s demands of the repatriation is to divide South Korea’s public opinion over the 12 workers.
“It is also to pressure the Moon government to agree to its demand so that South Korea can keep up the momentum for the North Korea-U.S. summit meeting,” Lee said. Reporting by Jeongmin Kim; Additional reporting by Christine Kim; Writing by Jane Chung; Editing by Jacqueline Wong and Andrea Ricci | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-southkorea-us-northkorea/south-korea-u-s-to-work-closely-on-summit-after-pyongyangs-about-face-idUKKCN1IL05W |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- National General Holdings Corp. (NASDAQ:NGHC) today announced that its Board of Directors approved quarterly dividends on the company's common and preferred stock as follows:
A cash dividend on the company's common stock of $0.04 per share. A cash dividend on the company's 7.50% Non-Cumulative Preferred Stock, Series A, in the amount of $0.46875 per share. A cash dividend on the company's 7.50% Non-Cumulative Preferred Stock, Series B, in the amount of $18.75 per share (equivalent to $0.46875 per Depositary Share). A cash dividend on the company's 7.50% Non-Cumulative Preferred Stock, Series C, in the amount of $18.75 per share (equivalent to $0.46875 per Depositary Share).
The dividend on the company’s common stock will be payable on July 16, 2018 to shareholders of record as of July 2, 2018. Each dividend on the company’s preferred stock will be payable on July 16, 2018 to shareholders of record as of July 1, 2018.
About National General Holdings Corp.
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
Investor Contact
Christine Worley
Director of Investor Relations
Phone: 212-380-9462
Email: [email protected]
Source:National General Holdings Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-national-general-holdings-corp-announces-dividends-on-common-and-preferred-stock.html |
May 22, 2018 / 7:46 AM / Updated 7 hours ago Daily Briefing: Giuseppe Conte - Italy's premier choice? Mark John , Mike Dolan 7 Min Read
LONDON (Reuters) - Has Italian President Sergio Mattarella baulked at the prospect of appointing political novice Giuseppe Conte as the country’s next prime minister? FILE PHOTO: 5-Star Movement leader Luigi Di Maio shakes hands with Giuseppe Conte during the presentation of the would-be cabinet team ahead of elections in Rome, March 1, 2018
In any case he has decided to hold further discussions about the nomination of the little-known law professor by 5-Star and League. Conte is an underwhelming choice on a number of fronts.
The two parties themselves had always stressed that the premier position should go to a politician with ballot box legitimacy rather than a mere technocrat. And Conte’s lack of experience suggests he would struggle not only to keep an untested coalition together but also to defend his government’s controversial spending programme in Brussels to wily EU operators like Germany’s Angela Merkel. Mattarella is set to hold more meetings this morning.
Facebook CEO Mark Zuckerberg faces questions in the European Parliament today after the scandal over its sale of data to a British consultancy that worked on U.S. President Donald Trump's election campaign and others. Initial arrangements to hold the encounter behind closed doors sparked complaints and Facebook has now confirmed it is "looking forward to the meeting and happy for it to be live streamed ."
Zuckerberg emerged largely unscathed from 10 hours of U.S. congressional hearings last month during which the technological illiteracy of many of his interrogators was on display, often embarrassingly so. Let's see if EU lawmakers are any more tech-savvy.
It will be a low-key re-start of formal Brexit negotiations in Brussels today. Talks will focus on remaining separation issues and also broach the future relationship between the UK and EU, a deal on which is due to be in place for October. But Brexit Minister David Davis himself will not be present for the UK side, at least for the start of talks.
MARKETS AT 0655 GMT
Financial markets worldwide remain uneasy as the pressure from a rallying dollar tightens global financial conditions ahead of next month’s expected U.S. interest rate rise.
As a result, risk aversion in emerging markets has intensified and anxiety the high-spending fiscal plans of Italy’s incoming coalition government has sown a degree of that risk aversion in euro zone government bond markets too.
Offsetting all that is an improvement in high-frequency economic readings and surprise indices as we wind our way through the second quarter and a likely fillip to business confidence of a significant thawing of U.S.-China trade relations this week. Traders work on the floor of the New York Stock Exchange, May 21, 2018
But June now looms as a month packed with market event risks – the Federal Reserve’s policy meeting, OPEC, the U.S.-North Korea summit , the European Union summit on Brexit and even a Swiss referendum on changing the country’s basic monetary policy settings .
Partly due to a series of holidays in Asia and Europe early this week, price action remains patchy – with the rise in Italian sovereign yields the standout move beyond the dollar.
As Italy’s President considers the proposed compromise candidate for Prime Minister, little known academic Giuseppe Conte, Italy’s 10-year government yields kept nudging higher first thing on Tuesday, briefly touching a 14-month high before slipping back. Spreads over Germany are their highest since last June.
While markets have been spooked by spending plans that could lift Italy’s budget deficit to well over 3 percent of GDP next year, many analysts point to the wafer-thin 6 seat majority the proposed coalition has in the Senate as one limiting factor on passing all its measures, as well as the President’s power of veto over any move deemed unconstitutional or damaging to the country’s treaty obligations.
Credit ratings firms Fitch and DBRS have registered some concern about the budget maths, but stopped short of suggesting any ratings action until more concrete details emerged. Markets-wise, BTP-bund spread levels just above 200 basis points are seen as an important marker of concern as these were the peaks seen early last year amid concerns the anti-euro National Front could win France’s Presidential elections. On Tuesday, that spread is hovering about 182 bp.
Elsewhere, the recent dollar surge has taken something of a breather overnight after setting new highs on Monday. Euro/dollar nudged lower again to $1.1766, but remained well above Monday’s low $1.1715 so far.
The dollar’s DXY index held about Monday’s New York close but again well off the 2018 peak set earlier in that session. HK and South Korea’s markets were closed earlier, but Shanghai and Tokyo stocks were flat to a touch lower.
Chinese stocks were helped by the close by reports that the United States and China have reached a deal to remove a U.S. sales ban against Chinese telecoms giant ZTE, ostensibly at the direct request of Chinese President Xi.
Brent crude prices pushed higher to $79.50, meantime, with a return to power of Venezuelan President Maduro after this week's election expected to crimp crude supplies from the country further over time. Ten-year U.S. Treasury yields were steady just above 3.06 percent.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-tuesday/daily-briefing-giuseppe-conte-italys-premier-choice-idUKKCN1IN0RC |
Consumer stocks like Amazon could displace tech stocks as market leaders, says Josh Blechman 12:28am IST - 04:19
Tech stocks have led the markets for two years, but it's time for rotation into financials and consumer discretionary stocks, says Exponential ETFs' capital markets director in an interview with Reuters' Fred Katayama. ▲ Hide Transcript ▶ View Transcript
Tech stocks have led the markets for two years, but it's time for rotation into financials and consumer discretionary stocks, says Exponential ETFs' capital markets director in an interview with Reuters' Fred Katayama. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KuLrAQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/consumer-stocks-like-amazon-could-displa?videoId=423292041 |
Should screen time be cut for kids? 2 Hours Ago Amish Shah, ReKTGlobal, discusses the issue of technology and screen time for kids. With CNBC's Mike Santoli. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/should-screen-time-be-cut-for-kids.html |
XI'AN, China, May 9, 2018 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the Company"), a financial technology company, today announced the Board of Directors of the Company has appointed Mr. Yiliang Li as an independent director, effective immediately, to fill the vacancies created by resignation of Mr. Guolin Wang on April 25, 2018.
Mr. Li has served as the Chairman of Dagong (Beijing) International Fund Management Co., Ltd. ("Dagong Beijing") since October, 2015. From January, 2013 to October, 2015, Mr. Li was the head of the preparation committee for the establishment of Dagong Beijing. Mr. Li has also served as the Chairman of China Consumer Economy Association since December, 2017. Mr. Li received his Bachelor Degree of Engineering from Shandong University of Technology in 1982 and his Master Degree of Political Economics in 1995.
"Mr. Li's expertise in finance makes him an ideal addition to the Future FinTech's Board of Directors. We are proud to welcome him," said Mr. Yongke Xue, Chief Executive Officer and Chairman of Future FinTech. "I believe Mr. Li will significantly strengthen our board and help guide our future growth with his broad range of experience and industry knowledge."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is incorporated in Florida and engages in financial technology. The Company engages in the research and development of digital asset systems based on blockchain technology and is also an incubator of application projects related to blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational platform utilizing blockchain technology and the shared economy, which includes an integrated online shopping mall. For more information, please visit http://www.ftft.top/ .
IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/future-fintech-announces-appointment-of-new-director-300645295.html
SOURCE Future FinTech Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-future-fintech-announces-appointment-of-new-director.html |
At NRA meeting a strong show of gun startups Monday, May 07, 2018 - 02:09
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void.
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void. //reut.rs/2KCUhN6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/at-nra-meeting-a-strong-show-of-gun-star?videoId=424205625 |
May 10 (Reuters) - Globant SA:
* SEES Q2 2018 REVENUE UP 25.5 PERCENT * QTRLY NON-IFRS ADJUSTED DILUTED EPS WAS $0.38 PER SHARE
* Q1 EARNINGS PER SHARE VIEW $0.34, REVENUE VIEW $114.0 MILLION — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.36, REVENUE VIEW $120.7 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $1.58, REVENUE VIEW $504.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-globant-reports-2018-first-quarter/brief-globant-reports-2018-first-quarter-financial-results-idUSASC0A1MJ |
BUDAPEST (Reuters) - Hungarian Prime Minister Viktor Orban set out a conservative vision for his country on Thursday in a speech accepting a new four-year term after winning a landslide in last month’s election.
“We have replaced a shipwrecked liberal democracy with a 21st-century Christian democracy, which guarantees people’s freedom, security,” Orban, in power since 2010, told parliament.
“It supports the traditional family model of one man and one woman, keeps anti-Semitism at bay, and gives a chance for growth,” he added.
Reporting by Krisztina Than and Marton Dunai; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-orban-vision/hungary-pm-orban-sets-out-conservative-vision-at-start-of-new-four-year-term-idUSKBN1IB206 |
Italians back coalition spending plan, investors wary 4:15pm BST - 01:34
Italy's anti-establishment 5-Star Movement and the far-right League will seek the backing of the president for their candidate to lead a coalition government whose plans to jack up spending have roiled financial markets. As Ciara Lee reports, yields on Italy's 10-year bond hit their highest in more than seven months on Monday. ▲ Hide Transcript ▶ View Transcript
Italy's anti-establishment 5-Star Movement and the far-right League will seek the backing of the president for their candidate to lead a coalition government whose plans to jack up spending have roiled financial markets. As Ciara Lee reports, yields on Italy's 10-year bond hit their highest in more than seven months on Monday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IzBGUN | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/italians-back-coalition-spending-plan-in?videoId=429062671 |
May 30, 2018 / 6:09 PM / Updated 2 hours ago Tennis-Wozniacki romps into round three Reuters Staff 1 Min Read
PARIS, May 30 (Reuters) - Australian Open champion Caroline Wozniacki was done with hanging around on Wednesday as she walloped Georgina Garcia Perez 6-1 6-0 in double quick time on Wednesday to reach the French Open third round.
With the first three matches scheduled on Court Philippe Chatrier on day four of the claycout major all going the distance - and lasting a combined eight hours 46 minutes - Wozniacki did not even make it into the arena till shortly before 7pm local time.
Fifty one minutes later the Danish second seed was offering Spain’s Garcia Perez a consolation handshake after she secured a round three meeting with the winner of the all-French tussle between Alize Cornet and Pauline Parmentier. (Reporting by Pritha Sarkar, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-wozniacki/tennis-wozniacki-romps-into-round-three-idUKL5N1T16ZJ |
(Reuters) - A U.S. appeals court on Thursday said Adidas AG can protect its famous Stan Smith tennis shoe against an alleged Skechers USA Inc knockoff, but that Skechers could sell another shoe mimicking Adidas’ familiar “three-stripe” design.
By a 3-0 vote, the 9th U.S. Circuit Court of Appeals upheld a preliminary injunction barring Skechers from selling its Onix shoe, which Adidas said looked like its white Stan Smith shoe, its all-time best-seller with more than 40 million pairs sold.
The same panel, in a 2-1 vote, also reversed a similar injunction barring Skechers from selling its Cross Court shoe, which has three stripes on its side, finding no proof Adidas would suffer irreparable harm.
Adidas and Skechers face a scheduled trial on June 4 before U.S. District Judge Marco Hernandez in Portland, Oregon, who had issued an injunction covering both Skechers shoes in February 2016, court records show. The appeals court sat in Portland.
In a statement, Adidas said “we will not stand by and allow others to blatantly copy our products,” and that it was “committed to bringing a complete end to Skechers’ pattern of unlawful conduct” at trial.
Skechers did not immediately respond to requests for comment.
The lawsuit is one of many by footwear makers seeking to protect their patent and trademark rights.
Many are filed by companies such as Adidas against companies such as Skechers whose products sell for lower prices.
Adidas has sued Skechers several times in the last two decades for alleged infringement of its three-stripe trademark.
In Thursday’s decision, Circuit Judge Jacqueline Nguyen said the Stan Smith, named for the early 1970s American tennis star, has enjoyed “tremendous commercial success and market recognition,” and Adidas might face irreparable harm if similar shoes flooded the market.
She also said evidence suggested that Skechers intended to confuse consumers by creating the “nearly identical” Onix, and then directing consumers who searched online for “adidas stan smith” to the Onix website.
In contrast, Nguyen said Adidas failed to show that consumers would associate it with Skechers’ Cross Court, causing the dilution of Adidas’ reputation as a “premium” brand.
Circuit Judge Richard Clifton would have upheld the entire injunction.
The case is Adidas America Inc et al v Skechers USA Inc, 9th U.S. Circuit Court of Appeals, No. 16-35204.
Reporting by Jonathan Stempel in New York; Editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-skechers-usa-lawsuit-adidas/u-s-court-protects-adidas-stan-smith-shoe-from-skechers-look-alike-idUSKBN1IB2LZ |
LONDON, May 9 (Reuters) - Tha gap between Italian and German borrowing costs hit its widest level in nearly six weeks on Wednesday on the possibility that a coalition of Italian anti-establishment parties would come into power.
The prospect of an Italian government composed of the 5-Star Movement and the far-right League — considered by many investors to be an alarming scenario before the March 4 election — is now looking increasingly likely.
The Italy/Germany 10-year government bond yield spread widened five basis points immediately after news that 5-Star and the League had said they were holding last-minute talks to try to clinch a coalition deal.
The spread widened to 132.7 basis points, its widest since March 29.
Italian 10-year bond yields rose two basis points to 1.88 percent. Other euro zone government bond yields were either flat or lower on the day. (Reporting by Abhinav Ramnarayan; editing by Sujata Rao )
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/italy-germany-10-year-bond-yield-spread-at-widest-in-nearly-six-weeks-idUSL8N1SG7FY |
Reaffirms 2018 Outlook for Significant Top and Bottom Line Growth
THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced financial results for the first quarter ended March 31, 2018.
Consolidated First Quarter 2018 Financial Results Compared to First Quarter 2017:
Revenues grew 45.0% to $222.5 million compared to $153.4 million; Gross margin was 9.3% of revenues compared to 6.1%; Operating income was $6.7 million compared to a loss of $1.8 million; Net income attributable to Sterling common stockholders was $2.5 million compared to a loss of $2.3 million; and, Net income per diluted share attributable to common stockholders was $0.09 compared to a loss of $0.09.
Consolidated Financial Position at March 31, 2018:
Cash and Cash Equivalents were $55.5 million; Working capital totaled $98.7 million; and Total debt was $86.2 million.
Business Overview:
First quarter 2018 revenues increased 45.0% compared to the prior year quarter. Heavy civil construction revenues grew $33.8 million or 22.0% over the first quarter of 2017 driven by large construction projects in the Rocky Mountain region and the inclusion of the acquired Tealstone heavy civil construction revenues. First quarter 2018 residential construction revenues totaled $35.3 million. The residential markets in our primary geographies continue to see steady growth. Texas housing starts are expected to continue to grow, over 10%, in 2018, with Houston posting the most new housing starts followed by steady growth in Dallas. Our business in Dallas, which is our principal residential market, continues to outpace the overall market growth rate in the region.
Gross profit was $20.6 million in the first quarter of 2018, an increase of $11.3 million from the prior year first quarter. Gross margin expanded by 320 basis points to 9.3% reflecting significant improvement in heavy civil construction gross margin along with approximately 200 basis points of improvement attributable to the incremental benefit from the acquired residential construction business.
General and administrative expenses were $13.1 million in the first quarter of 2018, or 5.9% of revenues compared to $10.6 million or 6.9% in the first quarter of 2017.
Heavy Civil Construction Backlog Highlights:
Combined Backlog at March 31, 2018 was $1.04 billion, an increase from $995 million at December 31, 2017. Combined Backlog consists of $884.6 million of backlog and $150.6 million of unsigned contracts as of March 31, 2018 compared to $744.4 million and $250.2 million at December 31, 2017, respectively. No residential construction is included in backlog; Combined Backlog for March 31, 2018 included $48.2 million related to our two consolidated construction joint ventures compared to $199 million at the beginning of 2017, reflecting the substantial progress on these projects. This construction joint venture reduction in backlog has essentially been replaced with new backlog with 100% Sterling participation; Gross margin on projects in Combined Backlog as of March 31, 2018 averaged 8.4%, consistent with December 31, 2017; and Combined Backlog is comprised of approximately 65% heavy highway construction projects with the balance of 35% consisting mainly of commercial, aviation, water containment and treatment projects.
CEO Remarks and Outlook:
“Our 2018 first quarter results represent our best financial results in almost a decade for our seasonally weakest quarter,” stated Joe Cutillo, Sterling’s Chief Executive Officer. “Sterling’s performance in the period was evidence of the profitable growth potential of the business platform we’ve developed, which is driven by our diverse construction capabilities across a footprint of attractive geographies. Our Rocky Mountain heavy civil operations once again performed extremely well, executing effectively on multiple large highway and airport projects that we were awarded over the past two years. As we anticipated, the combined backlog for our heavy civil segment grew slightly relative to the end of 2017, which is consistent with our bottom line-focused plan to selectively add projects to our pipeline that meet our stringent margin and risk criteria. This strategy has proved effective as the first quarter represented Sterling’s fourth consecutive quarter of gross margins exceeding 9.2% along with positive net income attributable to Sterling common stockholders. Our residential segment continues to contribute materially to both our revenues and profitability. The ongoing strength of the Dallas-Fort Worth housing market coupled with the beginning of our progressive expansion in Houston, makes us increasingly enthusiastic about the multi-year growth potential of our residential business. Also noteworthy is the operating leverage inherent in our business as our general and administrative expenses once again declined as a percent of revenues relative to the prior year, a trend we expect to persist through 2018 as our revenues continue to increase.”
Mr. Cutillo continued, “Based on our first quarter results, our current backlog and the macro outlook for our end markets and geographies, we reaffirm our expectations for 2018 revenues of between $1.0 billion and $1.035 billion and net income attributable to Sterling common stockholders of between $23 million and $26 million, with average common shares outstanding of 27.5 million. As previously mentioned, the first quarter is historically our seasonally weakest quarter, with the second and third representing our most active quarters. The midpoint of our guidance implies year-over-year growth in revenues of more than 6% and calls for an increase in net income in excess of 110% as compared to 2017. Our revenue expectations reflect growth in our residential business of greater than 10%, and mid-single digit growth in our heavy civil business, with our overall revenue mix continuing to migrate towards higher margin work. Our outlook does not assume any major positive changes in government investment in infrastructure, which would likely enhance our growth forecast.”
Conference Call:
Sterling’s management will hold a conference call to discuss these results and recent corporate developments on Tuesday, May 8, 2018 at 09:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (201) 493-6744 or (877) 445-9755 ten minutes before the conference call is scheduled to begin, and asking for the Sterling call.
To listen to a simultaneous webcast of the call, please go to the Company’s website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website for 30 days.
Sterling is a construction company that specializes in heavy civil construction and residential concrete projects primarily in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah and other states in which there are feasible construction opportunities. Our heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects and parking structures. Our residential construction projects include concrete foundations for single-family homes.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
(See Accompanying Tables)
STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended
March 31, (Unaudited) 2018 2017 Revenues $ 222,492 $ 153,416 Cost of revenues (201,898 ) (144,129 ) Gross profit 20,594 9,287 General and administrative expenses (13,100 ) (10,604 ) Other operating expense, net (815 ) (471 ) Operating income (loss) 6,679 (1,788 ) Interest income 129 41 Interest expense (3,087 ) (112 ) Income (loss) before income taxes and noncontrolling interests in earnings 3,721 (1,859 ) Income tax benefit (expense) (41 ) (27 ) Net income (loss) 3,680 (1,886 ) Noncontrolling interests in earnings (1,191 ) (371 ) Net income (loss) attributable to Sterling common stockholders $ 2,489 $ (2,257 ) Net income (loss) per share attributable to Sterling common stockholders: Basic $ 0.09 $ (0.09 ) Diluted $ 0.09 $ (0.09 ) Weighted average number of common shares outstanding used in computing per
share amounts:
Basic 26,854 25,022 Diluted 27,078 25,022 Segment Results
Three Months Ended
March 31, 2018 2017 Revenue Heavy Civil Construction $ 187,241 $ 153,416 Residential Construction 35,251 — Total Revenue $ 222,492 $ 153,416 Operating Income (loss) Heavy Civil Construction $ 1,945 $ (1,788 ) Residential Construction 4,734 — Total Operating Income (loss) $ 6,679 $ (1,788 ) STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
(Unaudited)
March 31,
2018
December 31,
2017
ASSETS Current assets: Cash and cash equivalents $ 55,462 $ 83,953 Contracts receivable, including retainage 140,877 133,931 Costs and estimated earnings in excess of billings on uncompleted contracts 40,013 37,112 Inventories 1,863 4,621 Receivables from and equity in construction joint ventures 12,485 11,380 Other current assets 6,479 7,529 Total current assets 257,179 278,526 Property and equipment, net 52,142 54,406 Goodwill 85,231 85,231 Intangibles, net 44,218 44,818 Other assets, net 265 317 Total assets $ 439,035 $ 463,298 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 85,123 $ 97,457 Billings in excess of costs and estimated earnings on uncompleted contracts 54,689 62,374 Current maturities of long-term debt 1,057 3,978 Income taxes payable 63 81 Accrued compensation 9,011 9,054 Other current liabilities 8,519 9,348 Total current liabilities 158,462 182,292 Long-term liabilities: Long-term debt, net of current maturities 85,106 86,160 Member’s interest subject to mandatory redemption and undistributed earnings 43,923 47,386 Other long-term liabilities 1,252 1,271 Total long-term liabilities 130,281 134,817 Commitments and contingencies Equity: Sterling stockholders’ equity: Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none
issued
— — Common stock, par value $0.01 per share; 38,000,000 shares authorized,
27,034,575 and 27,051,468 shares issued
270 271 Additional paid in capital 231,607 231,183 Retained deficit (87,632 ) (90,121 ) Total Sterling common stockholders’ equity 144,245 141,333 Noncontrolling interests 6,047 4,856 Total equity 150,292 146,189 Total liabilities and equity $ 439,035 $ 463,298
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005751/en/
Sterling Construction Company, Inc.
Jennifer Maxwell, Director of Investor Relations
281-951-3560
or
Investor Relations:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Kevin Towle 212-836-9620
Source: Sterling Construction Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-sterling-construction-company-inc-reports-strong-2018-first-quarter-results.html |
BEIRUT (Reuters) - An unlikely bunch of activists have joined forces for Lebanon’s general election in a rare challenge to the sectarian political dynasties and warlords they say left the country in ruins.
Parliament deputy Nadim Gemayel, son of Lebanese assassinated president-elect Bashir Gemayel walks at his office in Beirut, Lebanon April 11, 2018. REUTERS/Mohamed Azakir A pharmacist, a women’s rights advocate, and a TV celebrity are part of a loose alliance striving for a small but meaningful breakthrough in the vote this Sunday, the first in nine years.
Lebanese elections have never seen this many independent candidates, with dozens from outside the parties that dominate the country. They stand against a political elite which has barely changed since the 1975-90 civil war.
They hope a new voting system will help them unseat at least some of the old guard, and want to tap into anger that fueled a wave of anti-government protests in 2015.
“Their failure is our chance,” said Gilbert Doumit, who is running in Beirut against the incumbent Nadim Gemayel, the son of one of Lebanon’s most prominent war leaders. “We want to get our causes into the parliament.”
The old order, built on powerful families and past militia chiefs, has sought to regenerate itself again ahead of this election, with fathers making way for sons or relatives.
The newcomers face massive hurdles in the parliamentary contest and could win a handful of seats at best.
Related Coverage Factbox: Lebanon's main political players Yet even that would mark a first. They believe it is time to build on public despair, which sparked the 2015 protest movement when piles of trash festered in the streets for months.
The garbage symbolized a corrupt power-sharing system unable to meet basic needs, and later helped Beirut activists do surprisingly well in municipal polls, though they did not win.
AN UPHILL STRUGGLE “No doubt, change will not happen in 24 hours, but the elections are one of the main stops,” said Doumit, 42, a consultant who has been pounding the streets of mainly Christian east Beirut for weeks.
He is contesting a seat reserved for a Maronite Christian in an assembly which parcels out 128 seats among the many religious sects.
Gilbert Doumit, a candidate in the upcoming parliamentary elections, gestures during an interview with Reuters in Beirut, Lebanon April 13, 2018. REUTERS/Mohamed Azakir Doumit is part of the wide coalition of 66 candidates in nine electoral districts. Smaller blocs are also vowing to fight the establishment across the 15 total districts.
Some have worked for years to remedy the state’s failures. Others rose to prominence after the trash crisis, or came from local fame like talk show host Paula Yaacoubian.
But Doumit’s district was long a stronghold of the Gemayel family and their Kateab party, which was founded by Nadim’s grandfather in 1936 and is now led by his cousin Sami.
Nadim’s father, Bashir Gemayel, was assassinated in Beirut after being elected president during Israel’s 1982 invasion. Images of his father cover the walls of his offices.
Gemayel, who is expected to keep the votes of big families with old Kateab ties, has also tried to target young voters.
The new faces have a shot as people want alternatives, but their politics falls short, he said. They lack united or clear stances, including on critical issues like the powerful arsenal of Iran-backed Shi’ite Hezbollah, he added.
“Soon, civil society will enter parliament,” he said of the independents. “They will not be able to achieve anything more than (we) did. They will have to share in the establishment.”
Slideshow (2 Images) He said he does not view himself as a political heir but sees nothing wrong with them if they serve Lebanon.
PASSING ON THE BATON Gemayel, 35, became an MP in 2009 when his mother, Solange, made way for him. Outside Beirut, this election will see other establishment families pass on the baton.
Druze leader Walid Jumblatt and Maronite politician Suleiman Franjieh are stepping aside for their sons. President Michel Aoun’s two son-in-laws are battling for Maronite seats.
The new proportional law has replaced a winner-takes-all system, scrambling alliances among the ruling parties. Critics say the law was still crafted to suit traditional heavyweights, although it may open the door for new faces.
Mohanad Hage Ali of the Carnegie Middle East Center said the protest movements after 2015 had failed to produce real political powers that can challenge the old order.
Long-time activists accuse some independents of allying with officials close to the establishment to boost their chances.
First-timers do not enjoy a level playing field. Incumbent parties wield patronage, handing out government jobs, own hospitals and TV stations, or receive regional funding, he said.
In the Beirut district where Doumit and Gemayel face off, all is not lost for independents, partly because its relatively well-off electorate can afford to reject the establishment.
For the working class though, “their lifeline passes through the traditional parties,” Hage Ali said. Anyone who wants to contest the elite has to offer viable alternatives. “This is where the real competition is, these are the people.”
Reporting by Ellen Francis; Editing by Tom Perry, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-activists/in-lebanon-vote-activists-face-warlords-powerful-political-dynasties-idUSKBN1I41ZG |
May 22 (Reuters) - Wells Fargo & Co:
* WELLS FARGO’S STEVE ELLIS TO RETIRE; DIGITAL TRANSFORMATION EXECUTIVE LISA FRAZIER JOINS COMPANY TO LEAD INNOVATION
* WELLS FARGO & CO - ELLIS WILL RETIRE IN SEPTEMBER
* WELLS FARGO & CO - IN SEPTEMBER, LISA FRAZIER WILL BECOME HEAD OF GROUP
* WELLS FARGO & CO - FRAZIER WILL JOIN COMPANY ON MAY 29 AND WILL BE BASED IN SAN FRANCISCO
* WELLS FARGO & CO - STEVE ELLIS, HEAD OF INNOVATION GROUP, WILL RETIRE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wells-fargos-steve-ellis-to-retire/brief-wells-fargos-steve-ellis-to-retire-digital-transformation-executive-lisa-frazier-joins-company-to-lead-innovation-idUSFWN1ST0FZ |
EditorsNote: update 2: adds Quote: s from Cooper and Cassidy
Ondrej Palat scored two goals to help the visiting Lightning beat the Boston Bruins 4-1 Wednesday night, giving Tampa Bay a 2-1 advantage in an Eastern Conference second-round playoff series.
Palat has four goals in the playoffs, one behind team leader Nikita Kucherov. The two-goal postseason game was the second of Palat’s career.
Tampa Bay’s Anthony Cirelli scored his first playoff goal and Steven Stamkos collected his second, into an empty net in the last minute. Andrei Vasilevskiy made 28 saves as the Lightning earned their second straight win, having beaten the Bruins 4-2 Monday to even the best-of-seven series.
Patrice Bergeron scored his fourth goal of the playoffs and Tuukka Rask had 33 saves for Boston. The Bruins have scored only three times after cruising to a 6-2 victory in the series opener.
Game 4 is Friday in Boston.
It was Tampa Bay’s second playoff win in Boston and its first since May 14, 2011, when the Lightning beat the Bruins 5-2 in Game 1 of the Eastern Conference finals. The Bruins won that series in seven games en route to their sixth Stanley Cup title.
The Lightning improved to 6-0 this postseason when leading after two periods.
Tampa Bay’s Yanni Gourde had an assist one day after his wife gave birth to a girl. Gourde, who scored his second goal of the playoffs in Game 2, was bedside with his wife for the birth and rejoined the team in Boston.
Palat struck twice in the game’s first 3:19, and Tampa Bay led 3-1 after one period.
Tyler Johnson scooped up Matt Grzelcyk’s giveaway and fed it to Palat, who flicked the puck past Rask just 1:47 into the contest.
Palat soon doubled the lead when he swooped in front of the net and deflected Victor Hedman’s blue-line shot past Rask.
Asked if he could explain what Palat means to the Lightning, coach Jon Cooper said, “No. I can’t. He’s a beast. You know those guys that kind of go under the radar and don’t get the credit they deserve but they don’t seek it and they don’t care? That’s Ondrej Palat.”
After Tampa Bay’s Anton Stralman went to the box for tripping, Bergeron snuck a puck through Vasilevskiy’s five hole off a rebound with 5:48 to go in the first.
Cirelli recaptured the momentum for the Lightning when he put in his own rebound with 3:17 left before the first intermission, making it 3-1.
“We didn’t start the way we needed to at all,” Bruins coach Bruce Cassidy said. “We’ve been a team, I think we’ve given up the first goal and won maybe 18 games this year. So this is nothing new. You’ve gotta play through that. ...
“We need to defend better, and part of that is intensity in my estimation. Urgency, pick your word. We didn’t have it. You’ve got to manage the puck first, and then once you don’t have it anymore, you have to have a certain level of structure and urgency to get it back. And we didn’t.”
Stamkos scored with 41.2 seconds left in the third period.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-bos-tbl-recap/palats-pair-push-lightning-past-bruins-idUSMTZEE534QW41O |
CAMBRIDGE, Mass., May 01, 2018 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA), today announced that it will release its financial results for the first quarter ended March 31, 2018 and provide a corporate update before the U.S. financial markets open on Tuesday, May 8, 2018.
Management will host a conference call on that date at 8:00 a.m. ET to discuss these results and provide an update on the company. To access the call, please dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 7665388. A live webcast of the call will be available on the "Investors" section of the company's website, www.momentapharma.com . An archived version of the webcast will be posted on the Momenta website approximately two hours after the call.
About Momenta
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel therapeutics for autoimmune indications.
To receive additional information about Momenta, please visit the website at www.momentapharma.com , which does not form a part of this press release.
Our logo, trademarks, and service marks are the property of Momenta Pharmaceuticals, Inc. All other trade names, trademarks, or service marks are property of their respective owners.
Contact:
Sarah Carmody
Momenta Pharmaceuticals
1-617-395-5189
[email protected]
Source:Momenta Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-momenta-pharmaceuticals-announces-date-of-first-quarter-2018-financial-results-conference-call-and-webcast.html |
Starling Marte, Jose Osuna, Josh Bell and Max Moroff hit home runs Friday as the Pittsburgh Pirates won their fourth straight game, 11-2 over the visiting San Francisco Giants.
Marte and Jordy Mercer each had three hits for the Pirates, who had 15 in all.
The game marked the first return to PNC Park for former Pirates star outfielder Andrew McCutchen, prompting several ovations and video tributes. McCutchen, who was traded to San Francisco in January, was 1-for-5, with his one-out double in the seventh extending his streak of getting on base to 21 games but not figuring in the scoring.
“A little weird,” said McCutchen pregame of entering the visitor’s clubhouse. “I felt like I needed a few more steps.”
The Giants lost their fifth game in a row.
Both teams got into their bullpens fairly quickly and used a combined 13 pitchers. The Pirates’ seven pitchers combined for 14 strikeouts.
Pittsburgh starter Jameson Taillon was forced from the game because of a right finger laceration after giving up one hit and striking out five in three scoreless innings.
Steven Brault (3-1), who replaced Taillon, gave up two runs and two hits in the fourth but picked up the win.
San Francisco rookie starter Andrew Suarez (1-2) allowed five runs and seven hits in four innings.
The Pirates opened a 2-0 lead in the first on Marte’s two-run homer, his sixth, after Gregory Polanco doubled.
The Giants tied it in the fourth against Brault on Austin Jackson’s two-out, two run single.
Pittsburgh went ahead for good in the fourth. Mercer’s triple brought home Sean Rodriguez, who reached on a single, for a 3-2 Pittsburgh lead. Osuna smacked a 420-foot, pinch-hit homer, his second, to extend the lead to 5-2.
In the sixth, Colin Moran’s pinch-hit RBI double off the wall in center made it 6-2 after Mercer’s two-out single.
Bell hit a 432-foot homer, his third, for two more runs in the seventh and an 8-2 lead.
McCutchen got another shot in the eighth, but with the bases loaded and two outs he bounced into a forceout.
Moroff added a three-run homer, his second, in the eighth to make it 11-2.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-pit-sf-recap/pirates-pummel-giants-in-mccutchens-return-idUSMTZEE5CLGRRJ7 |
FRANKFURT, May 31 (Reuters) - Dialog Semiconductor said Apple now planned to source fewer of the main power management chips (PMICs) it needs for its smartphones this year from the German chipmaker than it had previously planned.
The move will reduce Dialog’s full-year 2018 revenues by around 5 percent, Dialog said, but added that revenues would still grow year-on-year.
Dialog’s stock has lost more than half of its value over the past year on investor concerns that Apple is working on its own battery-saving chips for iPhones.
Analysts reckon Dialog derives more than half its revenue from supplying Apple with PMICs.
Reporting by Maria Sheahan; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/apple-power-chip-dialog/dialog-says-apple-to-source-fewer-main-smartphone-power-chips-from-it-idUSASO0005RA |
May 3, 2018 / 9:10 PM / Updated 2 hours ago Brazil conducts massive graft raids, targets $1 bln laundering ring Reuters Staff 2 Min Read
RIO DE JANEIRO (Reuters) - Brazilian investigators conducted one of their largest operations against graft ever on Thursday, targeting a money laundering ring linked to powerful politicians and businessmen that moved $1 billion (£736.7 million) through offshore accounts in 52 countries.
Federal prosecutors in Rio de Janeiro said that arrest warrants were issued for 53 people, nearly all of them black-market money changers. The information on illicit transactions for major companies and politicians those suspects have is certain to be “explosive,” one prosecutor said.
Authorities noted at a news conference that the “Car Wash” corruption investigation that began in 2014 and has morphed into one of the world’s largest anti-graft efforts began with the arrest of a single money changer.
“This sting opens the door on an unknown universe,” said prosecutor Rodrigo Timoteo. “We have pulled back the first layer, but there are many more.”
Investigators were able to conduct Thursday’s raids and arrests because of plea-bargain testimony of two money changers, Vinicius Claret and Claudio Barbosa, who moved illegal money for former Rio de Janeiro governor Sergio Cabral, who is serving over 100 years on several corruption convictions.
Two of the money changers arrested on Thursday in Uruguay, identified by prosecutors as Francisco Munoz and Raul Pegazzano, had allegedly carried out illegal operations in the past for the world’s largest meatpacker, JBS SA.
The company said in a statement that its executives who reached plea deals with prosecutors had already given detailed information about the company’s connection with the two me.
Prosecutors said they have asked a court to order the confiscation of 7.5 billion reais (£1.5 billion) in cash and goods from those linked to the laundering ring, half of that to pay to the government the amount of money illegally moved over the past two decades and half to pay fines. Reporting by Rodrigo Viga Gaier; Additional reporting by Brad Brooks in Sao Paulo; Writing by Ana Mano; Editing by Dan Grebler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-corruption-jbs/brazil-conducts-massive-graft-raids-targets-1-bln-laundering-ring-idUKKBN1I42OJ |
May 1, 2018 / 8:43 AM / Updated 2 hours ago UK factory growth sinks to 17-month low in April, further cuts chance of BoE hike in May Andy Bruce 4 Min Read
LONDON (Reuters) - British manufacturing growth slid to a 17-month low in April, sending sterling sinking and further reducing the chances of an interest rate hike by the Bank of England next week. Plugs are placed on moulds for mugs in Hanley, Stoke-on-Trent, Britain March 28, 2018. REUTERS/Carl Recine
The pound fell below $1.37 for the first time in 3-1/2 months after Tuesday’s Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dropped a full point to 53.9 in March, below the average forecast of 54.8 in a Reuters poll of economists.
It is the second disappointing data point in the space of a few days after official figures on Friday showed Britain’s economy barely grew in the first three months of 2018, with heavy snow only partly to blame.
Separate figures from the BoE showed consumers borrowing slowed sharply in March, in line with earlier data showing a big fall in retail sales that month.
“All in all, Markit’s manufacturing survey provides more evidence that the economy has fundamentally slowed this year, strengthening the case even more for the MPC to hold back from raising interest rates later this month,” Samuel Tombs, economist at consultancy Pantheon Macroeconomics, said.
Even before Friday’s weak growth figures, BoE Governor Mark Carney had said economic data had been mixed and suggested the BoE might wait rather than raise rates to a new post-financial-crisis high of 0.75 percent on May 10.
There was nothing in Tuesday’s PMI report to suggest British factories - which account for around a tenth of overall economic output - will regain the vigor they enjoyed in late 2017, when a recovery in the euro zone boosted British manufacturing.
Gauges of new orders and exports weakened to the lowest levels since mid-2017, while manufacturers took on staff at the slowest pace since February last year.
IHS Markit said weakness centered especially around producers of consumer goods who have been hit by the reduced spending power among households caused by last year’s rise in inflation.
The Bank of England data on Tuesday added to signs of a lacklustre consumer economy, as Britons borrowed only a net 254 million pounds ($347 million) in March - far weaker than the Reuters poll forecast for growth of 1.45 billion pounds.
The year-on-year growth rate in unsecured consumer lending tumbled to 8.6 percent, its slowest since November 2015, down from 9.4 percent in February.
The drop in the annual growth rate was the sharpest from one month to the next since August 2009. On a three-month on three-month basis, which gives a clearer idea of the short-term trend, lending growth slowed at the fastest pace since 2000 to an annualized rate of 6.3 percent.
“With real incomes barely rising, such a sharp fall in consumer credit does not bode well for either the high street or the overall growth outlook,” ING economist James Smith said.
IHS Markit said optimism among manufacturers dipped to a five-month low in April as concerns about Brexit, trade barriers and the overall economic climate remained widespread.
The PMI’s gauge of factory cost pressures cooled to a nine-month low, something that will be noted by BoE rate-setters who are keeping an eye on inflation pressures ahead of next week’s policy decision.
Separate PMIs for the construction industry and the much larger services sector are due on Wednesday and Thursday.
($1 = 0.7310 pounds) | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-economy-pmi/uk-factory-growth-sinks-to-17-month-low-in-april-further-cuts-chance-of-boe-hike-in-may-idUSKBN1I233H |
May 15, 2018 / 3:48 AM / Updated 17 minutes ago U.S., Japan to 'move rapidly' on trade deal - Hagerty Reuters Staff 1 Min Read
TOKYO (Reuters) - The United States and Japan will “move rapidly” to get a deal on trade under a new framework led by U.S. Trade Representative Robert Lighthizer and Japanese Economy Minister Toshimitsu Motegi, U.S. ambassador to Japan William Hagerty said on Tuesday. U.S. ambassador to Japan William Hagerty speaks during the Wall Street Journal CEO Conference in Tokyo, Japan May 15, 2018. REUTERS/Toru Hanai
“Trade is very important for us. We’re going to move rapidly in getting something done,” Hagerty said at a conference in Tokyo, adding that USTR staff had visited Tokyo recently to work out details. Reporting by Leika Kihara; Editing by Chris Gallagher | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-japan/u-s-japan-to-move-rapidly-on-trade-deal-hagerty-idUKKCN1IG0BQ |
May 7 (Reuters) - Tactile Systems Technology Inc:
* FOR 2018, COMPANY NOW EXPECTS REVENUES IN RANGE OF $132 MILLION TO $134 MILLION
* TACTILE SYSTEMS TECHNOLOGY - QTRLY LOSS PER SHARE $0.00
* REVENUES FOR Q1 2018 INCREASED $7.0 MILLION, OR 35%, TO $26.8 MILLION, COMPARED TO $19.9 MILLION FOR QUARTER ENDED MARCH 31, 2017
* Q1 REVENUE VIEW $23.7 MILLION -- THOMSON REUTERS I/B/E/S Source text: ( bit.ly/2jI83BH )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tactile-systems-technology-inc-for/brief-tactile-systems-technology-inc-for-2018-co-now-expects-revenues-in-range-of-132-mln-to-134-mln-idUSFWN1SE0Z0 |
May 3, 2018 / 10:27 AM / Updated 13 minutes ago SE Asia Stocks-Fall as U.S.-China trade tensions weigh Reuters Staff 4 Min Read * Indonesia, Malaysia snap three sessions of gains * Singapore retreats from multi-year high * Indonesia hits 7-month closing low By Sumeet Gaikwad May 3 (Reuters) - Southeast Asian stock markets slipped on Thursday as U.S.-China trade tension hurt investor risk appetite, with Indonesia sinking to an over seven-month closing low as foreign investors continued to trim their equity exposure. A U.S. trade delegation arrived in China for talks on tariffs. State media said China will stand up to U.S. bullying if need be, but it was better to work things out at the negotiating table. The discussions are expected to cover a wide range of U.S. complaints about China's trade practices, from accusations of forced technology transfers to state subsidies for technology development. "International pressure to avoid a trade war, and Beijing's restraint are perhaps a consolation; and in fact worst-case (broad-brush tariff) scenarios may be avoided," Mizuho Bank said in a note. Indonesian shares snapped a three-session gaining streak and ended 2.6 percent lower dragged down by financials and consumer staples. Bank Central Asia was the biggest drag, falling 2.6 percent, while Telekomunikasi Indonesia dropped 3.4 percent. Foreign investors net sold $55.3 million worth of Indonesian stocks on Thursday, according to stock exchange data. In April, they sold securities worth $684 million in equities and $967 million in bonds. An index of the country's 45 most liquid stocks declined 3.1 percent. Philippine stocks hit a two-week closing low as financials and industrials weighed on the index. SM Investments Corp fell 5 percent while Aboitiz Equity Ventures dropped 7 percent. Singapore shares retreated from a multi-year high to fall more than 1 percent. Financials weighed on the index, with lender DBS Group Holdings falling 4.3 percent, while Oversea-Chinese Banking Corp shed 1.5 percent. Malaysian stocks ended largely flat as gains in materials and consumer stocks were offset by losses in financials. Index heavyweights Petronas Gas fell 2.3 percent while Tenaga Nasional rose 1 percent. The Thailand index closed marginally lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3575.68 3615.28 -1.10 Bangkok 1790.8 1791.13 -0.02 Manila 7535.1 7736.07 -2.60 Jakarta 5858.732 6012.238 -2.55 Kuala Lumpur 1851.8 1852.03 -0.01 Ho Chi Minh 1026.46 1029.08 -0.25 Change on year Market Current End 2017 Pct Move Singapore 3575.68 3402.92 5.08 Bangkok 1790.8 1753.71 2.11 Manila 7535.1 8558.42 -11.96 Jakarta 5858.732 6355.654 -7.82 Kuala Lumpur 1851.8 1796.81 3.06 Ho Chi Minh 1008.35 984.24 2.45 (Reporting by Sumeet Gaikwad and Gaurav Dogra in Bengaluru; Editing by Vyas Mohan) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-fall-as-u-s-china-trade-tensions-weigh-idUSL3N1SA3DS |
WASHINGTON (Reuters) - The United States on Monday imposed sanctions on three Venezuelans and 20 entities for narcotics trafficking activity.
Of the newly sanctioned entities, 16 were based in Venezuela and four in Panama, the U.S. Treasury said in a statement on its website.
Reporting by Tim Ahmann, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-oas-pence-sanctions-statement/u-s-imposes-sanctions-on-three-venezuelans-under-drug-kingpin-rules-idUSKBN1I8222 |
May 4 (Reuters) - Novo Nordisk A/S:
* AS PART OF UPTO DKK 14 BILLION 2018 SHARE REPURCHASE PROGRAMME, CO INITIATED NEW SHARE REPURCHASE PROGRAMME FOR AN AMOUNT OF UP TO DKK 2.7 BILLION
* APPOINTED NORDEA DANMARK, FILIAL AF NORDEA BANK AB (PUBL) AS LEAD MANAGER TO EXECUTE PROGRAMME INDEPENDENTLY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novo-nordisk-says-initiated-new-sh/brief-novo-nordisk-says-initiated-new-share-repurchase-programme-for-up-to-dkk-2-7-billion-idUSFWN1SB19U |
5/15/2018 9:35AM A Conversation With Malaysia's New Prime Minister Mahathir Mohamad In an exclusive interview Tokyo, newly elected Malaysian Prime Minister Mahathir Mohamad revealed he plans to remain in power for "one or two years" rather than hand the reins to longtime opposition leader Anwar Ibrahim. | ashraq/financial-news-articles | http://www.wsj.com/video/a-conversation-with-malaysia-new-prime-minister-mahathir-mohamad/677B4199-95DA-42B6-A762-A13F65826F18.html |
CINCINNATI and CHICAGO, May 23, 2018 /PRNewswire/ -- The Kroger Co. (NYSE: KR) and Home Chef, the country's largest private meal kit company, today announced a merger agreement that will significantly accelerate availability of meal kits and position the combined company to lead the way in revolutionizing how families shop for, prep, and cook their meals. The initial transaction price is $200 million and future earnout payments of up to $500 million over five years are contingent on achieving certain milestones, including significant growth of in-store and online meal kit sales. The pending merger comes on the heels of Home Chef's 150% growth in 2017, $250M in revenue, and two profitable quarters.
"Customers want convenience, simplicity and a personalized food experience. Bringing Home Chef's innovative and exciting products and services to Kroger's customers will help make meal planning even easier and mealtime more delicious," said Yael Cosset, Kroger's chief digital officer. "This merger will introduce Kroger's 60 million shoppers to Home Chef, enhance our ship-to-home and subscription capabilities, and contribute to Restock Kroger."
"We've long believed that the future of our industry is omni-channel and bigger than just meal kits sold online. We want to be where our customers are and want to help make cooking at home easier, more accessible and even more enjoyable," said Pat Vihtelic, Home Chef's founder and CEO. "We're thrilled that we will be part of the Kroger family and plan to maintain our relentless focus on innovation that meets customers' evolving food needs. Kroger's expansive retail footprint will allow us to serve millions of more customers across the country with simple, convenient and enjoyable meal solutions."
Home Chef features delicious and approachable meals that fit every taste preference and easy-to-follow recipes for every experience level. They currently lead the industry with the most variety among the leading meal kit companies and have gone beyond the one-size-fits-all model to bring new innovations like 5 Minute Lunches, Flexible Serving options, and new, easy-to-prepare meals that require minimal prep. Home Chef's offerings complement Kroger's Prep+Pared offering that is currently available in more than 525 stores.
Home Chef employs approximately 1,000 employees, is headquartered in downtown Chicago, and operates three distribution centers in Chicago, Atlanta and San Bernardino. Home Chef's distribution centers reach 98% of all continental U.S. households within a two-day delivery window.
"As one of the fastest growing meal kit companies in the country, Home Chef is poised for even more explosive growth," said Mr. Cosset. "We admire their focus on the customer, culture of collaboration, dynamic experimentation, and demonstrated financial success. Home Chef's combination of culinary expertise and a customer data driven decision-making process is right in line with Kroger's vision to serve America through food inspiration and uplift by providing meal solutions for every lifestyle."
After the deal closes, Home Chef will operate as a subsidiary of The Kroger Co., maintain its e-commerce business on homechef.com , and assume responsibility for Kroger's meal solutions portfolio. The company will continue to operate its offices and facilities.
Following closing, Kroger will make Home Chef meal kits available to Kroger shoppers, both in stores and online.
Kroger expects the transaction to have no effect on 2018 earnings, and to be slightly accretive in 2019.
Additional Information
The transaction is expected to close in the second quarter, following the satisfaction of customary closing conditions, including regulatory approval.
Weil, Gotshal & Manges LLP is acting as legal advisor to Kroger and Sidley Austin LLP is acting as legal advisor to Home Chef.
About Kroger
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human Spirit™. We are nearly half a million associates who serve nine million customers daily through a seamless digital shopping experience and 2,800 retail food stores under a variety of banner names , serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site .
About Home Chef
Home Chef is one of the largest meal kit delivery companies in the U.S., with over 3 million meals delivered each month. Founded in 2013, Home Chef offers fresh, pre-portioned ingredients and easy to follow recipes delivered weekly and is designed for anyone to be able to cook and everyone to enjoy. The Chicago-based company delivers nationwide from its distribution centers in the Chicago, Atlanta, and Los Angeles areas. Home Chef was recently honored by Entrepreneur Magazine as part of the 2018 list of the Best Entrepreneurial Companies in America. Find out more and get cooking at www.homechef.com . Follow us on Twitter , Instagram and Facebook for live updates and delicious inspiration.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 about future performance of Kroger. These statements are based on management's assumptions and beliefs in light of the information currently available to it. These statements are indicated by words such as "will," "continue," "expect," "poised," and similar words. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" and "Outlook" in Kroger's annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following:
Kroger's ability to achieve sales, earnings and cash flow goals may be affected by: labor negotiations or disputes; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, including non-traditional competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary and deflationary trends in certain commodities, and the unemployment rate; the effect that fuel costs have on consumer spending; volatility of fuel margins; changes in government-funded benefit programs; manufacturing commodity costs; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the inconsistent pace of the economic recovery; changes in inflation or deflation in product and operating costs; stock repurchases; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger's future growth plans; the ability to execute on Restock Kroger; and the successful integration of Harris Teeter and Roundy's. Kroger's ability to achieve sales and earnings goals may also be affected by Kroger's ability to manage the factors identified above. Kroger's ability to execute its financial strategy may be affected by its ability to generate cash flow. The consummation of the merger is contingent upon regulatory approval and the conditions of the merger being satisfied or waived. Earnout payments are contingent on the achievement of performance goals. Our ability to accelerate market growth of meal kits and enhance Restock Kroger will depend on customer acceptance, execution, competitive forces, and other factors.
We assume no obligation to update the information contained herein. Please refer to Kroger's report and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.
View original content with multimedia: http://www.prnewswire.com/news-releases/kroger-and-home-chef-to-join-forces-to-revolutionize-mealtime-300653872.html
SOURCE Home Chef | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-kroger-and-home-chef-to-join-forces-to-revolutionize-mealtime.html |
May 24, 2018 / 8:49 AM / Updated 24 minutes ago Australia's Commonwealth Bank says it double-charged thousands of customers Paulina Duran , Byron Kaye 4 Min Read
SYDNEY (Reuters) - Australia’s largest lender, Commonwealth Bank of Australia ( CBA.AX ), told a powerful misconduct inquiry it double-charged interest to thousands of customers due to a coding error, the second time it has used that reason to explain systemic problems. FILE PHOTO: Office workers walk in front of the Commonwealth Bank of Australia building in central Sydney, Australia, February 7, 2018. REUTERS/Daniel Munoz/File Photo
The bank’s admission at the banking Royal Commission on Thursday adds to numerous instances where the banking mammoth’s actions have been found questionable in recent months, and follows a scathing report by the banking regulator that found a widespread sense of complacency at the bank.
The inquiry heard the bank had charged over 2,500 customers interest rates of over 33 percent per annum for overdraft facilities between about 2013 and 2017 - double the 16 percent it had advertised.
It had refunded A$2.7 million (1.5 million pounds) since customers first complained in 2013 but it had failed to report the issues with the corporate regulator until recently, the inquiry heard. Some customers waited more than two years to be reimbursed.
“I’m struck by the fact that this was observed, found, thought to be solved - but not. It’s the ‘but not’ that is what is troubling me,” the former judge heading the quasi-judicial inquiry Kenneth Hayne said.
The revelation is another blow to an institution already reeling from multiple scandals and comes after the Australian Prudential Regulatory Authority (APRA) hit the Sydney-based lender with an extra A$1 billion capital requirement until it fixes its governance problems.
Clive van Horen, who headed the bank’s small business unit at the time, told the inquiry he intervened to delay refunds to some customers last year to avoid bad publicity since it would have coincided with regular hearings run by the government.
“I appreciate if you are one of those customers affected and you are waiting for a refund it’s very material to you, however it was ... a very small issue in the scheme of things,” Van Horen said.
“I thought the risk of putting out letters right into the House of Reps hearing where these letters would potentially get picked up and reported in a way which was ... factually wrong (justified the delay),” he added, referring to the lower house of parliament where bank bosses face regular hearings.
The cause of the problem was a “coding error” where the bank’s computer system failed to account for all customer circumstances, Van Horen said.
Less than halfway into its year-long investigation, the Royal Commission has already uncovered serious transgressions by the country’s four largest banks: CBA, Westpac Banking Corp ( WBC.AX ), Australia and New Zealand Banking Group Ltd ( ANZ.AX ) and National Australia Bank Ltd ( NAB.AX ).
Since the investigation began, they have lost a combined A$31 billion in market value as investors sold off shares, and their reputations have been shattered.
But CBA has been the worst hit, as it also deals with a lawsuit by Australia’s financial intelligence agency for alleged breaches of money laundering laws that allowed criminals and terror financiers to launder millions of dollars through its accounts.
The bank has admitted that over 50,000 transactions were in breach but said a “coding error” caused the bulk of the breaches. Since then, its CEO and four other senior executives have left the bank, in one of the worst governance crises in the bank’s history.
Earlier this month, CBA was also forced to reveal it lost the records of almost 20 million accounts and decided not to inform its customers, while a media report this week uncovered that retail staff had manipulated thousands of children’s accounts to earn bonuses, a practice the bank confirmed and said had ended in 2013. Reporting by Paulina Duran and Byron Kaye; Editing by Christopher Cushing | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-banks-inquiry/australias-commonwealth-bank-says-it-double-charged-thousands-of-customers-idUKKCN1IP17T |
* Euro hits fresh 2018 lows on worries about Italy, economy * U.S. inflation data hold key to further dollar gains * Sterling slumps before BOE meeting on Thursday * Commodity-linked, emerging market currencies slide (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, May 8 (Reuters) - The dollar advanced on Tuesday to its highest level of 2018 against a basket of currencies on safe-haven buying, as investors worried about the fate of the Iran nuclear deal and political turmoil in Italy. Recent data showing Europe's economic growth was slowing caused traders to cut bullish bets on euro and to scale back their outlook for European interest rate hikes in 2019. "The top focus point today is with Iran. There's also a political wind blowing across Europe," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Everything is pointing to further strengthen the dollar." U.S. President Donald Trump is expected to make an announcement at 2 p.m. (1800 GMT) on the nuclear deal, which eased economic sanctions in exchange for Tehran limiting its nuclear program. Commodity-linked and emerging market currencies slid on worries about a possible U.S. withdrawal, which would hit risk appetite in financial markets. At 10:38 a.m. (1438 GMT), an index that tracks the greenback versus the euro, yen, sterling and six other currencies hit 93.280, its highest since December. It was last up 0.5 percent at 93.212. The dollar index had been down year to date but in three weeks it has gained over 4 percent, erasing that loss. Expectations for more U.S. interest rate hikes from the Federal Reserve have underpinned the dollar's rebound despite soft U.S. domestic data, analysts said. Thursday's U.S. consumer price index for April should show whether inflation is approaching the Fed's 2 percent goal. "We have to wait for the inflation data which would be telling for the dollar," Manimbo said. The euro has declined to its weakest level since late December. It was down about 0.6 percent to $1.1852 and 129.49 yen, Reuters data showed. On Monday, Italy's two largest parties resisted President Sergio Mattarella's call to rally behind a "neutral government." The pound declined to $1.3485, its lowest since Jan. 11, Bank of England policy makers meet on Thursday, and are expected to leave interest rates unchanged. Among commodity-linked currencies, the Australian dollar fell 1 percent to $0.7441 after touching an 11-month low. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-sets-2018-highs-on-jitters-over-iran-italy-idUSL8N1SF5OQ |
OAK BROOK, Ill., May 17, 2018 /PRNewswire/ -- Oak Brook, Illinois-based Fell Lease Administration announced today that it is changing its corporate name to Scribcor Global Lease Administration. The name change reflects the company's broader, global capabilities, scalable services, as well as deeper expertise in Lease Administration, FASB Lease Consulting, and Equipment Lease Administration.
"For some, our new name, Scribcor, may have a familiar ring to it," explains company President, Jamie Covert. "That's because the company known as Fell Lease Administration initially began as Scribcor, in 1992. Our new full name, Scribcor Global Lease Administration, allows us to capitalize on the legacy Scribcor name, while emphasizing our expanded, global capabilities and reinforcing the way we are changing lease administration services. The new name reflects our emphasis on people, thought leadership, industry advancement, and quality deliverables that help clients manage risk and exposure, comply with regulatory requirements and create actionable insights for leased portfolios."
"We are very excited to open this new chapter in the company's journey," says Covert. "The re-brand to Scribcor Global Lease Administration is a catalyst for our future growth as well as a significant boost for our employees who want to be part of something bigger. For our clients, it signifies that we have elevated our game and our focus on helping them achieve their lease administration goals."
The change is effective immediately and the company's new website is www.scribcorglobal.com . The Oak Brook office location and contact phone numbers will remain the same. New email addresses will follow the [email protected] format.
About Scribcor Global Lease Administration
Scribcor Global Lease Administration is a full-service Lease Administration company dedicated to helping global clients manage their commercial leases in a more efficient manner, saving time and money. The Scribcor team is comprised of talented attorneys, accountants, paralegals and property management professionals that combine technology, resources and market knowledge to help streamline lease administration and help clients avoid costly billing errors and overpayment. The company also provides expertise in FASB Consulting, Equipment Lease Administration, Lease Abstracting and other real estate, accounting and compliance-driven services.
Contact:
Jamie Covert, President
Scribcor Global Lease Administration
1415 West 22nd Street Suite 700E
Oak Brook, IL 60523
Phone: 630.581.5550
Related Links
Company Website
Company LinkedIn
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SOURCE Scribcor Global Lease Administration | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-fell-announces-corporate-name-change-to-scribcor-global-lease-administration.html |
WASHINGTON, May 1 (Reuters) - U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension of the exemption from new steel and aluminum tariffs granted to the European Union was the result of promising discussions to reduce trade tensions, and he does not anticipate granting exemptions to become a continuing practice.
“We’re having some potentially fruitful discussions about an overall reduction in trade tensions,” he said in a CNBC interview. “I don’t think we have any intention to grant protracted extensions, that defeats the whole purpose.” (Reporting by Lisa Lambert and David Lawder Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-metals/u-s-extended-eu-tariff-exemption-because-of-good-trade-discussion-ross-idUSW1N1QO045 |
May 8 (Reuters) - Quidel Corp:
* QUIDEL REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $1.29
* Q1 GAAP EARNINGS PER SHARE $0.86 * Q1 REVENUE $169.1 MILLION VERSUS I/B/E/S VIEW $150.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.01 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-quidel-reports-q1-non-gaap-earning/brief-quidel-reports-q1-non-gaap-earnings-per-share-1-29-idUSASC0A0OV |
NEWPORT BEACH, Calif., May 17, 2018 /PRNewswire/ -- CEO Coaching International , the leading firm for coaching growth-focused CEOs and entrepreneurs, announced today Jerry Swain as its newest coach. Swain has over 20 years of leadership experience in both the corporate world, at IBM and as a successful entrepreneur, founding Jer's Chocolates.
Swain joins the team with prior experience at IBM gaining recognition as a successful sales leader. He went on to demonstrate his entrepreneurial aptitude by founding and building an international, award-winning chocolate brand and business that he later sold to a strategic acquirer. Swain now participates as a Chair for TIGER 21, which is an investment mentorship for high-net-worth business leaders and is active in a variety of company boards and nonprofit associations.
"Jerry has an impressive background and I am confident he will add tremendous value to our team and clientele," commented Mark Moses , CEO and Founder of CEO Coaching International.
CEO Coaching International is known globally for its success in coaching growth-focused Entrepreneurs in a data-driven and measurable way to meaningful exits. They coach over 160 entrepreneurs in 20 different countries. CEOs and entrepreneurs working with CEO Coaching International for 4 years or more have experienced an average CAGR in revenue of 40.1% during their time as a client, more than four times the national average. Additionally, clients have averaged 210% growth in profit while working with the firm.
About CEO Coaching International
CEO Coaching International is an executive coaching company that works with the world's top entrepreneurs, CEOs and companies to dramatically grow their business, develop their people, and elevate their own performance. For more information, please visit: http://www.ceocoachinginternational.com
Photo(s):
https://www.prlog.org/12708864
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View original content: http://www.prnewswire.com/news-releases/successful-retail-entrepreneur-and-tiger-21-chair-joins-ceo-coaching-international-300650095.html
SOURCE CEO Coaching International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-successful-retail-entrepreneur-and-tiger-21-chair-joins-ceo-coaching-international.html |
May 15 (Reuters) - Capital One Financial Corp:
* CAPITAL ONE FINANCIAL - 30+ DAY PERFORMING DELINQUENCIES RATE FOR AUTO 5.23 PERCENT AT APRIL END VERSUS 5.15 PERCENT AT MARCH END
* CAPITAL ONE FINANCIAL-30+ DAY PERFORMING DELINQUENCIES RATE FOR DOMESTIC CREDIT CARD 3.33 PERCENT AT APRIL END VERSUS 3.57 PERCENT AT MARCH END
* CAPITAL ONE FINANCIAL-APRIL DOMESTIC CREDIT CARD NET CHARGE-OFFS RATE 5.04 PERCENT VERSUS 5.29 PERCENT IN MARCH
* CAPITAL ONE FINANCIAL – APRIL AUTO NET CHARGE-OFFS RATE 1.14 PERCENT VERSUS 1.19 PERCENT IN MARCH Source text: ( bit.ly/2KrwNtz ) Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-one-financial-30-day-perfo/brief-capital-one-financial-30-day-performing-delinquencies-rate-for-auto-5-23-pct-at-april-end-vs-5-15-pct-at-march-end-idUSFWN1SM0P9 |
The Afternoon Rundown: May 16, 2018 12 Mins 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-afternoon-rundown-may-16-2018.html |
A Connecticut estate on roughly 187 acres—and home to a menagerie of animals including peacocks, pheasants and parrots—is going on the market for $13.75 million.
Known as Cobble Hill Farm, the property is about 100 miles outside New York City in West Cornwall, a small village that attracts affluent weekenders, according to Carolyn Klemm of Klemm Real Estate, who has the listing with colleague Roger Saucy. The property is one of the most expensive on the market in Litchfield County, she said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-connecticut-estate-with-animal-menagerie-seeks-13-75-million-1525446855 |
NEW YORK--(BUSINESS WIRE)-- KKR & Co. L.P. (NYSE:KKR) today reported its first quarter 2018 results, which have been posted to the Investor Center section of KKR’s website at http://ir.kkr.com/kkr_ir/kkr_events.cfm .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180503005344/en/
A conference call to discuss KKR’s financial results will be held on Thursday, May 3, 2018 at 11:00 a.m. ET. The conference call may be accessed by dialing (877) 303-2917 (U.S. callers) or +1 (253) 237-1135 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed at http://ir.kkr.com/kkr_ir/kkr_events.cfm . A replay of the live broadcast will be available on KKR’s website or by dialing (855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code 5996796, beginning approximately two hours after the broadcast.
A slide presentation containing supplemental commentary, which will be referenced on the conference call, has also been posted to the Investor Center section of KKR’s website at http://ir.kkr.com/kkr_ir/kkr_events.cfm .
ABOUT KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005344/en/
Kohlberg Kravis Roberts & Co. L.P.
Investor Relations:
Craig Larson
+1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
[email protected]
or
Media:
Kristi Huller or Cara Major
+ 1 (212) 750-8300
[email protected]
Source: Kohlberg Kravis Roberts & Co. L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-kkr-co-l-p-reports-first-quarter-2018-results.html |
Total Revenue Grows 28% Year over Year, ARPS Grows 31% Year over Year
Substantive Acquisitions Set the Company up for Future Growth
SAN LUIS OBISPO, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- MINDBODY, Inc. (NASDAQ:MB), the leading technology platform for the fitness, wellness and beauty services industries, today announced the first quarter ended March 31, 2018.
“Q1 was a pivotal quarter for MINDBODY,” said Rick Stollmeyer, co-founder and chief executive officer of MINDBODY. “With nearly 45 million consumer bookings on our mobile apps and a more than doubling of promoted offer sales year over year, our consumer marketplace strategy is in full swing. Now, with the acquisitions of FitMetrix, Booker and Frederick we are positioned for an acceleration of consumer adoption and strong growth for years to come.”
“Our pricing and refined subscriber growth strategy contributed to excellent unit economics and yet another quarter of improving profitability while we continue to invest in our business,” said Brett White, chief operating officer and chief financial officer.
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018 was $53.8 million, a 28% increase year over year. Subscription and services revenue for the first quarter of 2018 was $32.7 million, a 31% increase year over year. Payments revenue for the first quarter of 2018 was $20.2 million, a 21% increase year over year. GAAP net loss for the first quarter of 2018 was $(1.7) million, or $(0.04) per share, compared to a GAAP net loss for the first quarter of 2017 of $(3.9) million, or $(0.10) per share. In the first quarter of 2018 the Company completed the acquisition of FitMetrix, Inc. In the transaction, the Company acquired the net deferred tax liabilities of FitMetrix. The acquired net deferred tax liabilities will provide a source of income for the Company to realize a portion of its deferred tax assets, for which a valuation allowance is no longer needed, resulting in an income tax benefit of $2.1 million for the first quarter of 2018. Non-GAAP net income 1 for the first quarter of 2018 was $2.9 million, or $0.06 per share, compared to a non-GAAP net loss for the first quarter of 2017 of $(1.2) million, or $(0.03) per share. Adjusted EBITDA 1 for the first quarter of 2018 was $4.6 million, compared to Adjusted EBITDA for the first quarter of 2017 of $1.1 million.
Recent Business Highlights
Released a new and improved version of the MINDBODY app. Combined class lists and easy-to-use filters make it easier for people to explore and book a wide variety of workouts offered at the time, place and price that best fit their lifestyles. Completed the acquisition of Booker Software, Inc. on April 2, 2018. Booker is a leading cloud-based business management platform for salons and spas, and is the provider of Frederick, a fast-growing, automated marketing software for wellness businesses. The acquisition adds approximately 10,000 salons and spas to the MINDBODY marketplace. Acquired FitMetrix on February 19, 2018, which provides performance tracking integrations with fitness studio equipment and wearables, enabling fitness businesses to deliver a more immersive experience to their clients.
First Quarter Key Metrics
We regularly review the following key metrics to measure our performance, identify trends affecting our business, formulate financial projections, make strategic business decisions and assess working capital needs.
As of and for the Quarter Ended March 31, 2018 2017 YoY Subscribers (end of period) 2 57,909 59,919 (3 )% Average monthly revenue per subscriber $ 302 $ 230 31 % Payments volume (in millions) $ 2,245 $ 1,866 20 % Dollar-based net expansion rate (average for the quarter) 3 106 % 108 % 1 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”
2 Starting the first quarter of 2018, we define subscribers as unique physical locations or individual practitioners who have active subscriptions to services on our platform, as of the end of the period, including subscriptions to FitMetrix services and, beginning in the second quarter of 2018, Booker services.
3 Starting the first quarter of 2018, we calculate our dollar-based net expansion rate using a quarterly average. We believe that this change in methodology for calculating our dollar-based net expansion rate mitigates some of the volatility that can occur when this key metric is calculated using only the last month in the period. Prior periods have been adjusted to conform with this new methodology.
Outlook
For the second quarter and full year 2018, MINDBODY expects to report:
Revenue for the second quarter of 2018 in the range of $59.5 million to $61.5 million, representing 35% to 39% growth over the second quarter of 2017. Revenue for the full year of 2018 in the range of $246.0 million to $252.0 million, representing 35% to 38% growth over the full year of 2017. Non-GAAP net loss for the second quarter of 2018 in the range of $(4.5) million to $(3.0) million and weighted average shares outstanding for the second quarter of approximately 47.6 million shares. Non-GAAP net loss for the full year of 2018 in the range of $(10.0) million to $(6.0) million and weighted average shares outstanding for the full year of approximately 47.8 million shares.
The outlook has been updated to reflect the acquisitions of FitMetrix and Booker. Non-GAAP net loss excludes estimates for, among others, stock-based compensation expense and acquisition-related expenses, including transaction expenses. A reconciliation of these non-GAAP financial guidance measures to corresponding GAAP financial guidance measures is not available on a forward-looking basis because we do not provide guidance on GAAP net loss and are not able to present the various reconciling cash and non-cash items between GAAP net loss and non-GAAP net loss without unreasonable effort. In particular, stock-based compensation expense is impacted by MINDBODY’s future hiring and retention needs, as well as the future fair market value of MINDBODY’s Class A common stock, all of which is difficult to predict and is subject to constant change. The actual amount of these expenses during 2018 will have a significant impact on MINDBODY’s future GAAP financial results.
Quarterly Conference Call and Related Information
MINDBODY will discuss its quarterly results today at 1:30 p.m. PT (4:30 p.m. ET)
Dial in : To access the call, please dial (844) 494-0191, or outside the U.S. (508) 637-5581, with Conference ID# 1051179 at least five minutes prior to the 1:30 p.m. PT start time. Webcast and Related Investor Materials: A live webcast and replay of the call, as well as related investor materials, will be available at http://investors.mindbodyonline.com/ under the Events and Presentations menu. Audio replay : An audio replay will be available between 4:30 p.m. PT May 8, 2018 and 7:30 p.m. PT May 15, 2018 by calling (855) 859-2056 or (404) 537-3406 with Passcode 1051179 . The replay will also be available at investors.mindbodyonline.com .
About MINDBODY
MINDBODY, Inc. (NASDAQ:MB) is the leading technology platform for the fitness, wellness and beauty services industries. Local entrepreneurs worldwide use MINDBODY’s integrated software and payments platform to run, market and build their businesses. Consumers use MINDBODY to more easily find, engage and transact with providers in their local communities. For more information on how MINDBODY is helping people lead healthier, happier lives by connecting the world to wellness, visit mindbodyonline.com .
© 2018 MINDBODY, Inc. All rights reserved. MINDBODY, FitMetrix, Frederick, the Enso logo, the Booker logo and Connecting the World to Wellness are trademarks or registered trademarks of MINDBODY Inc. in the United States and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated.
Forward Looking Statements
This press release and the accompanying conference call contain forward-looking statements including, among others, current estimates of second quarter and full year 2018 revenue, non-GAAP net loss and weighted average shares outstanding, and statements relating to our expectations for our recent acquisitions of FitMetrix and Booker (including its Frederick technology), our go-to-market strategy, the timing of the release of a new feature on MINDBODY web, our partnership with Instagram, and integration plans and investments in the combined business.
These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: continued market acceptance of our platform; engagement of our customers and consumers; our ability to continue to successfully introduce new products and enhance our existing products to meet the needs of our customers and consumers; the return on our strategic investments; our ability to successfully integrate Booker and FitMetrix; our ability to achieve expected synergies and efficiencies of operations between MINDBODY and Booker and FitMetrix; our ability to realize the market opportunities provided by our acquisitions of Booker and FitMetrix; our ability to successfully integrate and maintain Booker's and FitMetrix’s respective technology, products and personnel; our ability to timely develop and achieve an effective go-to-market strategy of our combined services; the impact on the business of Booker and FitMetrix as a result of the acquisitions, including any loss of Booker or FitMetrix customers or key employees; execution of our plans and strategies, including with respect to consumer development, pricing, dynamic pricing, mobile products and features and MINDBODY Promote; any failure of our security measures, including the risk that such measures may be insufficient to secure our customer and consumer data adequately or that we may become subject to attacks that degrade or deny the ability of our customers and consumers to access our platform; our ability to grow and develop our payment processing activities; our ability to timely and effectively scale and adapt our existing technology and network infrastructure to ensure that our solutions are accessible at all times with short or no perceptible load times; our ability to maintain our rate of revenue growth and manage our expenses and investment plans; any decrease in customer demand for our software products, features and/or service offerings; changes in privacy or other regulations that could impact our ability to serve our customers and consumers or adversely impact our monetization efforts; increasing competition; our ability to manage our growth, including internationally; our ability to recruit and retain employees; general economic, market and business conditions; and the risks described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 1, 2018 and the risks described under the heading “Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, which should be read in conjunction with our financial results and forward-looking statements and are available on the SEC Filings section of the Investor Relations page of our website at investors.mindbodyonline.com /.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Non-GAAP Financial Measures
In this press release, MINDBODY has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We disclose the following historical non-GAAP financial measures in this press release: Adjusted EBITDA, non-GAAP net income (loss), and non-GAAP net income (loss) per share. We use these non-GAAP financial measures internally in analyzing our financial results and evaluating our ongoing operational performance. We believe that these non-GAAP financial measures provide an additional tool for investors to use in understanding and evaluating ongoing operating results and trends in the same manner as our management and board of directors. Our use of these non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Because of these and other limitations, you should consider these non-GAAP financial measures along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. We have provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Adjusted EBITDA
We define Adjusted EBITDA as our net loss before (1) stock-based compensation expense, (2) depreciation and amortization, (3) acquisition-related expenses, including, transaction expenses, (4) income tax provision (benefit), and (5) other expense, net, which consisted of interest income (expense), net, and other income (expense), net. Prior period acquisition-related expenses were insignificant. Accordingly, prior periods have not been adjusted to reflect these expenses.
We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Adjusted EBITDA has a number of limitations, including the following: (1) Adjusted EBITDA excludes stock-based compensation expense, which has been and will continue to be for the foreseeable future a significant recurring expense in MINDBODY’s business; (2) although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (3) Adjusted EBITDA does not reflect the cash requirements for acquisition-related expenses or tax payments; and (4) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.
Non-GAAP net income (loss) and non-GAAP net income (loss) per share
We define non-GAAP net income (loss) as the respective GAAP balance attributable to common stockholders adjusted for: (1) stock-based compensation expense, (2) amortization of acquired intangible assets, (3) acquisition-related expenses, including, transaction expenses, and (4) partial releases of valuation allowances due to acquisition. Non-GAAP net income per share is calculated as non-GAAP net income divided by the diluted weighted-average shares outstanding. Non-GAAP net loss per share, is calculated as non-GAAP net loss divided by the weighted-average shares outstanding. Prior period acquisition-related expenses were insignificant. Accordingly, prior periods have not been adjusted to reflect these expenses.
These non-GAAP financial measures have a number of limitations, including the following: (1) these non-GAAP financial measures exclude stock-based compensation expense, which has been and will continue to be for the foreseeable future a significant recurring expense in MINDBODY’s business; and (2) other companies, including companies in our industry, may exclude different items in their calculation of these non-GAAP financial measures, which reduces their usefulness as a comparative measure.
MINDBODY, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 217,708 $ 232,019 Accounts receivable 12,196 10,917 Deferred commissions, current portion 938 — Prepaid expenses and other current assets 6,393 5,612 Total current assets 237,235 248,548 Property and equipment, net 33,185 32,871 Deferred commissions, non-current portion 2,668 — Intangible assets, net 17,484 7,377 Goodwill 20,248 11,583 Other non-current assets 1,246 934 TOTAL ASSETS $ 312,066 $ 301,313 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,376 $ 7,448 Accrued expenses and other liabilities 12,827 13,099 Deferred revenue, current portion 5,949 6,318 Other current liabilities 1,135 1,828 Total current liabilities 29,287 28,693 Deferred revenue, non-current portion 1,499 3,201 Deferred rent, non-current portion 2,096 1,966 Financing obligation on leases, non-current portion 14,789 14,932 Other non-current liabilities 607 585 Total liabilities 48,278 49,377 Stockholders' equity: Class A common stock, par value of $0. 4 per share; 1,000,000,000 shares authorized,
43,672,907 shares issued and outstanding as of March 31, 2018; 1,000,000,000 shares
authorized, 43,041,405 shares issued and outstanding as of December 31, 2017 1 1 Class B common stock, par value of $0. 4 per share; 100,000,000 shares authorized,
3,747,030 shares issued and outstanding as of March 31, 2018; 100,000,000 shares
authorized, 3,901,966 shares issued and outstanding as of December 31, 2017 — — Additional paid-in capital 463,905 454,196 Accumulated other comprehensive loss (116 ) (108 ) Accumulated deficit (200,002 ) (202,153 ) Total stockholders' equity 263,788 251,936 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 312,066 $ 301,313
MINDBODY, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenue (1) $ 53,823 $ 42,214 Cost of revenue (2) 15,421 12,019 Gross profit 38,402 30,195 Operating expenses: Sales and marketing (2) 18,105 16,334 Research and development (2) 11,788 8,648 General and administrative (2) 12,663 8,686 Total operating expenses 42,556 33,668 Loss from operations (4,154 ) (3,473 ) Interest income (expense), net 366 (214 ) Other income (expense), net 39 (80 ) Loss before provision for income taxes (3,749 ) (3,767 ) Income tax provision (benefit) (2,058 ) 142 Net loss $ (1,691 ) $ (3,909 ) Net loss per share, basic and diluted $ (0.04 ) $ (0.10 ) Weighted-average shares used to compute net loss per share, basic and diluted 47,106 40,757 (1) Total revenue by category is presented below: Three Months Ended March 31, Revenue: 2018 2017 Subscription and services $ 32,743 $ 24,953 Payments 20,229 16,750 Product and other 851 511 Total revenue $ 53,823 $ 42,214 (2) Stock-based compensation expense included above was as follows: Three Months Ended March 31, 2018
2017
Cost of revenue $ 424 $ 261 Sales and marketing 1,144 506 Research and development 1,312 527 General and administrative 1,936 1,203 Total stock-based compensation expense $ 4,816 $ 2,497
MINDBODY, INC. Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Three Months Ended March 31, CASH FLOWS FROM OPERATING ACTIVITIES 2018 2017 Net loss $ (1,691 ) $ (3,909 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Stock-based compensation expense 4,816 2,090 Depreciation and amortization 2,648 2,497 Partial release of valuation allowance due to acquisition (2,133 ) — Other 30 (9 ) Changes in operating assets and liabilities net of effects of acquisitions: Accounts receivable (1,012 ) (721 ) Deferred commissions (2,674 ) — Prepaid expenses and other assets (1,036 ) (364 ) Accounts payable 1,089 294 Accrued expenses and other liabilities (463 ) 327 Deferred revenue 321 652 Deferred rent 160 176 Net cash provided by operating activities 55 1,033 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (1,969 ) (1,406 ) Additions to internally developed software (1,043 ) — Acquisition of business, net of cash acquired (15,196 ) (1,450 ) Net cash used in investing activities (18,208 ) (2,856 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of equity awards 3,499 2,408 Proceeds from employee stock purchase plan 2,006 1,510 Payment related to shares withheld for taxes (790 ) — Repayment on financing and capital lease obligations (121 ) (100 ) Payment of financing obligation related to HealCode acquisition (750 ) — Other — (33 ) Net cash provided by financing activities 3,844 3,785 Effect of exchange rate changes on cash and cash equivalents (2 ) 115 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (14,311 ) 2,077 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 232,019 85,864 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 217,708 $ 87,941
Reconciliation of Adjusted EBITDA: Three Months Ended March 31, 2018 2017 (in thousands) Net loss $ (1,691 ) $ (3,909 ) Stock-based compensation expense 4,816 2,497 Depreciation and amortization 2,648 2,090 Acquisition-related expenses 1,311 — Income tax provision (benefit) (2,058 ) 142 Other (income) expense, net (405 ) 294 Adjusted EBITDA $ 4,621 $ 1,114 Reconciliation of non-GAAP net income (loss): Three Months Ended March 31, 2018 2017 (in thousands) GAAP net loss attributable to common stockholders $ (1,691 ) $ (3,909 ) Stock-based compensation expense 4,816 2,497 Amortization of acquired intangible assets 547 174 Acquisition-related expenses 1,311 — Partial release of valuation allowance due to acquisition (2,133 ) — Non-GAAP net income (loss) $ 2,850 $ (1,238 ) Reconciliation of non-GAAP net income (loss) per share: Three Months Ended March 31, 2018 2017 GAAP net loss per share, basic and diluted: $ (0.04 ) $ (0.10 ) Non-GAAP adjustments to net loss per share 0.10 0.07 Non-GAAP adjustments to weighted-average shares used to compute net loss per share — — Non-GAAP net income (loss) per share $ 0.06 $ (0.03 ) Reconciliation of non-GAAP diluted weighted-average shares: Three Months Ended March 31, 2018 2017 (in thousands) GAAP weighted-average shares used to compute net loss per share, basic and diluted 47,106 40,757 Potentially dilutive shares 2,454 — Non-GAAP diluted weighted-average shares used to compute non-GAAP net income (loss) per share 49,560 40,757 Contact:
Investor Relations:
Nicole Gunderson
[email protected]
888-782-7155
Media Contact:
Jennifer Saxon
[email protected]
805-419-2839
Source:MINDBODY, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-mindbody-reports-first-quarter-2018-financial-results.html |
LONDON (Reuters) - Barclays Plc ( BARC.L ) is not actively exploring a potential merger with rivals, two sources close to the bank said, as speculation mounts about how the British lender plans to defend itself against activist investor Edward Bramson.
FILE PHOTO: The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo The Financial Times reported on Wednesday that Barclays’ senior board members were exploring a deal with another bank and chairman John McFarlane was keen on the idea of a possible combination with Standard Chartered ( STAN.L ).
Barclays declined to comment on the FT report.
“We are entirely focused on executing our strategy, and do not comment on this type of speculation,” a spokesman for Standard Chartered said.
Two sources close to Barclays told Reuters no deal was in the works and the bank had no plans to combine its operations with any of its rivals.
But the speculation about a potential deal comes as both banks face pressure from investors to boost returns after years of costly restructuring.
For Barclays, the FT report said the moves were part of wide-ranging contingency plans being considered in response to pressure from activist investor Bramson, who has become one of its biggest shareholders.
Chief Executive Jes Staley is betting that an aggressive push in investment banking will revitalize profits and dividends against a backdrop of dwindling competition from European rivals.
But the New York-based Bramson wants Barclays to axe its expensive trading operations and focus on its retail, corporate and credit card businesses which deliver superior and more dependable risk-adjusted returns, three sources familiar with the matter have told Reuters.
Standard Chartered shares rose by 1.4 percent on Wednesday while Barclays shares were trading down 0.7 percent in line with the FTSE index of British banks .FTNMX8350.
NO RATIONALE Senior sources at Barclays said they have met with Bramson but not yet heard his full proposals for what changes he wants to see.
Analysts were however skeptical about the logic of a potential deal and its compatibility with Bramson’s aims of creating a leaner and more tightly focused bank.
“Given Standard Chartered’s business mix, the suggested rationale, as a response to Barclays’ activist interest, makes absolutely no sense to us,” said Ian Gordon, analyst at Investec bank in London.
The FT report said that Barclays International Unit chair, Gerry Grimstone, supported McFarlane’s idea of a tie up with StanChart.
The FT said that a private conversation had taken place between a director at each bank about the potential benefits of such a deal, but no formal or informal bid approach had taken place.
Edward Firth, analyst at KBW in London, said both banks were grappling with strategic problems that would not be resolved by a merger, pointing to Barclays’ under-performing investment bank and StanChart’s inability to generate enough capital to exploit growth opportunities in its core Asian markets.
“One underperforming business plus another underperforming business give you a larger underperforming business,” Firth said.
Additional reporting by by Rishika Chatterjee and Ishita Chigilli Palli in Bengaluru, and Pamela Barbaglia in London, editing by Silvia Aloisi and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-barclays-m-a/barclays-has-no-plans-for-tie-up-with-rival-banks-sources-idUSKCN1IO0OK |
AT&T memo: Hiring Michael Cohen was a mistake 16 Hours Ago CNBC's Eamon Javers reports the latest on AT&T's hiring of Trump lawyer Michael Cohen as a consultant. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/att-memo-hiring-michael-cohen-was-a-mistake.html |
Turkish lira hits record low, down 20 pct against dollar this year 10:48am EDT - 01:34
Turkey's lira currency tumbled more than 5 percent against the dollar on Wednesday, hitting a series of record lows as investors dumped the currency on concerns about President Tayyip Erdogan's drive to take greater control of monetary policy. Ciara Lee reports.
Turkey's lira currency tumbled more than 5 percent against the dollar on Wednesday, hitting a series of record lows as investors dumped the currency on concerns about President Tayyip Erdogan's drive to take greater control of monetary policy. Ciara Lee reports. //reut.rs/2IFp5zC | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/turkish-lira-hits-record-low-down-20-pct?videoId=429593159 |
May 24, 2018 / 10:37 PM / a few seconds ago Appeals court tosses anti-piracy patent case against Microsoft Jan Wolfe 1 Min Read
A federal appeals court on Wednesday brought a likely end to a patent infringement case brought against Microsoft Corp by a small anti-piracy software company.
The Circuit upheld a lower court ruling that older versions of Microsoft’s Windows operating system and Office software did not infringe on a patent owned by ViaTech Technologies Inc relating to digital rights management technology.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Lvb9Wm | ashraq/financial-news-articles | https://www.reuters.com/article/ip-patent-microsoft/appeals-court-tosses-anti-piracy-patent-case-against-microsoft-idUSL2N1SV2LU |
May 18, 2018 / 6:10 PM / Updated 2 hours ago IPL on the first day of match 52 between Delhi Daredevils and Chennai Super Kings on Friday at Delhi, India Delhi Daredevils win by 34 runs Delhi Daredevils 1st innings Prithvi Shaw c Shardul Thakur b Deepak Chahar 17 Shreyas Iyer b Lungi Ngidi 19 Rishabh Pant c Dwayne Bravo b Lungi Ngidi 38 Glenn Maxwell b Ravindra Jadeja 5 Vijay Shankar Not Out 36 Abhishek Sharma c Harbhajan Singh b Shardul Thakur 2 Harshal Patel Not Out 36 Extras 0b 3lb 0nb 0pen 6w 9 Total (20.0 overs) 162-5 24 Shaw, 2-78 Iyer, 3-81 Pant, 4-94 Maxwell, 5-97 Sharma Did Not Bat : Mishra, Lamichhane, Boult, Khan Deepak Chahar 3 0 23 1 7.67 2w Lungi Ngidi 3 0 14 2 4.67 2w Ravindra Jadeja 4 0 19 1 4.75 Shardul Thakur 4 0 27 1 6.75 Harbhajan Singh 2 0 24 0 12.00 Dwayne Bravo 4 0 52 0 13.00 2w Chennai Super Kings 1st innings Shane Watson c Trent Boult b Amit Mishra 14 Ambati Rayudu c Glenn Maxwell b Harshal Patel 50 Suresh Raina c Vijay Shankar b Sandeep Lamichhane 15 MS Dhoni c Shreyas Iyer b Trent Boult 17 Sam Billings c Abhishek Sharma b Amit Mishra 1 Ravindra Jadeja Not Out 27 Dwayne Bravo c Vijay Shankar b Trent Boult 1 Deepak Chahar Not Out 1 Extras 0b 2lb 0nb 0pen 0w 2 Total (20.0 overs) 128-6 46 Watson, 2-70 Rayudu, 3-90 Raina, 4-93 Billings, 5-113 Dhoni, 6-125 Bravo Did Not Bat : Singh, Thakur, Ngidi Trent Boult 4 0 20 2 5.00 Sandeep Lamichhane 4 0 21 1 5.25 Avesh Khan 2 0 28 0 14.00 Harshal Patel 4 0 23 1 5.75 Amit Mishra 4 0 20 2 5.00 Glenn Maxwell 2 0 14 0 7.00 Umpire Handunnettige Dharmasena Umpire Vineet Kulkarni Video C Nandan Match Referee Manu Nayyar | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idINMTZXEE5IXRT06D |
May 16, 2018 / 6:11 PM / Updated 24 minutes ago Redstone family moves to cement control over CBS Jessica Toonkel , Tom Hals 5 Min Read
(Reuters) - The Redstone family sought on Wednesday to amend CBS Corp’s bylaws to prevent its board of directors from issuing a special stock dividend that would eliminate much of its voting power, as a court room showdown between them loomed. FILE PHOTO - Shari Redstone arrives for Variety's Power of Women luncheon in New York City, U.S., April 21, 2017. REUTERS/Brendan McDermid/File Photo
The move came after National Amusements Inc (NAI), the Redstone movie theatre company that controls CBS and peer Viacom Inc, said in a court filing earlier on Wednesday that a CBS proposal to strip its voting control through the dividend is “invalid”, and urged a judge to rule against CBS at a 2 p.m. ET hearing in Wilmington, Delaware on Wednesday.
CBS is seeking a restraining order to prevent Shari Redstone from rewriting its bylaws or sacking directors ahead of a board meeting on Thursday. It was not immediately clear how National Amusements’ decision to change the bylaws, to make the dividend’s approval subject to a supermajority of CBS’s board of directors, would affect the court’s decision.
“NAI believes the irresponsible action taken by CBS and its special committee put in motion a chain of events that poses significant risk to CBS. Due to the magnitude of this threat, NAI was compelled to take this measured step to protect its position while also mitigating further disruption to CBS,” National Amusements said in a statement.
CBS had said its board was considering a special dividend that would dilute National Amusements’ voting power to 17 percent from 80 percent, a move legal experts called a “nuclear option.”
In court filings on Wednesday, both sides said they were being forced to take extreme measures. National Amusements said it might have to sack the board to protect its voting power, and CBS said it might have to dilute the Redstones’ voting control to prevent abuses.
National Amusements requested the Delaware court deny the restraining order and said in court papers CBS rejected an offer of a standstill agreement that required the latter to drop its plan for the special dividend.
The showdown comes as the Redstones are seeking to merge CBS and Viacom to create a company they say will be better able to compete in the media landscape that has been reshaped by the likes of video-streaming company Netflix Inc.
A CBS special board committee has resisted that deal, citing in part concerns about corporate governance of the merged company.
National Amusements said on Monday it believed CBS sought a temporary restraining order because National Amusements had raised specific concerns about incidents of bullying and intimidation by one CBS director, dating back to 2016.
On Wednesday, in its court filing, National Amusements identified that CBS board director as Charles Gifford, an independent director and member of the special committee. The CBS Corporation logo is displayed on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson
“The allegations regarding him (Gifford) are not only vague and unsubstantiated, they are utterly inconsistent with our knowledge of him,” CBS said in a statement. ‘HOBSON’S CHOICE’
National Amusements said on Monday it did not intend to replace the board, but on Wednesday signalled that had changed. It said it was facing a “Hobson’s choice”: accept massive dilution or “consider taking various stockholder action to protect itself from dilution.”
If forced out, directors and management could collect large “golden parachute” payments, according to National Amusements.
CBS Chief Executive Les Moonves could collect more than $150 million (£111.1 million) and Barclays estimated the CBS management would receive $375 million in total.
CBS has said it is acting to protect shareholders and the company from abuses by Shari Redstone, who the CBS board accused of undermining management by talking to potential CEO replacements and rejecting a potential acquirer of CBS.
They cited her sacking of independent directors at Viacom, and fear similar steps at CBS.
CBS said the Redstone family was desperate to avoid allowing the Delaware court to consider if the dilution plan was an appropriate response to the Redstone actions.
The proposed dividend would not dilute the economic interests of any CBS stockholder, but would help the company to operate as an independent, non-controlled company and fully evaluate strategic alternatives, CBS has said.
Shares of CBS were down about 1 percent at $53.90 in midday trading on the New York Stock Exchange. Viacom share rose about 1.2 percent to $28.63. Reporting by Jessica Toonkel and Tom Hals in Wilmington, Delaware; Additional reporting by Greg Roumeliotis in New York; Editing by Jeffrey Benkoe and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nationalamusement-cbs/redstone-family-moves-to-cement-control-over-cbs-idUKKCN1IH2LO |
'Everyone' expected the US to withdraw from Iran deal: Strategist 8 Hours Ago The withdrawal of the U.S. from the Iranian nuclear deal is a sign of America's "unilateralism," says John Driscoll of JTD Energy Services. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/everyone-expected-the-us-to-withdraw-from-iran-deal-strategist.html |
NASDAQ, TSX: NVCN
VANCOUVER, May 15, 2018 /PRNewswire/ - Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ, TSX: NVCN), a leader in the development of minimally invasive transcatheter mitral valve replacement technologies, today announced that its management and board of directors (the "Board") urge the Company's shareholders of record to vote "FOR" the proposal authorizing the Board to effect a reverse stock split.
"Remaining on the Nasdaq Capital Market ("Nasdaq") is a critical piece of the Company's turnaround strategy," commented Fred Colen, Neovasc's President and Chief Executive Officer. "Without reaching a minimum bid price above US$1.00 for a minimum of 10 consecutive days before July 2, 2018, the Company may be delisted from the Nasdaq, which would have serious consequences for the Company as further outlined in this press release. In short, a vote against a reverse stock split will decrease liquidity for existing shareholders, increase the cost of capital for the Company, and significantly worsen the terms of the last financing," continued Mr. Colen.
"With an affirmative vote in hand we will then approach the Nasdaq for an extension to the July 2, 2018 deadline to give us more flexibility on the timing of the reverse split to best meet the needs of the Company and the shareholders," continued Mr. Colen. "Without the affirmative vote for a reverse stock split, we believe it is unlikely we will be granted such an extension."
"Management believes that it is in the best interest of the Company and its stakeholders to remain on the Nasdaq, and that the reverse stock split is the only tool available to get the share price of the Company above the minimum US$1.00 bid price before that deadline. As such, the Board and I urge the Company's shareholders to vote "FOR" granting the Company the ability to effect a reverse stock split," concluded Mr. Colen.
In the proxy filed on SEDAR on May 7, 2018 for the annual general and special meeting of shareholders on June 4, 2018, there is a proposal for shareholders to provide the Board with the authority to effect a reverse stock split of up to 1-for-100 at a time determined at the Board's discretion, if at all.
Consequences of a failure to effect a reverse stock split and remain on the Nasdaq
Management believes a failure to approve a reverse stock split and remain on the Nasdaq could have a material adverse effect on the Company and its stakeholders for several reasons, including the following:
Liquidity in the trading of common shares of the Company (the "Common Shares") will be significantly reduced, as the Nasdaq is the Company's primary trading market, thereby putting downward pressure on the share price of the Common Shares. It will be more difficult for the Company to raise additional capital on reasonable terms from the majority of U.S. based institutional funds that require or want the Company to be listed on a major U.S. exchange in order to make an investment. The Company's US$28,575,000 aggregate amount of outstanding senior secured convertible notes (the "Notes") require the Company to be listed on the Nasdaq or a similar major U.S. exchange. Should the Company default on this requirement, the interest payable on the Notes will jump from 0% to 15% per annum, and holders of the Notes will receive a redemption right with a premium of 118% multiplied by the greatest closing price of the Common Shares during the period commencing on the date of delisting until the date such redemption payment is made.
Clarification on the details of the reverse stock split
Management wishes to clarify certain matters related to the reverse stock split:
The ratio for the proposed reverse stock split is not fixed at 1-for-100 but the Board can utilize any ratio up to 1-for-100. The proposed reverse stock split will not happen at the date of the AGM, but the Board can choose when to effect the reverse stock split, if at all. Approving the reverse stock split should enable the Company to remain listed on Nasdaq, while providing the Company with additional time to address the challenges caused by the terms of its last financing and its capital structure. Approving the reverse stock split does not mean the Board will effect the reverse stock split. The Board may elect not to proceed with the reverse stock split if it is unable to address or mitigate the impact of the Event Price Provisions described below.
Impact of a reverse stock split
"A reverse stock split is a process by which a company's shares are effectively consolidated to form a smaller number of proportionally more valuable shares. Despite contrary notions, a reverse stock split has zero economic impact as an independent action. For example, under a 1-for-10 reverse stock split, rather than 100 million shares at US$0.50, a company would have, all else being equal, 10 million shares at US$5.00 at the time of the split. In either case, the market value of the example company is the same before and after," explained Paul Geyer, Neovasc's Chairman of the Board.
The reverse stock split will proportionately reduce the number of Common Shares held by all the shareholders. As an independent action, a reverse stock split has no economic impact on the percentage ownership in the Company by shareholders. However, the warrants (the "Warrants") and Notes issued pursuant to the November 2017 underwritten public offering and concurrent private placement (together, the "2017 Financings") contain certain provisions ("Event Price Provisions") that, on the sixteenth trading day following a reverse stock split or similar event, reduce the exercise price or conversion price, as applicable, then in effect to the average VWAP of the five trading days with the lowest VWAP of the Common Shares in the preceding fifteen trading days in the case of the Notes and twenty trading days in the case of the Warrants. If the Company is not able to amend such provisions or obtain a waiver of such provisions in connection with its efforts to address the challenges to its capital structure, the Company may elect not to proceed with the reverse stock split.
For a description of the terms of the Warrants and Notes, including the Event Price Provisions, see the forms of warrants and note previously filed on SEDAR and with the SEC on Form 6-K and the prospectus supplement previously filed on SEDAR and with the SEC. For a description of the Warrants and Notes outstanding, see the Company's Management's Discussion and Analysis for the quarter ended March 31, 2018 previously filed on SEDAR and with the SEC on Form 6-K.
There are numerous other factors and contingencies that could also affect the price of the Common Shares, including the status of the market for the Common Shares at the time, the Company's operations and general economic, stock market and industry conditions. Accordingly, the total market capitalization of the Common Shares after the reverse stock split may be lower than the total market capitalization before the reverse stock split, and, in the future, the market price of the Common Shares following the reverse stock split may not exceed or remain higher than the market price prior to the reverse stock split.
The Company is also listed on the Toronto Stock Exchange (the "TSX") and the Company's noncompliance with the Nasdaq minimum bid price requirement does not affect the Company's compliance status with the TSX.
About Neovasc Inc.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer™, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara™, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. For more information, visit: www.neovasc.com .
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company's plans and expectations concerning completing a reverse stock split, the effect of a reverse stock split on the price of the Common Shares, remaining listed on the Nasdaq, complying with the terms of the Notes, amending the terms of the Warrants and Notes or restructuring the Company's capital and the market price of the Common Shares. Words and phrases such as "continue", "strategy", "believe", "may", "could", "should", "expect" and "will", and similar words or expressions, are intended to identify these are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors and assumptions could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the substantial doubt about the Company's ability to continue as a going concern; risks relating to the Warrants and Notes issued pursuant to the 2017 Financings, resulting in significant dilution to the Company's shareholders; risks relating to the Company's need for significant additional future capital and the Company's ability to raise additional funding; risks relating to cashless exercise and adjustment provisions in the Warrants and Notes issued pursuant to the 2017 Financings, which could make it more difficult and expensive for the Company to raise additional capital in the future and result in further dilution to investors; risks relating to the sale of a significant number of Common Shares of the Company; risks relating to the exercise of Warrants or conversion of Notes issued pursuant to the 2017 Financings, which may encourage short sales by third parties; risks relating to the possibility that the Company's Common Shares may be delisted from the Nasdaq or the TSX, which could affect their market price and liquidity; risks relating to the Company's Common Share price being volatile; risks relating to the influence of significant shareholders of the Company over the Company's business operations and share price; risks relating to the Company's significant indebtedness, and its effect on the Company's financial condition; risks relating to claims by third parties alleging infringement of their intellectual property rights; risks relating to lawsuits that the Company is subject to, which could divert the Company's resources and result in the payment of significant damages and other remedies; the Company's ability to establish, maintain and defend intellectual property rights in the Company's products; risks relating to results from clinical trials of the Company's products, which may be unfavorable or perceived as unfavorable; the Company's history of losses and significant accumulated deficit; risks associated with product liability claims, insurance and recalls; risks relating to use of the Company's products in unapproved circumstances, which could expose the Company to liabilities; risks relating to competition in the medical device industry, including the risk that one or more of the Company's competitors may develop more effective or more affordable products; risks relating to the Company's ability to achieve or maintain expected levels of market acceptance for the Company's products, as well as the Company's ability to successfully build its in-house sales capabilities or secure third-party marketing or distribution partners; the Company's ability to convince public payors and hospitals to include the Company's products on their approved products lists; risks relating to new legislation, new regulatory requirements and the efforts of governmental and third-party payors to contain or reduce the costs of healthcare; risks relating to increased regulation, enforcement and inspections of participants in the medical device industry, including frequent government investigations into marketing and other business practices; risks associated with the extensive regulation of the Company's products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks associated with post-market regulation of the Company's products; health and safety risks associated with the Company's products and industry; risks associated with the Company's manufacturing operations, including the regulation of the Company's manufacturing processes by governmental authorities and the availability of two critical components of the Reducer; risk of animal disease associated with the use of the Company's products; risks relating to the manufacturing capacity of third-party manufacturers for the Company's products, including risks of supply interruptions impacting the Company's ability to manufacture its own products; risks relating to the Company's dependence on limited products for substantially all of the Company's current revenues; risks relating to the Company's exposure to adverse movements in foreign currency exchange rates; risks relating to the possibility that the Company could lose its foreign private issuer status under U.S. federal securities laws; risks relating to breaches of anti-bribery laws by the Company's employees or agents; risks associated with future changes in financial accounting standards and new accounting pronouncements; risks relating to the Company's dependence upon key personnel to achieve its business objectives; the Company's ability to maintain strong relationships with physicians; risks relating to the sufficiency of the Company's management systems and resources in periods of significant growth; risks associated with consolidation in the health care industry, including the downward pressure on product pricing and the growing need to be selected by larger customers in order to make sales to their members or participants; risks relating to the Company's ability to successfully identify and complete corporate transactions on favorable terms or achieve anticipated synergies relating to any acquisitions or alliances; risks relating to the Company's ability to successfully enter into fundamental transactions as defined in the Series C warrants issued pursuant to the 2017 Financings; anti-takeover provisions in the Company's constating documents which could discourage a third party from making a takeover bid beneficial to the Company's shareholders; and risks relating to conflicts of interests among the Company's officers and directors as a result of their involvement with other issuers. These risk factors and others relating to the Company are discussed in greater detail in the "Risk Factors" section of the Company's Annual Report on Form 20-F and in Management's Discussion and Analysis for the quarter ended March 31, 2018 (copies of which may be obtained at www.sedar.com or www.sec.gov ). In particular, the Company notes that an approval of the reverse stock split does not necessarily guarantee that Nasdaq will grant it an extension to regain compliance with the US$1.00 minimum bid price requirement. In addition, the Company may elect not to proceed with the reverse stock split for the reasons described above. These factors should be considered carefully, and readers should not place undue reliance on the Company's The Company has no intention and undertakes no obligation to update or revise any forward-looking statements or to provide information relating to further incremental exercises of Warrants or conversion of Notes beyond required periodic filings with securities regulators, whether as a result of new information, future events or otherwise, except as required by law.
View original content: http://www.prnewswire.com/news-releases/neovascs-management-and-board-of-directors-urge-shareholders-to-vote-in-favor-of-the-proposed-reverse-stock-split-at-the-upcoming-annual-general-and-special-meeting-of-shareholders-300648411.html
SOURCE Neovasc Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-neovascs-management-and-board-of-directors-urge-shareholders-to-vote-in-favor-of-the-proposed-reverse-stock-split-at-the.html |
May 2 (Reuters) - Concordia International Corp:
* CONCORDIA INTERNATIONAL CORP. EXECUTES SUPPORT AGREEMENT AND OBTAINS INTERIM ORDER IN CONNECTION WITH ITS RECAPITALIZATION TRANSACTION, AND ANNOUNCES LEADERSHIP TRANSITION
* CONCORDIA INTERNATIONAL CORP - DUNCAN WILL SUCCEED CONCORDIA’S CURRENT CHIEF EXECUTIVE OFFICER, ALLAN OBERMAN, WHO IS LEAVING COMPANY
* CONCORDIA INTERNATIONAL CORP - ANNOUNCES GRAEME DUNCAN’S APPOINTMENT AS INTERIM CHIEF EXECUTIVE OFFICER OF COMPANY, EFFECTIVE IMMEDIATELY
* CONCORDIA INTERNATIONAL - PROPOSED RECAPITALIZATION TRANSACTION WOULD RAISE NEW EQUITY CAPITAL OF $586.5 MILLION
* CONCORDIA INTERNATIONAL-INTENDS TO CONTINUE OPERATING ITS BUSINESS AND SATISFYING ITS OBLIGATIONS IN ORDINARY COURSE DURING RECAPITALIZATION TRANSACTION
* CONCORDIA INTERNATIONAL - HAD ABOUT US$343.8 MILLION OF CASH ON HAND AS OF MARCH 31, BELIEVES HAS SUFFICIENT LIQUIDITY IN NEAR TERM TO OPERATE BUSINESS Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-concordia-international-appoints-g/brief-concordia-international-appoints-graeme-duncan-as-interim-ceo-idUSFWN1S90Y7 |
May 21, 2018 / 7:29 AM / Updated 7 hours ago Daily Briefing: Italy set to learn name of new PM Mark John , Mike Dolan The leaders of Italy's anti-establishment 5-Star Movement and far-right League are due meet President Sergio Mattarella today to confirm they are ready to forge a coalition government and to name the person they want to head the new administration. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks to the media in Rome, May 7, 2018
It seems certain they will nominate someone from outside their two parties but the president does not necessarily have to accept their choice. If he does, the cabinet could be put together rapidly, opening the way for a confidence vote in parliament later in the week.
Italy’s 10-year bond yield is already at its highest since early October this morning as financial markets take fright over an economic programme based on billions of euros of tax cuts and increased welfare spending. Yet the parties can point to an informal weekend ballot held at stands put up across the country suggesting broad support for their platform, at least from the quarter of a million of Italians who participated.
El Pais is reporting that Prime Minister Mariano Rajoy plans to maintain central government control over Catalonia after regional leader Quim Torra nominated imprisoned and exiled politicians to join his cabinet.
Rajoy had promised to return direct rule to the region once a full and legal government was running there. But Torra’s cabinet choices of Jordi Turull and Josep Rull, who are both on remand, and Antoni Comin and Lluis Puig i Gordi, now in Brussels and also wanted by the Spanish police, threaten to prolong the region’s political limbo.
A report by UK parliament's Foreign Affairs Committee released today concludes that Russian money hidden in British assets and laundered through City of London financial institutions has damaged the government's efforts to take a tough stance on Moscow. "The scale of damage that this ‘dirty money’ can do to UK foreign policy interests dwarfs the benefit of Russian transactions in the City," its chairman said.
MARKETS AT 0655 GMT
World stock markets have been lifted by the United States calling ‘time out’ in the trade row with China , but the relentless dollar rise of recent weeks continued unabated and is heaping more pressure on emerging markets such as Turkey. “ The Chinese are in a state of quiet glee knowing that Trump’s trade team backed off on sanctions without getting any real and meaningful concessions out of Beijing” James Zimmerman, Beijing-based lawyer
Asia’s main bourses were all up smartly after U.S. Treasury Secretary Mnuchin said pending trade barriers against Chinese goods were ‘on hold’ as talks had progressed last week between delegations of the world’s two biggest economies. FILE PHOTO: A man waves a Catalan separatist flag outside the Generalitat Palace in Barcelona, May 17, 2018
The relief helped Shanghai stocks up half a percent, with HK up 0.8 percent, Japan’s Nikkei up 0.3 percent and Seoul’s Kospi up 0.2 percent. S&P500 futures were up half a percent, with European stock future up by a similar amount.
The dollar powered ahead first thing too, however, with euro/dollar leading the way down to its lowest level of the year at $1.1732 – on course for sixth straight days of losses for the first time in 2018.
Continued nerves about the fiscal stance of Italy’s incoming new coalition government are weighing on the euro as traders debate the impact of stress on Italian debt markets on the European Central Bank’s monetary stance going forward and with the second U.S. interest rate rise of the year due next month.
Italy’s 10-year government bond yield continued to underperform after the biggest jump in its borrowing premium over Germany last week in almost three years. The 10-year BTP yield rose another 4 basis points to 2.26 percent first thing, its highest level since October. The 10-year spread over Spain is at its widest in 6 years.
While the final decision on a compromise prime minister between the two anti-establishment parties is awaited on Monday, banks crunching the coalition’s proposed fiscal measures reckon it could blow the annual fiscal deficit for 2019 out to more than 3 percent from less than one percent previously and in doing so threaten the country’s sovereign debt ratings by lifting debt/GDP projections over time.
Giuseppe Conte, a little-known 54-year-old law professor who had previously been proposed to the president, is seen as frontrunner for the premier position.
The dollar’s rise was broad based, against Japan’s yen and the British pound – with emerging currencies such as Turkey’s lira taking a fresh battering. The lira fell to another record lower, with the dollar/lira exchange rate now up more than 20 percent for the year to date.
With little sign yet of action to protect the currency from the central bank, who promised as much only last week, the focus is now on June’s elections – after which President Erdogan, the self-proclaimed ‘enemy of interest rates’, has promised to take greater control of monetary policy.
The dollar also clocked up early gains against the South African rand as trades there awaited a central bank policy decision on Thursday and S&P Global sovereign credit rating review on Friday. Elsewhere, 10-year Treasury yield eased back from last week’s highs but remained firmly above 3 percent. Brent crude prices were firmer but still back below $79.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-monday/daily-briefing-italy-set-to-learn-name-of-new-pm-idUKKCN1IM0L5 |
Monday’s big theme: Malaysian markets re-opened after new Prime Minister Mohamad Mahathir’s stunning upset in the country’s elections, renewing volatility in stocks, bonds and currency.
What happened: Malaysian stocks had a volatile start after being closed for two days last week following the vote, which forced former Prime Minister Najib Razak from office. The benchmark index dropped as much as 2.7% before quickly bouncing back and trading in positive territory by midday. As the chart shows, the move was unusually large.... | ashraq/financial-news-articles | https://www.wsj.com/articles/asian-stocks-hit-2-month-high-as-malaysias-markets-topsy-turvy-1526270886 |
NEW YORK (IFR) - MarketAxess has granted Pimco a special arrangement that allows the bond giant to limit the information it shares on the electronic trading platform and take advantage of any off-market prices, three sources with knowledge of the matter told IFR.
Ticker and trading information for Pacific Investment Management Co. (PIMCo) are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., April 5, 2018. REUTERS/Brendan McDermid The arrangement, which has been in place for at least three years but is largely unknown outside the close-knit dealer community, allows Pimco to block the transmission of the so-called covers for trades it executes on the platform.
A cover is the second-best price at which an investor could have executed a particular trade after soliciting simultaneous bids from competing dealers.
The concession granted to Pimco isn’t prohibited, but it has raised eyebrows among some market participants, as it gives the firm a prerogative that is not readily available to the platform’s more than 1,000 other institutional investor clients.
MarketAxess declined to respond to detailed questions about its relationship with Pimco and the platform’s set-up. A spokeswoman for Pimco similarly declined to comment.
The Securities and Exchange Commission, which oversees alternative trading systems, did not respond to requests for comment. A representative for the Financial Industry Regulatory Authority, which regulates broker-dealers, declined to comment.
Some critics see the agreement as another example of the considerable sway that the largest institutional investors hold in the US$8trn US corporate bond market - from commanding larger allocations on new bond sales to calling the shots in debt restructurings.
NEW PLATFORMS Despite their growth, electronic platforms only absorb around 17% of the total trading volume in US corporate bonds, according to consulting firm Greenwich Associates. Most transactions are still negotiated over the phone, email or instant messenger.
Electronic trading providers have sought to establish themselves as the disruptors of what they see as an antiquated and inefficient market structure, promising market participants increased liquidity and a level playing field.
Such platforms typically earn commissions on each trade executed on their systems as well as membership fees from some of their members.
MarketAxess is by far the largest player in e-trading of US corporate bonds, with a market share of 86% last year, according to data from Greenwich.
Tradeweb - which is majority owned by IFR’s parent company Thomson Reuters - and Bloomberg trail with shares of 6% and 5% respectively.
Tough post-financial-crisis rules have made it more costly for banks to hold bond inventory and the resulting reduction in market liquidity has accelerated an investor shift to electronic trading in recent years.
MarketAxess saw nearly US$1trn of US corporate bonds change hands on its platform in 2017, up 77% from 2014, while its stock has roughly quadrupled in value over the past four years.
PLEASING PIMCO While other large asset managers initially sought to develop their own platforms, Pimco traditionally resisted the move to electronic trading in corporate bonds.
“Pimco didn’t really do any electronic trading. They were voice traders,” one of the sources, who is a former trader, told IFR.
Pimco has a long-standing practice of declining to disclose the cover bid, regardless of whether a deal is negotiated over the phone or through other means, according to traders who have done business with the firm.
That practice stands in contrast with what the traders described as the standard market practice of providing the winning dealer with information about the cover.
By declining to provide that information, they say, Pimco makes it harder for dealers to get a sense of how their levels compare with the rest of the market. That allows the firm potentially to exploit any gaps by seeking to trade more with the same off-market dealer.
Pimco’s unwillingness to provide cover levels posed an issue for MarketAxess, whose platform had been programmed to automatically display covers under its popular request-for-Quote: s RFQ trading protocol, two of the sources said.
As a condition for trading on the platform, Pimco requested - and obtained - that MarketAxess block the transmission of cover information for all its trades under the RFQ protocol, according to the two sources.
“Pimco demanded that MarketAxess - for all of their inquiries - removed a function that disseminated to the dealer with the winning bid what the cover was,” one of the two sources told IFR.
“I was told that they were doing this specifically for Pimco and not for everybody else.”
MarketAxess’s decision to accommodate Pimco’s request did not sit well with some market participants, who argue the special treatment is at odds with the platform’s objective of becoming the marketplace of choice for electronic credit trading.
“You are violating the trust that everybody has the same rules in the sandbox,” the same source said.
A third source noted that the fact that MarketAxess provided covers automatically for all its clients was one of the key incentives for many dealers to join the platform in the first place.
IFR was unable to determine whether any other firms have requested - or obtained - the same treatment from MarketAxess following the deal with Pimco.
The decision to accede to Pimco’s request to hide cover bids was never publicized and there is no option on the platform that allows any user to decide whether to provide covers on trades, the three sources said.
A spokesman for Tradeweb declined to confirm whether his company similarly allows certain clients to decline to display covers, while a representative from Bloomberg was not available to comment.
UNDER COVER Because firms responding to an RFQ don’t see each other’s levels in the process, the cover information is viewed by some as precious because it offers the winner a glimpse into where the closest competitor stood.
“It gives you a sense of your chance of exit, an idea of your potential margin and how far you were from the second-best dealer,” a trader at a major investment bank told IFR. “The difference between the winner and everybody else is just that cover.”
While investors have always had the possibility to decide whether to provide covers over the phone, the majority choose to do so as that helps dealers calibrate their responses and, ultimately, make markets.
“Most accounts who transact with regularity in the corporate bond market are trying to be decent partners and are happy to allow that information to go back to the dealer,” a trader at another major institution said.
“We use cover information to try to improve our performance on subsequent inquiries.”
Many investors who discussed the matter with IFR said they believe covers are so important for market liquidity that they would continue to display them even if they had the option not to do so.
“I love the cover,” one buyside trader told IFR. “That type of transparency is good. That is how the platform should work.”
Reporting by Davide Scigliuzzo; Editing by Jack Doran and Matthew Davies
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pimco-marketaxess/marketaxess-allows-pimco-to-trade-by-its-own-rules-idUSKBN1I528W |
Arthur Laffer predicts that the U.S. is going to have a lot of productivity increases. | ashraq/financial-news-articles | http://live.wsj.com/video/opinion-the-economic-growth-debate/E8F37B96-F324-4E49-A4DE-BAC016D42F88.html |
May 17, 2018 / 2:00 PM / Updated 2 hours ago PRECIOUS-Gold flat after hitting 2018 low as dollar, Treasuries firm Reuters Staff 4 Min Read * U.S. 10-year Treasury yield touches seven-year high * Platinum slips to lowest since mid December * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts; updates prices, headline; adds comment, second byline, NEW YORK to dateline) By Renita D. Young and Jan Harvey NEW YORK/LONDON, May 17 (Reuters) - Gold was flat after sliding to a fresh 2018 low on Thursday as another rise in U.S. bond yields and concerns over political risk in Italy held the dollar index near its 2018 peak. The precious metal has fallen more than 2 percent this week on gains in the U.S. currency and a rise in U.S. 10-year Treasury yields to seven-year highs. Higher yields increase the opportunity cost of holding non-yielding assets such as bullion. But gold got some support from geopolitical strife in North Korea. Spot gold was flat at $1,290.51 per ounce by 1:37 p.m. EDT (1737 GMT), off an earlier 4-1/2-month low of $1,285.41. U.S. gold futures for June delivery settled down $2.10, or 0.2 percent, at $1,289.40 per ounce. The dollar has climbed nearly 4 percent this quarter on expectations the U.S. Federal Reserve will lift U.S. interest rates further this year to curb inflation, at a time when other central banks are still keeping monetary policy loose. "The dollar and the interest rates are what's really driving gold," said Chris Gaffney, president of world markets at Everbank. "Gold has further down to go, because the dollar has room to go higher." The euro remains under pressure, hovering near a five-month low on concerns that political developments in Italy could cause wider disruption in the common currency bloc. Political uncertainty arising out of North Korea after Pyongyang threatened to pull out of a meeting with the United States was likely to limit downside for gold, analysts said. Market watchers, unsure if the U.S. Federal Reserve will be able to aggressively hike rates and concerned about political uncertainty, lent support to gold prices, said Ryan McKay, commodity strategist at TD Securities. But gold "still remains vulnerable to the prevailing dollar and rate headwinds," INTL FCStone said in a note. From a technical perspective, gold prices were looking vulnerable to further losses after breaking below key chart levels this week, according to analysts who study past price moves to determine the future direction of trade. "Gold has eroded key support, namely the 200-day moving average, the $1,302.74 March low and the 50 percent retracement (of the December-to-January rally)," Commerzbank said in a note on technicals. "We have been forced to neutralize our outlook as the market is now on the defensive." Meanwhile, silver increased 0.6 percent to $16.44 an ounce. Platinum gained 0.4 percent to $890.80 per ounce, off an earlier five-month low of $879, while palladium declined 0.6 percent to $977.47. (Additional reporting by Apeksha Nair in Bengaluru Editing by Edmund Blair and Bernadette Baum) | ashraq/financial-news-articles | https://uk.reuters.com/article/global-precious/precious-gold-slides-to-2018-low-as-dollar-strengthens-idUKL5N1SO4OJ |
Halftime Report This is the investing rule Shaquille O'Neal swears by NBA legend Shaquille O'Neal said the best piece of investing advice he ever received was to put away 50% of your income for retirement immediately. Since retiring from professional basketball in 2011 after a 19-year career, the all-star has taken on a number of business ventures. On Tuesday he participated in BTIG's 16th annual charity day in New York City. Published 2:39 PM ET Tue, 8 May 2018 Updated 7:03 AM ET Wed, 9 May 2018 CNBC.com
Shaquille O'Neal may be most famous for his prowess on the court, but the NBA hall-of-famer also knows a thing or two about money.
And the basketball all-star's top piece of financial advice?
Save 50% -- immediately. Isaiah Trickey | FilmMagic | Getty Images Shaquille O'Neal
On Tuesday's "Halftime Report" he said the most important financial rule for young people should be to save half of their paycheck right away.
But that's not all. He went on to say that the truly smart individuals -- the people who become billionaires -- will put away 75% of their income for retirement.
The remaining 25% can then be used to "have fun."
In the words of Shaq -- "to buy houses, planes, cars, you want to travel? [It's for] having fun." show chapters 1:11 PM ET Tue, 8 May 2018 | 07:42
Shaquille O'Neal has been as successful in the business world off the court as he was while on the court.
Since retiring from his 19-year professional basketball career O'Neal has taken on a number of business ventures -- from owning restaurant and gym franchises, to opening nightclubs, to most recently becoming the face of JCPenney's "Big & Tall" business.
Shaquille O'Neal was one of the special guests at BTIG's annual charity day, where celebrities, business titans, and athletes buy "honorary" shares on BTIG's trading desk -- all in the name of charity.
Since the event started 15 years ago, more than $45 million has been raised for a number of charities around the globe. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/this-is-the-investing-rule-shaquille-oneal-swears-by.html |
May 17 (Reuters) - One Horizon Group Inc:
* ZHANMING WU SAYS ON MAY 14, NOTIFIED ONE HORIZON GROUP OF HIS EXERCISE OF HIS RIGHT TO APPOINT 4 MEMBERS TO ONE HORIZON’S BOARD
* ZHANMING WU REPORTS 42.6 PERCENT STAKE IN ONE HORIZON GROUP INC AS OF MAY 14, 2018 - SEC FILING
* ZHANMING WU - HAD PREVIOSULY REPORTED 45.1 PERCENT STAKE IN ONE HORIZON GROUP INC AS OF MARCH 8, 2018 Source text: ( bit.ly/2LbxuIr ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhanming-wu-says-on-may-14-notifie/brief-zhanming-wu-says-on-may-14-notified-one-horizon-group-of-his-exercise-of-right-to-appoint-4-members-to-board-idUSFWN1SO0X2 |
(Recasts with details of vote)
May 17 (Reuters) - CBS Corp's board on Thursday approved a special dividend that would cut controlling shareholder Shari Redstone's stake in the U.S. media company to about 20 percent, a move that requires approval by a Delaware court.
The vote was an act of defiance aimed at preventing a merger with sister company, Viacom Inc.
The Redstone family's National Amusements Inc controls both CBS and Viacom. NAI has said it wants to merge them if both companies support the deal.
"The board of directors has taken this step because it believes it is in the best interests of all CBS stockholders, is necessary to protect stockholders interests and would unlock significant stockholder value," CBS said in a statement.
(Reporting by Tom Hals in Wilmington, Delaware, Jessica Toonkel in New York and Lisa Richwine in Los Angeles; editing by Tom Brown and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-5-cbs-votes-to-end-redstone-control-needs-court-approval.html |
Johnson and Johnson said it would stop mid-stage trials testing its experimental Alzheimer's drug after observing safety issues, the latest drugmaker to abandon developing treatments for the memory-robbing disease.
Some trial participants showed serious elevations of liver enzymes and the company concluded that the benefit-risk ratio offered by the drug, atabecestat, no longer supported its development, said Janssen , a unit of Johnson and Johnson.
Atabecestat belongs to a class of experimental Alzheimer's drugs called BACE inhibitors that block an enzyme involved in the production of a protein that creates brain plaques, which are considered a major cause for the disease.
Analysts expect the successful development of a treatment for the disease, which affects about 5.7 million Americans, to virtually guarantee multi-billion dollar annual sales.
However, several drugmakers, including Pfizer , Merck and Co , have been forced to abandon trials over lack of effectiveness or safety concerns.
Eli Lilly and AstraZeneca are testing their BACE inhibitor, lanabecestat, in late-stage trials and are due to report results next year.
Johnson & Johnson was testing atabecestat to slow cognitive decline in certain patients identified to be progressing to Alzheimer's dementia. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/johnson-johnson-scraps-alzheimers-trials-on-safety-concerns.html |
Trump may have broke law by not disclosing debt to Cohen for Daniels 2 Hours Ago Trump's lawyer Michael Cohen paid porn star Stormy Daniels $130,000 on the eve of the presidential election. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/trump-may-have-broke-law-by-not-disclosing-debt-to-cohen-for-daniels.html |
LOWELL, Mass., May 07, 2018 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, announced that it will issue its second-quarter 2018 financial results before the open of the market on Wednesday, May 9, 2018.
CSP President and Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will host a conference call at 9:00 a.m. ET that day to review the financial results and provide a business update. To listen to a live webcast of the call, please visit the “ Investor Relations ” section of the Company’s website at http://www.cspi.com/ . Individuals also may listen to the call via telephone, by dialing 877‑876‑9177 or 785‑424‑1669. A replay of the webcast will be available for approximately one year on CSP’s website.
About CSP Inc.
CSPi (NASDAQ:CSPI) maintains two distinct and dynamic divisions – High Performance Products and Technology Solutions – with a shared vision for technology excellence. CSPi's High Performance Products division offers extreme-performance Ethernet products for diverse applications, including cybersecurity, financial trading, content creation/distribution, storage networking applications, as well computer signal processing systems. CSPi's Technology Solutions division provides innovative technology solutions for network solutions, wireless & mobility, unified communications & collaboration, data center solutions, advanced security, along with professional and managed services across those technology focus areas. CSPi Technology Solutions works with the world's leading IT software and infrastructure companies to create solutions for the unique IT requirements of its customers. For more information, please visit www.cspi.com .
Contact:
Gary Levine
Chief Financial Officer
CSP, Inc.
Tel: 978.663.7598 ext. 1200
Fax: 978.663.0150
Source:CSP Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-csp-inc-to-announce-second-quarter-fiscal-2018-financial-results-on-may-9.html |
Shake Shack is back. The American fast casual food chain's stock has been rallying since its May 4 first quarter earnings beat . But at nearly $60 a share, CNBC's Jim Cramer said the stock isn't worth the money.
"Unlike Shake Shack's reasonably priced burgers, the stock is incredibly expensive again and I just can't get behind anything where the risk-reward is so clearly not in your favor," Cramer said on " Mad Money " Monday.
"You might want to ring the register here or at least take part of your position off the table," he said.
Across the board, the restaurant industry benefited from President Donald Trump's tax reform. Shake Shack's stock jumped from around $30 a share to about $40 a share at the end of 2017. But it was after this year's first earnings report that the stock really took off — jumping 18 percent in a single day.
Cramer warned investors that the surge might not be sustainable.
"The problem with Shake Shack, from the very beginning, ever since it came public in 2015, is that this stock has been incredibly expensive, right from the get-go," Cramer said.
Scott Mlyn | CNBC Pedestrians walk in front of a Shake Shack location in New York. The stock was trading at just $21 at its IPO in 2015. By the end of the trading day, however, shares were trading at around $47. Within four months, the stock price peaked at $96, before coming back down.
"Shake Shack is not most restaurant chains," Cramer said. "This thing had always been valued more ... like a cloud king than a restaurant chain. Even after the monster sell-off in the second half of 2015, this stock has been prohibitively expensive."
The Mad Money host pointed out that shares sold for 78 times earnings in 2016. In 2017, the stock was still valued at 62 times earnings.
And while the first quarter earnings beat caught everyone's attention, some analyst downgraded the stock, including J.P. Morgan. The bank pointed out that the stock is overvalued with same-store traffic declining 4.2 percent.
WATCH: Cramer on burger house Shake Shack's stock show chapters Cramer: Shake Shack shares are too expensive right now 19 Hours Ago | 10:14 Disclosure: Cramer's charitable trust owns shares of J.P. Morgan.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/cramer-shake-shack-shares-are-not-worth-the-money.html |
May 12, 2018 / 8:16 PM / Updated 12 minutes ago One person killed in Paris knife attack, attacker also dead Reuters Staff 1 Min Read
PARIS (Reuters) - One person was killed in a knife attack in Paris on Saturday and the assailant was shot dead by police, a police source said.
French Interior Minister Gerard Collomb confirmed there had been an attack in Paris and said there were victims, without giving any details. The attacker had been overpowered by police, he said.
The Paris prefecture had earlier said a person had carried out a knife attack in the second arrondissement - or district - of the French capital. Paris’ opera and landmark retail stores are located in that area.
The police source said some seven people had been injured. BFM TV said two were in a critical condition.
A judicial source said authorities were looking into whether the anti-terrorism prosecutor’s office should be handling the case.
France has been on high alert as a series of attacks commissioned or inspired by Islamic State have hit the country over the past three years in which dozens of people have been killed. Reporting by Julie Carriat and Emmanuel Jarry; Writing by Ingrid Melander; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-security/one-person-killed-in-paris-knife-attack-attacker-also-dead-bfm-idUKKCN1ID0U3 |
(Updates levels throughout, adds Europe futures)
* MSCI ex-Japan climbs 0.9 pct, Nikkei jumps 1 pct
* U.S. April consumer price index rises slower than expected
* Traders trim expectations of faster U.S. rate hikes in 2018
* Risk appetite whetted on U.S.-Korea summit talks in Singapore
By Swati Pandey
SYDNEY, May 11 (Reuters) - Asian shares rallied on Friday as investors’ appetite for riskier assets got a boost from soft U.S. inflation, which helped alleviate worries of faster rate hikes by the Federal Reserve.
Markets were also cheered by a further easing in tensions on the Korean Peninsula, after U.S. President Donald Trump said he would meet North Korean leader Kim Jong Un in Singapore on June 12 for talks on its nuclear weapons programme.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent to near three-week highs with broad-based gains across all sectors. Japan’s Nikkei climbed 1.2 percent.
But spreadbetters indicated the upbeat mood was unlikely to last, with FTSE futures down a bit and E-Minis for the S&P500 a touch softer.
Most emerging Asian currencies were buoyant as the dollar eased after Thursday’s slower-than-expected April consumer price gain.
The soft figures followed payrolls numbers last week which pointed to sluggish wage growth.
The two data sets meant “inflation may be rising but not so rapidly that the Fed would have to take aggressive actions to keep the economy from overheating,” said James McGlew, analyst at Perth-based stock broker Argonaut.
A recent shakeout in global markets, partly stoked by Sino-U.S. trade tensions, has also eased, while money managers expect the relatively low global rates that have fuelled a ‘Goldilocks’ boom in stock markets will remain in place for some time.
“While inflation is continuing to trend up, it’s only happening slowly. So Goldilocks continues,” Shane Oliver, chief investment manager at AMP, said in a note.
Indeed, a key measure of expected market swings, the Cboe Volatility Index, or VIX, has fallen very close to levels last seen in early January when stock markets were buoyant.
GEOPOLITICS While North Korea has come off the boil for now, geopolitical concerns still remain as the U.S. and China continue skirmishing over trade and tensions rise in the Middle East.
“Trump still needs President Xi (Jinping) and China’s support in dealing with North Korea and this will be his priority in the short term,” economists at JPMorgan wrote in a note to clients.
“Once the meeting is finished, trade may return to the fore.”
The United States and China have locked horns over import tariffs after Trump announced hefty duties on Chinese goods, provoking a tit-for-tat response from Beijing.
“It is notable that in line with this view, the U.S. has extended hearings over China tariffs, drawing out the process,” they added.
U.S. and Chinese officials will meet in Washington for a second round of trade talks next week, after apparently making little progress in discussions in Beijing earlier this month.
Currency markets were largely muted during Asian trading.
The dollar index was up 0.2 percent after falling the most since late March on Thursday.
Investors trimmed their expectations for four Fed rate hikes after inflation data showed U.S. price pressures remained weak. The Fed has already raised rates once this year and is widely expected to go two more times in 2018.
The British pound inched above a four-month low of $1.3457 touched on Thursday after the BoE held key borrowing costs. It was last at $1.3505.
The recent slowing in price growth in major economies has boosted expectations that most central banks except the Fed will continue their massive bond-buying programmes to keep policy stimulatory.
The euro was a tad lower at $1.1893. The Japanese yen gained mildly to be last at 109.29 per dollar.
Malaysian markets were closed Friday but its newly appointed Prime Minister Mahathir Mohamad emerged with key election pledges including repealing an unpopular goods and services tax and restoring a petrol subsidy.
Ratings agency Moody’s said some campaign promises would be “credit negative” for Malaysia.
Such concerns pushed up the cost of insuring against a Malaysia default, with the country’s 5-year credit default swap price at its highest since early June 2017 at 95.090 basis points.
In commodities markets, spot gold slipped 0.1 percent to $1,319.33 an ounce.
Oil prices eased but stayed near multi-year peaks amid supply concerns after Trump withdrew from an Iranian nuclear deal and reinstated sanctions.
U.S. crude futures were last down 10 cents at $71.26 a barrel. Brent crude futures fell 18 cents to $77.29 a barrel, after hitting $78 earlier in the day, their highest since November 2014.
Editing by Sam Holmes, Shri Navaratnam & Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-stocks-near-3-week-high-eyes-on-upcoming-u-s-korea-summit-idUSL3N1SI2B2 |
BENGALURU (Reuters) - Gold prices rose on Monday on the back of a subdued dollar as investors considered the prospects of fewer interest rate hikes in the United States this year.
Sets of gold bangles are displayed in a showcase of a showroom selling bridal jewellery in Peshawar, Pakistan May 9, 2018. REUTERS/Fayaz Aziz Spot gold was up 0.2 percent at $1,320.80 per ounce as of 0643 GMT, after marking the highest since April 26 at $1,325.96 in the previous session.
U.S. gold futures for June delivery were little changed at $1,320.80 per ounce.
“Investors are watching the U.S. bonds and the dollar closely and taking cue from there for the direction of gold price,” said Joshua Rotbart, managing partner, J. Rotbart & Co in Hong Kong.
The dollar eased 0.1 percent to 92.456 versus a basket of six major currencies, retreating further from its 2018 peak hit last week on the back of sagging U.S. yields, after softer economic data curbed prospects of aggressive rate hikes in the United States.
St. Louis Federal Reserve Bank President James Bullard on Friday spelled out the case against any further interest rate increases, saying rates may already have reached a “neutral” level that is no longer stimulating the economy.
The U.S. central bank is still, however, widely expected to raise benchmark interest rates at its next policy meeting in June.
Gold is highly sensitive to rising U.S. rates as these tend to boost the dollar and push bond yields up, adding pressure on the greenback-denominated, non-yielding bullion.
While gold prices were also drawing support from political uncertainty in the Middle East, investors said easing tensions elsewhere could add downside risks to prices.
“From geopolitical point of view we are currently in an equilibrium between the prospects of ‘good end’ in the Korean peninsula against looming conflict in the Middle East between Iran and Israel. The price (of gold) reflects this balance,” Rotbart said.
Spot gold looks neutral in a range of $1,317-$1,326 per ounce, Reuters technical analyst Wang Tao said.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.62 percent to 857.64 tonnes on Friday.
Speculators raised their net long position in COMEX gold, by 636 contracts to 52,621, in the week to May 8, U.S. Commodity Futures Trading Commission (CFTC) data showed.
In other precious metals, silver was up 0.6 percent at $16.71 an ounce, after hitting a 2-1/2-week high in the previous session.
Platinum rose 0.4 percent to $924.70 per ounce, having hit its peak since April 25 at $929.10 on Friday.
Palladium was 0.4 percent lower at $992.05 per ounce, after hitting a 2-1/2-week high at $1,008.50 on Friday.
Reporting by Apeksha Nair in Bengaluru; Editing by Richard Pullin and Subhranshu Sahu
| ashraq/financial-news-articles | https://in.reuters.com/article/global-precious/gold-rises-as-u-s-rate-hike-view-grounds-dollar-idINKCN1IF0AD |
25 COMMENTS Cable giant Comcast Corp. is getting the pieces in place to make a hostile bid for 21st Century Fox’s entertainment assets should it choose to do so , according to people familiar with the situation.
Fox agreed in December to sell the assets in question to Walt Disney Co. for $52.4 billion in stock .
Comcast is considering making a play to break up that deal, and has lined up around $60 billion in financing to make an all-cash offer for the Fox assets, the people say.
Comcast hasn’t yet decided whether to proceed with a hostile bid. One pivotal factor is the outcome of the government’s lawsuit to stop the pending merger of AT&T Inc. and Time Warner Inc. If the companies are successful and their deal survives, Comcast would be emboldened to pursue the Fox assets, the people said.
Arguments in the antitrust case against the deal concluded last week, with the judge saying he would announce his ruling on June 12.
More Coverage
Comcast Pursues Sky While Assessing Bigger Move for Fox Assets (April 25, 2018) Comcast Considers Reviving Pursuit of Fox After Higher Bid Was Rejected (Feb. 11, 2018) Comcast Moves to Hijack Murdoch’s Deal for Sky With $31 Billion Offer (Feb. 27, 2018) Disney Agrees to Buy Key Parts of 21st Century Fox in $52.4 Billion Deal (Dec. 14, 2017) Full Coverage: AT&T Time Warner Antitrust Trial The assets Comcast and Disney are seeking to purchase include the Twentieth Century Fox TV and film studio, cable networks and international properties including Fox’s 39% stake in European pay TV operator Sky PLC.
Separately, on another track, Comcast and Fox are each vying for full control of Sky and have lobbed in bids. Comcast is securing financing from banks that would allow it to pursue a bid for the Fox entertainment assets and consolidate 100% ownership of Sky, the people familiar with the situation said.
Reuters earlier reported that Comcast was asking banks to arrange financing that would give it the ability to pursue an all-cash bid for the Fox assets.
Zazie Beetz and Donald Glover star in ‘Atlanta,’ which airs on FX and is owned by 21st Century Fox. Photo: FX NETWORKS/EVERETT COLLECTION Comcast has circled the Fox assets for months. Fox, citing regulatory concerns, turned down a Comcast stock offer in the low $60 billion range before sealing the Disney deal, people familiar with the matter have said. Comcast’s offer was a 16% premium to Disney’s, according to a securities filing and people close to the deal talks.
It is possible Comcast could bid a bit lower than last time if it pursues a hostile effort, one of the people familiar with the situation said. The cable company believes an all-cash offer would be compelling to most Fox shareholders.
One concern raised from the Fox side during the last round of deliberations was the relative value of Comcast shares versus Disney shares, so an all-cash bid would take that off the table, the person said.
Comcast shares have been under pressure in recent months. The cable company’s chief financial officer, Michael Cavanagh, said on an earnings call late last month that Comcast was unlikely to use its stock to make deals. He said the company’s strong balance sheet will give it flexibility to consider opportunities “at times like this.”
21st Century Fox and Wall Street Journal-parent News Corp share common ownership.
The cable industry is undergoing a major transformation, as more Americans cut the cord on their cable subscriptions and flock to streaming services like Hulu and Netflix. So how did we get here? Illustration: Shaumbe Wright/WSJ Write to Amol Sharma at [email protected]
Appeared in the May 8, 2018, print edition as 'Comcast Readies Fox War Chest.' | ashraq/financial-news-articles | https://www.wsj.com/articles/comcast-lines-up-financing-for-possible-hostile-bid-for-21st-century-fox-1525747160 |
* 10-yr US yield hits near 7-year high, dollar hits 2018 peak
* Data shows U.S. consumer spending picking up
* Wall Street indexes, global stock gauge drop
* Oil prices steady, boosted by Iran fears (Updates with open of U.S. markets, changes dateline; previous LONDON)
By Lewis Krauskopf
NEW YORK, May 15 (Reuters) - The U.S. dollar and Treasury yields jumped on Tuesday following U.S. data showing a rise in monthly U.S. retail sales, weighing on stocks that also were undercut by renewed worries over global trade frictions.
The yield on the benchmark U.S. 10-year Treasury note touched its highest since July 2011, while the dollar hit its highest point of the year against a basket of currencies. Wall Street’s main stock indexes slumped, with investors concerned that rising bond yields would hurt stock valuations.
U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.
The U.S. Commerce Department said retail sales rose 0.3 percent last month, while data for March was revised up to show sales surging 0.8 percent instead of the previously reported 0.6 percent.
The data indicated consumer spending is stronger than expected by the market, said Jon Mackay, investment strategist at Schroders North America in New York.
“The implication is that means inflation has more upside potential which means the Fed is more likely than not to hike four times this year, versus what the market was pricing in a month ago which is two to three times,” Mackay said.
The benchmark government yield eclipsed 3.05 percent, blowing through the key psychological level of 3 percent it hit in late April for the first time in four years.
Benchmark 10-year notes last fell 17/32 in price to yield 3.0576 percent, from 2.995 percent late on Monday.
The dollar index, tracking it against six major currencies, rose 0.69 percent, with the euro down 0.61 percent to $1.1852.
“The resurgent tone for the U.S. dollar is largely due to, number one, the move higher in Treasury bond yields across the curve and number two, the relatively solid data we saw on retail sales,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc in Washington D.C.
After improved trade sentiment helped stocks on Monday, equities were again jostled by developments involving U.S.-China talks.
Earlier on Tuesday, U.S. Ambassador to China Terry Branstad said the United States wanted a timetable on how China would open up its markets to U.S. exports, with the two countries still not close to resolving trade frictions.
“A little bit of today’s jitters are related to a hangover to yesterday’s wrongly placed exuberance that a trade deal was imminent and the reality is we are in for a long slugfest between the U.S. and China,” Mackay said.
On Wall Street, the Dow Jones Industrial Average fell 197.2 points, or 0.79 percent, to 24,702.21, the S&P 500 lost 19.78 points, or 0.72 percent, to 2,710.35 and the Nasdaq Composite dropped 73.24 points, or 0.99 percent, to 7,338.08.
Home Depot shares fell 1.7 percent after the home improvement chain missed Wall Street’s sales forecast.
The pan-European FTSEurofirst 300 index edged up 0.17 percent.
German growth halved in the first quarter of the year due to weaker exports and less state spending as disputes with the United States over trade and Iran’s nuclear deal clouded the outlook for Europe’s biggest economy.
MSCI’s gauge of stocks across the globe shed 0.90 percent.
Oil prices hovered around multi-year highs, supported by concerns that U.S. sanctions on Iran are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
U.S. crude fell 0.07 percent to $70.91 per barrel and Brent was last at $78.94, up 0.91 percent on the day. (Additional reporting by Saqib Iqbal Ahmed and Kate Duguid in New York, Alasdair Pal in London; Editing by Bernadette Baum)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-u-s-yields-dollar-jump-after-retail-sales-stocks-weak-idUSL5N1SM7FC |
Nuance Comm. plunges on weak revenue guidance 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/nuance-comm-plunges-on-weak-revenue-guidance.html |
May 25, 2018 / 11:59 AM / Updated 10 minutes ago S&P, Dow fall as oil drop hurts energy; chipmakers boost Nasdaq Caroline Valetkevitch 4 Min Read
NEW YORK (Reuters) - The S&P 500 and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks. FILE PHOTO: Traders work at the Citadel Securities post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 18, 2016. REUTERS/Brendan McDermid/File Photo
U.S. crude CLc1 tumbled 4 percent to settle at $67.88 a barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
The S&P energy index .SPNY slid 2.6 percent and registered its biggest daily percentage drop since early February, while Chevron ( CVX.N ) dropped 3.5 percent and Exxon Mobil ( XOM.N ) fell 1.9 percent and were among the biggest drags on the Dow and S&P 500.
“It’s been a very rough week for oil, and that has weighed” on energy names, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. At the same time, the continued pullback in yields has pressured financials, he said.
The S&P 500 banks index .SPXBK fell 0.4 percent after U.S. Treasury yields hit their lowest in three weeks.
Stock markets this week also have been roiled by trade tensions with China, a U.S. threat of imposing tariffs on imported cars and uncertainty over a U.S.-North Korea summit.
President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.
The Dow Jones Industrial Average .DJI fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500 .SPX lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite .IXIC added 9.43 points, or 0.13 percent, to 7,433.85.
For the week, the Dow was up 0.2 percent, the S&P 500 was up 0.3 percent and the Nasdaq gained 1.1 percent.
The Nasdaq .IXIC was boosted by chipmakers, including Broadcom ( AVGO.O ), which rose 2.7 percent. Intel ( INTC.O ) climbed 1.3 percent.
A 20.2 percent surge in shares of Foot Locker ( FL.N ) boosted the S&P consumer discretionary index .SPLRCD, which rose 0.2 percent, after the company reported a better-than-expected quarterly profit and helped shares edge higher in Nike ( NKE.N ), which has a partnership with the footwear retailer.
The S&P retail index .SPXRT rose 0.2 percent.
Trading volume was lighter than usual ahead of the long weekend, with markets shut on Monday for the Memorial Day holiday.
About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.
Declining issues outnumbered advancing ones on the NYSE by a 1.25-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored advancers.
The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 104 new highs and 36 new lows. Additional reporting by Medha Singh and Sruthi Shankar in Bengaluru; editing by Jonathan Oatis and James Dalgleish | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks/stock-futures-steady-as-north-korea-keeps-talks-on-table-oil-weighs-idUSKCN1IQ1KE |
Major cryptos get crushed on more potential regulation reports 16 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/major-cryptos-get-crushed-on-more-potential-regulation-reports.html |
1.18 +0.00 ( +0.24% ) Start-ups worldwide are trying to topple Uber — and this year the stakes are higher than ever Anita Balakrishnan Reblog Turning a profit, understanding the local market, playing nice with SoftBank and balancing jobs with new technology could determine which start-up has the leading edge. If you read the headlines, Uber had a very bad year — but while its reputation took a hit, it managed to hang on to its spot as one of the most valuable start-ups in the world. It ranks second in the 2018 CNBC Disruptor 50 list released Tuesday, with a valuation of $69.6 billion, according to PitchBook. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/uber-still-has-a-market-even-as-didi-lyft-and-grab-grow.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
* Tracking euro/dollar, CEE currencies mostly ease * Forint hits 23-month low, central bank to meet on Tuesday * Selling reaches CEE stocks, they underperform Europe (Recasts with fall in stock indices, retreat of currencies and bonds) By Sandor Peto and Marcin Goclowski BUDAPEST/WARSAW, May 18 (Reuters) - Central European assets fell on Friday, with the week's regional sell-off also spreading into equity markets as the dollar resumed its strengthening in global markets. A rise in U.S. debt market yields and a firming of the dollar caused selling and repricing of assets in emerging markets, including Central Europe, earlier this month. The U.S. 10-year Treasury yield retreated slightly on Friday, but after a brief pause, the dollar renewed its rally and surged through the 1.18 line against the euro, reaching its strongest levels this year. The forint hit a 23-month low against the euro at 318.55, to regain some ground later, trading at 318.34 at 1351 GMT, still weaker by 0.3 percent from Thursday. Hungary's central bank is expected to confirm its loose policy stance at its meeting on Tuesday. It will be closely watched for any comment on this month's rise in both short- and long-term market interest rates and a curve steepening, which widened the spread of 10-year bond yields over Bunds by about 50 basis points, traders said. The zloty and the Czech crown shed 0.1 percent, and Polish government bonds gave up most of their early gains. The past weeks' sell-off mainly hit currencies and government bonds in emerging markets, but it also engulfed equities in Central Europe on Friday. Regional stock markets mostly well underperformed European peers, with Budapest's main index shedding 1.4 percent, Bucharest 1.3 percent and Warsaw 1 percent. "It is possible that a capital withdrawal wave has started in emerging equity markets and that has reached us," said Eszter Gargyan, analyst of Citigroup in Budapest. "How it will develop, will depend on positioning in individual markets and the participation of overseas investors, or more stable European investors," she added. In Budapest, pharmaceutical Richter led the decline. It shed more than 3 percent after European health regulators said Richter's Esmya medicine used to treat benign tumours of the womb may have contributed to some cases of serious liver damage. Bucharest's index fell in the fourth session in a row. It continued to retreat from 10-year highs reached 3 weeks ago, but it is still the best performer out of the region's main stock markets this year. It has gained 8.4 percent since the end of 2017, compared with Warsaw's 9.3 percent loss. CEE SNAPSHOT AT MARKETS 1551 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech 25.6350 25.6160 -0.07% -0.36% crown Hungary 318.3400 317.4800 -0.27% -2.33% forint Polish 4.3010 4.2962 -0.11% -2.90% zloty Romanian 4.6340 4.6369 +0.06% +0.99% leu Croatian 7.3820 7.3820 +0.00% +0.65% kuna Serbian 117.9600 118.1500 +0.16% +0.46% dinar Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1105.98 1107.390 -0.13% +2.58% 0 Budapest 37030.32 37538.04 -1.35% -5.96% Warsaw 2232.39 2255.78 -1.04% -9.30% Bucharest 8403.61 8511.49 -1.27% +8.38% Ljubljana 896.10 898.81 -0.30% +11.13% Zagreb 1859.01 1845.70 +0.72% +0.88% Belgrade 744.11 744.24 -0.02% -2.07% Sofia 647.71 649.98 -0.35% -4.39% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 0.9000 0.1090 +146bps +11bps 5-year 1.3500 0.0560 +139bps +9bps 10-year <CZ10YT=RR 1.8960 0.0190 +129bps +5bps > Poland 2-year 1.6350 0.0030 +220bps +1bps 5-year 2.5610 0.0130 +260bps +4bps 10-year <PL10YT=RR 3.3150 -0.0010 +271bps +3bps > FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep <P 1.00 1.15 1.29 0.90 RIBOR=> Hungary <B 0.27 0.39 0.49 0.10 UBOR=> Poland <W 1.76 1.79 1.84 1.70 IBOR=> Note: FRA are for ask prices Quote: s | ashraq/financial-news-articles | https://www.reuters.com/article/easteurope-markets/cee-markets-selling-reaches-stocks-as-dollar-resumes-firming-idUSL5N1SP4O2 |
TEL AVIV, Israel, May 18, 2018 /PRNewswire/ -- TASE analysis project was launched in 2016 in order to raise the investors' level of knowledge of TASE listed technology and life-science companies and the markets in which the companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by removing the barrier of lacking understanding in the market.
In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.
Summary of Highlights
Enlight released its annual report on 28 March, 2018 detailing the following:
The Company's revenues from electricity totaled NIS 146 million, including electricity from the Company's project in Ireland.
Financially, the company is in a strong position, and plans to offer bonds totaling NIS 120-150 million in April Full commercial operation in Ireland as of December 2017
Continued activity in the promotion and planning of the company's development pipeline project (see below).
Accumulated projects grew with the acquisition of the rights to three projects in Hungary alongside the acquisition of rights to a 105MW project in Kosovo. We estimate 20 projects and electricity production facilities with a total capacity of 800 MW, which are wholly or partially owned by the Company and rules for active installations (connected to the network) or those in the process of development or execution.
We maintain the Company's value at NIS 1.07 billion, corresponding to a target price ranging between NIS 2.17 and NIS 2.45; a mean of NIS 2.30 per share.
Our estimate does not include projects in the Company's pipeline at various stages of development, for which we do not have accurate information or whose probability of development is still low. Thus, in our assessment, there exists additional growth potential for value beyond that estimated.
About the company - Enlight Renewable Energy Ltd. is an Israeli company founded in 2008, which is publically traded on the Tel Aviv Stock Exchange. The company specializes in the initiation, development, financing, construction, management, and operation of projects involving the generation of electricity from renewable energy sources. It is currently active in the fields of Solar Photovoltaic (PV) and Wind Energies. Once production rights are secured through government tenders, Enlight sells the electricity generated to utility companies and thereon to end users.
Read the full report here .
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Contact:
Kristi Cekani
Corporate Communications - Frost & Sullivan, Europe
P: +39.02.4851.6133
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SOURCE Frost & Sullivan | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-frost-sullivan-publishes-update-on-enlight-renewable-energy--revenues-from-sales-of-electricity-in-2017-met-expectations-full.html |
Retail stocks are on a hot streak ahead of a big week of retail earnings 1 Hour Ago Mark Tepper with Strategic Wealth Partners and Larry McDonald of the Bear Traps Report discuss retail with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/retail-stocks-are-on-a-hot-streak-ahead-of-a-big-week-of-retail-earnings.html |
Scott Minerd discusses market health 8 Hours Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/scott-minerd-discusses-market-health.html |
May 29, 2018 / 6:25 PM / Updated 15 minutes ago UPDATE 1-Chinese-owned group wins French soccer rights, Canal Plus empty-handed Reuters Staff
* Chinese-owned Spanish group wins main Ligue 1 rights
* Historical broadcaster Canal+ empty-handed, may challenge
* French soccer federation says auction is “turning point” (Recasts story, adds details, background)
By Mathieu Rosemain and Gwénaëlle Barzic
PARIS, May 29 (Reuters) - Vivendi’s Canal Plus ended up empty-handed in a crucial soccer broadcasting rights auction in France on Tuesday, beaten by Spain’s Mediapro, a Chinese-owned group, as prices boomed by close to 60 percent.
The setback in the rights for the Ligue 1 championship, France’s main soccer competition, highlights Canal Plus’ current difficulties to grow in France, where it has historically built a reputation of broadcasting major soccer matches.
It also confirms the inflation of sports rights globally is not yet over and represents a dramatic entry onto France’s broadcasting stage for Mediapro, majority-owned by Chinese private equity fund Orient Hontai.
Annual broadcasting rights for the French soccer championship will reach a record of more than 1.15 billion euros ($1.33 billion) over the 2020-2024 period, the head of the country’s professional soccer association Didier Quillot told a news conference in Paris.
This represents a 59.7 percent jump over the previous five-year period, he said.
Out of the seven lots offered for the auction, three were won by Mediapro, including the one featuring the championship’s top 10 matches.
Qatar-controlled beIN Sports won one smaller lot. French telecoms operator Iliad also won a lot, for the first time of its history.
Two lots were still unattributed as of Tuesday.
“We’re well aware that what happened today will represent a turning point,” Quillot told reporters.
“(Canal Plus) bid for each of the seven lots, and for each of these lots, it was outbid by someone who had a better offer.”
Mediapro will create a dedicated channel from scratch to broadcast the soccer matches, Quillot said.
It will have the right to sublicense the rights, an option that was made possible by the soccer association to “free up the minds and budgets,” he said.
Mediapro will therefore have the possibility to sign up distribution deals with telecom and satellite operators. The French unit of telecoms operator Altice might be one of them.
Canal+ said in a statement it would consider this option. Its chief executive said it would also consider taking legal action to challenge the results.
Debt-ridden Altice, which won the much coveted broadcasting rights for the Champions League up to 2021 in France, did not take part in this auction, Quillot said.
The group pledged to focus on repaying its debt last year to appease investors and has abandoned its previous strategy of offering exclusive content to its subscribers to drive growth. ($1 = 0.8660 euros) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; editing by Michel Rose/David Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/france-soccer-auction/update-1-chinese-owned-group-wins-french-soccer-rights-canal-plus-empty-handed-idUSL5N1T0675 |
May 19, 2018 / 2:21 PM / Updated an hour ago Rugby-Saracens swat aside Wasps in thrilling Premiership semi-final Reuters Staff 2 Min Read
May 19 (Reuters) - Owen Farrell kicked 27 points as Saracens swatted aside Wasps 57-33 in an enthralling English Premiership playoff semi-final on Saturday to book their place at Twickenham on May 26.
The England flyhalf set his team on their way early in the first half, bursting through from halfway before laying off for Alex Lozowski to go over under the posts with less then three minutes gone.
Mario Itoje then powered to within inches of the line before prop Vincent Koch dived over to double Saracens’ lead as they swarmed all over their opponents.
Farrell added two first-half penalties to put Saracens 20-0 up before Wasps replied with a Willie Le Roux try, but a third penalty by Farrell sent his team into the halftime break with a comfortable lead.
Saracens began the second half like they did the first, with an early try, as Chris Wyles crossed in the corner to leave Wasps needing a miracle.
Prop Jake Cooper-Woolley kept Wasps alive by bullying his way over after a lineout and Jimmy Gopperth converted to cut the deficit to 18 points.
Danny Cipriani and Christian Wade then combined for Thomas Young to score under the posts as Wasps threatened an unlikely comeback, but Farrell struck another timely penalty with nearly an hour gone to give Saracens some breathing room.
The 26-year-old was at it again three minutes later, and though Le Roux kept Wasps in touch with another try just after the hour mark, Juan Figallo and Itoje crossed for Saracens to put the result beyond doubt.
There was still time for records to fall, with Christian Wade scoring for Wasps and Ben Spencer adding another for Saracens late on to bring the curtain down on the highest-ever scoring Premiership semi-final.
Exeter Chiefs play Newcastle Falcons in the other semi later on Saturday. (Reporting by Simon Jennings in Bengaluru Editing by Toby Davis) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-england/rugby-saracens-swat-aside-wasps-in-thrilling-premiership-semi-final-idUKL3N1SQ061 |
May 23 (Reuters) - Carriage Services Inc:
* CARRIAGE SERVICES ANNOUNCES PRICING OF SENIOR NOTES OFFERING
* CARRIAGE SERVICES INC - PRICED ITS PRIVATE OFFERING OF $325 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.625% SENIOR NOTES DUE 2026
* CARRIAGE SERVICES - INTENDS TO USE NET PROCEEDS OF OFFERING TO REPAY ITS EXISTING INDEBTEDNESS UNDER ITS EXISTING SECURED CREDIT FACILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carriage-services-announces-pricin/brief-carriage-services-announces-pricing-of-senior-notes-offering-idUSASC0A3GG |
LONDON (Reuters) - One of the main Brexit campaign groups in Britain’s 2016 EU referendum was fined 70,000 pounds ($95,000) on Friday by the Electoral Commission for incorrectly reporting its expenditure and breaching a spending limit.
FILE PHOTO - Campaign bags are placed on seats before the start of a Leave.EU campaign news conference in central London, Britain November 18, 2015. REUTERS/Stefan Wermuth Below is a summary of the findings of the Commission, as well as the response from Leave.EU.
BACKGROUND The Electoral Commission last year said it was looking at whether Arron Banks’ pro-Brexit Leave.EU group received any impermissible donations, and separately would investigate whether Banks was the true source of loans to campaigners.
The Electoral Commission said that, as a non-designated campaigner, the referendum spending limit on Leave.EU was 700,000 pounds. Leave.EU reported spending of 693,094 pounds, 6,906 pounds under the spending limit.
As part of its investigations, the Electoral Commission examined whether there were any links between Leave.EU and Cambridge Analytica, a controversial political consultancy at the centre of a Facebook ( FB.O ) data scandal.
Facebook ( FB.O ) has said the personal information of about 87 million users might have been improperly shared with political consultancy Cambridge Analytica, which worked on Donald Trump’s 2016 presidential election campaign.
Though questions were also raised about Cambridge Analytica’s role in the Brexit campaign, the consultancy said it pitched to Leave.EU but never undertook any paid work.
Leave.EU also said that it decided not to work with Cambridge Analytica after Vote Leave was chosen as the official “leave” campaign rather than Leave.EU.
FINDINGS The Electoral Commission’s investigation found that:
- Leave.EU failed to include a minimum of 77,380 pounds in its spending return, thereby exceeding its spending limit by more than 10 percent, in breach of electoral law. The Commission is satisfied that the actual figure was in fact greater, given the failure to report an appropriate proportion of the cost of services provided by Goddard Gunster.
- Leave.EU did not correctly report the receipt of three regulated transactions from Arron Banks, totalling 6 million pounds. The dates the transactions were entered into, the repayment date, the interest rate and the provider of the transactions were all incorrectly reported.
- Leave.EU paid for services from the U.S. campaign strategy firm Goddard Gunster that should have been reported in its spending return but were not.
- Leave.EU failed to include in its referendum spending return, spending of 77,380 pounds in fees paid to the company Better for the Country Limited as its campaign organiser.
- Leave.EU failed to provide the required invoice or receipt for 97 payments of over 200 pounds, cumulatively totalling 80,224 pounds.
The commission said it suspected criminal offences may have been committed, and the responsible person, Leave.EU CEO Liz Bilney, had been referred to the police.
However, the Commission found no evidence that Leave.EU received donations or paid-for services from Cambridge Analytica for its referendum campaigning and found that the relationship did not develop beyond initial scoping work.
LEAVE.EU’S RESPONSE Leave.EU said in an emailed statement that they would appeal the fines, and demanded the Electoral Commission release all the information they had on the matter.
It said the Electoral Commission was “unable to produce a shred of evidence relating to the original allegations” about Cambridge Analytica, reiterating that it did not work with the consultancy.
It said the alleged overspend representing less than 0.1 percent of the total campaign finance spend, and that it had over-reported other expenditure.
“We view the Electoral Commission announcement as a politically motivated attack on Brexit and the 17.4 million people who defied the establishment to vote for an independent Britain,” Banks said in a statement.
“The Electoral Commission went big game fishing and found a few ‘aged’ dead sardines on the beach. So much for the big conspiracy! What a shambles, we will see them in court.”
Reporting by Alistair Smout; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-spending-factbox/factbox-brexit-group-leave-eu-fined-for-breaking-referendum-spending-rules-idUSKBN1IC0VO |
May 8 (Reuters) - Fluent Inc:
* Q1 REVENUE ROSE 14 PERCENT TO $56 MILLION * QTRLY GAAP LOSS PER SHARE FROM CONTINUING OPERATIONS $0.08 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fluent-reports-q1-loss-per-share-f/brief-fluent-reports-q1-loss-per-share-from-continuing-operations-of-0-08-idUSASC0A0OE |
BEIJING (Reuters) - China’s Anbang Insurance Group [ANBANG.UL] said on Monday that the selection process for a strategic shareholder has begun, reiterating that it has ample cashflow and is operating normally after its state-backed bailout.
People enter the office of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter In April the banking and insurance regulator approved a60.8 billion yuan ($9.5 billion) state capital injection aimed at smoothing Anbang’s transition as it sought private investors after its former chairman was sentenced to 18 years in jail amid Beijing’s crackdown on financial risk.
Reporting by Beijing Monitoring Desk; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-anbang-restructuring/chinas-anbang-says-investor-selection-work-under-way-idUSKCN1IT12O |
* Net profit S$1.11 bln vs S$1.18 bln market estimate
* Stock falls 3.2 pct, biggest drag on main index
* Net interest margin expands 5 basis points
* Singapore banks benefiting from strong economy
* DBS and UOB reported forecast-beating results (Adds stock reaction and details)
SINGAPORE, May 7 (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd (OCBC) reported a 29 percent rise in quarterly profit, underpinned by strong growth in net interest income and wealth management, but missed market estimates, sending its shares down 3.2 percent.
The results from Singapore’s second-largest listed lender followed forecast-beating numbers from DBS Group Holdings Ltd and United Overseas Bank. Singapore banks are benefiting from an improving economy and higher local interest rates.
“The group’s income growth was broad-based, loan growth was sustained, assets under management growth continued and allowances were much lower,” OCBC Chief Executive Officer Samuel Tsien said in a statement on Monday.
OCBC’s net profit came in at S$1.11 billion ($832 million) in the three months ended March 31 versus S$861 million reported a year ago, and was the highest since the quarter ending September 2014.
This was short of the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters. The year-ago number was restated from a reported profit of S$973 million.
OCBC said the changes were a result of Singapore-incorporated companies listed on the Singapore Exchange being required to adopt a new financial reporting framework.
The bank’s net interest margin rose five basis points to 1.67 percent. Fee and commission income increased 11 percent, led by a 19 percent jump in wealth management fee income.
OCBC’s allowances for loans and other assets declined to S$12 million from S$168 million a year ago. ($1 = 1.3335 Singapore dollars) (Reporting by Anshuman Daga Editing by Edwina Gibbs and Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/ocbc-results/update-1-singapore-bank-ocbcs-q1-profit-up-29-pct-tad-below-estimates-idUSL3N1SE019 |
TOKYO (Reuters) - Japan’s industrial output was well short of market expectations in April, official figures showed on Thursday, adding to fears for the outlook after the economy contracted in the first quarter.
FILE PHOTO - A worker checks steel coils and steel sheets at a distribution warehouse in Urayasu, east of Tokyo April 19, 2012. REUTERS/Toru Hanai/File Photo Industrial output rose just 0.3 percent in April from the previous month, official data showed on Thursday, well below the median forecast for a 1.2 percent increase and a 1.4 percent rise in March.
Much of the slowdown was due to a 5.6 percent decline in production of electronic parts while inventories rose for a third straight month, adding to fears of weakening overseas demand.
Output is seen likely to weaken further as companies focus on lowering inventories of unsold goods, suggesting Japan’s economic performance peaked last year and this year growth will be more modest.
“Production is slowing overall because companies with high inventories are cutting their output,” said Asuka Sakamoto, economist at Mizuho Research Institute.
“Output will fall in the coming months, but I expect consumer spending to rebound in the second quarter, which should be supportive for economic growth. I’m not worried about a recession.”
Manufacturers surveyed by the Ministry of Economy, Trade and Industry expected output to rise 0.3 percent in May but to fall 0.8 percent in June.
Japan’s economy contracted in the first quarter as weak investment, consumption and exports took their toll, with Thursday’s output data and forecasts adding to concerns over how quickly the economy can return to growth.
On the positive side, production of cars and machines used in factories accelerated in April.
Reporting by Stanley White; Editing by Eric Meijer
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-output/japans-factory-output-growth-slumps-in-april-dims-production-prospects-idUSKCN1IW06S |
GDP outlook At top of the Fed, a dispute on policy picks up steam Federal Reserve Chair Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months. It could also determine how the Fed prepares for and combats the next economic downturn. Among the disputes is a debate over whether the economy has shifted into a higher gear. Published 5 Hours Ago Reuters Getty Images Federal Reserve Chairman Jerome Powell speaks during a news conference March 21, 2018 in Washington, DC.
Federal Reserve Chair Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn.
The fault lines are technical as well as philosophical and include a debate over whether the economy has shifted into a higher gear, giving the Fed room for more interest-rate hikes and perhaps reducing the need for controversial tools like bond-buying to fight future recessions.
They come as tax cuts and government spending boost growth and inflation, giving policymakers the breathing room to debate whether to retool the Fed's basic policy approach to give themselves more firepower even if slower future economic growth is unavoidable.
San Francisco Fed President John Williams launched a critical salvo in the debate on Tuesday with a speech underscoring his view that the Fed has only a few more rate hikes ahead of it before rates reach a level of borrowing costs that allows the economy to coast along, without stimulating or slowing its progress.
This neutral rate, which can only be estimated and not observed, serves as a sort of speed limit on interest-rate hikes and is at the heart of the current policy debate. Stephen Lam | Reuters John Williams, president of the Federal Reserve Bank of San Francisco.
"It's important to distinguish between the current strong economic conditions and the key longer-run drivers underpinning interest rates," he said at the Economic Club of Minnesota. Despite economic tailwinds like tax cuts and government spending, "the longer-run drivers still point to a 'new normal' of a low (neutral rate) and relatively low interest rates."
Williams, whose research has helped convince most of his colleagues that the neutral rate of interest is much lower than in the past, stands to become even more influential when he takes over as chief of the New York Fed next month, a position that will make him a permanent voter on the Fed's policy-setting committee.
His view contrasts with recent optimism from some economists and central bankers. Among them is the Fed vice chair for financial supervision, Randal Quarles , a Trump administration appointee who in February said he believed there is a "real possibility" that the economy could shift to a higher growth trajectory.
Quarles' view suggests that the Fed has a bit more room to raise rates without braking the economy, which would, in turn, give it the flexibility to cut rates more deeply in the next downturn, and perhaps avoiding the need for unconventional measures like bond purchases.
Fed Board nominee Richard Clarida, at his confirmation hearing on Tuesday, flagged some discomfort with such measures, which began in the depths of the financial crisis to stabilize banks and were later were expanded to help bring down high unemployment and lift excessively low inflation.
Though the Fed's initial program of so-called quantitative easing "made sense," Clarida said he was not sure how he would have voted on subsequent rounds, and said in response to a question from Republican Senator Pat Toomey that he was "very sympathetic to your view that any discussion and thinking about QE would have to take a serious look at costs as well as benefits."
Williams for his part on Tuesday called bond-buying an important part of the policy-easing tools that the Fed "is going to have to turn to" to fight future downturns.
Rate cuts alone, from what will be a relatively low starting point and only able to fall as far as zero, would not provide enough firepower to stimulate the economy, he has said in the past.
Williams has also said that "time is pressing" for a rethink of the Fed's 2 percent inflation target. A new policy framework, he has said, conceivably could give the central bank more room for maneuver even with a low neutral rate by allowing it to defer rate hikes after a recession even if inflation pushes up to, or even past, its long-run target.
Several other Fed policymakers, including Fed Governor Lael Brainard and Chicago Fed President Charles Evans , have lent support to a debate on the framework.
Quarles by contrast has suggested that there is little need to rethink the framework if inflation rises back to the Fed's 2 percent target, as it has lately done.
Clarida did not weigh in on that debate on Tuesday, or on his view of the neutral rate. But if he and fellow nominee Michelle Bowman are confirmed it is a topic that will heat up in coming months. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/at-top-of-the-fed-a-dispute-on-policy-picks-up-steam.html |
(Repeats to add link to Reuters TV)
By Jane Lanhee Lee and Jillian Kitchener
May 4 (Reuters) - To see the storm that online video game “Fortnite” has unleashed on the world, just visit Jett Sacher in Brooklyn. The 13-year-old spends an hour or two every day on the game with his friends and is not afraid to spend his pocket money on it - bit by bit.
“So I bought one dance, two skins and the battle pass,” Sacher told Reuters TV about recent gaming sessions. “So that’s, I spent $20 on both skins so $40 ... and the dance was another $10 so $50, 60 bucks, something like that.”
Sacher’s pay-as-you-go expenditure on dressing up his online avatar in the ‘free-to-play’ game helped “Fortnite” take in an estimated $223 million from in-game purchases in March, according to Joost Van Dreunen at research firm SuperData.
“Fortnite,” a sort of hybrid of “The Hunger Games” and “Minecraft,” drops 100 people onto an island to fight each other for survival. It is a game-changer in the industry, analysts have said, because of the huge revenue it is making from “tween” and teenage boys purchasing outfits and other add-ons.
See video reut.rs/2rjnJ2z
Its publisher, Epic Games, is now worth $4.5 billion, according to Jefferies analyst Tim O’Shea. Rival video game makers Activision Blizzard, creator of “Call of Duty,” and “Grand Theft Auto” owner Take-Two Interactive lost billions of dollars in market value in March as investors took notice of Fortnite’s ability to wring cash from players.
One big winner is Chinese internet company Tencent Holdings Ltd, which bought 48 percent of Epic in 2012. Fortnite’s storm is also giving a big boost to Amazon.com Inc’s online video service Twitch, where gamers broadcast their efforts to larger and larger captive audiences, and Discord, a chat app for gamers, which have both boasted new records.
Analysts say Microsoft Corp’s Xbox and Sony’s PS4 are also doing well, thanks to getting a slice of the in-game purchases and a boost in hardware for gaming.
One of the top Fortnite streamers is a 20-year-old Swedish gamer who goes by the name BogdanAkh. He said he makes about $1,000 a month from his bedroom in Stockholm, where he streams his plays on Twitch, talking to other players through Discord wearing a mohawk with blond tips and big black headphones.
“If you really think you want to make a lot of money, you have to put a lot of work into it,” he told Reuters TV.
Fortnite is forcing change in the gaming world. The concept of arena-style survival, called “battle royale” in gaming lingo, is now likely to show up in other titles as well. And the success of the ‘free-to-play’ model could put pressure on big gaming companies’ sales of games that cost anywhere from $40 to $60 or even more, said O’Shea.
Wedbush Securities analyst Michael Pachter said the company is nimble and the creative team is keeping interest in “Fortnite” high by constantly adding new items to sell and only selling them for a limited time.
“The idea that they can charge 15 or 20 bucks for something that other games charge a dollar by making it scarce is brilliant,” Pachter said.
Reporting By Jane Lanhee Lee Editing by Bill Rigby
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-gaming-fortnite/rpt-free-to-play-expensive-to-love-fortnite-changes-video-game-business-idUSL1N1SB0YO |
BERLIN and SAN FRANCISCO and SEOUL, South Korea, May 22, 2018 (GLOBE NEWSWIRE) -- AppLift , a leading mobile ad tech company, today announced the appointment of two new additions to its leadership team: industry veterans Tim Kelly appointed Vice President Demand West and Marcus Imaizumi Leads LATAM Team. This growth further solidifies AppLift’s global presence in the U.S. and LATAM markets as the company boosts organizational infrastructure to best service its growing customer base with best-in-class mobile advertising technology services.
As AppLift fortifies its focus and presence in the Americas region, Tim Kelly will act as Vice President Demand, West. Kelly is an ad tech veteran with past leadership positions at Google, Fyber, and Mojiva (which sold to PubMatic) from which brings a wealth of digital, social, mobile, and OTT experience as well as an understanding of the needs of mobile marketers across the app advertising lifecycle. In his role, Kelly will oversee business development and account management of the West Coast teams, while working with team members and clients at an international level. Kelly will report directly to Andrew Birnbryer, Managing Director Americas at AppLift.
AppLift is also pleased to name Marcus Imaizumi the Head of LATAM. Imaizumi specializes in mobile and gaming business development for Brazil and Latin America, with more than 17 years of leadership experience at companies including Yahoo!, Glispa Global Group, Startapp, and Innogames where he focused on user acquisition, monetization, and strategic partnerships. He will be located in the Sao Paulo, Brazil office and focus on the development of the mobile App economy growth across LATAM.
“AppLift has established our LATAM HQ in Brazil almost 2 years ago where we have consistently delivered value for local app advertisers through our proprietary technology. San Francisco has been a globally recognized hub for app developers for half a decade already. With the additions of Tim and Marcus we are honoring that momentum and can continue serving the needs of local Advertisers and Agencies by providing the best service along with the best technology,” AppLift CRO Maor Sadra said in a statement.
AppLift launched its unified platform in June 2016. The platform provides a single access point for app advertisers to optimize across the whole app advertising lifecycle -- launch, growth, and retention-- and access all relevant mobile supply channels.
About AppLift
AppLift is a leading mobile ad tech company that empowers mobile app advertisers to take control of every stage of the app advertising lifecycle. AppLift's unified platform, DataLift 360, enables advertisers to launch their apps as well as grow and retain quality users from one interface. With DataLift 360, app marketers can programmatically access all major mobile ad inventory worldwide and control their campaigns through a single proprietary technology platform, which provides advanced data integration as well as extended targeting and audience management capabilities.
Contact Information:
Alexis Roberts
Blast PR for AppLift
[email protected]
805-886-8511
Source: AppLift | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-applift-boosts-global-footprint-by-expanding-leadership-team-in-north-america-and-latam.html |
May 9, 2018 / 11:36 AM / Updated 7 minutes ago BRIEF-Jounce Therapeutics Q1 Shr Loss $0.40 Reuters Staff
May 9 (Reuters) - Jounce Therapeutics Inc:
* JOUNCE THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* JOUNCE THERAPEUTICS Q1 COLLABORATION REVENUE $11.2 MILLION * Q1 LOSS PER SHARE $0.40
* Q1 EARNINGS PER SHARE VIEW $-0.31 — THOMSON REUTERS I/B/E/S * Q1 REVENUE VIEW $15.1 MILLION — THOMSON REUTERS I/B/E/S
* CONTINUES TO EXPECT CASH BURN ON OPERATING EXPENSES, CAPEX FOR 2018 TO BE APPROXIMATELY $80.0 MILLION TO $100.0 MILLION
* EXPECTS TO RECORD APPROXIMATELY $50.0 MILLION TO $60.0 MILLION IN COLLABORATION REVENUE IN 2018
* EXPECTS EXISTING CASH, CASH EQUIVALENTS, INVESTMENTS TO BE SUFFICIENT TO FUND REQUIREMENTS FOR AT LEAST NEXT 24 MONTHS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jounce-therapeutics-q1-shr-loss-04/brief-jounce-therapeutics-q1-shr-loss-0-40-idUSL8N1SG57B |
TOKYO (Reuters) - Japanese copper miners JX Nippon Mining & Metals and Sumitomo Metal Mining plan to increase output from their mines in Chile this year, but are facing challenges in bringing them to full capacity and meeting profit targets. JXTG Holdings Inc said on Friday that Caserones copper mine which is 51.5 percent owned by its metal unit JX Nippon Mining is expected to produce about 110,000 tonnes of copper concentrate in the year to end-March 2019, up from 91,000 tonnes a year earlier.
The projected annual output still falls short of the 150,000 tonnes target planned when the company started construction of the mine.
Output at the Caserones mine, located in the arid mountains of northern Chile, has fallen behind schedule since it started producing in May 2014, plagued by a series of technical problems in its ramp-up stage.
JXTG posted 125 billion yen ($1.14 billion) in impairment losses for the mine in the year ended March 31, bringing its total impairment loss on the mine to 273.3 billion yen.
Mitsui Mining and Smelting Co Ltd which owns 25.87 percent stake in the mine has booked an impairment loss of 79.7 billion yen in total. Mitsui & Co which holds 22.63 percent stake in the mine has taken a total impairment loss of 95.7 billion yen.
But JX expects the mine to turn profitable in the second half of the current financial year, Senior Vice President Katsuyuki Ota said.
Caserones is not the only Chilean mine that is running behind schedule.
Japan’s Sumitomo Metal Mining (SMM), which reported its earnings on Thursday, said it plans to increase copper concentrate production to 101,000 tonnes in calendar 2018, up from 97,000 tonnes in 2017, at its Sierra Gorda mine in Chile which has encountered a series of technical challenges.
SMM, which owns 31.5 percent in the mine, has posted a total impairment loss of 147.3 billion yen by end-March 2017 and still expects 14 billion yen loss from the mine in the current financial year, the miner’s Executive Officer Masahiro Morimoto said.
Sierra Gorda is 55 percent owned by Polish miner KGHM and 13.5 percent by Japanese trading house Sumitomo Corp.
The problems at the mines highlight the challenges faced by miners in the country as they sift through far-flung locations as more accessible deposits have largely been tapped out.
Reporting by Yuka Obayashi and Osamu Tsukimori; Editing by Vyas Mohan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-copper/japanese-miners-plan-to-boost-output-at-chili-copper-mines-amid-challenges-idUSKBN1IC141 |
Although thousands of people have signed a petition to have shoemaker Adidas drop rapper Kanye West over his slavery comments , the German firm says it hasn’t had any internal conversations about ending the partnership.
West defected from Nike (nke) to Adidas (addyy) a few years back, and designs the Yeezy range for the German brand.
In recent weeks, the prolific tweeter has shocked many of his fans—first by suggesting that he loves President Donald Trump as “we are both dragon energy” (he’s actually endorsed Trump before ,) and then by telling TMZ that four centuries of slavery in the U.S. “sounds like a choice.”
Cue epic beat-downs from prominent African-American personalities such as Wendell Pierce and Ava DuVernay , and the aforementioned petition for Adidas to drop West.
“While Kanye can live safely in his multi-million dollar castle, the rest of black America is continually marginalized and subject to unjust laws and treatment. Some even die because this behavior is so ingrained in our society,” the petition reads. “The German apparel company may wish to rethink their lucrative deal with West after his jaw-dropping outburst.”
So, what does Adidas make of this? In an interview with Bloomberg , CEO Kasper Rorsted seemed desperate to dodge the question.
“We neither comment nor speculate on every single comment that our external creators are making,” he said. “Kanye has been and is a very important part of our strategy and he’s been a fantastic creator, and that’s where I’m going to leave it.”
But the interviewer pursued his line of questioning. How much is the Yeezy brand worth to Adidas? “While Kanye’s a very important part of the Adidas brand, Adidas is a large global company with a very, very strong presence around the world and will continue to perform well.”
But isn’t it important for Adidas to take some kind of stance on West’s slavery comments? “Of course it is,” said Rorsted, before admitting the company has “not had any conversation with Kanye in the last 24 hours” and had in fact not even discussed the issue internally.
“We are a sports company and want to change people’s lives through sports,” Rorsted deadpanned.
Coincidentally, West just conducted an interview with radio presenter Charlamagne tha God, in which he said he had a direct line to Rorsted, whereas Nike CEO Mark Parker “wouldn’t even get on the phone with me.” | ashraq/financial-news-articles | http://fortune.com/2018/05/03/adidas-kanye-west-slavery-yeezy/ |
May 31, 2018 / 7:38 PM / in 18 minutes UPDATE 2-Canada to impose tariffs on U.S., challenge at WTO Reuters Staff
(Adds steel industry comment)
By Allison Martell
May 31 (Reuters) - Canada will impose retaliatory tariffs on C$16.6 billion ($12.8 billion) worth of U.S. exports and challenge U.S. steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organization (WTO), Canadian Foreign Minister Chrystia Freeland said on Thursday.
The Canadian tariffs are set to go into effect on July 1 and stay in place until the United States lifts its own measures, Freeland said, hours after the United States said it would impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union.
“The American administration has made a decision today that we deplore, and obviously is going to lead to retaliatory measures, as it must,” Prime Minister Justin Trudeau said at a news conference in Ottawa with Freeland.
“We regret that. We would much rather move together in partnership,” he said.
The Canadian government released two lists of U.S. products, proposing a 25 percent tariff on the first list and 10 percent on the second. Freeland said a 15-day consultation period would give Canadians a chance to comment on the tariffs and the products covered.
The list included steel and aluminum in various forms, but also orange juice, maple syrup, whiskey, toilet paper and a wide variety of other products. It largely spares U.S. farmers. Among the few proposed agricultural targets are farm chemicals and cucumbers. (For the lists of U.S. products, see: bit.ly/2xtZlkz )
Freeland said Canada would challenge the U.S. tariffs under both NAFTA’s Chapter 20 and the WTO’s dispute settlement process, and would work with other WTO members.
Canadian Steel Producers Association President Joseph Galimberti said his organization was consulting with members and studying the products covered.
“I think the key going forward is to take this time to make sure that it works for the parties most directly affected and to get those measures in place as soon as we can,” he said.
Shares in StelCo Holdings Inc fell 3.5 percent, while the broader Canadian stock index ended up 0.1 percent.
Trudeau also discussed NAFTA talks, saying Canada, the United States and Mexico had come so close to a deal that he had offered to meet personally with President Donald Trump in Washington.
Trudeau said Vice President Mike Pence told him on Tuesday that as a precondition for that meeting, Trudeau would have to agree to a five-year sunset clause. He refused.
A sunset clause would allow one of the three NAFTA members to quit the pact after five years.
“There was the broad lines of a decent win-win-win deal on the table,” said Trudeau. ($1 = C$1.2957 Canadian) Reporting by Allison Martell; additional reporting by Rod Nickel in Winnipeg; editing by Leslie Adler, Sandra Maler and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-canada/update-1-canada-to-impose-tariffs-on-u-s-challenge-at-wto-idUSL2N1T21PT |
May 3, 2018 / 8:03 PM / Updated 4 minutes ago Twitter urges users to change passwords after computer glitch Reuters Staff 2 Min Read
(Reuters) - Twitter Inc urged its more than 330 million users to change their passwords after a glitch caused some of them to be stored in plain text on its internal computer system. FILE PHOTO: The Twitter application is seen on a phone screen August 3, 2017. REUTERS/Thomas White/File Photo
The social network said it had fixed the glitch and that an internal investigation had found no indication passwords were stolen or misused by insiders, but it urged all users to consider changing their passwords “out of an abundance of caution.”
The blog did not say how many passwords were affected. But a person familiar with the company’s response said the number was “substantial” and that they were exposed for “several months.”
Twitter discovered the bug a few weeks ago and has reported it to some regulators, said the person, who was not authorized to discuss the matter.
The disclosure comes as lawmakers and regulators around the world scrutinize the way that companies store and secure consumer data, after a string of security incidents that have come to light at firms including Equifax Inc, Facebook Inc and Uber.
The European Union is due to start enforcing a strict new privacy law, known as the General Data Protection Regulation, that includes steep fees for violating its terms.
The glitch was related to Twitter’s use of a technology known as “hashing” that masks passwords as a user enters them by replacing them with numbers and letters, according to the blog.
A bug caused the passwords to be written on an internal computer log before the hashing process was completed, the blog said.
“We are very sorry this happened,” the Twitter blog said.
Twitter’s share price was down 1 percent in extended trade at $30.35, after gaining 0.4 percent during the session.
The company advised users to take precautions to ensure that their accounts are safe, including changing passwords and enabling Twitter’s two-factor authentication service to help prevent accounts from being hijacked. Reporting by Jim Finkle in Toronto; Editing by Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/us-twitter-passwords/twitter-says-glitch-exposed-substantial-number-of-users-passwords-idUKKBN1I42JG |
OAKVILLE, ON, May 7, 2018 /PRNewswire/ - Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international specialty pharmaceutical company focused on becoming a leader in European specialty, off-patent medicines, today announced it intends to release its first quarter 2018 financial results before market open on Tuesday, May 15, 2018.
The Company will subsequently hold a conference call that same day, Tuesday, May 15, 2018, at 8:30 a.m. ET hosted by Mr. Graeme Duncan, interim Chief Executive Officer, and other senior management. A question-and-answer session will follow the corporate update.
CONFERENCE CALL DETAILS
DATE:
Tuesday, May 15, 2018
TIME:
8:30 a.m. ET
DIAL-IN NUMBER:
(647) 427-7450 or (888) 231-8191
TAPED REPLAY:
(416) 849-0833 or (855) 859-2056
REFERENCE NUMBER:
6279535
This call is being webcast and can be accessed by going to:
https://event.on24.com/wcc/r/1662068/13765CA15C10901698E03BCE3F0B1174
An archived replay of the webcast will be available by clicking the link above.
About Concordia
Concordia is an international specialty pharmaceutical company with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries. Going forward, the Company is focused on becoming a leader in European specialty, off-patent medicines.
Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados, London, England and Mumbai, India.
Notice regarding forward-looking statements and information:
This news release includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws, regarding Concordia and its business, which may include, but are not limited to, statements with respect to the release date of Concordia's financial results. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia, including risks associated with Concordia's securities, increased indebtedness and leverage, Concordia's growth, risks associated with the use of Concordia's products, the inability to generate cash flows, revenues and/or stable margins, the inability to repay debt and/or satisfy future obligations, risks associated with a delay in releasing Concordia's financial statements (which could result in a default under Concordia's debt agreements and a violation of applicable laws), Concordia's outstanding debt, risks associated with the geographic markets in which Concordia operates and/or distributes its products, risks associated with distribution agreements, the pharmaceutical industry and the regulation thereof, regulatory investigations, the failure to comply with applicable laws, economic factors, market conditions, risks associated with growth and competition, the failure to obtain regulatory approvals, the equity and debt markets generally, general economic and stock market conditions, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), political risks (including changes to political conditions), risks associated with the United Kingdom's exit from the European Union (including, without limitation, risks associated with regulatory changes in the pharmaceutical industry, changes in cross-border tariff and cost structures and the loss of access to the European Union global trade markets), risks related to patent infringement actions, the loss of intellectual property rights, risks and uncertainties detailed from time to time in Concordia's filings with the Securities and Exchange Commission and the Canadian Securities Administrators, and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important factors that could cause actual actions, events or results to those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/concordia-international-corp-announces-release-date-for-first-quarter-2018-results-300643661.html
SOURCE Concordia International Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-concordia-international-corp-announces-release-date-for-first-quarter-2018-results.html |
Reiterates 2018 Adjusted EBITDA growth target
Strong service revenue growth in Connectivity segment
Repaid full balance of revolving credit facility in the second quarter of 2018
LOS ANGELES, May 15, 2018 (GLOBE NEWSWIRE) -- Global Eagle Entertainment Inc. (Nasdaq:ENT) (“Global Eagle,” the “Company” or “we”), a leading provider of media, content, connectivity and data analytics to markets across air, sea and land, today announced financial results for the first quarter ended March 31, 2018. For the first quarter of 2018, Global Eagle recorded revenue of $156 million; incurred a net loss of $38.3 million; and generated Adjusted EBITDA* of $17.3 million.
“During the first quarter of 2018, we focused on our objectives of operating a healthy core business, driving profitable growth and aggressively transforming our business,” commented Josh Marks, CEO of Global Eagle. “We continue to expect a minimum of 25% Adjusted EBITDA growth in 2018 versus 2017. Looking forward to the third quarter of 2018, we are excited to activate aircraft from our recent new wins onto what is already the largest network of Ku-connected, single-aisle aircraft in the world.”
Global Eagle is building upon its market-leading, connected aircraft solution. Our unique solution combines high-speed gate-to-gate internet connectivity with connectivity-enabled content, data analytics, and our powerful portal for short- and medium- haul fleets. It has a proven track record of demonstrating the highest levels of reliability and elevating the on-board passenger experience, all while minimizing the risk to the airline of technological obsolescence.
“An integral part of transforming our business is further integrating our prior acquisitions, which will improve our ability to meet our customers’ needs and streamline our cost structure,” said Paul Rainey, CFO of Global Eagle. “We continue to expect these actions to positively impact our operating expenses in the second quarter of 2018 and to build throughout the year.”
First Quarter Summary
Total revenue for the first quarter of 2018 was $156 million, a 2.6% increase over the prior-year period. This increase was primarily driven by growth in service revenue in our Connectivity segment due to new aircraft, vessel and site additions, as well as increased equipment revenue. Net loss for the first quarter of 2018 was $38.3 million. The smaller net loss over the prior-year period was primarily driven by a goodwill impairment in the first quarter of 2017 that did not recur in the first quarter of 2018. In the first quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $78 million related to its Maritime & Land business unit within its Connectivity segment. Adjusted EBITDA for the first quarter of 2018 was $17.3 million, which was a slight increase over the prior-year period, primarily due to growth in our Connectivity segment’s service revenue and equipment revenue, which included higher margin sales of spare parts.
During the first quarter of 2018, Global Eagle implemented a new accounting standard, “ ASC 606—Revenue from Contracts with Customers .” The impact of applying the new standard for the quarter ended March 31, 2018 was a decrease in revenue of $0.7 million, a decrease in cost of goods sold of $0.4 million and an immaterial adverse impact on net income and Adjusted EBITDA. We recommend that you review the disclosures in our Quarterly Report on Form 10-Q for our first quarter of 2018 for additional information regarding the impact of ASC 606.
Subsequent to quarter end, the Company used a portion of the proceeds from the recent Searchlight Capital Partners investment to repay the $78 million principal balance on the Company's revolving credit facility. The full $85 million facility (reduced for approximately $6 million in outstanding letters of credit) remains available to the Company. The Company anticipates using the remaining proceeds for growth initiatives and other general corporate purposes.
Webcast
Global Eagle will host a live webcast on Tuesday, May 15, 2018 at 5:00 p.m. EDT (2:00 p.m. PDT). The Company will make the webcast available on the Investor Relations section of its website at http://investors.geemedia.com/events.cfm . An archive of the webcast replay will be on its website for 30 days following the event.
About Global Eagle
Global Eagle is a leading provider of media, content, connectivity and data analytics to markets across air, sea and land. Global Eagle offers a fully integrated suite of rich media content and seamless connectivity solutions to airlines, cruise lines, commercial ships, high-end yachts, ferries and land locations worldwide. With approximately 1,500 employees and 50 offices on six continents, the Company delivers exceptional service and rapid support to a diverse customer base. Find out more at: www.GlobalEagle.com .
Contact:
Peter A. Lopez
Vice President, Investor Relations
+1 310-740-8624
[email protected]
[email protected]
* About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States, or GAAP, we present Adjusted EBITDA, which is a non-GAAP financial measure, as a measure of our performance. The presentation of Adjusted EBITDA is not intended to be considered in isolation from, or as a substitute for, or superior to, net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity. Further, we note that Adjusted EBITDA as presented herein is defined and calculated differently than the “Consolidated EBITDA” definition in our senior secured credit agreement and in our second lien notes, which Consolidated EBITDA definition we use for financial-covenant-compliance purposes and as a measure of our liquidity. For a reconciliation of Adjusted EBITDA to its most comparable measure under GAAP, please see the table entitled “Reconciliation of GAAP to Non-GAAP Measure” at the end of this release.
Adjusted EBITDA is one of the primary measures used by our management and Board of Directors to understand and evaluate our financial performance and operating trends, including period to period comparisons, to prepare and approve our annual budget and to develop short and long term operational plans. Additionally, Adjusted EBITDA is one of the primary measures used by the Compensation Committee of our Board of Directors to establish the funding targets for (and subsequent funding of) our Annual Incentive Plan bonuses for our employees and executive officers. We believe our presentation of Adjusted EBITDA is useful to investors both because it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and because our management frequently uses it in discussions with investors, commercial bankers, securities analysts and other users of our financial statements.
We define Adjusted EBITDA as net income (loss) before (a) interest expense (income), (b) income tax expense (benefit) and (c) depreciation and amortization (including relating to equity-method investments) and (gain) loss on disposal and impairment of fixed assets, and we then further adjust that result to exclude (when applicable in the period) (1) change in fair value of financial instruments, (2) other (income) expense, including primarily, (gains) losses from investments and foreign-currency-transaction (gains) losses, (3) goodwill impairment expense, (4) stock-based compensation expense, (5) strategic-transaction, integration and realignment expenses (as described below), (6) auditor and third-party professional fees and expenses related to our internal-control deficiencies (and the remediation thereof) and complications in our audit process relating to our control environment, (7) excess content expenses (as described below), (8) securities class-action expenses (as described below), (9) losses on significant customer bankruptcies (as described below) and (10) restructuring expenses pursuant to our September 2014 integration plan. Management does not consider these items to be indicative of our core operating results.
“Excess content expenses” includes the additional purchasing costs that we incurred in 2017 to procure movie content for our customers, notwithstanding that we could have procured equivalent content under our (preferential-pricing) output arrangements with major studios. We incurred these additional costs because we could not timely identify and measure our movie-content expenditures and procurement during the period due to weaknesses in our control environment.
“Losses on significant customer bankruptcies” includes (1) our provision for bad debt associated with the bankruptcies of Air Berlin and Alitalia (two of our Media & Content customers) in 2017, together with (2) the costs ( e.g ., content acquisition fees) that we incurred to maintain service to those customers during their bankruptcy proceedings in order to preserve the customer relationship.
“Securities class-action expenses” includes third-party professional fees and expenses associated with the securities class-action lawsuits filed against us in 2017.
“Strategic-transaction, integration and realignment expenses” includes (1) transaction-related expenses and costs (including third-party professional fees) attributable to acquisition, financing, investment and other strategic-transaction activities, (2) integration and realignment expenses and allowances, (3) employee-severance, retention and relocation expenses, (4) purchase-accounting adjustments for deferred revenue, costs and credits associated with companies and businesses that we have acquired through our M&A activities, (5) service-level-agreement penalties incurred during our Eagle-1 migration and setup in its new orbital slot in 2017, and (6) claims at companies or businesses that we acquired through our M&A activities for underlying liabilities that pre-dated our acquisition of those companies or businesses. In respect of clause (6) in this definition, we include ( i.e ., exclude from net income (loss)) any estimated loss contingencies and provisions for legal settlements relating to those liabilities.
Cautionary Note Concerning Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements with respect to our Adjusted EBITDA growth and aircraft service activations in future periods, business and financial-performance outlook, industry, business strategy, plans, business integration activities, cost-structure improvements and cost reductions, future operations, margins, profitability, future efficiencies and other financial and operating information. The words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following:
• our ability to remediate material weaknesses in our internal control over financial reporting and to complete such remediation in a timely manner, and the effect of those weaknesses on our ability to forecast our operations and financial performance;
• our ability to maintain effective disclosure controls and internal control over financial reporting;
• the effect of our efforts to remediate our material weaknesses in our internal control over financial reporting, which may divert management’s attention from our business, reduce our liquidity and have an adverse effect on our financial performance;
• the effect of any future restructuring activities, which may prove detrimental to our operations and sales;
• our ability to implement new revenue recognition standards in a timely manner;
• our dependence on the travel industry;
• future acts or threats of terrorism;
• our ability to obtain new customers and renew agreements with existing customers, and particularly our dependence on our existing relationship with Southwest Airlines;
• our customers’ ability to pay us for our services;
• our ability to retain and effectively integrate and train key members of senior management;
• our ability to recruit, train and retain highly skilled technical employees, particularly in our finance and IT functions;
• our ability to receive the anticipated cash distributions or other benefits from our investment in the Wireless Maritime Services joint venture;
• the effect of a variety of complex U.S. and foreign tax laws and regimes due to the global nature of our business;
• our ability to continue to be able to make claims for investment tax credits in Canada;
• our exposure to foreign currency risks and a lack of a formalized hedging strategy;
• our need to invest in and develop new broadband technologies and advanced communications and secure networking systems, products and services and antenna technologies, as well as their market acceptance;
• increased demand by customers for greater bandwidth, speed and performance and increased competition from new technologies and market entrants;
• customer attrition due to direct arrangements between satellite providers and customers;
• our reliance on “sole source” service providers and other third parties for key components and services that are integral to our product and service offerings;
• the potential need to materially increase our investments in product development and equipment;
• our ability to expand our international operations and the risks inherent in our international operations;
• service interruptions or delays, technology failures, damage to equipment or software defects or errors and the resulting impact on our reputation and ability to attract, retain and serve our customers;
• equipment failures or software defects or errors that may damage our reputation or result in claims in excess of our insurance coverage;
• satellite failures or degradations in satellite performance;
• our ability to integrate businesses or technologies we have acquired or may acquire in the future;
• our use of fixed-price contracts for satellite bandwidth and potential cost differentials that may lead to losses if the market price for that service declines relative to our committed cost;
• increased on-board use of personal electronic devices and content accessed and downloaded prior to travel and our ability to compete as a content provider against “over the top” download services and other companies that offer in-flight entertainment systems;
• pricing pressure from suppliers and customers in our Media & Content segment and a reduction in the industry’s use of intermediary content service providers (such as us);
• a reduction in the volume or quality of content produced by studios, distributors or other content providers;
• a reduction or elimination of the time between our receipt of content and it being made available to the rental or home viewing market ( i.e ., the “early release window”);
• increased competition in the IFE and IFC system supply chain;
• our ability to plan expenses and forecast revenue due to the long sales cycle of many of our Media & Content segment’s products;
• our use of fixed-price contracts in our Media & Content segment that may lead to losses in the future if the market price for that service declines relative to our committed cost;
• our ability to develop new products or enhance those we currently provide in our Media & Content segment;
• our ability to successfully implement a new enterprise resource planning system;
• our ability to protect our intellectual property;
• the effect of any cybersecurity attacks, data or privacy breaches, data or privacy theft, unauthorized access to our internal systems or Connectivity or Media & Content systems or phishing or hacking;
• the costs to defend and/or settle current and potential future civil intellectual property lawsuits (including relating to music and other content infringement) and related claims for indemnification; changes in regulations and our ability to obtain regulatory approvals to provide our services or to operate our business in particular countries or territorial waters;
• compliance with U.S. and foreign regulatory agencies, including the Federal Aviation Administration and Federal Communications Commission and their foreign equivalents in the jurisdictions in which we and our customers operate;
• changes in government regulation of the Internet, including e-commerce or online video distribution;
• our ability to comply with trade, export, anti-money laundering and foreign corrupt practices and data protection laws, especially the Foreign Corrupt Practices Act;
• costs associated with stockholder litigation and our indemnification obligations with respect to current and former executive officers and directors;
• limitations on our cash flow available to make investments due to our substantial indebtedness and our ability to generate sufficient cash flow to make payments thereon;
• our ability to repay the principal amount of our bank debt, second lien notes and/or convertible notes at maturity, to raise the funds necessary to settle conversions of our convertible notes or to repurchase our convertible notes upon a fundamental change or on specified repurchase dates or due to future indebtedness;
• the ability of holders of our convertible notes to convert their notes upon the occurrence of specified events;
• the effect on our reported financial results of the accounting method for our convertible notes;
• the impact of the fundamental change repurchase feature of the indenture governing our convertible notes on our price or potential as a takeover target;
• the dilution or price depression of our common stock that may occur as a result of the conversion of our Searchlight warrants and/or convertible notes;
• our ability to meet the continued listing requirements of Nasdaq, in particular given our recent history of delinquent periodic filings with the U.S. Securities and Exchange Commission;
• our ability to use Form S-3 to register the offer and sale of securities, which Form we are currently not eligible to use;
• conflicts between our interests and the interests of our largest stockholders;
• volatility of the market price of our securities;
• the dilution of our common stock that may occur as a result of the exercise of outstanding warrants;
• anti-takeover provisions contained in our charter and bylaws;
• the dilution of our common stock if we issue additional equity or convertible debt securities; and
• other risks and factors listed under “Risk Factors” in our most recently filed Annual Report on Form 10-K and in any subsequently filed Quarterly Reports on Form 10-Q.
The forward-looking statements herein speak only as of the date the statements are made (which is the date of this press release). You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Financial Information
The table below presents financial results for the three months ended March 31, 2018 and 2017.
Global Eagle Entertainment Inc. Quarterly Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Revenue: Licensing and services 146,526 143,643 Equipment 9,971 8,949 Total revenue 156,497 152,592 Cost of sales: Licensing and services 112,414 102,872 Equipment 6,082 7,668 Total cost of sales 118,496 110,540 Gross margin 38,001 42,052 Operating Expenses: Sales and marketing 9,654 11,012 Product development 8,358 7,649 General and administrative 38,285 35,321 Provision for legal settlements 516 475 Amortization of intangible assets 10,747 11,008 Goodwill impairment - 78,000 Total operating expenses 67,560 143,465 Loss from operations (29,559 ) (101,413 ) Other income (expense): Interest expense, net (15,597 ) (10,964 ) Loss on extinguishment of debt - (14,389 ) Income from equity method investments 1,161 1,539 Change in fair value of derivatives 564 2,920 Other (expense) income, net 438 (488 ) Loss before income taxes (42,993 ) (122,795 ) Income tax (benefit) expense (4,709 ) 2,816 Net loss (38,284 ) (125,611 ) Net loss per share – basic and diluted (0.42 ) (1.47 ) Weighted average shares outstanding – basic and diluted 90,792 85,440
Global Eagle Entertainment Inc. Condensed Consolidated Balance Sheet (In thousands, except share per share amounts) (Unaudited) March 31, December 31, 2018 2017 CURRENT ASSETS: Cash and cash equivalents $ 168,931 $ 48,260 Restricted cash 3,388 3,608 Accounts receivable, net 102,264 113,545 Inventories 32,593 28,352 Prepaid expenses 13,888 13,486 Other current assets 14,431 20,923 TOTAL CURRENT ASSETS: 335,495 228,174 Content library 9,523 8,686 Property, plant and equipment, net 189,970 195,029 Goodwill 159,654 159,696 Intangible assets, net 112,019 122,582 Equity method investments 138,495 137,299 Other non-current assets 9,815 9,118 Total Assets $ 954,971 $ 860,584 Liabilities and Stockholders' Equity CURRENT LIABILITIES: Accounts payable and accrued liabilities 196,967 205,036 Deferred revenue 8,602 6,508 Current portion of long-term debt 16,656 20,106 Other current liabilities 7,996 7,785 TOTAL CURRENT LIABILITIES: 230,221 239,435 Deferred revenue, non-current 1,081 1,079 Long-term debt 719,427 598,958 Deferred tax liabilities 9,028 16,247 Other non-current liabilities 30,256 30,340 Total Liabilities 990,013 886,059 Stockholders' Equity Common stock 10 10 Treasury stock, 3,053,634 shares at March 31, 2018 and December 31, 2017 (30,659 ) (30,659 ) Additional paid-in capital 807,355 779,565 Subscriptions receivable (584 ) (578 ) Accumulated deficit (811,142 ) (773,791 ) Accumulated other comprehensive loss (22 ) (22 ) Total Stockholder's Deficit (35,042 ) (25,475 ) Total Liabilties and Stockholders' Equity $ 954,971 $ 860,584
Global Eagle Entertainment Inc. Reconciliation of GAAP to Non-GAAP Measure (In thousands) (Unaudited) Three Months Ended
March 31, Net loss to Adjusted EBITDA reconciliation 2018 2017 Net loss (38,284 ) (125,611 ) Interest expense, net 15,597 25,353 Income tax expense (benefit) (4,709 ) 2,816 Depreciation and amortization and loss on disposal and
impairment of fixed assets 25,253 23,501 Change in fair value of financial instruments (564 ) (2,920 ) Other (income) expense (438 ) 488 Goodwill impairment expense - 78,000 Stock-based compensation expense 3,644 1,852 Strategic-transaction, integration and realignment expenses 3,079 7,299 Auditor and third-party professional fees and expenses
related to our internal-control deficiencies 13,706 5,146 Excess content expenses - 679 Securities class-action expenses - - Losses on significant customer bankruptcies - - Restructuring expenses - - Adjusted EBITDA 17,285 16,603
See “About Non-GAAP Financial Measures” above, including our definition of Adjusted EBITDA described therein.
Source:Global Eagle Entertainment Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-global-eagle-reports-financial-results-for-the-first-quarter-of-2018.html |
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $22.0 million, or $0.35 per common share on a diluted basis, 2018, on net investment income of $75.7 million. PMT previously announced a cash dividend 2018 of $0.47 per common share of beneficial interest, which was declared on March 28, 2018, and paid on April 27, 2018.
First Quarter 2018 Highlights
Financial results:
Net income attributable to common shareholders of $22.0 million, down from $34.6 million in the prior quarter; the prior quarter’s results included a $13.0 million benefit related to remeasurement of tax-related items that did not recur Diluted earnings per common share of $0.35, down 30 percent from the prior quarter Net investment income of $75.7 million, down 19 percent from the prior quarter Book value per common share of $20.24 at March 31, 2018, up from $20.13 at December 31, 2017 Annualized return on average common equity of 7 percent, down from 11 percent for the prior quarter 1
Investment activities and correspondent production results:
Continued investment in GSE credit risk transfer (CRT) and mortgage servicing rights (MSRs) resulting from PMT’s correspondent production business Correspondent production from nonaffiliates related to conventional conforming loans totaled $4.2 billion in unpaid principal balance (UPB), down 28 percent from the prior quarter CRT deliveries totaled $3.2 billion in UPB, which is expected to result in approximately $112 million of new CRT investments once the aggregation period is complete Added $67 million in new MSR investments Completed the previously announced sale of $347 million in UPB of nonperforming and performing loans from the distressed loan portfolio
Notable activity after quarter end:
Issued $450 million of 5-year term notes at attractive rates under Fannie Mae MSR financing structure
“PMT’s earnings for the quarter were driven by strong results from our interest rate sensitive strategies and GSE credit risk transfer,” said President and CEO David Spector. “These earnings contributions were partially offset by the underperformance of our distressed loan portfolio. By completing the bulk sale of $347 million in UPB of nonperforming and performing distressed loans announced last quarter, we brought our equity allocated to distressed loans down to 13 percent. We also recently completed the issuance of MSR-backed term notes, representing the culmination of efforts made in close partnership with Fannie Mae. This represents a significant development for the company’s capital structure and allowed us to diversify our sources of financing at attractive terms.”
1 Annualized return on average common equity is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period. The following table presents the contributions of PMT’s segments, consisting of Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate.
Quarter ended March 31, 2018 Correspondent
production
Credit sensitive
strategies
Interest rate
sensitive
strategies
Corporate Total (in thousands) Net investment income: Net gain (loss) on investments Mortgage loans at fair value $ - $ (9,951 ) $ - $ - $ (9,951 ) Mortgage loans held by variable interest entity net of asset-backed secured financing
- - 604 - 604 Mortgage-backed securities - (186 ) (22,211 ) - (22,397 ) CRT Agreements - 22,551 - - 22,551 Hedging derivatives - - 1,460 - 1,460 Excess servicing spread investments - - 7,751 - 7,751 - 12,414 (12,396 ) - 18 Net gain on mortgage loans acquired for sale 7,599 28 - - 7,627 Net mortgage loan servicing fees - 7 56,148 - 56,155 Net interest income (expense) Interest income 11,169 10,208 19,428 175 40,980 Interest expense (6,798 ) (10,664 ) (17,354 ) - (34,816 ) 4,371 (456 ) 2,074 175 6,164 Other (loss) income 7,073 (1,389 ) - 25 5,709 19,043 10,604 45,826 200 75,673 Expenses: Mortgage loan fulfillment and servicing fees payable to PennyMac Financial Services, Inc.
11,944 3,085 7,934 - 22,963 Management fees payable to PennyMac Financial Services, Inc.
- - - 5,696 5,696 Other 469 3,913 108 4,686 9,176 12,413 6,998 8,042 10,382 37,835 Pretax income (loss) $ 6,630 $ 3,606 $ 37,784 $ (10,182 ) $ 37,838 Credit Sensitive Strategies Segment
The Credit Sensitive Strategies segment includes results from distressed mortgage loans, CRT, non-Agency subordinated bonds and commercial real estate investments. Pretax income for the segment was $3.6 million on revenues of $10.6 million, compared with pretax income of $39.3 million on revenues of $46.9 million in the prior quarter.
Net gain on investments was $12.4 million, a decrease of 75 percent from the prior quarter.
PMT’s distressed mortgage loan portfolio generated realized and unrealized losses totaling $10.0 million, compared with realized and unrealized losses of $8.2 million in the prior quarter. Fair value losses on performing loans in the distressed portfolio were $4.2 million while fair value losses on nonperforming loans were $5.1 million.
The schedule below summarizes the gains (losses) on distressed mortgage loans:
Quarter ended March 31, 2018 December 31, 2017 March 31, 2017 (in thousands) Valuation changes: Performing loans $ (4,169 ) $ 647 $ 5,970 Nonperforming loans (5,102 ) (11,672 ) (3,169 ) (9,271 ) (11,025 ) 2,801 Gain on payoffs 235 1,114 415 Gain (loss) on sale (915 ) 1,704 - $ (9,951 ) $ (8,207 ) $ 3,216 The losses were driven by multiple factors including adverse valuation impact due to increased investor yield requirements as a result of higher interest rates. Other drivers were the higher than forecasted recidivism of previously performing loans and lower than forecasted transition of loans to performing status, as well as expenses related to the maintenance of PMT’s lien interest in the nonperforming loans. These expenses include property taxes, repair and property maintenance costs, insurance and legal fees. Losses associated with the bulk sale of nonperforming and performing loans, including market-driven valuation changes during the quarter on the remaining portfolio and sale-related expenses, totaled approximately $8 million.
Net gain on CRT investments was $22.6 million, compared to $57.1 million in the prior quarter. Returns on CRT investments in the first quarter benefitted from ongoing capital deployment into new CRT investments and continued strong credit markets. At quarter end, PMT’s investments in CRT totaled $726 million, compared with $688 million at December 31, 2017.
Net interest expense for the segment totaled $0.5 million, compared to $0.3 million in the prior quarter. Interest income totaled $10.2 million, a 15 percent decrease from the prior quarter, driven by a decrease in capitalized interest from a reduction in loan modification activity and fewer performing loans in the distressed loan portfolio. Interest expense totaled $10.7 million, down 13 percent from the prior quarter, driven by lower financing costs related to the ongoing reduction of the distressed loan portfolio and real estate acquired upon settlement of loans (REO).
Other investment losses were $1.4 million, compared with $2.0 million in the prior quarter. At quarter end, PMT’s inventory of REO properties totaled $141.5 million, down from $162.9 million at December 31, 2017.
Segment expenses were $7.0 million, an 8 percent decrease from the prior quarter, driven by lower servicing fees on a smaller distressed loan portfolio, partially offset by expenses related to the sale of distressed loans.
Interest Rate Sensitive Strategies Segment
The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, excess servicing spread (ESS), Agency mortgage-backed securities (MBS), and non-Agency senior MBS and interest rate hedges. Pretax income for the segment was $37.8 million on revenues of $45.8 million, compared with pretax income of $3.2 million on revenues of $11.4 million in the prior quarter. The segment includes investments that typically have offsetting exposures to changes in interest rates. For example, in a period with increasing interest rates, MSRs and ESS typically gain in value whereas Agency MBS typically recognize losses.
The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net interest income and net loan servicing fees, as well as the associated expenses.
Net loss on investments for the segment totaled $12.4 million, primarily consisting of $22.2 million of losses on MBS; $7.8 million of gains on ESS; and $1.5 million of gains on hedging derivatives.
Net interest income for the segment was $2.1 million, compared to $2.4 million in the prior quarter. Interest income totaled $19.4 million, a 4 percent increase from the prior quarter, primarily driven by an increase in MBS investments compared to the prior quarter. Interest expense totaled $17.4 million, a 6 percent increase from the prior quarter due to financing costs related to the increase in MBS investments and higher short-term borrowing costs.
Net mortgage loan servicing fees were $56.1 million, up from $19.9 million in the prior quarter. Net mortgage loan servicing fees included $48.7 million in servicing fees and $1.7 million in ancillary and other fees. Net mortgage loan servicing fees also included a $26.0 million valuation gain on MSRs carried at fair value, $20.8 million of related hedging losses and $0.6 million of MSR recapture income. PMT’s hedging activities are intended to manage the Company’s net exposure across all interest rate-sensitive strategies, which include MSRs, ESS and MBS.
The following schedule details net mortgage loan servicing fees:
Quarter ended March 31, 2018 December 31, 2017 March 31, 2017 (in thousands) From non-affiliates: Servicing fees (1) $ 48,732 $ 45,554 $ 37,281 Ancillary and other fees 1,703 1,876 1,224 Effect of MSRs: Carried at lower of amortized cost or fair value Amortization and realization of cashflows - (22,609 ) (17,858 ) (Provision for) reversal of impairment - (1,589 ) 1,504 Gain on sale - 660 - Carried at fair value - change in fair value 25,974 (3,765 ) (1,993 ) Gains (Losses) on hedging derivatives (20,849 ) (782 ) (8,698 ) 5,125 (28,085 ) (27,045 ) 55,560 19,345 11,460 From PFSI-MSR recapture income
595 570 292 Net mortgage loan servicing fees $ 56,155 $ 19,915 $ 11,752 (1) Includes contractually specified servicing fees, net of Agency guarantee fees.
Before January 1, 2018, PMT carried the majority of its MSRs at the lower of amortized cost or fair value. Beginning January 1, 2018, the Company elected to account for all MSRs at fair value prospectively.
MSR valuation gains primarily resulted from expectations for lower prepayment activity in the future, driven by higher mortgage rates and growth from our loan production activities. ESS valuation gains also benefited from higher mortgage rates and include recapture income totaling $0.8 million from PFSI for prepayment activity during the quarter. When prepayment of a loan underlying PMT’s ESS results from refinancing by PFSI, PMT generally benefits from recapture income.
Segment expenses were $8.0 million, a 1 percent decrease from the prior quarter, driven by a decrease in other expenses.
Correspondent Production Segment
PMT acquires newly originated mortgage loans from correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and ongoing investments in MSRs and CRT related to a portion of its production. PMT’s Correspondent Production segment generated pretax income of $6.6 million versus $14.1 million in the prior quarter.
Through its correspondent production activities, PMT acquired $13.1 billion in UPB of loans and issued interest rate lock commitments (IRLCs) totaling $13.6 billion in the first quarter, compared with $15.4 billion and $15.9 billion, respectively, in the prior quarter. Of the correspondent acquisitions, conventional conforming acquisitions from nonaffiliates totaled $4.2 billion, and government-insured or guaranteed acquisitions totaled $8.8 billion, compared with $5.9 billion and $9.5 billion, respectively, in the prior quarter.
Segment revenues were $19.0 million, a 46 percent decrease from the prior quarter. Segment revenues included a net gain on mortgage loans of $7.6 million, other income of $7.1 million, which primarily consists of volume-based origination fees, and net interest income of $4.4 million. Net gain on mortgage loans acquired for sale in the quarter decreased 62 percent from the prior quarter, driven by higher mortgage rates and a competitive mortgage market. Net interest income decreased 20 percent from the prior quarter primarily driven by the decrease in production volumes.
The following schedule details the net gain on mortgage loans acquired for sale:
Quarter ended March 31, 2018 December 31, 2017 March 31, 2017 (in thousands) Net gain on mortgage loans acquired for sale: Receipt of MSRs in loan sale transactions $ 66,546
$ 82,948 $ 58,688 Provision for losses relating to representations and warranties provided in mortgage loan sales:
Pursuant to mortgage loans sales (572 ) (792 ) (673 ) Reduction in liability due to change in estimate 1,042 2,156 4,576 Cash investment (1) (59,380 ) (69,846 ) (37,248 ) Fair value changes of pipeline, inventory and hedges (9 ) 5,766 (6,318 ) $ 7,627 $ 20,232 $ 19,025 (1) Includes cash hedge expense
Segment expenses were $12.4 million, down 42 percent from the prior quarter, driven by the decrease in production volumes and a lower weighted average fulfillment fee. The weighted average fulfillment fee rate in the first quarter was 28 basis points, down from 33 basis points in the prior quarter, reflective of the more competitive market environment.
Corporate Segment
The Corporate segment includes interest income from cash and short-term investments, management fees, and corporate expenses.
Segment revenues were $200,000, an increase from $119,000 in the prior quarter.
Management fees were $5.7 million, down 3 percent from the prior quarter, resulting from a reduction in PMT’s shareholders’ equity, driven by common share repurchases in the prior quarter. No incentive fees were paid in the first quarter or the prior quarter.
Other segment expenses were $4.7 million compared with $4.8 million in the prior quarter.
Taxes
PMT recorded income tax expense of $9.7 million compared with a $5.1 million expense in the prior quarter, resulting from an increase in income generated by PMT’s taxable REIT subsidiary.
***
Executive Chairman Stanford L. Kurland concluded, “We continued to make advances in the strategic transformation of PMT during the first quarter. We remain focused on reducing the distressed loan portfolio and increasing those initiatives related to correspondent production, which provides such long-term investments as GSE credit risk transfer and mortgage servicing rights. In addition, we continue to pursue initiatives to optimize our liability structure, as evidenced by our recent issuance of term notes to finance Fannie Mae MSRs. Altogether, we believe the combination of these strategies should produce attractive returns on equity, as reflected in our run rate earnings potential.”
Management’s slide presentation will be available in the Investor Relations section of the Company’s website at www.pennymac-REIT.com beginning at 1:30 p.m. (Pacific Daylight Time) on Thursday, May 3, 2018.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust trades on the New York Stock Exchange under the symbol “PMT.” PMT is externally managed by PNMAC Capital Management, LLC, a controlled subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com .
This press release contains within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify . Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks; volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically; events or circumstances which undermine confidence in the financial markets or otherwise have a broad impact on financial markets; changes in general business, economic, market, employment and political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and our success in doing so; the concentration of credit risks to which we are exposed; the degree and nature of our competition; the availability, terms and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets; the timing and amount of cash flows, if any, from our investments; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties; changes in the number of investor repurchases or indemnifications and our ability to obtain indemnification or demand repurchase from our correspondent sellers; increased rates of delinquency, default and/or decreased recovery rates on our investments; increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights, excess servicing spread and other investments; our exposure to market risk and declines in credit quality and credit spreads; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; our ability to mitigate cybersecurity risks and cyber incidents; our exposure to risks of loss with real estate investments resulting from adverse weather conditions and man-made or natural disasters; our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes; our ability to make distributions to our shareholders in the future; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
March 31, 2018 December 31, 2017 March 31, 2017 (in thousands, except share information) ASSETS Cash $ 102,167 $ 77,647 $ 120,049 Short-term investments 71,044 18,398 19,883 Mortgage-backed securities at fair value 1,436,456 989,461 1,089,610 Mortgage loans acquired for sale at fair value 1,115,534 1,269,515 1,278,441 Mortgage loans at fair value 779,489 1,089,473 1,583,356 Excess servicing spread purchased from PennyMac Financial Services, Inc. 236,002 236,534 277,484 Derivative assets 122,518 113,881 41,213 Real estate acquired in settlement of loans 141,506 162,865 224,831 Real estate held for investment 45,790 44,224 35,537 Mortgage servicing rights 957,013 844,781 696,970 Servicing advances 63,352 77,158 70,332 Deposits securing credit risk transfer agreements 622,330 588,867 463,836 Due from PennyMac Financial Services, Inc. 313 4,154 10,916 Other assets 96,972 87,975 90,488 Total assets $ 5,790,486 $ 5,604,933 $ 6,002,946 LIABILITIES Assets sold under agreements to repurchase $ 3,408,283 $ 3,180,886 $ 3,500,190 Mortgage loan participation and sale agreements - 44,488 72,975 Notes payable - - 100,088 Asset-backed financing of a variable interest entity at fair value 296,982 307,419 340,365 Exchangeable senior notes 247,471 247,186 246,357 Assets sold to PennyMac Financial Services, Inc. under agreement to repurchase 142,938 144,128 150,000 Interest-only security payable at fair value 7,796 7,070 4,601 Derivative liabilities 3,636 1,306 5,352 Accounts payable and accrued liabilities 63,196 64,751 80,219 Due to PennyMac Financial Services, Inc. 27,356 27,119 20,756 Income taxes payable 42,321 27,317 12,006 Liability for losses under representations and warranties 8,249 8,678 11,447 Total liabilities 4,248,228 4,060,348 4,544,356 SHAREHOLDERS' EQUITY Preferred shares of beneficial interest 299,707 299,707 46 Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 60,882,954, 61,334,087, and 66,711,052 common shares, respectively
609 613 667 Additional paid-in capital 1,281,115 1,290,931 1,487,517 Accumulated deficit (39,173 ) (46,666 ) (29,640 ) Total shareholders' equity 1,542,258 1,544,585 1,458,590 Total liabilities and shareholders' equity $ 5,790,486 $ 5,604,933 $ 6,002,946 PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Quarter ended March 31, 2018 December 31, 2017 March 31, 2017 (in thousands, except per share amounts) Net investment income Net gain on mortgage loans acquired for sale From nonaffiliates 4,986 17,488 16,624 From PennyMac Financial Services, Inc. 2,641 2,744 2,401 7,627 20,232 19,025 Mortgage loan origination fees 7,037 9,683 8,290 Net gain (loss) on investments: From nonaffiliates (7,733 ) 41,847 18,091 From PennyMac Financial Services, Inc. 7,751 (3,610 ) (1,370 ) 18 38,237 16,721 Net mortgage loan servicing fees From nonaffiliates 55,560 19,345 11,460 From PennyMac Financial Services, Inc. 595 570 292 56,155 19,915 11,752 Interest income: From nonaffiliates 37,046 39,173 43,453 From PennyMac Financial Services, Inc. 3,934 3,940 4,647 40,980 43,113 48,100 Interest expense: To nonaffiliates 32,840 33,397 35,374 To PennyMac Financial Services, Inc. 1,976 2,092 1,805 34,816 35,489 37,179 Net interest income 6,164 7,624 10,921 Results of real estate acquired in settlement of loans (3,226 ) (4,101 ) (4,246 ) Other 1,898 2,113 2,011 Net investment income 75,673 93,703 64,474 Expenses Earned by PennyMac Financial Services, Inc.: Mortgage loan fulfillment fees 11,944 19,175 16,570 Mortgage loan servicing fees (1) 11,019 11,077 10,486 Management fees 5,696 5,900 5,008 Professional services 1,319 1,374 1,453 Real estate held for investment 1,438 2,037 1,088 Compensation 1,268 1,404 1,892 Mortgage loan origination 272 1,786 1,512 Mortgage loan collection and liquidation 2,229 1,507 354 Other 2,650 3,496 3,503 Total expenses 37,835 47,756 41,866 Income before provision for (benefit from) income taxes 37,838 45,947 22,608 Provision for (benefit from) income taxes 9,652 5,109 (6,129 ) Net income 28,186 40,838 28,737 Dividends on preferred shares 6,234 6,235 571 Net income attributable to common shareholders $ 21,952 $ 34,603 $ 28,166 Earnings per common share Basic $ 0.36 $ 0.53 $ 0.42 Diluted $ 0.35 $ 0.50 $ 0.40 Weighted-average common shares outstanding Basic 60,761 64,485 66,719 Diluted 69,875 72,952 75,186 Dividends declared per common share $ 0.47 $ 0.47 $ 0.47 (1)
Mortgage loan servicing fees expense includes both special servicing for PMT’s distressed portfolio and subservicing for its mortgage servicing rights
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006678/en/
PennyMac Mortgage Investment Trust
Media
Stephen Hagey, (805) 530-5817
or
Investors
Christopher Oltmann, (818) 224-7028
Source: PennyMac Mortgage Investment Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-pennymac-mortgage-investment-trust-reports-first-quarter-2018-results.html |
ANKARA, May 6 (Reuters) - Turkey will retaliate if the United States halts weapons sales to the country, Foreign Minister Mevlut Cavusoglu said on Sunday.
In an interview with broadcaster CNN Turk, Cavusoglu said a proposal by lawmakers in the U.S. House of Representatives to temporarily halt weapons sales, including F-35 jets, to Turkey was wrong, illogical and not fitting of the alliance between the NATO allies.
U.S. lawmakers released details on Friday of a $717 billion annual defense policy bill, including efforts to compete with Russia and China and the measure on weapons sales to Turkey. (Reporting by Tuvan Gumrukcu; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-turkey-defense/turkey-says-will-retaliate-if-u-s-halts-weapons-sales-idUSL8N1SD04H |
Positive developments from the Korean Peninsula will be good news for stocks in the region — and a couple markets in particular, according to a bank strategist on Monday.
U.S. President Donald Trump and North Korean leader Kim Jong Un have both indicated their willingness for a summit. Sean Yokota, head of Asia strategy at Nordic bank SEB, said he believes that geopolitical tensions will ease in the months ahead.
Speaking to CNBC's "Capital Connection," he said: "In the next one to two months, when Trump is coming here, I think geopolitical tensions are low, economic activity's picking up … so that's usually positive for equity markets."
He predicted that stock markets in Japan and Korea in particular will do well.
Yokota said markets in Korea have yet to price in the positive news.
"I think very little is priced into actually good news coming out of North Korea, South Korea, so that could be an extra stimulus to Kospi going up," he said, referring to the country's key stock index.
Trump and Kim are expected to have a landmark meeting in the coming weeks, with the U.S. president declaring that he wants to "get peace." Likely locations are said to be either in Mongolia, Singapore , or the demilitarized zone between North and South Korea.
Kim and South Korean President Moon Jae-In met in April and pledged to push for complete denuclearization of the Korean Peninsula. There are widespread doubts that North Korea will ever give up its nuclear weapons, however. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/how-to-invest-in-north-korea-south-korea-peace.html |
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