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HOUSTON--(BUSINESS WIRE)-- Forum Energy Technologies, Inc. (NYSE: FET) today announced first quarter 2018 revenue of $250 million, an increase of $3 million from the fourth quarter 2017. Net income for the quarter was $28 million, or $0.25 per diluted share, compared to net income of $49 million, or $0.45 per diluted share, for the fourth quarter 2017. Excluding $36 million, or $0.32 per share of special items, the adjusted net loss was $0.07 per diluted share in the first quarter of 2018. This adjusted net loss includes a negative impact of $0.02 per diluted share related to certain unrecognized tax benefits.
Special items in the first quarter of 2018, on a pre-tax basis, included a gain of $34 million related to the contribution of the subsea rentals business to Ashtead Technology in exchange for a 40% interest in the combined company and a $16 million tax benefit from applying updated guidance on U.S. tax reform, partially offset by $4 million of foreign exchange losses and $7 million of other charges. See Tables 1-3 for a reconciliation of GAAP to non-GAAP financial information.
Segment Results
Completions segment revenue was $113 million, an increase of $9 million, or 9%, sequentially, due to improved customer spending on pressure pumping equipment, coiled tubing and downhole completion products. New inbound orders in the first quarter were $111 million, an increase of $10 million, or 10%, resulting in a book to bill ratio of 99%. The Completions segment designs and manufactures products for the well construction, completion, stimulation and intervention markets primarily in North America.
Production & Infrastructure segment revenue was $86 million, a 6% decrease from the fourth quarter 2017, after strong deliveries of well site production equipment in the U.S. in the fourth quarter. New inbound orders in the first quarter were $97 million, a 20% increase sequentially, resulting in a book to bill ratio of 112%. Orders for valves in the first quarter set another record, as customers prepare for downstream projects later in the year. The Production & Infrastructure segment manufactures U.S. land well site production equipment, desalination refinery equipment, and a wide range of valves for energy, industrial and mining customers.
Drilling & Subsea segment revenue was $52 million, a decrease of $2 million from the fourth quarter 2017, primarily due to the contribution of the subsea rentals business to Ashtead in early January 2018. The decline in subsea revenue was partially offset by higher sales of drilling consumable products and handling tools. New inbound orders in the first quarter were $53 million, a 7% increase from the fourth quarter 2017, resulting in a book to bill ratio of 102%, led by orders for drilling equipment in the U.S., partially offset by delays of long anticipated orders for subsea capital equipment. Drilling & Subsea operations focus primarily on manufactured equipment and consumable products for global drilling and subsea contractors.
Review and Outlook
Prady Iyyanki, Forum’s President and Chief Executive Officer, remarked, "Our overall performance was in line with our expectations, except for the Subsea product line. Drilling and completions activity in North America continued to improve and we began to see the early signs of a recovery in international land drilling activity. These improving market fundamentals drove growth in orders in each of our three segments.
"New orders received by Forum in the first quarter were $261 million, a $30 million increase, or 13% sequentially, resulting in a book to bill ratio of 104%. Despite the slow start to the quarter, revenue was up from the prior quarter to $250 million. Adjusted EBITDA was $19 million, even with a sequential decrease of approximately $4.5 million in the Subsea product line.
"Our financial liquidity remains strong. During the quarter, we paid down $50 million on our revolving credit facility and we ended the quarter with approximately $277 million of total liquidity.
"We expect robust growth for the balance of the year, led by our North America focused Completions and Production & Infrastructure segments. We are also well positioned to capture growth opportunities in our Drilling product line as the global land rig count improves. Regarding Subsea, we expect to receive some large non-oil and gas orders in the second quarter. With these orders, and our continued focus on streamlining operations, Subsea will achieve EBITDA break even or better for the balance of the year."
Recent Events
Forum received orders in the first quarter of 2018 for over 280,000 horsepower of J-Mac hydraulic fracturing power ends.
Forum was awarded a multiyear frame agreement to supply its Davis-Lynch casing and cementing equipment to an international service company, providing the opportunity to obtain significant incremental revenue.
On January 3, 2018, the Company contributed Forum Subsea Rentals into Ashtead Technology, a competing business, in exchange for a 40% interest in the combined company. The transaction creates a market leading independent provider of subsea survey and remotely operated vehicle equipment rental services.
Conference Call Information
Forum's conference call is scheduled for Tuesday, May 1, 2018 at 9:00 AM CDT. During the call, the Company intends to discuss first quarter 2018 results. To participate in the earnings conference call, please call 855-757-8876 within North America, or 631-485-4851 outside of North America. The access code is 8694337. The call will also be broadcast through the Investor Relations link on Forum’s website at www.f-e-t.com . Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available for two weeks after the call and may be accessed by dialing 855-859-2056 within North America, or 404-537-3406 outside of North America. The access code is 8694337.
Forum Energy Technologies is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com .
Forward Looking Statements and Other Legal Disclosure
This press release contains within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are Without limiting the generality of the foregoing, contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.
These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forum Energy Technologies, Inc. Condensed consolidated statements of income (loss) (Unaudited) Three months ended March 31, December 31, (in millions, except per share information) 2018 2017 2017 Revenue $ 250.2 $ 171.1 $ 247.7 Cost of sales 182.9 132.1 194.7 Gross profit 67.3 39.0 53.0 Operating expenses Selling, general and administrative expenses 72.1 60.7 68.0 Goodwill and intangible asset impairments — — 0.4 Transaction expenses 1.3 0.6 4.8 Loss (gain) on disposal of assets and other (0.4 ) (0.2 ) 0.5 Total operating expenses 73.0 61.1 73.7 Earnings (loss) from equity investment (1.0 ) 1.5 (6.4 ) Operating loss (6.7 ) (20.6 ) (27.1 ) Other expense (income) Interest expense 8.1 6.6 7.5 Foreign exchange losses and other, net 3.5 1.5 0.7 Gain on contribution of subsea rentals business (33.5 ) — — Gain on previously held equity investment — — (120.4 ) Total other (income) expense, net (21.9 ) 8.1 (112.2 ) Income (loss) before income taxes 15.2 (28.7 ) 85.1 Income tax expense (benefit) (1) (12.9 ) (12.9 ) 36.0 Net income (loss) (2) $ 28.1 $ (15.8 ) $ 49.1 Weighted average shares outstanding Basic 108.4 95.9 105.9 Diluted 110.9 95.9 108.6 Earnings (loss) per share Basic $ 0.26 $ (0.16 ) $ 0.46 Diluted $ 0.25 $ (0.16 ) $ 0.45
(1) U.S. tax reform significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries. As a result, the Company recorded a provisional charge of $10.1 million during the fourth quarter of 2017. Based on guidance recently issued by the U.S. Internal Revenue Service ("IRS"), the Company updated our provisional estimate and recorded a $16.2 million benefit in the first quarter of 2018 to reflect the revised provisional estimate. The impacts related to U.S. tax reform remain provisional in nature and are subject to further adjustment as additional guidance is provided by the U.S. IRS regarding the application of the new U.S. corporate income tax laws.
(2) Refer to Table 1 for schedule of adjusting items.
Forum Energy Technologies, Inc. Condensed consolidated balance sheets (Unaudited) (in millions of dollars) March 31,
2018
December 31,
2017
Assets Current assets Cash and cash equivalents $ 42.3 $ 115.2 Accounts receivable—trade, net 194.9 202.9 Inventories, net 468.9 443.2 Other current assets 47.9 29.1 Total current assets 754.0 790.4 Property and equipment, net of accumulated depreciation 184.5 197.3 Goodwill and other intangibles, net 1,184.5 1,198.3 Investment in unconsolidated subsidiary 43.1 — Other long-term assets 16.4 9.2 Total assets $ 2,182.5 $ 2,195.2 Liabilities and equity Current liabilities Current portion of long-term debt $ 1.1 $ 1.2 Other current liabilities 216.1 215.1 Total current liabilities 217.2 216.3 Long-term debt, net of current portion 456.6 506.8 Other long-term liabilities 61.8 63.1 Total liabilities 735.6 786.2 Total equity 1,446.9 1,409.0 Total liabilities and equity $ 2,182.5 $ 2,195.2 Forum Energy Technologies, Inc. Condensed consolidated cash flow information (Unaudited) Three months ended March 31, (in millions of dollars) 2018 2017 Cash flows from operating activities Net income (loss) $ 28.1 $ (15.8 ) Depreciation and amortization 18.7 15.5 Other, primarily working capital (66.1 ) (14.7 ) Net cash used in operating activities (19.3 ) (15.0 ) Cash flows from investing activities Capital expenditures for property and equipment (5.1 ) (3.5 ) Proceeds from sale of business, property and equipment 5.1 — Acquisition of businesses, net of cash acquired — (8.7 ) Investment in unconsolidated subsidiary — (1.0 ) Net cash used in investing activities — (13.2 ) Cash flows from financing activities Repayments of debt (50.7 ) (0.9 ) Repurchases of stock (2.0 ) (4.4 ) Proceeds from stock issuance — 1.8 Net cash used in financing activities (52.7 ) (3.5 ) Effect of exchange rate changes on cash (0.9 ) 2.2 Net decrease in cash, cash equivalents and restricted cash $ (72.9 ) $ (29.5 ) Forum Energy Technologies, Inc. Supplemental schedule - Segment information (Unaudited) As Reported As Adjusted (4) Three months ended Three months ended (in millions of dollars) March 31,
2018
March 31,
2017
December 31,
2017
March 31,
2018
March 31,
2017
December 31,
2017
Revenue (5) Drilling & Subsea $ 52.3 $ 61.9 $ 54.1 $ 52.3 $ 61.9 $ 54.1 Completions 112.5 42.4 103.3 112.5 42.4 103.3 Production & Infrastructure 86.4 67.6 91.6 86.4 67.6 91.6 Eliminations (1.0 ) (0.8 ) (1.3 ) (1.0 ) (0.8 ) (1.3 ) Total revenue $ 250.2 $ 171.1 $ 247.7 $ 250.2 $ 171.1 $ 247.7 Operating income (loss) (5) Drilling & Subsea (1) $ (10.2 ) $ (8.3 ) $ (8.0 ) $ (8.6 ) $ (8.0 ) $ (6.5 ) Operating income margin % (19.5 )% (13.4 )% (14.8 )% (16.4 )% (12.9 )% (12.0 )% Completions (1) 8.9 (3.5 ) (5.5 ) 12.1 (3.5 ) 10.3 Operating income margin % 7.9 % (8.3 )% (5.3 )% 10.8 % (8.3 )% 10.0 % Production & Infrastructure 4.2 (0.6 ) 0.7 4.2 (0.4 ) 5.0 Operating income margin % 4.9 % (0.9 )% 0.8 % 4.9 % (0.6 )% 5.5 % Corporate (8.7 ) (7.8 ) (8.5 ) (8.3 ) (7.4 ) (8.1 ) Total segment operating loss (5.8 ) (20.2 ) (21.3 ) (0.6 ) (19.3 ) 0.7 Other items not in segment operating income (2) (0.9 ) (0.4 ) (5.8 ) 0.6 0.1 0.1 Total operating loss $ (6.7 ) $ (20.6 ) $ (27.1 ) $ — $ (19.2 ) $ 0.8 Operating income margin % (2.7 )% (12.0 )% (10.9 )% — % (11.2 )% 0.3 % EBITDA (3)(5) Drilling & Subsea $ 25.0 $ (3.0 ) $ (2.0 ) $ (3.6 ) $ (1.0 ) $ (0.2 ) EBITDA Margin % 47.8 % (4.8 )% (3.7 )% (6.9 )% (1.6 )% (0.4 )% Completions 20.3 2.9 122.3 23.6 3.0 21.7 EBITDA Margin % 18.0 % 6.8 % 118.4 % 21.0 % 7.1 % 21.0 % Production & Infrastructure 7.0 1.8 2.1 7.2 2.0 7.3 EBITDA Margin % 8.1 % 2.7 % 2.3 % 8.3 % 3.0 % 8.0 % Corporate (10.4 ) (8.3 ) (10.0 ) (8.3 ) (7.4 ) (8.2 ) Total EBITDA $ 41.9 $ (6.6 ) $ 112.4 $ 18.9 $ (3.4 ) $ 20.6 EBITDA Margin % 16.7 % (3.9 )% 45.4 % 7.6 % (2.0 )% 8.3 %
(1) Includes earnings (loss) from equity investment. (2) Includes transaction expenses, gain/(loss) on sale of assets, and intangible assets impairments. (3) The Company believes that the presentation of EBITDA is useful to the Company's investors because EBITDA is an appropriate measure of evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information. (4) Refer to Table 1 for schedule of adjusting items. (5) In order to better align with the predominant customer base of the segment, the Company has moved management and financial reporting of the Company's fully rotational torque machine operations, which operates under the AMC brand, from the Drilling and Subsea segment to the Completions segment. Prior period financial information has been revised to conform with current period presentation with no impact to total segment operating results.
Forum Energy Technologies, Inc. Supplemental schedule - Orders information (Unaudited) Three months ended (in millions of dollars) March 31,
2018
March 31,
2017
December 31,
2017
Orders (2) Drilling & Subsea $ 53.1 $ 68.4 $ 49.6 Completions 111.1 50.1 101.1 Production & Infrastructure 96.8 75.4 80.8 Total orders $ 261.0 $ 193.9 $ 231.5 Revenue (2) Drilling & Subsea $ 52.3 $ 61.9 $ 54.1 Completions 112.5 42.4 103.3 Production & Infrastructure 86.4 67.6 91.6 Eliminations (1.0 ) (0.8 ) (1.3 ) Total revenue $ 250.2 $ 171.1 $ 247.7 Book to bill ratio (1) Drilling & Subsea 1.02 1.11 0.92 Completions 0.99 1.18 0.98 Production & Infrastructure 1.12 1.12 0.88 Total book to bill ratio 1.04 1.13 0.93
(1) The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The Company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products, in the markets in which the Company operates, is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the Company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of the Company's products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance. (2) In order to better align with the predominant customer base of the segment, the Company has moved management and financial reporting of the Company's fully rotational torque machine operations, which operates under the AMC brand, from the Drilling and Subsea segment to the Completions segment. Prior period financial information has been revised to conform with current period presentation with no impact to total segment operating results. Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 1 - Adjusting items Three months ended March 31, 2018 March 31, 2017 December 31, 2017 (in millions, except per share information) Operating
income
(loss)
EBITDA (1) Net
income
(loss)
Operating
income
(loss)
EBITDA (1) Net
income
(loss)
Operating
income
(loss)
EBITDA (1) Net
income
(loss)
As Reported $ (6.7 ) $ 41.9 $ 28.1 $ (20.6 ) $ (6.6 ) $ (15.8 ) $ (27.1 ) $ 112.4 $ 49.1 % of revenue (2.7 )% 16.7 % (12.0 )% (3.9 )% (10.9 )% 45.4 % Restructuring charges and other 2.9 2.9 3.3 0.8 0.8 0.8 3.3 3.3 3.3 Transaction expenses 1.3 1.3 1.3 0.6 0.6 0.6 4.8 4.8 4.8 Inventory and other working capital reserve 2.5 2.5 2.5 — — — 13.0 13.0 13.0 Goodwill and intangible asset impairment — — — — — — 0.4 0.4 0.4 Gain on subsea rentals business contributed to Ashtead — (33.5 ) (33.5 ) — — — — — — Gain realized on previously held equity investment — — — — — — — (120.4 ) (120.4 ) Acquisition related equity-based compensation recorded by equity investment subsidiary — — — — — — 6.4 6.4 6.4 Loss (gain) on foreign exchange, net (2) — 3.8 3.8 — 1.8 1.8 — 0.7 0.7 Income tax expense (benefit) of adjustments — — 3.2 — — (0.9 ) — — 23.5 Impact of U.S. tax reform — — (16.2 ) — — — — — 10.1
U.K. NOL valuation allowance — — — — — — — — 4.5 As adjusted (1) $ — $ 18.9 $ (7.5 ) $ (19.2 ) $ (3.4 ) $ (13.5 ) $ 0.8 $ 20.6 $ (4.6
) % of revenue — % 7.6 % (11.2 )% (2.0 )% 0.3 % 8.3 % Diluted shares outstanding as reported 110.9 95.9 108.6 Diluted shares outstanding as adjusted 108.4 95.9 108.6 Diluted EPS - as reported $ 0.25 $ (0.16 ) $ 0.45 Diluted EPS - as adjusted $ (0.07 ) $ (0.14 ) $ (0.04
)
(1) The Company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating income and adjusted Diluted EPS is useful to investors because (i) EBITDA is an appropriate measure of evaluating the Company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions and (ii) each of adjusted EBITDA, adjusted operating income and adjusted Diluted EPS is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the Company's normal operating results. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms.
Forum Energy Technologies, Inc. Reconciliation of GAAP to non-GAAP financial information (Unaudited) Table 2 - Adjusting Items Three months ended (in millions of dollars) March 31,
2018
March 31,
2017
December 31,
2017
EBITDA reconciliation (1) Net income (loss) $ 28.1 $ (15.8 ) $ 49.1 Interest expense 8.1 6.6 7.5 Depreciation and amortization 18.6 15.6 19.9 Income tax benefit (12.9 ) (12.9 ) 36.0 EBITDA $ 41.9 $ (6.6 ) $ 112.4
(1) The Company believes that the presentation of EBITDA is useful to investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the Company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. Table 3 - Adjusting items Three months ended (in millions of dollars) March 31,
2018
March 31,
2017
Free cash flow, before acquisitions, reconciliation (1) Net cash used in operating activities $ (19.3 ) $ (15.0 ) Capital expenditures for property and equipment (5.1 ) (3.5 ) Proceeds from sale of property and equipment 5.1 — Free cash flow, before acquisitions $ (19.3 ) $ (18.5 )
(1) The Company believes free cash flow, before acquisitions is an important measure because it encompasses both profitability and capital management in evaluating results. Forum Energy Technologies, Inc. Supplemental schedule - Product line revenue (Unaudited) Three months ended (in millions of dollars) March 31,
2018
March 31,
2017
December 31,
2017
Revenue: $ % $ % $ % Drilling Technologies $ 42.8 17.1 % $ 45.1 26.4 % $ 38.5 15.5 % Subsea Technologies 9.5 3.8 % 16.8 9.8 % 15.6 6.3 % Drilling & Subsea 52.3 20.9 % 61.9 36.2 % 54.1 21.8 % Downhole Technologies 24.5 9.8 % 16.6 9.7 % 22.3 9.0 % Stimulation and Intervention 51.0 20.4 % 25.8 15.1 % 45.5 18.4 % Coiled Tubing 37.0 14.8 % — — % 35.5 14.3 % Completions 112.5 45.0 % 42.4 24.8 % 103.3 41.7 % Production Equipment 31.5 12.6 % 24.7 14.4 % 35.0 14.1 % Valve Solutions 54.9 21.9 % 42.9 25.1 % 56.6 22.9 % Production & Infrastructure 86.4 34.5 % 67.6 39.5 % 91.6 37.0 % Eliminations (1.0 ) (0.4 )% (0.8 ) (0.5 )% (1.3 ) (0.5 )% Total Revenue $ 250.2 100.0 % $ 171.1 100.0 % $ 247.7 100.0 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006593/en/
Forum Energy Technologies, Inc.
Mark Traylor, 281-368-1108
Vice President, Investor Relations
[email protected]
Source: Forum Energy Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-forum-energy-technologies-announces-first-quarter-2018-results.html |
LONDON/DUBAI (Reuters) - OPEC sees oil’s rally towards $80 a barrel as a short-term spike driven by geopolitics rather than any supply shortage, four OPEC delegates said, a sign the group is not rushing yet to rethink its supply-cutting agreement.
FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. REUTERS/Leonhard Foeger/File Photo The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom’s thinking said.
For such a decision to occur, the rally would need to be driven by data pointing to a supply impact, the source said.
The four OPEC delegates said the latest rise in prices stemmed more from concern about U.S. sanctions on Iran and tension in the Middle East, rather than a suddenly tighter balance between oil supply and demand.
“Prices are high just because of the tensions,” one of the OPEC delegates, who declined to be identified, said.
Since last year, oil has been supported by a deal by the Organization of the Petroleum Exporting Countries, plus Russia and other non-members, to cut output. Prices have risen about 40 percent since the accord began in January 2017.
Global benchmark Brent crude LCOc1 on Tuesday hit $79.47, the highest since November 2014, before easing below $78 on Wednesday. Prices could rally further before declining, according to some in OPEC.
“It may exceed $80 and then go down,” one of the sources said. In any case, the extent of the rally has yet to cause any real concern. “Not yet,” said another delegate, asked whether oil at $79 was too high.
U.S. President Donald Trump last month accused OPEC of “artificially” boosting prices, putting pressure on producers to cool the market and in turn drawing a rebuke from some OPEC members.
OPEC and its allies are cutting production by about 1.8 million barrels per day, almost 2 percent of world supply, until the end of 2018. Oil ministers meet on June 22-23 to review the policy.
The producers’ original goal was to reduce oil inventories to the five-year average. While this has largely been achieved, ministers have said other metrics should be considered such as oil industry investment, suggesting they are in no hurry yet to wind down supply cuts.
Nonetheless, delegates pointed to growing concern about a decline in Venezuelan output due to economic crisis, which officials had downplayed when inventories were higher.
OPEC has over-delivered on the supply cut due in part to lower Venezuelan supply.
OPEC has no official target price for oil. Saudi Arabia has emerged over the past year as OPEC’s leading supporter of measures to boost prices, however, a change from Riyadh’s previous, more moderate stance.
The kingdom, keen to fund economic reforms, would be happy to see crude rise to $80 or even $100, industry sources told Reuters last month.
Iran, once a keen OPEC price hawk, now wants lower prices than Saudi Arabia, and has said exporters should aim for crude around $60 to contain U.S. shale oil growth.
“When oil prices rise due to geopolitical concern and not due to demand and supply and fundamentals, it cannot be reasonable,” a source familiar with Iranian thinking said of the current rally.
Editing by Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-opec-oil/opec-sees-oil-rally-towards-80-as-short-term-spike-not-supply-driven-idUSKCN1IH1DC |
14 COMMENTS The lunch crowd on May 11 at P.F. Chang’s Shanghai restaurant. Photo: Dave Tacon for the Wall Street Journal SHANGHAI—P.F. Chang’s may be seen as an upscale Chinese-food restaurant in the U.S. But the chain is calling its debut location in China “an American bistro”—which is exactly how its early customers there see it.
“The food looks similar, but you eat the food and you know instantly it’s not Chinese,” said Zhang Ji, 35, who works in finance.
The restaurant had a soft opening last month in a high-rise shopping mall in a tourist area here. On a recent Saturday night, fewer than half the tables were occupied, and no one was mistaking the Mongolian Beef or Dynamite Shrimp for the Real McChang.
Animation designer Zhang Xue said she came because P.F. Chang’s got a shoutout on “The Big Bang Theory,” the U.S. sit-com popular in China.
P.F. Chang’s version of chicken and waffles is Dusk ’Til Dawn Honey Chicken and Scallion Pancake, with crispy chicken on top of a buttermilk pancake. Photo: Dave Tacon for the Wall Street Journal “In U.S. films and TV shows, everyone is eating American Chinese takeout,” she said. “They eat noodles out of these paper cartons, slurp the noodles down with chopsticks, and look like they are enjoying themselves very much…it made me wonder what Chinese American food was like.”
After sampling the food, Ms. Zhang’s curiosity was sated.
“I don’t think this is Chinese food,” she said. “I think it’s what Americans think Chinese food should taste like.”
Executives at P.F. Chang’s China Bistro headquarters in Scottsdale, Ariz., aren’t arguing—which is why they came up with the idea to call the restaurant, the first of several they are planning here, an American bistro.
“We did focus groups, and what we learned was, don’t pretend to be something you’re not,” said Kristen Briede, head of the restaurant’s international business.
With a rising affluent middle-class, China has plenty of people able to pay for pricey, protein-rich dishes, said P.F. Chang’s Chief Executive Michael Osanloo.
“We’re taking advantage of the law of large numbers,” he said. “I don’t need adoption by 10% of China’s consumers; I just need 2% to like my food.”
Although the restaurant wasn’t busy on a recent visit, traffic might pick up after the grand opening on May 17.
Like many upscale restaurants in China, the restaurant is in a shopping mall. There is a prominent white P.F. Chang’s sign on the 8th-floor entrance, but the company wasn’t able to secure permission for the terra cotta horse that is a fixture at its U.S. outlets.
Inside, the décor looks like a mix of old Shanghai meets American diner, with booths and tables. A large mural of a Chinese woman wearing a traditional cheongsam smiles down on customers.
P.F. Chang’s created 10 new dishes for Shanghai customers, including Dusk ’Til Dawn Honey Chicken and Scallion Pancake, an Asian take on chicken and waffles that puts crispy chicken on top of a buttermilk pancake. The Duck Spring Roll features mozzarella, something a Chinese chef might consider sacrilege.
Prices are on par with the U.S., although portion sizes are smaller, so Chinese customers can order more dishes and share them. Diners bring home leftovers in white takeout boxes, which aren’t a thing in China.
Jennifer 8 Lee, an author and producer of “The Search for General Tso,” a documentary about Chinese-American food, thinks the big question is P.F. Chang’s staying power in China.
“Chinese people might try it for the novelty, but I don’t know if they would embrace it,” she said. “Sweet, fried and chicken. Those are things that Americans love.”
P.F. Chang’s customers, from left, Eileen Lin, Coco Chen, Suki Zhang and Sara Xu, who had arranged to meet at the ‘American bistro’ on their lunch break. Photo: Dave Tacon for The Wall Street Journal Industry professionals say P.F. Chang’s American bistro might appeal to Chinese people who have sampled its fare overseas, including the hundreds of thousands of those who return each year after studying abroad.
“Chinese-American food might be more palatable and easier to sell in China than it was 10 years ago,” said Ben Cavender, a senior analyst at consultancy China Market Research Group. “Chinese consumers are more international, and they’ve had more exposure overseas.”
P.F. Chang’s is hardly the first foreign company to try selling a cuisine back to its native land. The Domino’s pizza chain arrived in Italy in 2015 and now has 11 locations there; South Korea’s Paris Baguette has two stores in Paris that sell bread back to the French.
Yum Brands Inc., however, hasn’t had much success bringing Taco Bell to Mexico, despite two separate attempts.
P.F. Chang’s owns more than 200 restaurants in the U.S. and franchises the brand to partners who have opened stores in more than 23 countries. Mr. Osanloo said global revenue last year was $1.2 billion, with more than a quarter coming from overseas sales.
The name is an amalgamation of its founders: American Paul Fleming and Shanghai-born Philip Chiang, who together opened the first restaurant in Scottsdale in 1993. The menu was inspired by dishes served by Mr. Chiang’s mother, Cecilia, who arrived in the U.S. with Philip in the 1960s after a stint in Tokyo and is credited for putting upscale Chinese food on the map with her first restaurant in San Francisco.
“In a fun kind of a way, we’re bringing Chinese intellectual property back to China,” Mr. Osanloo said.
At the Shanghai restaurant, diner Lu You, 40, said he expects the restaurant to do well at first, “because Chinese consumers are very adventurous.”
“But once their curiosity is satisfied,” he said, “it might be harder to win them over.”
Write to Wayne Ma at [email protected] and Liza Lin at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/p-f-changs-brings-sort-of-chinese-food-to-china-1526126401 |
WINDSOR, England (Reuters) - Meghan Markle confirmed she will walk down the aisle without her father when she weds Prince Harry in a glittering ceremony on Saturday, putting an end to days of speculation that has marred the build-up to Britain’s biggest social event of the year.
Outside the ancient walls of Windsor Castle, home to the English royal family for nearly 1,000 years, crowds of well-wishers mingled with tourists and swarms of television crews under swathes of red, white and blue Union flags.
Harry, Queen Elizabeth’s grandson, and U.S. actress Markle, a star of the TV drama “Suits”, will tie the knot on Saturday in a royal extravaganza at the castle’s 15th-century St George’s Chapel.
Markle’s father, Thomas, had been due to walk his daughter down the aisle in front of a congregation of senior royals, celebrities, friends of the couple and a TV audience of hundreds of millions.
But the former lighting director for TV soaps and sitcoms gave a series of contradictory statements about whether he would be there, with the Los Angeles-based celebrity website TMZ.com saying he had undergone heart surgery on Wednesday.
“Sadly, my father will not be attending our wedding. I have always cared for my father and hope he can be given the space he needs to focus on his health,” Meghan Markle, 36, said in a statement.
“I would like to thank everyone who has offered generous messages of support. Please know how much Harry and I look forward to sharing our special day with you on Saturday.”
Meghan and Harry were driven to Windsor Castle on Thursday where the Royal Standard was raised, indicating the monarch was also in residence. The couple will stay in separate luxury hotels on the eve of the wedding.
The wedding celebrations, forecast to play out under sunshine and blue skies, will be a sumptuous show of British pageantry that is likely to attract a huge world audience.
Supporters hope the union of one of the most popular royals and a glamorous American actress, a divorcee with a white father and an African-American mother, will reinvigorate the monarchy.
Beside the British royal family, which blends sometimes stuffy European traditions with the global popularity of modern superstars, Markle has brought some Hollywood glamour and a sense of modernity to the House of Windsor.
However, much of the carefully planned and choreographed build-up to the ceremony has been overshadowed by confusion over the attendance of Markle’s father, who is divorced from her mother, Doria Ragland, a yoga instructor and social worker.
TMZ said it had spoken to Markle’s father after his surgery and that “he seemed alert and coherent, telling us doctors implanted stents in his blood vessels”. It was not known when he will be out of the hospital.
Ragland, who will spend the night before the wedding with her daughter in the five star Cliveden House hotel and accompany her to the chapel, has arrived in Britain and was due to meet the 92-year-old queen and her husband Prince Philip, 96.
Markle’s mother met Prince Charles and his wife Camilla for tea on Wednesday. Royal commentators have speculated Ragland will now walk her daughter down the aisle instead.
A carriage takes part in rehearsals for the wedding of Britain's Prince Harry and Meghan Markle in Windsor, Britain, May 17, 2018. REUTERS/Toby Melville GLOBAL SPECTACLE After the hour-long ceremony, the couple will take part in a procession through the town’s ancient streets on a 19th Century Ascot Landau carriage pulled by four Windsor Grey horses.
Police are expecting more than 100,000 people to throng the streets outside the castle, the queen’s home west of London and the oldest and largest inhabited fortress in the world, and have said there would be tight security for the event.
A large number of officers were present as crowds watched the troops who will accompany the newlyweds on the carriage procession perform a practice run on Thursday.
Britain’s monarchy continues to be a source of fascination around the world and few other countries can emulate the pageantry which surrounds the royals.
Queen Elizabeth, the world’s longest reigning current monarch, is deeply respected and popular in Britain. Harry, 33, the younger son of the late Princess Diana, has himself always been a very popular figure member of the royal family.
A cheeky child who stuck his tongue out at photographers, he left a lasting memory in the minds of many when aged just 12, he walked solemnly behind his mother’s coffin as her funeral cortege made its way through London after her death in a car crash in 1997.
There was a celebratory atmosphere in Windsor.
Sales of everything from flags and biscuits to tea towels emblazoned with the couple’s pictures were brisk. A restaurant handed out free pizza to royal fans, some of whom have slept on the street since Tuesday to catch a glimpse of the newlyweds on Saturday.
“The atmosphere at the moment is wonderful,” said Sandra Atkinson, a 54-year-old sales assistant at the Cath Kidston shop in Windsor.
“We’ve almost sold out of our wedding items. We’ve sold out of all our mugs, all our tea towels. It’s been wonderful for business. We were expecting the Americans to come in, and they have come in.”
While a global audience will be watching the wedding, some polls have suggested that many Britons are not as enthralled by the nuptials as the media.
A YouGov poll, commissioned by anti-monarchist pressure group Republic, found that 66 percent of Britons were not interested in the event, with 60 percent of Britons planning to have a normal weekend.
Slideshow (14 Images) However, other surveys show most Britons are in favor of the monarchy continuing in Britain and that the wedding and the birth last month of William and Kate’s third child, Prince Louis, were events of which Britain could be proud.
($1 = 0.7411 pounds)
Writing by Guy Faulconbridge; Editing by Alison Williams and Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding/with-carriage-rehearsal-britain-gears-up-for-prince-harry-and-meghan-markles-wedding-idUSKCN1II1B8 |
LONDON (Reuters) - Sterling recovered back towards $1.35 on Thursday after Bank of England Governor Mark Carney told the BBC that he expected a rate rise over the course of the next year if there are no shocks to the economy.
The pound had slid sharply earlier in the day after the BoE kept rates on hold and cut its economic growth and inflation forecasts.
Sterling was down 0.4 percent at $1.3492 at 1515 GMT, up from around $1.3470 at a fresh four-month low before Carney’s comments.
The British currency also trimmed losses versus the euro to trade 0.7 percent lower at 88.110 pence.
Gilt futures pared gains marginally after the remarks.
Reporting by Tommy Wilkes and; editing by Dhara Ranasinghe
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-markets-sterling/sterling-trims-losses-after-carney-says-he-expects-rate-rise-over-next-year-idUSKBN1IB29P |
(Adds photo coding, no change to text)
* U.S. key market for Japan automakers, U.S. pushing for new NAFTA
* Japan automakers have plants in U.S., Canada, Mexico
* Tariffs could raise cost of business in U.S.
TOKYO, May 18 (Reuters) - Japan’s automaking association on Friday said it hoped the country’s export partners would keep tariffs on vehicles and components low and maintain free trade relationships to promote and strengthen transparent trade.
The comments come after the United States, a major market for Japanese cars, imposed tariffs on steel and aluminium imports and pushes for new terms for the North American Free Trade Agreement (NAFTA), including boosting requirements for locally produced content of cars made in the three signatory nations where Japanese automakers have factories.
The country is also mulling tougher environmental rules for imported cars to protect U.S. automakers.
“The global auto industry has a complex supply chain, so we hope to see regulations that will allow for free trade,” Seiichi Nagatsuka, an executive member of the Japan Automobile Manufacturers Association told reporters at a briefing.
“Tariffs should be low and rules should be established to maintain trade transparency.”
Nagatsuka made the comments during a roundtable event alongside incoming association chairman Akio Toyoda, who also serves as president of Toyota Motor Corp.
The United States accounts for as much as one-third of global vehicle sales at Japan’s top three automakers - Toyota, Nissan Motor Co Ltd and Honda Motor Co Ltd. But U.S. restrictions on vehicle and component imports could raise the cost of doing business in the country.
Most of Japan’s major automakers operate plants in the United States and its top three locally manufacture the majority of cars and trucks they sell in the country.
Toyota, Nissan and Honda also produce vehicles in Mexico, while Toyota and Honda also operate plants in Canada, and face risks if an updated NAFTA raises tariffs on vehicles and parts made in those two countries.
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against U.S. tariffs on steel and aluminium imports imposed in March. Japan is the only major U.S. ally which has not received exemptions from the duties, Japan’s public broadcaster NHK reported on Thursday.
Reporting by Naomi Tajitsu Editing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-automakers/rpt-update-1-japan-auto-association-hopes-free-trade-low-tariffs-maintained-as-nafta-renegotiated-idUSL3N1SP4AX |
LONDON (Reuters) - Anadarko Petroleum is seeking to raise a record $14-$15 billion from banks and export credit agencies for its huge liquefied natural gas (LNG) project in Mozambique, sources close to the matter said.
Fast-growing gas demand from China and Southeast Asia is reassuring export project developers sitting on huge untapped gas discoveries in Mozambique and elsewhere that the market cycle is turning after three years of low prices.
The full amount would be the largest loan ever in the LNG sector.
French bank Societe Generale, the financial adviser on the $20 billion Mozambique LNG project, has already received interest for a combined $12 billion in cover and direct lending from export credit agencies (ECAs) in China, South Africa, Italy and Japan, one of the sources said.
The ECAs include Export-Import Bank of China, Export Credit Insurance Corporation of South Africa, Italy’s Sace and Japan’s Nippon Export and Investment Insurance, the source said.
Societe Generale will launch a global roadshow on May 21 to test demand among commercial banks.
ECAs typically provide large government-backed loans or insurance to support exports and domestic companies in other countries.
Asian and Chinese ECAs in particular have provided billions of dollars in loans and cover to Africa’s largest energy and infrastructure projects in recent years, paving the way for additional commercial bank financing.
“There’s enough meat on the bones of the project in terms of supply deals to start sounding out banks,” the first source said.
In all, Anadarko has agreed commercial terms including volume and price for 5.1 million tonnes per annum (mtpa) of LNG supplies from Mozambique, closing in on the 8.5 mtpa target needed to trigger its final investment decision on the project.
Anadarko Petroleum spokeswoman Helen Wells confirmed the company had engaged with ECAs to negotiate the terms and conditions of project financing.
“Our target is to raise financing equivalent to approximately two-thirds of the expected capital costs, which, if successful, would represent the largest project financing ever in Africa and one of the largest globally for a non-OECD country,” Wells said.
The U.S. oil major aims to build from scratch a 17,000-acre liquefaction complex in Mozambique’s remote north to chill gas pumped from the Golfinho/Atum fields in its Area 1 deepwater block, 16.5-kilometres (10 miles) offshore.
It will produce 12.88 mtpa of LNG in its initial phase, which can be expanded to 50 mtpa.
Additional reporting by Colin Leopold at Project Finance International; Editing by Veronica Brown and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-anadarko-petroleum-mozambique-lng-exc/exclusive-anadarko-seeks-to-raise-14-15-billion-for-mozambique-lng-project-idUSKCN1IJ1NR |
May 4 (Reuters) - Livzon Pharmaceutical Group Inc :
* TO SELL 15% STAKE IN XINBEIJIANG PHARMACEUTICAL TO ZHUHAI ZHONG HUI YUAN FOR RMB66.2 MILLION
* EXPECTS AN UNAUDITED GAIN FROM DISPOSAL OF ABOUT RMB48.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-livzon-pharmaceutical-group-to-sel/brief-livzon-pharmaceutical-group-to-sell-15-stake-in-xinbeijiang-pharmaceutical-for-rmb66-2-mln-idUSFWN1SB13F |
Published 4 Hours Ago Updated 3 Hours Ago
The number of initial coin offerings, or ICOs, has skyrocketed in the past two years as more companies flock to the new and controversial way to raise capital.
In an ICO , companies create a digital token or coin, then sell it to investors in exchange for cash or more commonly, cryptocurrency, usually bitcoin or ether.
Despite increasing scrutiny from regulators around the world , blockchain research firm Smith + Crown told CNBC that funds raised through ICOs are increasing quickly.
About $6.6 billion was raised through 217 ICO sales for the first quarter of this year, a 65 percent increase from the $3.9 billion raised in the last quarter of 2017.
Cryptocurrencies are underpinned by the blockchain technology, which is why at one time, ICOs were carried out mostly by blockchain start-ups.
But many other types of companies are flocking to ICOs today, even if those firms do not have or require the use of the blockchain.
A significant proportion of ICOs show signs of fraud. In a review of 1,450 digital coin offerings, the Wall Street Journal found that about 19 per cent of these ICOs, which had raised about $1 billion in total, raised red flags that included "plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams." The SEC last week launched a bogus ICO called HoweyCoins as part of an effort to educate investors about warning signs to watch for.
Despite the high risks involved in launching and buying into ICOs, there can be significant payoffs for both founders that want to raise capital, and investors who want to make money.
One of the most successful ICOs launched was that of the Ethereum project, which has become the world's second largest cryptocurrency. It sold 60 million ether coins in 2014 to raise capital in the form of 31,000 bitcoin.
Mangrove Capital, an early investor in Skype, performed analysis claiming that if an investor had blindly invested in every visible ICO, including a significant number which failed, the return would have been 13.2 times that of your initial investment .
Mangrove did not disclose the number of ICOs it used in its research.
The United States Securities and Exchange Commission has been investigating and shutting down ICOs. Last week, the agency launched a bogus ICO called HoweyCoins as part of an effort to educate investors about warning signs to watch for. Watch: What is blockchain? | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/what-is-an-ico-and-why-are-investors-so-bullish.html |
Harry's father to walk Meghan down the aisle 2:13pm BST - 01:43
With just hours until the Royal Wedding, it's been announced that Prince Charles will walk Meghan Markle down the aisle. Meanwhile in Windsor, wedding fever is palpable. ▲ Hide Transcript ▶ View Transcript
With just hours until the Royal Wedding, it's been announced that Prince Charles will walk Meghan Markle down the aisle. Meanwhile in Windsor, wedding fever is palpable. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Ld9RiH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/harrys-father-to-walk-meghan-down-the-ai?videoId=428090791 |
CNBC.com Anna Gowthorpe | PA Images | Getty Images
The U.K.'s largest power station is to pilot a program that could make its renewable electricity "carbon negative" — meaning that it takes out more carbon dioxide from the atmosphere than it creates.
Originally built as a coal-fired power station, Drax in North Yorkshire, England, has been focusing on renewables in recent years and this new bioenergy carbon capture storage (BECCS) project is claimed to be the first of its kind in Europe. The scheme will involve Drax partnering with C-Capture, a spin-out from the University of Leeds that designs solvent systems for the removal of carbon dioxide from gas streams. Drax will invest £400,000 ($536,706) in the project, according to a statement at the weekend. Located near Selby, 65 percent of the electricity Drax Power produced in 2017 was renewable. Three of the facility's six power generation units have been converted from burning coal to using compressed wood pellets sourced from "responsibly managed working forests." The average surface temperature of the planet has increased by around 1.1 degrees Celsius since the end of the 19 th century, according to NASA. This change, NASA says, has been driven "largely by increased carbon dioxide and other human-made emissions into the atmosphere." "If the world is to achieve the targets agreed in Paris and pursue a cleaner future, negative emissions are a must — and BECCS is a leading technology to help achieve it," Will Gardiner, the Drax Group's CEO, said in a statement. Gardiner was referring to the landmark Paris Agreement, reached at the end of 2015. Under that agreement, world leaders committed to making sure global warming stayed "well below" 2 degrees Celsius above pre-industrial levels. They also agreed to pursue efforts to limit the temperature rise to 1.5 degrees Celsius. "This pilot is the U.K.'s first step, but it won't be the only one at Drax," Gardiner added. "We will soon have four operational biomass units, which provide us with a great opportunity to test different technologies that could allow Drax, the country and the world, to deliver negative emissions and start to reduce the amount of carbon dioxide in the atmosphere." The first step of the project will start later this month, and will determine if the solvent developed by C-Capture is compatible with the biomass flue gas at Drax Power Station. "We have developed fundamentally new chemistry to capture CO2 and have shown that it should be suitable for capturing the carbon produced from bioenergy processes," Chris Rayner, C-Capture's founder and professor of Organic Chemistry at the University of Leeds, said.
"The key part is now to move it from our own facilities and into the real world at Drax," Rayner added. "Through the pilot scheme we aim to demonstrate that the technology we've developed is a cost-effective way to achieve one of the holy grails of CO2 emissions strategies — negative emissions in power production, which is where we believe the potential CO2 emissions reductions are likely to be the greatest." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/drax-pilots-project-that-could-result-in-carbon-negative-electricity.html |
May 2, 2018 / 8:42 AM / Updated an hour ago UK construction warms up after harsh winter - PMI Reuters Staff 3 Min Read
LONDON (Reuters) - British construction activity rebounded faster than expected last month after succumbing to snow in March, but the upturn is unlikely to alter the view of investors that the Bank of England will refrain from raising interest rates next week. FILE PHOTO - Construction work on the Greenwich Peninsula is seen in front of Canary Wharf financial district in London, Britain February 12, 2018. REUTERS/Russell Boyce/Files
Wednesday’s IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) jumped to 52.5 in April from 47.0 in March. That was comfortably above the median expectation of 50.5 in a Reuters poll of economists and back above the 50 line denoting growth in activity.
Nonetheless, survey compiler IHS Markit said the recovery was “somewhat underwhelming” after snowstorms dubbed “the Beast from the East” hit the sector in late February and early March.
Looking at the PMI over the three months to April, smoothing out a sharp fall in March and a bounce-back last month, the survey showed construction activity was barely growing.
“(The survey) provides an indication that the construction sector has been treading water at the very best in recent months,” Tim Moore, economist at IHS Markit, said.
Construction accounts for only around 6 percent of British economic output.
A separate survey covering Britain’s manufacturers, which was published on Tuesday, showed growth in the factory sector cooled to a 17-month low in April, sending sterling below $1.37 for the first time in 3-1/2 months.
Even before this week’s PMIs and weak overall economic growth data for the January-March period last week, Governor Mark Carney had suggested the BoE might not raise rates to a new post-financial-crisis high of 0.75 percent on May 10.
Official figures have suggested that the construction industry had a terrible start to 2018, but Wednesday’s PMI showed some signs of a brightening mood.
Business expectations hit an 11-month high in April, while new construction orders grew for the first time in four months - albeit barely.
The PMI for the much larger services sector is due on Thursday.
- Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.
To subscribe to the full data, click on the link below: here
For further information, please phone IHS Markit on +800 6275 4800 or email [email protected] Reporting by Andy Bruce; Editing by Hugh Lawson; [email protected]; +442075423484; Reuters Messaging: [email protected] | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uk-economy-pmi/uk-construction-warms-up-after-harsh-winter-pmi-idUKKBN1I30YB |
David A. Grogan | CNBC Warren Buffett
Someone is willing to shell out more than $3 million to have lunch with billionaire investing legend Warren Buffett .
For the 19th year in a row, the octogenarian CEO of Berkshire Hathaway is auctioning off a lunch date to raise money for Glide , an anti-poverty organization organization in San Francisco, California.
As of Thursday at 1:15 p.m. EST, the top bid for the lunch was $3,200,100 , according to the online auction, which is hosted by EBay for Charity . The auction closes at 7:30 p.m. PST/10:30 p.m. EST on Friday.
Over the years, Buffett's charity lunches have raised almost $26 million, according to information provided by EBay for Charity. (Including additional gifts donated after the auctions have closed, the event has raised $26.6 million.) We're proud to host the 19th annual #PowerOfOneLunch auction with @WarrenBuffett. 100% of proceeds will support @GLIDEsf's mission to help SF's most vulnerable residents.
The winner can bring up to seven friends for the lunch at Smith & Wollensky steakhouse in New York City.
The highest sum the lunch has fetched so far is $3,456,789. Anonymous bidders paid that exact sum both in 2012 and in 2016, according to a information provided by EBay for Charity. Bidding for the lunch starts at $25,000.
"Glide really takes people who have hit rock bottom and helps bring them back," says Buffett, in a written statement about the auction. "They've been doing it for decades. If I can help out by raising some money for them, then I enjoy doing it."
Glide is a church with an extensive charity outreach program, offering meals, access to health care and shelter, childcare and family services. GLIDE needs 70 #volunteers EVERY DAY to help us provide breakfast, lunch &dinner for our community. Volunteering w/us is a meaningful way to connect w/those facing marginalization &food insecurity. Sign up & come on over to serve. Hair nets included!
"We help the most marginalized become stable and lift themselves out of poverty, addiction and social isolation — regardless of gender, ethnicity, sexual orientation and socioeconomic background," says Karen Hanrahan, the president and CEO of Glide, in a written statement.
"Warren Buffett's generosity provides direct support to help the disenfranchised transform their lives. It allows GLIDE to remain a driving force for racial and economic equity in this city and beyond, and to reinforce our efforts to build legions of change agents," Hanrahan says.
Buffett learned about Glide church from his late wife, Susie Buffett.
"It is run by a very special man, Cecil Williams," Buffett told CNBC in 2017 , referring to the Glide co-founder. "[Susie] took me there one time to Glide and I got to meet Cecil, I got to see what happened, the kind of people he was helping and how he was helping them.
"He helps the people that the world has given up on and he never gives up on anyone," said Buffett of Williams.
The charity lunch is not the only philanthropy work Buffett does. The billionaire investor, who is currently worth $83 billion according to Forbes, is the co-founder of The Giving Pledge with Microsoft co-founder Bill Gates . The Giving Pledge encourages billionaires to commit to giving away more than half of their net worth.
See also: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/update-on-ebay-for-charity-bidding-for-lunch-with-warren-buffett.html |
May 4 (Reuters) - ReaLy Development & Construction Corp
* Says it will use undistributed profit to pay cash dividend of T$2 per share to shareholders for 2017
* Says it will pay cash dividend of T$194.8 million in total
* Says it will use undistributed profit to distribute stock dividend worth T$0.268919 for every one share
* Says it will distribute stock dividend of 2.6 million shares in total
Source text in Chinese: goo.gl/MMKMeU
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-realy-development-construction-ann/brief-realy-development-construction-announces-2017-dividend-payment-idUSL3N1SB3CI |
In an emotional market where investors struggle to process the White House newsflow , CNBC's Jim Cramer likes to fall back on the technicals to find actionable opportunities.
"In the stock market, emotional decisions tend to be bad decisions," the "Mad Money" host warned. "So we need to do everything we can to check our emotions at the door. And that's why, every week, we like to play off the charts."
For Wednesday's charts, Cramer turned to technician Marc Chaikin, the founder and CEO of Chaikin Analytics and the inventor of key technical tools like the accumulation-distribution line, the Chaikin volume indicator, the Chaikin oscillator and the Chaikin Money Flow.
Three weeks ago, Chaikin recommended three stocks on "Mad Money" based on his formula for finding winners and losers: Marathon Petroleum , EOG Resources and General Electric .
Since then, Marathon and EOG have gained 8.2 percent and 4.6 percent, respectively, and GE was up 9 percent as of Tuesday before its CEO gave a poorly received presentation .
"Two out of three ain't bad, and if you'd taken profits on GE yesterday, you would've had a phenomenal trade," Cramer said.
Chaikin's formula uses three key indicators: the Chaikin Money Flow, which measures buying and selling pressure in a stock; the Chaikin Relative Strength, which compares a stock's performance with the S&P 500's over the last six months; and the Chaikin Power Gauge, which uses 20 different fundamental and technical inputs to produce a bearish or bullish reading.
This time around, Chaikin's formula flashed particularly bullish signals with the daily stock chart of Akamai Technologies , a cloud play that helps companies get content like streamed video online securely and glitch-free.
Shares of Akamai have been soaring since activist fund Elliott Management said it took a 6.5 percent stake in the company last December, but Chaikin's three indicators showed more room to run.
The Chaikin Money Flow turned positive, meaning that institutional investors were buying the stock, the Chaikin Relative Strength has been strong for months, and the Chaikin Power Gauge is sending green bullish signals.
Still, the technician warned that the stock is very overbought, suggesting that investors wait for a pullback to the $72 to $74 level before picking up some shares.
"My view? I like Akamai here — we recommended it at $73 in mid-March — but I'd like it even more into weakness because I believe in Elliott Management's ability to take this business to the next level," Cramer said.
Chaikin's formula can also signal when a stock should be sold. On Wednesday, Chaikin zoomed in on the stock of Walmart , down over 4 percent since the company's earnings report .
Having spent months in the red, the Chaikin Money Flow inched up after the report, but is still flat, Cramer said. The Chaikin Relative Strength indicator is also negative, reinforcing the stock's decline. Unsurprisingly, the Chaikin Power Gauge is flashing bearish signs, too, he added.
"My view? I like Walmart long term, but Chaikin may be right about the short term," Cramer said. "Wall Street really dislikes the fact that the company's spending so much money to grow its business, including that acquisition of Flipkart , the Indian e-commerce play. I think these bets are ultimately going to pay off, but it could take time."
"Bottom line? The charts, as interpreted by Mark Chaikin, suggest that you should buy Akamai here and sell Walmart," the "Mad Money" host concluded. "Given his track record, I think you need to take his advice very seriously, especially on the stock of Akamai."
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/cramers-charts-suggest-investors-buy-akamai-and-sell-walmart.html |
Vandal Photography—Getty Images By Ellen McGirt Updated: May 3, 2018 3:20 PM ET
There is a lot of crazy in the air these days. Sometimes it seems like things are only getting worse.
Besides all the obvious drama of markets, geopolitical (and political) brinksmanship, and racial strife, someone keeps charging Kanye’s phone and now it feels like we’re all walking around clutching our stomachs like we’re on the bad romaine.
On a lark, and because I’m always stressing about columns, I threw out a Twitter request looking for something uplifting.
“Hallo! I’m collecting good news, good works, important projects you want to amplify for a special feel-good #raceahead ,” I said , now feeling weird about quoting myself. “Who are you proud of? What’s working in inclusion and humanity? Let me know. #gracias”
RaceAhead readers immediately began to lift each other up. (And you still are!)
Here you go:
Kendall Jones (and others) amplified the work of Minda Harts , the founder of My Weekly Memo , a women-centered professional development group helping women of color thrive in work and life. She’s also got a book coming out, so get ready.
Edda Collins Coleman applauds Woodford Reserve for finally including an artist of color on one of the special Kentucky Derby commemorative bourbon bottles. The history is real: Most of the riders who participated in the first Derby in 1875 were black. “The erasure of African Americans from the Kentucky Derby falls right in line with today’s concern for diversity and inclusion in all industries, including the bourbon industry,” says the Black Bourbon Society , which we all must immediately join.
Start-up adviser Elisabeth Rosario heads the Latinx Collective , which is creating dialog within the Latinx community. (Her newsletter is here .) “I’ve shouted out a few awesome Latinx small biz/creators in my newsletter such as @ JamilaRowser of Washday Comix [it’s about black hair!] & Woke Foods ,” dedicated to the healing traditions of Dominican cuisine.
Mandy N. Murphy loves her work with @peaceplayers , for “uniting people from different communities through hoops.”
Jen Minarik wants everyone to know about Shayna Atkins , founder of both Atkco , a Lean-Agile product management company, and The Queens Brunch , a busy and diverse community for millennial businesswomen. “She’s always doing something awesome!,” says Jen.
Anyone in Raleigh, North Carolina? Several of you point to Love Wins Community Engagement Center , a day shelter offering peer-support and good meals for people experiencing homelessness. “ @lovewins is one of the most amazing places that I have ever encountered,” says Robert Fischer .
Marlena Hartz chose to highlight the ENLACE Project , an “awesome community-led nonprofit in Puerto Rico is building its own #HurricaneMaria solutions and forging a path for others facing disasters.” In addition to providing aid, they’re also promoting civic leadership in the Caño Martín Peña region.
“Pretty much anything that @ablegamers and @stevenspohn do,” says Mario Kroll , and it looks like he’s on to something. Ablegamers is a non-profit dedicated to improving the lives of gamers with disabilities #SoEveryoneCanGame , and future Ironman Stephen Spohn is their COO. (I spent two minutes on his feed and I’m better for it.) He Twitches here.
Company founder and angel investor Kwame Ulmer reports “making great progress in bringing 100 #MedTech Leaders of Color together this fall,” a group that aims to help achieve racial disparities at device firms. Share with the med tech of color in your life.
On a similar mission is raceAhead brother-adviser Andre Blackman , who is building Onboard Health to bring much needed diversity to sustainable health innovation. The community is growing, check out their job board here .
RaceAhead lifer Hugh Weber amplified Antionette Carrol , who runs @CreativeRxlab , “who is educating and deploying youth leadership to address racial inequities impacting Black and Latinx populations.” Support the training of these young“Equity Designers” here .
Tiffany F. Southerland , career coach and podcaster, wants you to know about “ @stephenahart of @tbpod [ Trailblazers.Fm ]. Stephen highlights powerful stories of black professionals and leaders across sectors and industries,” she says.
Writer and editor Katie Sanders came prepared with receipts . Here are two of her faves: TONL , the truly inspiring diverse stock photo company and co-founders Joshua Kissi and Karen Okonkwo ; and Mandela Schumacher-Hodge Dixon , the tea-spilling founder and CEO of Founder Gym , the online training center for underrepresented tech company founders.
Dixon is also a @KaporCenter alum. Their annual “Impact Awards honoring game-changers in tech working to diversify the industry is May 17 in Oakland! Actor/activist Jesse Williams is our keynote #impactawards18 ,” Ashleigh Richelle wants you to know .
Tahir Duckett is correctly proud of his work on engaging boys and men to end sexual violence as the founder of We-Rethink.org . Here’s an inspiring look at how he’s using public health strategies to get the message across.
Lisa Takeuchi Cullen , a champion in her own right, says “ @ColorOfChange is doing great work getting Hollywood to mend its ways. My union, @WGAEast , has lobbied hard for years to get New York to include diverse writers in the state film and tax credit.” We know who you are, Lisa.
Toni Lee loves Spotify’s “ Black History is Happening Now ” program, which extends the spirit of Black History month all year long, and includes opportunities for development for aspiring professionals of color in the music and entertainment industries. It’s a Saturday Morning production, an organization I love .
Chloé D. Kerr wants you to know about the fifth annual convening of the ColorComm conference on June 4-7, the essential gathering of women in color who work in communications. “Truly inspirational!” she says. Check out the all-star lineup, including Soledad O’Brien and Sophia Amoruso , here .
Miranda Cleland came to celebrate the work of her friend Fatuma Abdulkadir , who lives and works in Marsabit, Kenya. “Fatuma, the only female lawyer from Marsabit, founded Horn of Africa Development Initiative (HODI) in 2003 to focus on peacebuilding and education in northern Kenya,” says Cleland . “These days, her work is almost exclusively focused on drought relief.”
There are more stories still pouring in, and even more good news below.
We see and appreciate all of you. Let’s do this as a semi-regular feature, and not just on my birthday. (Surprise!) Turns out, you are the gift. The work you’re doing is a vital reminder that hope is all around.
Special Good-News-Thursday shoutout to raceAhead editor Grace Donnelly , who always believes. I am grateful for you.
On Point Donte Robinson and Rashon Nelson take us to reparations school Robinson and Nelson, better known as “the two black men arrested for waiting for a friend at a Philadelphia Starbucks,” settled with the coffee-giant for an undisclosed sum and an offer to complete their bachelor’s degrees for free through a Starbucks partnership with Arizona State University. But they reached a separate deal with the city of Philadelphia for $1 each and a pledge from the city to set up a $200,000 program geared to young entrepreneurs from Philadelphia high schools. “We thought long and hard about it and we feel like this is the best way to see that change we want to see,” said Robinson. AP News Pinterest just made search more inclusive Hey, remember when Pinterest hired Candice Morgan in 2016 to be their first-ever head of diversity and we were pretty excited about it? Well, it turns out she’s been busy. Last week, the company took an important step toward creating a more diverse online community by launching a new search tool that will help users of color more quickly find the images they’re looking for. If you’ve ever been a woman of color searching for braided hairstyles and only got photos of a white model in pigtails, you already get it. Click through to see how they’re trying to help everyone find what they need with dignity and efficiency. Refinery 29 A company that makes beautiful, natural hair dolls has won an important start-up competition Many of you are rooting for Healthy Roots , a Cleveland-based start-up which manufactures natural hair dolls and gorgeous books designed to reinforce a positive self-image in young girls of color. Two days ago, they won the Startup Stampede , a competition run by a Durham-based consumer product incubator worth $100,000. “We will be working with the McKinney agency to spread our brand to reach and empower more kids of color with toys designed for them!” says @RootsDolls , founder Yelitsa Jean-Charles. Watch her extraordinary TEDx talk below. Really. TEDxProvidence National treasure Michael Twitty wins the James Beard Award book of the year Last week Twitty, identified by the Jewish Telegraphic Agency as an “African-American Jew-by-choice,” won both the Book of the Year and the Best Writing awards his autobiographical work, “ The Cooking Gene: A Journey Through African-American Culinary History in the Old South. ” The book explores Twitty’s ancestry through food, a true African American story that spans from Africa to America and enslavement, to his quest to reclaim his stolen cultural identity. It is a poignant story, painstakingly researched. Twitty is a raceAhead reader favorite for his work as a chef, writer and cultural explainer. (And also because he gives us recipes .) Now, he’s the first African American author ever to win a James Beard Award for Book of the Year. His personal site is below. Afroculinaria An employee-led diversity program shines a light at Microsoft “Two years ago a few of us at Microsoft decided to stand up and create a group called BlackLight with the purpose to shine a light on the things you can’t see,” says Ronell Hugh, who answered my call. “Today it flourishes with the support of Microsoft CMO,” he says. “I’m no longer at the company, but it’s a great story.” It sure looks like it. Last month, the BlackLight team launched its first large-scale employee learning event designed to share insights about the black consumer and how a more inclusive environment can lead to better storytelling. But the conversation itself, which naturally touched on uncomfortable subjects, was the real gift, says CMO Chris Capossela, talking like a true ally. “I’ve found that one of BlackLight’s greatest contributions to the culture we are building at Microsoft is creating a safe environment for embracing that discomfort, as a way to learn, stretch and grow,” he said in a LinkedIn post. LinkedIn Advertisement The Woke Leader Our favorite aliebn was on Seth Myers’s show! I’ve been a Jonny Sun ( @JomnySun ) fan for so long, that I almost forgot he was real. His persona as a sweetly befuddled alien who comes to earth and tries to figure things out began as a chatty Twitter stream long before the cool kids were threading things. The character, in the course of trying to figure out who we are, teaches us about ourselves in a funny and loving way. The Twitter character became a best-selling book – “ Everyone’s a Aliebn When Ur a Aliebn Too,” which Sun wrote while getting his PhD at MIT. “The common thread throughout the story is that it’s okay to be imperfect,” he says. His success has turned his fans into a legion of aliebns dedicated to acceptance, inclusion, whimsy and joy. Sun is also a multi-hyphenate talent : Humorist, playwright, engineer, writer, internet and identity researcher, illustrator, academic, architect, Earthling. Enjoy. YouTube Can Portland, Oregon reverse gentrification, displacement and racial strife? Reporter Deonna Anderson wrote about Albina Vision, an ambitious effort in Portland, Oregon “to undo the harm of urban renewal and heal the wounds of a community,” she says. It’s a long-term plan — 50-years! — to revitalize the Rose Quarter, a 94-acre area in the city’s Northeast that is ideal for sustainable and inclusive redevelopment. “[T]he Albina Vision is not prescriptive, but rather is a framework to foster the growth of a diverse, sustainable, urban district—on par with great neighborhoods of the world.” Among other things, they’re looking to connect cultural life with natural beauty and are studying Elbe Philharmonic Hall in Hamburg, Germany and Millennium Park in Chicago for inspiration. Oregon Humanities Yesterday was College Signing Day and Michelle Obama has a speech you need to hear College Signing Day was launched in 2014 and was part of the then First Lady’s Reach Higher program, designed to encourage students to continue with their education past high school. While it’s now an annual celebration for incoming freshpersons, her message is one that everyone needs to hear. Yes, it’s a scary, big step. Bottom line, don’t believe the doubters, ask for help when you need it, and know your struggles will be worth it. “We need you all to be successful,” calling herself their forever First Lady. “We need you to strive and to reach these heights that you can imagine for yourselves. We love you so much.” We do, indeed. Bring tissues and follow #CollegeSigningDay for more stories of excellence. Huffington Post Quote:
This is precisely the time when artists go to work. There is no time for despair, no place for self-pity, no need for silence, no room for fear. We speak, we write, we do language. That is how civilizations heal. I know the world is bruised and bleeding, and though it is important not to ignore its pain, it is also critical to refuse to succumb to its malevolence. Like failure, chaos contains information that can lead to knowledge — even wisdom. Like art. - Toni Morrison | ashraq/financial-news-articles | http://fortune.com/2018/05/03/doing-the-good-work/ |
May 10, 2018 / 6:18 AM / Updated 33 minutes ago BT to cut 13,000 jobs as it tackles bloated legacy Paul Sandle , Kate Holton 6 Min Read
LONDON (Reuters) - BT ( BT.L ) will cut 13,000 managerial and back-office jobs and move to a smaller London base in the latest attempt by the boss of Britain’s biggest telecoms group to rebuild from an accounting scandal and multiple pressures on its business.
Chief Executive Gavin Patterson said radical action was “absolutely critical” to ensure BT could deliver the next-generation fibre and mobile networks Britain needed.
“We need to make ourselves more efficient, we need to create oxygen within the business,” he told reporters on Thursday.
Despite outlining measures to save 1.5 billion pounds a year by 2020/21, the initial market reaction was negative.
A failure to hit a revenue target over the latest three months and a disappointing outlook for no profit growth for a couple of years sent BT shares down 9 percent to five-year lows.
Losing long-standing fixed-line voice revenue, many legacy telecom firms have expanded into more profitable areas.
AT&T ( T.N ) in the U.S. is trying to buy entertainment group Time Warner ( TWX.N ) while BT’s own push into sports broadcasting was designed to defend its customer base.
Since he took the top job in 2013, Patterson has spent billions of pounds on sports rights, network investment and customer service improvements, all while trying to keep regulators, pension fund trustees and investors on side.
On top of that, fraud was discovered in Italy while the group was also blindsided by a downturn in corporate and public sector markets, undermining confidence in his leadership.
Patterson, 50, tried to placate shareholders by maintaining the dividend on Thursday — and pledging to keep it flat for the next two years — and he also agreed a new pension funding plan to plug its 11.3 billion pound deficit.
Bernstein analysts called the update “disappointing.”
“BT has now firmly gone from being a reasonably predictable growth story, an outlier in the incumbent landscape across Europe, to becoming a cost restructuring story,” they said.
“Quite a remarkable shift in fortunes with an outlook that is well shy of our expectations.” MOVING HOME
Traders said guidance for the current financial year was lower than expected, while fourth-quarter revenue fell short of targets, showing the challenges facing Patterson as he seeks to rebuild a group that employs more than 100,000 staff.
BT, which owns Britain’s biggest mobile operator EE, said it would hire about 6,000 new engineers and front line customer service staff to support its roll out of fibre and 5G networks.
Around two-thirds of jobs cuts will fall in Britain.
The company has been based at the BT Centre, near St Paul’s Cathedral and the London Stock Exchange in the City of London since it was privatised in 1984 but will now move to smaller premises in the capital. Slideshow (4 Images)
“If we compare how we manage the business with our peers, we’re frankly too complex and overweight. This is a big deal,” said Patterson.
The convergence of different technologies means BT has faced growing competition from nimble young rivals including Sky ( SKYB.L ) which has expanded from being a pay TV company to offer a range of broadband services. UNDER PRESSURE
One top-50 investor said there was no question Patterson was under pressure, but it was not clear how replacing the chief executive would change the dynamics.
“Any growth option they pursue is potentially going to have no return on it because the regulator just wants to regulate your returns away from you,” the shareholder said.
“Pretty much the only thing you can do is to attack your cost base.”
Under Patterson’s leadership, BT has had a fractious relationship with the regulator Ofcom.
Patterson, who previously worked at consumer goods group P&G and cable TV company Telewest, said the hit from regulation would double from about 500 million pounds to 1 billion pounds a year as new controls on its faster wholesale broadband kick in.
“My biggest concern is more that they need to clear the air with the regulator,” the investor said.
BT faces caps on how much it charges rivals to use its fast broadband service as Ofcom seeks to promote the development of new networks. THROW OF THE DICE
The job cuts, the highest number by the former monopoly since 2008, will cost 800 million pounds to implement.
Some of the proceeds from the savings will go towards increasing capital expenditure on new fibre fixed-line connections and 4G and next generation 5G mobile networks to about 3.7 billion pounds over the next two years.
The new strategy is the latest throw of the dice from Patterson who won early plaudits from investors when he moved BT into sports TV and mobile.
That goodwill evaporated when the group delivered a major profit warning in January 2017 due to problems at its multi-national Global Services division and the discovery of the Italian scandal. The shares are down 30 percent in a year.
Patterson gained some breathing space on BT’s pension, which had a deficit of 11.3 billion pounds at the end of June, on Thursday by agreeing a 13-year funding plan.
It will pay 2.1 billion pounds into the scheme by 2020 and a further 2 billion pounds will be funded by bonds.
BT said its outlook for the current financial year, to end-March, would see a 2 percent drop in underlying revenue, while adjusted core earnings would be in the range 7.3 billion-7.4 billion pounds, down from 7.5 billion pounds in the last year. Additional reporting by Simon Jessop; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bt-group-results/bt-to-cut-13000-jobs-in-restructuring-plan-idUKKBN1IB0M8 |
April 30 (Reuters) - Diamond Offshore Drilling Inc:
* Q1 EARNINGS PER SHARE $0.14 * Q1 EARNINGS PER SHARE VIEW $-0.19 — THOMSON REUTERS I/B/E/S
* Q1 TOTAL REVENUE $295.5 MILLION VERSUS $374.2 MILLION LAST YEAR
* Q1 REVENUE VIEW $295.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diamond-offshore-announces-q1-earn/brief-diamond-offshore-announces-q1-earnings-per-share-0-14-idUSASC09Y57 |
AUSTIN, Texas--(BUSINESS WIRE)-- EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn loans in the United States and Latin America, announced today the pricing of its $150 million aggregate principal amount of convertible senior notes due 2025 (the “Convertible Notes”). The Convertible Notes were offered in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company granted an option to the initial purchaser for up to an additional $22.5 million aggregate principal amount of Convertible Notes. The Convertible Notes will pay interest semiannually at an annual rate of 2.375% and will be convertible into cash, shares of the Company’s Class A Non-Voting Common Stock (“Class A common stock”) or a combination thereof, at the Company’s election, based on the applicable conversion rate at such time. The Convertible Notes have an initial conversion rate of 62.8931 shares of the Class A common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $15.90 per share of the Company’s Class A common stock), representing an initial conversion premium of approximately 20% above the closing price of $13.25 per share of the Company’s Class A common stock on May 9, 2018. The conversion rate is subject to adjustment in certain circumstances.
The Convertible Notes will mature on May 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding November 1, 2024, the Convertible Notes will be convertible at the option of the holder only upon the occurrence of certain events and during certain periods, and thereafter, at any time prior to the close of business on the business day immediately preceding the maturity date.
The Company, at its option, may redeem for cash all or any portion of the Convertible Notes on or after May 1, 2022, if the last reported sale price of the Company’s Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
The Company estimates that it will receive net proceeds from the offering of approximately $145.2 million (or approximately $167.0 million if the initial purchaser exercises its option to purchase additional notes in full), after deducting fees and estimated expenses. The Company intends to use the net proceeds from this offering for general corporate purposes and potentially to fund acquisitions. The Company is in various levels of discussion regarding a number of acquisition opportunities in the U.S., Canada and Latin America, and has entered into non-binding letters of intent to acquire pawnshops in Latin America. At this time, there can be no assurance that the Company will actually complete any of those potential acquisitions.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or any shares of the Company’s Class A common stock issuable upon conversion of the Convertible Notes, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
The Convertible Notes and any shares of the Company’s Class A common stock issuable upon conversion of the Convertible Notes have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The offering is being made to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the proposed offering of the Convertible Notes, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future capital expenditures and future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors or current or future litigation. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
ABOUT EZCORP
Formed in 1989, EZCORP is a leading provider of pawn loans in the United States and Latin America. It also sells merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on the NASDAQ stock market under the symbol EZPW and is a member of the Russell 2000 Index, S&P SmallCap 600 Index, S&P 1000 Index and NASDAQ Composite Index.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005647/en/
EZCORP, Inc.
Jeff Christensen, 512-437-3545
Vice President, Investor Relations
[email protected]
Source: EZCORP, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-ezcorp-announces-pricing-of-private-offering-of-150-million-of-convertible-senior-notes-due-2025.html |
May 30, 2018 / 4:35 PM / Updated 16 minutes ago Italy's 5-Star urges Savona to withdraw candidacy as economy minister Reuters Staff 1 Min Read
ROME (Reuters) - Italy’s anti-establishment 5-Star Movement on Wednesday called for eurosceptic economist Paola Savona to withdraw his candidacy as economy minister to help the possible formation of a government. Anti-establishment 5-Star Movement leader Luigi Di Maio speaks at the media after a round of consultations with Italy's newly appointed Prime Minister Giuseppe Conte at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile
Savona was proposed to head the key ministry by 5-Star and the far-right League as part of a coalition government that seemed poised to take office last week, but the head of state vetoed Savona due to his views on the euro.
“It’s surprising that Paolo Savona, a person of great culture and a fine political sense, has not yet taken the decision to withdraw,” said Laura Castelli, a lawmaker close to 5-Star leader Luigi Di Maio.
The League has continued to insist that Savona should be part of any government it plays a role in, while President Sergio Mattarella has not withdrawn his veto, resulting in political stalemate. Reporting By Gavin Jones | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-savona-5star/italys-5-star-urges-savona-to-withdraw-candidacy-as-economy-minister-idINKCN1IV289 |
Model Bella Hadid mulls acting future 12:53am IST - 01:37
On the fringes of Cannes Film Festival model Bella Hadid and fashion designer Alexander Wang talk about acting ahead of the annual Magnum ice cream party. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
On the fringes of Cannes Film Festival model Bella Hadid and fashion designer Alexander Wang talk about acting ahead of the annual Magnum ice cream party. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rynuQF | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/model-bella-hadid-mulls-acting-future?videoId=425662330 |
EDEN PRAIRIE, Minn., May 7, 2018 /PRNewswire/ -- MTS Systems Corporation (Nasdaq: MTSC), a leading global supplier of high-performance test systems and sensors, today reported financial results for its fiscal year 2018 second quarter ended March 31, 2018.
SECOND QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
Revenues of $191 million, driven by strong Sensors revenue growth of 17% year-over-year Test service continues momentum with revenue growth of 14% year-over-year Diluted earnings per share of $0.44, a $0.06 year-over-year increase Strong balance sheet, including cash of $84 million at quarter end Continued deleveraging of the balance sheet with $34 million of debt payments Declared 145 th consecutive quarterly dividend of $0.30 per share
FINANCIAL TABLE
Three Months Ended
Six Months Ended
(in thousands, except per share data - unaudited)
March 31,
2018
April 1,
2017
March 31,
2018
April 1,
2017
Revenue
$
191,323
$
193,424
$
385,485
$
392,703
Revenue % increase (decrease) 1
(1.1)
%
41.1
%
(1.8)
%
41.5
%
Gross margin
39.1
%
40.8
%
39.6
%
38.8
%
Operating margin
8.7
%
8.0
%
8.6
%
6.5
%
Net income
$
8,438
$
7,199
$
41,589
$
8,904
Diluted earnings per share
0.44
0.38
2.16
0.47
Adjusted diluted earnings per share 2
0.45
0.67
2.18
1.23
Adjusted EBITDA 2
27,526
33,264
54,404
64,789
Cash and cash equivalents, end of period
84,378
97,433
Test backlog, end of period
299,296
298,136
Total debt, end of period
409,733
460,016
1
Growth rate in the second quarter of fiscal year 2017 reflects the first year of our PCB acquisition from July 5, 2016.
2
Refer to the "Non-GAAP Financial Measures" section below for discussion on the calculation of these non-GAAP financial measures.
EXECUTIVE COMMENTARY
"We are very pleased with the strength in our Sensors business, which continues to deliver double-digit revenue growth, expanded bottom line performance and increasing momentum with strong orders in our most recent quarter," stated Dr. Jeff Graves, President and Chief Executive Officer. "The breadth of our Sensors product portfolio and the expanded ability to support customers worldwide provides us with the confidence that our Sensors business is in a good rhythm and will continue its strong performance as factory automation, defense programs and industrial markets drive strong demand for our products across our Sensors portfolio."
"The second quarter presented mixed results within our Test business as top line growth in both materials test and service was strong at 7.8% and 14.1%, respectively, but was offset by weak equipment orders in the ground vehicles test sector. The strengths were driven by the rapid expansion of carbon fiber composites into new applications, the need to test materials and components created by 'additive manufacturing' and continuing growth in our service offerings. Our ground vehicles test sector experienced timing shifts of several large orders for automotive test equipment into the third and fourth quarters as our automotive customers re-prioritized capital spending into the development of autonomous vehicles," stated Dr. Graves. "Our Test business continues to be positioned well with our leading technology and product offerings which drive precision, durability and reliability for our customers. We will continue to expand our businesses in our materials and structures test sectors while managing through the volatile ground vehicles environment."
"During the quarter, we announced a restructuring of our Test business in China, one of our fastest growing regions. This investment will result in the closure of two local manufacturing plants, located in Shanghai and Shenzhen, the transfer of production to a state-of-the-art contract manufacturing partner, the consolidation of engineering, sales and service organizations, and reduce the compliance risk profile of our Chinese operations. Demand is growing rapidly in China, particularly for the materials test systems we produce there, and the resulting streamlined operational footprint is expected to support this growth for many years to follow," concluded Dr. Graves.
HIGHLIGHTS FOR THE 2018 SECOND FISCAL QUARTER
Revenue
Revenue was $191.3 million, down $2.1 million or 1.1%, compared to the same quarter in the prior year, driven mainly by a 17.2% increase in our Sensors business being more than offset by lower equipment volume in the ground vehicles sector of our Test business. Our Sensors business generated continued momentum from new opportunities in the Sensors test sector, along with continued growth in the Sensors position sector and broad demand across the remaining Sensors sectors.
Orders
Test orders for the quarter were $105.1 million, a sequential 3.7% decrease over the first quarter of fiscal year 2018 and 4.4% lower than the same prior-year period. The overall decline from the prior year was attributable to shifts in timing of several large custom orders, primarily in vehicles and structures, which are subject to variability in timing of order execution as customers shift investment priorities. Orders for materials test systems and test services were again strong, driven by growth in new advanced materials and additive manufacturing, usage. The Test opportunity pipeline remains robust at $1.0 billion in opportunities over the next 12 months. Test ended the quarter with a backlog of $299.3 million, a 1.9% decline sequentially from the first quarter of fiscal year 2018.
Sensors orders for the quarter were a record $84.2 million, representing a sequential 9.7% increase over the first quarter of fiscal year 2018. This strength was driven by broad demand in the test and position sensors sectors, and all major geographies. Sensors backlog at quarter end was also a record $52.9 million.
Earnings Before Taxes
Earnings before taxes totaled $10.2 million, up $1.5 million compared to the same prior-year period. The increase was mainly due to the non-recurrence of $7.4 million related to the fiscal year 2017 investigation into code of conduct violations in our China Test operations in the prior year and the non-recurrence of prior year acquisition integration expenses, along with strong current year growth in Sensors revenue. Partially offsetting the growth was a decline in Test revenue, driven by lower order volumes and product mix.
Diluted Earnings Per Share
Diluted earnings per share was $0.44 compared to $0.38 in the same prior-year period on net income of $8.4 million and $7.2 million, respectively. Results for the second quarter of fiscal year 2018 included a reduction in the effective tax rate as a result of the U.S. tax reform and lower operating expenses resulting from cost containment measures.
Adjusted EBITDA
Adjusted EBITDA grew to $27.5 million in the second quarter of fiscal year 2018, up 2.4% sequentially from the first quarter of fiscal year 2018. Adjusted EBITDA decreased $5.7 million from the second quarter of fiscal year 2017 primarily due to the decline in Test revenue. A reconciliation of this non-GAAP financial measure to net income, the most directly comparable GAAP financial measure, is provided in Exhibit D of this earnings release.
Capital Structure
During the quarter, we continued to execute on our plan to strengthen our balance sheet. This included debt payments of $34 million during the quarter, $25 million of which was in excess of our mandatory repayment requirements. Our strong cash position and ability to repatriate cash to the United States on favorable terms will further accelerate our deleveraging efforts in the future.
Dividend
The Board of Directors declared a quarterly dividend of $0.30 per share. The dividend was payable on April 2, 2018 to shareholders of record as of the close of business on March 19, 2018. This was our 145 th consecutive quarterly dividend.
China Restructuring
As disclosed in a Form 8-K filed with the SEC on March 13, 2018, we announced workforce reductions and manufacturing facility closures in our Test segment corresponding to the transfer of production operations in China to a contract manufacturing partner. These changes are designed to increase organizational effectiveness, gain manufacturing efficiencies, provide cost savings that can be reinvested in growth initiatives and reduce the compliance risk profile of our Chinese operations. This action will impact two China Test manufacturing facilities with no changes anticipated in the United States or European operations from this transfer.
During fiscal year 2018, we expect to incur an additional $1.0 million to $2.0 million of pre-tax restructuring costs. We anticipate this restructuring action to be completed by the end of fiscal year 2018 with the majority of cash paid in the first half of fiscal year 2019. The entire restructuring program, which includes the change in operating model, is expected to yield future annualized savings of approximately $5.0 million to $10.0 million.
OUTLOOK
Test Business
We continue to expect the Test business to experience flat to slightly declining revenue, with modest earnings growth, for the full year, with the second half anticipated to perform stronger than the first half of the year. Investments targeted specifically at operational efficiency initiatives and new products will continue throughout fiscal year 2018 given the outlook for Test demand over the next few years.
Overall, the demand outlook in Test for the remainder of the fiscal year remains positive as compared to the first half of the year. We believe this demand will be driven heavily by the increased use of additive manufacturing and composites in the materials sector and vehicle light-weighting. We are also pleased with the demand for our core durability products, as civil structural and aerospace testing continues to grow. The challenging headwind in the ground vehicles sector continues to weigh on our near-term results; however, we expect more solidification of OEM investments in the second half of fiscal year 2018 and into fiscal year 2019.
Sensors Business
Strong demand in the Sensors business is anticipated to continue in the second half of fiscal year 2018 across all sectors, driven by new products across all major markets and geographies. Continued realization of synergies, related to both operational efficiencies and revenue growth, is expected over the next several years as a result of integration efforts being substantially complete. This combination of positive factors is expected to yield strong, double-digit top line growth, along with gross margin and Adjusted EBITDA expansion for the Sensors business in the second half of fiscal year 2018.
Consolidated
Based on these factors, we reaffirm our expected outlook for fiscal year 2018 which includes the following:
Metric
Outlook
Revenue
$780 million to $820 million
Adjusted EBITDA
$120 million to $140 million
Diluted earnings per share
$3.55 to $3.85
Our diluted earnings per share reflects the adoption of the Tax Cuts and Jobs Act of 2017 and restructuring charges of $1.0 million to $3.0 million primarily related to the consolidation of our Test operations in China. We anticipate our effective tax rate, excluding discrete tax items, to be 16-19% in fiscal year 2018.
A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net income, the most directly comparable GAAP financial measure, is included in Exhibit E of this earnings release.
SECOND QUARTER CONFERENCE CALL
A conference call will be held on May 8, 2018 (tomorrow), at 10:00 a.m. ET (9:00 a.m. CT). Dr. Jeff Graves, President and Chief Executive Officer, and Brian Ross, Senior Vice President and Chief Financial Officer, will host the call, which will include a question and answer session after prepared remarks.
Call toll free +1-800-289-0438 (international toll +1-323-794-2423) and reference the conference pass code "4699933". Telephone replay will be available at 1:00 p.m. ET following the call until 1:00 p.m. ET, May 15, 2018. Call toll free +1-888-203-1112 and reference the conference pass code "4699933".
A transcript of the call can also be accessed from the MTS website at http://investor.mts.com beginning on May 9, 2018.
ABOUT MTS SYSTEMS CORPORATION
MTS Systems Corporation's testing hardware, software and services solutions help customers accelerate and improve their design, development and manufacturing processes and are used for determining the mechanical behavior of materials, products and structures. MTS's high-performance sensors provide controls for a variety of applications measuring motion, pressure, position, force and sound. MTS had 3,500 employees as of September 30, 2017 and revenue of $788 million for the fiscal year ended September 30, 2017. Additional information on MTS can be found at www.mts.com .
NON-GAAP FINANCIAL MEASURES
We believe that disclosing adjusted diluted earnings per share, which is diluted earnings per share excluding the impact from restructuring, acquisition integration expenses, acquisition inventory fair value adjustment and China investigation expenses is useful to investors as a measure of operating performance. We use this as one measure to monitor and evaluate operating performance. Adjusted diluted earnings per share is a financial measure that does not reflect United States Generally Accepted Accounting Principles (GAAP). We calculate this measure by adding back the after-tax effect of the restructuring expenses, acquisition integration expenses, acquisition inventory fair value adjustment and China investigation expenses to net income and dividing the result by the diluted weighted average shares outstanding.
We believe that disclosing earnings before interest, taxes, depreciation and amortization (EBITDA) and EBITDA excluding the impact from stock-based compensation, restructuring expenses, acquisition integration expenses, acquisition inventory fair value adjustment and China investigation expenses (Adjusted EBITDA) is useful to investors as a measure of leverage and operating performance. We use these measures to monitor and evaluate leverage and operating performance. EBITDA and Adjusted EBITDA are financial measures that do not reflect GAAP. We calculate EBITDA by adding back interest, taxes, depreciation and amortization expense to net income. Adjusted EBITDA is calculated by adding back stock-based compensation, restructuring expenses, acquisition integration expenses, acquisition inventory fair value adjustment and China investigation expenses to EBITDA.
Investors should consider these non-GAAP financial measures in addition to, not as a substitute for or better than, financial measures prepared in accordance with GAAP. Reconciliations of the components of these measures to the most directly comparable GAAP financial measures are included in Exhibits B, C, D and E of this earnings release.
FORWARD-LOOKING STATEMENTS
This release contains " " made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. Statements made under the heading "Outlook" are , and words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions identify in other parts of the release. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions, statements about the opportunities and outlook for our Sensors and Test sectors and other statements that are not historical facts. These statements are based on MTS's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the Risks, uncertainties and assumptions that could cause MTS's actual results to differ materially from those discussed in the include, but are not limited to, those described in the "Risk Factors" section of MTS's most recent Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. The reports referenced above are available on MTS's website at www.mts.com or on the SEC's website at www.sec.gov . Forward-looking statements speak only as of the date on which statements are made, and MTS undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events or circumstances.
MTS SYSTEMS CORPORATION
Condensed Consolidated Statements of Income
(unaudited - in thousands, except per share data)
Three Months Ended
Six Months Ended
March 31,
2018
April 1,
2017
March 31,
2018
April 1,
2017
Revenue
$
191,323
$
193,424
$
385,485
$
392,703
Cost of sales
116,498
114,568
232,732
240,383
Gross profit
74,825
78,856
152,753
152,320
Gross margin
39.1
%
40.8
%
39.6
%
38.8
%
Operating expenses
Selling, general and administrative
49,589
54,183
102,179
108,676
Research and development
8,626
9,261
17,467
17,942
Total operating expenses
58,215
63,444
119,646
126,618
Income from operations
16,610
15,412
33,107
25,702
Operating margin
8.7
%
8.0
%
8.6
%
6.5
%
Interest expense, net
(6,708)
(7,418)
(13,512)
(14,698)
Other income (expense), net
274
666
51
(163)
Income before income taxes
10,176
8,660
19,646
10,841
Income tax provision (benefit)
1,738
1,461
(21,943)
1,937
Net income
$
8,438
$
7,199
$
41,589
$
8,904
Earnings per share
Basic
Earnings per share
$
0.44
$
0.38
$
2.17
$
0.47
Weighted average common shares outstanding
19,150
19,016
19,137
18,992
Diluted
Earnings per share
$
0.44
$
0.38
$
2.16
$
0.47
Weighted average common shares outstanding
19,273
19,109
19,258
19,095
MTS SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
(unaudited - in thousands, except per share data)
March 31,
2018
September 30,
2017
ASSETS
Current assets
Cash and cash equivalents
$
84,378
$
108,733
Accounts receivable, net
118,593
123,994
Unbilled accounts receivable, net
60,729
76,914
Inventories, net
143,487
127,728
Other current assets
25,227
19,880
Total current assets
432,414
457,249
Property and equipment, net
95,573
99,930
Goodwill
370,513
369,762
Intangible assets, net
250,470
255,079
Other long-term assets
6,951
7,672
Total assets
$
1,155,921
$
1,189,692
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt, net
$
53,210
$
39,095
Accounts payable
47,394
47,515
Advance payments from customers
83,039
76,712
Other accrued liabilities
73,422
84,067
Total current liabilities
257,065
247,389
Long-term debt, less current maturities
356,523
418,544
Other long-term liabilities
70,103
94,982
Total liabilities
683,691
760,915
Shareholders' equity
Common stock, $0.25 par; 64,000 shares authorized:
17,792 and 17,760 shares issued and outstanding as of March 31, 2018 and September 30, 2017, respectively
4,448
4,440
166,757
163,632
Retained earnings
292,200
261,258
income (loss)
8,825
(553)
Total shareholders' equity
472,230
428,777
Total liabilities and shareholders' equity
$
1,155,921
$
1,189,692
Exhibit A
MTS SYSTEMS CORPORATION
Segment Financial Information
(unaudited - in thousands)
Three Months Ended
March 31,
2018
April 1,
2017
% Variance
Test Segment
Revenue
$
110,238
$
123,840
(11)
%
Cost of sales
76,011
79,106
(4)
%
Gross profit
34,227
44,734
(23)
%
Gross margin
31.0
%
36.1
%
Operating expenses
30,932
38,367
(19)
%
Income from operations
$
3,295
$
6,367
(48)
%
Sensors Segment
Revenue
$
81,542
$
69,584
17
%
Cost of sales
40,922
35,462
15
%
Gross profit
40,620
34,122
19
%
Gross margin
49.8
%
49.0
%
Operating expenses
27,283
25,077
9
%
Income (loss) from operations
$
13,337
$
9,045
47
%
Intersegment Eliminations
Revenue
$
(457)
$
—
Cost of sales
(435)
—
Gross profit
(22)
—
Income (loss) from operations
$
(22)
$
—
Total Company
Revenue
$
191,323
$
193,424
(1)
%
Cost of sales
116,498
114,568
2
%
Gross profit
74,825
78,856
(5)
%
Gross margin
39.1
%
40.8
%
Operating expenses
58,215
63,444
(8)
%
Income from operations
$
16,610
$
15,412
8
%
Exhibit B
MTS SYSTEMS CORPORATION
Reconciliation of Earnings Per Share Excluding Restructuring, Acquisition Integration
and China Investigation Expenses
(unaudited - in thousands, except per share data)
Three Months Ended
March 31, 2018
April 1, 2017
Pre-Tax
Tax
Net
Pre-Tax
Tax
Net
Net income
$
10,176
$
1,738
$
8,438
$
8,660
$
1,461
$
7,199
Restructuring expenses 1
362
92
270
381
134
247
Acquisition integration expenses 2
—
—
—
690
188
502
China investigation expenses 2
—
—
—
6,759
1,827
4,932
Adjusted net income 3
$
10,538
$
1,830
$
8,708
$
16,490
$
3,610
$
12,880
Weighted average diluted common shares outstanding
19,273
19,109
Diluted earnings per share
$
0.53
$
0.09
$
0.44
$
0.45
$
0.07
$
0.38
Impact of restructuring expenses
0.02
0.01
0.01
0.02
0.01
0.01
Impact of acquisition integration expenses
—
—
—
0.04
0.01
0.03
Impact of China investigation expenses
—
—
—
0.35
0.10
0.25
Adjusted diluted earnings per share 3
$
0.55
$
0.10
$
0.45
$
0.86
$
0.19
$
0.67
1
In determining the tax impact of restructuring expenses, we applied the statutory rate in effect for each jurisdiction where restructuring expenses were incurred.
2
In determining the tax impact of acquisition integration and China investigation expenses, we applied a U.S. effective income tax rate before discrete items to these expenses.
3
Denotes non-GAAP financial measure.
Exhibit C
MTS SYSTEMS CORPORATION
Reconciliation of Earnings Per Share Excluding Restructuring, Acquisition Integration
Acquisition Inventory Fair Value Adjustment and China Investigation Expenses
(unaudited - in thousands, except per share data)
Six Months Ended
March 31, 2018
April 1, 2017
Pre-Tax
Tax
Net
Pre-Tax
Tax
Net
Net income
$
19,646
$
(21,943)
$
41,589
$
10,841
$
1,937
$
8,904
Restructuring expenses 1
608
154
454
944
330
614
Acquisition integration expenses 2
—
—
—
2,378
624
1,754
Acquisition inventory fair value adjustment 2
—
—
—
7,724
1,993
5,731
China investigation expenses 2
—
—
—
8,735
2,337
6,398
Adjusted net income 3
$
20,254
$
(21,789)
$
42,043
$
30,622
$
7,221
$
23,401
Weighted average diluted common shares outstanding
19,258
19,095
Diluted earnings per share
$
1.02
$
(1.14)
$
2.16
$
0.57
$
0.10
$
0.47
Impact of restructuring expenses
0.03
0.01
0.02
0.05
0.02
0.03
Impact of acquisition integration expenses
—
—
—
0.12
0.03
0.09
Impact of acquisition inventory fair value adjustment
—
—
—
0.40
0.10
0.30
Impact of China investigation expenses
—
—
—
0.46
0.12
0.34
Adjusted diluted earnings per share 3
$
1.05
$
(1.13)
$
2.18
$
1.60
$
0.37
$
1.23
1
In determining the tax impact of restructuring expenses, we applied the statutory rate in effect for each jurisdiction where restructuring expenses were incurred.
2
In determining the tax impact of acquisition integration, acquisition inventory fair value adjustment and China investigation expenses, we applied a U.S. effective income tax rate before discrete items to these expenses.
3
Denotes non-GAAP financial measure.
Exhibit D
MTS SYSTEMS CORPORATION
Reconciliation of EBITDA and Adjusted EBITDA to Net Income
(unaudited - in thousands)
Three Months Ended
Six Months Ended
March 31, 2018
April 1, 2017
March 31, 2018
April 1, 2017
Net income
$
8,438
$
7,199
$
41,589
$
8,904
Income tax provision (benefit)
1,738
1,461
(21,943)
1,937
Interest expense, net
6,708
7,418
13,512
14,698
Depreciation and amortization
8,612
8,440
17,348
16,832
EBITDA 1
25,496
24,518
50,506
42,371
Stock-based compensation
1,668
916
3,290
2,637
Restructuring expenses
362
381
608
944
Acquisition integration expenses
—
690
—
2,378
Acquisition inventory fair value adjustment
—
—
—
7,724
China investigation expenses
—
6,759
—
8,735
Adjusted EBITDA 1
$
27,526
$
33,264
$
54,404
$
64,789
1
Denotes non-GAAP financial measure.
Exhibit E
MTS SYSTEMS CORPORATION
Reconciliation of EBITDA and Adjusted EBITDA to Net Income - Outlook
(unaudited - in thousands)
Twelve Months Ending
September 29, 2018
Low
High
Net income
$
68,500
$
74,500
Income tax provision (benefit)
(18,500)
(15,000)
Interest expense, net
25,500
28,500
Depreciation and amortization
36,000
38,000
EBITDA 1
$
111,500
$
126,000
Stock-based compensation and restructuring expenses
8,500
14,000
Adjusted EBITDA 1
$
120,000
$
140,000
1
Denotes non-GAAP financial measure.
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SOURCE MTS Systems Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-mts-reports-fiscal-2018-second-quarter-financial-results.html |
BUENOS AIRES, May 4 (Reuters) - Argentina, which had been an investor darling for much of last year, curbed a sharp devaluation of its peso currency on Friday after hiking interest rates for the third time in a week, selling more than 10 percent of its dollar reserves and lowering its fiscal deficit goal.
Many analysts said the measures were overdue in an economy battling one of the world’s highest inflation rates, and which only recently moved to monetary policy focused on inflation targeting. The currency strengthened 5.12 percent on Friday but remained 6 percent weaker than a week earlier.
The peso has slid around 15 percent this year, complicating the central bank’s long battle with inflation.
Here are some key factors in this week’s stampede for the exits from Argentina:
INFLATION President Mauricio Macri, the son of a wealthy businessman, quickly earned praise from investors after taking office late in 2015 for revamping the government’s economic statistics agency, regaining access to international capital markets by settling long-festering court cases with investors and lowering the budget deficit by cutting generous utility subsidies.
But inflation, a holdover from the previous government’s habit of printing money, has remained Argentina’s Achilles heel.
As of April, 12-month inflation was 25.4 percent, nowhere near the 15 percent target set by the central bank with a nod from the government.
A central bank survey of economists published on Thursday forecast 2018 inflation of 22 percent, up from the survey’s March forecast of 20.3 percent.
In recent months the bank had avoided raising the interest rate and repeatedly promised inflation would start falling in May when a series of hikes on regulated prices ends.
The higher rates will likely threaten the government’s forecast for 3 percent economic expansion this year, on top of the risk presented by a drought that could shave 1 percentage point off growth by curbing agricultural output.
CENTRAL BANK CREDIBILITY The central bank, which is not officially independent from the government, started targeting inflation with monetary policy under Macri. It moved from a weekly meeting to holding a policy meeting every other Tuesday in January 2017 but abandoned that schedule with a surprise rate hike on Friday, April 27.
The bank’s credibility had been undermined in December, when the treasury minister announced the 2018 inflation target had been relaxed to 15 percent from 8 to 12 percent..
Neither the surprise Friday rate increase, nor a second hike on Thursday, nor massive market interventions, calmed the peso. The bank sold $451 million in reserves on Thursday on top of $500 million the day before. This week’s interventions followed sales of $6.771 billion in March and April.
SUBSIDY BATTLE Macri’s opponents in Congress are trying to limit how much the government can raise utility rates, a process that has kept inflation high but helped lower the fiscal deficit. Argentines have grown accustomed to paying little for home heating gas although the administration has committed to gradually raising prices even when faced with protests.
In a sign of how perilous the issue is for Macri’s government, a poll by Tendencias consultancy on Thursday said 69 percent of Argentines had a negative view of the government and 65 percent thought higher utility prices, known locally as the “tarifazo” were “unfair and unjustifiable.”
CAPITAL GAINS TAX In hopes of easing fiscal pressure by increasing its tax take, the government last month imposed a 5 to 15 percent capital gains tax on foreigners, which may have decreased investment in peso instruments. In a report, consultancy Delphos said the government would capture 16.2 billion pesos in taxes but forego 37.1 billion pesos in investment as a result. (Reporting by Caroline Stauffer; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-rate-factors/explainer-argentina-ends-wild-market-week-with-40-pct-interest-rate-idUSL1N1SB1K6 |
SAN JOSE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), announced today that it will release its financial results for the first quarter ended March 31, 2018 on Monday, May 14, 2018 after market close.
Restoration Robotics will hold a conference call on, Monday, May 14, 2018, at 4:30pm ET to discuss the results. The dial-in numbers are (866) 916-2179 for domestic callers and (210) 874-7716 for international callers. The conference ID is 7886649. A live webcast of the conference call will be available on the investor relations section of the Company’s website.
A replay of the call will be available starting on May 14, 2018 through May 21, 2018. To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers and enter access code 7886649. The webcast will be available in the investor relations section of the Company’s website for 90 days following the completion of the call.
About Restoration Robotics
Restoration Robotics, Inc., is a medical device company developing and commercializing the ARTAS™ Robotic Hair Restoration System. We believe the ARTAS System is the first and only physician-assisted system to dissect, and assist in the harvesting of, follicular units directly from the scalp and create recipient implant sites using proprietary algorithms. The Company has unique expertise in machine vision, image guidance, visual servoing and robotics, as well as developing intuitive interfaces to manage these technologies.
Media Contact
Lisa Markle
Director of Marketing
Restoration Robotics, Inc.
+1- 408-883-6764
[email protected]
Investor Contact
The Ruth Group
Lee Roth & Brian Johnston
[email protected]
646-536-7000
Source:Restoration Robotics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-restoration-robotics-inc-to-report-first-quarter-financial-results-on-may-14-2018.html |
WASHINGTON (Reuters) - U.S. economic growth slowed slightly more than initially thought in the first quarter as consumer spending rose at its weakest pace in nearly five years, but activity is already picking up against the backdrop of a tightening labor market and tax cuts.
Shoppers look at washers and dryers at a Home Depot store in New York, July 29, 2010. REUTERS/Shannon Stapleton Gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said on Wednesday in its second estimate of first-quarter GDP, instead of the previously reported 2.3 percent pace. While business spending was stronger than initially estimated, inventory investment was far smaller than the government reported last month.
The economy grew at a 2.9 percent rate in the fourth quarter. Economists expect a $1.5 trillion income tax cut package, which came into effect in January, will spur faster economic growth this year and lift annual GDP growth close to the Trump administration’s 3 percent target.
Growth is also expected to get a boost from increased government spending. April data including retail sales, trade and industrial production suggest the economy regained speed early in the second quarter. Growth estimates for the second quarter are above a 3 percent rate.
Economists had expected first-quarter GDP growth would be unrevised at a 2.3 percent pace.
“Growth is set to rev up soon given the deficit-financed tax cuts and a big increase in federal government spending,” said Scott Hoyt, a senior economist at Moody’s Analytics in West Chester, Pennsylvania.
An alternative measure of economic growth, gross domestic income (GDI) increased at a 2.8 percent rate in the January-March quarter, the fastest since the third quarter of 2016. GDI rose at a 1.0 percent pace in the fourth quarter.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.5 percent rate in the first quarter. That followed a 2.0 percent rate of growth in the prior period.
The income side of the growth ledger was boosted by after-tax corporate profits, which surged at a 5.9 percent rate last quarter after rising at a 1.7 percent pace in the fourth quarter. The government slashed the corporate tax rate to 21 percent from 35 percent effective January.
Wages and salaries also got a lift from lower tax rates, increasing $119.5 billion in the first quarter, an upward revision of $3.1 billion from earlier estimates.
STRONG LABOR MARKET Separately, the ADP national employment report on Wednesday showed private sector payrolls increased by 178,000 jobs in May after rising 163,000 in April. The data was released ahead of the government’s more comprehensive employment report on Friday.
According to a Reuters survey of economists, nonfarm payrolls likely increased by 188,000 jobs this month after gaining 164,000 in April. The unemployment rate is forecast unchanged at a near 17-1/2-year low of 3.9 percent.
“Job growth is still strong for this stage of the expansion but slowing as businesses are having a difficult time finding qualified workers to fill open positions,” said Scott Anderson, chief economist at Bank of the West in San Francisco.
Steady growth and a robust labor market are seen encouraging the Federal Reserve to raise interest rates next month. The U.S. central bank increased borrowing costs in March and forecast at least two more rate hikes for this year.
U.S. financial markets were little moved by the data as investors keep a wary eye on political developments in Italy. The dollar fell against a basket of currencies and prices for U.S. Treasuries were trading lower. Stocks on Wall Street rose.
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, braked to a 1.0 percent rate in the first quarter, rather than the previously reported 1.1 percent pace. It was the slowest pace since the second quarter of 2013 and followed the fourth quarter’s robust 4.0 percent rate.
Businesses accumulated inventories at a $20.2 billion rate, instead of the $33.1 billion pace estimated last month. Inventory investment contributed 0.13 percentage point to GDP growth instead of 0.43 percentage point. The smaller inventory build bodes well for second-quarter GDP growth.
The trade deficit in the first three months of the year was a bit bigger than initially thought and had no impact on the GDP growth rate. Trade was previously estimated to have added 0.20 percentage point to output.
It could contribute to GDP growth in the second quarter as another report from the Commerce Department showed the goods trade deficit falling 0.6 percent to $68.2 billion in April.
Business spending on equipment was revised up to a 5.5 percent growth rate in the January-March quarter from the 4.7 percent pace estimated last month. That was still a moderation in investment following double-digit growth in the second half of 2017. April durable goods data suggested business spending on equipment is likely to slow further in the second quarter.
Investment in homebuilding fell at a 2.0 percent rate in the first quarter instead of being unchanged as reported last month.
Reporting by Lucia Mutikani; Editing by Andrea Ricci
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy/u-s-first-quarter-growth-revised-down-to-2-2-percent-idUSKCN1IV1L5 |
CHICAGO--(BUSINESS WIRE)-- OFS Capital Corporation (Nasdaq: OFS) (“OFS” or “OFS Capital”) announced today that its Board of Directors has approved a stock repurchase program whereby OFS is authorized to repurchase up to $10 million in the aggregate of its outstanding common stock.
Under the program, OFS is authorized to repurchase shares in open market transactions, including through block purchases, depending on prevailing market conditions and other factors.
The repurchase program may be extended, modified or discontinued at any time for any reason. The program does not obligate OFS to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.
About OFS Capital Corporation
OFS Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company. OFS Capital's investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. OFS Capital invests primarily in privately held middle-market companies in the United States, including lower-middle-market companies, targeting investments of $3 to $20 million in companies with annual EBITDA between $3 million and $50 million. OFS Capital offers flexible solutions through a variety of asset classes including senior secured loans, which includes first-lien, second-lien and unitranche loans, as well as subordinated loans and, to a lesser extent, warrants and other equity securities. OFS Capital's investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 1940 and headquartered in Chicago, Illinois, with additional offices in New York and Los Angeles.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005355/en/
Investor Relations:
OFS Capital Corporation
Steve Altebrando, 646-652-8473
[email protected]
Source: OFS Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-ofs-capital-corporation-announces-10-million-stock-repurchase-program.html |
May 7 (Reuters) - Grupo Aeroportuario del Pacifico SAB de CV :
* GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV - IN APRIL 2018, GAP REGISTERED A 10.4% INCREASE IN NUMBER OF SEATS AVAILABLE COMPARED TO APRIL 2017
* GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV - LOAD FACTORS FOR MONTH DECREASED BY 0.4 PERCENTAGE POINTS, FROM 83.8% IN APRIL 2017 TO 83.4% IN APRIL 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-grupo-aeroportuario-registered-a-1/brief-grupo-aeroportuario-registered-a-10-4-pct-increase-in-number-of-seats-available-compared-to-april-2017-idUSFWN1SE100 |
3 Hours Ago | 00:47
Studies show that having a friend at work is crucial to your personal happiness and career. But having a strong group of friends outside of work is just as valuable.
A study published in the The Journal of Socio-Economics in 2008 set out to put a price tag on the value of social relationships. The research found that the benefit of having a good friend, from a happiness and life satisfaction perspective, is equivalent to an extra £85,000. Adjusted for inflation, that's roughly £112,000 , or $150,000, today.
Nick Powdthavee, research author and professor of behavioral science at Warwick Business School in Coventry, U.K., tells CNBC Make It that though the monetary value may fluctuate over time, the key takeaway still holds true: People who have a rich social network report higher overall life satisfaction than those who don't.
The study analyzed 10,000 people over 18 years, using a dataset from the British Household Panel Survey, to determine what makes individuals happy, money or friendship. Friendship overwhelmingly came out on top.
"Income only plays a small part in influencing our well-being," the study reports. "Other possessions in life such as social relationships ... matter a lot more to happiness than what average level of income can normally buy in the long-run." Lacy O'Toole | CNBC Bill Gates and Warren Buffett met in 1991 and have been friends for almost 28 years.
Respondents were tasked with choosing their level of life satisfaction on a scale of one to seven, with one being very dissatisfied with life to seven being very satisfied with life. Respondents with a rich social network were two satisfaction points higher than those without.
The research also looked at the importance of friendship in relation to marriage . Again, friendship was found to be more valuable.
"On average, people with a rich social network report a significantly higher life satisfaction," says the researcher, "and it has nothing to do with work or marriage."
He then looked at how much money it would take to make someone without a close friend as satisfied as their counterpart, and arrived at $150,000 a year of extra income.
Powdthavee warns that the focus shouldn't be on the monetary number, but rather the day-to-day application of the study's findings. "We have to make trade-off decisions in life," he says, "like more hours in the office or more social interaction."
Choosing to spend extra time in the office, at the expense of your friendships, could be the worse choice in terms of life-satisfaction, he explains.
This is something to consider before accepting a job offer. If you want a job that pays more but reduces your social interactions, you have to be looking at about $150,000 more per year "on top of your current salary," says the researcher. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/having-a-best-friend-is-worth-150000-in-extra-income.html |
April 30 (Reuters) - Keppel-KBS US REIT:
* 1.7 MILLION UNITS IN CO BEEN ISSUED AT US$0.8827/UNIT AS PAYMENT OF BASE FEE COMPONENT OF MANAGEMENT FEE FROM 9 NOV 2017 TO 31 MARCH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-keppel-kbs-us-reit-announces-payme/brief-keppel-kbs-us-reit-announces-payment-of-management-fee-by-way-of-issue-of-units-idUSFWN1S70O8 |
RICHMOND, Va.--(BUSINESS WIRE)-- The board of directors of Tredegar Corporation (NYSE:TG) declared a quarterly dividend of eleven cents ($0.11) per share on the company’s common stock. The dividend is payable on July 1, 2018 to shareholders of record at the close of business on June 15, 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006677/en/
Tredegar Corporation
Neill Bellamy, 804-330-1211
[email protected]
www.tredegar.com
Source: Tredegar Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-tredegar-board-declares-dividend.html |
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- nanopay Corporation , a secure, real-time payments platform provider (RTGS), announces the addition of Nicko van Someren to its executive leadership team as Chief Security Officer (CSO). Nicko has been a member of nanopay’s Advisory Board for the past five years. A veteran of the security industry, van Someren brings with him the expertise needed to ensure nanopay’s products are held to the highest security standards. As payments become increasingly global, nanopay continues to innovate and add to its core team to pave the way for the future of commerce.
In his role, van Someren will ensure the products nanopay builds and the services it offers are secure in their design, implementation and operation. He will also work with the product and marketing teams of nanopay to carry the message of the company’s security to a wide variety of audiences including customers, users, partners, investors and regulators.
“I am excited to be joining nanopay and to help it transform the way that payments are processed,” said van Someren, CSO at nanopay. “Cryptographic security has always been at the core of what nanopay does, and as CSO, I shall be working to ensure that key principles of security and trust lie at the heart of everything we do going forward.”
Van Someren joins the team with more than 25 years of experience in technology leadership roles. Most recently, he worked with the Linux Foundation, a non-profit dedicated to supporting major open source software projects, as the CTO and executive director of the Core Infrastructure Initiative, a program to systematically improve the security of open source projects in general and with a particular focus on those foundational projects on which the modern IT world is built.
Prior to the Linux Foundation, van Someren served as the founder and CTO of the world's leading cryptographic hardware security module company, nCipher Plc, until its acquisition by Thales eSecurity in 2008; the CTO of mobile security company Good Technology Inc., which was acquired by Blackberry in 2015; the Chief Security Architect of the global networking company Juniper Network; and the founder and CTO of embedded networking company ANT Plc.
“Nicko’s been advising us since the beginning of nanopay. His proven track record and strategic vision on security are a perfect fit for the company and align well with the direction of nanopay,” said Laurence Cooke, founder and CEO of nanopay. “With the addition of Nicko to our team, our products will set a new standard for secure, frictionless payments.”
For more information about nanopay, visit https://nanopay.net .
Media Contact
Amber Richards
Uproar PR for nanopay
[email protected]
321-236-0102 x237
Source: nanopay | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-nanopay-appoints-security-industry-expert-nicko-van-someren-as-chief-security-officer.html |
LONDON, May 8, 2018 /PRNewswire/ --
Arix Bioscience plc (LSE:ARIX) ("Arix"), a global healthcare and life science company supporting medical innovation, today notes that, its largest Group Business holding, Autolus Therapeutics Limited (to be reorganised as Autolus Therapeutics plc) ("Autolus"), has filed a registration statement on Form F-1 ("Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC") relating to a proposed initial public offering ("IPO") in the United States of its American Depositary Shares ("ADSs"), each representing one ordinary share. All ADSs to be sold in the proposed IPO will be offered by Autolus. Autolus intends to apply to list its ADSs on the Nasdaq Global Market under the ticker symbol "AUTL." The number of ADSs to be sold and the pricing terms for the proposed IPO have not yet been determined.
Arix led the Series B financing of Autolus in March 2016, with Joe Anderson, Arix's CEO, joining Autolus's Board of Directors. Autolus has since progressed from a pre-clinical to clinical stage company, with clinical trials currently ongoing for five programmes in six indications.
The Registration Statement relating to the ADSs has been filed with the SEC but has not yet become effective. The ADSs may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective.
The Registration Statement can be accessed through the SEC's EDGAR database and contains further information relating to Autolus.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The securities referred to in this announcement are to be offered only by means of a prospectus. When available, copies of the preliminary prospectus can be obtained from either of the joint book-running managers for the offering, Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at +1 866 471 2526 or by email at [email protected] ; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at + 1 877 547 6340, or by email at [email protected] .
About Arix Bioscience plc
Arix Bioscience plc is a global healthcare and life science company supporting medical innovation. Headquartered in London and with an office in New York, Arix Bioscience sources, finances and builds world class healthcare and life science businesses addressing medical innovation at all stages of development. Operations are supported by privileged access to breakthrough academic science and strategic relationships with leading research accelerators and global pharmaceutical companies.
Arix Bioscience plc is listed on the Main Market of the London Stock Exchange.
About Autolus
Autolus is a biopharmaceutical company developing next-generation programmed T cell therapies for the treatment of cancer.
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Investor Relations Manager
+44(0)20-7290-1072
[email protected]
Consilium Strategic Communications
Mary-Jane Elliott, Jessica Hodgson, Ivar Milligan
+44(0)20-3709-5700
[email protected]
SOURCE Arix Bioscience plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-arix-bioscience-plc-autolus-files-for-proposed-initial-public-offering-in-the-united-states.html |
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) -- BRIO GOLD INC. (TSX:BRIO) (“ BRIO GOLD ” or the “ Company ”) is pleased to announce the receipt of the clearance decision from the Comisión Federal de Competencia Económica (“COFECE”) with respect to Leagold Mining Corporation’s acquisition of Brio Gold. COFECE approval was the final government agency approval required before completing the acquisition, which is anticipated to occur on or around May 24, 2018.
About Brio Gold
Brio Gold is an established Canadian mining company with significant gold producing, development and exploration stage properties in Brazil. Brio Gold’s portfolio includes three operating gold mines and a fully-permitted, fully-constructed mine that was on care and maintenance and currently is in development to be re-started. Brio Gold is expected to produce 205,000 to 235,000 ounces of gold in 2018 and at full run-rate is expected to produce approximately 400,000 ounces of gold annually in 2019.
FOR FURTHER INFORMATION PLEASE CONTACT:
Letitia Wong
Vice President, Corporate Development
Telephone: +1 (416) 860-6310
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains 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 (together, "forward-looking statements"). Such forward-looking statements include but are not limited to statements regarding the completion and expected benefits of the Arrangement; and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Assumptions upon which forward looking statements relating to the Arrangement have been made include that Leagold and Brio Gold will be able to satisfy the conditions in the Arrangement, that all required regulatory and government approvals will be obtained, the expected timing of the closing of the Arrangement and that each of Leagold and Brio Gold will be able to achieve their currently announced guidance targets. Brio Gold cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Leagold's and Brio Gold's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to: ability to satisfy the conditions of the Arrangement, including receipt of all regulatory and government approvals, and the timing thereof, gold and silver price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits and expansion of existing operations; the success of exploration and permitting activities; parts, equipment, labour or power shortages or other increases in costs; mining accidents, labour disputes or other adverse events; and changes in applicable laws or regulations, and other risks and uncertainties, including those described in Brio Gold's Annual Information Form for the year ended December 31, 2017 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com . There is no assurance that such forward looking statements will prove accurate and results may vary materially from such forward-looking statements. Readers are cautioned not to place undue reliance on forward looking statements. Brio Gold has no intention to update forward looking statements except as required by law.
Source: Brio Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-brio-gold-announces-mexican-anti-trust-approval-for-acquisition-by-leagold.html |
SAN RAFAEL, Calif. (AP) _ Autodesk Inc. (ADSK) on Thursday reported a loss of $82.4 million in its fiscal first quarter.
On a per-share basis, the San Rafael, California-based company said it had a loss of 38 cents. Earnings, adjusted for one-time gains and costs, came to 6 cents per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The design software company posted revenue of $559.9 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $559.4 million.
For the current quarter ending in August, Autodesk expects its per-share earnings to range from 13 cents to 16 cents.
The company said it expects revenue in the range of $595 million to $605 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $599.2 million.
Autodesk expects full-year earnings in the range of 77 cents to 95 cents per share, with revenue ranging from $2.46 billion to $2.51 billion.
Autodesk shares have climbed 33 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 2 percent. In the final minutes of trading on Thursday, shares hit $138.92, an increase of 24 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ADSK at https://www.zacks.com/ap/ADSK | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-autodesk-fiscal-1q-earnings-snapshot.html |
President Donald Trump on Thursday said he was considering a pardon for celebrity chef and television personality Martha Stewart , as well as commuting the sentence of disgraced former Illinois Gov. Rod Blagojevich.
The president told reporters about his thinking while on a flight to Texas. The president earlier in the day announced that he would pardon conservative pundit Dinesh D'Souza .
Nuccio DiNuzzo | Chicago Tribune | MCT | Getty Images Former Illinois Governor Rod Blagojevich prepares to deliver a statement on his last full day of freedom at his Chicago home on Wednesday, March 14, 2012. Stewart, who was convicted of multiple felony charges in 2004, was prosecuted by former FBI Director James Comey , and served five months in federal prison. Comey was fired by Trump last year and has since become an outspoken critic of his administration.
Trump has shared mixed opinions about Stewart in the past.
In a 2006 letter to Stewart, the president blamed her for the poor ratings of NBC's "The Apprentice: Martha Stewart," a spinoff of Trump's "The Celebrity Apprentice."
The next month, he said of Stewart: "She's a wonderful woman."
Years later, in a 2013 tweet, Trump wrote: "She looks terrific, better than ever, any guy would be lucky to be with her."
I watched @ todayshow this AM re: @ MarthaStewart & dating. She looks terrific, better than ever, any guy would be lucky to be with her.
Patrick Fitzgerald, a personal friend of James Comey, oversaw the prosecution of Blagojevich on public corruption charges in 2011. Fitzgerald joined Comey's legal team following the former FBI director's firing last year.
Blagojevich is in the sixth year of a 14-year sentence in Colorado prison. The Illinois Democrat was found guilty of attempting to trade the U.S. Senate seat vacated by Barack Obama for money or favors.
Blagojevich also has a connection to Trump's "The Celebrity Apprentice," appearing on she show in Spring 2010.
Representatives for Stewart and Blagojevich did not immediately respond to requests for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/trump-considering-pardon-for-martha-stewart-whom-james-comey-prosecuted.html |
May 29, 2018 / 12:27 PM / Updated 25 minutes ago Pulev '95 percent sure' Whyte fight will be held in Sofia Reuters Staff 2 Min Read
SOFIA (Reuters) - Bulgarian Kubrat Pulev is “95 percent sure” that his fight against Briton Dillian Whyte, which will decide the challenger for the International Boxing Federation (IBF) world heavyweight title held by Anthony Joshua, will take place in Sofia. FILE PHOTO: Boxing - Anthony Joshua and Kubrat Pulev Press Conference - Cardiff, Britain - September 11, 2017 Kubrat Pulev after the press conference Action Images via Reuters/Andrew Couldridge
Last month Pulev and Whyte were ordered by the IBF to fight for the mandatory position and the two will most probably clash on Aug. 18.
“It is 95 percent sure that this game (against Whyte) will be held in Bulgaria,” the 37-year-old Pulev wrote on Facebook on Tuesday.
“For me, it is most important to be able to make Bulgarian people happy, and such an event can really remain in history. There’ll be a real and incredible atmosphere.”
Pulev pulled out of fighting Joshua in October 2017 after suffering a shoulder injury. Joshua, who also holds the WBA, IBO and WBO titles, went on to beat his replacement Carlos Takam.
Pulev hinted that the fight against Whyte, who is also a contender for the WBC title held by American Deontay Wilder, could be held at the Vasil Levski national stadium in central Sofia to attract a bigger crowd.
Last year Pulev defeated American veteran Kevin Johnson in front of 15,000 spectators at the city’s Armeets Arena and pundits say that Whyte fight could easily attract more than 30,000 fans at the Vasil Levski stadium.
“The match will be staged (at a place) where as many people as possible can go and see it,” the Bulgarian added.
Pulev, one of Bulgaria’s most popular sportsmen, has said he has the weapons to dethrone Joshua. He turned professional at 28 in September 2009, less than a year after winning the European amateur super-heavyweight title in Liverpool.
Known as The Cobra, he previously challenged for the IBF world heavyweight title in 2014, losing to Wladimir Klitschko in Hamburg on a fifth-round knockout. Since then, Pulev has won five fights in a row. Reporting by Angel Krasimirov; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-boxing-pulev-whyte/pulev-95-percent-sure-whyte-fight-will-be-held-in-sofia-idUKKCN1IU1GG |
Bitcoin has largely escaped government oversight, but regulators are examining whether other widely traded cryptocurrencies should be regulated as securities, according to people familiar with the matter, writes Dave Michaels and Paul Vigna. The inquiry includes a focus on ether, representing a significant threat to virtual currencies, which so far haven’t been drawn into a Problems Near, Far Ram Hong Kong Stocks Next Oil Prices Steady as Deadline on Iran Nuclear Deal Nears—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/03/wsj-wealth-adviser-briefing-bitcoin-portfolio-tweaks-big-gulps/ |
May 9, 2018 / 7:41 AM / Updated an hour ago China says it regrets the U.S. decision to pull out of Iran deal Reuters Staff 1 Min Read
BEIJING, May 9 (Reuters) - China’s said on Wednesday it regrets the decision by the United States to pull out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East.
China will safeguard the deal and it calls on all relevant parties to assume a responsible attitude, foreign ministry spokesman Geng Shuang told a regular briefing in Beijing. (Reporting by Michael Martina Writing by Christian Shepherd Editing by Robert Birsel) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-china/china-says-it-regrets-the-u-s-decision-to-pull-out-of-iran-deal-idUSB9N1RM00I |
May 8 (Reuters) - Hallmark Financial Services Inc:
* HALLMARK FINANCIAL SERVICES, INC. ANNOUNCES FIRST QUARTER 2018 EARNINGS RESULTS
* Q1 EARNINGS PER SHARE $0.04 * Q1 REVENUE FELL 4 PERCENT TO $93.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hallmark-financial-services-q1-ope/brief-hallmark-financial-services-q1-operating-earnings-per-share-0-24-idUSASC0A0N5 |
Holman Jenkins’s “The Post Office and Trump’s Culture War” (Business World, April 21) addresses part of the problem with the USPS, those being congressional interference and union “negotiated” personnel costs. What is missing is the impact of the actual costs of business-related activities on the Post Office. A normal one-ounce, first-class letter now costs 50 cents to mail, even within the same ZIP Code. At the same time, bulk-rate mail, without regard to weight, goes cross-country for a fraction of that cost.
My mail box... | ashraq/financial-news-articles | https://www.wsj.com/articles/more-realistic-bulk-mail-pricing-would-help-usps-1525199881 |
Argentina has started talks with the International Monetary Fund seeking financial rescue once again, as inflation soars and the currency sinks.
Buenos Aires looks to be going through another economic nightmare, with prices rising rapidly while the Argentine peso drops. The central bank announced last week another increase in rates to 40 percent — as the 12-month inflation rate hit 25.4 percent, above its 15 percent target. At the same time, since the start of the year, the peso is down by more than 20 percent against the U.S. dollar .
"Argentina is still a difficult country and unless they do reforms then it's going to be having issues," Michele Gesualdi, the chief investment officer at Kairos Investment Management, told CNBC's "Squawk Box Europe" Wednesday.
According to Gesualdi, the lack of reforms in the country has deepened the economic problems.
"There was a lot of excitement involving (President Mauricio) Macri, and frankly we were involved for example in the first two years. But then the risk reward wasn't very compelling in fixed income, it was a bit better in equities, but increasingly over the last few quarters Macri has been disappointing investors in terms of not doing the reforms he promised," Gesualdi said.
Macri, from the center-right Republican Proposal, was elected in 2015 on a reformist agenda. However, it seems he has struggled to deal with economic issues left by his predecessors and has turned to the IMF for help.
"The IMF has a terrible reputation among Argentinians, and so this is a big political gamble for the government." -Fiona Mackie, Regional director for Latin America at the RIU Graham Stock, an emerging markets senior sovereign strategist at BlueBay Asset Management, said that the decision to turn to the IMF was a "positive step."
"It is certainly a good thing … The central bank has faced challenges in managing the currency and in keeping inflation under control … and the Macri administration has been pursuing a very gradual approach to fiscal adjustment," Stock told CNBC's "Street Signs" Wednesday.
Asking for help from the Fund is a contentious issue for the country. Back in 2001, Argentina defaulted on $132 billion of foreign debt. The Washington-based institution, which was helping the country at the time, admitted shortly after the intervention that its support to keep the peso's peg against the dollar prolonged the crisis in the country.
show chapters Agentine peso stability a reasonable aim, strategist says 10 Hours Ago | 03:41 Following Macri's announcement Tuesday, several people protested against a new IMF intervention, still traumatized by the economic collapse at the start of the century, Reuters reported.
"The IMF has a terrible reputation among Argentinians, and so this is a big political gamble for the government," Fiona Mackie, regional director for Latin America at the Economist Intelligence Unit, told CNBC via email.
"At present, though, (the government) clearly sees the need to regain the confidence of markets as more pressing, and is hoping that its program of adjustment gets back on track in time for the presidential election late next year," she added.
Meanwhile, Christine Lagarde, managing director of the IMF, said in a statement Tuesday that Argentina is a "valued member" of the Fund. "Discussions have been initiated on how we can work together to strengthen the Argentine economy and these will be pursued in short order," she said.
In its latest economic assessment of Argentina, the IMF said in December that the country was experiencing a "solid recovery."
"Even in the face of planned fiscal consolidation and ongoing efforts at disinflation, growth is expected to consolidate in the coming years," the IMF report said at the end of last year.
Diego Giudice | Bloomberg | Getty Images A trader works on the floor of the Buenos Aires Stock Exchange in Buenos Aires, Argentina. However, the lack of economic reforms and an increasingly tough global environment have complicated the economic issues of Argentina.
"And that gradualism (in fiscal refoms) depended very much on access to external financing. Now in a world of tighter global liquidity, a stronger dollar, that external financing is no longer assured," Stock from BlueBay Asset Management explained.
The dollar has strengthened over the last weeks on political developments and on the back of rising interest rates. A strong dollar is usually negative for emerging markets like Argentina. This is because their currencies are not as competitive and borrowing in dollars will grow their debt pile.
The details of how much the IMF might lend and how that lending will take place are still yet to be finalized. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/argentina-looks-be-headed-for-another-economic-storm.html |
4 COMMENTS KKR KKR 3.81% & Co. said Thursday it would convert to a corporation from a partnership, a structural change that many publicly traded private-equity firms have been contemplating on the heels of sweeping U.S. tax legislation.
The partnership structure, with its multiple share classes and special tax-reporting requirements, has long limited the pool of investors willing or able to own shares of private-equity firms. Firms were nonetheless reluctant to change their structure because of the tax advantages of partnerships.
KKR hopes the change will make the stock more attractive to mutual funds and other institutional investors, which mostly don’t invest in publicly traded partnerships. This lack of demand has depressed KKR’s stock price, said Scott Nuttall, KKR’s co-president and co-chief operating officer.
“It became clear to us that we’ve been fishing in a small pond with a slow leak and wondering why we weren’t catching anything,” he said on a conference call Thursday to discuss the firm’s first-quarter financial results.
The corporate structure became more attractive late last year after Congress passed the new tax law, which lowered the corporate tax rate to 21% from 35%. Still, William Janetschek, KKR’s chief financial officer, said the conversion will eventually raise the firm’s effective tax rate to about 22% from roughly 7%.
KKR, which said the change will be effective July 1, will become the second among its peers to move forward with a conversion. Ares Management LP became a corporation on March 1. Blackstone Group LP, Apollo Global Management LLC, Carlyle Group LP and other peers have expressed caution, citing the expected hit to their profits.
The driving rationale for a conversion is that making shares accessible to a broader group of investors, including potentially being included in indexes, will help lead to higher valuations. KKR’s peers have been weighing the change too, and are likely to watch KKR closely to see if a change in its stock price outweighs any hit to the bottom line.
“We’re monitoring carefully all aspects of the issue. We’re not in a hurry,” said Blackstone Chief Financial Officer Michael Chae on a recent earnings call. “This is a race that does not necessarily go to the swift, and you have one shot at making a thoughtful decision.”
Shares of KKR climbed 4.1% to $22.39 in midday trading after it said its profit for the quarter ended March 31 fell to $170.1 million, or 32 cents a share, from $259.3 million, or 52 cents, a year earlier.
KKR’s economic profit, a closely watched performance measure that reflects unrealized investment gains, fell to $364.7 million, or 42 cents a share, from $549.9 million, or 65 cents a share, a year earlier. Still, the result exceeded the 11-cent average estimate of analysts polled by Thomson Reuters.
Firms have reported lower profits as a rise in market volatility has come along with slower growth in the value of their portfolio companies. KKR’s private-equity portfolio, which includes significant stakes in a number of publicly traded companies, climbed 0.4% in the quarter. That compares with 4% growth for rival Carlyle and 6.4% growth for Blackstone. The S&P 500 fell 1.2% over the period.
KKR’s assets under management were $176.4 billion in the first quarter, up 28% over the previous year. The firm said its distributable earnings, the portion of profits that could be paid out to shareholders, fell to $303.5 million, or 37 cents a share, from $346.5 million, or 43 cents a share.
KKR said that after the July 1 conversion, it will pay shareholders an annualized dividend of 50 cents per share. For the past several quarters, KKR had been paying dividends of 17 cents each quarter, or 68 cents a year. The corporate structure will mean shareholders won’t have to pay as much in taxes on their dividends, dulling the impact of the cut. The firm also said it would boost its stock-buyback authorization by $500 million.
KKR said it would simplify its reporting to investors after the conversion to a traditional corporation by emphasizing the performance metrics it considers most relevant. KKR no longer plans to focus on economic net income, favoring metrics such as assets under management, management fees, book value and distributable earnings.
Regarding Apollo Global, it reported a first-quarter loss on Thursday. On its conference call, co-founder Josh Harris said the firm is monitoring “the sustainability of any value creation since converting to…a [corporation] is essentially a one-time decision and permanent decision.”
—Allison Prang contributed to this article.
Write to Miriam Gottfried at [email protected] and Chris Cumming at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/kkr-to-ditch-partnership-structure-and-become-corporation-1525344720 |
CNBC International Market Open Briefing: May 30, 2018 3 Hours Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/cnbc-international-market-open-briefing-may-30-2018.html |
Philadelphia 76ers investigate burner Twitter accounts 1 Hour Ago CNBC's Eric Chemi reports on an investigation into burner Twitter accounts potentially tied to Philadelphia 76ers president Bryan Colangelo. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/philadelphia-76ers-investigate-burner-twitter-accounts.html |
(Adds comments by Trump, Fiat Chrysler, VW)
WASHINGTON, May 11 (Reuters) - Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies.
A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June.
"We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States.
Trump said he wants automakers to build more vehicles in the United States and export more vehicles.
But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing.
"NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said.
Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States.
The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups.
Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.
Fiat Chrysler chief executive Sergio Marchionne told Reuters before the meeting his company is "fully supportive" of Trump's efforts to revise the rules and hoped for "an agreed way forward."
Automakers also want the White House and California to reach agreement on maintaining national standards, fearing a prolonged legal battle could leave the companies facing two different sets of rules - and the state level and nationally - and extended uncertainty.
Hinrich Woebcken, chief executive of the North American region for VW, told Reuters the meeting was a "great opportunity" to have an exchange of ideas about the future of emissions rules.
California and 16 other states covering about 40 percent of the U.S. population filed suit last week to block the Trump administration's efforts to weaken the fuel efficiency requirements.
Marchionne said he still hopes the administration could reach a deal with California to maintain nationwide emissions standards.
'MARKETPLACE REALITIES'
U.S. Trade Representative Robert Lighthizer, Transportation Secretary Elaine Chao, White House economic adviser Larry Kudlow, Environmental Protection Agency chief Scott Pruitt and White House aide Chris Liddell are among the administration officials who attended the meeting.
Mitch Bainwol, who heads the Alliance of Automobile Manufacturers, told a congressional committee on Tuesday the industry supports "standards that increase year over year that also are consistent with marketplace realities." Bainwol said the industry remains hopeful that there will be a "negotiation" between the White House, California and the auto industry.
The industry also notes it faces rising fuel efficiency standards around the globe and is spending billions of dollars to introduce new battery electric vehicles in the coming years.
Democrats and environmental advocates plan to aggressively challenge the Trump administration's plans to weaken the vehicle rules touted by Democratic former President Barack Obama's administration as one of its biggest actions to combat climate change by reducing planet-warming emissions.
The Trump administration plans to argue the weaker rules will lead to cheaper vehicles, boost sales and employment and improve safety by prodding faster turnover of older vehicles.
The Obama-era rules adopted in 2012 sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
(Reporting by David Shepardson in Washington. Additional reporting by James Oliphant Editing by Paul Tait) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-update-1-at-meeting-with-automakers-trump-launches-new-attack-on-nafta.html |
May 16 (Reuters) - Monsanto Co:
* CORTEVA AGRISCIENCE™, AGRICULTURE DIVISION OF DOWDUPONT, AND MONSANTO COMPANY REACH LICENSING AGREEMENT ON NEXT-GENERATION CORN INSECT CONTROL TECHNOLOGY
* MONSANTO CO - FINANCIAL DETAILS OF AGREEMENT ARE NOT BEING DISCLOSED.
* MONSANTO CO - CORTEVA AGRISCIENCE TO GET LICENSE TO STACK CO’S CORN ROOTWORM III AND MON89034 TRAITS WITH CORTEVA AGRISCIENCE’S INSECT CONTROL TRAITS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-corteva-agriscience-and-monsanto-c/brief-corteva-agriscience-and-monsanto-company-reach-licensing-agreement-on-corn-insect-control-technology-idUSFWN1SN0UE |
PLANO, Texas, May 30, 2018 /PRNewswire/ -- BG Staffing, Inc. (NYSE American: BGSF), a rapidly growing national provider of professional temporary staffing services, today announced the closing of its previously announced underwritten public offering of newly issued shares of the Company's common stock for a public offering price of $18.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 168,750 shares. The exercise of the over-allotment option brought the total number of shares of common stock sold by the Company to 1,293,750 shares and increased the amount of gross proceeds raised in the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, to approximately $23.3 million.
The Company intends to use the net proceeds received from the sale of the common stock to reduce outstanding indebtedness and for general corporate purposes; however, a portion of the net proceeds may also be used to cancel outstanding stock options currently held by L. Allen Baker, Jr., BG Staffing's president and chief executive officer.
Roth Capital Partners and Taglich Brothers, Inc. acted as joint book-running managers for the offering.
A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the "SEC") and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying prospectus have been filed with the SEC and may be obtained from Roth Capital Partners, 888 San Clemente Drive, Newport Beach, California 92660, Attn: Equity Capital Markets, via telephone at (800) 678-9147 or via email at [email protected] , or from Taglich Brothers, Inc., 275 Madison Avenue, Suite 1618, New York, New York 10016, Attn: Equity Capital Markets, via telephone (212) 661-6886 or via email at [email protected] , or by accessing the SEC's website, www.sec.gov .
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing services to a variety of industries through its various divisions. BG Staffing is primarily a professional temporary staffing platform that has integrated several regional and national brands.
Forward-Looking Statements
The forward-looking statements in this press release, including with respect to the intended use of the proceeds of the offering, are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those indicated by forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the SEC, including in the "Risk Factors" section of the prospectus supplement. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "believes," "plans," "expects," "will," "intends," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
CONTACT:
Terri MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc.
818.379.8500
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/bg-staffing-inc-announces-closing-of-underwritten-public-offering-of-common-stock-and-full-exercise-of-over-allotment-option-300656580.html
SOURCE BG Staffing, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-bg-staffing-inc-announces-closing-of-underwritten-public-offering-of-common-stock-and-full-exercise-of-over-allotment-option.html |
Brazil's agriculture sector bearing big brunt of fuel hikes -study Published 19 Hours Ago Reuters
SAO PAULO, May 23 (Reuters) - Brazil's agriculture sector is one of the hardest hit by a hike in diesel prices that has provoked a nationwide trucker strike, according to an analysis from a leading university released on Wednesday.
The University of Sao Paulo's College of Agriculture (Esalq) said that as compared to early 2017, farmers are now paying up to 9.05 reais ($2.50) more per tonne to move grains from fields in Mato Grosso state to Latin America's largest port at Santos.
Brazil is a key global supplier of grains, meat, coffee and sugar most of which reach ports by road.
The Esalq study estimated that the cost to move agricultural goods in Brazil was about 120 billion reais last year, with transportation accounting for 87.5 percent of that figure.
The diesel hike is a tremendous blow to the sector when the sheer volume of products is considered, Esalq wrote. For instance, Brazil is expected to sell about 73 million tonnes of soybeans in export markets this season, according to projections by the United States Department of Agriculture (USDA).
Transport lobby CNT, which estimates that 60 percent of Brazil's cargo is moved by truckers, called for a revision of the pricing policy of Brazil's state-controlled oil firm Petroleo Brasileiro SA.
"Brazil's diesel fuel is more expensive than in countries at a similar stage of development like Russia and Mexico," CNT said in a Wednesday statement, adding that local prices are on average about 15 percent higher than in the United States.
Diesel fuel prices at the pump rose between 13 percent and 15 percent in the key agricultural and industrial states of Mato Grosso, São Paulo and Paraná between January 2017 and May 2018, Esalq said in its study.
The federal government and a group representing truck drivers met for talks Wednesday afternoon, but failed to make any progress on ending the protests snarling traffic nationwide .
The impasse continued despite Petrobras on Wednesday lowering diesel prices for a second time this week.
($1 = 3.6238 reais) (Reporting by Ana Mano Editing by Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-brazils-agriculture-sector-bearing-big-brunt-of-fuel-hikes-study.html |
Models, actresses and glamour on Cannes red carpet 2:18am IST - 01:56
Irina Shayk, Amber Heard and Lupita Nyong'o among the celebrities hitting the red carpet in Cannes. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Irina Shayk, Amber Heard and Lupita Nyong'o among the celebrities hitting the red carpet in Cannes. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rA0ctP | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/models-actresses-and-glamour-on-cannes-r?videoId=425688507 |
Room for dessert? Royal wedding cake is for sale 6:14am EDT - 01:22
As Prince Harry's wedding to Meghan Markle inches closer, public hunger for all things royal will get its dessert as decades-old slices of cake from British royal weddings - including those of Prince Charles and Princess Diana, and Prince William and Kate Middleton - go up for auction.
As Prince Harry's wedding to Meghan Markle inches closer, public hunger for all things royal will get its dessert as decades-old slices of cake from British royal weddings - including those of Prince Charles and Princess Diana, and Prince William and Kate Middleton - go up for auction. //reut.rs/2KCtHDE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/room-for-dessert-royal-wedding-cake-is-f?videoId=423746679 |
PARIS (Reuters) - France’s prime minister said on Monday that his government was open to absorbing “a substantial part” of the state-owned SNCF railway company and would discuss the issue further with unions.
Prime Minister Edouard Philippe met with the principal unions on Monday, seeking to break the deadlock over government plans to reform the heavily-indebted SNCF before a draft bill goes to the Senate in late May.
Reporting By Brian Love; Editing by Richard Lough
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-reform-sncf-debt/french-pm-promises-to-mop-up-substantial-part-of-sncf-debt-idUSKBN1I81GW |
The U.S. and European Union clashed anew in a massive aircraft subsidy dispute when Washington rejected Airbus SE’s claim that it had satisfied World Trade Organization demands with a new European loan agreement.
The European airplane maker on Tuesday said it altered the terms of its loans for the A380 superjumbo plane and A350 long-range jet with France, Germany, Spain and the U.K. after the WTO ruled last week they represented an illegal subsidy that harmed its U.S.-based rival Boeing Co. Airbus said the European Union had... | ashraq/financial-news-articles | https://www.wsj.com/articles/airbus-eu-say-plane-subsidies-are-over-u-s-disagrees-1527018181 |
Fiscal Fourth Quarter and Other Recent Highlights:
Announces the following executive officer appointments Howard Widra appointed Chief Executive Officer and named a Director Tanner Powell appointed President James Zelter to continue to serve as a Director Board of Directors approved the reduction in the asset coverage requirement in April (1) Announces changes to fee structure Base Management Fee. Effective April 1, 2018, the base management fee has been permanently reduced from an annual rate of 2.0% of the Company’s gross assets to 1.5% of gross assets up to 1.0x debt-to-equity and to 1.0% of gross assets in excess of 1.0x debt-to-equity. The tiered management fee structure has been established as a result of the reduction in the Company’s applicable asset coverage test. (1) For purposes of calculating the base management fee, the definition of gross assets has been revised to exclude cash and cash equivalents. Incentive Fee on Income. The incentive fee on income has been revised to include a total return requirement with a rolling twelve quarter look-back beginning from April 1, 2018. The calculation of the incentive fee with the total return requirement will begin on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There is no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate will be waived to 15%, subject to the 7% annualized performance threshold. Net investment income per share for the quarter was $0.15 compared to $0.16 for the quarter ended December 31, 2017 Net asset value per share as of the end of the quarter was $6.56 compared to $6.60 as of December 31, 2017, a 0.6% decline Continued to successfully execute portfolio repositioning strategy, including increasing core assets (2) to 77% of the portfolio and significantly reducing non-core assets Net leverage (3) as of the end of the quarter was 0.57x, compared to 0.62x as of December 31, 2017 Declared a distribution of $0.15 per share Repurchased 1.9 million shares of common stock for an aggregate cost of $11.1 million during the quarter
NEW YORK--(BUSINESS WIRE)-- Apollo Investment Corporation (NASDAQ:AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its fourth fiscal quarter ended March 31, 2018. The Company’s net investment income was $0.15 per share for the quarter ended March 31, 2018, compared to $0.16 per share for the quarter ended December 31, 2017. The Company’s net asset value (“NAV”) was $6.56 per share as of March 31, 2018, compared to $6.60 as of December 31, 2017.
On May 17, 2018, the Board of Directors declared a distribution of $0.15 per share, payable on July 6, 2018 to shareholders of record as of June 21, 2018.
Mr. James Zelter, Director, commented, “Today’s executive officer appointments reflect the valuable contributions that Howard and Tanner have made implementing AINV's portfolio repositioning strategy over the past two years. I look forward to continuing to work with them as a Director of the Company and as Co-President of Apollo Global Management.” Mr. Zelter continued, “We are happy to announce changes to our fee structure which we believe more closely aligns the incentives of our manager with the interests of our shareholders and reflects our confidence in the strength of our business. The combination of our new fee structure and our active stock repurchase program demonstrate our commitment to creating value for our shareholders.”
Mr. Howard Widra, Apollo Investment’s newly appointed Chief Executive Officer commented, “I am very pleased to be taking on the CEO role as we near the completion of our portfolio repositioning plan. We thank Jim for his contributions as CEO and we are delighted that we will continue to benefit from his strategic insights and counsel as a Director of the company.” Mr Widra continued, “With the recent passage of The Small Business Credit Availability Act, we believe that we will be able to accelerate our de-risking investment strategy. As previously announced, we intend to use the incremental investment capacity to invest in lower risk assets which we believe to be in the best interests of all of our constituents.”
EXECUTIVE OFFICER APPOINTMENTS
The Company announced today that it has made two executive officer appointments. Mr. Howard Widra, who has served as President of the Company since June 2016 has been appointed Chief Executive Officer, succeeding Mr. James Zelter, who has served as Chief Executive Officer since 2006. Mr. Zelter will continue to serve as a Director and Mr. Widra has been named a Director. Mr. Tanner Powell has been appointed President of Company filling the vacancy created by Mr. Widra’s appointment. Mr. Powell will also continue to serve as Chief Investment Officer for the Company’s Investment Adviser. These appointments reflect Messrs. Widra and Powell’s ongoing contributions to the successful execution of the Company’s portfolio repositioning plan over the past two years.
Howard Widra
Mr. Howard Widra has been with Apollo Global Management, LLC and/or its affiliates since 2013. He was appointed Chief Executive Officer of Apollo Investment Corporation in May 2018 and previously served as President of Apollo Investment Corporation since June 2016. Mr. Widra is a co-founder of MidCap Financial, an $8 billion specialty finance business, and was formerly its Chief Executive Officer. Prior to MidCap, Mr. Widra was the founder and President of Merrill Lynch Capital Healthcare Finance. Prior to Merrill Lynch, Mr. Widra was President of GE Capital Healthcare Commercial Finance and held senior roles in its predecessor entities including President of Heller Healthcare Finance, and COO of Healthcare Financial Partners. Mr. Widra holds a J.D., Cum Laude, from the Harvard Law School and a B.A. from the University of Michigan.
Tanner Powell
Mr. Tanner Powell has been with Apollo Global Management, LLC since 2006. He was appointed President of Apollo Investment Corporation in May 2018 and has served as Chief Investment Officer for Apollo Investment Management, L.P., the Investment Adviser for Apollo Investment Corporation since June 2016. From 2004 to 2006, Mr. Powell served as an analyst in Goldman Sachs’ Principal Investment Area (PIA), concentrating on mezzanine investing. From 2002 to 2004, Mr. Powell was an analyst in the Industrials group at Deutsche Bank. Mr. Powell holds a B.A. from Princeton University.
(1) The Company announced that on April 4, 2018, its board of directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. (2) Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. (3) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. FINANCIAL HIGHLIGHTS
($ in billions, except per share data) March 31,
2018
December 31,
2017
September 30,
2017 June 30,
2017 March 31,
2017 Total assets $ 2.31 $ 2.42 $ 2.45 $ 2.49 $ 2.41 Investment portfolio (fair value) $ 2.25 $ 2.35 $ 2.36 $ 2.42 $ 2.32 Debt outstanding $ 0.79 $ 0.88 $ 0.86 $ 0.92 $ 0.85 Net assets $ 1.42 $ 1.44 $ 1.47 $ 1.48 $ 1.48 Net asset value per share $ 6.56 $ 6.60 $ 6.72 $ 6.73 $ 6.74 Debt-to-equity ratio 0.56 x 0.61 x 0.59 x 0.62 x 0.57 x Net leverage ratio (1) 0.57 x 0.62 x 0.59 x 0.62 x 0.55 x (1) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. PORTFOLIO AND INVESTMENT ACTIVITY
Three Months Ended March 31, Year Ended March 31, (in millions)* 2018 2017 2018 2017 Investments made in portfolio companies $ 243.3 $ 149.4 $ 1,049.4 $ 601.1 Investments sold (119.3 ) (38.4 ) (189.0 ) (219.5 ) Net activity before repaid investments 124.0 111.0 860.3 381.6 Investments repaid (238.1 ) (306.4 ) (964.9 ) (875.2 ) Net investment activity $ (114.1 ) $ (195.4 ) $ (104.6 ) $ (493.6 ) Portfolio companies at beginning of period 86 85 86 89 Number of new portfolio companies 8 13 39 37 Number of exited portfolio companies (4 ) (12 ) (35 ) (40 ) Portfolio companies at end of period 90 86 90 86 Number of investments made in existing portfolio companies 19 10 28 26 * Totals may not foot due to rounding. OPERATING RESULTS
Three Months Ended
March 31,
Year Ended March 31, (in millions)* 2018 2017 2018 2017 Net Investment Income $ 31.9 $ 37.3 $ 133.4 $ 149.2 Net Realized and Change in Unrealized Losses (11.3 ) (29.2 ) (46.4 ) (130.9 ) Net Increase in Net Assets Resulting from Operations $ 20.6 $ 8.1 $ 87.0 $ 18.4 (per share)* (1) Net Investment Income $ 0.15 $ 0.17 $ 0.61 $ 0.67 Net Realized and Change in Unrealized Losses $ (0.05 ) $ (0.13 ) $ (0.21 ) $ (0.59 ) Earnings per share — basic $ 0.10 $ 0.04 $ 0.40 $ 0.08 * Totals may not foot due to rounding. (1) Based on the weighted average number of shares outstanding for the period presented. SHARE REPURCHASE PROGRAM
During the three months ended March 31, 2018, the Company repurchased 1,943,858 shares at a weighted average price per share of $5.73, inclusive of commissions, for a total cost of $11.1 million.
Since the inception of the share repurchase program and through May 17, 2018, the Company repurchased 20,429,255 shares at a weighted average price per share of $5.88, inclusive of commissions, for a total cost of $120.1 million, leaving a maximum of $29.9 million available for future purchases under the current Board authorization of $150 million.
CONFERENCE CALL / WEBCAST AT 10:00 AM EDT ON MAY 18, 2018
The Company will host a conference call on Friday, May 18, 2018 at 10:00 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID #8595008 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Event Calendar in the Investor Relations section of our website at www.apolloic.com . Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through June 8, 2018 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID # 8595008. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Event Calendar in the Investor Relations section of the Company’s website at www.apolloic.com .
SUPPLEMENTAL INFORMATION
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available on the Investor Relations section of the Company’s website at www.apolloic.com .
Our portfolio composition and weighted average yields as of March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017, and March 31, 2017, were as follows:
March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 Portfolio composition, at fair value: Secured debt 82% 81% 80% 77% 75% Unsecured debt 5% 5% 5% 7% 7% Structured products and other 3% 4% 5% 6% 7% Preferred equity 1% 1% 1% 1% 1% Common equity/interests and warrants 9% 9% 9% 9% 10% Weighted average yields, at amortized cost (1): Secured debt portfolio (2) 10.7% 10.5% 10.3% 10.2% 10.2% Unsecured debt portfolio (2) 11.3% 11.2% 11.2% 11.1% 11.1% Total debt portfolio (2) 10.7% 10.5% 10.3% 10.3% 10.3% Total portfolio (3) 9.6% 9.6% 9.7% 9.7% 8.7% Interest rate type, at fair value (4): Fixed rate amount $0.1 billion $0.1 billion $0.1 billion $0.2 billion $0.2 billion Floating rate amount $1.2 billion $1.3 billion $1.2 billion $1.2 billion $1.1 billion Fixed rate, as percentage of total 8% 8% 9% 14% 16% Floating rate, as percentage of total 92% 92% 91% 86% 84% Interest rate type, at amortized cost (4): Fixed rate amount $0.1 billion $0.1 billion $0.1 billion $0.2 billion $0.2 billion Floating rate amount $1.2 billion $1.2 billion $1.2 billion $1.1 billion $1.0 billion Fixed rate, as percentage of total 8% 9% 9% 15% 17% Floating rate, as percentage of total 92% 91% 91% 85% 83% | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-apollo-investment-corporation-reports-financial-results-for-the-quarter-and-fiscal-year-ended-marcha31-2018-announces.html |
Drew Angerer | Getty Images Traders and financial professionals work on the floor of the New York Stock Exchange.
The U.S. may be close to the peak of its earnings cycle, but earnings still have room to climb — and markets are failing to reflect that potential, according to asset manager NN Investment Partners (NNIP).
Investors seem to have reacted with near indifference to an objectively strong corporate earnings season. Reuters calculated that first quarter earnings were expected to increase 27 percent from the first quarter of 2017.
Of the 465 companies in the S&P 500 index that reported earnings up to May 18, about 80 percent reported earnings above analyst expectations, the wire agency reported. As for revenues, 75.2 percent of companies reported first quarter 2018 revenue above analysts' expectations.
But stock market averages are barely higher than they were at the beginning of the season — as of Tuesday, the S&P 500 was a negligible 0.6 percent higher than it was at the year's start.
Netherlands-based NNIP, in a research note Tuesday, described the market response so far as "lukewarm." Analysts have put this down to earnings expectations being priced-in, a record bull climb in 2017 that couldn't be sustained, and expectations of Federal Reserve monetary policy tightening along with trade war fears. show chapters 5:02 PM ET Tue, 1 May 2018 | 04:26
Still, the investment firm predicts the U.S. may well be able to sustain its earnings levels for some time.
"This looks like a typical late cycle phenomenon. Investors are looking for signs that the earnings cycle is near its peak, which in absolute earnings growth terms is likely," said Patrick Moonen, principal strategist multi asset at NN IP, noting that next year growth will fall back towards single-digit territory.
Nonetheless, he added: "At the same time, there are indications that while we are in late cycle it is not down-cycle — since mid-April, the momentum in sales and gross operating profit are accelerating again."
Moonen said that wage growth has been muted despite unemployment falling below 4 percent, therefore not putting a major strain on profits.
Investors have expressed bewilderment at the current market. Barings CEO Tom Finke, who heads up the firm's $304 billion in assets under management, called it "a very strange recovery." He said: "We have sectors that are dying and industries that have grown dramatically, and valuations that seem unrealistic... but Amazon keeps growing." The reference to the tech giant was a nod to its more than 34 percent stock price increase since the start of this year.
But while NNIP seems confident about the road ahead for corporate earnings, others are not so keen on holding onto equities in the current climate.
"Take your money off the table," Cross Border Capital Chief Executive Michael Howell told CNBC's "Squawk Box Europe" on Tuesday . He warned that rising bond yields and a flattening yield curve, which mean higher borrowing costs and indicate negative investor sentiment toward short-term lending, respectively, should make those invested in equities "very worried."
Other investors have cautioned against underestimating the impact of quantitative tightening, as central banks gradually raise interest rates from post-financial crisis lows. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/markets-fail-to-appreciate-how-much-further-earnings-have-to-grow.html |
May 25, 2018 / 2:08 AM / Updated 3 hours ago Hawaii helicopter evacuation readied as new lava stream hits ocean Marco Garcia 3 Min Read
PAHALA, Hawaii (Reuters) - A third lava flow from Hawaii’s erupting Kilauea volcano streamed into the ocean on Thursday as U.S. Marine Corps helicopters stood by to evacuate a Big Island community should molten rock or huge cracks block its final escape route.
Six huge fissures sent rivers of molten rock through a blackened, volcanic wilderness that was once jungle, farmland and rural homes.
Kilauea, one of the world’s most active volcanoes, entered the fourth week of what may be an unprecedented, simultaneous eruption at its summit crater and along a six-mile (9.7-km) string of fissures 25 miles (40 km) down its east flank.
At least 50 rural homes and other structures have been destroyed by lava from fissures in a small area of the Big Island. Some 2,000 people have faced mandatory evacuations and another 2,000 in coastal communities may be forced to leave their homes if State Highway 130, their last exit, becomes blocked.
The U.S. Marine Corps deployed two CH-53E Super Stallion helicopters to Hilo, about 24 miles north (39 miles), in support of a task force standing by in case an air evacuation is needed. Each helicopter can carry up to 50 people at a time.
“We now have the capacity to evacuate all of the estimated population of lower Puna south of the lava flow within a few hours,” Brigadier General Kenneth Hara of the Hawaii National Guard said in a statement.
Road crews dumped material into cracks on the road and covered them with steel plates in an effort to keep the highway open. Sarah Conway, left, and Matt Patrick, both from USGS Hawaiian Volcanos, observe lava erupting from a fissure in the Leilani Estates near Pahoa, Hawaii, May 24, 2018. REUTERS/Marco Garcia
“Talks and discussions have been underway for possible air evacuations if it did come to that,” Tim Sakahara, Hawaii Department of Transportation, told reporters in a conference call.
Up at Kilauea’s 4,091-foot (1,246-meter) summit, at least 12 explosions a day on average are pumping ash plumes thousands of feet (meters) into the sky. Ash drifted up to 26 miles (42 km)southwest to dust the black sands of Punaluu beach with gray powder before blowing out to sea.
Down on the east flank of the volcano, six fissures re-erupted in lava fountains, as volcanic activity moved west towards Highway 130.
Geologists said that after three weeks of escalating activity, Kilauea volcano has entered a “steady state” of eruption.
“It’s probably going to do this for a little while longer,” said U.S. Geological Survey scientist Wendy Stovall on the conference call, describing the stage of the eruption as the “middle” or “kind of the steady state.” Slideshow (3 Images)
While a roughly 10-square-mile (26-sq-km) area of the Puna district has been ravaged, authorities stressed the eruption was having limited effects on the Texas-sized island that is a major tourist destination.
Norwegian Cruise Line said it would reinstate port calls to the island’s two largest cities, Kona and Hilo, after cancelling them in recent weeks. Crystal Symphony cruises also said it planned to return to the two ports after cancelling a Wednesday Hilo stop due to “an abundance of caution.” Additional reporting by Jolyn Rosa in Honolulu and Marco Garcia in Pahala, Hawaii; Writing and additional reporting by Andrew Hay; Editing by Bill Tarrant and Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hawaii-volcano/hawaii-helicopter-evacuation-readied-as-new-lava-stream-hits-ocean-idUKKCN1IQ083 |
(Reuters) - Softbank Group ( 9984.T ) subsidiary ARM Holdings will cede control of its Chinese operations to a new joint venture involving itself and Chinese partners, Nikkei reported, citing people familiar with the matter.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo The joint venture started operations in April and plans an initial public offering on one of the country’s stock exchanges, the Nikkei reported.
The new unit called ARM mini China is officially registered in the Chinese city of Shenzhen and is 51 percent owned by Chinese investors, including state-backed entities, with the British chipmaker controlling the remaining 49 per cent, the report said. s.nikkei.com/2jnQqr1
The IPO plan is likely to receive fast-track approval from regulators, Nikkei reported, citing sources.
SoftBank and ARM Holdings were not immediately available for comment.
SoftBank acquired ARM, Britain’s most valuable technology company, for $32 billion in 2016 in an all-equity deal.
Reporting by Mekhla Raina in Bengaluru; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-softbank-group-china-jointventure/softbanks-arm-cedes-control-of-chinese-operations-to-local-joint-venture-nikkei-idUSKBN1I24LO |
May 3, 2018 / 11:35 AM / Updated 3 hours ago Impact of 'Chinese overcapacity' on global trade is exaggerated, study finds Tom Miles 3 Min Read
GENEVA (Reuters) - The concept of global excess capacity, commonly used to support the creation of trade defences against China, is imprecise and unsound as a justification for U.S. protectionism, a study by a Swiss-based trade watchdog said on Thursday. FILE PHOTO: A labourer works inside an electronics factory in Qingdao, Shandong province, China January 29, 2018. REUTERS/William Hong/File Photo
Global Trade Alert, an initiative coordinated by Simon Evenett, professor of international trade at St Gallen University in Switzerland, sought to quantify excess capacity, especially in steel, and the damage to global trade.
Its report, by Evenett and Johannes Fritz, a research fellow at St Gallen, found that there was no compelling case for governments to get upset about global excess capacity in manufacturing.
“On examination, it turns out that the phrase excess capacity is slippery — rhetorically useful, but hard to pin down, even harder to operationalise, and at the same time woefully misleading.”
The United States, the European Union and Japan have accused China of trading unfairly by subsidising bloated steel and aluminium sectors and flooding the world with cheap exports.
U.S. President Donald Trump has used China’s mammoth steel and aluminium sectors as justification for imposing tariffs on global supplies, causing an outcry from many countries.
Global Trade Alert has catalogued global trade policies since 2009 to gauge trends in protectionism, following a pledge by the G20 group of countries in November 2008 not to resort to trade protectionism as a response to the financial crisis.
There was no question that the steel sector was plagued by trade distortions, the study said, but G20 governments had grossly under-reported their own use of trade-distorting policies.
“Even before the recent steel tariffs were imposed by the U.S., the cumulative effect of the 144 American actions to limit steel imports still in effect today covered 96.8 percent of U.S. steel imports,” the report said.
Targeting excess steel capacity was “a fool’s errand”, because measuring it was very difficult, and estimates of China’s steel production capacity varied enormously, it said.
Drawing on Chinese and U.S. sources, the study said other sectors thought to have overcapacity included glass, shipbuilding, base metals, paper, chemicals, batteries and footwear.
But for most of those, Chinese overcapacity had little impact on global trade, the study said. China’s exports of those products accounted for only a small proportion of its total exports and less than 2 percent of G20 countries’ manufacturing imports, it found.
Since 2005, no more than 21 percent of world trade was in sectors where China was suspected of having overcapacity, and that number had fallen from 2011 to reach 18 percent in 2016. Reporting by Tom Miles; Editing by Adrian Croft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-study/impact-of-chinese-overcapacity-on-global-trade-is-exaggerated-study-finds-idUKKBN1I41AU |
May 1, 2018 / 1:34 AM / Updated 3 hours ago Taiwan says China dangled $3 billion to grab ally Dominican Republic Jess Macy Yu , Ben Blanchard 6 Min Read
TAIPEI/BEIJING (Reuters) - China offered the Dominican Republic a $3.1 billion package of investments and loans to get them to sever ties with Taiwan, a Taiwan official said on Tuesday, after the Caribbean nation switched allegiance to China in a diplomatic blow to the self-ruled island.
China said there were no economic pre-conditions.
Taiwan, claimed by China as its own, has formal relations now with only 19 countries, many of them poor nations in Central America and the Pacific like Belize and Nauru. China says Taiwan is simply a wayward province with no right to state-to-state ties.
China and Taiwan have tried to poach each other’s allies over the years, often dangling generous aid packages in front of developing nations, though Taipei struggles to compete with an increasingly powerful China.
Panama ended its long-standing relationship with Taiwan last year in a major diplomatic victory for China. The Vatican is possibly next on the list, as the Holy See and China edge closer to an accord on the appointment of bishops in China.
The news on the Dominican Republic switch, announced in both Beijing and Santo Domingo, drew strong and swift condemnation from Taiwan Foreign Minister Joseph Wu.
“President Danilo Medina of the Dominican Republic has ignored our long-term partnership, the wishes of the people of the Dominican Republic, and the years of development assistance provided by Taiwan, to accept false promises of investment and aid by China,” Wu told reporters.
“(Taiwan) strongly condemns China’s objectionable decision to use dollar diplomacy to convert Taiwan’s diplomatic allies. Beijing’s attempts at foreign policy have only served to drive a wedge between the people on both sides of the Taiwan Strait, erode mutual trust and further harm the feelings of the people of Taiwan.”
A Taiwan Foreign Ministry official, speaking on condition of anonymity, told Reuters that, according to initial calculations, China dangled at least a $3.1 billion package of investments, financial assistance and low-interest loans for the Dominican Republic, which shares an island with Haiti to the west.
That included $400 million for a new freeway, $1.6 billion for infrastructure projects and $300 million for a new natural gas power plant.
“It was a cost that Taiwan could not match,” the official said.
China’s Foreign Ministry said the move was a political one with no economic pre-conditions, but that now they have established ties, China will “proactively promote mutually beneficial cooperation in all areas”.
A person who answered the telephone at the Dominican Republic’s Beijing representative office said it did not know about the situation and declined further comment.
China has stepped up the pressure on Taiwan since the 2016 election of Tsai Ing-wen, from the pro-independence Democratic Progressive Party, as president. Beijing fears she will push for Taiwan’s formal independence, but Tsai says she wants to maintain the status quo.
The Dominican Republic had been a diplomatic ally of the Republic of China - Taiwan’s official name - for 77 years, including when the government ruled all of China before being forced to Taiwan in 1949 after losing a civil war to the Communists. China's State Councilor and Foreign Minister Wang Yi and Dominican Republic's Chancellor Miguel Vargas attend a signing ceremony in Beijing, China, May 1, 2018. REUTERS/Damir Sagolj/Pool
Taiwan’s presidential office said that despite the severe challenges, the government would not bow its head in pressure to Beijing, and vowed to do all it could to protect Taiwan’s interests.
The Taiwan official said the Dominican Republic move was not unexpected.
“We’ve always known things were not looking rosy here,” the official said. GROWTH POTENTIAL IMMENSE
The Chinese government’s top diplomat, State Councillor Wang Yi, lauded the decision as in line with the trend of the times and history, in comments to reporters in Beijing at a hastily arranged news conference.
“This important and correct decision by the Dominican Republic absolutely accords with the basic interests of the country and its people,” Wang said. “We highly appreciate this.”
The Dominican Republic said it had taken the decision after a long process of consultation, taking its needs and potential into account, according to a statement on the president’s website.
It said that even without formal diplomatic ties, China was already its second largest supplier of imported products.
“Of course we know that now we’re establishing diplomatic relations, the growth potential of our trade links is immense,” presidential legal adviser Flavio Dario Espinal said.
Espinal said that the government was grateful to Taiwan.
“We are deeply grateful for the cooperation we’ve shared for years,” he said. “However, history and the socioeconomic reality force us now to change direction.”
In Taipei, Wu said China had failed to follow through on its promises to former Taiwan diplomatic allies, including $140 million in aid to the small West African country of Sao Tome and Principe in late 2016.
“Developing nations should be aware of the danger of falling into a debt trap when engaging with China,” he said. Slideshow (8 Images)
Neither Wang, nor Dominican Republic Foreign Minister Miguel Vargas Maldonado, who stood by his side at the Beijing news conference, took questions from reporters.
Speaking in March, Wang said it was in the best interests of Taiwan’s few remaining diplomatic allies to recognise an “irresistible trend” and ditch Taipei in favour “one China” ruled by Beijing. Reporting by Jessica Macy Yu and Ben Blanchard; Josephine Mason in BEIJING, Fabian Hamacher in TAIPEI and Frank Jack Daniel in MEXICO CITY; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-dominicanrepublic-taiwan/taiwan-condemns-chinas-deal-to-establish-ties-with-dominican-republic-idUKKBN1I22LK |
May 2, 2018 / 10:41 AM / Updated 7 hours ago Surging costs hit IndiGo-owner InterGlobe's fourth-quarter profit Reuters Staff 2 Min Read
(Reuters) - InterGlobe Aviation Ltd, owner of India’s top carrier IndiGo, reported a 73 percent slump in fourth-quarter profit on Wednesday, dragged down by higher expenses and fuel costs. Women spread fryums for drying on a rooftop as an IndiGo Airlines aircraft moves on the runway after landing at the Sardar Vallabhbhai Patel international airport in Ahmedabad, July 6, 2017. REUTERS/Amit Dave/Files
Total expenses jumped 30.2 percent to 58.91 billion rupees ($884 million), including a 33.5 percent increase in fuel costs in the January-March quarter.
Profit dropped to 1.18 billion rupees, from 4.4 billion rupees a year earlier, InterGlobe said in a statement.
IndiGo also had to cancel hundreds of flights in March when several in-flight engine failures prompted India’s aviation regulator to ground eight of the airline’s Airbus A320neo aircraft fitted with certain Pratt & Whitney engines.
The airline managed to transfer passengers to other flights, however, minimising revenue losses.
Revenue per available seat kilometre - a measure of its operating earnings - fell over three percent to 3.40 rupees in January-March. Passenger yields, which gauge the average fare paid per mile per customer, dropped over five percent.
However, IndiGo expects a 25 percent rise in available seat kilometres, a measure of the airline’s passenger carrying capacity, in the fiscal year that began on April 1.
The company announced on Friday that its president, Aditya Ghosh, would step down after 10 years with the company and it would consider naming Gregory Taylor, an airline sector veteran, as his successor in the coming months.
($1 = 66.6775 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/interglobe-results/interglobe-aviation-fourth-quarter-profit-plunges-73-percent-idINKBN1I31B3 |
GoPro beats on top line 1 Hour Ago 01:14 01:14 | 6:28 PM ET Thu, 29 March 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/gopro-beats-on-top-line.html |
May 2 (Reuters) - Tara Jewels Ltd:
* CFO SANJAY SETHI RESIGNS Source text - bit.ly/2w5jb4D Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-tara-jewels-cfo-sanjay-seth/brief-indias-tara-jewels-cfo-sanjay-sethi-resigns-idUSFWN1S90LM |
RENO, Nev.--(BUSINESS WIRE)-- Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado,” “ERI,” or “the Company”) today reported operating results for the first quarter
($ in thousands, except per share data) Total Net Revenue Three Months Ended March 31, 2018 2017 2017 Pre-
Acquisition(1)
2017
Total(2)
Change West $ 99,579 $ 63,488 $ 32,413 $ 95,901 3.8 % Midwest 100,795 - 105,958 105,958 (4.9 )% South 122,800 32,560 98,881 131,441 (6.6 )% East 116,891 106,287 8,727 115,014 1.6 % Corporate and Other 127 58 181 239 (46.9 )% Total Net Revenue (3) $ 440,192 $ 202,393 $ 246,160 $448,553 (1.9 )% ($ in thousands, except per share data) Operating Income Three Months Ended March 31, 2018 2017 2017 Pre-
Acquisition(1)
2017
Total(2)
Change West $ 10,139 $ 1,355 $ 6,816 $ 8,171 24.1 % Midwest 26,676 - 24,182 24,182 10.3 % South 13,359 5,918 19,347 25,265 (47.1 )% East 19,131 15,034 (875 ) 14,159 35.1 % Corporate and Other (15,111 ) (8,279 ) (6,261 ) (14,540 ) 3.9 % Total Operating Income (3) $ 54,194 $ 14,028 $ 43,209 $ 57,237 (5.3 )% ($ in thousands, except per share data) Adjusted EBITDA Three Months Ended March 31, 2018 2017 2017 Pre-
Acquisition(1)
2017
Total(2)
Change West $ 18,424 $ 6,158 $ 9,591 $ 15,749 17.0 % Midwest 34,515 - 34,170 34,170 1.0 % South 32,217 7,850 23,699 31,549 2.1 % East 26,180 24,070 (162 ) 23,908 9.5 % Corporate and Other (7,792 ) (4,794 ) (4,267 ) (9,061 ) (14.0 )% Total Adjusted EBITDA (4) $ 103,544 $ 33,284 $ 63,031 $ 96,315 7.5 % Net Income $ 20,855 $ 945 Basic EPS $ 0.27 $ 0.02 Diluted EPS $ 0.27 $ 0.02 1. Figures are for Isle of Capri Casinos, Inc. (“Isle”) for the three months ended March 31, 2017. Such figures were prepared by the Company to reflect Isle’s unaudited consolidated historical net revenues, operating income and Adjusted EBITDA for periods corresponding to ERI's fiscal quarterly calendar. Such figures are based on the unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP. 2. Total figures for 2017 include combined results of operations for Isle and ERI for periods preceding the date that ERI acquired Isle. Such presentation does not conform with GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company. 3. The prior period presentation has been adjusted for the adoption of Accounting Standards Codification (ASC) No. 606 “Revenue from Contracts with Customers” effective January 1, 2018 utilizing the full retrospective transition method. See reconciliation table on the last page of this release for further details. 4. Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to operating income (loss), which the Company believes is the most comparable financial measure calculated in accordance with GAAP. “Eldorado’s strong operating and financial momentum continued into 2018, as we delivered Adjusted EBITDA growth at 15 of our 20 properties in the first quarter despite challenging weather that impacted operations nearly system wide in January and February as well as our Reno operations in March,” said Gary Carano, Chairman and Chief Executive Officer of Eldorado. “First quarter Adjusted EBITDA rose 7.5% to $103.5 million despite a 1.9% net revenue decline, as our property level Adjusted EBITDA margin rose 180 basis points to 25.3% and our consolidated Adjusted EBITDA margin increased 200 basis points to 23.5%.
“Our focus on generating profitable revenue across the portfolio has benefited near-term results and further established a foundation for free cash flow growth from our regional gaming platform. We continue to emphasize customer service while we execute on margin enhancement initiatives by lowering customer acquisition, traditional advertising, food and beverage, and labor costs across our property portfolio.
“At the same time, we have generated healthy returns from targeted investments that improve our guests’ experiences and elevate our properties overall competitiveness in their markets. As part of the continuing evolution of the Reno Tri-Properties, we are building a new world-class spa at Silver Legacy. We will have substantially renovated every room at Circus Circus Reno by July and will start the first phase of 300 rooms at Silver Legacy and 42 high-end suites at Eldorado after the busy summer season. In Black Hawk we expect to renovate all 402 hotel rooms this winter. In addition, last week we announced a joint venture with the Cordish Companies for the development of a new world-class, mixed-use entertainment and hospitality destination anchored by our Isle Casino Racing Pompano Park.
“Last month, we announced the acquisition of Grand Victoria Casino in Elgin, IL and the acquisition of seven Tropicana Entertainment properties. We expect both transactions to be immediately accretive to our financial results, including free cash flow, and do not expect to make immediate significant cap-ex investment in the acquired properties. We believe the financing structure for the proposed Tropicana Entertainment acquisition represents an innovative opportunity to drive free cash flow growth and create new value for our shareholders as six of the acquired properties will be subject to a master lease agreement with a real estate investment trust. As we move through the regulatory review process in advance of the expected closings in the fourth quarter for both acquisitions, we are creating detailed integration plans. We expect our experienced management teams and operating discipline will allow us to realize the targeted synergies within the first year of our ownership of the properties. After giving effect to the acquisitions and the planned divestitures of Presque Isle Downs and Lady Luck Casino Vicksburg, our regional gaming operations will include 26 properties and will feature nearly 28,000 slot machines, more than 850 table games and approximately 12,500 hotel rooms.
“Our ability to structure accretive transactions and meet and exceed synergy targets through the application of disciplined operating principles has proven effective in growing and diversifying our operating platform and free cash flow. We believe that our return-focused investments in our portfolio, the formation of a JV to master plan and develop the area surrounding Pompano Park, and our planned acquisitions of Tropicana Entertainment and the Grand Victoria Casino, position us well to continue growing our regional gaming platform and create new value for our shareholders.”
Balance Sheet and Liquidity
At March 31, 2018, Eldorado had $183.1 million in cash and cash equivalents and $3.7 million in restricted cash. Outstanding indebtedness at March 31, 2018 totaled $2.2 billion, with no amounts outstanding on the Company’s revolving credit facility. Capital expenditures in the first quarter of 2018 totaled $21.3 million.
Summary of 2018 First Quarter Region Results
On February 18, 2018, Eldorado announced that the Company entered into definitive agreements to sell Lady Luck Casino Vicksburg and Presque Isle Downs & Casino. The Lady Luck Casino Vicksburg sale is expected to be completed in the second or third quarter of 2018 and the sale of Presque Isle Downs & Casino is expected to be completed in the second half of 2018. The property results will be included in continuing operations until the respective transactions are completed.
West Region (Reno Tri-Properties, Isle Casino Hotel Black Hawk and Lady Luck Casino Black Hawk)
Net revenue for the West Region properties for the quarter ended March 31, 2018 increased approximately 3.8% to $99.6 million compared to $95.9 million in the prior-year period, while operating income rose to $10.1 million from $8.2 million in the year-ago quarter. Adjusted EBITDA increased 17.0% to $18.4 million reflecting an Adjusted EBITDA margin of 18.5% compared to Adjusted EBITDA of $15.7 million on an Adjusted EBITDA margin of 16.4% in the prior-year period. Adjusted EBITDA increased year over year at the Reno Tri-Properties and at both Isle Black Hawk and Lady Luck Black Hawk, with the combined Adjusted EBITDA margin for the Black Hawk properties exceeding 30% for the third consecutive quarter.
Midwest Region (Isle Casino Waterloo, Isle Casino Bettendorf, Isle of Capri Casino Boonville, Isle Casino Cape Girardeau, Lady Luck Casino Caruthersville and Isle of Capri Casino Kansas City)
Net revenue for the Midwest Region properties for the quarter ended March 31, 2018 decreased approximately 4.9% to $100.8 million compared to $106.0 million in the prior-year period, while operating income rose to $26.7 million from $24.2 million in the year-ago quarter. Adjusted EBITDA rose approximately 1.0% to $34.5 million as the Adjusted EBITDA margin for the segment rose 200 basis points to 34.2%. Adjusted EBITDA increased year over year at four of the six Midwest Region properties and was essentially flat at another property. Adjusted EBITDA for the Midwest Region in the prior-year period was $34.2 million reflecting an Adjusted EBITDA margin of 32.2%.
South Region (Isle Casino Racing Pompano Park, Eldorado Shreveport, Isle of Capri Casino Lula, Lady Luck Casino Vicksburg and Isle of Capri Lake Charles)
Net revenue for the South Region properties for the quarter ended March 31, 2018 declined approximately 6.6% to $122.8 million compared to $131.4 million in the prior-year period, while operating income decreased to $13.4 million from $25.3 million in the year-ago quarter. The decrease in operating income for the first quarter 2018 reflects a $9.8 million impairment charge for Lady Luck Casino Vicksburg. Adjusted EBITDA increased 2.1% to $32.2 million as the Adjusted EBITDA margin for the segment rose 220 basis points to 26.2%. Adjusted EBITDA for the South Region in the prior-year period was $31.5 million reflecting an Adjusted EBITDA margin of 24.0%. Adjusted EBITDA for Isle of Capri Lake Charles increased more than 19% as the Company continues to execute on opportunities for significant improvement following the termination of the sale agreement for the property in the 2017 fourth quarter.
East Region (Presque Isle Downs and Casino, Lady Luck Casino Nemacolin, Eldorado Scioto Downs Racino and Mountaineer Casino, Racetrack and Resort)
Net revenue for the East Region properties for the quarter ended March 31, 2018 increased approximately 1.6% to $116.9 million compared to $115.0 million in the prior-year period, while operating income grew to $19.1 million from $14.2 million in the year-ago quarter. Adjusted EBITDA for the East Region rose 9.5% to $26.2 million compared to Adjusted EBITDA of $23.9 million in the prior-year period as the East Region’s Adjusted EBITDA margin improved 160 basis points to 22.4%. Eldorado Scioto Downs generated Adjusted EBITDA growth for the thirteenth consecutive quarter.
Reconciliation of GAAP Measures to Non-GAAP Measures
Adjusted EBITDA (defined below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. Adjusted EBITDA represents operating income (loss) before depreciation and amortization, stock based compensation, transaction expenses, severance expense, costs associated with the Vicksburg and Presque sales, impairment charges, equity in income of unconsolidated affiliates, (gain) loss on the sale or disposal of property and equipment, and other regulatory gaming assessments, including the impact of the change in regulatory reporting requirements, to the extent that such items existed in the periods presented. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States (“US GAAP”), is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.
First Quarter Conference Call
Eldorado will host a conference call at 4:30 p.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/457-2664, conference ID 7597773 (domestic and international callers). Participants can also access a live webcast of the call through the “Events & Presentations” section of Eldorado’s website at http://www.eldoradoresorts.com/ and a replay of the webcast will be archived on the site for 90 days following the live event.
About Eldorado Resorts, Inc.
Eldorado Resorts is a leading casino entertainment company that owns and operates twenty properties in ten states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. In aggregate, Eldorado’s properties feature approximately 21,000 slot machines and VLTs and 600 table games, and over 7,000 hotel rooms. On April 16, 2018, the Company announced that it entered into acquisition agreements for Tropicana Entertainment Inc. and the Grand Victoria Casino in Elgin, IL. The transactions are expected to close in the 2018 fourth quarter. For more information, please visit www.eldoradoresorts.com .
Forward-Looking Statements
This press release includes “ ” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results expressed in the which are included elsewhere in this press release. Such risks, uncertainties and other important factors include, but are not limited to: our ability to obtain required regulatory approvals (including approval from gaming regulators and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976) and satisfy or waive other closing conditions to consummate the acquisition of Tropicana and the Grand Victoria Casino and the disposition of Presque Isle Downs and Lady Luck Casino Vicksburg on a timely basis; the possibility that the one or more of such transactions do not close on the terms described herein or that we are required to modify aspects of one or more of such transactions to obtain regulatory approval; our ability to promptly and effectively implement our operating strategies at the acquired properties and integrate our business and the business of the acquired companies to realize the synergies contemplated by the proposed acquisitions; our ability to obtain debt financing on the terms expected, or at all, and timely receive proceeds from the sale of Presque Isle Downs and Lady Luck Casino Vicksburg to fund the acquisitions; the possibility that the business of Tropicana or the Grand Victoria Casino may suffer as a result of the announcement of the acquisition; our ability to retain key employees of the acquired companies; the outcome of legal proceedings that may be instituted as a result of the proposed transactions; our substantial indebtedness and the impact of such obligations on our operations and liquidity; competition; sensitivity of our operations to reductions in discretionary consumer spending and changes in general economic and market conditions; governmental regulations and increases in gaming taxes and fees in jurisdictions in which we operate; and other risks and uncertainties described in our reports on Form 10-K, Form 10-Q and Form 8-K.
In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.
ELDORADO RESORTS, INC.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2018 2017 (1) REVENUES: Casino $ 339,458 $ 141,554 Pari-mutuel commissions 4,070 636 Food and beverage 52,198 32,421 Hotel 30,741 19,305 Other 13,725 8,477 Net revenues 440,192 202,393 EXPENSES: Casino 165,850 79,981 Pari-mutuel commissions 3,701 1,207 Food and beverage 44,776 26,018 Hotel 12,506 9,079 Other 7,405 6,169 Marketing and promotions 21,301 10,129 General and administrative 74,202 31,800 Corporate 11,569 6,574 Impairment charges 9,815 — Depreciation and amortization 31,534 15,604 Total operating expenses 382,659 186,561 (LOSS) GAIN ON SALE OR DISPOSAL OF PROPERTY AND EQUIPMENT (706) 32 TRANSACTION EXPENSES (2,548) (1,614) EQUITY IN LOSS OF UNCONSOLIDATED AFFILIATES (85) (222) OPERATING INCOME 54,194 14,028 OTHER INCOME (EXPENSE): Interest expense, net (31,251) (12,670) Total other expense (31,251) (12,670) NET INCOME BEFORE INCOME TAXES 22,943 1,358 PROVISION FOR INCOME TAXES (2,088) (413) NET INCOME $ 20,855 $ 945 Net Income per share of Common Stock: Basic $ 0.27 $ 0.02 Diluted $ 0.27 $ 0.02 Weighted Average Basic Shares Outstanding 77,353,730 47,120,751 Weighted Average Diluted Shares Outstanding 78,080,049 48,081,281 1. The prior period presentation has been adjusted for the adoption of Accounting Standards Codification (ASC) No. 606 “Revenue from Contracts with Customers” effective January 1, 2018 utilizing the full retrospective transition method. See reconciliation table on the last page of this release for further details. ELDORADO RESORTS, INC.
SUMMARY INFORMATION AND RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
($ in thousands)
Three Months Ended March 31, 2018 Operating Income
(Loss)
Depreciation and
Amortization
Stock-Based Compensation
Transaction Expenses (3)
Other (4) Adjusted EBITDA
West $ 10,139 $ 8,189 $ 63 $ — $ 33 $ 18,424 Midwest 26,676 7,645 44 — 150 34,515 South 13,359 8,531 25 — 10,302 32,217 East 19,131 6,049 5 — 995 26,180 Corporate and Other (15,111) 1,120 3,542 2,548 109 (7,792) Total $ 54,194 $ 31,534 $ 3,679 $ 2,548 $ 11,589 $ 103,544 Three Months Ended March 31, 2017 (5) Operating Income
(Loss)
Depreciation and
Amortization
Stock-Based Compensation
Transaction Expenses (3)
Other (4) Adjusted EBITDA
Excluding Pre-Acquisition: West $ 1,355 $ 4,643 $ — $ — $ 160 $ 6,158 Midwest — — — — — — South 5,918 1,932 — — — 7,850 East 15,034 8,880 — — 156 24,070 Corporate and Other (8,279) 149 1,733 1,614 (11) (4,794) Total Excluding Pre-Acquisition $ 14,028 $ 15,604 $ 1,733 $ 1,614 $ 305 $ 33,284 Pre-Acquisition (1): West $ 6,816 $ 2,769 $ 6 $ — $ — $ 9,591 Midwest 24,182 9,951 37 — — 34,170 South 19,347 4,252 26 74 — 23,699 East (875) 713 — — — (162) Corporate and Other (6,261) 275 1,170 — 549 (4,267) Total Pre-Acquisition $ 43,209 $ 17,960 $ 1,239 $ 74 $ 549 $ 63,031 Including Pre-Acquisition: West $ 8,171 $ 7,412 $ 6 $ — $ 160 $ 15,749 Midwest 24,182 9,951 37 — — 34,170 South 25,265 6,184 26 74 — 31,549 East 14,159 9,593 — — 156 23,908 Corporate and Other (14,540) 424 2,903 1,614 538 (9,061) Total Including Pre-Acquisition (2) $ 57,237 $ 33,564 $ 2,972 $ 1,688 $ 854 $ 96,315 1. Figures are for Isle of Capri Casinos, Inc. (“Isle”) for the three months ended March 31, 2017. Such figures were prepared by the Company to reflect Isle’s unaudited consolidated historical net revenues, operating income and Adjusted EBITDA for periods corresponding to ERI's fiscal quarterly calendar. Such figures are based on the unaudited internal financial statements and have not been reviewed by the Company's auditors and do not conform to GAAP. 2. Total figures for 2017 include combined results of operations for Isle and ERI for periods preceding the date that ERI acquired Isle. Such presentation does not conform with GAAP or the Securities and Exchange Commission rules for pro forma presentation; however, we believe that the additional financial information will be helpful to investors in comparing current results with results of prior periods. This is non-GAAP data and should not be considered a substitute for data prepared in accordance with GAAP, but should be viewed in addition to the results of operations reported by the Company. 3. Transaction expenses represent costs related to the acquisition of Isle for the three months ended March 31, 2018 and 2017 and costs related to the acquisitions of Grand Victoria Casino and Tropicana Entertainment Inc. for the three months 4. Other is comprised of severance expense, $9.8 million in impairment charges, (gain) loss on the sale or disposal of property and equipment, equity in income of unconsolidated affiliate, other regulatory gaming assessments for the three months ended March 31, 2018 and 2017 and costs associated with the sales of Vicksburg and Presque Isle Downs for the three months 5. The prior period presentation has been adjusted for the adoption of Accounting Standards Codification (ASC) No. 606 “Revenue from Contracts with Customers” effective January 1, 2018 utilizing the full retrospective transition method. See reconciliation table on the last page of this release for further details. Reconciliation Table Three Months Ended March 31, 2017
As Reported Adjustments As Adjusted Gross Revenues $ 219,546 $ (17,153 ) $ 202,393 Promotional Allowances (18,621 ) 18,621 - Net Revenues $ 200,925 $ 1,468 $ 202,393 Operating Income (Loss) 14,149 (121 ) 14,028 Net Income (Loss) 1,021 (76 ) 945
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006357/en/
Eldorado Resorts, Inc.
Thomas Reeg, 775-328-0112
President and Chief Financial Officer
[email protected]
or
JCIR
Joseph N. Jaffoni, James Leahy
212-835-8500
[email protected]
Source: Eldorado Resorts, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-eldorado-resorts-reports-first-quarter-net-revenue-of-440-point-2-million-operating-income-of-54-point-2-million-and.html |
ARLINGTON HEIGHTS, Ill., Paylocity Holding Corporation (NASDAQ:PCTY), a cloud-based provider of payroll and human capital management software solutions, announced today financial results for the third quarter of fiscal year 2018, which ended March 31, 2018.
“We had a strong third quarter with total revenue growth of 26 percent, while also driving improved leverage across all of our key financial metrics,” said Steve Beauchamp, Chief Executive Officer of Paylocity. “The third quarter is traditionally the busiest time of the year for our Operations teams, and I was pleased with our ability to work proactively with our clients to ensure year-end tasks were completed timely and accurately. We also completed the acquisition of third-party benefits administrator BeneFLEX in the quarter, which will allow us to expand our product portfolio and provide additional solutions to our clients, prospects, and the insurance broker community.”
Third Quarter Fiscal 2018 Financial Highlights
Revenue:
Total revenue was $113.4 million, an increase of 26% from the third quarter of fiscal year 2017.
Total recurring revenue was $108.6 million, representing 96% of total revenue and an increase of 26% from the third quarter of fiscal year 2017.
Operating Income:
GAAP operating income was $20.5 million, compared to an operating income of $14.9 million in the third quarter of fiscal year 2017.
Non-GAAP operating income was $28.7 million, compared to non-GAAP operating income of $21.7 million in the third quarter of fiscal year 2017.
Net Income:
GAAP net income was $39.2 million, which includes a non-cash income tax benefit of $18.5 million, primarily related to the release of substantially all of the valuation allowance against deferred tax assets. This compares to a net income of $14.8 million for the third quarter of fiscal year 2017. Net income per share was $0.71 for the third quarter of fiscal year 2018 based on 55.0 million diluted weighted average common shares outstanding. Net income per share was $0.27 for the third quarter of fiscal year 2017, based on 54.0 million diluted weighted average common shares outstanding.
Adjusted EBITDA:
Adjusted EBITDA, a non-GAAP measure, was $35.8 million compared to Adjusted EBITDA of $26.8 million in the third quarter of fiscal year 2017.
Balance Sheet and Cash Flow:
Cash and cash equivalents totaled $129.5 million at the end of the quarter.
Cash flow from operations for the third quarter of fiscal year 2018 was $35.2 million compared to $27.9 million for the third quarter of fiscal year 2017.
A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Business Outlook
Based on information available as of May 3, 2018, Paylocity is issuing guidance for the fourth quarter and full fiscal year 2018 as indicated below.
Fourth Quarter 2018 :
Total revenue is expected to be in the range of $92.6 million to $93.6 million. Adjusted EBITDA is expected to be in the range of $14.0 million to $15.0 million.
Fiscal Year 2018 :
Total revenue is expected to be in the range of $373.5 million to $374.5 million. Adjusted EBITDA is expected to be in the range of $79.6 million to $80.6 million.
We are unable to reconcile forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.
Conference Call Details
Paylocity will host a conference call to discuss its third quarter fiscal year 2018 results at 4:00 p.m. Central Time today (5:00 Eastern Time). A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations Web site at http://www.paylocity.com . Participants who choose to call in to the conference call can do so by dialing (855) 226-3021 or (315) 625-6892, passcode 5298897. A replay of the call will be available and archived via webcast at www.paylocity.com .
About Paylocity
Paylocity is a provider of cloud-based payroll and human capital management, or HCM,
software solutions. Paylocity’s comprehensive and easy-to-use solutions enable its clients to manage their workforces more effectively. Paylocity’s solutions help drive strategic human capital decision-making and improve employee engagement by enhancing the human resource, payroll and finance capabilities of its clients. For more information, visit www.paylocity.com .
Non-GAAP Financial Measures
The company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA, adjusted gross profit, adjusted recurring gross profit, non-GAAP operating income (loss), non-GAAP sales and marketing, non-GAAP total research and development and non-GAAP general and administrative. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, and acquisition-related costs. Adjusted gross profit and adjusted recurring gross profit are adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and amortization of capitalized internal-use software costs. Non-GAAP operating income (loss) is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and acquisition-related costs. Non-GAAP sales and marketing expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises. Non-GAAP total research and development is adjusted for capitalized internal-use software costs and to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises. Non-GAAP general and administrative expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and acquisition-related costs. Please note that other companies may define their non-GAAP financial measures differently than we do. Management presents certain non-GAAP financial measures in this release because it considers them to be important supplemental measures of performance. Management uses these non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance. Management also intends to provide these non-GAAP financial measures as part of the company’s future earnings discussions and, therefore, the inclusion of the non-GAAP financial measures should provide consistency in the company’s financial reporting. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of the non-GAAP measures to their most directly comparable GAAP measures provided in this release.
Acquisition-related costs: Includes legal, accounting and other professional fees as well as various other costs directly associated with acquisitions.
Safe Harbor/forward looking statements
This press release contains that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included herein regarding Paylocity’s future operations, ability to scale its business, future financial position and performance, future revenues, projected costs, prospects, plans and objectives of management are . The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “seek” and similar expressions (or the negative of these terms) are intended to identify , although not all contain these identifying words. These include, among other things, statements about management's estimates regarding future revenues and financial performance and other statements about management’s beliefs, intentions or goals. Paylocity may not actually achieve the expectations disclosed in the , and you should not place undue reliance on Paylocity’s . These involve risks and uncertainties that could cause actual results or events to the expectations disclosed in the , including, but not limited to, risks related to regulatory, legislative and judicial uncertainty in Paylocity’s markets, including the potential repeal or replacement of the Affordable Care Act; Paylocity’s ability to retain existing clients and to attract new clients to enter into subscriptions for its services; Paylocity’s ability to sell new products and retain subscriptions for its existing products to its new and existing clients; the challenges associated with a growing company’s ability to effectively service clients in a dynamic and competitive market; challenges associated with expanding and evolving a sales organization to effectively address new geographies and products and services; Paylocity’s reliance on and ability to expand its referral network of third parties; difficulties associated with accurately forecasting revenue and appropriately planning expenses; challenges with managing growth effectively; difficulties in forecasting Paylocity’s tax position, including but not limited to the assessment of the need for a valuation allowance against its deferred tax position; potential adverse tax consequences to Paylocity as a result of the recently enacted Federal Tax Cut and Jobs Act; continued acceptance of SaaS as an effective method for delivery of payroll and HCM solutions; Paylocity’s ability to protect and defend its intellectual property; the risk that Paylocity’s security measures are compromised or the unauthorized access to customer data; unexpected events in the market for Paylocity’s solutions; changes in the competitive environment in Paylocity’s industry and the markets in which it operates; adverse changes in general economic or market conditions; changes in the employment rates of Paylocity’s clients and the resultant impact on revenue; and other risks and potential factors that could affect Paylocity’s business and financial results identified in Paylocity’s filings with the Securities (the “SEC”), including its 10-K filed with the SEC on August 11, 2017. Additional information will also be set forth in Paylocity’s future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Paylocity makes with the SEC. These represent Paylocity’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Paylocity disclaims any obligations to update or alter these in the future, whether as a result of new information, future events or otherwise.
PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Balance Sheets
(in thousands, except per share data)
June 30, March 31, Assets 2017 2018 Current assets: Cash and cash equivalents $103,468 $129,530 Accounts receivable, net 2,040 3,384 Prepaid expenses and other 14,879 16,921 Total current assets before funds held for clients 120,387 149,835 Funds held for clients 942,459 1,347,522 Total current assets 1,062,846 1,497,357 Long-term prepaid expenses 1,535 1,022 Capitalized internal-use software, net 17,394 20,002 Property and equipment, net 40,756 50,380 Intangible assets, net 8,907 13,457 Goodwill 6,003 9,754 Deferred income tax assets, net — 18,906 Total assets $1,137,441 $1,610,878 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $2,046 $2,371 Accrued expenses 30,301 35,474 Total current liabilities before client fund obligations 32,347 37,845 Client fund obligations 942,459 1,347,522 Total current liabilities 974,806 1,385,367 Deferred rent 14,621 20,963 Deferred income tax liabilities, net 401 — Total liabilities $989,828 $1,406,330 Stockholders’ equity: Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2017 and March 31, 2018 $— $— Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2017 and March 31, 2018; 51,738 shares issued and outstanding at June 30, 2017 and 52,649 shares issued and outstanding at March 31, 2018 52 53 Additional paid-in capital 192,837 209,791 Accumulated deficit (45,276 ) (5,125 ) Accumulated other comprehensive loss — (171 ) Total stockholders’ equity $147,613 $204,548 Total liabilities and stockholders’ equity $1,137,441 $1,610,878 PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share data)
Three months ended
March 31, Nine months ended
March 31, 2017 2018 2017 2018 Revenues: Recurring fees $85,314 $105,857 $212,581 $264,443 Interest income on funds held for clients 1,041 2,719 2,489 6,119 Total recurring revenues 86,355 108,576 215,070 270,562 Implementation services and other 3,918 4,831 8,879 10,349 Total revenues 90,273 113,407 223,949 280,911 Cost of revenues: Recurring revenues 22,436 26,982 62,255 76,711 Implementation services and other 9,646 11,670 28,569 33,740 Total cost of revenues 32,082 38,652 90,824 110,451 Gross profit 58,191 74,755 133,125 170,460 Operating expenses: Sales and marketing 21,242 26,004 56,988 68,782 Research and development 6,969 9,058 21,492 27,227 General and administrative 15,100 19,228 43,915 53,338 Total operating expenses 43,311 54,290 122,395 149,347 Operating income 14,880 20,465 10,730 21,113 Other income (expense) (47 ) 215 (4 ) 465 Income before income taxes 14,833 20,680 10,726 21,578 Income tax expense (benefit) 32 (18,497 ) 164 (18,573 ) Net income $14,801 $39,177 $10,562 $40,151 Other comprehensive loss, net of tax Unrealized losses on securities, net of tax — (61 ) — (171 ) Total other comprehensive loss, net of tax — (61 ) — (171 ) Comprehensive income $14,801 $39,116 $10,562 $39,980 Net income per share: Basic $0.29 $0.74 $0.21 $0.77 Diluted $0.27 $0.71 $0.20 $0.73 Weighted-average shares used in computing net income per share: Basic 51,447 52,615 51,353 52,334 Diluted 54,002 55,030 53,987 54,717 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises are included in the above line items:
Three months ended
March 31, Nine months ended
March 31, 2017 2018 2017 2018 Cost of revenue - recurring $514 $763 $1,719 $2,253 Cost of revenue - implementation services and other 373 394 1,094 1,228 Sales and marketing 1,750 1,593 5,044 5,856 Research and development 831 983 2,608 3,036 General and administrative 2,950 3,959 8,798 10,820 Total $6,418 $7,692 $19,263 $23,193 PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended
March 31, 2017 2018 Cash flows from operating activities: Net income $10,562 $40,151 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation expense 18,695 21,891 Depreciation and amortization expense 14,685 20,640 Deferred income tax expense (benefit) 127 (18,603 ) Provision for doubtful accounts 47 149 Net accretion of discounts and amortization of premiums on available-for-sale securities — (234 ) Net realized losses on sales of available-for-sales securities — 2 Loss on disposal of equipment 225 160 Changes in operating assets and liabilities: Accounts receivable (543 ) (1,278 ) Prepaid expenses and other (1,802 ) (1,678 ) Accounts payable (145 ) 429 Accrued expenses 1,484 1,762 Tenant improvement allowance - 5,952 Net cash provided by operating activities 43,335 69,343 Cash flows from investing activities: Purchases of available-for-sale securities from funds held for clients — (126,223 ) Proceeds from sales and maturities of available-for-sale securities from funds held for clients — 51,292 Net change in funds held for clients’ cash and cash equivalents 69,281 (328,462 ) Capitalized internal-use software costs (10,073 ) (11,442 ) Purchases of property and equipment (13,916 ) (9,374 ) Lease allowances used for tenant improvements — (7,086 ) Acquisition of business, net of cash acquired — (8,346 ) Net cash provided by (used in) investing activities 45,292 (439,641 ) Cash flows from financing activities: Net change in client fund obligations (69,281 ) 403,375 Proceeds from employee stock purchase plan 1,823 2,045 Taxes paid related to net share settlement of equity awards (6,215 ) (9,060 ) Net cash provided by (used in) financing activities (73,673 ) 396,360 Net Change in Cash and Cash Equivalents 14,954 26,062 Cash and Cash Equivalents—Beginning of Period 86,496 103,468 Cash and Cash Equivalents—End of Period $101,450 $129,530 Supplemental Disclosure of Non-Cash Investing and Financing Activities Purchase of property and equipment and internal–use software, accrued but not paid $1,714 $2,832 Supplemental Disclosure of Cash Flow Information Cash paid for income taxes, net of refunds $41 $17
Paylocity Holding Corporation Reconciliation of GAAP to non-GAAP Financial Measures (In thousands except per share data) Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation from gross profit to adjusted gross profit: Gross profit $ 58,191 $ 74,755 $ 133,125 $ 170,460 Amortization of capitalized internal-use software costs 2,573 3,655 6,207 10,358 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 887 1,157 2,813 3,481 Adjusted gross profit $ 61,651 $ 79,567 $ 142,145 $ 184,299 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation from total recurring revenues to adjusted recurring gross profit: Total recurring revenues $ 86,355 $ 108,576 $ 215,070 $ 270,562 Cost of recurring revenues 22,436 26,982 62,255 76,711 Recurring gross profit 63,919 81,594 152,815 193,851 Amortization of capitalized internal-use software costs 2,573 3,655 6,207 10,358 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 514 763 1,719 2,253 Adjusted recurring gross profit $ 67,006 $ 86,012 $ 160,741 $ 206,462 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation from operating income to non-GAAP operating income: Operating income $ 14,880 $ 20,465 $ 10,730 $ 21,113 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 6,418 7,692 19,263 23,193 Amortization of acquired intangibles 380 358 1,142 1,076 Acquisition-related costs - 191 - 191 Non-GAAP operating income $ 21,678 $ 28,706 $ 31,135 $ 45,573 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation from net income to Adjusted EBITDA: Net income $ 14,801 $ 39,177 $ 10,562 $ 40,151 Interest expense - - - - Income tax expense (benefit) 32 (18,497 ) 164 (18,573 ) Depreciation and amortization expense 5,582 7,202 14,685 20,640 EBITDA 20,415 27,882 25,411 42,218 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 6,418 7,692 19,263 23,193 Acquisition-related costs - 191 - 191 Adjusted EBITDA $ 26,833 $ 35,765 $ 44,674 $ 65,602 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation of non-GAAP Sales and Marketing: Sales and Marketing $ 21,242 $ 26,004 $ 56,988 $ 68,782 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 1,750 1,593 5,044 5,856 Non-GAAP Sales and Marketing $ 19,492 $ 24,411 $ 51,944 $ 62,926 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation of non-GAAP Total Research and Development: Research and Development $ 6,969 $ 9,058 $ 21,492 $ 27,227 Capitalized internal-use software costs 3,794 4,296 10,073 11,442 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 831 983 2,608 3,036 Non-GAAP Total Research and Development $ 9,932 $ 12,371 $ 28,957 $ 35,633 Three months
Ended
March 31, Nine months
Ended
March 31, 2017 2018 2017 2018 Reconciliation of non-GAAP General and Administrative: General and Administrative $ 15,100 $ 19,228 $ 43,915 $ 53,338 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 2,950 3,959 8,798 10,820 Amortization of acquired intangibles 380 358 1,142 1,076 Acquisition-related costs - 191 - 191 Non-GAAP General and Administrative $ 11,770 $ 14,720 $ 33,975 $ 41,251 Investor Contact:
Ryan Glenn
[email protected]
www.paylocity.com
Source:Paylocity | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-paylocity-announces-third-quarter-fiscal-year-2018-financial-results.html |
Community Healthcare Trust Inc:
* COMMUNITY HEALTHCARE TRUST INCORPORATED ANNOUNCES INCREASED FIRST QUARTER DIVIDEND
* COMMUNITY HEALTHCARE TRUST INC - QUARTERLY DIVIDEND, IN AMOUNT OF $0.40 PER SHARE, IS PAYABLE ON JUNE 1, 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-community-healthcare-trust-incorpo/brief-community-healthcare-trust-incorporated-announces-increased-first-quarter-dividend-idUSASC09ZSO |
in 7 minutes BRIEF-Sotherly Hotels Reports Qtrly Loss Per Share $0.02 Reuters Staff
May 8 (Reuters) - Sotherly Hotels Inc:
* SOTHERLY HOTELS INC. REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2018 * Q1 REVENUE ROSE 7.9 PERCENT
* QUARTERLY ADJUSTED FFO AVAILABLE TO COMMON HOLDERS PER SHARE AND UNIT $0.31 * QUARTERLY FFO PER SHARE AND UNIT $0.29
* SEES FY 2018 ADJUSTED FFO PER SHARE IN RANGE OF $1.04 - $1.08
* SEES FY 2018 FFO PER SHARE IN RANGE OF $1.04 - $1.07
* SEES 2018 TOTAL REVENUE BETWEEN $167.8 MILLION AND $169.1 MILLION
* SEES 2018 HOTEL EBITDA MARGIN BETWEEN 31.4 PERCENT AND 31.6 PERCENT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sotherly-hotels-reports-qtrly-loss/brief-sotherly-hotels-reports-qtrly-loss-per-share-0-02-idUSASC0A0ID |
May 10 (Reuters) - Sellas Life Sciences Group Inc:
* SELLAS LIFE SCIENCES GROUP FILES PRELIMINARY PROSPECTUS RELATED TO OFFERING OF 3.2 MILLION SHARES OF CO'S COMMON STOCK BY SELLING STOCKHOLDERS -SEC FILING Source: ( bit.ly/2I5iC0q ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sellas-life-sciences-group-files-p/brief-sellas-life-sciences-group-files-preliminary-prospectus-related-to-offering-of-3-2-mln-shares-of-common-stock-idUSFWN1SH1PZ |
JERUSALEM (Reuters) - Israel’s Defence Minister warned Syrian President Bashar al-Assad on Friday to renounce the Iranian military presence in his country, saying the activities of Assad’s staunchest regional ally would only cause “damage and problems”.
Israeli Defence Minister Avigdor Lieberman gestures as he speaks during the Herzliya Conference, in Herzliya, Israel, May 10, 2018. REUTERS/Nir Elias Speaking on a tour of the Golan Heights, the minister, Avigdor Lieberman, told Assad to beware especially of Qassem Soleimani, the head of Iran’s Quds Force, the branch of its Revolutionary Guards that oversees operations outside Iran’s borders.
“I have a message for Assad: Get rid of the Iranians, get rid of Qassem Soleimani and the Quds force, they are not helping you, they are only harming.”
“Their presence will only cause problems and damage. Get rid of the Iranians and we can, perhaps, change our mode of life here,” he said.
On Thursday, Israel accused Iran of firing rockets from Syria into the Israeli-occupied Golan Heights, the first time that Iran has attacked Israel with rockets.
Israel struck back with its heaviest air strikes in Syria since the start of the Syrian civil war in 2011, saying it had attacked nearly all of Iran’s military infrastructure.
Slideshow (3 Images) Editing by William Maclean and Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-israel-lieberman/israel-to-assad-get-rid-of-your-iranian-allies-they-will-harm-you-idINKBN1IC2CC |
A pregnancy drug banned decades ago may have side effects that linger for generations. Grandchildren of women who took it have an increased risk of attention deficit hyperactivity disorder (ADHD), a new study suggests.
The drug, a synthetic estrogen known as diethylstilbestrol (DES), was designed to prevent pregnancy complications like miscarriage and preterm delivery. As many as 10 million U.S. women may have used the drug between 1938 and 1971, when it was banned after being linked to vaginal cancers in daughters of women who used it.
Now, a new study suggests that grandchildren of women who took DES during pregnancy are 36 percent more likely to be diagnosed with ADHD than other kids.
And when women took DES during the first trimester of pregnancy, their grandchildren had 63 percent higher odds of developing ADHD, researchers report in JAMA Pediatrics.
"An exposure during pregnancy has the potential to impact multiple generations if the fetus is female, because the oocytes (aka egg cells) that will develop into the grandchildren of the pregnant woman grow while their mother is in utero," said lead study author Marianthi-Anna Kioumourtzoglou of the Mailman School of Public Health at Columbia University in New York City.
"Use of DES during pregnancy or other endocrine disrupting chemicals could thus directly impact the third generation, leading to neurodevelopmental disorders, such as ADHD," Kioumourtzoglou said by email.
Chemicals known as endocrine disruptors can interfere with the body's endocrine, or hormone, system and produce negative developmental, reproductive, neurological and immune effects. These chemicals have been used to make a wide variety of consumer products over the years, including baby bottles, metal food cans, flame retardants, detergents, pesticides and cosmetics.
A range of health problems including autism, ADHD, obesity, diabetes, heart and vascular disorders, and endometriosis have been linked to exposure to endocrine disruptors.
DES, in particular, has been linked to delays in regular menstrual cycles for granddaughters of women who used the drug during pregnancy, researchers note. Grandsons of these women also have an increased risk of hypospadias, an abnormality that occurs when the opening of the urethra doesn't develop on the tip of the penis and instead forms on the shaft or on the scrotum.
The new findings are drawn from 47,540 women in an ongoing study of U.S. nurses, including 861 women, or 1.8 percent, who used DES while pregnant.
Overall, 7.7 percent of the grandchildren of women who used DES during pregnancy were diagnosed with ADHD, compared with 5.2 percent of other grandchildren in the study. This increased risk of ADHD was similar for male and female grandkids.
The study wasn't a controlled experiment designed to prove whether or how DES exposure during pregnancy might cause ADHD generations later.
Another limitation of the study is that researchers relied on survey data from one generation - the mothers - to assess DES use in grandmothers and ADHD diagnoses in grandchildren. It's possible mothers didn't know or recall whether the grandmothers used DES while they were pregnant, the authors note.
Still, the results add to a growing body of evidence suggesting that exposure to DES and other endocrine disrupting chemicals may have effects that span generations, said Joel Nigg, author of an accompanying editorial and a psychiatry and neuroscience researcher at Oregon Health & Science University in Portland.
"The entire class of hormone/endocrine disrupting medicines and chemicals have been known or suspected to interfere with offspring development for many years," Nigg said by email.
"What is new here is the demonstration of effects to grandchildren, and the possibility that this reflects an inherited epigenetic effect," Nigg added. "That widens the sphere of possibilities for how kids' neurodevelopmental problems originate."
Even though DES is no longer prescribed, other endocrine disruptors and so-called neurotoxic chemicals that alter fetal development can still get into women's bodies from pesticides on food, beauty products, and air pollution.
Women may not always be able to avoid exposure, but reading product labels and eating organic fruits and vegetables can help minimize the risk, Nigg advised. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/banned-pregnancy-drug-tied-to-adhd-generations-later.html |
April 30 (Reuters) - Accuray Inc:
* Q3 LOSS PER SHARE $0.10 * Q3 REVENUE $99.8 MILLION VERSUS I/B/E/S VIEW $97.7 MILLION
* Q3 EARNINGS PER SHARE VIEW $-0.05 — THOMSON REUTERS I/B/E/S
* SEES 2018 REVENUE OF $395.0 MILLION TO $400.0 MILLION * COMPANY IS REAFFIRMING 2018 GROSS ORDERS GROWTH OF APPROXIMATELY 5 PERCENT YEAR OVER YEAR
* SEES 2018 ADJUSTED EBITDA OF ABOUT $18.0 MILLION TO $20.0 MILLION
* FY2018 REVENUE VIEW $398.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-accuray-q3-loss-per-share-010/brief-accuray-q3-loss-per-share-0-10-idUSASC09YAK |
EXTON, Pa., May 3, 2018 /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST) today announced that the Company's Board of Directors has approved a third-quarter 2018 dividend of $0.14 per share. The dividend will be paid on August 1, 2018, to shareholders of record as of July 18, 2018.
In addition, the Board of Directors has approved a fourth-quarter dividend of $0.15 per share, a 7.1% increase over the $0.14 per share declared for each of the four preceding quarters. This is the twenty-sixth consecutive annual increase in the Company's dividend. The fourth-quarter dividend will be paid on November 7, 2018, to shareholders of record as of October 24, 2018.
The Company also announced that management will present an overview of the business at two investor conferences in May. Management will present at the Bank of America Merrill Lynch Healthcare Conference in Las Vegas, Nevada, at 4:20 p.m. PDT on Tuesday, May 15, 2018; and at the UBS Global Healthcare Conference in New York, New York, at 1:00 p.m. EDT on Monday, May 21, 2018. A live audio webcast of the presentation and a copy of the presentation will be accessible from the Company's website at www.westpharma.com/en/investors .
About West
West Pharmaceutical Services, Inc. is a leading manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. Working by the side of its customers from concept to patient, West creates products that promote the efficiency, reliability and safety of the world's pharmaceutical drug supply. West is headquartered in Exton, Pennsylvania, and supports its customers from locations in North and South America, Europe, Asia and Australia. West's 2017 net sales of $1.6 billion reflect the daily use of approximately 112 million of its components and devices, which are designed to improve the delivery of healthcare to patients around the world.
Trademarks and registered trademarks are the property of West Pharmaceutical Services, Inc. in the United States and other jurisdictions, unless noted otherwise.
Investor Contact :
Media Contact :
Quintin Lai
Emily Denney
Vice President, Investor Relations
Vice President, Global Communications
+1-610-594-3318
+1-610-594-3035
[email protected]
[email protected]
View original content: http://www.prnewswire.com/news-releases/west-announces-third-quarter-dividend-increase-to-fourth-quarter-dividend-and-participation-in-upcoming-investor-conferences-300641582.html
SOURCE West Pharmaceutical Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-west-announces-third-quarter-dividend-increase-to-fourth-quarter-dividend-and-participation-in-upcoming-investor-conferences.html |
EMERGING MARKETS-Latin American equities follow Wall St higher amid light trading Published 11 Hours Ago Reuters
trading@
SAO PAULO, April 30 (Reuters) - Latin American markets gained modestly on Monday as a positive morning session on Wall Street and solid corporate earnings proved enough to put the region in the black amid light trade. Tuesday is the Labour Day holiday across Latin America, and markets in Argentina are closed Monday as well. Many traders in Sao Paulo and Rio de Janeiro were off on Monday, and those in the office said liquidity was low. "A lot of players are just bridging the weekend with the holiday," said one manager at a brokerage in Rio. Alexandre Soares, a trader at Sao Paulo-based BGC Liquidez, said trading volume in Brazil on Monday should come in at around 5 billion reais ($1.43 billion), less than half the average. In that context, Latin American markets were buoyed by a solid early session on Wall Street, which benefited from a string of mergers and strong earnings. Marathon Petroleum said it would buy rival Andeavor for more than $23 billion, while Sprint Corp T-Mobile US Inc said they would merge. In Brazil, the country's largest electronics retailer Via Varejo SA, was among the biggest gainers, rising 1.7 percent as traders bought back in following a series of sessions in the red amid lukewarm results last week. Planemaker Embraer SA weighed on the country's benchmark Bovespa index, falling 3 percent after posting a loss on Friday amid weak deliveries. The equities market in copper-dependent Chile was the best performing on Monday as prices for the red metal edged up on expectations of higher demand from top consumer China. A report showed a resilient Chinese economy despite a monthly decline in manufacturing activity. By early afternoon, Chile's benchmark IPSA index climbed 0.6 percent, while Mexico's IPC gained 0.3 percent. The Bovespa was down 0.2 percent after spending most of the morning modestly in the black. The Dow Jones Industrial Average Index was up 0.2 percent.
Key Latin American stock indexes and currencies at 1519 GMT:
Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1165.42 0.79 -0.19 MSCI LatAm 2997.19 -0.48 6.49 Brazil Bovespa 86278.75 -0.19 12.93 Mexico IPC 48471.04 0.39 -1.79 Chile IPSA 5721.87 0.55 2.83 Chile IGPA 28744.61 0.57 2.73 Argentina MerVal 30006.35 1.76 -0.20 Colombia IGBC 12451.77 0.24 9.51 Venezuela IBC 22632.15 1.13 1691.74 Currencies daily % YTD % change change
Latest
Brazil real 3.4857 -0.70 -4.95 Mexico peso 18.7655 -0.77 4.97 Chile peso 611.8 -0.78 0.47 Colombia peso 2802.22 0.07 6.42 Peru sol 3.244 -0.25 -0.22 Argentina peso 20.5350 0.07 -9.42
(interbank)
Argentina peso 20.83 -0.72 -7.68
(parallel) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-emerging-markets-latin-american-equities-follow-wall-st-higher-amid-light-trading.html |
May 26, 2018 / 8:44 AM / Updated 12 hours ago Suspect wounds teacher, fellow student in 23rd school shooting in 2018 Reuters Staff 3 Min Read
(Reuters) - Indiana authorities on Saturday were yet to charge and identify the student who they say was responsible for wounding a teacher and student at a middle school in what media is reporting as the 23rd shooting on a United States campus in 2018. A helicopter lands near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS
The student, who was being held by police, was armed with two handguns when he shot a science teacher and another student in a science classroom at a Noblesville West Middle School on Friday morning, police in the community 25 miles (42 km) northeast of Indianapolis said.
Police said on Friday they were investigating the shooter’s motive and how he obtained the guns. They did not detail how he was stopped, but witnesses told local media that the teacher knocked the guns away and wrestled the suspect to the floor despite being wounded.
As of early Saturday, authorities had not identified the student or filed charges against him. Police is seen near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS
The shooting, by CNN’s count, was the 23rd in the United States this year and comes just a week after a high school student in Santa Fe, Texas, shot and killed eight classmates and two teachers.
The shooting incidents in 2018 on campuses across the nation have ranged from a teacher accidentally discharging a gun during a public safety class at a California high school, injuring a student, to a mass shooting at Marjory Stoneman Douglas High School in Florida that left 17 people dead, CNN reported. Slideshow (2 Images)
The shootings have fueled debate about how to keep campuses safe.
“Here we go again ... I wish I had an answer,” Indiana State Police Superintendent Doug Carter said to reporters. “It’s another sad day.”
The suspect in Friday’s shooting had excused himself from class and came back armed with the pistols and opened fire in a science class, authorities said. Police apprehended him in the classroom.
A police guard at the school responded to the shooting, and other law enforcement officers arrived within minutes, police said in a statement.
The wounded teacher was identified as Jason Seaman, 29. The unidentified girl was in critical condition at an Indianapolis hospital, police said.
Seaman’s mother, Kristi Seaman, said on Facebook that he was shot through the abdomen, in the hip and in the forearm and was doing well after surgery. Reporting by Brendan O'Brien, editing by Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-indiana-shooting/suspect-wounds-teacher-fellow-student-in-23rd-school-shooting-in-2018-idUSKCN1IR07U |
NASA chief James Bridenstine unequivocally told a Senate panel that human activity is the primary cause of climate change, reversing his earlier skepticism, and sketched out a five-year, $52-billion lunar-exploration program.
In his first testimony on Capitol Hill following a lengthy confirmation process during which critics attacked him for controversial environmental positions, Mr. Bridenstine on Wednesday received bipartisan support for many policy priorities.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/nasa-chief-lays-out-lunar-exploration-plans-commits-to-climate-change-research-1527121030 |
Experienced Industry Leader Hired to Drive Growth Across Asia and Australasia
SINGAPORE--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) has named David I. Kim as head of sales for its Corporate and Institutional business across the Asia-Pacific (APAC) region.
Kim will lead a team of sales managers located across the region to continue to drive growth, offering Northern Trust’s innovative and comprehensive range of asset servicing solutions to institutional investors and investment managers across the region.
Located in Singapore, Kim will report to Jon Dunham, head of global sales for Northern Trust and William Mak, head of the APAC region at Northern Trust. Kim succeeds Angelo Calvitto who, earlier this year, was announced to lead Northern Trust’s business in Australasia .
Kim has more than twenty years of experience working in financial services and joins Northern Trust from BNY Mellon in Boston where he was most recently service executive and managing director overseeing a team of US asset servicing directors. In addition to working in cities across the US, Kim spent a number of years of his career based in Asia, including two years in Singapore and six years in Seoul where he was head of asset servicing for BNY Mellon, South Korea.
David holds an MBA from Boston College and a bachelor’s degree in finance and investments from Babson College.
“We are delighted to appoint David to continue to drive the momentum of Northern Trust’s business across the region,” said Mak. “We continue to see demand from institutional investors and asset managers for our bespoke, leading-edge solutions. David’s invaluable experience will ensure we remain well-positioned to best support our clients’ requirements.”
Northern Trust has an established network of 11 offices across APAC - in Australia, China, Hong Kong, India, Japan, Malaysia, Philippines, Singapore and South Korea. It has strong relationships with some of the region’s largest central banks, sovereign wealth funds, government agencies and corporations, offering a comprehensive range of customized asset servicing, asset management and capital markets solutions.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust .
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures .
http://www.northerntrust.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006087/en/
Northern Trust
Europe, Middle East, Africa & Asia-Pacific Contacts:
Camilla Greene
+44 (0) 207 982 2176
[email protected]
or
Mat Barling
+44 (0) 207 982 1445
[email protected]
or
US & Canada Contact:
John O’Connell
+1 312 444 2388
John.O’[email protected]
Source: Northern Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-northern-trust-names-new-head-of-sales-for-asia-pacific.html |
Consumer spending picking up, gasoline prices a burden 2:18pm EDT - 01:05
U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports. ▲ Hide Transcript ▶ View Transcript
U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rQyHwf | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/consumer-spending-picking-up-gasoline-pr?videoId=427180357 |
ULAANBAATAR, May 21 (Reuters) - Mongolia is preparing to invite proposals for public-private partnerships that would make a combined 38.3 trillion tugrik ($15.95 billion) in investments to support sustainable development, a government official said on Monday.
At present, Mongolia is recovering from an economic crisis rooted in a collapse in foreign investment and commodity prices, which forced it to turn to the International Monetary Fund (IMF) last year to help repay debts.
The government said that thanks to strong demand for commodities, Mongolia’s economy grew an annual 6.1 percent in 2018’s first quarter, compared with 5.1 percent last year and 1 percent in 2016.
But the landlocked nation remains desperate for funds to build the infrastructure to bring its huge copper and coal reserves to market.
“Even though we have good figures on the economy we still have issues to solve,” Zandanshatar Gombojav, chief cabinet secretary, told the Mongolian Economic Forum on Monday.
The plan to get private-public partnerships will involve 113 projects. The government has not provided details, but officials said they will include transportation infrastructure near the largely undeveloped Tavan Tolgoi coal mine.
However, doubts have been expressed that the government will fulfil its aim to mobilise private capital to fund more than 90 percent of the programme.
“Nobody would believe in a fairy tale that in two years there will be 38.3 trillion tugriks in investment,” said Lkhagvajav Baatarjav, chairman of the Mongolian National Chamber of Commerce and Industry, speaking at Monday forum. “It will barely reach 2 trillion tugriks.”
He said the situation was not helped by political instability, noting that Mongolia had four prime ministers and around 60 government ministers in just four years.
In 2017, Mongolia received $10.3 billion in foreign and domestic direct investment, up 44 percent from a year earlier, thanks largely to mining, Zandanshatar said.
Mongolia’s biggest project is the Oyu Tolgoi copper-gold mine in the Gobi desert, run by Anglo-Australian mining giant Rio Tinto, launched in 2009.
But political disputes have delayed its expansion, and it has been the subject in a corruption investigation that has led to the arrest of two former prime ministers and an ex-finance minister who signed the 2009 investment deal. ($1 = 2,402 tugrik) (Reporting by Munkhchimeg Davaasharav; Writing by David Stanway; Editing by Richard Borsuk)
| ashraq/financial-news-articles | https://www.reuters.com/article/mongolia-economy/mongolia-plans-to-launch-16-billion-investment-programme-official-idUSL3N1SS2VZ |
April 30 (Reuters) - Abercrombie & Fitch Co:
* ABERCROMBIE & FITCH CO SAYS FRAN HOROWITZ'S TOTAL COMPENSATION FOR 2017 WAS $10.3 MILLION; HOROWITZ WAS ELECTED AS CEO ON FEB 1, 2017 - SEC FILING Source text: ( bit.ly/2HFNPqU ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abercrombie-fitch-ceo-fran-horowit/brief-abercrombie-fitch-ceo-fran-horowitzs-total-compensation-for-2017-was-10-3-mln-idUSFWN1S719O |
PARIS (Reuters) - AXA ( AXAF.PA ) said on Monday it had secured financing for the 12.4 billion euros ($14.9 billion) acquisition of XL Group and was not dependent on the issuance of any additional debt following the flotation of part of its U.S. unit, AXA Equitable.
FILE PHOTO: A logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels, Belgium March 5, 2018. REUTERS/Yves Herman/File Photo GLOBAL BUSINESS WEEK AHEAD The French insurer said overall proceeds from the initial public offering of part of AXA Equitable Holdings and the issue of convertible bonds reached $4 billion, after the greenshoe option was exercised in full.
“Given additional existing resources, AXA considers the financing of XL is now secured, as it is not dependent on the issuance of any additional debt,” AXA said in a statement.
Reporting by Maya Nikolaeva; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-axa-ipo/axa-secures-financing-for-acquisition-of-xl-group-idUSKCN1IF2F6 |
May 24, 2018 / 6:33 AM / in 44 minutes UPDATE 2-Payments firm Adyen plans June listing amid flurry of deals Reuters Staff
* Company seen valued at $7-11 billion
* Shareholders to sell 15 percent stake
* Adyen sales grew 38 percent in 2017
* Paypal bought competitor iZettle for $2.2 bln last week (Updates with details on competitive landscape)
By Toby Sterling
AMSTERDAM, May 24 (Reuters) - Adyen, a Dutch company that processes payments for Airbnb, Uber, Spotify and Netflix, plans to list on the Amsterdam stock exchange in June in the midst of a wave of dealmaking in the digital payments industry.
Sources close to the matter told Reuters last month that Adyen was eyeing a valuation of 6-9 billion euros ($7-$11 billion), which would make it the largest tech listing by a European company since Spotify’s April debut in New York, and one of the biggest by a European fintech to date.
The digital payments sector has seen a string of deals as companies look to acquire new technologies in a global business where upstarts are rapidly taking market share from traditional payment processors.
Last week, U.S. giant PayPal agreed to buy smartphone payment terminal provider iZettle for $2.2 billion in the midst of the Swedish company’s own initial public offering.
Adyen, which competes primarily with WorldPay owner Vantiv and France’s Worldline to serve large online retailers that need to handle cross-border payments, said in a statement its shareholders planned to sell a 15 percent stake.
In January, Adyen won the contract to handle eBay’s payments, beating out former in-house service PayPal, which eBay spun off three years ago. Adyen has also been expanding into in-store “point of sales” payment processing.
“This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity,” said chief executive and co-founder Pieter van der Does in the statement.
Current Adyen backers include early and still largest investor Index Ventures, along with Iconiq Capital, the Silicon Valley fund that is an investment vehicle for the founders of Facebook, LinkedIn and Twitter.
Iconiq bought a stake of undisclosed size in 2015 in a deal that valued the whole of Adyen at $2.3 billion. Other investors include General Atlantic, Temasek and Felicis Ventures.
In 2017, Adyen made adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 99 million euros, with net revenue up 38 percent to 218 million euros.
It processed 108 billion euros worth of transactions, up 63 percent from 2016.
Chief Commercial Officer Roelant Prince said at a press briefing last month that merchants’ need to keep up with a bewildering array of mobile payment software would ensure the company continued to grow quickly.
He said the company thrived in complex situations where merchants need to handle multiple forms of payments, combine in-store and online payments, and accept many currencies. (Reporting by Toby Sterling; Editing by Jason Neely and Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/adyen-ipo/update-1-payments-firm-adyen-to-list-in-amsterdam-in-june-idUSL5N1SV1CU |
John Devereux will lead the firm’s strategic expansion across the real estate industry
LOS ANGELES--(BUSINESS WIRE)-- PeerStreet, an award-winning platform for investing in real estate backed loans, is excited to announce the appointment of John Devereux as Chief Real Estate Officer. He will be based in the firm’s headquarters in Los Angeles, California.
As PeerStreet's Chief Real Estate Officer, Devereux will be responsible for strategic oversight and management of the loans offered for investment on the platform. His purview will include business development, account management, underwriting, servicing and portfolio management. His past experience in building fast growing businesses will be very valuable as PeerStreet continues to scale efficiently and further expand their real estate debt investment offerings. Devereux’s real estate background in both debt and equity combined with his vast operational experience will also add to PeerStreet's embedded institutional knowledge and further the firm’s long-term business objectives.
“Following our Series B funding, PeerStreet has entered a new state of expansion and deepening our reach within the industry.” said Brew Johnson, CEO of PeerStreet. “John has incredible experience and is an industry leader at what he does; we are extremely pleased to have him on board.”
Devereux brings over 28 years of real estate equity and debt experience including six years as EVP, Head of Commercial Real Estate at OneWest Bank and nine years as Principal at Colony Capital. Early on at OneWest Bank, Devereux was instrumental in growing the commercial real estate holdings from less than $500 million to more than $6 billion in under a year. In this role, he started and managed several groups: Special Assets, Portfolio Management and Bridge Lending. The CRE Bridge Lending Group originated over $1 billion annually in floating rate debt. At Colony, Devereux managed a portfolio valued at more than $1 billion of U.S. office, retail, multi-family and hospitality investments, and was responsible for identifying, evaluating and consummating commercial real estate joint-venture investments. Devereux graduated from Stanford University with a mechanical engineering degree, Claremont McKenna College with an economics degree and holds an MBA from UCLA.
“The high-energy culture and the caliber of talent at PeerStreet attracted me to the business and the more I dug into the company and its mission, the more I found it extremely compelling,” said Devereux. “My experience and skills are a great fit at this stage of the company's evolution, and I look forward to applying them here.”
This strategic hire comes at a momentous time for the company, having announced last month that it had raised a $29.5 million Series B, with plans to increase it’s pace of hiring. The company also surpassed $900 million in loans funded and was included in HousingWire’s prestigious “Tech 100” list. PeerStreet has recently been named both one of the top startups to work for in Los Angeles as well as one of the top companies to work for in FinTech. Learn more at https://peerstreet.com/careers
ABOUT PEERSTREET
PeerStreet is an Andreessen Horowitz backed investment platform focused on democratizing access to real estate debt. The company provides investments in short term, real estate backed loans. PeerStreet allows investors to diversify their capital in an asset class that has been traditionally difficult to access. Loans are sourced and curated from vetted private lenders throughout the United States who have real estate expertise and borrower relationships. The model allows for more qualified borrowers to access capital and improve their local communities, one house at a time.
The company is led by former real estate attorney Brew Johnson, former Google executive Brett Crosby and Y Combinator alumnus Alex Perelman.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005451/en/
Vested
Jacqueline Gogel, 917-765-8720
[email protected]
Source: PeerStreet | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-peerstreet-hires-industry-leader-as-chief-real-estate-officer.html |
May 11, 2018 / 5:04 AM / Updated 13 minutes ago Nestle falls behind as millennials warm up to frozen meals Richa Naidu , Melissa Fares 6 Min Read
Solon, OHIO (Reuters) - At Nestle’s $50 million (36.96 million pounds) research center outside Cleveland, food technicians and packaging experts set out three years ago to remake its frozen food lineup and appeal more to busy, health-conscious adults in their 20s and 30s. FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo
Nestle ( NESN.S ) may have gotten the menu right, but its timing was off. When young consumers came back to the frozen food aisle last year, the company’s supply chain wasn’t ready. The result: It lost market share to rivals.
Jeff Hamilton, who heads Nestle’s U.S. food business, said in an interview the company did not have the manufacturing capacity ready to meet extra demand for its Stouffer’s Fit Kitchen and Lean Cuisine meals. He described it as “sudden, significant and beyond our expectations.”
To catch up, Nestle recently increased capacity at several of its U.S. factories, including making adjustments to its plants and adding a new line in its factory in Jonesboro, Arkansas, Hamilton said.
“That doesn’t mean we’re not close to the edge, but I think we’re one step ahead from where we were,” he said.
Investors have long pressed Nestle to improve the performance of its frozen food business, leading the company to bring consultants, focus groups and international chefs to its Ohio research facility to help overhaul its menu. Today, the lineup includes items such Coconut Chickpea Curry and Sweet Earth Veggie Lover’s pizza, advertised as organic or high in vitamin C.
Much of its effort revolved around a pitch to millennials, the young adult demographic that executives believed would purchase frozen meals if they were offered healthier, more modern choices at the right price point.
So when demand began rising a year ago, it should have offered Nestle a chance to quickly quiet critics. Instead, it marked a missed opportunity.
After several flat years, frozen food sales in the United States rose 1.4 percent in the last year, according to Nielsen, the market research firm. Young adults helped drive the surge. In 2017, millennial homes spent 9 percent more than average households per trip on frozen foods.
Yet since September, retailers have sold fewer Nestle frozen entrees than during the same period the prior year, hitting a low point in January when Nestle volumes were about 5 percent down from last year, according to Bernstein analysts who reviewed data from Nielsen.
Competitors filled the gap. Frozen entree sales rose for both Conagra Brands Inc ( CAG.N ) and Pinnacle Foods Inc ( PF.N ), two key rivals, according to the data. Conagra’s volumes were up about 10 percent in March, compared with a year ago.
Nestle’s retail sales have started to pick up, but are still well below last year’s levels, Bernstein said. INEXPENSIVE AND EASY
Frozen food is a relatively small part of Nestle’s sprawling portfolio, which also includes Nescafe instant coffee and Pure Life bottled water. It is one of the reasons some investors have called on it to sell the business, saying it would free the Swiss company to focus on more important or higher-growth businesses.
“Nestle will never be able to convince me that management attention on a business like frozen is the same as what they’re giving to high-growth businesses,” said one Nestle investor, who declined to be named.
Frozen meals and pizza accounted for 14 percent of Nestle USA’s $27 billion sales in 2016, or around 4 percent of the company’s global sales of about $89.35 billion. More recent figures were not available.
Instead of divesting the business, Nestle joined other food makers in revamping its product line to win over a new generation of consumers. Frozen food aisles, once dominated by frozen pepperoni pizzas and meat lasagna, now feature meals with trendy ingredients such as cauliflower and quinoa.
The newer entrees cater to a wider variety of cultures and dietary requirements, including people who eat gluten-free, organic or want antibiotic-free meat. They also offer a relatively inexpensive meal choice for younger, cash-strapped shoppers.
“Something as simple as buying frozen food is really just symptomatic of the trends we’re seeing at large,” said Allie Aguilera, Policy and Government Affairs Manager at Young Invincibles, a Washington D.C.-based advocacy group.
“When you’re seeing $400 dollars come out of each paycheck to pay a student loan, that’s certainly going to impact your ability to go grocery shopping in a way that people more traditionally used to.”
Rachel McCarthy, a 26-year-old translator based in Austin, Texas, is among those sought-after millennials turning to frozen meals. Over the past year, she has started buying more Nestle Lean Cuisine entrees, in part because of tight finances.
“They’re inexpensive and require no prep,” McCarthy wrote in a Twitter message. “I make $30,000 a year and have lots of student debt that I’m trying to pay off while also trying to afford to live in Austin where rent prices are rising.”
To ensure it can also cater to wealthier millennials, willing to pay more for higher-end ingredients, Nestle plans to roll out its frozen bowl brand Wildscape to 3,000 stores around the country in the coming weeks. The bowls have taken over a year to develop using millennial focus groups.
Thomas Russo, whose firm Gardner Russo & Gardner has a stake worth more than $1 billion, said he was confident that the company would deliver on the frozen food business, despite the recent supply chain issues.
But, he added: “It’s conceivable that they’ve taken their eye off the ball temporarily.” Reporting by Richa Naidu in Solon, Ohio and Melissa Fares in New York; Editing by Vanessa O'Connell and Paul Thomasch | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nestle-frozenfood/nestle-falls-behind-as-millennials-warm-up-to-frozen-meals-idUKKBN1IC0CM |
(Reuters Health) - Even light drinkers who enjoy a single beer or glass of wine every night may still be more likely to die prematurely than people who drink less, a recent study suggests.
Compared to people who drink less than 100 grams of pure alcohol a week - roughly the equivalent of five to six glasses of wine or beer - those who consume 100 grams to 200 grams of alcohol weekly have an estimated life expectancy at age 40 that’s about six months shorter, the study found.
Drinking even more was associated with a greater risk of premature death. When people drank 200 grams to 350 grams a week of alcohol they had up to about a two-year reduction in life expectancy at age 40 compared with those who drank less than 100 grams weekly. And people who drank more than 350 grams a week had up to a five-year reduction in life expectancy at age 40.
“Drinking less was associated with a longer life,” said lead study author Angela Wood of the University of Cambridge in the UK.
While some previous research has linked light drinking to a lower risk of death, particularly from heart disease, results have been mixed and many earlier studies included some people who abstained from alcohol or stopped drinking for health reasons, researchers note in The Lancet.
For the current study, Wood’s team examined data on almost 600,000 current drinkers who were 57 years old on average and didn’t have heart disease at the outset.
About half reported consuming more than 100 grams of alcohol a week. Slightly more than 8 percent were heavy drinkers, consuming more than 350 grams of alcohol weekly.
Researchers followed half of the participants for at least 7.5 years.
During the study, 40,310 people died, including 11,762 fatalities from strokes or vascular problems and 15,150 cancer deaths. There were 39,018 new diagnoses of cardiovascular disease including strokes, heart attacks, heart failure and deaths from other cardiovascular diseases.
Higher alcohol consumption was associated with a greater risk of stroke, heart failure, and fatalities due to high blood pressure or a bulging or ruptured aorta. Any amount of drinking appeared to increase these risks.
For non-fatal heart attacks, however, light alcohol consumption was associated with a slightly lower risk.
The study wasn’t designed to prove whether or how alcohol might directly impact the risk of specific health problems. Researchers also relied on survey data to assess drinking habits, which doesn’t always reflect the amount people really drink.
Still, guidelines in many countries allow more than 100 grams of alcohol a week, and the results suggest that people should consider drinking less, Wood said by email.
“This study challenges some of the recommendations for healthy alcohol consumption, in particular for men, where we recommend up to two drinks a day in the U.S., twice the amount associated with higher risk of premature death seen in this study,” said Dr. Eugene Yang of the University of Washington School of Medicine in Seattle.
“I think this study adds more uncertainty as to what is the right amount of alcohol to recommend for our patients,” Yang, who wasn’t involved in the research, said by email.
“I don’t think there is a simple answer, because it is not clear that there is an increased risk of premature death - these are all observational studies and we are not controlling the amount of alcohol people consume and then analyzing the risk of death.”
Still, moderation is key, said Dr. Giovanni de Gaetano, of IRCCS Istituto Neurologico Mediterraneo Neuromed in Pozzilli, Italy.
“The difference between moderate and heavy drinking in relation to disease risk and mortality is well-established,” de Gaetano, who wasn’t involved in the study, said by email. “Moderation is the key word of alcohol and health.”
SOURCE: bit.ly/2HA6Ab2 The Lancet, online April 14, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-alcohol/even-one-drink-a-day-linked-to-lower-life-expectancy-idUSKBN1I42H6 |
0 COMMENTS Photo: iStockphoto.com/peterhowell
A look at some recent surveys and reports dealing with risk and compliance issues. Send links of surveys and reports to [email protected] .
Not Ready for Prime Time: A survey of around 6,000 business professionals around the world by Isaca, an advocacy group for information-security professionals, found 29% said their companies will be fully compliant with the European Union’s Global Data Protection Regulation when it takes effect May 25. Data discovery and mapping remains the top challenge to GDPR compliance; 59% named that as their biggest issue. Ten percent didn’t know if their organization was required to comply with GDPR.
“It is not easy to alter entrenched business practices, or conform to new requirements, even if those requirements might be beneficial to the organization and its lines of business,” Isaca said. “GDPR provides an opportunity for organizations to engage employees and hold them accountable for the safeguarding and protection of the personal data they handle.”
Resilience Review: Switzerland, Luxembourg and Sweden remained in the top three positions in this year’s business resilience index from insurer FM Global, meaning they are the countries considered best situated to survive disruptive events such as natural disasters, political upheaval or cyberattacks. The U.S. was divided into three regions—East, Central and West—and they placed 10th, 9th and 15th, respectively.
Fraud All Around: A survey of 2,550 executives that work in compliance or antifraud positions at large companies world-wide by EY found 38% said bribery and corruption occur routinely in their country . Eleven percents said it is common to bribe people to win contracts in their business segment.
Automated Help Wanted: A survey of around 600 U.S. security and IT professionals by data analysis firm Domain Tools and Ponemon Institute found 41% said they are turning to automation because they can’t find enough qualified people to fill open security positions.
Keeping Auditors Awake: A report from the Institute of Internal Auditors ranks the top five risks facing chief audit executives. They are talent management; data analytics; cyber; regulations; and responding to disruption.
Stress From Change: A survey of around 1,111 C-suite-level executives by law firm Littler Mendelsohn found 64% said the 180-degree changes in regulatory policies from the Trump administration compared with the Obama administration have put a strain on their operations .
Password Fails: A survey of 400 IT decision-makers by identity governance firm SailPoint and research firm Vanson Bourne found 55% said they used the same password in their work and personal life. Ten percent admitted to using the most common choices, such as “password.”
Write to Ben DiPietro at [email protected] , and follow him on Twitter @BenDiPietro1.
Share this: Survey Roundup Previous The Morning Risk Report: GDPR Is Newest Human Resources Headache Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Does Your Team Strengthen Your Brand? CFOs understand that much of their success depends on the collective strengths, competencies and chemistry of their finance team. But they may be less focused on the degree to which their own brand within the organization depends on their team’s performance. In this podcast, Dr. Ajit Kambil, global research director for Deloitte’s CFO Program and creator of its Executive Transition Lab™, provides insights to guide CFOs as they strive to develop teams that can meet the needs of key stakeholders.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/18/survey-roundup-more-work-to-do-as-gdpr-deadline-arrives/ |
IRONWOOD, Mich., May 01, 2018 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced first quarter earnings for the period ending March 31, 2018. The company reported Net Income of $111,866, or $0.09 per share, compared to a Net Loss of $164,537, or $0.13 per share, in the first quarter of 2017. EBITDA for the quarter was $454,272, up $400,987 or 753%, from $53,285 in the same period last year. Company log sales were $4,174,440 for the quarter, up $1,228,831, or 42%, from the $2,945,609 reported in the comparable period in 2017.
Keweenaw also reported EBITDA Timber Operations Income of $610,649 for the first quarter, up $294,918 or 93%, compared to $315,731 in the same period in 2017. A comprehensive newsletter detailing operating results is available on the company’s website at www.keweenaw.com .
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 185,750 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,301,550 shares outstanding.
SOURCE: Keweenaw Land Association, Limited
Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410
Source:Keweenaw Land Association Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-keweenaw-land-association-limited-announces-2018-first-quarter-earnings.html |
An “original” POCUS user and educator in emergency medicine since 1993
SEATTLE--(BUSINESS WIRE)-- EchoNous , a developer of intelligent medical tools, announces that Michael Blaivas, M.D., MBA, is now serving as its Chief Medical Officer. Dr. Blaivas is a board-certified emergency medicine physician and a recognized pioneer in emergency medicine and point-of-care ultrasound education. Dr. Blaivas’ offers broad expertise in the application of point-of-care ultrasound practices and will help ensure EchoNous’ expanding family of intelligent medical tools are thoughtfully developed toward industry-changing innovations that improve patient care and drive significant efficiencies in the healthcare system.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510006346/en/
Dr. Michael Blaivas has joined EchoNous as Chief Medical Officer. (Photo: Business Wire)
As CMO, Blaivas’ main focuses will be to help lead the company’s ongoing development of a transcendent new intelligent medical tool for heart and lung assessment, where he is a recognized authority in lung ultrasound, while contributing to ongoing improvement of the company’s soon-to-be released EchoNous Vein 1 – a new, best-in-class tool designed to improve first-time peripheral IV placement.
“Dr. Blaivas is a true ‘original’ in the use of emergency medicine ultrasound and point-of-care ultrasound education,” said Kevin Goodwin, CEO of EchoNous. “Mike is someone I have observed for nearly 19 years, having him onboard as our Chief Medical Officer will further tighten our ongoing execution on our vision to solve common everyday problems in healthcare by converging emerging AI methods with our world-leading ultrasound miniaturization skills.”
Dr. Blaivas is Affiliate Professor of Medicine, University of South Carolina School of Medicine, who has published more than 160 peer-reviewed articles on point-of-care ultrasound and edited five books. He is a founding member of WINFOCUS (The World Interactive Network Focused On Critical UltraSound) and was its second president. Dr. Blaivas was also a founding member and second president of SUSME (Society of Ultrasound in Medical Education). Previously, he was chairman of the emergency ultrasound section for American College of Emergency Physicians.
“This unique opportunity truly excites me with my passion for the power of ultrasound in point-of-care medicine, and EchoNous’ clear, cutting-edge approach to using AI to directly improve patient care and clinician performance,” said Dr. Blaivas. “I have known and respected Kevin Goodwin as a pioneer in the field of point-of-care ultrasound and now more recently intelligent ultrasound-based tools. I’m hugely excited to join EchoNous at a time when the company is blazing a trail in a healthcare system in need of efficient and revolutionary solutions to the age-old challenges of care and cost.”
Dr. Blaivas holds a Doctor of Medicine from the University of Michigan, a Master of Business Administration in Management of Technology from Georgia Tech University, and a certificate in Artificial Intelligence from the Massachusetts Institute of Technology Sloan School of Management.
1 This device is currently 510(k) pending. The information contained herein is provided for informational purposes only. The device is not for sale and we are not currently accepting any orders.
About EchoNous
Headquartered in Seattle, Washington, EchoNous, a KKR portfolio company and parent company of Signostics, is developing an expanding family of intelligent medical tools to help healthcare professionals solve common everyday problems in healthcare. Beginning with the soon-to-be-released EchoNous Vein vascular access tool (pending FDA approval) and the Uscan intelligent bladder scanner, EchoNous is applying a layer of artificial intelligence methods with the extreme miniaturized ultrasound technology to provide nurses, doctors and clinicians with high-quality, easy-to-use tools simplifying the task at hand. CEO and industry innovator Kevin Goodwin along with COO Niko Pagoulatos, Ph.D., a prolific engineering innovator, together direct the company based on decades of successful experience and new category creation in the ultrasound industry. For more information, visit www.echonous.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006346/en/
ChangeUp Advisors for EchoNous
Jaime Quick, 206-229-5183
[email protected]
Source: EchoNous | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-echonous-names-point-of-care-ultrasound-leader-and-educational-pioneer-michael-blaivas-m-d-mba-as-chief-medical-officer.html |
BRENTWOOD, Tenn., May 25, 2018 (GLOBE NEWSWIRE) -- Delek US Holdings, Inc. (NYSE:DK) (“Delek US”) and Delek Logistics Partners, LP (NYSE:DKL) announced that Regina Bynote Jones has joined Delek US and the general partner of Delek Logistics Partners, LP (“collectively, “Delek”) as Executive Vice President, General Counsel and Secretary.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US Holdings, Inc. and Chairman and Chief Executive Officer of the general partner of Delek Logistics Partners, LP said, “I am excited that Regina is joining our team. She brings solid legal experience with an energy background that is a great addition to our executive team. I look forward to working with Regina as we continue to grow in the future.”
“I am excited to have the opportunity to work with Uzi and the Delek leadership team as we continue our focus to deliver long term shareholder returns and create sustainable value,” said Ms. Jones.
Prior to joining Delek, Ms. Jones worked with Schlumberger, the world’s largest oilfield services company, where she served as General Counsel for the Land Rigs Product Line, with responsibility for the global legal, compliance and intellectual property organization supporting the land rig operations portfolio. During her tenure with Schlumberger, Ms. Jones held notable international roles with successive legal leadership responsibility for Schlumberger’s Asia operations, based in Kuala Lumpur, Malaysia and global contracts and trade compliance, based in Paris, France. Ms. Jones brings over 20 years of comprehensive legal and technology experience in the energy industry having worked in prior roles with Dynegy, Shell and El Paso Energy.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations primarily consist of Delek Logistics Partners, LP. Delek US Holdings, Inc. and its affiliates own approximately 63% (including the 2 percent general partner interest) of Delek Logistics Partners, LP. Delek Logistics Partners, LP (NYSE:DKL) is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets.
The convenience store retail business is the largest 7-Eleven licensee in the United States and operates approximately 300 convenience stores in central and west Texas and New Mexico.
About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE:DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.
Investor / Media Relations Contact:
Keith Johnson
Delek US Holdings, Inc.
Vice President of Investor Relations
615-435-1366
Source:Delek US Holdings, Inc;Delek Logistics Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-delek-us-and-delek-logistics-announce-regina-jones-has-joined-the-companies-as-evp-general-counsel-and-secretary.html |
Sam Allardyce, Mark Hughes wish Ferguson well 10:28am BST - 00:44
Premier League managers Sam Allardyce and Mark Hughes wish Alex Ferguson well after the former Manchester United manager was taken ill.
Premier League managers Sam Allardyce and Mark Hughes wish Alex Ferguson well after the former Manchester United manager was taken ill. //reut.rs/2KMKILs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/sam-allardyce-mark-hughes-wish-ferguson?videoId=424202204 |
(Corrects amount raised in first paragraph)
JERUSALEM, May 13 (Reuters) - Israeli life science companies raised $1.2 billion from venture capital funds in 2017, up 41 percent from 2016, published data showed on Sunday.
The data from a combination of private and government reports showed that while the life sciences sector in Israel is young, the industry has experienced a compounded annual growth rate of 10 percent between 2008 and 2017, with 60 percent of the 1,200 firms founded in the last decade.
More than 65 percent of the companies are considered tiny with up to 10 employees and 41 percent of the firms are focused on medical devices. The first company founded was Teva Pharmaceutical Industries in 1901.
The data will be presented later this week at the MIXiii Biomed conference in Tel Aviv.
“The data indicate that the areas of focus of the Israeli life science industry are aligned with the current trends in the global life sciences industry,” a report from MIXiii said, noting that cancer and neurodegenerative, fibrotic and anti-inflammatory diseases are the most active therapeutic areas. (Reporting by Steven Scheer; Editing by Tova Cohen)
| ashraq/financial-news-articles | https://www.reuters.com/article/israel-lifesciences-funding/israel-life-sciences-firms-raised-1-2-bln-in-vc-funds-in-2017-idUSL5N1SK0AG |
May 26, 2018 / 1:55 PM / Updated 9 minutes ago Top Egypt court orders temporary YouTube ban over Prophet Mohammad video Reuters Staff 2 Min Read
CAIRO (Reuters) - Egypt’s top administrative court ruled on Saturday that regulators must block the video file-sharing site YouTube for one month over a video that denigrates the Prophet Mohammad, a lawyer who filed the case told Reuters.
A lower administrative court had ordered that the Ministry of Communications and Information Technology block YouTube, owned by Google, in 2013 over the video, but the case was appealed and its ruling stayed during the appeal process.
The ministry at the time said it would be impossible to enforce the ruling without also disrupting Google’s Internet search engine, incurring potentially huge costs and job losses in the Arab world’s most populous country.
The Ministry of Communications and Information Technology was not immediately available for comment. YouTube appeared to be working in Egypt on Saturday as of 1250 GMT.
The film “Innocence of Muslims”, a low-budget 13-minute video, was billed as a film trailer and made in California with private funding. It provoked a wave of anti-American unrest in Egypt and other Muslim countries when it appeared in 2012.
Mohamed Hamid Salem, a lawyer who filed the case in 2013, said the ruling also orders that all links that broadcast the film be blocked.
The ruling is considered final and cannot be appealed. Reporting by Mohamed Abdellah, Haitham Ahmed, Moeman Saeed Atallah; Writing by Eric Knecht; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-youtube/top-egypt-court-orders-temporary-youtube-ban-over-prophet-mohammad-video-idUKKCN1IR0FH |
BEIJING (Reuters) - Growth in China’s vast manufacturing sector is expected to have dipped but only marginally in May, easing concerns of a slowdown in the world’s second-biggest economy as fears of a trade war with the United States ebbed.
Workers weld shipping container components at a container manufacturing company in Lianyungang, Jiangsu province, China May 29, 2018. REUTERS/Stringer The official manufacturing Purchasing Managers’ Index (PMI) is seen slipping to 51.3 in May from 51.4 in April, according to the median forecast of 30 economists in a Reuters poll. The 50-mark divides expansion from contraction on a monthly basis.
That would mark the 22 straight month of expansion for China’s manufacturing sector, and reinforce consensus views that the economy will slow only modestly this year, good news for policymakers as they try to navigate debt risks and rocky trade relations with Washington.
Last week, Washington and Beijing both claimed victory as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. U.S. Commerce Secretary Wilbur Ross will visit China this weekend for another round of talks.
Economic data for April had painted a mixed picture for China’s economy, with investment growth slowing to a near 20-year low and growth in retail sales sliding.
However, the industrial sector, a key source of jobs, remained healthy with profits growing at their fastest pace in six months, underpinned by continued strength in the steel sector.
China has been tightening controls on riskier investments, the shadow banking business and speculation in the property sector, but does not want to cut off funding to the real economy. It has cut electricity prices for industrial users by about 7 percent so far this year.
Separately, a private survey on China’s factory activity is forecast to show a similar easing trend, with some analysts warning that a growing number of credit defaults is pointing to mounting pressure on small and medium-sized firms, which have not benefited as much from a year-long construction boom as their larger, state-owned peers.
The private Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) is expected to have fallen slightly to 51.0 in May versus 51.1 in April.
New export orders in the Caixin PMI shrank for the first time in over a year in April as firms remained cautious of uncertain external demand.
The official PMI survey is due out on May 31, along with a similar official survey on services.
The private Caixin manufacturing PMI will be published on June 1, and the Caixin services PMI on June 5.
Despite a better-than-expected first-quarter, economists still expect China’s economic growth to slow to 6.5 percent this year from 6.9 percent in 2017, citing rising borrowing costs, tougher limits on industrial pollution and a crackdown on local governments’ spending to keep their debt levels in check.[ECILT/CN]
Reporting by Stella Qiu and Ryan Woo; Polling by Wang Jing and Shaloo Shrivastava; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-pmi/chinas-may-manufacturing-growth-seen-dipping-only-marginally-idUSKCN1IU0KD |
TOKYO, May 28 (Reuters) - Japanese government advisers on Monday laid out new fiscal discipline targets aimed at achieving a primary budget surplus in fiscal 2025, because the prior target of fiscal 2020 cannot be achieved.
The four advisers also opened the door to cuts in welfare spending for people 75 years of age or older, and suggested the government take some steps to smooth out disruptions expected from a nationwide sales tax hike scheduled for 2019.
It is uncertain whether Prime Minister Shinzo Abe will adopt all the advisers’ proposals. Abe has failed to meet previous fiscal discipline targets as he placed more priority on raising spending for economic stimulus, education and defence.
“The prime minister has ordered me to use these proposals for a basis for compiling the final version of the fiscal discipline plan,” Japanese Economy Minister Toshimitsu Motegi said.
“We can’t be put in a situation where the economy suddenly crashes.”
The advisers - academics and business leaders whose thinking is considered close to Abe’s on policy - submitted their draft proposal at a Council on Economic and Fiscal Policy meeting on Monday.
The government will make its final decision on the targets by the end of June.
The advisers also proposed three mid-term targets for fiscal 2021: halving the ratio of the primary budget deficit to gross domestic product, lowering the debt-to-gross domestic product ratio to 180 percent, and lowering the budget deficit-to-GDP ratio to less than 3 percent.
The primary budget balance excludes debt servicing costs and income from debt sales.
Since taking office in late 2012, Abe has made some progress in improving Japan’s fiscal position by raising tax revenue and reducing new debt issuance.
The government is scheduled to raise the nationwide sales tax to 10 percent from 8 percent in October 2019. Some of that extra revenue will be spent on welfare programmes, but some politicians worry consumer spending will weaken because of the tax hike.
Economists says these measures are not enough to control the debt burden, which is the worst in the world at more than twice the size of Japan’s economy.
Japan’s government has struggled to reduce the burden on public finances caused by a rapidly ageing population
The government will face pressure to increase spending for two of Abe’s signature policies: subsidised education and child care for low- and middle-income households. (Reporting by Stanley White; Editing by Richard Borsuk)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-economy-budget/japans-draft-budget-plan-targets-a-primary-surplus-in-fiscal-2025-idUSL3N1SZ1B8 |
May 15 (Reuters) - Avino Silver & Gold Mines Ltd:
* PRODUCED 656,699 SILVER EQUIVALENT OUNCES IN QUARTER * AVERAGE REALIZED SELLING PRICES FOR SILVER AND GOLD WERE US$16.73 AND US$1,330 PER OUNCE, RESPECTIVELY IN QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-avino-reports-q1-earnings-per-shar/brief-avino-reports-q1-earnings-per-share-0-02-idUSASC0A2IF |
Stocks hold weekly gains as solid earnings overshadow geopolitical fears 12:11 PM ET Fri, 25 May 2018 Stocks fell Friday as geopolitical fears following President Donald Trump's move to cancel a key summit with North Korea weighed on solid corporate earnings. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/stocks-gain-as-earnings-beat-geopolitical-fears.html |
BANGKOK (Reuters) - Thailand’s military government has accused opposition members of flouting a ban on political activity, among other charges, after they criticised it for reneging on promises to restore democracy and protect basic rights, police said on Friday.
The military, which has ruled since a 2014 coup it said was needed to restore order after months of protests, promised a return to democratic rule within two years, but has repeatedly delayed general elections, most recently set for February 2019.
Police said the junta, formally known as the National Council for Peace and Order (NCPO), filed the charges late on Thursday after a news conference by the Puea Thai Party, founded by ousted former prime minister Thaksin Shinawatra.
“Yesterday the NCPO came to file charges against the Puea Thai Party,” Maitri Chimcherd, commander of the Crime Suppression Division, told Reuters.
“We just finished interrogating this morning at 5 a.m. Police must first gather evidence and see if there is sufficient evidence to prosecute.”
The party was charged with violating a ban on political activity, sedition and breaking Thailand’s computer crimes act by publicizing the event online, said Burin Thongpraphai, chief of the junta’s legal team.
Since the coup, the junta has banned gatherings of more than five people on grounds of maintaining national security.
The charges were unfair, said Chaturon Chaisang, a senior member of the Puea Thai Party.
“The charges are not proportionate to what happened,” he told Reuters. “They want to bully the Puea Thai Party.”Thailand is divided broadly between those backing Thaksin and his sister, Yingluck Shinawatra, whose government was removed in the coup, and the elite in the capital, Bangkok.
The delays in holding elections, which some analysts have said could be pushed back yet again, have spurred protests in Bangkok in recent weeks seeking a quick return to democracy.
As the coup’s fourth anniversary approaches on May 22, the junta faces a crisis of public perceptions, say international and domestic polls that show corruption as rife as ever.
Reporting by Panarat Thepgumpanat; Writing by Amy Sawitta Lefevre; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/thailand-politics/thailands-junta-targets-opposition-for-criticising-election-delays-idINKCN1IJ0BD |
Saddam's superyacht ends up as sailors' hotel 2:45am IST - 01:12
This was once the presidential yacht for Saddam Hussein. this superyacht, dubbed “Basrah Breeze” was built for him in 1981, but the Iraqi dictator never boarded the 270-foot boat.
This was once the presidential yacht for Saddam Hussein. this superyacht, dubbed “Basrah Breeze” was built for him in 1981, but the Iraqi dictator never boarded the 270-foot boat. //reut.rs/2KJX9qO | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/saddams-superyacht-ends-up-as-sailors-ho?videoId=429412422 |
WASHINGTON--(BUSINESS WIRE)-- Van Ness Feldman LLP is pleased to announce that Eric C. Wagner , a former Honeywell executive has joined the firm’s Washington, DC office as a Senior Policy Advisor.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515006336/en/
Eric C. Wagner (Photo: Business Wire)
Mr. Wagner brings years of experience advising clients on government relations matters related to oil and gas, aerospace, energy, technology and the defense and industrial automation industries to the firm. Prior to joining Van Ness Feldman, Eric served as an executive for Honeywell International, where he held several leadership positions including President of Honeywell Japan, Vice President of Business Development – Emerging Markets, and Vice President of Government Relations.
In announcing Mr. Wagner’s arrival, firm Chair Richard Agnew, said “Eric adds a new dimension to the ways in which the firm can assist clients. His knowledge of international project development, incentives, export controls, energy, technology and national security broaden and complement the firm’s core areas of practice.”
Mr. Wagner’s focus at Van Ness Feldman is on providing clients with policy guidance and strategic advice with issues related to international government relations, export controls, government incentives and grants, energy, technology and national security.
Prior to his time with Honeywell, Mr. Wagner served as Vice President for Defense and Aerospace at Denny Miller Associates, and finished a twenty-year military career as a Lieutenant Colonel in the U.S. Army. Eric also served as a Defense Fellow for Senator Patty Murray (D-WA).
Mr. Wagner holds a Master’s Degree in Industrial and Technical Studies from California Polytechnic State University and a Bachelor’s degree in Biology from Seattle University. For more information about our government relations and consulting services related to project development in the areas of oil and gas, aerospace, energy, technology, defense, and industrial automation industries, Mr. Wagner can be reached at 202.298.1953 or via email at [email protected] .
With over 100 professionals in Washington, DC and Seattle, Van Ness Feldman focuses on law and policy relating to energy, the environment, natural resources, land use, and real estate. Learn more at www.vnf.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006336/en/
Van Ness Feldman LLP
Lisa Pavia, 202-298-1899 (Washington, DC)
or
Saira Rhodes, 206-623-9372 (Seattle, WA)
Source: Van Ness Feldman LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-van-ness-feldman-welcomes-former-honeywell-executive-eric-c-wagner-to-firm-as-senior-policy-advisor.html |
VANCOUVER, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) -- GVIC Communications Corp (“GVIC” or the “Company”) (TSX:GCT) reported cash flow, earnings and revenue for the period ended March 31, 2018.
Summary Results
The following results are presented on an adjusted basis (1) to include the Company’s share of its joint venture operations on a proportionate basis, because this is the basis on which management bases its operating decisions and performance. For a reconciliation to the results in accordance with International Financial Reporting Standards (“IFRS”), refer to the “Reconciliation of IFRS to Adjusted Results” as presented below and in Management’s Discussion & Analysis (“MD&A”).
(thousands of dollars) Three months ended March 31, except share and per share amounts 2018 (1) 2017 (1) Adjusted revenue $ 53,086 $ 55,435 Adjusted EBITDA $ 6,672 $ 7,426 Adjusted EBITDA margin 12.6% 13.4% Adjusted EBITDA per share $ 0.022 $ 0.025 Adjusted net income attributable to common shareholders before non-recurring items (2) $ 1,356 $ 1,850 Adjusted net income attributable to common shareholders before non-recurring items per share (2) $ 0.005 $ 0.006 Adjusted cash flow from operations (2) $ 5,509 $ 6,357 Adjusted cash flow from operations per share (2) $ 0.018 $ 0.021 Adjusted debt net of cash outstanding before deferred financing charges $ 75,717 $ 84,357 Weighted average shares outstanding, net 300,425,031 300,425,031 Notes: (1 ) The adjusted consolidated financial results have been adjusted to include the Company’s share of revenue, expenses, assets and liabilities from its joint venture operations on a proportionate accounting basis, as this is the basis on which management bases its operating decisions and performance evaluation. IFRS does not allow for the inclusion of the joint ventures on a proportionate basis. These results include additional non-IFRS measures such as EBITDA, cash flow from operations and net income attributable to common shareholders before non-recurring items.
The adjusted results are not generally accepted measures of financial performance under IFRS. The Company’s method of calculating these financial performance measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Refer to the MD&A for a reconciliation of these non-IFRS measures and adjusted results. (2 ) Net income attributable to common shareholders and cash flow from operations have been adjusted for non-recurring items. GVIC Communications Corp.’s (“GVIC” or the “Company”) financial results for the first quarter were consistent with recent quarters. The Company’s growth segments continued solid growth while the mature operations experienced revenue and EBITDA declines.
Overall, adjusted (1) consolidated EBITDA, including the Company’s share of its joint venture interests, decreased to $6.7 million for the period ended March 31, 2018 compared to $7.4 million for the same period in the prior year. Adjusted consolidated revenue was $53.1 million for the quarter compared to $55.4 million for the same period in the prior year.
The environmental, property and financial information operations continued to experience solid revenue growth in all operations. Adjusted revenues for the segment were $7.5 million while adjusted EBITDA declined by 7.5% to $1.5 million. The EBITDA decline was attributable to an increase in the level of operating investment in ERIS and the fast growing REW real estate portal.
The commodities sector continued its recovery, resulting in a strong quarter for the Company’s commodity information segment. The mining information operations, in particular, experienced a very strong quarter, reaping the benefits of the continued recovery of the mining market. Overall, the segment’s adjusted revenue declined 3.9% to $14.1 million (largely due to last year’s closure of the print energy publications) while adjusted EBITDA increased 7.2% to $4.5 million.
The community media group continued to make progress in its efforts to evolve and build its digital media business while leveraging its traditional print and flyer content and offerings. Print advertising revenue continued to decline as expected, but was partially offset by growth in digital revenues and profits. In total, adjusted community media revenue declined by 6.8% to $31.5 million while adjusted EBITDA declined by 21.1% to $2.6 million. Digital revenues grew 30%, with good progress being made in the Company’s portfolio of digital products and marketing solutions offerings.
(1) For a reconciliation of adjusted results to results in accordance with International Financial Reporting Standards (“IFRS”), refer to the “Reconciliation of IFRS to Adjusted Results” as presented in the Company’s Management Discussion & Analysis.
Operational Strategy and Focus
GVIC operates as an information and marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer value. The Company’s “go to market” strategy is being pursued through two operational areas:
Data, analytics and intelligence; and
Content and marketing solutions
Through its brands and operations, GVIC serves clients in three segments:
Environmental, Property and Financial Information
Environmental and
Property Information Environmental Risk Information Services (“ERIS”), Specialty Technical Publishers (“STP”), and REW.ca Financial Information Fundata (50% interest) Commodity Information
Agricultural Information
FarmMedia (“GFM”): Western Producer, Farm Business Communications, Canada’s Outdoor Farm Show, Ag In Motion, AgDealer and Weather INnovations (“WIN”) Energy and Mining
Information JuneWarren-Nickle’s Energy Group (including CanOils) (“JWN”), Evaluate Energy, Northern Miner Group and Infomine (50% interest) Community Media
Community Media
Local daily and weekly newspapers and related publications, websites and digital products in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and the United States (includes direct, joint venture and other interests) Operational Overview
Environmental, Property and Financial Information
Environmental and Property Information
ERIS continued to grow in both Canada and the U.S., with new customer additions and renewals. The Company continued to increase its operational investment in ERIS to support its growth and expansion.
REW.ca, the Company’s online real estate portal, continued to grow rapidly in terms of site features, traffic and revenues. Visits to the site increased by 45% as compared to Q1 2017. During the first quarter, REW.ca signed a contract with BC Assessment to license their property information. Leveraging this data and proprietary information, REW launched “property pages” which offer consumers rich information including assessment value, past sales data and market stats for 1.1 million BC residential properties.
STP continued to grow sales, with the majority of growth again coming through and in partnership with the large Environmental Management Information System vendors.
Financial Information
Fundata experienced a strong quarter and continues to expand its product offerings and client base, including its point of sale product that helps clients meet the POS disclosure regulations.
Commodity Information
Agricultural Information
Conditions in the agricultural markets have stabilized and the division had a solid first quarter. The Company continued to invest in its agricultural information operations in key growth areas such as outdoor exhibitions and online listings.
Energy and Mining Information
The energy group continued to reap the benefits of the substantial restructurings enacted over the last two years. The energy information group is now solely focussed on 1) data, analytics and intelligence products and 2) digital media. In aggregate, these products experienced slight revenue growth versus the prior year. Stabilized revenues and the restructurings resulted in a substantial EBITDA increase as compared to Q1 2017.
The mining market continued to recover. The Northern Miner Group and Infomine experienced very strong revenue growth in the first quarter.
Community Media
Given the mature nature of consumer print media, as anticipated, revenues in the community media segment continued to decline. Overall revenue declines were consistent with the rate of decline in 2017.
The Company continues to respond to print revenue declines with operational restructurings and efficiency initiatives.
Digital media operations continued to experience strong performance across a variety of products, such as local websites, retargeting services, website builds and Chinese digital marketing solutions. Community media digital revenues grew by over 30% in the quarter and profits grew proportionately as well.
Investment and Value Creation
The Company is investing in a number of strategic areas in order to evolve, grow and create shareholder value.
As is the case for many companies, some of the Company’s products and offerings are maturing, specifically its print media publications. In order to deal with this issue, the Company sold a number of its trade publications several years ago to reduce the number of verticals to evolve, then selected a smaller number of verticals to focus on and better deploy capital and resources.
Industry verticals were chosen that offer attractive growth opportunities, and where the Company can leverage its brands, market position, customer relationships and marketing reach.
In community media, where print declines have been the most significant, the Company felt it was better off to take a long-term view and use the cash flow to invest in the growth areas identified and create greater value versus selling the community media business at a low price.
So far, this strategy has been working. In each of the areas chosen for investment, progress is being achieved, as measured by revenue growth, digital traffic metrics, attendance at events and other measures relevant to the offerings being developed.
A significant amount of investment is being made that is classified as operating expenses and consequently reduced the Company’s short-term EBITDA. It is also making capital investments related to the products and offerings being developed.
These investments and the value being created are not readily transparent in the Company’s consolidated revenue and EBITDA in its financial statements.
Overall consolidated revenue has declined primarily because of a) the print advertising declines in community media and related restructurings (i.e. reduced frequency that results in some revenue loss but greater profitability), b) closures and sale of energy print advertising related products to focus on data, analytics and intelligence products and digital media and c) the impact of cyclical declines in the commodities sector related offerings, which are now reversing.
Most of the products and services being developed have higher margins and higher valuation multiples than the print publications that are declining. Consequently, the new revenue being created is not expected to, nor necessary, to fully replace the print revenue lost on a dollar-for-dollar basis. And as stated, operating costs have been increased to fund the development and growth-oriented investments.
Areas of Investment
All of the businesses in the environmental, property and financial information segment continue to grow and are targeting large addressable markets. Investment will continue in these businesses particularly in new data and product development. Within agricultural information, a number of operations including WIN, the agricultural exhibitions and AgDealer are growing, and investment will continue to be made in these areas. The Company also continues to invest in and improve the value of its energy and mining database and subscription offerings, positioning itself as the cyclical downturn continues to reverse. The following provides some examples of the progress being made and value being created:
FarmMedia (GFM). GFM acquired Canada’s Outdoor Farm Show (COFS) then invested further in the show and its facilities, and used its marketing reach and customer relationships to grow the show. Revenue has more than doubled and profit tripled as a result. FarmMedia then launched Ag In Motion in Saskatchewan three years ago to build on the COFS success. This required both operating and capital investment. By the third annual show last year, attendance was 27,000. Investment is also being made to develop GFM’s digital media, listings, market advisory and weather products.
ERIS. Significant capital has been invested to expand ERIS in the U.S. and more than 30 staff have been added. This had the effect of reducing EBITDA initially. The investment paid off though, and in 2017 revenue grew substantially. GVIC also acquired TRS in 2016 in order to bring in-house the aerial maps it was purchasing for its Phase 1 environmental risk product and develop its own city directories information that it was also purchasing. The acquisition has resulted in a reduction of operating costs and secured ownership of important product data.
REW. Significant capital has also been invested in the REW digital residential real estate listings offering through both capital investment and planned operating losses normal to the development and expansion of such a business. REW now offers listings in the Lower Mainland of B.C., Vancouver Island and Toronto. Traffic has grown exponentially and reached 20 million monthly page views. Revenue continues to grow but planned operating losses continue to be incurred in order to expand the business. REW already has significant enterprise value, well in excess of the cumulative investment made.
Mining Group. Significant investments were made in 2017 to continue the development of the mining intelligence and other digital products while revenues were depressed from the market downturn. A new Canadian Mining Symposium event was launched in London, England for the mining investment community, leveraging the Northern Miner brand. The show was well received and profitable in its first year. Revenues are now growing more than 30% for the mining group overall as a result of the investments made and the recovery of the market.
Energy Group. Despite the severe downturn in the energy market over the last four years, the energy group continued to develop its Daily Oil Bulletin digital subscription offering and enrich its content, and improve its user experience and utility. The CanOils and Evaluate Energy products were acquired to provide richer energy production data and financial and operating insights. These product investments resulted in a much lower revenue decline in these paid subscription and data sales products than the advertising based products, and placed the energy group in a better position for the market recovery. As indicated, revenue is now recovering in the group’s data, analytics, intelligence and digital media offerings.
It is also becoming apparent that a viable long-term digital community media business model exists where the Company can leverage its broad presence in local markets across Western Canada and offer local websites, web services and specialty digital products. The Company can augment its local content with its agriculture, energy and mining content, which is of interest to the people who live in the communities the Company serves in Western Canada.
The Company is investing prudently in these digital community media opportunities, with both revenue and cash flow growing rapidly while the investment is being made. It is also apparent that good print products still offer value to readers and advertisers and provide good cash flow to fund growth as described. If the Company’s strategy is executed successfully, it is expected that its community media business will evolve with less revenue but greater value as the digital products grow.
Financial Position
At March 31, 2018, senior debt was $37.1 million. During the quarter, the Company made net repayments of $0.8 million of senior debt. Further the Company’s non-recourse, non-mortgage debt in its investment entities was reduced as a result of significant debt repayment. This will allow for increased distributions from these entities to the Company.
On an adjusted basis, GVIC’s consolidated debt net of cash outstanding before deferred financing charges was 2.6x trailing 12-months adjusted EBITDA as at March 31, 2018.
Reconciliation of IFRS to Adjusted Results
The following table is a reconciliation of the IFRS results to the adjusted results (which include the Company’s proportionate share of its joint venture operations). Refer to the MD&A for further discussion and analysis of these results:
(thousands of dollars) Three months ended March 31, 2018, Three months ended March 31, 2017, except share and per share amounts Per IFRS Differential Adjusted (1) Per IFRS Differential Adjusted (1) Revenue $ 44,858 $ 8,228 $ 53,086 $ 47,060 $ 8,375 $ 55,435 EBITDA (1) $ 3,963 $ 2,709 $ 6,672 $ 4,666 $ 2,760 $ 7,426 EBITDA margin (1) 8.8% 12.6% 9.9% 13.4% EBITDA per share (1) $ 0.013 $ 0.009 $ 0.022 $ 0.016 $ 0.009 $ 0.025 Net (loss) income attributable to common shareholders $ (83 ) $ (135 ) $ (218 ) $ 1,584 $ 24 $ 1,608 Weighted average shares outstanding, net 300,425,031 300,425,031 300,425,031 300,425,031 The qualitative discussion of the results for the period ended March 31, 2018 in this Press Release is relevant and applicable for the adjusted results and the IFRS results.
Outlook
Markets important to the Company’s operations continue to improve. The mining industry appears to have entered a growth phase and the energy and agriculture markets appear to have stabilized. Improvements in these markets should aid the Company’s related information businesses as well as the Western Canadian communities that our community media operations serve. That said, given anticipated print advertising declines and continued near-term uncertainty and market risk, the Company will operate cautiously and evaluate cost reduction initiatives where appropriate in the affected businesses.
As outlined, the Company plans to continue to invest in strategic areas. The investments are critical to the Company’s growth plan and are resulting in demonstrable value creation.
Management intends to build-on the progress of the last few years in strengthening the Company’s financial position by further reducing debt. A strengthened balance sheet will mitigate risk while allowing the ongoing and planned operational and capital investments.
Shares in GVIC are traded on the Toronto Stock Exchange under the symbol GCT.
For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
About the Company : GVIC Communications Corp. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. GVIC’s strategy is implemented through two operational areas: content and marketing solutions; and data, analytics and intelligence.
Financial Measures
To supplement the consolidated financial statements presented in accordance with International Financial Reporting Standards, GVIC uses certain non-IFRS measures that may be different from the performance measures used by other companies. These non-IFRS measures include cash flow from operations (before changes in non-cash operating accounts and non-recurring items), net income attributable to common shareholders before non-recurring items, net income from continuing operation attributable to common shareholders before non-recurring items, earnings before interest, taxes, depreciation and amortization (EBITDA) and all ‘adjusted’ measures which are not alternatives to IFRS financial measures. Management focuses on operating cash flow per share as the primary measure of operating profitability, free cash flow and value. EBITDA per share is also an important measure as the Company has low ongoing capital expenditures and depreciation and amortization largely relates to acquisition goodwill and copyrights and does not represent a corresponding sustaining capital expense. These non-IFRS measures do not have any standardized meanings prescribed by IFRS and accordingly they are unlikely to be comparable to similar measures presented by other issuers.
The adjusted consolidated financial results have been adjusted to include the Company’s share of revenue, expenses, assets and liabilities from its joint venture operations on a proportionate accounting basis as this is the basis on which management bases its operating decisions and performance evaluation. IFRS does not allow for the inclusion of the joint ventures on a proportionate basis. These results include additional non-IFRS measures such as EBITDA, cash flow from operations and net income attributable to common shareholders before non-recurring items.
The adjusted results are not generally accepted measures of financial performance under IFRS. The Company’s method of calculating these financial performance measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Refer to the MD&A for a reconciliation of these non-IFRS measures and adjusted results.
Forward Looking Statements
This news release contains forward-looking statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements relating to our expectations regarding revenues, expenses, cash flows, future profitability and the effect of our strategic initiatives and restructuring, including our expectations to grow certain operations, to reduce debt levels and that reduced debt levels in investment entities will result in further distributions to the Company. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.
Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve the intended results from our strategic initiatives, the failure to reduce debt and the other risk factors listed in our Annual Information Form under the heading “Risk Factors” and in our annual MD&A under the heading “Business Environment and Risks”, many of which are out of our control. These other risk factors include, but are not limited to, the ability of the Company to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and energy industry, discontinuation of the Department of Canadian Heritage’s Canada Periodical Fund’s Aid to Publishers, general market conditions in both Canada and the United States, changes in the prices of purchased supplies including newsprint, the effects of competition in the Company’s markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk and debt service risk.
The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Source:GVIC Communications Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-gvicareports-first-quarter-results.html |
Russia has never pushed U.S. businesses away despite the "confusion" and "emotion" surrounding recent sanctions, the chief executive of the American Chambers of Commerce in Russia, told CNBC Thursday.
"Businesses have continued to operate in Russia and continue to do so successfully, the Russian government has never really turned its back on U.S. business, it has been making a consistent and credible message of, 'You're welcome here, operate here, please stay and we like you and we appreciate the business you do here,'" Alexis Rodzianko told CNBC on Thursday at the St. Petersburg International Economic Forum (SPIEF) .
Tensions between the U.S. and Russia have increased in recent weeks with the U.S. piling more sanctions on Russia for its alleged meddling in the U.S. election in 2016 ; the latest sanction list issued in April included Russian oligarchs, government officials and entities that it said were allied with President Vladimir Putin and engaged in "malign activity" around the world.
Notable inclusions on the list are aluminum giant Rusal and its outgoing president Oleg Deripaska, as well as VTB Bank President Andrei Kostin , who was listed as a government official (VTB Bank is majority owned by the Russian state).
Rodzianko said the list was confusing. "I would argue that these oligarchs are not particularly close to Putin, these are holdovers from the (former President Boris) Yeltsin era and they're more tolerated than considered close. So that was a confusing factor and if confusion was the objective then, hey, there's lots of confusion. Uncertainty that anybody could be next is in the air," he said.
Andrey Rudakov | Bloomberg | Getty Images The golden domes of the Kremlin's churches and cathedrals sit illuminated at dusk in Moscow, Russia, on Monday, April 9, 2018. Russia is already under sanctions related to its annexation of Crimea in 2014 and perceived role in a pro-Russian uprising in east Ukraine in the same year.
The sanctions target any individuals or entities deemed to have been complicit in undermining democratic processes in Ukraine and hit specific sectors, including the arms and energy sectors and financial institutions. The restrictions also prohibit imports and exports of goods to — as well as investment in — Crimea by any U.S. person or entity.
Reacting to the latest sanctions, Rodzianko said that there was no clear rationale for the sanctions.
"Emotion has really taken over, unfortunately," he said. "But it works on both sides. We've had the U.S. Congress acting up and all this rhetoric about election interference and then you've got the Russian Duma (Parliament) introducing criminal liability for complying with sanctions that would essentially be a 'scorched-earth' policy for investment in Russia," he said.
The Duma has not yet passed a law that would make it illegal to comply with Western sanctions on Russian soil but if it did, Rodzianko said it would drive away business.
"We hope it doesn't pass but if it does, they'll be doing a much more effective job at sanctioning themselves than the West could ever do," he warned. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/russia-has-never-turned-its-back-on-us-business-despite-confusion-over-sanctions-commerce-chief-says.html |
RAWALPINDI, Pakistan (Thomson Reuters Foundation) - Pakistan’s environmental protection agency is installing air quality monitors and warning factories to add pollution filters after a panel of the country’s top judges ordered the government to detail its efforts to control worsening air pollution.
The court ruling earlier this month followed a lawsuit by a Karachi man challenging the government’s failure to control air pollution in that port city.
Chief Justice Mian Saqib Nisar, head of a three-member high court panel, ruled that the government must provide details of what it is doing to curb air pollution across the country.
He said he was shocked at how dirty the air had become, particularly in Pakistan’s cities.
The ruling has spurred government authorities to action to try to reduce pollution levels, fearing they could face court orders or sanctions.
Venu G. Advani, the Karachi lawyer who filed the court petition, told the Thomson Reuters Foundation he was seeking to have air quality regulations in the country enforced.
He said he hoped the court would ensure “provision of the constitutional right to a clean environment, for which clean air is key”.
“There is no hope without the Supreme Court’s intervention to awaken government officials from their deep slumber” on air quality, he said in a telephone interview from Karachi.
AIR POLLUTION DEATHS According to a 2015 report published by the medical journal Lancet, nearly 22 percent of annual deaths in Pakistan – or more than 310,000 each year - are caused by pollution, the majority of them due to air pollution.
A 2014 World Bank study on Pakistan’s air quality recommended the country set aside funding to “install and operate a reliable air quality monitoring network”, and set other standards and frameworks to cut pollution.
Since the court ruling, officials at the Pakistan Environmental Protection agency have said they are moving rapidly to comply.
“We are now installing air quality monitoring instruments with the help of federal government funding and punishing the polluters,” said Ziauddin Khattak, director of the agency.
“We have now told dozens of industrial units and brick kilns through warning notices to install air cleaning filters on smoke-emitting chimneys and have started monitoring vehicles on various thoroughfares and issuing fines to the polluting vehicle owners,” he said.
Nearly 50 brick kilns have been issued notices, Khattak said, and more than 130 buses and other vehicles fined over the last two months.
He said seven fixed and three mobile ambient air quality monitoring stations have been set up in Karachi, Lahore, Islamabad, Peshawar and Quetta, all cities that have suffered particular problems with air pollution.
Saif Anjum, Punjab provincial environment secretary, said his agency also had installed six air quality monitoring units in Lahore, with 30 more being put in place.
The units, along with an air quality action plan, “will help cut 50 percent of air pollution in the next couple of years,” he told the Thomson Reuters Foundation.
Other keys to improving air quality include planting more urban trees, replacing aging city buses and increasing parking fees to encourage the use of public transport, Anjum said.
LEFT OUT? A 2016 study by the World Health Organisation ranked Rawalpindi, located near the capital Islamabad, as the second most polluted city of the country after the northwest city of Peshawar.
So far no air quality monitors are being installed in Rawalpindi, however, because of a lack of funds, officials said.
With few trees and an abundance of traffic, as well as brick kilns spewing black smoke and open incineration of waste, Rawalpindi has air pollution levels more than 10 times above levels considered safe by the World Health Organization, said Asif Shuja Khan, a former director general of the Pakistan Environmental Protection agency.
Karachi, Lahore and Islamabad stand as 3rd, 4th and 5th most polluted cities in the country in terms of air quality, Khan said.
Over 90 percent of Rawalpindi’s population of over 2 million inhales contaminated air regularly, exposing them to a higher risk of health problems such as cardiovascular disease and lung cancer, he said, with children particularly vulnerable.
Pakistan’s Constitution says a clean environment is a fundamental right of all citizens, under provisions that guarantee a “right to life” and “right to dignity”, said Ahmad Rafay Alam, vice president of the Pakistan Environmental Law Association.
Reporting by Saleem Shaikh and Sughra Tunio ; editing by Laurie Goering : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-airpollution-court/pakistan-moves-to-curb-urban-air-pollution-after-high-court-ruling-idUSKBN1I11B5 |
No threat, but UK royal wedding fans in Windsor face tight security Thursday, May 17, 2018 - 01:10
Security preparations are under way in England ahead of the royal wedding, despite there being no 'particular threat' on the day according to the wedding's tactical commander. Rough cut
Security preparations are under way in England ahead of the royal wedding, despite there being no 'particular threat' on the day according to the wedding's tactical commander. Rough cut //reut.rs/2L2goNj | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/no-threat-but-uk-royal-wedding-fans-in-w?videoId=427661329 |
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