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Evgeny Freidman, a business partner of 's lawyer Michael Cohen has agreed to cooperate with prosecutors, The New York Times reported Tuesday .
That cooperation by the "Taxi King" Freidman could spell very bad news for Cohen, who is the subject of an ongoing criminal investigation by federal prosecutors in New York City.
The Times suggested that Freidman's cooperation "could be used as leverage to pressure Cohen to work with the special counsel," Robert Mueller , "examining Russian interference in the 2016 presidential election."
Freidman, 46, pleaded guilty Tuesday to evading taxes in court in Albany County. He agreed to pay restitution and judgments totaling $5 million to New York State, according to New York Attorney General Barbara Underwood.
show chapters Missing documents reportedly prompted leak of Michael Cohen's bank records 2:53 PM ET Thu, 17 May 2018 | 00:55 Freidman has managed taxi cabs for Cohen for years. At one point, Friedman was one of the largest operators of taxi medallions in New York City.
CNN reported last month that prosecutors are interested in Cohen's financial dealings with a husband and wife who own a large tax business in Chicago.
Freidman was arrested last June on charges that he and another business partner stole more than $5 million in state surcharges that are imposed on taxi rides in New York City.
But the amount of taxes he pleaded guilty to evading was much less than that, just $50,000.
Often in cases involving an agreement to cooperate with prosecutors, a defendant is allowed to plead guilty to a charge that is much less serious than the initial one lodged.
The criminal investigation of Cohen in New York, which was referred by Mueller to prosecutors there, is focused on his business dealings, as well as on a $130,000 payment he made to porn star Stormy Daniels on the eve of the 2016 presidential election.
Daniels, whose real name is Stephanie Clifford, has said the money was in exchange for her agreeing not to speak to reporters about an affair she claims to have had with Trump in 2006.
The White House has denied Trump had an affair with Daniels. But Trump did reimburse Cohen for the payment to her, according to a recent financial disclosure filing.
Cohen has not been charged by prosecutors. However, his office, home and a hotel room where he had been staying were raided last month by FBI agents.
After that raid, he and lawyers for Trump and the Trump organization have raised concerns in federal court in Manhattan that material seized in the raids that might be subject to attorney-client privilege protections might be improperly seen by the prosecutors investigating him.
Judge Kimba Wood has appointed a so-called special master to review that material to avoid privileged documents from being seen by prosecutors.
On Tuesday, Daniels' lawyer, Michael Avenatti, in a letter to Wood said he suspects that audio recordings relating to Daniels are being leaked to media outlets by Cohen or Cohen's own legal team.
Avenatti also requested that she ask Cohen's lawyers about these leaks at a hearing scheduled for Thursday.
It is not clear what audio recordings or media outlets Avenatti was talking about.
Lawyers for Cohen did not immediately return requests for comment by CNBC.
Avenatti's letter comes as Cohen's lawyers are opposing his request to be admitted to Manhattan federal court for the purpose of representing Daniels there. Because Avenatti is not currently admitted to federal court in New York, he needs a special "pro hac vice" admission for Cohen's case
In his letter to Wood, Quote: :
"We write to bring an important matter to the Court's attention. We have reason to believe that plaintiff Michael Cohen, or members of his team, have begun to leak select audio recordings to the media that were seized in the FBI raids. We further have reason to believe that these recordings may relate to our client, Ms. Stephanie Clifford. We think that these select leaks are meant to paint a false narrative relating to Mr. Cohen and his business
dealings at the same time he is not disclosing numerous other recordings of him speaking with individuals such as Mr. Trump.
We respectfully request that the Court make inquiry of Mr. Cohen's attorneys of these leaks at Thursday's hearing, including, among other things, whether Mr. Cohen's team is thesource of the leaks, what was disclosed, and the reasons for the disclosures. Such leaks would plainly call into question the seriousness of Mr. Cohen's arguments opposing my pro hac vice motion. They may also directly interfere with the privilege review being conducted by the Special Master. Further, if the materials publicly disclosed relate to our client, the disclosures would also have relevance to our motion to intervene."
WATCH: Trump discloses payment to Michael Cohen show chapters President Trump discloses payment to Michael Cohen 2:13 PM ET Wed, 16 May 2018 | 03:29 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/michael-cohens-business-partner-evgeny-freidman-agrees-to-cooperate-as-part-of-plea-deal-nyt.html |
Crypto exchange Coinbase goes after institutional investors 57 Mins Ago Coinbase announced the launch on Tuesday of four new products aimed at that investor class: Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/cryptocurrency-crypto-coinbase-bitcoin.html |
OSLO, May 18 (Reuters) - Norway’s central bank will continue to consider the introduction of its own digital currency as a supplement to cash, in order to secure a robust payments system and ensure long-term confidence in the monetary system, it said on Friday.
Several countries, including Sweden’s Riksbank, are considering whether to introduce a central bank digital currency (CBDC) as an alternative way for private individuals, companies, associations and government authorities to store assets.
“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed,” Norges Bank Governor Oeystein Olsen wrote in a working paper.
“It is too early to conclude whether Norges Bank should take the initiative in introducing a CBDC ... On the other hand, the working group has not identified issues allowing it to conclude at present that introducing a CBDC can be ruled out,” Norges Bank added.
An underlying premise for its work is that the existence and scope of a CBDC must not impair the ability of banks and other financial institutions to provide credit, the central bank said.
The Bank for International Settlements (BIS) in March warned central banks to think hard about potential risks and spillovers before issuing their own cryptocurrencies. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-cenbank-currency/norway-extends-study-of-digital-central-bank-currency-idUSL5N1SP3KS |
The public has some strong opinions about the surge in emotional-support animals on board airplanes.
The U.S. Department of Transportation has received about 950 comments about the increase in emotional- and psychiatric-support animals in airplane cabins since it put out its request for public comment five days ago .
The agency is considering changing its rules for bringing such animals on board. These animals can fly free of charge and without a carrier under the 1986 Air Carrier Access Act.
But airlines, including Delta , United and American this year have tightened restrictions on such support animals , asking passengers to provide signed documents that state the animal can behave , after passengers and crew complained about allergies and soiled cabins, and raised concerns about travelers getting certification fraudulently. A passenger last year was mauled on a Delta flight by a passenger's emotional-support dog.
The DOT last week said it would not punish airlines for issuing "reasonable" restrictions on the movements of such animals around the cabin.
"What about passengers who suffer from allergies to animals on board flights? Will airlines be providing separate flights for those passengers? Or, will there be designated flights for those who must travel with their service animals?" asked commenter Shirley K.
Richard Deal urged regulators to only permit service animals for the blind.
"If flying does not work for you then drive or walk. Enough is enough," Deal said.
Others fretted about soiled cabins.
"It is unfair to those of us who have paid for a ticket to suffer through sitting next to a barking dog or an animals that pees or poops next to my seat (don't even get me started about "comfort snakes" — you would have a true incident on board if I discovered one of those on my flight!!)," wrote Melissa Martzloff.
Some wrote in to defend their need for an emotional-support animal. Darren Melamed said a ban on well-behaved emotional-support animals "will be devastating to my emotional well being when traveling."
"I do believe that there are bad actors out there," Melamed said. "No, a peacock does not belong on a plane. However, a well trained dog should be protected."
United denied a passenger's emotional-support peacock from boarding a transcontinental flight earlier this year.
Susan Swanson of San Francisco suggested airlines make an announcement if a service animal will be on board and allow passengers with allergies who don't want to fly with it in the cabin to be rebooked on another flight "or forever hold their peace."
"How about having consideration for us?!?," wrote Gary Ulinskas, who his wife is allergic to cats.
"Hotels have 'pet free' rooms for people with allergies to animal dander, why can't airlines have 'pet free' (at least in the passenger cabin) flights? Hope you folks are serious about this. Thanks for listening."
The Department of Transportation is still collecting comments here .
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/public-comments-about-emotional-support-animals-are-pouring-in.html |
× × 'We want to get cash out of the system' with mobile payments, Bank of America's digital chief says 18 Hours Ago Jim Cramer sits down with Michelle Moore, head of digital banking at Bank of America. Moore says artificial intelligence, voice and virtual payments are taking over the banking space. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/bank-of-america-digital-chief-we-want-to-get-cash-out-of-the-system.html |
Microsoft has unveiled a new Xbox controller with customizable features for disabled gamers.
The company's new accessible device is targeted at users with a range of physical disabilities, and is set to launch later this year.
Tailor-made controllers for disabled people are near non-existent in the gaming world. Several charities have been set up to address this, creating modified controllers that are more accessible to disabled users.
The Xbox Adaptive Controller is a rectangular gadget with two large buttons on the face and 19 3.5mm jacks round the back that connect to a range of external switches, buttons, mounts and joysticks.
Microsoft It's wireless and designed so that users can place it on their lap while gaming but can be mounted with hardware and attached to a wheelchair or desk.
The controllers can be used for Xbox One and Windows 10 PC games and will sell for $99.99. Microsoft didn't provide a specific date for the release.
The announcement comes as several gaming firms prepare for the Electronic Entertainment Expo (E3), which takes place on June 12 this year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/microsoft-unveils-xbox-adaptive-controller-for-disabled-gamers.html |
Home » Warren Buffett supplied to speculate $three billion in Uber, report says Warren Buffett supplied to speculate $three billion in Uber, report says May 30, 2018 By Fatma Schwarz Leave a Comment
Warren Buffett supplied Uber a $three billion funding earlier this 12 months, however the talks finally crumbled, in keeping with a Bloomberg report.
The supply got here shortly after Japanese funding large SoftBank secured its personal stake within the ride-sharing firm in January, the information website reported citing nameless sources.
Uber CEO Dara Khosrowshahi and the legendary head of Berkshire Hathaway disagreed on the phrases and measurement of the deal, in keeping with the report, so Uber tried to speak Buffett right into a smaller stake.
Uber final week introduced first quarter outcomes and a young supply that nudges its valuation previous $60 billion. gtag('config', 'UA-114047264-2');
The firm has been in the midst of a reputational turnaround since its controversial founder Travis Kalanick was ousted final 12 months. Khosrowshahi has emphasised rider security, driver rights and higher governmental relations in his 10 months as CEO.
A Berkshire funding would have served as one thing of a stamp of approval for Uber forward of an eventual IPO. Buffett despatched Apple’s inventory hovering final month when he revealed a large stake within the {hardware} large.
Uber, Berkshire Hathaway and Warren Buffett didn’t instantly return CNBC’s requests for remark.
Read the complete Bloomberg report.
This story is creating. Please verify again for updates. Leave a Reply Your email address will not be published. Required fields are marked * Comment | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/warren-buffett-reportedly-offered-uber-3-billion-investment-but-talks-crumbled.html/ |
May 15, 2018 / 7:48 PM / Updated 32 minutes ago Stomach-turning slasher marks Von Trier's uncompromising Cannes comeback Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Lars Von Trier received a standing ovation when he arrived at the Cannes Film Festival, seven years after being thrown out for quipping that he was a nazi who sympathized with Hitler. 71st Cannes Film Festival - Screening of the film "The House That Jack Built" out of competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Director Lars von Trier arrives. REUTERS/Jean-Paul Pelissier
But if anyone was expecting the Danish provocateur to rein in his impulse to offend, he soon put them right with “The House That Jack Built”, an extremely dark comedy about a serial killer who uses mutilated corpses to create art.
Matt Dillon plays Jack who fills his walk-in freezer with dioramas of human flesh, with Uma Thurman his first victim, giving him a taste for murder and torture.
Throughout the film, a voiceover is played of a meandering conversation between Jack and the mysterious Verge, a wise and kind-sounding old man (Bruno Ganz) who is leading him down a long path to what we rightly imagine is Hell.
Rather than steering clear of Hitler, Von Trier includes clips of the German dictator as well as newsreel footage of his worst crime: decaying corpses piled up in a concentration camp, as Jack muses on the “noble rot” fungus that turns grape juice into fine wine.
Speaking to Reuters the day after the premiere, Von Trier said the point he had been trying to make in the fateful news conference in 2011, was that the world remained fascinated by Hitler, proving “there’s some magic in real terror”.
Of the film’s intense cruelty, particularly to women, he said: “Yes, but the whole thing is kind of ironical”. Asked if that was not just an excuse, the 62-year-old replied: “Yes, it is just an excuse, but I’m old enough now for excuses.”
As the viewer has to assume that there is some of Jack in Von Trier, obsessed with creating art that many would find disturbing, does he consider he might himself be a psychopath? 71st Cannes Film Festival - Screening of the film "The House That Jack Built" out of competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Director Lars von Trier and cast members Sofie Grabol, Siobhan Fallon Hogan, Bruno Ganz and Matt Dillon arrive. REUTERS/Regis Duvignau
“After reading a lot about psychopaths, I think not,” he said. “But also, psychopaths would say the same: Certainly not!”
For Dillon, some of the murders were: “the toughest days I have ever had doing movies”.
“I almost didn’t do the film because of that,” he said about a scene in which he cuts off a girlfriend’s breasts before killing her.
“It wasn’t so much the graphic nature of it. For me, the most troubling thing about it was the humiliation, the cruelty, but ... with Lars you have to take the good with the bad.”
“He goes to very dark places in the films, obviously, and I don’t think you could get much darker than what he has done here, although Hell has trap doors, as we see in this film,” Dillon said, referring to a spectacular final sequence.
IndieWire called “The House That Jack Built”: “an often-horrifying, sadistic dive into a psychotic internal monologue (... that is) also possibly brilliant”, while The Guardian dismissed it as “a smirking ordeal of gruesomeness”. Slideshow (11 Images)
The Cannes Film Festival runs from May 8 to May 19. Reporting by Robin Pomeroy; Editing by Hugh Lawson | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-the-house-that-ja/stomach-turning-slasher-marks-von-triers-uncompromising-cannes-comeback-idINKCN1IG32F |
WASHINGTON—The U.S. on Wednesday imposed sanctions on several Iranian groups and officials it accused of human rights abuses, in another round of weekly punitive actions intended to isolate Tehran and force a fundamental change in the Islamic Republic of Iran’s military posture.
The Treasury Department’s new sanction targets included Ansar-e Hezbollah, a conservative organization linked to the government, and Evin Prison, where Tehran detains political prisoners. It also acted against the Hanista Programing Group, accusing... RELATED VIDEO Will Trump's Iran Bet Pay Off? After President Donald Trump's big gamble to pull the U.S. out of the Iran nuclear deal, the focus now shifts to Tehran, the Iranian people and America's allies. Gerald F. Seib explains the high stakes. Photo: Getty To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-sanctions-irans-evin-prison-broadcasting-chief-and-others-alleging-human-rights-abuses-1527705343 |
BOSTON--(BUSINESS WIRE)-- The Trustees of The Putnam Funds have announced Section 19 Disclosure has been added to the following distribution declared on the April 20, 2018 press release.
EX
RECORD
PAYMENT
FUND NAME AND DISTRIBUTIONS
DATE
DATE
DATE
Putnam High Income Securities Fund (NYSE: PCF) (CUSIP: 746779-10-7)
$0.0283 per share investment income 5/23/18 5/24/18 6/1/18 Putnam Master Intermediate Income Trust (NYSE:PIM) (CUSIP: 746909-10-0)
$0.0250 per share investment income 5/23/18 5/24/18 6/1/18 Putnam Managed Municipal Income Trust (NYSE:PMM) (CUSIP: 746823-10-3)
$0.0318 per share investment income 5/23/18 5/24/18 6/1/18 Putnam Municipal Opportunities Trust (NYSE:PMO) (CUSIP: 746922-10-3)
$0.0461 per share investment income 5/23/18 5/24/18 6/1/18
Putnam Premier Income Trust (NYSE:PPT) (CUSIP: 746853-10-0)
$0.0260 per share investment income 5/23/18 5/24/18 6/1/18 SECTION 19 DISCLOSURE
Putnam Managed Municipal Income Trust
Putnam estimates that $0.0298 per share of Putnam Managed Municipal Income Trust’s dividend is paid from accumulated net investment income, and $0.0020 per share represents a nontaxable return of capital. These estimates and the sources of the fund's dividends and distributions are determined in accordance with accounting principles applicable to the fund. These principles may vary from those applicable to the characterization of distributions under federal tax law and, accordingly, federal tax law treatment will likely vary from the estimated characterization above. In addition, the sources of dividends are estimated at the time of declaration. Actual results will vary from these estimates. A non-taxable return of capital, if any, cannot be determined until after the end of the fund's fiscal year. In January 2019, you will receive final information as to the federal tax status of this and other distributions from the fund in the preceding calendar year.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006411/en/
PUTNAM SHAREHOLDERS CONTACT :
1-800-225-1581
Source: The Putnam Funds | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-putnam-announces-distribution-rates-for-closed-end-funds.html |
LONDON, May 24 (Reuters) - Mining firm Petra Diamonds said on Thursday it would raise $178 million from investors to cut debt after it was hobbled by a strong South African rand, delays in production, strikes and a confiscated consignment of diamonds.
Its London-listed shares sank 14 percent to 65 pence by 0907 GMT.
Workers at Petra’s South African operations downed tools in September over wages and the Tanzania government confiscated a consignment of diamonds, which has still not been returned.
There were also delays in ramping up production at its Cullinan and Finsch mines in South Africa and a lack of refunds on value-added-tax (VAT) from the Tanzanian government.
New shares would be offered at 40 pence, a 35.6 percent discount to the theoretical ex-rights price of 62.15 pence calculated in reference to the closing price on Wednesday.
Petra, which operates five mines, would use up to $120 million from the cash call to pay down debt and the balance will buffer Petra’s working capital from the strength in the rand.
“The net proceeds from the rights issue will be used to accelerate a reduction in leverage to a more sustainable level, strengthen the balance sheet and increase the financial flexibility of the group,” the company said in a statement.
Petra’s debt rose to $622 million in April from $500.2 million at the end of March 2017. It was forced to seek waivers from its lenders three times to avoid breaching its debt covenants.
The company is targeting a reduction in the leverage of 2 times or less net debt to core earnings or EBITDA by the end of 2020.
“The possibility of a rights issue has long been rumoured but we had assumed that Petra would have sufficient liquidity post the renegotiation of their debt covenants on our estimates,” Liberum analyst Ben Davis said.
Reporting by Zandi Shabalala Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/petra-diamonds-shareissue/miner-petra-diamonds-to-raise-178-mln-to-cut-debt-cope-with-strong-rand-idUSL5N1SV2SC |
Russian antivirus-software company Kaspersky Labs said it would relocate significant operations from Russia to Switzerland, after the U.S. and U.K. governments said the company could be vulnerable to Moscow interference.
The $12 million move comes amid growing tensions over cybersecurity that pit the U.S. and some of its allies against their geopolitical antagonists, including Russia and China. Kaspersky is among several companies that have been swept up in the fallout. Other casualties have included China’s Huawei Technologies... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/kaspersky-to-relocate-some-operations-out-of-russia-amid-tampering-suspicions-1526367600 |
Equinor ASA (OSE: EQNR, NYSE: STO), the new name of Statoil ASA, was approved by the annual general meeting yesterday, 15 May 2018, and the new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret). The company's shares will from 16 May 2018 (inclusive) be Quote: d on Oslo Børs with the new name and the new ticker EQNR.
Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be 17 May 2018 at the earliest.
ISIN number is unchanged. See also stock market announcement dated 15 May 2018 regarding the protocol from the company's annual general meeting on 15 May 2018.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: Equinor ASA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-equinor-asa-statoil-asa-changes-name-to-equinor-asa.html |
May 24, 2018 / 6:13 PM / in 22 minutes Burundi opposition push to annul vote extending president's term Reuters Staff 2 Min Read
BUJUMBURA (Reuters) - Burundi’s opposition asked the constitutional court on Thursday to nullify a referendum that could allow President Pierre Nkurunziza to stay in power until 2034, saying the vote was marred by fraud. FILE PHOTO: Burundi's President Pierre Nkurunziza waves as he arrives for the celebrations to mark Burundi's 55th anniversary of the independence at the Prince Louis Rwagasore stadium in Bujumbura, Burundi July 1, 2017. REUTERS/Evrard Ngendakumana/File Photo
Election officials said 73 percent of voters in the East African country backed the changes in Monday’s plebiscite.
But Pierre Célestin Ndikumana, a lawmaker from the opposition Amizero Coalition, said it wanted to challenge how the vote was held and “the climate that prevailed on the polling day”. “There has been an electoral fraud,” he said.
Rights groups say security forces and their allies in the Imbonerakure youth militia created a climate of fear and intimidation during the campaigning.
A government spokesperson was not immediately available for comment.
Burundi has been wracked by violence since early 2015 when President Nkurunziza said he would seek a third term - a move that critics at the time said would break limits set out in the constitution.
Clashes between security forces and rebels left hundreds dead and forced about half a million to flee - rattling a region still haunted by the memories of the 1994 genocide in neighboring Rwanda, which has a similar ethnic mix to Burundi.
This week’s referendum changed the constitution in a way that would allow Nkurunziza to run for another two terms. It also extended a president’s term from five to seven years.
New York-based Human Rights Watch says at least 15 people were killed while six were raped during the referendum campaign.
Broadcasts by the BBC and the Voice of America were also banned two weeks before the vote. Writing by Elias Biryabarema; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-burundi-vote/burundi-opposition-push-to-annul-vote-extending-presidents-term-idUSKCN1IP38O |
DUBLIN, May 16, 2018 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced that all agreements relating to FLY's acquisition of 55 Airbus narrow-body aircraft and seven CFM engines on operating lease, and the option to purchase an additional 20 Airbus A320neo family aircraft, were approved by the shareholders of AirAsia Group Berhad ("AirAsia") at their extraordinary general meeting on May 14, 2018.
"The positive vote by AirAsia's shareholders was the final approval needed to complete the acquisition," said Colm Barrington, CEO of FLY. "The addition of these aircraft and engines will grow FLY's fleet significantly and will drive improved returns for our shareholders. We look forward to completing the transfer of the 34 aircraft and seven engines that comprise the initial part of the transaction by the end of the third quarter."
About FLY
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing. For more information visit www.flyleasing.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY's future business, operations and financial performance, including the expected benefits of the transactions described herein (the "AirAsia Transactions"). Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including risks relating to the satisfaction of conditions to the closing of the AirAsia Transactions; risks relating to satisfaction of conditions to the financing of the AirAsia Transactions; risks relating to FLY's ability to obtain additional required financing for the AirAsia Transactions on favorable terms, or at all; the risk that expected benefits of the AirAsia Transactions may not be fully realized or may take longer to realize than expected; the risk that business disruption resulting from the AirAsia Transactions may be greater than expected; and the risk that FLY may be unable to achieve its portfolio growth expectations, or to reap the benefits of such growth. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
Contact:
Matt Dallas
Fly Leasing Limited
+1 203-769-5916
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/fly-leasings-acquisition-of-major-aircraft-portfolio-approved-by-airasia-shareholders-300649463.html
SOURCE Fly Leasing Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-fly-leasings-acquisition-of-major-aircraft-portfolio-approved-by-airasia-shareholders.html |
Billionaire Mario Gabelli believes now is the right time to be buying stock in sports, esports and gambling companies.
"I want everyone to own a piece of a baseball team," the founder and CEO of Gamco Investors said on CNBC's " Squawk Box " on Friday. "And you can do it by buying shares of the Atlanta Braves. You have a 6½-year-old? You've got to own him a baseball team. Buy five shares — BATRA is the symbol."
"The second one would be basketball, which would be Madison Square Garden , and the third would be what's going on in the gaming industry: e-gaming, e-sports," he added.
Gabelli cited growth around the esports space as a compelling reason for an investment, noting that internet access, speed and broadband will continue to be critical commodities as more and more people play massively multiplayer online games like "Fortnite. "
Getty Images Shohei Ohtani of the Los Angeles Angels As one of the hottest pop culture phenomenons right now, "Fortnite" is drawing attention from rap stars to top Twitch streamers and gamers alike.
At one point in February, 3.4 million people were playing the game at same time, likely making it "the biggest PC/console game in the world," Epic Games said. The company said in January the game has been played by more than 45 million people worldwide.
Gabelli spoke to CNBC's Becky Quick from Omaha, Nebraska, where tens of thousands of Berkshire shareholders were gathering for Saturday's annual meeting. In addition to esports, he also suggested investors buy casino and gambling stocks.
" MGM has come down to about $31 because of a short-term air pocket," Gabelli said. "The Supreme Court is going to rule on [the] Professional and Amateur Sports Protection Act, and if they change that, that will allow online gaming. So if I'm watching the ninth inning of a baseball game and I want to bet the guy strikes out, I put a bet down on my mobile phone."
"That is a game-changer for taking betting and making it real and giving instant results to the millennials. ... It's a great world to be in," he said.
tweet
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/mario-gabelli-is-betting-big-on-sports-likes-mgm-on-possible-sports-betting-legalization.html |
9 Hours Ago | 02:54
Days after securing a stunning election victory, Malaysian Prime Minister Mahathir Mohamad's government has delivered a potentially risky fiscal maneuver by replacing the goods and service tax (GST) with a sales and service duty.
The Ministry of Finance said this week that it will lower GST to zero percent from June 1 and reintroduce a sales tax to offset any shortfall in revenue . Rising oil prices — a positive for net energy exporters such as Malaysia — will also support revenues, officials stated.
But some analysts aren't convinced.
When combined with the return of cash handouts, fuel subsidies — promises made by the current administration — as well as the country's large levels of external debt and low reserves, the sales tax isn't too comforting, said Hamish Pepper, head of forex and emerging market macro strategy research for Asia at Barclays.
"We could be looking at a fiscal deficit for Malaysia next year as much as 4.3 percent of GDP," he warned, which would be a major spike from 2017's 3 percent figure. "Sit that in the context of government debt to GDP, which is above 50 percent," and the final picture is concerning, he continued.
The degree of fiscal deterioration post-election is the primary factor for foreign investment, Pepper stated. And while it's too early to draw any conclusions, "it's very much in the hands of the government to do the right thing for investors and ratings agencies," he added.
If GST was abolished "without adjusting measures," that would be a credit negative for the country, according to Moody's Investor Services. Nyshka Chandran Reporter, CNBC Asia-Pacific Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/malaysia-elections-2018-gst-decision-raises-concerns.html |
Rudy Giuliani, President Donald Trump’s newest lawyer, once again made waves on a political talk show over the weekend, this time talking about whether Trump would cooperate in the Russia investigation .
Speaking to ABC News’ George Stephanopoulos on Sunday’s episode of “This Week,” Giuliani said that his client, Donald Trump, doesn’t have to comply with a subpoena from special counsel Robert Mueller, in addition to saying he could not be confident that the president would not take the Fifth Amendment if he has to testify in the Russia investigation.
“How can I ever be confident of that?” Giuliani said, regarding Trump pleading the Fifth, when Stephanopoulos asked how Trump would handle being called to testify.
Giuliani pointed out that Trump has previously said he wants to testify, and that while he ultimately may end up doing so, as his lawyer, Giuliani said he has a responsibility to tell the president he would be taking a great chance.
Pres. Trump’s attorney Rudy Giuliani tells @GStephanopoulos “we don’t have to” comply with a potential subpoena from the special counsel, adding “He's the President of the United States. We can assert the same privileges other presidents have.” https://t.co/LYBy2d6vA3 pic.twitter.com/EefBTa11GQ
— ABC News (@ABC) May 6, 2018
“I’ve got a client who wants to testify… I hope we get a chance to tell him the risk that he’s taking,” Giuliani said. “So he may testify. We may actually work things out with Bob Mueller. Because working with him directly is good.”
The former New York City mayor also said that Mueller’s team keeps “undermining” the potential for talk to Trump with them. Trump himself said Friday he would love to talk to Mueller if he was “treated fairly.”
Stephanopoulos also asked Giuliani whether Trump would comply with a subpoena.
“Well, we don’t have to,” Giuliani said simply. “He’s the president of the United States. We can assert the same privileges other presidents have.”
Giuliani caused a media frenzy last week after telling Fox News’ Sean Hannity that Trump repaid personal attorney Michael Cohen for the $130,000 payment Cohen made to porn star Stormy Daniels before the 2016 presidential election, supposedly for her silence regarding an alleged affair with Trump in 2006 . | ashraq/financial-news-articles | http://fortune.com/2018/05/06/rudy-giuliani-trump-fifth-amendment-russia/ |
CHICAGO, May 2, 2018 /PRNewswire/ -- The John Buck Company (JBC) has announced an expanded focus on value-added investment opportunities and has made several leadership changes to align the organization with this initiative. Re-assuming the role he previously held, Chairman John Buck will become CEO. Kevin Hites, Chief Investment Officer, has added the title of President, and Ben Kochalski, Principal, has been appointed to the Board of Directors and Investment Committee. Dirk Degenaars will maintain his role as Chief Operating Officer directing both portfolio and asset management, and Betsy Traczek maintains her role as President of Buck Management Group. In conjunction with these changes, Richard Lindsay, previously CEO and Director of Development, has left the firm to pursue other interests.
"While development remains one of our core strengths, we are particularly excited with our pipeline of value-add turnaround opportunities. We have chosen to adjust our organization to best position the firm to execute these new transactions. We are proud of the many contributions that Richard made to our development activities during his tenure with the firm and wish him the best in his future endeavors," says John Buck.
JBC's active developments will continue to be managed by a team of senior development professionals who are among the longest-tenured in the business with decades of experience in design and construction of high-rise office and residential properties. The firm remains deeply committed to its legacy of ground-up development but will simultaneously expand its focus on value-add investment opportunities.
More About The John Buck Company
Founded in 1981, JBC has an established track record and reputation as a premier, vertically-integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.7 billion of gross value and acquired, developed, or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties.
View original content with multimedia: http://www.prnewswire.com/news-releases/the-john-buck-company-to-focus-on-value-add-opportunities-300641626.html
SOURCE The John Buck Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-the-john-buck-company-to-focus-on-value-add-opportunities.html |
May 7, 2018 / 3:21 AM / Updated 12 hours ago Clash of political titans brings a gripping election to Malaysia John Chalmers , Praveen Menon 6 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s general election this week will be an extraordinary contest, pitting a 92-year-old former authoritarian leader and a jailed reformist he fell out with 20 years ago against a prime minister who has been mired in a multi-billion-dollar scandal. FILE PHOTO - A combination photo of Malaysia's Prime Minister Najib Razak and former Malaysian prime minister Mahathir Mohamad (R) in Kuala Lumpur, Malaysia, January 25, 2016 and March 30, 2017 (R). REUTERS/Olivia Harris REUTERS/Lai Seng Sin(R)/File Photos
Few doubt that Prime Minister Najib Razak’s Barisan Nasional (BN) coalition, which has ruled Malaysia for the six decades since independence, will triumph in Wednesday’s poll.
But a robust challenge from the opposition - spearheaded by nonagenarian Mahathir Mohamad, the country’s longest-serving prime minister, and his one-time protege Anwar Ibrahim - has produced the most hotly contested election yet.
“Momentum is with the opposition, but we believe it is unlikely that they will pull off a surprise victory,” said the Eurasia Group consultancy, which put the odds of a win for Mahathir’s Pakatan Harapan (Alliance of Hope) at 15 percent.
However, the political risk group’s Asia director, Peter Mumford, said there is a danger for the ruling coalition that it will fare worse than the 2013 election, when for the first time it lost the popular vote but still won with 133 of parliament’s 222 seats.
Under Malaysia’s simple majority system, the party that gets the most seats in parliament wins even if it does not secure the popular vote.
An unconvincing victory would leave Najib, 64, with reduced political clout and he could face pressure from within his party to stand aside ahead of the next election, Mumford said.
That would be a blow for Najib, who has survived an uproar surrounding 1Malaysia Development Berhad (1MDB), a state fund that racked up heavy debt after he took power in 2009. The prime minister has consistently denied any wrongdoing over the billions of dollars that were allegedly siphoned off from the state fund and he has been cleared of any offence by Malaysia’s attorney general. FRIENDS AND FOES
Under Najib, a skyscraper called The Exchange 106 has come up in Kuala Lumpur that will replace Mahathir’s pet project, the Petronas twin towers, as the tallest on the capital’s skyline.
The two buildings are testimony to Malaysia’s transformation from a rural backwater to an industrial nation, but they are also emblems of the bitter rivalry between the two leaders.
Mahathir, who ruled with an iron fist for 22 years, was once Najib’s mentor but turned against him over the 1MDB affair and quit the United Malays National Organisation (UMNO) party, which represents the country’s Malay majority.
Then, in an even more unlikely change of heart, Mahathir last year buried a feud with Anwar, 70, and the two agreed to join forces to oust Najib. Former Malaysian Prime Minister and candidate for opposition Alliance Of Hope, Mahathir Mohamad speaks during an election campaign rally in Kuala Lumpur, Malaysia, May 6, 2018. REUTERS/Athit Perawongmetha
Mahathir sacked Anwar as his deputy prime minister in 1998. Anwar then started a movement known as “Reformasi’ - reform - to end UMNO’s race- and patronage-based governance, but he was stopped in his tracks by charges of sodomy and graft, which he denied, but for which he was jailed.
Anwar was imprisoned again in 2015, when Najib was prime minister, after another sodomy charge, which he described as a politically motivated attempt to end his career.
Mahathir has promised to seek a royal pardon for Anwar if they win the election and, once Anwar is free, to step aside and let his protege-turned-foe-turned-ally become prime minister.
Reformasi supporters have been dismayed by Anwar’s reconciliation with the very man who tried to block their movement, but Anwar’s daughter, lawmaker Nurul Izzah, says the opportunity to defeat Najib’s coalition is what matters most.
“It took us many years to get to this point, and if you’re not smart or wise enough to join all these forces together, we might lose the chance at wresting power from BN,” she told Reuters recently. TIGHT RACE
The opposition alliance, which counts on urban votes and support from the ethnic Chinese and Indian communities, is hoping Mahathir will draw in rural Malay voters who have long been loyal supporters of BN but are now disillusioned by increased costs of living.
A survey released by pollster Merdeka Center last week showed the opposition making gains, but not enough to land a majority of parliament’s seats.
It saw Mahathir’s alliance winning 43.7 percent of the popular vote in peninsular Malaysia and BN 40.3 percent. The poll did not cover the Borneo states of Sabah and Sarawak, which have historically been pro-BN although there have been recent signs of a swing away from the government in Sabah.
The opposition has complained that a revision of electoral boundaries in March tilted the election in BN’s favour by moving large numbers of opposition-leaning voters into fewer parliamentary constituencies.
The Election Commission insists its electoral map changes did not favour the ruling coalition, and the government says there was no political interference in the exercise. Slideshow (2 Images)
Thomas Pepinsky, a Southeast Asia political expert at Cornell University, said that despite the unusual spectacle of a tight election in Malaysia, the outcome is in little doubt.
“The strength of the incumbent regime must not be underestimated,” he said. “It retains the legal, infrastructural, and material resources that it has always used to prevail in Malaysia’s controlled elections.” Additional reporting by Joseph Sipalan; editing by Raju Gopalakrishnan | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-preview/clash-of-political-titans-brings-a-gripping-election-to-malaysia-idINKBN1I807L |
May 4, 2018 / 3:29 PM / Updated 17 minutes ago Exposed and dependent: Germany desperate to avoid trade war Paul Carrel , Michael Nienaber 6 Min Read
BERLIN (Reuters) - As Europe’s biggest exporter to the United States and with more than 1 million German jobs at stake, Germany is desperate to avoid a European Union trade war with the United States. German Chancellor Angela Merkel looks at a liquid crystal window, as she visits the Merck Innovation Center during the celebrations for the 350th anniversary of German pharmaceuticals company Merck in Darmstadt, Germany, May 3 ,2018. REUTERS/Kai Pfaffenbach
In the run-up to a June 1 deadline for U.S. President Donald Trump to impose steel and aluminum tariffs on the EU, Berlin is urging its European partners to show some flexibility and pursue a broad trade deal that benefits both sides.
But that puts Germany at odds with European peers such as France. Paris, the other half of the motor driving European integration, resents Germany’s big trade surplus and wants a tougher EU stance against the U.S. tariffs.
“There is a great danger of slipping into a trade war that way,” Holger Bingmann, president of Germany’s BGA foreign trade association, told Reuters.
Mindful of data from the German-American Chambers of Industry and Commerce that shows more than 1 million German jobs are directly or indirectly dependent on exports to the United States, he cautioned against EU threats of counter tariffs.
“That way, the Europeans would only embrace the logic of protectionists,” he said.
The European Commission has said the EU will set duties on 2.8 billion euros ($3.36 billion) of U.S. exports, including peanut butter and denim jeans, if its metals exports to the United States, worth 6.4 billion euros, are subject to tariffs.
Berlin is pushing the idea of an agreement to lower tariffs across a broad spectrum of products, especially in manufacturing.
“We can negotiate again ... but we should talk about all industrial tariffs,” said a senior German official.
A French official said there must first be a permanent and unconditional exemption for the EU from the steel and aluminum tariffs, adding: “That’s the prerequisite for any other option.”
Such differences risk driving EU countries apart, weakening their bargaining position with Trump - playing into his hands as he tries to make U.S. businesses more competitive globally.
German Economy Minister Peter Altmaier said on Wednesday that finding a common stance with France and formulating an offer to the United States were “equally difficult”. FILE PHOTO: A worker of German steel manufacturer Salzgitter AG stands in front of a furnace at a plant in Salzgitter, Germany, March 1, 2018. REUTERS/Fabian Bimmer/File Photo
So far, Germany and France’s differences have largely been hidden behind the EU position that Washington must give it a permanent exemption from the steel an aluminum tariffs.
But as the June 1 deadline nears, EU trade ministers must resolve their differences quickly to give European Trade Commissioner Cecilia Malmstrom a clear mandate for negotiations with the U.S. administration. “BUILD BETTER CARS”
Concerned that a tit-for-tat escalation of tariffs could affect them next, German carmakers are trying to mitigate their exposure to any trade war.
BMW has quietly stopped exporting its X3 offroader from the United States to China, retooling its factory in Shenyang, China to produce the X3 model locally. The X3 is now also produced at a plant in Rosslyn, South Africa.
But any switch from one factory to another is costly, takes months to plan and implement, and is taken with a long-term view, BMW board member Peter Schwarzenbauer said.
“We have to make decisions, like about factories in Spartanburg (South Carolina) or factories in Mexico, which are based on a horizon of 20 to 30 years,” he told Reuters in March.
“If we were to change our strategy whenever a tweet comes out, we would get crazy,” he added.
Tensions around the car sector have been stoked on both sides of the Atlantic.
In January 2017, when he was president-elect, Trump complained there were many Mercedes-Benz luxury cars visible on New York streets and threatened to impose a border tax of 35 percent on vehicles imported to the United States. FILE PHOTO: Steel rolls are seen at the Volkswagen plant in Emden, Germany March 9, 2018. REUTERS/Fabian Bimmer/File Photo
Sigmar Gabriel, then Germany’s economy minister, replied that the United States should “build better cars”.
Gabriel’s comments reflect the pride Germans feel in the quality products their country exports, a post-war success that has helped them regain respect and recognition abroad. SURPLUS TENSION
Yet the surpluses this success has brought are a bone of contention that affect Germany’s relations with its peers.
France has complained for years about Germany’s current account surplus — a measure of the flow of goods, services and investments — which was the world’s largest for the second year running in 2017.
The head of the International Monetary Fund said in January the build-up of large current account surpluses in countries such as Germany was partly responsible for the rise of protectionism elsewhere.
France wants Germany to steer its surplus towards economically weaker southern Europe and raise domestic investment to reduce the surplus.
So too does the IMF and the United States, hoping that an increase in investment would stimulate domestic demand in Germany and help boost imports from its trading partners.
German Finance Minister Olaf Scholz presented government finance plans on Wednesday that showed investment rising this year and next, before decreasing through to 2022 to below the 2017 level.
German Chancellor Angela Merkel discussed trade with Trump in Washington last week but there was no sign of a breakthrough.
In 2017, German exports to the United States reached 112 billion euros, more than twice the next biggest EU country, Britain, according to the Eurostat statistics office.
“Germany’s problem is a lack of realism with respect to its own fragile strategic situation,” said Jan Techau, a director at The German Marshall Fund of the United States, a think tank.
He said Berlin also showed a lack of awareness of the consequences of its economic policies and failed to realize “its own strategic long-term interests are largely similar to those of the U.S.”
($1 = 0.8335 euros) Additional reporting by Edward Taylor in Frankfurt and by Jean-Baptiste Vey in Paris, Editing in Timothy Heritage | ashraq/financial-news-articles | https://uk.reuters.com/article/us-germany-usa-trade-analysis/exposed-and-dependent-germany-desperate-to-avoid-trade-war-idUKKBN1I51WS |
A federal judge in Los Angeles on Wednesday ordered Wells Fargo Bank NA to pay $97.3 million to 4,500 mortgage consultants in California who claimed they were not properly compensated for rest breaks.
U.S. District Judge Percy Anderson rejected San Francisco-based Wells Fargo’s claim that damages in the case should be based on the home mortgage consultants’ hourly pay and not on the commissions that made up the bulk of their compensation.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2KeaVlb
| ashraq/financial-news-articles | https://www.reuters.com/article/employment-wellsfargo/wells-fargo-to-pay-97-mln-over-breaks-for-commission-based-workers-idUSL1N1SH2IG |
Business Highlights:
Uncertainty in the Italian market due to the expiration of the feed-in-tariff for distributed wind has created challenges with our core distributed wind business. Revenues from all geographic markets in the first quarter of 2018 were $1.6M, 25% of which was generated from services within Italy, as compared to $6.2M of revenues in the previous year period, of which Italian business represented approximately 85%.
Advancing pipeline in the energy storage business, including full site development with turnkey installations for owners as well as sales of equipment with controls. With measurable traction in our energy storage business and strategy, we are actively evaluating potential transactions, partnerships and other arrangements to obtain capital to accelerate market penetration and investment in this dynamic business.
Achieved UL certification of our multi megawatt FlexPhase power converter, which is being actively deployed into integrated battery energy storage solutions with controls and islanding capabilities.
Launched a tilt-up tower variant of our successful 100kW and 60kW units and expecting first installations in the summer of 2018. Adding this offering expands sales opportunities in remote areas such as the Caribbean by leveraging a more logistically and cost effective installation method.
Installed and commissioned the first NPS 100 distributed wind turbine in a high-profile micro-grid in Germany, an evolving and strategic new market for the company.
Expecting a decrease in WEG related royalties in 2018 as compared to full year 2017 due to contraction in the Brazilian market.
BARRE, Vt., Northern Power Systems Corp. (TSX:NPS), a next generation renewable energy and energy storage technology company, today announced financial results for its first quarter of 2018.
Revenues for the three months ended March 31, 2018 were $1.6 million, compared to $6.2 million in the first quarter of 2017. GAAP net loss for the first quarter of 2018 was $1.8 million, compared to a net loss of $1.2 million in the prior year first quarter. Order backlog at the end of the first quarter was $7 million, compared to $30 million for the prior year first quarter.
Our distributed wind business continues to face significant challenges in its historical core markets, particularly Italy and in other evolving, but strategic, markets such as the US and Germany. In Italy, continued uncertainty regarding the formation of a new government and the timing and nature of a new feed-in-tariff for distributed wind has halted Italy-based sales and revenue generating activities. In the US, the budget bill passed in February 2018 by Congress provided a multi-year extension of the Investment Tax Credit (ITC) for small wind systems (100 kW and below). With the passage of the legislation, certain purchasers of the Northern Power 100kW turbine can now avail themselves of a 30% tax credit which will improve significantly the economics of an investment in distributed wind. We anticipate that the Italian market for our distributed wind solutions will re-open in the fourth quarter of 2018. With the re-opening of the Italian market, together with sales from other markets, we anticipate that our distributed wind business will be positioned to rebound in 2019.
We are seeing traction in our energy storage business through a developing pipeline and initial installation activity. Considering the changing trends in our two business areas, we are considering various strategies to sustain the distributed wind business while accelerating growth in energy storage. To this end, we are evaluating a variety of strategic transactions for the energy storage business or the company as a whole, including seeking investment into our overall business or investment specifically dedicated to the energy storage business.
“The decline in our revenue year over year is attributable to the on-going delays in our core Italian market. In our first quarter of 2018, the majority of our product revenue was from the sale of energy storage equipment and energy storage activities. In the near term, energy storage will be an emerging market for us and as such the predictability of this business segment is uncertain,” stated Eric Larson, chief accounting officer. He also commented, “We note that with our market capitalization currently under $3 million there is a risk that we could receive a delisting notification from the Toronto Stock Exchange. If this occurs, we will address options accordingly.”
“We are seeing interesting traction in our energy storage offerings which range from complete turnkey installations including site acquisition and development, to supplying key individual components and related software to strategic customers. We are currently in conversations with a range of partners and customers on projects that could support our growing potential order backlog. Our installation with UniEnergy Technologies in Washington State highlights the versatility of our controls in particular seamless switching between grid connected and islanding mode as well as black start capability,” commented Ciel Caldwell, president and chief operating officer. She continued, “with a developing energy storage pipeline, and rapid progress on our core strategy of providing complete turnkey solutions, we believe we can identify strategic or financial partners with interest in participating in the growth in this area.”
Consolidated First Quarter Financial Highlights:
Revenue for the first quarter of fiscal year 2018 was $1.6 million, a 75 percent decrease over revenue of $6.2 million reported in the prior year period.
Gross margin in the first quarter was 23.3 percent, an increase from gross margin of 12.2 percent in the prior year period.
GAAP net loss for the first quarter of fiscal year 2018 was $1.8 million compared to a $1.2 million loss in the prior year period.
Non-GAAP adjusted EBITDA loss for the first quarter was $1.6 million, compared to a non-GAAP adjusted EBITDA loss of $1.0 million for the prior year. An explanation of these measures as well as a reconciliation of GAAP to non-GAAP financial measures are included below under the heading “About non-GAAP financial measures.”
The Company’s cash and cash equivalents balance was $2.1 million at March 31, 2018.
Our consolidated financial statements can be found on our Form 10-Q filed with SEDAR ( www.sedar.com ) and the SEC ( www.sec.gov ) on May 15, 2018.
About non-GAAP financial measures
To supplement Northern Power Systems’ consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), Northern Power Systems has used a non-GAAP financial measure, specifically non-GAAP adjusted EBITDA income (loss). Non-GAAP adjusted EBITDA income (loss) is defined as net income (loss), excluding share-based compensation expense, amortization of acquisition-related intangibles, depreciation of property, plant and equipment, interest expense, tax provision or benefit, and certain other non-cash impacts as applicable.
The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on non-GAAP adjusted EBITDA, please see the table captioned “Reconciliation of GAAP net income (loss) to non-GAAP adjusted EBITDA net income (loss)” included at the end of this release. The table has more details on the GAAP financial measure that is most directly comparable to non-GAAP adjusted EBITDA and the related reconciliation between these financial measures.
Northern Power Systems’ management believes that this non-GAAP financial measure provides meaningful supplemental information in assessing our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, which could be non-cash charges or discrete cash charges that are infrequent in nature. This non-GAAP financial measure also has facilitated management’s internal comparisons to Northern Power Systems’ historical performance and our competitors’ operating results, as well as reflects measurements which are used by creditors and other third parties in assessing our performance.
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA Loss
For the three months ended March 31, (in thousands of dollars) 2018 2017 Net loss $ (1,810 ) $ (1,190 ) Interest expense 27 13 Provision for income taxes 15 16 Depreciation and amortization 128 127 Stock compensation expense 10 27 Non-GAAP adjusted EBITDA loss $ (1,630 ) $ (1,007 ) About Northern Power Systems
Northern Power Systems, a next generation renewable energy and energy storage technology company, designs, manufactures, and sells distributed power generation and energy storage solutions with its advanced wind turbines, inverters, controls, and integration services. With approximately 21 million run-time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost-effective, reliable renewable energy. NPS turbines utilize patented permanent magnet direct drive (PMDD) technology, which uses fewer moving parts, delivers higher energy capture, and provides increased reliability thanks to reduced maintenance and downtime. Northern Power also develops Energy Storage Solutions (ESS) based on the FlexPhase™ power converter platform, which features patented converter architecture and controls technology for advanced grid support and generation applications.
Northern Power has been a technology innovator for over 40 years and serves clients around the globe from its US headquarters and European offices. To learn more, visit www.northernpower.com .
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, expansion into new markets, and execution of the company ’ s growth strategy. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “ scheduled ”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry; production, performance and acceptance of the company ’ s products; our sales cycle; our ability to convert backlog into revenue; performance by the company ’ s suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems ’ risk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems ’ Annual Report on Form 10-K filed on April 2, 2018, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Eric Larson,
Vice President and Chief Accounting Officer
+1-802-661-4673
[email protected]
Source:Northern Power Systems Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-northern-power-systems-reports-first-quarter-2018-results.html |
U.S. Navy reforms 'Second Fleet,' eyeing Russia 9:37am EDT - 01:09
The Pentagon is reestablishing a navy fleet that was disbanded seven years ago as it shifts more resources against Russia, part of a wider buildup that stretches from the North Atlantic to Eastern Europe.
The Pentagon is reestablishing a navy fleet that was disbanded seven years ago as it shifts more resources against Russia, part of a wider buildup that stretches from the North Atlantic to Eastern Europe. //reut.rs/2FLaEnk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/05/us-navy-reforms-second-fleet-eyeing-russ?videoId=424103484 |
BERLIN, May 11 (Reuters) - Germany’s Volkswagen AG said on Friday it would recall its new Polo vehicles in coming weeks due to an issue with the rear seatbelt lock.
The carmaker did not say in the statement how many vehicles would be affected nor whether it was a global recall.
The company said the recall concerned a technical issue where the rear left seatbelt could be unintentionally released in some rare situations, for example during a fast lane change when the vehicle had five passengers on board. (Reporting by Caroline Copley Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/volkswagen-recall/volkswagen-to-recall-polo-cars-on-rear-seatbelt-problem-idUSFWN1SI19A |
* Trump says not pleased with recent trade talks with China
* Turkish lira tumbles after rating firms’ warnings
* Oil prices near 3 1/2-year high on supply concerns
By Hideyuki Sano
TOKYO, May 23 (Reuters) - Asian shares edged up on Wednesday but investors were cautious after U.S. President Donald Trump tempered optimism over progress made so far in trade talks between the world’s two largest economies.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15 percent while Japan’s Nikkei lost 0.2 percent.
On Wall Street, the S&P 500 shed 0.31 percent overnight, losing steam after hitting a two-month high.
Trump said on Tuesday he was not pleased with recent trade talks between the United States and China, souring the improved market sentiment following weekend comments from U.S. Treasury Secretary Steven Mnuchin that trade war is “on hold”.
His remarks followed Beijing’s announcement that it would cut import tariffs for automobiles and car parts.
Trump also floated a plan to fine ZTE Corp, and shake up its management as his administration considered rolling back more severe penalties.
“The market probably became overly optimistic on Monday. The reality is the talks are still continuing as they haven’t made headway on various issues, including intellectual properties,” said Norihiro Fujito, senior investment analyst at Mitsubishi UFJ Morgan Stanley Securities.
Further weighing on prices of risk assets, Trump also said there was a “substantial chance” his summit with North Korean leader Kim Jong Un will not take place as planned on June 12 amid concerns that Kim is resistant to giving up his nuclear weapons.
The cautious mood helped to underpin bonds. The 10-year U.S. Treasuries yield stood at 3.063 percent, off Monday’s near seven-year high of 3.128 percent.
As lower U.S. yields sap the appetite for the dollar, the euro traded at $1.1782, hovering above Monday’s five-month low of $1.1717.
Against the yen the dollar slipped to 110.81 from Monday’s four-month high of 111.395.
The biggest mover in the currency market was the Turkish lira, which fell almost two percent early on Wednesday to a record low after rating agencies sounded the alarm on Tuesday about plans by President Tayyip Erdogan to tighten his grip on monetary policy.
The lira has fallen almost 15 percent so far this month.
In commodities, oil prices held firm near 3-1/2-year highs on potential supply concerns surrounding Venezuela and Iran.
U.S. West Texas Intermediate (WTI) crude futures traded little changed at $72.22 a barrel, a 0.15 percent loss. They touched $72.83 a barrel, the highest since November 2014, on Tuesday.
Brent futures stood at $79.56 a barrel. Last week, the global benchmark topped $80 for the first time since November 2014.
Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-shares-tentative-as-trump-tempers-sino-u-s-trade-optimism-idUSL3N1SU058 |
A family of bombers targets Indonesian churches 4:42pm BST - 01:41
A family of suicide bombers, including a child as young as nine, attacked churches in Indonesia's second biggest city on Sunday, officials say.
A family of suicide bombers, including a child as young as nine, attacked churches in Indonesia's second biggest city on Sunday, officials say. //reut.rs/2Gb47T1 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/13/a-family-of-bombers-targets-indonesian-c?videoId=426535026 |
Market News May 8, 2018 / 1:35 PM / Updated 9 minutes ago BRIEF-Capital One Announces Sale Of About $17 Bln Of Mortgages To DLJ Mortgage Capital Inc, A Subsidiary Of Credit Suisse AG Reuters Staff 1 Min Read
May 8 (Reuters) - Capital One Financial Corp:
* CAPITAL ONE ANNOUNCES SALE OF APPROXIMATELY $17 BILLION OF MORTGAGES TO DLJ MORTGAGE CAPITAL, INC., A SUBSIDIARY OF CREDIT SUISSE AG
* CAPITAL ONE FINANCIAL CORP - COMPANY EXPECTS TO COMPLETE TRANSACTION AND RECORD A GAIN IN Q2 OF 2018
* CAPITAL ONE FINANCIAL CORP - EXPECTS TO RESUME REPURCHASING SHARES OF STOCK THROUGH END OF Q2 OF 2018 UNDER EXISTING BOARD AUTHORIZATION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-one-announces-sale-of-abou/brief-capital-one-announces-sale-of-about-17-bln-of-mortgages-to-dlj-mortgage-capital-inc-a-subsidiary-of-credit-suisse-ag-idUSFWN1SF10T |
Bitcoin Bitcoin could flop like VHS competitor Betamax, tech investor Glenn Hutchins says Bitcoin could be pushed out by other cryptocurrencies, similar to how analogue video format Betamax was squashed by rival VHS, according to tech investor Glenn Hutchins. "Bitcoin could turn out to be Betamax," Hutchins says. As of Wednesday, bitcoin still had more than 36 percent of the global market share among cryptocurrencies, according to CoinMarketCap.com.
As the cryptocurrency market matures, bitcoin could be pushed out by competitors the same way the video cassette tape format Betamax lost out to rival VHS as home entertainment technology evolved during the 1980s, according to one tech investor.
" Bitcoin could turn out to be Betamax," North Island Chairman Glenn Hutchins told CNBC's " Squawk Box " Wednesday.
Sony introduced Betamax in 1975. The product battled JVC's VHS format over which would become the dominant device consumers used to record and watch movies and other videos across the world. VHS would emerge the victor. Sony officially ended shipments of Betamax in 2015.
Hutchins, who is also a director of AT&T, said it's likely that at least one digital currency ultimately prevails. In this case, the VHS, or winner, could be a bitcoin alternative like XRP , ether or litecoin .
"The token of exchange at the heart of the math solution that leads the technology will be there," said Hutchins, who is also part-owner of the Boston Celtics basketball team. "Different tokens will be used for different applications." Ethan Miller | Getty Images
Instead of digital gold, he sees bitcoin as a more utilitarian metal.
"I think it's more like copper, like an industrial metal that's used for a purpose to drive an outcome," Hutchins said. "There will be a token that's used just like there's an industrial metal that's used for wiring."
As of Wednesday, bitcoin still made up more than 36 percent of the global market share among cryptocurrencies, according to data from CoinMarketCap.com. Ethereum is the next biggest, at 17 percent of global market share, followed by XRP, which made up 7 percent. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/bitcoin-could-flop-like-vhs-competitor-betamax-tech-investor-glenn-hutchins-says.html |
CALGARY, Alberta, May 29, 2018 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX:CPG) (NYSE:CPG) and Mr. Scott Saxberg are pleased to announce that Mr. Craig Bryksa has taken over as interim President and Chief Executive Officer (“CEO”) of Crescent Point. As part of the transition, Mr. Bryksa has also replaced Mr. Saxberg on the Board as a Director of the Company.
The Board would like to express its gratitude to Mr. Saxberg, one of the founding members of Crescent Point, for his significant contributions to the Company since 2001. Under Mr. Saxberg’s leadership, Crescent Point has grown its production to over 180,000 boe/d and evolved into one of the largest independent light crude oil producers in North America. Mr. Saxberg’s vision and commitment since inception resulted in the Company controlling dominant positions within a high-quality asset base. Crescent Point’s operational success is built on an innovative culture with high employee satisfaction. The Company is also a leader in the community, and through its environmental initiatives, has achieved emissions intensity approximately 40 percent lower than its Canadian peers. Mr. Saxberg has received notable recognition over the years, including being named to Globe and Mail’s Top 40 Under 40, Producer of the Year in Oilweek magazine and Saskatchewan Oil Man of the Year.
Mr. Bryksa, formerly Vice President, Engineering West with Crescent Point, is a professional engineer with a deep knowledge and understanding of the Company’s asset base. Mr. Bryksa has been directly responsible for the operations of each of Crescent Point’s core areas throughout his 12 year history with the organization. Most recently, he was responsible for overseeing the operating activities for the Company’s Shaunavon, Uinta Basin, North Dakota, Viking, Swan Hills and other Alberta resource plays, including the East Shale Duvernay. During his time with Crescent Point, Mr. Bryksa has demonstrated strong leadership skills and has continually assumed increased responsibilities at the executive level.
“I’m proud of what Crescent Point has accomplished,” said Mr. Saxberg. “We built a company from scratch to over 180,000 boe/d and in doing so, we have rewarded our shareholders with $7.5 billion in dividends. After 15 years as the CEO, it’s time for me to move on and I’m confident and excited for Craig and the team to oversee Crescent Point’s long-term success.”
The Company will prioritize key value drivers, including continuing improvement of the balance sheet, capital allocation, cost reductions, strong rates of return on capital employed and free cash flow generation. These key areas of focus are expected to improve Crescent Point’s sustainability and debt adjusted per share metrics.
In addition to this management change, the Board remains committed to its ongoing renewal process to ensure new ideas are recognized within a group of directors with diverse skillsets and experiences.
The Company and the Board would like to thank its shareholders for their ongoing support. For more background information on our management team and Board of Directors, please visit http://www.crescentpointenergy.com/about-us .
Non-GAAP Financial Measures
In this press release, the Company uses the terms “return on capital employed” and “free cash flow generation”. These terms do not have standardized meaning as prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other issuers.
Return on capital employed is defined as return on average capital employed and is calculated as earnings before interest and taxes divided by average capital employed. Free cash flow is calculated as funds flow from operations less capital expenditures.
Forward-Looking Statements and Other Matters
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and "forward-looking information" for the purposes of Canadian securities regulation (collectively, "forward-looking statements"). The Company has tried to identify such forward-looking statements by use of such words as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "intend", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and other similar expressions, but these words are not the exclusive means of identifying such statements.
In particular, this press release contains forward-looking statements pertaining, among other things, to the following: the Company’s plans to prioritize key value drivers and how these key areas of focus are expected to improve Crescent Point’s sustainability and debt adjusted per share metrics; and the Board’s ongoing commitment to its renewal process.
All forward-looking statements are based on Crescent Point’s beliefs and assumptions based on information available at the time the assumption was made. Crescent Point believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company’s Annual Information Form for the year ended December 31, 2017 under "Risk Factors," in our Management’s Discussion and Analysis for the year ended December 31, 2017, under the headings "Risk Factors" and "Forward-Looking Information" and for the quarter ended March 31, 2018 under “Derivatives”, “Liquidity and Capital Resources”, “Changes in Accounting Policy” and “Outlook”. The material assumptions are disclosed in the Management’s Discussion and Analysis for the year ended December 31, 2017, under the headings "Capital Expenditures", "Liquidity and Capital Resources", "Critical Accounting Estimates", "Risk Factors", "Changes in Accounting Policies" and "Outlook" and are disclosed in the Management’s Discussion and Analysis for the quarter ended March 31, 2018 under the headings “Derivatives”, “Liquidity and Capital Resources”, “Changes in Accounting Policy” and “Outlook”. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Crescent Point’s future course of action depends on management’s assessment of all information available at the relevant time.
Additional information on these and other factors that could affect Crescent Point’s operations or financial results are included in Crescent Point’s reports on file with Canadian and U.S. securities regulatory authorities. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein or otherwise. Crescent Point undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law. All subsequent forward-looking statements, whether written or oral, attributable to Crescent Point or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements.
CRESCENT POINT ENERGY CORP.
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE CONTACT:
Ken Lamont, Chief Financial Officer, or Brad Borggard, Vice President, Corporate Planning and Investor Relations
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020 Fax: (403) 693-0070 Website: www.crescentpointenergy.com Crescent Point shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol CPG.
Crescent Point Energy Corp.
Suite 2000, 585 - 8 th Avenue S.W.
Calgary, Alberta T2P 1G1
Source:Crescent Point Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-crescent-point-announces-new-president-and-ceo-as-part-of-transformation-plan.html |
BONITA SPRINGS, Fla., May 2, 2018 /PRNewswire/ -- Oasis Senior Advisors is showing the value of personal service. The national franchisor that helps seniors and their families find the community that's right for them announced its highest earnings yet at its annual conference in Orlando, Fla. on April 6. The Bonita Springs, Florida-based company, now in its fourth year, also reached its highest franchisee count since its inception.
In the first quarter of 2018, the privately-held entity had an increase in franchise revenue of 59% over the same period in 2017. In the last year, the company has opened 22 new franchises and is currently operating in 26 states.
"This is an important time for us, and these numbers truly show the growth potential we have in the senior living market," says Tracy Hanavin, chief operating officer of Oasis Senior Advisors. "We've come a long way in a very short period of time, and that's a reflection of the need of the seniors and families in the communities we serve. We couldn't be where we are today if helping people wasn't our main focus."
Oasis Senior Advisors connects seniors with the housing communities that best fit their needs at no cost to seniors or their families. They act as liaisons, navigating families through a housing transition that could otherwise be difficult and confusing. The advisors sort through the options, taking individual needs into account and giving careful consideration to the level of care required, the value of independence, and each family's budget.
For more information about Oasis Senior Advisors, franchise opportunities, or to connect with an advisor, visit oasissenioradvisors.com .
About Oasis Senior Advisors
Founded in 2014 by Tim Evankovich, Oasis Senior Advisors guides families and seniors, at no cost to them, through the process of selecting a senior living community that best fits their needs. The company, based in Bonita Springs, Florida, currently operates 67 franchise locations in 26 states. Their personalized and caring approach to aid seniors and their families during a transitional time in their lives has helped many achieve satisfaction, comfort and peace of mind. Through client satisfaction and its strong partnerships with many of the top-rated senior living communities in the country, Oasis Senior Advisors is positioned for continued growth. Franchise opportunities are available throughout the country. Visit oasissenioradvisors.com or call 888-455-5838 to learn more.
ORGANIZATION
Tammi Dodson
Oasis Senior Advisors
239-449-9348
[email protected]
MEDIA
Josh Milton
CONRIC PR & Marketing
239-690-9840
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/senior-focused-franchisor-reports-record-earnings-in-first-quarter-300640409.html
SOURCE Oasis Senior Advisors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-senior-focused-franchisor-reports-record-earnings-in-first-quarter.html |
JOHANNESBURG, May 8 (Reuters) - South African hotel and casino operator Sun International Ltd said on Tuesday it planned to offer 25.9 million shares in a rights offer that the firm hopes will raise around 1.5 billion rand ($119 million) to repay debt.
Sun International said it plans to offer the shares at 57.82 rand per rights offer share in the ratio of 25.34 rights offer shares for every 100 existing Sun International ordinary shares held on the record date of May 18, 2018.
“The proceeds from the rights offer will be used to repay debt, thereby creating head room in relation to relevant debt covenants,” the firm said
The firm said Value Capital Partners would partially underwrite the rights offer up to a maximum amount of 750 million rand. ($1 = 12.6043 rand) (Reporting by Tanisha Heiberg; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/sun-international-rights-offer/south-africas-sun-international-to-offer-25-9-million-shares-in-rights-offer-idUSL8N1SF6ER |
May 15, 2018 / 2:38 PM / Updated 6 minutes ago North Korea will join 'efforts for a total ban on nuclear tests' Reuters Staff 1 Min Read
GENEVA (Reuters) - North Korea will join international efforts to ban nuclear tests, its ambassador to the United Nations in Geneva, Han Tae Song, told the Conference on Disarmament on Tuesday. File Photo: North Korean leader Kim Jong Un meets with U.S. Secretary of State Mike Pompeo in this May 9, 2018 photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang May 10, 2018. KCNA / via REUTERS
“Discontinuation of nuclear tests and follow up measures are an important process for global disarmament and DPRK will join international disarmament efforts for a total ban on nuclear tests,” Han told the disarmament forum. Reporting by Tom Miles; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-nuclear-tests/north-korea-will-join-efforts-for-a-total-ban-on-nuclear-tests-idINKCN1IG27X |
May 16, 2018 / 2:16 PM / Updated 2 hours ago First 'plastic free' label to help shoppers curb pollution Lin Taylor 3 Min Read
LONDON (Thomson Reuters Foundation) - A new “plastic-free” logo launched in Britain on Wednesday will allow shoppers to identify products with plastic packaging, as companies come under growing pressure to use green alternatives. FILE PHOTO: A pedestrian carries a British union flag design plastic bag in Leicester Square in London, Britain, March 29, 2018. REUTERS/Toby Melville
Eight million tonnes of plastic - bottles, packaging and other waste - are dumped into the ocean every year, killing marine life and entering the human food chain, according to the United Nations.
Growing concern from the public and lawmakers about the damage to the environment means food and drink manufacturers and retailers are under pressure to act on plastic waste.
“We all know the damage our addiction to plastic has caused, we want to do the right thing and buy plastic-free,” said Sian Sutherland, co-founder of A Plastic Planet, the British-based campaign group behind the new label.
“But it is harder than you think, and a clear, no-nonsense label is much needed. Finally, shoppers can be part of the solution not the problem.”
British supermarket giant Iceland, Dutch supermarket Ekoplaza, which launched a plastic-free aisle earlier this year, and British tea company teapigs are among the first companies to adopt the label.
Last month, more than 40 companies including Britain’s biggest supermarkets, Coca Cola, Nestle and Procter & Gamble , signed up to the UK Plastics Pact, pledging to eliminate unnecessary single-use plastic packaging by 2025.
In January, privately-owned Iceland became the first British supermarket to promise to eliminate plastic packaging from all of its own-brand products.
“With the grocery retail sector accounting for more than 40 percent of plastic packaging in the UK, it’s high time that Britain’s supermarkets came together to take a lead,” said Iceland’s managing director Richard Walker in a statement.
In 2015 Britain introduced a charge for plastic bags which has led to an 80 percent reduction in plastic bag use since 2015.
Nearly 200 nations late last year signed a U.N. resolution to eliminate plastic pollution in the sea, a move some hope will pave the way to a legally binding treaty. Reporting by Lin Taylor @linnytayls, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian issues, conflicts, land and property rights, modern slavery and human trafficking, gender equality, climate change and resilience. Visit news.trust.org to see more stories | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-plastic-label/first-plastic-free-label-to-help-shoppers-curb-pollution-idUKKCN1IH1X8 |
May 18, 2018 / 5:56 AM / Updated 5 hours ago Ukraine leader enacts new sanctions against Russia Reuters Staff 1 Min Read
KIEV (Reuters) - Ukraine President Petro Poroshenko has signed a decree to enact the recently adopted decision to expand sanctions on Russian companies and entities, according to information published on the presidential website on Friday. Ukrainian President Petro Poroshenko speaks during a meeting of the country's Security and Defence Council in Kiev, Ukraine May 2, 2018. Mykola Lazarenko/Ukrainian Presidential Press Service/Handout via REUTERS
Ukraine’s council of security and defence approved in early May the sanctions that mirror those of the United States, which has blacklisted tycoons and allies of Russian President Vladimir Putin.
Kiev has also extended existing sanctions it introduced against hundreds of Russian companies and entities in response to the annexation of Crimea in 2014 and Kremlin support for a pro-Russian separatist uprising in eastern Ukraine.
The decree did not say which individuals or companies were on the latest list.
The council has said the new sanctions would be in force for at least three years and included penalties on Russian lawmakers and top officials. Reporting by Pavel Polityuk; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-russia-sanctions/ukraine-leader-enacts-new-sanctions-against-russia-idUKKCN1IJ0FL |
Asian markets mostly gain as investors digest US-China trade news Asian stocks closed mostly higher on Friday. China said it would drop an anti-dumping probe into U.S. sorghum import as bilateral trade talks took place in Washington. The yield on the 10-year U.S. Treasury note held above 3.1 percent, but was below recent multiyear highs. Brent crude futures edged up after briefly trading above $80 per barrel on Thursday. Updated 2 Hours Ago CNBC.com
Asian shares mostly closed higher on Friday, shrugging off the soggy close seen on Wall Street as investors digested the latest over U.S.-China trade developments.
Japanese markets closed higher after the release of core consumer price index data, which slightly missed expectations. The Nikkei 225 added 0.4 percent, or 91.99 points, to finish at 22,930.36 and the broader Topix edged higher by 0.38 percent. The gains came as the yen extended losses against the dollar , trading at 110.85 to the greenback at 2:53 p.m. HK/SIN.
Among sectors, the Topix mining and oil subindexes led the climb higher, with insurers and automakers also rising for the most part.
Elsewhere, the Kospi tacked on 0.5 percent to end at 2,460.65 as Samsung Electronics clung to gains of 0.2 percent. Shipbuilders and steelmakers were also higher. Symbol CNBC 100 ---
Greater China markets were in positive territory. Hong Kong's Hang Seng Index advanced 0.61 percent by 3:05 p.m. HK/SIN, with mainland stock indexes also gaining. The Shanghai composite closed sharply higher, rising 1.23 percent to 3,193.05, and the Shenzhen composite added 0.33 percent.
In Australia, the S&P/ASX 200 closed down 0.11 percent at 6,087.40 as gains in the health care and energy subindexes were offset by declines in the materials and financials sectors.
Developments in the second round of U.S.-China trade talks in Washington were in focus following news that China had announced it was rolling back an anti-dumping probe into U.S. sorghum imports. Earlier, Beijing had offered a proposal to reduce its trade deficit with the U.S. by $200 billion, Reuters reported, but China's foreign ministry later said that was not true.
President Donald Trump had said on Thursday that he doubted the high-level bilateral trade negotiations would be successful.
Several markets in the region had dipped into negative territory earlier in the day amid jitters over trade friction."Market[s] ... took concerns over renewed trade tension and its potential disruption to the current equity rally seen over the last few days," analysts from OCBC Bank said in a morning note.
The overall move higher in Asia came on the back of slight declines seen stateside as investors digested news on ongoing U.S.-China negotiations and higher interest rates.
Although things could be a little more unpredictable and prone to volatility in the short-term amid trade concerns, fundamentals remained strong for Asian markets, said Sukumar Rajah, director of portfolio management at Franklin Templeton Emerging Markets Equity.
The move higher in U.S. bond yields was also in focus, with the yield on the 10-year U.S. Treasury note at 3.1 percent, after earlier touching its highest level since August 2008. Yields on the two-year and five-year Treasury notes, as well as the 30-year Treasury bond, touched multi-year highs overnight.
Of note, the Indonesian rupiah declined to a two and a half year low in the session despite the country's central bank raising interest rates on Thursday, a move that had been expected by most economists polled by Reuters. Bank Indonesia said on Friday that it was "in the market to smoothen rupiah volatility," Reuters reported.
Global benchmark Brent crude futures edged up by 0.34 percent to trade at $79.57 per barrel after rising as high as $80.50 per barrel, its highest since November 2014, in the last session. Meanwhile, U.S. crude futures added 0.25 percent to trade at $71.67.
In individual movers, Samsung Biologics rose 2.64 percent after the South Korean company said Biogen , a U.S. biotechnology firm, would exercise its call option to increase its stake in Samsung Bioepis. Biogen will exercise the option by June 29. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/asia-markets-us-china-trade-bond-yields-stocks-and-oil-on-the-agenda.html |
WASHINGTON, May 17, 2018 /PRNewswire-USNewswire/ -- Airlines for America (A4A), the trade association representing the leading U.S. airlines , today announced that Rebecca Spicer has been named Senior Vice President, Communications. Spicer brings to the association more than two decades of public affairs experience, having worked in television news, the White House communications office and association senior management.
At A4A, Spicer will be responsible for the association's communications initiatives that execute key public relations strategies, promote the industry's image and help achieve advocacy objectives.
"Rebecca brings a unique perspective to the airline industry. She has deep roots in journalism and understands how Washington works, having served at the White House and in advocacy communications," said A4A President and CEO Nicholas E. Calio. "Rebecca has a proven track record generating effective public affairs initiatives that produce results for a heavily-regulated, highly-competitive industry. Her experience will be valuable to advancing A4A's advocacy agenda and policy priorities."
"I am excited to join the A4A team, working with the member companies and telling the stories of the 700,000 men and women in the airline industry who work to get travelers and cargo to where they need to be safely. They are contributing to the economy, building businesses and connecting communities across the country and around the world," said Spicer. "It's a great story to tell, and I'm looking forward to being part of this dynamic industry."
Spicer joins A4A from the National Beer Wholesalers Association (NBWA), where she most recently served as the Senior Vice President of Communications and Public Affairs. For 12 years, she managed communications strategy for public affairs campaigns and membership engagement programs. She implemented programs that strengthened the beer distribution industry's public image and advanced policy priorities.
Prior to joining NBWA, Spicer served in the George W. Bush White House as associate director of communications, where she produced televised presidential events.
Earlier, she worked in television news for 12 years. Spicer produced the 6 p.m. newscast at WJLA in Washington, D.C., which received several awards. She also worked at television stations in Houston, Texas; New Haven, Conn.; and Birmingham, Ala.; as well as CNN in Atlanta, Ga.
She received the American Society of Association Executives' Rising Star Award, and PR Week magazine named her a "Top 40 Under 40" public relations professionals in the country.
Spicer holds degrees from the University of the South in Sewanee, Tenn., and Indiana University in Bloomington, Ind.
She serves on the Board of the National Council for Adoption and on the Advisory Council of the Salvation Army National Capital Region. She also has served on the National Advisory Council of the Harpeth Hall School in Nashville, Tenn.
Spicer and her family live in Alexandria, Va. She will join A4A in June.
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ABOUT A4A
Annually, commercial aviation helps drive $1.5 trillion in U.S. economic activity and more than 10 million U.S. jobs. U.S. airlines fly 2.3 million passengers and more than 55,000 tons of cargo each day. Airlines for America (A4A) advocates on behalf of the American airline industry as a model of safety, customer service and environmental responsibility and as the indispensable network that drives our nation's economy and global competitiveness.
A4A works collaboratively with the airlines, labor groups, Congress and the Administration to improve air travel for everyone.
For more information about the airline industry, visit our website airlines.org and our blog, A Better Flight Plan, at airlines.org/blog .
Follow us on Twitter: @airlinesdotorg .
Like us on Facebook: facebook.com/AirlinesforAmerica .
Join us on Instagram: instagram.com/AirlinesforAmerica .
View original content with multimedia: http://www.prnewswire.com/news-releases/a4a-names-rebecca-spicer-senior-vice-president-communications-300649822.html
SOURCE Airlines for America | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-a4a-names-rebecca-spicer-senior-vice-president-communications.html |
May 30, 2018 / 11:08 AM / Updated an hour ago Cohen attorney assails Stormy Daniels' lawyer; judge sets deadline for document review Jonathan Stempel , Brendan Pierson 4 A lawyer for U.S. President Donald Trump’s longtime personal attorney, Michael Cohen, on Wednesday accused adult film actress Stormy Daniels’ lawyer of leaking Cohen’s bank records to the press, calling it a “drive-by shooting of my client’s rights.” U.S. President Donald Trump's personal lawyer Michael Cohen (C) arrives at federal court in Manhattan, New York, U.S., May 30, 2018. REUTERS/Shannon Stapleton
The comments by Cohen lawyer Stephen Ryan regarding Daniels’ lawyer, Michael Avenatti, came during an often-heated hearing before U.S. District Judge Kimba Wood in Manhattan related to a criminal investigation by federal prosecutors into Cohen’s business dealings.
Avenatti told Wood he did not release anything improper about Cohen, who has not been charged with a crime.
But the judge told Avenatti he would not have free rein in her courtroom “to denigrate Mr. Cohen and, I believe, potentially, deprive him of a fair trial by tainting a jury pool” should criminal charges be brought against Cohen.
Leaks could make it harder for Cohen to get a fair trial if he were charged. Legal experts have said he might choose to cooperate with prosecutors as pressure mounts.
The investigation stems in part from a referral by Special Counsel Robert Mueller, who is probing whether Trump’s 2016 presidential campaign colluded with Russia. U.S. President Donald Trump's personal lawyer Michael Cohen leaves federal court in Manhattan, New York, U.S., May 30, 2018. REUTERS/Shannon Stapleton
Trump has repeatedly denied any collusion, and Russia has denied meddling in the U.S. election.
At Wednesday’s hearing, Wood set a June 15 deadline for Cohen’s and Trump’s lawyers to identify materials seized in April raids on his home, office and hotel room, which they say prosecutors cannot use by prosecutors because the materials are subject to attorney-client privilege.
Wood said a “taint team” of prosecutors not involved in the Cohen probe would make the determinations after that date.
Ryan, one of Cohen’s lawyers, said in court that Avenatti acted maliciously by releasing his client’s bank records and attacking Cohen in dozens of media appearances, to “paint a false narrative” about Cohen and “call attention to himself.” Slideshow (2 Images)
Avenatti has released details of payments to Cohen from a company linked to Russian oligarch Viktor Vekselberg, who the United States sanctioned over suspected meddling in the election.
Avenatti’s involvement has complicated the Cohen probe.
Daniels, whose real name is Stephanie Clifford, has said she had a sexual encounter with Trump, and sued Cohen in March to end an agreement under which Cohen paid her $130,000 not to discuss it. Trump has denied having sex with Daniels.
Speaking to reporters after the hearing, Avenatti signalled that more disclosures are forthcoming.
“We’ve got a whole host of information that we are going to be releasing relating to Mr. Cohen and relating to Mr. Trump, so they better buckle up,” he said.
The June 15 deadline to review documents seized from Cohen was a month sooner than Cohen’s lawyers had wanted.
Todd Harrison, a lawyer for Cohen, said his firm was “moving heaven and Earth” to review documents. He said they have reviewed about 1.3 million of the 3.7 million files turned over.
But the judge said taking too long was not an option.
“It’s important for the court to balance the slow, deliberate needs of those asserting attorney-client privilege with the need for an investigation to go forward,” Wood said. Reporting by Brendan Pierson and Jonathan Stempel in New York; Additional reporting by Karen Freifeld and Nathan Layne in New York; editing by Jonathan Oatis and Noeleen Walder | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-cohen/federal-judge-to-hear-from-stormy-daniels-lawyer-in-cohen-case-idUKKCN1IV1BD |
(Rewrites; adds source saying Xerox and Fujifilm renegotiating terms of deal; adds background)
May 4 (Reuters) - Xerox Corp on Friday appealed a New York court ruling to block its deal with Fujifilm Holdings , just hours after the company announced that its ousted CEO and directors would remain in place. Xerox said its entire board and management team would stay, as the agreement to oust them reached with dissenting shareholders Darwin Deason and Carl Icahn expired late Thursday.
Xerox's changing its mind on the settlement was "extraordinary and highly unusual," said Guhan Subramanian, a professor at Harvard's law and business schools who served as an expert witness for Xerox in the litigation.
Officially, Xerox and the activists said the agreement had expired over last-minute issues that arose in negotiations with the judge overseeing the case that made the parties unable to finalize their settlement ahead of a self-imposed deadline Thursday evening.
A source familiar with the matter said Xerox's board let the settlement expire because it came to believe it had flexibility to renegotiate a deal with Fujifilm. Xerox's board also took into account that the company's shares had fallen more than 10 percent since it announced its settlement with the activists.
The judge said in a hearing on May 3 that he was not prohibiting Xerox from exploring other transactions with Fujifilm, according to a court transcript.
In fact, Xerox has already started renegotiating its deal with Fujifilm, according to the source, who did not want to be identified because the matter is private. The companies are discussing adding $5 a share to the $2.5 billion special cash dividend of roughly $9.80 per share that Xerox shareholders would receive as part of the deal, the person said.
The two companies could also come up with a new structure all together, the person added. Fujifilm declined to comment on the negotiations on Friday, which were first reported by The Wall Street Journal.
Xerox shares closed little changed at $28.38 per share on Friday.
AMMUNITION FOR ACTIVISTS?
Xerox and Fujifilm agreed in late January to a $6.1 billion deal that would merge the U.S. printer and copier maker into Fuji Xerox, an existing joint venture between Xerox and Fujifilm. A New York court temporarily blocked the transaction last week, saying that Xerox Chief Executive Officer Jeff Jacobson was "hopelessly conflicted" and that he sought to conclude the deal even though he was advised to end negotiations.
In its appeal on Friday, Xerox disputed the court's findings that the board breached its fiduciary duties in approving the deal and said the board unanimously authorized the deal.
Meanwhile, Deason and Icahn, who own about 15 percent of the company, have vowed to keep fighting Xerox, and will nominate a slate of directors at the company's upcoming annual board meeting.
Charles Elson, professor of corporate governance at University of Delaware, said the confusing turn of events at Xerox "give the activists more ammunition" in a proxy fight.
Deason and Icahn have argued that Xerox's board acted in a self-interested fashion and failed shareholders by approving a deal that undervalues the company.
Xerox's board has also been exploring its options. Reuters previously reported that buyout firm Apollo Global Management LLC has approached Xerox to express interest in a possible acquisition.
Fujifilm, which had objected to the settlement between Xerox and the activists, said it was satisfied that Xerox had not settled with the activists this week. Fujifilm is also planning to appeal last week's court order and said in a statement on Friday that Xerox shareholders should decide for themselves the merits of any deal.
But a deal under new terms between Fujifilm and Xerox is far from certain. Fujifilm shares have been falling since the deal announcement in late January as investors have been questioning the benefits of the deal.
(Reporting by Liana B. Baker in Los Angeles and Laharee Chatterjee in Bengaluru Additional reporting by Shubham Kalia in Bengaluru and Makiko Yamazaki in Tokyo Editing by Saumyadeb Chakrabarty and Leslie Adler) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-update-4-xerox-appeals-decision-blocking-fujifilm-deal-as-ceo-returns.html |
Metro-North Railroad suspended service Tuesday evening, causing a major back up at Grand Central Terminal after a severe thunderstorm downed trees across New York City’s northern suburbs.
The closure came at peak evening commute time when thousands of people were stuck in the terminal, as heavy rain poured outside and train service was halted. Police officers barred entry to the station from the street.
By... | ashraq/financial-news-articles | https://www.wsj.com/articles/metro-north-suspends-service-closes-grand-central-after-thunderstorm-downs-trees-1526424385 |
HONOLULU, May 28 (Reuters) - Lava from Hawaii’s erupting Kilauea volcano on Sunday covered a potentially explosive well at a geothermal power station and threatened another, after flowing onto the site, officials said.
The Hawaii Civil Defense Agency said the wells “are stable and secure,” and Hawaii Governor David Ige said that the plant was “sufficiently safe” from the lava that has plowed through backyards and streets and burned dozens of homes. But lava has never engulfed a geothermal plant anywhere in the world and the potential threat is untested, according to the head of the state’s emergency management agency. Local residents fear an explosive emission of deadly hydrogen sulfide and other gases should wells be ruptured. The molten rock was expected to continue to flow across the Puna Geothermal Venture (PGV) facility, according to the U.S. Geological Survey.
Since Hawaii’s Kilauea volcano began a once-in-a-century-scale eruption on May 3, authorities have shutdown the plant, removed 60,000 gallons of flammable liquid, and deactivated wells that tap into steam and gas deep in the Earth’s core.
Magma has drained from Kilauea’s summit lava lake and flowed around 25 miles (40 km) east underground, bursting out of about two dozen giant cracks or fissures near the plant.
Residents have complained of health hazards from plant emissions since it went online in 1989. PGV has been the target of lawsuits challenging its location on the flank of one of the world’s most active volcanoes.
The Israeli-owned 38 megawatt plant typically provides around 25 percent of electricity on the Big Island, according to local power utility Hawaii Electric Light.
Operator Ormat Technologies Inc last week said there was no above-ground damage to the plant, but it would have to wait until the situation stabilized to assess the impact of earthquakes and subterranean lava flows on the wells.
Over the weekend, there were more than 250 earthquakes at Kilauea’s summit, with four explosions on Saturday sending ash as high as 12,000-15,000 feet, officials said.
Winds are set to shift on Monday and Tuesday, causing higher concentrations of ash and volcanic smog that will spread west and northwest to affect more populated areas, said National Weather Service meteorologist John Bravender.
U.S. Marine Corps and National Guard helicopters are on standby for an air evacuation if fissure activity cuts off Highway 130, the last exit route for up to 1,000 coastal residents. (Reporting by Joyln Rosa in Honolulu Additional reporting by Rich McKay in Atlanta Editing by Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano/lava-covers-potentially-explosive-well-at-hawaii-geothermal-plant-idUSL2N1SZ044 |
May 29 (Reuters) - Sport Lisboa e Benfica Futebol SAD :
* SAID ON MONDAY SIGNED 5-YEAR CONTRACT WITH PLAYER CHIQUINHO FROM NK LOKOMOTIVA
Source text: bit.ly/2IVPwko
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T00K6 |
SAN CLEMENTE, Calif., May 16, 2018 (GLOBE NEWSWIRE) -- ALC , a national passenger transportation logistics company primarily serving the healthcare industry and school districts, today announced its CEO, Craig Puckett, is a finalist for the EY Entrepreneur Of The Year® 2018 Award in the Orange County Region. Puckett was selected as a finalist by a panel of independent judges.
Award winners will be announced at the Orange County Awards Gala at the Monarch Beach Resort, Friday, June 22. Regional award winners are eligible for consideration for the Entrepreneur Of The Year National competition.
“I’m incredibly honored to be named a finalist for the EY Entrepreneur of the Year Award in Orange County,” said Craig Puckett, CEO of ALC. “This recognition really reflects the efforts, innovation and entrepreneurial spirit of the entire company. ALC’s vision is to become the thought and execution leader in safe, quality and efficient transportation. While I’m very proud of ALC’s innovation in operations and logistics execution, I’m even prouder of the fact that each and every ALC employee takes to heart our mission of ‘changing lives one trip at a time.’”
The EY Entrepreneur of the Year awards program recognizes entrepreneurs excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities. Now in its 32nd year, the program has expanded to recognize business leaders in more than 145 cities and more than 60 countries throughout the world.
Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored in the US by SAP America, the Kauffman Foundation and Merrill Corporation. In the Orange County Region, sponsors also include Stradling Yocca Carlson & Rauth, Hollencrest Capital Management, Lockton Companies, Tangram Company and Woodruff‑Sawyer & Company.
About ALC
Partnering with local-for-hire transportation service providers, ALC utilizes its proprietary transportation software and route optimization technologies to leverage established networks of transportation service providers to coordinate safe, efficient, quality transportation. ALC ensures the appropriate vehicle meets the needs of the organization/rider while route optimization supports group loading and determines the most efficient route for trips under contract throughout 18 states nationwide, to support high quality, innovative transportation services that raise the bar for efficiency, cost-effectiveness, driver safety and accountability.
Contact:
Erin Lutz
Lutz Public Relations & Marketing for ALC
+1 949 293 1055
[email protected]
Source: ALC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-alcas-craig-puckett-named-ey-entrepreneur-of-the-yeara-2018-award-finalist-in-orange-county-region.html |
Retail stocks boost Wall Street Wednesday, May 16, 2018 - 01:06
Retail and tech stocks led Wall Street higher Wednesday, sending the S&P 500 back in the black and the Russell 2000 to a record high. Fred Katayama reports.
Retail and tech stocks led Wall Street higher Wednesday, sending the S&P 500 back in the black and the Russell 2000 to a record high. Fred Katayama reports. //reut.rs/2Gr95Lp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/retail-stocks-boost-wall-street?videoId=427522100 |
MOSCOW (Reuters) - The Kremlin said on Monday it feared the opening of a U.S. embassy in Jerusalem, a move that has delighted Israel and infuriated Palestinians, would increase tensions in the Middle East.
Kremlin spokesman Dmitry Peskov attends an awarding ceremony at the Kremlin in Moscow, Russia April 6, 2018. Alexander Zemlianichenko/Pool via REUTERS The embassy move, from Tel Aviv, follows U.S. President Donald Trump’s decision last December to break with decades of U.S. policy and recognize Jerusalem as the capital of Israel.
“Yes, we have such fears,” Kremlin spokesman Dmitry Peskov told reporters on a conference call, when asked if the Kremlin was concerned the move could increase tensions in the wider region.
Reporting by Andrey Ostroukh; Editing by Andrew Osborn
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-kremlin/kremlin-says-fears-u-s-jerusalem-embassy-opening-to-fuel-middle-east-tensions-idUSKCN1IF155 |
1 COMMENTS The market for riskier corporate bonds is picking up again, showing the resilience of investor appetite for high-yielding junk debt in the face of rising Treasury yields, large fund outflows and volatility in stocks.
After two months of negative returns, bonds rated speculative grade, or “junk,” by credit-rating firms have returned 0.6% in April, counting price changes and interest payments, according to Bloomberg Barclays data, compared with negative 1.3% for investment-grade bonds.
The average junk-bond yield was 3.33 percentage points above the comparable Treasury yield on Wednesday, up from a postcrisis low of 3.11 percentage points on Jan. 11 but down from its recent peak of 3.69 percentage points on Feb. 9.
A shrinking spread signals greater confidence in the credit quality of the bonds, which have sometimes picked up signs of economic stress earlier than other assets. A strong and stable junk-bond market has been the norm in recent years, but its performance of late is notable given the obstacles it has faced.
Since the end of last year, the yield on the 10-year U.S. Treasury note has climbed to around 2.96% from 2.41%. When Treasury yields rise, yields on corporate debt generally must rise as well—as their prices fall—because even the strongest companies carry greater default risk than the U.S. government. Rising rates can also enhance the appeal of Treasurys relative to corporate bonds and spook investors, leading to cash outflows that can further drag down the market.
So far this year, investors have pulled more than $14 billion from high-yield mutual funds and exchange-traded funds, according to Thomson Reuters Lipper. Along with the threat from rising interest rates, analysts have attributed the outlflows to broad concerns about the value of riskier assets.
Due to their risk profile, junk bonds often move in tandem with major U.S. stock indexes, which have swung sharply this year between gains and losses. They also tend to be less volatile than stocks, thanks in part to the relatively large coupons that they pay out, which can offset price declines.
Investors and analysts say that the outflows from publicly accessible high-yield funds have likely been mitigated by stable or even increased demand from institutional sources, such as pension funds, that see opportunity in rising yields.
High-yield bonds have also gotten an assist from a somewhat unlikely source: leveraged loans, which are the secured, floating-rate debt often issued by the same junk-rated companies that borrow in the bond market.
Though the leveraged loans can sometimes compete for investor dollars with high-yield bonds, the two assets can also help each other. This year, retail investors have poured more than $4 billion into loan funds, highlighting the appeal of their adjustable coupons while interest rates are rising. Demand from other investors, such as managers of collateralized loan obligations, has also been robust, creating an incentive for companies to borrow in the loan market instead of the bond market.
Net supply of high-yield bonds—or total new issuance excluding bonds that were used to refinance old debt—has dropped this year to around $25 billion from $30 billion through April of last year and $68 billion three years ago, according to LCD, a unit of S&P Global Market Intelligence. That means that even as demand for junk bonds has fallen, supply has decreased as well, creating a market that is more or less in balance.
Through April 25, bonds accounted for 19.6% of net issuance of syndicated high-yield debt, according to LCD, compared with 23.4% last year and 49.9% in 2010.
“If you’re an issuer who was going to go to the bond market,” it’s easy to say, “I’ll just do a bigger loan, because there’s a massive amount of demand for loan paper,” said Andrew Susser, head of high yield at MacKay Shields.
In addition, Mr. Susser said, many junk-bond investors also hold loans, which they can sell if bond prices are falling and they want an alternative way of raising cash to meet redemptions or buy new bonds.
In the meantime, high-yield investors have generally been welcoming to the relatively small number of companies that have sold new bonds this year. In recent sessions, two debut issuers, Jagged Peak Energy LLC and WeWork Cos., both increased the size of their bond deals to match strong demand, while Netflix Inc., a frequent borrower, upped a sale to $1.9 billion from $1.5 billion.
Write to Sam Goldfarb at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/junk-bonds-withstand-headwinds-1525003201 |
LONDON (Reuters) - U.S. group Comcast stepped up its push to buy European pay-TV group Sky on Tuesday, seeking regulatory and political approval even as it maneuvers for a broader deal with bid rival, Rupert Murdoch’s Fox.
FILE PHOTO: The NBC and Comcast logos are displayed on 30 Rockefeller Plaza in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo Comcast, the world’s biggest entertainment company, set out its plans to keep Sky’s news output independent and fully funded for 10 years to address any political concerns that a takeover could damage Britain’s news market.
Its formal notification to the European Commission of its intention to buy Sky also put it on a similar regulatory timetable to Fox, despite entering the race 14 months later, with verdicts on both bids due next month.
Comcast is keen to prove to Sky’s shareholders that it will face fewer regulatory hurdles in its $30 billion pursuit of Sky than Murdoch’s Fox which has faced repeated delays in its bid to buy the 61 percent of Sky it does not already own.
On Monday the bid battle, which already involves three of the world’s biggest media companies after Disney agreed to buy some Fox assets including Sky, took a further twist when Reuters reported that Comcast is seeking to disrupt the broader Fox-Disney deal by preparing its own counter bid.
According to three people familiar with the matter, Comcast is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the media assets that Twenty-First Century Fox Inc has agreed to sell to Walt Disney Co.
“As these big groups look to fight off the threat from the likes of Netflix and Amazon then scale becomes more and more important and you need scale and distribution,” Numis media analyst Paul Richards said.
FILE PHOTO: The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo “You can see why the Fox assets are so important and Sky is rolled in with that.”
Sky is a British-based European pay-TV group that offers services in Britain, Ireland, Germany, Austria and Italy.
It agreed to be sold to its founder and 39-percent owner Fox in December 2016 but regulators and politicians have repeatedly intervened over concerns that the newspaper-owning Murdoch will have too much influence in Britain.
With Fox focused on getting approval, Comcast made its own shock bid for Sky in February, promising an easier approval process and a higher offer. It made its bid formal last month, and on Monday it notified the European Commission and will get an initial verdict on June 15.
On Tuesday it said it had agreed legally binding guarantees with Sky to fund its award-winning news output and to create a board to oversee its independence.
“The Sky News Binding Commitments will constitute legally binding commitments on Comcast and Sky which will be enforceable by the Sky News Board,” Comcast said in a statement.
Murdoch’s Fox has set out its own undertakings to protect the funding and independence of Sky News and is waiting to hear from Britain’s media secretary on whether Fox should be allowed to buy Sky. The government will give its verdict on that offer on June 13.
Reporting by Kate Holton; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sky-m-a-comcast/comcast-races-to-secure-regulatory-political-approval-for-sky-deal-idUSKBN1I91MP |
SEOUL, South Korea--(BUSINESS WIRE)-- JB Financial Group (KRX:175330) reported first quarter 2018 consolidated net income of KRW88.1 billion, up by 24.8% compared to previous year. In terms of controlling interest net income, the Group reported KRW64.2 billion, up by 36.0% year-on-year, continuing its rapid earnings growth.
Despite few large provision items found in the first quarter, profitability improved quite significantly thanks to the prudent growth focusing on risk-return profile and asset quality maintaining its healthy trend. While each of the affiliates enjoyed sound income growth, Jeonbuk Bank recorded KRW24.9 billion net income which hit a year-on-year growth of 172.5%. Kwangju Bank and JB Woori Capital also posted strong net incomes of KRW45.1 billion (up 5.3% YoY) and KRW20.1 billion (up 8.8% YoY), respectively.
The remarkable results of JB Financial Group was mainly attributed by strong rise in net interest margin (NIM), backed by the banks’ efforts to maximize their interest rate sensitivity by rebalancing its asset-liability portfolio in order to prepare for the interest rate hike cycle. Non-interest income also showed healthy improvement compared to the last year. On the other hand, the Group’s return on risk weighted assets (RoRWA) continues to improve, which in turn, the Group’s capital adequacy ratio is improving.
In first quarter 2018, Group NIM rose by 6bps quarter-on-quarter and 20bps year-on-year, reaching 2.58% (2.35% for banks). Cost-income ratio is improving at 47.4%. The Group’s asset quality indicators, delinquency rate and substandard & below ratio were both down by 7bps, recording 0.90% and 0.97% Meanwhile, credit cost ratio maintained healthy level of 0.45%. As a result, JB Financial Group’s ROA and ROE reached 0.75% and 11.55%.
Chief Financial Officer Jae-Yong Lee said in the earnings call, “Asset portfolio rebalancing focusing on risk-return profile and active risk management resulted in the Group’s overall improvement in profitability. We will further continue to strengthen our competitiveness in finance industry by reinforcing our ‘digital finance’ strategy.”
The 1Q2018 business result materials are available on English page of www.jbfg.com , under Investor Relations, Business Result.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005251/en/
JB Financial Group
IR Department
Erin Choi, 82-2-2128-2754
[email protected]
Source: JB Financial Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-jb-financial-group-reports-first-quarter-2018-net-income-of-krw88-point-1-billion.html |
May 18, 2018 / 4:10 PM / Updated an hour ago Trump proposes taking funds away from abortion providers Roberta Rampton 4 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday issued a proposal that would effectively stop giving government funds that subsidize birth control for low-income women to Planned Parenthood and other clinics that provide abortions.
The plan is aimed at fulfilling Trump’s campaign pledge to defund Planned Parenthood, an organization that provides abortions and other health services for women, and comes as Republicans push to energize Trump supporters ahead of November congressional elections.
Congress provided $286 million in Title X grants in 2017 to Planned Parenthood and other health centers to provide birth control, screening for diseases and cancer, and other reproductive counseling to low-income women.
The funding cannot be used for abortions, but abortion opponents have long complained that the money subsidizes Planned Parenthood itself.
“You can still get an abortion in this country. You can get it in many different places. We don’t just don’t think taxpayers should have to pay for that,” said Kellyanne Conway, a top adviser to Trump, on Fox News Channel.
Planned Parenthood said it would not back down from providing abortions and counseling, and would fight the rule in court if needed.
The group provides healthcare services to about 40 percent of the 4 million people covered by the Title X program, and said community health centers would not be able to absorb its patients.
The organization called it a “gag rule” that would roll back a requirement that medical professionals provide information about abortions.
“If a woman is pregnant and wants or needs an abortion, under this rule, her provider will be prohibited from telling her where she could get one,” Dawn Laguens, executive vice president of the group, told reporters. REVIEW PROCESS
Groups that oppose abortion said the plan would not ban abortion counseling, but would ensure that taxpayer funding does not support clinics that also perform abortions.
The Susan B. Anthony List, a group that backs political candidates who oppose abortion, praised the move. Trump is scheduled to speak at its fundraising gala next week.
“This is a major victory which will energize the grassroots as we head into the critical midterm elections,” the group said in a statement.
The timelines and details of the proposal from the Department of Health and Human Services were not immediately available. The plan will go through a review process run by the White House Office of Management and Budget.
“The proposal would require a bright line of physical as well as financial separation between Title X programs and any program (or facility) where abortion is performed, supported, or referred for as a method of family planning,” an administration official said in a statement.
In February, the Trump administration shifted guidelines for the Title X grants toward prioritizing groups that are faith-based and counsel abstinence.
Earlier this month, Planned Parenthood and the National Family Planning & Reproductive Health Association filed lawsuits seeking to block the change. U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque Reporting by Roberta Rampton; Editing by Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-abortion/trump-takes-aim-at-planned-parenthood-in-proposed-abortion-regulation-idUKKCN1IJ268 |
TACOMA, Wash., May 3, 2018 /PRNewswire/ -- Columbia Banking System, Inc. (NASDAQ: COLB) today announced that Greg Sigrist has been appointed Executive Vice President and Chief Financial Officer of the company and its subsidiary Columbia Bank, effective on or before July 1, 2018. Mr. Sigrist fills the role previously held by Clint Stein, who was appointed Chief Operating Officer in July 2017.
In his 12-year tenure at Morgan Stanley, Mr. Sigrist achieved many career milestones culminating in his 2014 appointment as Chief Financial Officer of Morgan Stanley Bank, N.A., a national bank with $130 billion in assets and $4 billion in net revenues. He started his career at Morgan Stanley in 2006 as Global Head of Accounting Policy and played a pivotal role in acquiring Smith Barney from Citigroup. Following his promotion to Control Finance Director—Wealth and Investment Management in 2011, he integrated acquisitions within the firm's wealth management organization and led the effort to build out the controllership, reporting, financial planning and analysis, treasury and tax teams for Morgan Stanley Bank, N.A. Previously, he served for five years as Vice President, Corporate Accounting Policy/M&A Finance with Citigroup.
"We are delighted to welcome Greg to our executive management team," said Hadley Robbins, President and Chief Executive Officer of Columbia Bank. "Greg's deep banking experience across all critical financial functions will be a tremendous asset to Columbia. He has also demonstrated a collaborative leadership approach that will be a strong cultural fit for our customers, employees and the communities we serve. We are eager to benefit from his insight and expertise gained at Morgan Stanley and look forward to his contribution as we execute our strategy to grow and strengthen our franchise and create value for all of our stakeholders."
Mr. Sigrist commented, "Columbia has an outstanding national reputation as a premier community bank in the vibrant and growing Northwest. I am proud to join this talented team that is truly dedicated to delivering an exceptional banking experience to their customers. There is great potential ahead to leverage Columbia's strong platform and specialized industry expertise to grow both organically and through selective M&A, and I am very excited for the opportunity to play a key role in driving its enterprise-wide strategy."
Mr. Sigrist built the foundation of his career with Ernst & Young and McGladrey & Pullen in senior auditing roles of financial services clients including regional and community banks before transitioning into the banking industry in 2001. He earned a Bachelor's degree in Accounting from Illinois State University and is a Certified Public Accountant in Illinois.
About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked eleventh on the 2018 Forbes list of best banks.
More information about Columbia can be found on its website at www.columbiabank.com .
Note Regarding Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, descriptions of Columbia's management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia's style of banking and the strength of the local economy. The words "will," "believe," "expect," "intend," "should," and "anticipate" or the negative of these words or words of similar construction are intended in part to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risks and uncertainties, many of which are outside our control, that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia's filings with the Securities and Exchange Commission, available at the SEC's website at www.sec.gov and the Company's website at www.columbiabank.com , including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual reports on Form 10-K and quarterly reports on Form 10-Q, (as applicable), factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following: (1) local, national and international economic conditions may be less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates could significantly reduce net interest income and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches may be lower than expected; (4) costs or difficulties related to the integration of acquisitions may be greater than expected; (5) competitive pressure among financial institutions may increase significantly; and (6) legislation or regulatory requirements or changes may adversely affect the businesses in which Columbia is engaged. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws. The factors noted above and the risks and uncertainties described in our SEC filings should be considered when reading any forward-looking statements in this release.
Investor Relations Contact:
[email protected]
(253) 305-1921
Media Contact:
Tricia Ross
Financial Profiles, Inc.
(310) 622-8226
View original content with multimedia: http://www.prnewswire.com/news-releases/columbia-bank-appoints-greg-sigrist-chief-financial-officer-300642207.html
SOURCE Columbia Banking System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-columbia-bank-appoints-greg-sigrist-chief-financial-officer.html |
In reversal, Trump to save Chinese telecom jobs 5:11am EDT - 01:56
U.S. President Donald Trump said in a tweet on Sunday that he has asked the Commerce Department to help Chinese technology company ZTE Corp 'get back into business, fast,' a concession to Beijing ahead of high-stakes trade talks that will take place this week. Lisa Bernhard
U.S. President Donald Trump said in a tweet on Sunday that he has asked the Commerce Department to help Chinese technology company ZTE Corp 'get back into business, fast,' a concession to Beijing ahead of high-stakes trade talks that will take place this week. Lisa Bernhard //reut.rs/2KWNoX4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/in-reversal-trump-to-save-chinese-teleco?videoId=426640084 |
May 18, 2018 / 9:49 PM / Updated an hour ago After hullabaloo, Greek lawmakers drop Novartis probe against ex ministers Lefteris Papadimas 3 Min Read
ATHENS (Reuters) - Greece’s parliament has no jurisdiction to investigate the role of ten politicians in alleged bribes by Swiss drugmaker Novartis, lawmakers ruled on Saturday, in a controversy which has further polarized a deeply divided political landscape. FILE PHOTO: Greek Prime Minister Alexis Tsipras addresses lawmakers as Parliament Speaker Nikos Voutsis (top C) chairs a parliamentary session before a vote on setting up a special committee which will probe the role of ten politicians in a case which involves alleged bribery by Swiss drugmaker Novartis, in Athens, Greece, February 22, 2018. REUTERS/Alkis Konstantinidis/File Photo
Greek prosecutors were probing allegations from three individuals suggesting doctors and public officials had accepted kickbacks in a period spanning 2006 to 2015.
Ten public officials who served under socialist and conservative governments over that period say the allegations, which they denied, was a ‘sick’ mud-slinging campaign fabricated by the leftist-led government.
The administration, forced to sign up to a third international debt bailout in 2015, is trailing badly in opinion polls ahead of elections scheduled in 2019.
The majority of the lawmakers that were present in the parliament, 168 out of 172, voted against the investigation. The main opposition party, the conservative New Democracy, abstained from the voting process.
Greek ministers are protected from prosecution if the alleged offence was committed while in office. UnderGreek law, parliament is the only institution that can investigate them or lift their immunity.
“The dead-ends you led the country to are so nightmarish you needed made-up victims to slur, and divert attention of the public to them so it wouldn’t see your own dismal failures,” said former Prime Minister Antonis Samaras, among those investigated.
Novartis itself has said it would take “fast and decisive action” should evidence of unethical or illegal behaviour emerge.
Greek Prime Minister Alexis Tsipras had urged parliament to investigate the case, but an investigating committee, dominated by lawmakers from his own Syriza party, subsequently decided it had no jurisdiction last month. That decision followed blanket media coverage of the alleged allegations.
Some of those politicians said the decision not to investigate was a cop-out to avoid a thorough probe which would have exonorated them, and that it was an attempt to throw enough mud to see if it would stick.
“These un-investigated slanders have created a sick environment for some to play cheap political games where no rules apply, at the expense of the honour and dignity of those who are being slandered, and, worse of all, to the detriment of justice and democracy,” said Yannis Stournaras, a former minister and present head of Greece’s central bank.
Novartis has in the past said it was cooperating with Greek and U.S. authorities, but it said publicity around the case included ‘many sensational and unfounded claims’ in a politicised debate of which Novartis should not be a part of.
Since 2015, Novartis has paid out hundreds of millions in settlements and fines as a result of kickback allegations inSouth Korea, the United States and China. Reporting by Lefteris Papadimas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-greece-novartis/after-hullabaloo-greek-lawmakers-drop-novartis-probe-against-ex-ministers-idUKKCN1IJ2SO |
If the Democrats win the House in November, they’ll come under pressure to impeach President Trump. Even if Robert Mueller fails to turn up some astounding surprise, many Democrats want to impeach Mr. Trump because they simply don’t like him. Since the Constitution specifies that a president can be impeached for “Treason, Bribery, or other high Crimes and Misdemeanors,” such a move would mean Democrats consider being disliked by the House majority to be a disqualifying crime.
That is precisely what many members of Congress... | ashraq/financial-news-articles | https://www.wsj.com/articles/impeach-trump-history-counsels-against-it-1527285735 |
SANTA ROSA, Calif.--(BUSINESS WIRE)-- Keysight Technologies, Inc. (NYSE: KEYS) will release second quarter fiscal 2018 earnings after the stock market closes on May 30. The company will host a live webcast of its investor conference call in listen-only mode.
Date: Wednesday, May 30
Time: 1:30 p.m. PT
Website: www.investor.keysight.com
Listeners may log on to the call under the “Upcoming Events” section and select "Q2 2018 Keysight Technologies Inc. Earnings Conference Call” to participate. The webcast will remain available on the website for 90 days.
A telephone replay of the conference call will be available at approximately 4:30 p.m. PT, May 30 through June 6 by dialing +1 855-859-2056 (or +1 404-537-3406 from outside the U.S.) and entering pass code 1275356.
About Keysight Technologies
Keysight Technologies, Inc. (NYSE: KEYS) is a leading technology company that helps its engineering, enterprise and service provider customers accelerate innovation to connect and secure the world. Keysight’s solutions optimize networks and bring electronic products to market faster and at a lower cost with offerings from design simulation, to prototype validation, to manufacturing test, to optimization in networks and cloud environments. Customers span the worldwide communications ecosystem, aerospace and defense, automotive, energy, semiconductor and general electronics end markets. Keysight generated revenues of $3.2B in fiscal year 2017. In April 2017, Keysight acquired Ixia, a leader in network test, visibility, and security. More information is available at www.keysight.com .
Additional information about Keysight Technologies is available in the newsroom at www.keysight.com/go/news , Keysight blog , and on Facebook , Google+ , LinkedIn , Twitter and YouTube .
Source: IR-KEYS
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005354/en/
Keysight Technologies, Inc.
EDITORIAL CONTACT:
Denise Idone, +1 631-849-3500
[email protected]
or
INVESTOR CONTACT:
Jason Kary, +1 707-577-6916
[email protected]
Source: Keysight Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-keysight-technologies-to-host-webcast-of-second-quarter-fiscal-year-2018-earnings-conference-call.html |
* Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by more than 27 pct in two years
* But climbing supply from top producers comes amid record demand
* Slumping Venezuela output, Iran sanctions tightened market
* Top oil producers' combined output: https://tmsnrt.rs/2xk67ZR (Updates prices)
SINGAPORE, May 28 (Reuters) - Oil prices fell on Monday, extending even steeper declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as U.S. production gains show no signs of abating.
Brent crude futures were at $75.70 per barrel at 0655 GMT, down 74 cents, or 1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.78 a barrel, down $1.1, or 1.6 percent.
Brent and WTI have fallen by 6 percent and 8.3 percent respectively from peaks touched earlier in May.
In China, Shanghai crude oil futures tumbled by 3.8 percent to 462.3 yuan ($72.34) per barrel.
The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade at less than $30 per barrel.
But prices have soared since the start of the cuts last year, with Brent breaking through $80 per barrel earlier in May, triggering concerns that high prices would crimp economic growth and stoke inflation.
"The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth," Chetan Ahya, chief economist at U.S. bank Morgan Stanley, wrote over the weekend in a note.
To address potential supply shortfalls, Saudi Arabia, de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
"Crude oil prices collapsed ... after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second-half of the year to make up for losses elsewhere under the production cut agreement," ANZ bank said on Monday.
Meanwhile, surging U.S. crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ended May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production <C-OUT-T-EIA> has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to Russia's 11 million bpd.
"Oil prices are showing symptoms of a falling knife as investors are jittery on the prospect of increased production from three of the world's top producers," Singapore-based brokerage Phillip Futures said on Monday. ($1 = 6.3909 Chinese yuan renminbi)
(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/reuters-america-update-3-oil-falls-as-opec-russia-look-to-raise-output-amid-u-s-surge.html |
Bill Gates told an audience recently that President Donald Trump twice asked him the difference between HPV and HIV.
Footage of the Microsoft founder, aired on MSNBC late Thursday , shows the billionaire philanthropist responding to questions at the Bill & Melinda Gates Foundation meeting and describing his first exchanges with the president.
tweet
Gates recounted meeting Trump twice after he was elected president: in December 2016 and in March 2017. He expressed mild incredulity at Trump's questions about two well-known viruses.
"Both times he wanted to know if there was a difference between HIV and HPV, so I was able to explain that those are rarely confused with each other."
A spokesperson for the White House was not immediately available for comment when contacted by CNBC.
show chapters Bill Gates says he's 'obsessed' with this new website — here's why 1 Hour Ago | 01:26 The questions apparently followed a conversation about the effects of vaccines, a topic that remains controversial in the U.S., where some people and lawmakers believe common immunization vaccinations are harmful.
"In both of those two meetings, he asked me if vaccines weren't a bad thing because he was considering a commission to look into ill effects of vaccines and somebody — I think it was Robert Kennedy Jr. — was advising him that vaccines were causing bad things. And I said no, that's a dead end, that would be a bad thing, don't do that," Gates recalled.
HPV stands for human papillomavirus, which the U.S. National Institutes of Health defines as "a group of related viruses" transmitted sexually that can cause warts and, for some types of the virus, cancer. HIV stands for human immunodeficiency virus, a sexually transmitted disease that breaks down the immune system and can lead to AIDS. "Not everyone with HIV develops AIDS," the NIH says.
"There was a thing during the election where he and I were at the same place and I avoided him," Gates also said, garnering laughter from the audience.
The Bill & Melinda Gates Foundation is said to be the wealthiest charity foundation in the U.S. with more than $42 billion in assets.
The Trump administration proposed significant cuts to programs helping to treat and prevent HIV/AIDs in its 2018 and 2019 budgets. The reductions in the 2019 budget included slashing $40 million from the Centers for Disease Control and Prevention's HIV/AIDS prevention programs as well as $26 million from a federal housing plan for people with HIV.
Outside the U.S., the budget proposed a 20 percent cut of more than $1 billion in global HIV funding for 2019. Neither of the original budget proposals was passed by Congress. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/bill-gates-trump-asked-me-the-difference-between-hiv-and-hpv.html |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- North American Financial 15 Split Corp. (The "Company") declares its regular monthly distribution of $0.10000 for each Class A share ($1.20 annually) and $0.04583 for each Preferred share ($0.550 annually). Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
Since inception Class A shareholders have received a total of $11.95 per share and Preferred shareholders have received a total of $7.17 per share inclusive of this distribution, for a combined total of $19.12.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Distribution Details
Class A Share (FFN) $0.10000 Preferred Share (FFN.PR.A) $0.04583 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018
Investor Relations:
1-877-478-2372
Local: 416-304-4443
www.financial15.com
[email protected]
Source:North American Financial 15 Split Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-north-american-financial-15-split-corp-regular-monthly-dividend-declaration-for-class-a-preferred-share.html |
FIRST QUARTER SUMMARY:
Operating income: $15.5 million, up 35.1% y/y Gross profit: $96.4 million, up 11.1% y/y Diluted EPS: $0.42, compared to $0.28 for the prior year quarter Q1 Operating cash flow of $37.2 million
MERRIMACK, N.H--(BUSINESS WIRE)-- Connection (PC Connection, Inc.; NASDAQ: CNXN ), a leading technology solutions provider to business, government, and education markets, today announced results for the first quarter ended March 31, 2018. Net income for the first quarter ended March 31, 2018 increased by 52.1% to $11.3 million, or $0.42 per basic and diluted share, compared to net income of $7.4 million, or $0.28 per basic and diluted share for the prior year’s quarter.
Effective January 1, 2018, the Company adopted a new revenue recognition standard. Please note that the financial results presented in this release include both amounts, “as presented,” which reflect the implementation of the new revenue recognition standard, as well as amounts prior to the impact of the new revenue recognition standard to allow for comparability against historical results. Starting in calendar year 2019, we will no longer present our financial results under the previous revenue recognition standard. For additional information and reconciliations of our financial results between the new and prior revenue recognition standards, please see the additional tables included in this press release.
Net sales as presented for the quarter ended March 31, 2018 were $624.9 million. Net sales prior to the impact of the new revenue recognition standard for the quarter ended March 31, 2018 increased by 4.5% to $700.5 million, compared to $670.6 million for the prior year’s quarter.
Gross profit as presented for the quarter ended March 31, 2018 was $96.4 million. Gross profit prior to the impact of the new revenue recognition standard for the quarter ended March 31, 2018 was $95.8 million, compared to $86.7 million in the first quarter a year ago, an increase of 10.4%.
Gross margin as presented for the quarter ended March 31, 2018 was 15.4%. Gross margin prior to the impact of the new revenue recognition standard was 13.7%, compared to 12.9% in the same quarter a year ago.
Operating income as presented for the quarter ended March 31, 2018 was $15.5 million. Operating income prior to the impact of the new revenue recognition standard was $15.0 million, compared to $11.5 million in the same quarter a year ago.
Net income as presented for the quarter ended March 31, 2018 was $11.3 million. Net income prior to the impact of the new revenue recognition standard was $10.9 million, compared to $7.4 million in the first quarter a year ago, an increase of 47%.
Earnings per share (“EPS”) on both a basic and diluted basis as presented for the quarter ended March 31, 2018 was $0.42. EPS prior to the impact of the new revenue recognition standard was $0.41 per share, compared to the prior year’s $0.28 on both a basic and diluted basis.
Earnings before interest, taxes, depreciation and amortization, adjusted for stock-based compensation expense and rebranding, acquisition and restructuring costs (“Adjusted EBITDA”), a non-GAAP measure, totaled $98.6 million for the twelve months ended March 31, 2018, Adjusted EBITDA prior to the impact of the new revenue recognition standard was $98.1 million, compared to $92.1 million for the twelve months ended March 31, 2017.
Quarterly Performance by Segment :
Net sales as presented for the first quarter of 2018 were $263.3 million for the Business Solutions (SMB) segment. Net sales prior to the impact of the new revenue recognition standard for the first quarter of 2018 increased by 9.1% to $298.7 million, compared to $273.6 million for the prior year’s quarter. Servers/storage and net/com products experienced strong revenue growth in this segment with an increase of 19% and 18%, respectively. Gross margin increased by 229 basis points to 17.6% primarily due to the adoption of the new revenue recognition standard and the increase in invoice selling margins. Net sales as presented for the first quarter of 2018 were $257.2 million for the Enterprise Solutions (Large Account) segment. Net sales prior to the impact of the new revenue recognition standard for the first quarter of 2018 increased by 14.7% to $290.2 million, compared to $252.9 million for the prior year’s quarter. Mobility and server/storage products experienced solid growth during the quarter at 27% and 13%, respectively. Gross margin increased by 176 basis points to 14.3% primarily due to the adoption of the new revenue recognition standard and the increase in invoice selling margins. Net sales as presented for the first quarter of 2018 were $104.4 million for the Public Sector Solutions segment. Net sales prior to the impact of the new revenue recognition standard for the first quarter of 2018 decreased by 22.5% to $111.6 million, compared to $144.0 million for the prior year’s quarter. Gross margin increased by 364 basis points to 12.9% primarily due to the adoption of the new revenue recognition standard and the increase in invoice selling margins.
Quarterly Sales by Product Mix :
Notebook/mobility sales, the Company’s largest product category, as presented, increased by 7% year over year and accounted for 26% of net sales in the first quarter of 2018, compared to 22% of net sales in the prior year quarter. Excluding the impact of the adoption of the new revenue recognition standard, notebook/mobility sales increased by 6% year over year and accounted for 23% of net sales in the first quarter of 2018, compared to 22% in the prior year quarter. Sales of this product category grew year over year in Enterprise Solutions, but were offset by lower notebook sales made under federal contracts in our Public Sector, compared to the prior year quarter. Servers/storage, as presented, increased by 21% year over year and accounted for 12% of net sales in the first quarter of 2018, compared to 9% of net sales in the prior year quarter. Excluding the impact of the adoption of the new revenue recognition standard, servers/storage sales increased by 21% year over year and accounted for 10% of net sales in the first quarter of 2018, compared to 9% in the prior year quarter. All three selling segments experienced strong year-over-year growth in server/storage sales. Software sales, as presented, decreased by 46% year over year and accounted for 11% of net sales in the first quarter of 2018, compared to 19% of net sales in the prior year quarter. The decrease in software sales was due to the adoption the new revenue recognition standard. Excluding the impact of the adoption of the new revenue recognition standard, software sales increased by 15% year over year and accounted for 21% of net sales in the first quarter of 2018, compared to 19% of net sales in the prior year quarter. We experienced solid growth in cloud-based offerings, security, and office productivity.
As reported, gross profit increased by $9.6 million, or 11.1%, in the first quarter of 2018, compared to the prior year quarter. Gross profit prior to the impact of the new revenue recognition standard increased by $9.0 million, or 10.4% from the first quarter a year ago. Consolidated gross margin as reported, as a percentage of net sales, increased to 15.4% in the first quarter of 2018, compared to 12.9% for the prior year quarter. Gross margin prior to the impact of the new revenue recognition standard was 13.7% compared to 12.9% a year ago. The increase in gross margin was attributed to an increase in invoice selling margins related to an increase in higher-margin advanced solution sales.
Selling, general and administrative (“SG&A”) expenses as reported, increased in the first quarter of 2018 to $80.9 million from $75.3 million in the prior year quarter. SG&A in the first quarter of 2018 prior to the impact of the new revenue recognition standard was $80.8 million. The increase was primarily the result of increased variable compensation associated with our higher gross profits as well as investments made in our technology solutions group. SG&A as reported as a percentage of net sales was 12.9%, compared to 11.2% in the prior year quarter. However, SG&A in the first quarter of 2018, prior to the impact of the new revenue recognition standard, was 11.5%.
Cash and cash equivalents were $71.0 million at March 31, 2018, compared to $50.0 million at December 31, 2017. During the quarter we paid a $9.1 million special dividend to our shareholders. Also during the first quarter of 2018, the Company repurchased 116,241 shares of stock for $3.0 million. As of March 31, 2018, the Company had $14.8 million available for stock repurchases remaining under previous authorizations made by its Board of Directors. Days sales outstanding were 53 days at March 31, 2018, up from 48 days in the prior year quarter; the increase of 5 days from 48 days was due to the adoption of the new revenue recognition standard. Inventory turns were 23 turns in the first quarter of 2018, down from 25 turns in the prior year quarter; excluding the impact of the new revenue recognition standard, inventory turns would have increased to 26 turns.
“We are pleased with our record first quarter results in gross margin and earnings per share, while generating significant operating cash flow. It was also good to see continued execution and double-digit growth in our vertical markets; retail, manufacturing, healthcare, and finance.” said Tim McGrath, President and Chief Executive Officer. “We remain focused on our strategic plan to help our customers solve their business challenges with innovative technology solutions,” concluded Mr. McGrath.
Non-GAAP Financial Information
Adjusted EBITDA is a non-GAAP financial measure. This information is included to provide information with respect to the Company’s operating performance and earnings. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. Our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.
About Connection
PC Connection, Inc. and its subsidiaries, dba Connection, ( www.connection.com ; NASDAQ: CNXN) is a Fortune 1000 company headquartered in Merrimack, NH. With offices throughout the United States, Connection delivers custom-configured computer systems overnight from its ISO 9001:2008 certified technical configuration lab at its distribution center in Wilmington, OH. In addition, the Company has over 2,500 technical certifications to ensure it can solve the most complex issues of its customers. Connection also services international customers through its GlobalServe subsidiary, a global IT procurement and service management company. Investors and media can find more information about Connection at http://ir.pcconnection.com .
Connection – Business Solutions (800-800-5555), (the original business of PC Connection) operating through our PC Connection Sales Corp. subsidiary, is a rapid-response provider of IT products and services serving primarily the small- and medium-sized business sector. It offers more than 300,000 brand-name products through its staff of technically trained sales account managers, publications, and its website at www.connection.com .
Connection – Public Sector Solutions (800-800-0019), operating through our GovConnection, Inc. subsidiary, is a rapid-response provider of IT products and services to federal, state, and local government agencies and educational institutions through specialized account managers, publications, and online at www.connection.com/publicsector .
Connection – Enterprise Solutions (561-237-3300), www.connection.com/enterprise , operating through our MoreDirect, Inc. subsidiary, provides corporate technology buyers with best-in-class IT solutions, in-depth IT supply-chain expertise, and access to over 300,000 products and 1,600 vendors through TRAXX™, a proprietary cloud-based eProcurement system. The team’s engineers, software licensing specialists, and project managers help reduce the cost and complexity of buying hardware, software, and services throughout the entire IT lifecycle.
cnxn-g
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This release contains that are based on currently available information, operating plans, and projections about future events and trends. Terms such as "believe," "expect," "intend," "plan," "estimate," "anticipate," "may," "should," "will," or similar statements or variations of such terms are intended to identify , although not all include such terms. Forward-looking statements inherently involve that could predicted in such Such include, but are not limited to, the impact of changes in market demand and the overall level of economic activity and environment, or in the level of business investment in information technology products, product availability and market acceptance, new products, continuation of key vendor and customer relationships and support programs, the ability to realize market demand for and competitive pricing pressures on the products and services marketed by the Company, fluctuations in operating results and the ability of the Company to manage personnel levels in response to fluctuations in revenue, the ability of the Company to hire and retain qualified sales representatives and other essential personnel, the impact of changes in accounting requirements, and other risks detailed in the Company's filings with the , including under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed with the for the year ended December 31, 2017. The Company assumes no obligation to update the information in this press release or revise any , whether as a result of any new information, future events, or otherwise, except as required by law.
CONSOLIDATED SELECTED FINANCIAL INFORMATION At or for the Three Months Ended March 31, 2018 2017 % (Amounts and shares in thousands, except operating data, P/E ratio, and per share data) Change Operating Data: Net sales $ 624,895 $ 670,594 (7 %) Diluted earnings per share $ 0.42 $ 0.28 50 % Gross margin 15.4 % 12.9 % Operating margin 2.5 % 1.7 % Return on equity (1) 12.5 % 11.0 % Inventory turns 23 25 Days sales outstanding 53 48 % of % of Product Mix: Net Sales Net Sales Notebooks/Mobility 26 % 22 % Servers/Storage 12 9 Software 11 19 Net/Com Products 8 9 Other Hardware/Services 43 41 Total Net Sales 100 % 100 % Stock Performance Indicators: Actual shares outstanding 26,737 26,761 Total book value per share $18.40 $16.54 Tangible book value per share $15.25 $13.34 Closing price $25.00 $29.79 Market capitalization $668,425 $797,210 Trailing price/earnings ratio 11.4 17.0 LTM Adjusted EBITDA (2) $98,551 $92,136 Adjusted market capitalization/LTM Adjusted EBITDA (3) 6.1 7.9 (1) Based on last twelve months' net income. (2) Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation and acquisition, rebranding, and restructuring costs. (3) Adjusted market capitalization is defined as gross market capitalization less cash balance. REVENUE AND MARGIN INFORMATION For the Three Months Ended March 31, 2018 2017 Net Gross Net Gross (amounts in thousands) Sales Margin Sales Margin Business Solutions (SMB) $ 263,278 17.6 % $ 273,633 15.3 % Enterprise Solutions (Large Account) 257,244 14.3 252,918 12.5 Public Sector Solutions 104,373 12.9 144,043 9.2 Total $ 624,895 15.4 % $ 670,594 12.9 %
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2018 2017 (1)
(amounts in thousands, except per share data) Amount % of Net Sales Amount % of Net Sales Net sales $ 624,895 100.0 % $ 670,594 100.0 % Cost of sales 528,523 84.6 583,861 87.1 Gross profit 96,372 15.4 86,733 12.9 Selling, general and administrative expenses 80,900 12.9 75,281 11.2 Income from operations 15,472 2.5 11,452 1.7 Interest/other expense, net 116 – 19 – Income tax provision (4,288 ) (0.7 ) (4,039 ) (0.6 ) Net income $ 11,300 1.8 % $ 7,432 1.1 % Earnings per common share: Basic $ 0.42 $ 0.28 Diluted $ 0.42 $ 0.28 Shares used in the computation of earnings per common share: Basic 26,835 26,697 Diluted 26,916 26,866 (1) Amounts are not restated and represent the amounts recognized under generally accepted accounting principles in place during that period. EBITDA AND ADJUSTED EBITDA A reconciliation of EBITDA and Adjusted EBITDA is detailed below. Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation and special charges. Both EBITDA and Adjusted EBITDA are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either includes or excludes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. We believe that EBITDA and Adjusted EBITDA provide helpful information with respect to our operating performance including our ability to fund our future capital expenditures and working capital requirements. Adjusted EBITDA also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreements. (amounts in thousands) Three Months Ended March 31, LTM Ended March 31, (1) 2018 2017 % Change 2018 2017 % Change Net income $ 11,300 $ 7,432 52 % $ 58,725 $ 46,480 26 % Depreciation and amortization 3,301 2,855 16 % 12,285 10,892 13 % Income tax expense 4,288 4,039 6 % 23,017 30,294 (24 %) Interest expense 25 28 (11 %) 123 121 2 % EBITDA 18,914 14,354 32 % 94,150 87,787 7 % Special charges (2) - - N/A 3,636 3,406 7 % Stock-based compensation 207 183 13 % 765 943 (19 %) Adjusted EBITDA $ 19,121 $ 14,537 32 % $ 98,551 $ 92,136 7 % (1) LTM: Last twelve months
(2) Special charges in 2017 consist of a fourth quarter one-time bonus paid to all employees except executive officers as well as severance and relocation costs for our Softmart facility incurred in the second quarter 2017. Special charges in 2016 consist of our acquisition of Softmart, the rebranding of the Company, and duplicate costs incurred with the move of our Chicago-area facility.
March 31, December 31, CONDENSED CONSOLIDATED BALANCE SHEETS 2018 2017 (1)
(amounts in thousands) ASSETS Current Assets: Cash and cash equivalents $ 70,967 $ 49,990 Accounts receivable, net 408,334 449,682 Inventories 85,582 106,753 Prepaid expenses and other current assets 6,437 5,737 Income taxes receivable 380 3,933 Total current assets 571,700 616,095 Property and equipment, net 44,019 41,491 Goodwill 73,602 73,602 Other intangibles, net 10,645 11,025 Long-term accounts receivable 1,890 - Other assets 1,714 5,638 Total Assets $ 703,570 $ 747,851 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Borrowings under bank line of credit $ 859 $ - Accounts payable 152,115 194,257 Accrued expenses and other liabilities 23,434 31,096 Accrued payroll 17,207 22,662 Total current liabilities 193,615 248,015 Deferred income taxes 16,125 15,696 Other liabilities 1,871 1,888 Total Liabilities 211,611 265,599 Stockholders’ Equity: Common stock
287 287 Additional paid-in capital 114,361 114,154 Retained earnings 396,170 383,673 Treasury stock at cost (18,859 ) (15,862 ) Total Stockholders’ Equity 491,959 482,252 Total Liabilities and Stockholders’ Equity $ 703,570 $ 747,851 (1) Amounts are not restated and represent the amounts recognized under generally accepted accounting principles in place during that period.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 2017 (1)
(amounts in thousands) Cash Flows from Operating Activities: Net income $ 11,300 $ 7,432 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,300 2,855 Deferred income taxes 429 38 Provision for doubtful accounts 417 545 Stock-based compensation expense 207 183 Changes in assets and liabilities: Accounts receivable 57,389 32,885 Inventories 10,302 (9,438 ) Prepaid expenses and other current assets 2,721 1,016 Other non-current assets (1,880 ) 22 Accounts payable (42,521 ) (6,177 ) Accrued expenses and other liabilities (4,420 ) (3,936 ) Net cash provided by operating activities 37,244 25,425 Cash Flows from Investing Activities: Purchases of equipment (5,007 ) (1,487 ) Net cash used for investing activities (5,007 ) (1,487 ) Cash Flows from Financing Activities: Proceeds from short-term borrowings 859 - Purchase of treasury shares (2,997 ) - Dividend payment (9,122 ) (9,041 ) Exercise of stock options - 1,678 Net cash used for financing activities (11,260 ) (7,363 ) Increase in cash and cash equivalents 20,977 16,575 Cash and cash equivalents, beginning of period 49,990 49,180 Cash and cash equivalents, end of period $ 70,967 $ 65,755 Non-cash Investing Activities: Accrued capital expenditures $ 1,140 $ 291 Supplemental Cash Flow Information:
Income taxes paid $ 320 $ 1,546 (1) Amounts are not restated and represent the amounts recognized under generally accepted accounting principles in place during that period.
RECONCILIATION OF CHANGES IN REVENUE STANDARD (Unaudited, in thousands, except per share amounts) Change Change Three Months Ended March 31, As Presented Previous Revenue Standard 2018 2017 Amount Percent Amount Percent As Impact of New Previous Revenue Standard Presented % of Net Sales Revenue Standard Amount % of Net Sales Amount % of Net Sales Net sales $ 624,895 100.0 % $ 75,558 $ 700,453 100.0 % $ 670,594 100.0 % $ (45,699 ) (6.8 %) $ 29,859 4.5 % Cost of sales 528,523 84.6 % 76,168 604,691 86.3 % 583,861 87.1 % (55,338 ) (9.5 %) 20,830 3.6 % Gross profit 96,372 15.4 % (610 ) 95,762 13.7 % 86,733 12.9 % 9,639 11.1 % 9,029 10.4 % Selling, general and administrative expenses 80,900 12.9 % (113 ) 80,787 11.5 % 75,281 11.2 % 5,619 7.5 % 5,506 7.3 % Income from operations 15,472 2.5 % (497 ) 14,975 2.1
% 11,452 1.7 % 4,020 35.1 % 3,523 30.8 % Interest income, net 116 - - 116 - 19 - 97 510.5 % 97 510.5 % Income tax provision (4,288 ) (0.7 %) 135 (4,153 ) (0.6 %) (4,039 ) (0.6 %) (249 ) 6.2 % (114 ) 2.8 % Net income $ 11,300 1.8 % $ (362 ) $ 10,938 1.6 % $ 7,432 1.1 % $ 3,868 52.0 % $ 3,506 47.2 % Earnings per common share: Basic $ 0.42 $ (0.01 ) $ 0.41 $ 0.28 $ 0.14 50.0 % $ 0.13 46.4 % Diluted $ 0.42 $ (0.01 ) $ 0.41 $ 0.28 $ 0.14 50.0 % $ 0.13 46.4 % Shares used in the computation of earnings per common share Basic 26,835 26,835 26,697 Diluted 26,916 26,916 26,866 CONSOLIDATED SELECTED FINANCIAL INFORMATION UNDER PREVIOUS REVENUE RECOGNITION STANDARD 2018 2017 As Impact of New Presented Revenue Standard Previous Revenue Standard Inventory turns 23 3 26 25 Days sales outstanding 53 (5 ) 48 48
% of % of % of Product Mix: Net Sales Net Sales Net Sales Notebooks/Mobility 26 % (3 ) 23 % 22 % Servers/Storage 12 (2 ) 10 9 Software 11 10 21 19 Net/Com Products 8 (1 ) 7 9 Other Hardware/Services 43 (4 ) 39 41 Total Net Sales 100 % 100 % 100 %
RECONCILIATION OF CHANGES IN REVENUE STANDARD FOR SEGMENT NET SALES
(Unaudited, in thousands)
Change Change Three Months Ended March 31, As Presented Previous Revenue Standard 2018 2017 Amount Percent Amount Percent As Impact of New Net sales Presented Revenue Standard Previous Revenue Standard Business Solutions (SMB) $ 263,278 $ 35,388 $ 298,666 $ 273,633 $ (10,355 ) (3.8 %) $ 25,033 9.1 % Enterprise Solutions (Large Account) 257,244 32,951 290,195 252,918 4,326 1.7 % 37,277 14.7 % Public Sector Solutions 104,373 7,219 111,592 144,043 (39,670 ) (27.5 %) (32,451 ) (22.5 %) Total $ 624,895 $ 75,558 $ 700,453 $ 670,594 $ (45,699 ) (6.8 %) $ 29,859 4.5 % RECONCILIATION OF CHANGES IN REVENUE STANDARD FOR SEGMENT GROSS PROFITS (Unaudited, in thousands) Change Change Three Months Ended March 31, As Presented Previous Revenue Standard 2018 2017 Amount Percent Amount Percent As Impact of New Gross profits Presented Revenue Standard Previous Revenue Standard Business Solutions (SMB) $ 46,235 $ (203 ) $ 46,032 $ 41,791 $ 4,444 10.6 % $ 4,241 10.1 % Enterprise Solutions (Large Account) 36,694 (408 ) 36,286 31,629 5,065 16.0 % 4,657 14.7 % Public Sector Solutions 13,443 - 13,443 13,313 130 1.0 % 130 1.0 % Total $ 96,372 $ (611 ) $ 95,761 $ 86,733 $ 9,639 11.1 % $ 9,028 10.4 % RECONCILIATION OF CHANGES IN REVENUE STANDARD FOR SEGMENT GROSS MARGINS (Unaudited, in thousands) Change Change Three Months Ended March 31, As Presented Previous Revenue Standard 2018 2017 Amount Amount As Impact of New Gross margins Presented Revenue Standard Previous Revenue Standard Business Solutions (SMB) 17.6 % (215 ) 15.4 % 15.3 % 229 14 Enterprise Solutions (Large Account) 14.3 % (176 ) 12.5 % 12.5 % 176 (0 ) Public Sector Solutions 12.9 % (83 ) 12.0 % 9.2 % 364 280 Total 15.4 % (175 ) 13.7 % 12.9 % 249 74
RECONCILIATION OF CHANGES IN REVENUE STANDARD FOR EBITDA AND ADJUSTED EBITDA A reconciliation of EBITDA and Adjusted EBITDA is detailed below. Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation and special charges. Both EBITDA and Adjusted EBITDA are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either includes or excludes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. We believe that EBITDA and Adjusted EBITDA provide helpful information with respect to our operating performance including our ability to fund our future capital expenditures and working capital requirements. Adjusted EBITDA also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreements. Change Change (amounts in thousands) Three Months Ended March 31, As Presented Previous Revenue Standard 2018 2017 Percent Percent As Impact of New Presented Revenue Standard Previous Revenue Standard Net income $ 11,300 $ (362 ) $ 10,938 $ 7,432 52 % 47 % Depreciation and amortization 3,301 - 3,301 2,855 16 % 16 % Income tax expense 4,288 (135 ) 4,153 4,039 6 % 3 % Interest expense 25 - 25 28 (11 %) (11 %) EBITDA 18,914 (497 ) 18,417 14,354 32 % 28 % Special charges - - - - N/A N/A Stock-based compensation 207 - 207 183 13 % 13 % Adjusted EBITDA $ 19,121 $ (497 ) $ 18,624 $ 14,537 32 % 28 % Change Change (amounts in thousands) LTM Ended March 31, (1) As Presented Previous Revenue Standard 2018 2017 Percent Percent As Impact of New Presented Revenue Standard Previous Revenue Standard Net income $ 58,725 $ (362 ) $ 58,363 $ 46,480 26 % 26 % Depreciation and amortization 12,285 - 12,285 10,892 13 % 13 % Income tax expense 23,017 (135 ) 22,882 30,294 (24 %) (24 %) Interest expense 123 - 123 121 2 % 2 % EBITDA 94,150 (497 ) 93,653 87,787 7 % 7 % Special charges (2) 3,636 - 3,636 3,406 7 % 7 % Stock-based compensation 765 - 765 943 (19 %) (19 %) Adjusted EBITDA $ 98,551 $ (497 ) $ 98,054 $ 92,136 7 % 6 % (1) LTM: Last twelve months
(2) Special charges in 2017 consist of a fourth quarter one-time bonus paid to all employees except executive officers as well as severance and relocation costs for our Softmart facility incurred in the second quarter 2017. Special charges in 2016 consist of our acquisition of Softmart, the rebranding of the Company, and duplicate costs incurred with the move of our Chicago-area facility.
cnxn-g
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006598/en/
PC Connection, Inc.
Investor Relations Contact:
William Schulze, 603-683-2262
[email protected]
Source: PC Connection, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-connection-cnxn-reports-record-first-quarter-results-eps-and-operating-income-increase-by-50-percent-and-35-percent.html |
MOUNTAIN VIEW, Calif. (AP) — Google showcased its plans for the next several months as it kicked off its annual developers' conference Tuesday. Many of the new features center on the use of artificial intelligence to help save time.
Here are the highlights:
MAPS: Google will use augmented reality to help guide you to your destination. When you pull up direction on Google Maps, you can look through the camera and get turn-by-turn directions while viewing the actual street. The app will also orient you and verify your position using local landmarks such as buildings and shops viewed through the camera. Google calls the technology VPS, or visual positioning system. The feature is expected this summer.
GOOGLE DUPLEX: Google's digital assistant will take on the task of making appointments and other tedious calls with actual people at businesses. In two demonstrations — one setting up a hair appointment, the other a restaurant reservation — a realistic-sounding automated voice used pauses and "ums" and "mmm-hmms" to sound more human during interactions with people. Google says the technology is rolling out as "an experiment" in coming weeks.
GMAIL: An autocomplete feature called "smart compose" uses artificial intelligence to suggest ways to finish sentences you start typing. For example, "I haven't seen you" might be autocompleted to "I haven't seen you in a while and I hope you're doing well." The feature will start rolling out this month.
PHOTOS: When Google recognizes a photo of someone who is one of your contacts, it can suggest sending the photo to that person. It can also convert photos to PDFs and automatically add color to black-and-white photos or make part of a color photo black and white. The changes are coming in the next few months.
GOOGLE ASSISTANT: Google's digital assistant will get six new voices, including one based on that of singer John Legend, later this year. The voices aim to sound more natural and will include pauses that convey meaning. Google is also unveiling ways to let you issue multiple commands without having to say "Hey Google" each time. And it will reward kids who say "please," similar to a feature Amazon is bringing to its Alexa voice assistant.
LENS: Google's visual assistant will be built into the camera. Just point the camera at a building or sign to get more information. Or copy text from images of menus, documents and other sources into another app on your phone. Samsung phones aren't on the list of phones getting the feature starting next week. Samsung has its own version, Bixby Vision.
NEWS: Google is redesigning the News feature to present five stories you need to know, plus others that it thinks will be most relevant to you. For outlets with subscriptions, Google will allow you to subscribe directly through your Google account, without needing new passwords or credit card information. The feature should be available to everyone by next week.
ANDROID P: The version of Google's Android phone software will infuse basic functions with AI smarts. The battery will adapt to how you use apps in order to conserve energy. "Adaptive brightness" will learn how bright you like your screen based on manual adjustments, instead of automatically adjusting based on the how bright it is. Apple's latest system, iOS 11, has a similar feature. Owners of some Android phones — none from Samsung — can get an early test version now.
WELL-BEING: Android P also includes features to combat overuse. A "shush" mode automatically turns on the "Do Not Disturb" mode when you turn your phone face down on a table. And "Wind Down Mode" will fade the screen to greyscale at a designated bed time to help you disconnect before bed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-at-a-glance-how-new-google-features-tap-digital-smarts.html |
May 28, 2018 / 6:10 AM / Updated 5 hours ago To get rich would be glorious escape from pointless life, says young Chinese student Reuters Staff 2 Min Read
BEIJING (Reuters) - An elementary school student in China dreams of getting rich to escape the repetitive loop of life, he told a public speaking contest, astonishing listeners with his candor and grown-up cynicism. FILE PHOTO: Members of Young Pioneers of China gather at the weekly flag-raising ceremony at a school in Shanghai, China November 5, 2012. REUTERS/Carlos Barria/File Photo
A video clip widely shared on Chinese social media over the weekend showed the unnamed student, from the city of Hangzhou in the eastern province of Zhejiang, saying he has felt pressured and exhausted by life, and worried about growing up.
“You work hard but only see limited returns, like you’re in an endless loop,” he said.
The clip gave away little about his identity, though the student wore around his neck the red scarf signifying membership in the 100-million-plus strong Young Pioneers of China, a group that urges young people to be tough and fight for communism.
“I want to be rich to overcome the meaninglessness of life,” he said in his four-minute talk. “With money you can do whatever you want.”
A male voice in the background could be heard saying repeatedly, “We’re finished.”
The student’s pessimistic outlook contrasts with the optimism of his parents’ generation, which bore witness to China’s economic rise in the 1990s and 2000s.
It also runs counter to President Xi Jinping’s “China Dream” that urges young people to work hard and help rejuvenate the nation.
But defeatism is not unheard of in China, particularly among disillusioned millennials in big cities facing the pressure to survive in a country obsessed with marriage, home ownership and personal success as living costs rise.
The video clip provoked heated online debate, though its original publisher, Beijing News, has deleted it.
“What the boy wants is not just money, but freedom in life, to be able to get rid of the hollowness of life,” said one user of China’s Twitter-like Weibo.
“The pupil has figured out life at such an early age,” said another Weibo user. “It took me over three decades.” Reporting by Min Zhang and Ryan Woo; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://in.reuters.com/article/us-china-society/to-get-rich-would-be-glorious-escape-from-pointless-life-says-young-chinese-student-idINKCN1IT0DX |
May 16 (Reuters) - Comstock Holding Companies Inc:
* COMSTOCK HOLDING COMPANIES FILES FOR NON TIMELY 10-Q - SEC FILING Source bit.ly/2rKHbWk Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-comstock-holding-companies-files-f/brief-comstock-holding-companies-files-for-non-timely-10-q-idUSFWN1SN0YZ |
May 12, 2018 / 3:56 PM / Updated 3 hours ago Tennis-Thiem beats Anderson for first time to reach Madrid final Reuters Staff 1 Min Read
May 12 (Reuters) - Austrian Dominic Thiem beat Kevin Anderson for the first time at the seventh attempt to reach the Madrid Open final for the second successive year on Saturday.
The fifth seed won 6-4 6-2 as he continued the scintillating form that ended top seed Rafa Nadal’s year-long unbeaten run on clay the day before.
South African Anderson, seeded sixth, was playing in his first Masters 1000 semi-final but faded after a solid start.
While Thiem had a 0-6 record against Anderson, the pair had never met on the Austrian’s favoured clay surface, and the longer rallies suited his heavy baseline game.
Thiem needed a single break of serve in the opening set and broke twice in the second to wrap up victory.
He will play either Alexander Zverev or Canadian Denis Shapovalov in Sunday’s final. (Reporting by Martyn Herman, Editing by Neville Dalton) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-madrid-men/tennis-thiem-beats-anderson-for-first-time-to-reach-madrid-final-idUKL3N1SJ08F |
Vietnam's communist government has recognized the past, CIO says 10 Hours Ago Vietnam has learned that foreign direct investment is creating wealth, Andy Ho, chief investment officer at VinaCapital Vietnam Opportunity Fund, said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/vietnams-communist-government-has-learned-from-the-past-cio-says.html |
May 2, 2018 / 6:05 PM / Updated 5 minutes ago Fed leaves interest rates unchanged, says inflation near goal Lindsay Dunsmuir , Howard Schneider 5 Min Read
WASHINGTON (Reuters) - The Federal Reserve held interest rates steady on Wednesday and expressed confidence that a recent rise in inflation to near the U.S. central bank’s target would be sustained, leaving it on track to raise borrowing costs in June. A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo
The upgrading of the Fed’s inflation outlook represented a milestone after roughly six years of price gains falling short of its 2 percent goal, even as key aspects of the economy saw a healthy recovery from the 2007-2009 recession.
The Fed’s rate-setting committee also downplayed a recent slowdown in economic and job growth, saying activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months.
It said inflation had “moved close” to its target and that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.”
The Fed’s decision to leave its benchmark overnight lending rate in a target range of between 1.50 percent and 1.75 percent was unanimous. Investors had all but ruled out another increase at this week’s meeting.
The Fed raised rates in March and currently forecasts another two increases this year, although an increasing number of policymakers see three as possible. Investors overwhelmingly expect a rate hike at the June 12-13 policy meeting.
After the release of the Fed’s statement, traders of U.S. short-term interest rate futures kept bets that rates would rise at least two more times in 2018. U.S. stocks pared losses before turning lower, Treasury yields briefly edged higher, and the dollar .DXY was off its highs of the day against a basket of currencies.
“There are some changes in the statement to reflect the evolution of the data especially in their inflation outlook,” said Stephen Stanley, chief economist at Amherst Pierpont Securities in Stamford, Connecticut.
“I think a June rate hike is a done deal unless something dramatically changes between now and June.” ROBUST ECONOMY
The Fed’s confidence in the economic outlook was also highlighted by its assertion that business fixed investment had continued to grow strongly. It added that risks to the outlook appear roughly balanced, removing a prior reference to “near-term risks.”
Fed Chairman Jerome Powell has maintained that the central bank will pursue a middle-of-the-road approach to monetary policy, continuing to gradually lift rates in the face of a robust economy that had yet to spark a jump in inflation.
But data released on Monday showed price gains are now effectively at the Fed’s target.
The Fed’s preferred measure of inflation soared 1.9 percent in the 12 months through March, the biggest increase since February 2017, after increasing 1.6 percent in the year through February, the U.S. Commerce Department reported.
Fed policymakers had anticipated the rise and have stressed that their target is not a ceiling and that they will tolerate increases above it without being immediately concerned.
The Fed’s pace of rate increases has picked up since it began its tightening cycle in December 2015. It raised rates once in 2016, but lifted borrowing costs three times last year amid a strengthening economy and labor market.
Although economic growth slowed to an annualized rate of 2.3 percent in the first quarter, a period that has tended to be weaker in recent years, and job gains cooled in March, a pickup is expected in the months ahead, fueled in part by the Trump administration’s tax cuts and fiscal stimulus.
The economy is now in its second-longest expansion since World War Two. The unemployment rate is at a 17-year low of 4.1 percent, below the Fed’s longer-run estimate of what constitutes full employment, and there are signs wages are moving firmly higher after an extended period of sluggishness.
The Fed’s policy statement made no mention of the economic risks posed by mounting trade tensions between the United States and other nations, particularly China. Fed policymakers had flagged the potential negative impact of the conflict in recent public comments, but adopted a wait-and-see attitude. Reporting by Lindsay Dunsmuir and Howard Schneider; Additional reporting by Richard Leong in New York; Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed/fed-keeps-interest-rates-unchanged-says-inflation-near-target-idUSKBN1I32K3 |
May 15, 2018 / 7:25 AM / Updated 3 minutes ago British royal wedding thrown into confusion by bride's father Michael Holden 4 Min This weekend’s carefully planned wedding of Britain’s Prince Harry to his fiance Meghan Markle was mired in confusion on Tuesday after the father of the American actress told a celebrity news website he was no longer coming.
Harry, 33, Queen Elizabeth’s grandson and the sixth-in-line to the British throne, and Markle, 36, will marry on Saturday at St George’s Chapel in Windsor Castle.
Markle’s father Thomas, 73, was due to walk his daughter down the aisle in front of 600 guests including all the senior Britain’s royals and a smattering of celebrities.
However, the TMZ website reported on Monday that he had decided not to attend the glittering wedding at the castle, the home of English and British monarchs for almost 1,000 years.
He told TMZ he did not want to embarrass his daughter or the royal family after reports he had staged pictures with a paparazzi photographer for a fee. He also said he had suffered a heart attack a week ago.
“This is a deeply personal moment for Ms Markle in the days before her wedding,” Kensington Palace, Harry’s office, said in a statement. “She and Prince Harry ask again for understanding and respect to be extended to Mr Markle in this difficult situation.”
A spokeswoman for the prince declined to comment directly on the TMZ report or to say whether Markle’s father would be at the wedding. DEPENDS ON HIS HEALTH
Samantha Markle, the actress’s half-sister, told the Good Morning Britain TV programme she hoped he would still be there but it depended on his health. Related Coverage Cups and condoms: vendors offer up array of royal wedding memorabilia
“He was really having heart pains and suffered a heart attack,” she said. “It was an unbelievable amount of stress.
“I don’t know as of today what his plans are, but there’s a very real concern. I wanted to see him go (to the wedding). I didn’t want him deprived of that. But clearly the priority should be whether or not it’s safe for him to do that.”
The bride-to-be’s parents are divorced and while Harry has been pictured with her mother Doria Ragland, 61, there had been speculation about how Thomas Markle, a former lighting director for TV soaps and sitcoms, would feature.
However, Harry’s communications secretary told reporters last week he would have an important role and would give away his daughter on the couple’s big day. He had also been expected to meet the queen, her husband and the other senior members of the Windsor family this week.
Thousands of journalists from across the world are descending on the genteel town of Windsor for the wedding, and Thomas Markle told TMZ that the media attention had taken its toll. He said he had been offered up to $100,000 for interviews and been ambushed by paparazzi whose snaps had shown him buying beer and looking dishevelled.
TMZ said he had agreed to the staged pictures, which showed him looking at images of the couple on a computer and being sized up for a suit, because he hoped they would improve his image.
Prince Harry and his elder brother Prince William have both made clear in the past their dislike of the press, fuelled by the death of their mother Princess Diana in a Paris car crash in 1997 as her limousine sped away from chasing paparazzi. A window display in Windsor. REUTERS/Toby Melville
Kensington Palace has limited press access to the ceremony itself and strictly controlled the release of details about the wedding to the media.
If her father does not come, British newspapers suggested that Markle’s mother, with whom she is spending the night before the ceremony at a nearby luxury hotel, would walk her daughter down the aisle. Editing by Guy Faulconbridge and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding/royal-wedding-thrown-into-confusion-by-brides-father-idUKKCN1IG0V0 |
May 17, 2018 / 1:36 PM / Updated 5 minutes ago British watchdog puts Financial.org on investor alert list Kirstin Ridley , Carolyn Cohn 3 Min Read
LONDON (Reuters) - Britain’s financial markets watchdog said on Thursday it had put UK-registered firm Financial.org on an investor alert list, warning investors from dealings with the company. FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren
The Financial Conduct Authority (FCA) warning is the latest from regulators around the world about the company, a sponsor of Formula One team Williams ( WGF1G.DE ).
The FCA said in a notice posted on its website that it believed Financial.org “has been providing financial services or products in the UK without our authorization”.
Offering investment services without regulatory permission is a criminal offense in Britain.
Reuters could not reach Financial.org by telephone. A receptionist on the ground floor of the office building in London’s Canary Wharf financial district where the company rents space on the 26th floor, said Financial.org had changed its name to Mythen. Her call to the office went unanswered.
Williams did not respond to a request for comment.
Reuters has reported that Financial.org, which describes itself as an educational platform, is managing hundreds of thousands of dollars for Middle Eastern and Asian investors even though it is not licensed to engage in financial transactions.
Seventeen people from China, Indonesia, Malaysia, Singapore, Thailand, Vietnam and the UAE have told Reuters they had each given between $3,000 and $400,000 to Financial.org.
Most said their money had been invested in U.S. blue-chip stocks. Recent notices on a website described as the official news site for Financial.org say that the company is also offering a cryptocurrency called FOIN.
Financial.org has told investors it will close their accounts and take 20 percent of their money if they do not raise their minimum investment to $10,000 from $3,000, according to a notice posted on its website and seven investors.
The deadline for this has been extended to the end of May, one of the investors told Reuters, providing a screenshot of the latest notice posted on a password-protected, members-only section of the firm’s website.
The investor also said attempts to withdraw money had failed. The person, who declined to be named due to concern about their investments, provided screenshots of an account page showing withdrawal requests had been rejected. Editing by Sinead Cruise/Alexandra Hudson/Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-investment-financial-org/uk-watchdog-puts-financial-org-on-investor-alert-list-idUKKCN1II1YC |
President Donald Trump said Tuesday that there's a "substantial" chance that his summit with North Korean leader Kim Jong Un "may not work out" for June.
Trump made the remark while he met with Moon Jae-in , South Korea's president, for pivotal discussions ahead of the American president's planned meeting with the North Korean dictator.
"Whether or not it happens, you'll be knowing pretty soon," Trump told reporters at the White House. He also declined to say whether he has spoken with North Korea's leader.
The summit is scheduled for June 12 in Singapore, which is widely viewed as a neutral site. Yet doubts continue to grow about whether the meeting will actually take place. Trump's remarks Tuesday were the strongest indication yet that the summit might not happen as planned.
Last week, North Korea said it would reconsider whether to hold the meeting after abruptly canceling talks with South Korea amid joint military drills with the U.S. on the Korean Peninsula.
The communist dictatorship also took issue with Trump's national security advisor, John Bolton , who suggested using a denuclearization model similar to one used with North African country Libya . The nation's dictator at the time, Moammar Gadhafi, agreed to give up nuclear weapons in exchange for relaxed U.S. sanctions. Eventually, however, the U.S. supported a violent overthrow of Gadhafi.
North Korea called any attempt to impose a Libya-style arrangement on the country "awfully sinister." Trump has said, though, that the "Libyan model isn't a model that we have at all."
show chapters Both Trump and Kim want a summit to happen: Former US ambassador 15 Hours Ago | 02:18 Trump also suggested that Kim soured on the idea of a potential summit after the North Korean leader had a second secret meeting with Chinese President Xi Jinping .
"There was a somewhat different attitude after that meeting," the U.S. president said of Kim. "I can't say that I'm happy about it."
The South Korean president on Tuesday struck a more optimistic note about the planned summit between Trump and Kim. Moon pushed back against U.S. skepticism about the meeting and said he is confident that Trump will make the summit a success.
In his remarks Tuesday, Trump did say that he believes Kim is "absolutely very serious" about denuclearization. The Trump administration has made it clear that it wants North Korea to give up its nuclear weapons program.
Trump also made some promises to the North Korean leader Tuesday.
"He will be safe, he will be happy, his country will be rich," Trump said. "Kim will be extremely happy if it works out."
The president added the meeting won't happen if certain conditions aren't met. He also said a summit could happen further down the road if it doesn't occur next month as planned.
No sitting U.S. president has met face-to-face with a North Korean leader. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/trump-says-theres-a-substantial-chance-summit-with-north-koreas-kim-will-not-work-out-for-june.html |
April 30, 2018 / 9:53 AM / 3 days ago Deutsche Telekom sees T-Mobile-Sprint deal clearing anti-trust scrutiny Reuters Staff 2 Min Read
FRANKFURT (Reuters) - Deutsche Telekom CEO Tim Hoettges expressed confidence on Monday that the $26 billion (19 billion pounds) takeover of Sprint Corp by its U.S. unit T-Mobile US would clear anti-trust hurdles. FILE PHOTO - Deutsche Telekom Chief Executive Officer Tim Hoettges attends the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman
Hoettges, speaking after the all-stock deal was announced on Sunday, also touted that the deal would enable Telekom to vote the stake of Sprint’s main owner, Japan’s Softbank, thus securing overall control of the No.3 U.S. wireless player.
“I have been working on this deal for 7 years,” Hoettges told analysts on a call. “We have never been so optimistic as we have been today.”
Rather than looking at the proposed combination of T-Mobile and Sprint as deal between wireless operators, regulators should also include fixed line operators in their assessment, and consider the fact that these two markets are converging.
“The market definition has changed,” Hoettges said.
Deutsche Telekom’s shares opened 2.9 percent higher at 14.80 euros, as analysts baked synergies estimated by the parties to the deal at $43 billion into their valuations.
Jefferies estimated the deal upside at 2.40 euros per share for Deutsche Telekom, assuming flawless execution. Based on its weighted analysis of the deal’s chances of happening, it put the upside at 60 euro cents, or 4 percent. Reporting by Edward Taylor and Douglas Busvine | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sprint-corp-m-a-t-mobile-us-deutsche/deutsche-telekom-sees-t-mobile-sprint-deal-clearing-anti-trust-scrutiny-idUKKBN1I10PZ |
May 8 (Reuters) - CymaBay Therapeutics Inc:
* CYMABAY THERAPEUTICS ANNOUNCES THE INITIATION OF A PHASE 2B STUDY OF SELADELPAR IN PATIENTS WITH NON-ALCOHOLIC STEATOHEPATITIS
* CYMABAY THERAPEUTICS - IT BEGAN SCREENING OF PATIENTS FOR PHASE 2B PROOF OF CONCEPT STUDY OF SELADELPAR FOR TREATMENT OF NON-ALCOHOLIC STEATOHEPATITIS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cymabay-initiates-phase-2b-study-o/brief-cymabay-initiates-phase-2b-study-of-seladelpar-in-patients-with-non-alcoholic-steatohepatitis-idUSFWN1SF0M6 |
May 16, 2018 / 11:14 Four years after coup, Thais tire of corruption and democratic delays Patpicha Tanakasempipat , Panarat Thepgumpanat 5 Min Read
BANGKOK (Reuters) - When Thailand’s army took power in a bloodless coup four years ago, it promised to bring happiness back to the “Land of Smiles” and return the country to democratic rule within two years. FILE PHOTO: Thailand's Prime Minister Prayuth Chan-ocha rides on a tractor at a farmer school in Suphan Buri province, Thailand, September 18, 2017. Picture taken September 18, 2017. REUTERS/Athit Perawongmetha/File Photo
The military said the coup was needed to stop further violence after months of street protests and to stamp out corruption which had plagued Thailand for decades.
But as the coup’s fourth anniversary approaches on May 22, the ruling junta, or National Council for Peace and Order (NCPO), is facing a public perception crisis, according to international and domestic polls which say corruption is as endemic as ever.
The government has also repeatedly delayed the general election, with the latest date set for February 2019.
Some analysts say the date could be pushed back again.
When it first came to power, the NCPO vowed to tackle everything from so-called ‘taxi mafias’ to the illicit logging of forests.
Its military-backed parliament has passed 298 laws since 2014 and the junta has issued more than 500 orders, according to the National Legislative Assembly, making “huge changes to the legal system,” said Yingcheep Atchanont, a programme manager at iLaw, a Thai legal monitoring group.
But in recent months the military government itself has been the subject of a protest in the northern city of Chiang Mai against the building of a government luxury housing project on forested land, the largest gathering since the junta took over.
It is also being investigated by the country’s anti-graft agency over a suspected misappropriation of around 129 million baht ($4 million) from a state fund for the poor.
“They announced they came into power to fix corruption and over the past four years have proved that they can’t,” said Yingcheep. FILE PHOTO: Pro-democracy activists, who staged a demonstration last month to protest a delay to a general election, gesture as they arrive at the police station in Bangkok, Thailand, February 8, 2018. Picture taken February 8, 2018. REUTERS/Athit Perawongmetha/File Photo
Transparency International’s 2017 Corruption Perceptions Index gave Thailand a score of 37 out of 100, slightly lower than in 2014 when the military took over.
But others think the military has done what it set out to do.
Mana Nimitmongkol, secretary-general of the Anti-Corruption Organization of Thailand, an independent body which monitors state corruption, told Reuters the military government has “done more to battle corruption than any other government in Thai history”. PUBLIC DISCONTENT
However, delays to the general election have fuelled a resurgence in anti-government street protests that have taken place intermittently since the start of the year.
Somchai Srisutthiyakorn, a former election commissioner, said an upcoming parliamentary decision on whether to adopt one of four bills that need to be in place for the vote to happen could be delayed.
“The earliest we could see an election is March 2019, the latest would be June 2019,” Somchai told Reuters.
Deputy Prime Minister Prachin Chanthong told Reuters the junta means to make good on its promises. Slideshow (5 Images)
“We want to see this country peaceful and united and have a better standard of living and higher income for everyone ... but it takes time,” said Prachin.
Although the junta has repeatedly promised to “return happiness to the Thai people”, disgruntled Thais say they have run out of patience.
Recent protests have mostly been led by young activists, but others have been spearheaded by groups representing farmers and the urban poor.
“The junta came in, shut the people out, did everything their way. So we can’t say we’re happy,” Prayong Doklamyai, a coordinator for People’s Movement for Just Society (P-Move), told Reuters.
Decharut Sukkhumnoed, an agricultural economist and lecturer at Bangkok’s Kasetsart University, said the agricultural sector, which accounts for around 8 percent of the economy, has been particularly hard-hit by the junta’s policies, which have prioritised other sectors.
Since 2014, rice and rubber farmers’ groups have threatened to stage protests, demanding the government improve farmers’ livelihoods.
The junta has since promised with billions of dollars in loans to help stabilise agricultural prices and offered cash handouts – leading critics to say it has employed tactics akin to the populist policies of the government it ousted.
According to the National Statistics Office, the bottom 45 percent of Thai population with the lowest income earned less per capita in 2017 than in 2015.
While Thailand saw its GDP growth rise from 1 percent in 2014 to 3.9 percent in 2017, the agricultural sector saw negative GDP growth for ten quarters straight from 2014 to 2016, due to a decline in global commodity prices and weather woes, before recovering to a 6.2 percent growth in 2017.
Still, analysts say popular dissatisfaction is unlikely to dislodge the junta. Leaders of the main, red-shirted opposition group told Reuters this month they were weary of more bloodshed if they take to the streets.
“The military still has the situation under control,” said Yutthaporn Isarachai, a political scientist at Sukhothai Thammathirat University. Additional reporting by Amy Sawitta Lefevre and Aukkarapon Niyomyat; Editing by Amy Sawitta Lefevre and Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thailand-politics/four-years-after-coup-thais-tire-of-corruption-and-democratic-delays-idUKKCN1IH37L |
One way videogame makers can keep players coming back for more is to make sure they never leave in the first place.
Subscription-based businesses are growing popular across more of the technology world and videogames are no exception. Electronic Arts and Nintendo both revealed plans this week for new subscription-based services. Nintendo’s, called Switch Online, goes live in September and will allow subscribers to play online against others, as well as access some of the company’s classic titles from the original NES system... | ashraq/financial-news-articles | https://www.wsj.com/articles/videogame-makers-clicking-subscribe-1525944602 |
(Reuters) - Annika Sorenstam has fond memories of becoming the first woman in 58 years to play in a PGA Tour event, but feels the future of golf is for men and women to compete with and not against each other.
FILE PHOTO: Sweden's Annika Sorenstam waves after teeing off on the 7th hole during the first round of the Dubai Ladies Masters golf tournament December 11, 2008. REUTERS/Steve Crisp Fifteen years after paving the way for women to compete in men’s tournaments, Sorenstam, who rarely plays these days having swapped her golf clubs for a triathlon outfit, has no regrets at opening the floodgates for a fad that lasted a few years before dying a natural death.
She captured the imagination of the golf world by competing in the Colonial tournament in Texas.
On a Colonial Country Club course in Fort Worth that is short by modern standards and ideally suited to shorter hitters, be they men or women, Sorenstam equipped herself well and for a time looked in with a chance of making the cut.
Though she missed it by four strokes, her performance inspired several other women to test themselves against the men, most famously Michelle Wie, who competed as a teenager in no fewer than 13 men’s events before acknowledging the novelty had run its course.
Sorenstam was at the top of her game in 2003, and had been there or thereabouts long enough that she needed a new challenge to keep her interested.
“I had been number one in the world. I was looking for different things to keep my motivation going,” the 47-year-old told Reuters in a telephone interview on Tuesday.
“I have so many wonderful memories. It was so amazing overall.
“I had a putt on my last hole to shoot par. That would have been nice but I didn’t need to play the weekend.”
To this day she says she is remembered by people as much for that appearance as for the 59 she recorded at an LPGA event in Arizona in 2001.
These days, however, the conversation has changed from women competing against men, to women competing alongside men, as evidenced by the recent Victorian Open in Australia.
Men and women played that event on the same course on the same days for the same prize money, in alternating groups, albeit from different tees.
Sorenstam sees this as the future, rather than a lone female wolf playing with a pack of 100-plus men.
“I grew up playing with boys at my club,” said the native of Sweden, who now lives in Florida with her husband and two children.
“Men and women should play together, but not necessarily compete against each other.”
LPGA commissioner Mike Whan recently said it was just a matter of time before the women’s tour and the PGA Tour staged a joint event, though nothing has been announced.
Sorenstam, meanwhile, walked away from competitive golf in 2008 at the relatively young age of 38 and focuses her attention these days on her myriad of business and philanthropic interests.
Her Annika Foundation seeks to develop women’s golf worldwide, and stages six junior tournaments. She hopes soon to add one or two more.
Sorenstam also finds time in her busy schedule for triathlon training.
She recently competed in a race in St Petersburg, Florida, completing the 750-metre swim, 20km bike and 5 km run in a respectable one hour, 26 minutes, 32 seconds.
While she has little time left for golf, she remains proud of her achievements in the sport.
“I’m very happy, and when I look back on my career I’m proud,” she said.
Reporting by Andrew Both in Cary, North Carolina; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-sorenstam-interview/golf-better-to-play-with-men-than-against-them-says-pioneer-sorenstam-idUSKCN1IO2V4 |
Chinese conglomerate HNA Group Co. dropped its pursuit of SkyBridge Capital, the investment firm founded by former White House communications chief Anthony Scaramucci, after resistance from a U.S. national security panel.
The multiagency panel, called the Committee on Foreign Investment in the U.S., privately told both firms it would only approve the deal subject to concessions that would have essentially left the two companies operating separately, people familiar with the matter said. Both sides decided to move on, the companies | ashraq/financial-news-articles | https://www.wsj.com/articles/hna-set-to-drop-acquisition-of-skybridge-capital-1525117804 |
BEIJING, May 22 (Reuters) - China will cut the import duty on passenger cars to 15 percent from 25 percent currently, Bloomberg reported on Tuesday, citing unidentified sources.
The report said China’s cabinet has decided to cut the levy without elaborating further. Bloomberg previously reported Beijing was considering cutting the tariff rate to as low as 10 percent.
Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger
| ashraq/financial-news-articles | https://www.reuters.com/article/china-autos-tariff/china-to-cut-import-duty-on-cars-to-15-pct-from-25-pct-bloomberg-idUSS6N1S2023 |
May 21 (Reuters) - Partners Group Holding AG:
* PARTNERS GROUP AND KEDAARA CAPITAL TO ACQUIRE VISHAL MEGA MART, AN INDIAN HYPERMARKET BRAND
* CO AND KEDAARA CAPITAL FUND II TO ACQUIRE VISHAL MEGA MART PRIVATE LIMITED FROM PRIVATE EQUITY FIRM TPG Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-partners-group-and-kedaara-capital/brief-partners-group-and-kedaara-capital-to-acquire-vishal-mega-mart-idUSFWN1SS006 |
LONDON (Reuters) - The euro was headed on Friday for its fifth successive weekly decline versus the dollar, in what would be a first for the currency since 2015, as political uncertainty in Italy continued to worry investors.
FILE PHOTO: U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration/File Photo The euro has slumped six cents from more than $1.24 in the space of three weeks after a huge dollar rally and amid concerns about the demands of populist parties likely to form Italy’s next government.
On Thursday, the far-right League and 5-Star Movement agreed the basis for a governing accord that would slash taxes and ramp up welfare spending.
Ratings agency DBRS warned that the economic proposals of the anti-establishment parties could threaten Italy’s sovereign credit rating.
The euro on Friday inched up 0.2 percent to $1.1814. But the currency has fallen nearly 1.2 percent this week and on Wednesday dropped to a five-month low of $1.1763.
“The possibility of a eurosceptic government in Rome is shaking investor confidence... at this point a larger fiscal deficit and greater bond issuance [in Italy] does seem likely,” said David Madden, a strategist at CMC Markets.
A founding member of the EU and the euro, Italy accounts for 15.4 percent of Eurozone GDP and the parties’ hostility toward the European Union stance is the biggest challenge to the bloc since Britain voted to leave two years ago.
Still, some investors have played down the broader impact on the euro and questioned whether the Italian parties will really follow through on such plans.
A powerful rally by the dollar is also hurting the euro.
On Friday the greenback edged higher against the yen and set a fresh four-month high, buoyed by a further rise in U.S. Treasury yields that suggests a an upbeat outlook for the world’s largest economy.
The dollar, which has risen 5 percent since mid-February, touched a high of 111.005 yen on Friday, its strongest level since Jan. 23.
“Moves in U.S. yields remain the focus. If they rise further the dollar could strengthen on the back of that and pull the dollar higher against the yen,” said Shinichiro Kadota, senior strategist at Barclays in Tokyo
Investors are betting that U.S. interest rates will need to rise further to curb inflation.
That has forced investors who took big positions against the dollar anticipating it would fall in 2018 to rush to unwind and cover their positions, pushing the greenback even higher.
In a note to clients, strategists at Citibank said the current rally in the dollar would not last long.
The U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019, they said, would contribute to a drop of 5 percent in the dollar index over the next 12 months.
Most emerging market currencies continued to wilt against the surging dollar.
The Indonesian rupiah weakened half a percent to 14,115, its lowest in more than 2-1/2 years and shrugging off a rate rise by the central bank late on Thursday.
Additional reporting by Masayuki Kitano in Singapore; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-sets-four-month-high-vs-yen-buoyed-by-rising-u-s-yields-idUSKCN1IJ058 |
May 1 (Reuters) - Kellogg Co:
* KELLOGG CO - CARTER CAST, ZACHARY GUND, JIM JENNESS AND DON KNAUSS WERE RE-ELECTED TO BOARD FOR A THREE-YEAR TERM Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kellogg-announces-re-elction-of-di/brief-kellogg-announces-re-elction-of-directors-to-board-idUSFWN1S80LJ |
BRASILIA, April 30 (Reuters) - The Brazilian government posted a wider-than-expected fiscal deficit in March, highlighting the struggles of President Michel Temer’s administration to curb growth of public debt.
The public sector, comprised of the central government, regional governments and state-owned enterprises, posted a deficit of 25.135 billion reais ($7.2 billion) before interest payments, compared to the median estimate in a Reuters poll of economists of a 24.8 billion real deficit. ($1 = 3.47 reais) (Reporting by Marcela Ayres; Writing by Bruno Federowski; Editing by Bill Trott)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-budget/brazil-march-public-sector-primary-deficit-wider-than-expected-idUSE6N1QQ041 |
'Tremendous opportunity' in Saudi nuclear energy plans: Bechtel 5 Hours Ago There is a lot of opportunity for business in Saudi Arabia's civilian nuclear energy plans, says Stuart Jones, regional president for Europe and the Middle East at Bechtel. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/tremendous-opportunity-in-saudi-nuclear-energy-plans-bechtel.html |
May 14 (Reuters) - OpGen Inc:
* OPGEN INC FILES PROSPECTUS SUPPLEMENT RELATING TO OFFERING OF 1.05 MILLION SHARES OF CO'S COMMON STOCK ISSSUABLE UPON EXERCISE OF WARRANTS - SEC FILING Source text - ( bit.ly/2InCHLp ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-opgen-inc-files-prospectus-supplem/brief-opgen-inc-files-prospectus-supplement-relating-to-offering-of-1-05-mln-shares-of-cos-common-stock-idUSFWN1SL16C |
WELLINGTON (Reuters) - New Zealand is planning to invest more in recycling plants and set up government-led taskforce to work out how to grapple with the fallout from China’s ban on waste imports, its associate environment minister said on Thursday.
New Zealand had been sending 15 million kgs (33 million pounds) - worth around NZ$21 million ($14.67 million) - a year of waste to China, mostly paper and plastics that were now piling up as waste companies scrambled to divert it to processors in South-East Asia.
“The ban has had a greater impact than the industry expected and we need a coordinated response from central and local government, together with the waste and business sectors,” Associate Minister for the Environment Eugenie Sage said in an emailed statement.
The government plans to use its existing waste levy to invest in more onshore recycling plants, she added.
China, the world’s biggest importer of plastic waste, has stopped accepting shipments of rubbish, such as plastic and paper, as part of a campaign against “foreign garbage”.
The ban has upended the world’s waste handling supply chain and caused massive pile-ups of trash from Asia to Europe, as exporters struggled to find new buyers for the garbage.
Much of New Zealand’s waste had been diverted to processing plants in Indonesia, Malaysia and Thailand, but some stockpiles were building up around the country.
“We are also looking at options such as expanding the waste levy to more landfills, improving the data we have on waste including recyclables, and other tools to reduce the environment harm of products such as product stewardship, levies and bans,” Sage said.
Governments in Britain, the European Union and Australia have announced plans to confront growing waste as a result of ban with the British introducing a deposit return scheme for plastic bottles and the EU mulling a plastic tax.
Reporting by Charlotte Greenfield; Editing by Michael Perry
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-waste-newzealand/new-zealand-plans-to-invest-in-more-recycling-plants-as-it-deals-with-china-waste-ban-idUSKCN1IW05K |
Gina Sanchez talks about waning trade war fears and oil prices 2 Hours Ago Gina Sanchez, CEO of Chantico Global, talks about the market impact of diminishing trade war fears, as well as the rising price of oil | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/gina-sanchez-talks-about-waning-trade-war-fears-and-oil-prices.html |
VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : CHROMEDX CORP
CSE Symbol /
Symbole CSE :
CHX Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle
Halt Time (ET) / Heure de la suspension (HE) 8:57
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--chx.html |
Stifel: buy PayPal, in the early stages of its transformation 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/call-of-the-day-stifel-buy-paypal-in-the-early-stages-of-its-transformation.html |
PIMCO's approach to ethical impact investing 2 Hours Ago The company's bond portfolio is aimed at identifying issuers with positive engagement and impact, says Mike Amey of PIMCO. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/pimcos-approach-to-ethical-impact-investing.html |
TORONTO, May 8, 2018 /PRNewswire/ - Symbility Solutions (TSX.V: SY), a global software company focused on modernizing the insurance industry, today announced it has completed a definitive agreement to sell its Symbility Health Division business to TELUS Health. The transaction is valued at approximately CA$16.5 million, subject to working capital adjustments.
"We are proud to announce the sale of the Symbility Health division to TELUS Health, one of Canada's leading health technology companies and most recognized brand. TELUS Health is an experienced and longstanding contributor in the area of digital enablement for the insurance sector which will ensure the continued support for our customer's growth," commented James Swayze, CEO, Symbility Solutions. "This divestiture will allow Symbility Solutions to apply greater focus to its core Property and Casualty insurance platform while contemplating further transformative M&A with the proceeds of the sale."
"We welcome the Symbility team and customers and look forward, together, to delivering the best possible customer experience by providing third party payors and administrators with the latest user-friendly digital health management tools. These can enhance efficiency and flexibility for employers of all sizes and their employees, as well as support them in their growth," said Luc Vilandré, Vice-President, Health Benefits Management, TELUS Health.
ABOUT TELUS Health
TELUS Health is a leader in telehomecare, electronic medical and health records, consumer health, benefits management and pharmacy management. TELUS Health solutions give health authorities, providers, physicians, pharmacists, patients and consumers the power to turn information into better health outcomes. For more information about TELUS Health, please visit: telushealth.com .
About Symbility
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and casualty industry, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY ™ brings smarter thinking to property insurance. Our strategic services team, Symbility INTERSECT ™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. We push industries forward and prove that change for the better is entirely possible. symbilitysolutions.com
Forward Looking Statements
This news release contains forward-looking information. Forward looking statements in this release include those related to the impact of the divestiture on Symbility Solutions' financial results. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Symbility Solutions to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Symbility Solutions Inc. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which are made as at the date of this press release and Symbility Solutions does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All trade names are the property of their respective owners.
View original content with multimedia: http://www.prnewswire.com/news-releases/symbility-solutions-completes-agreement-to-sell-its-symbility-health-division-300644661.html
SOURCE Symbility Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-symbility-solutions-completes-agreement-to-sell-its-symbility-health-division.html |
By David Z. Morris May 5, 2018
The U.S. Navy announced Friday that it will revive the Second Fleet, a command structure that was disbanded in 2011 as a cost-cutting measure. The revived fleet will be headquartered in Norfolk, Virginia, and will be responsible for Naval operations in the northern Atlantic and the eastern coast of the U.S. Details of its size and leadership structure have not been announced, but its primary purpose is clear – to counter a growing threat from Russia.
Admiral John Richardson, Chief of Naval Operations, explained the decision as part of recent U.S. strategic shifts, saying that “we’re back in an era of great power competition.” In its 2018 strategy plan , the Department of Defense stated, fairly remarkably, that “inter-state strategic competition, not terrorism, is now the primary concern in U.S. national security.” The plan highlighted Russia’s increasing aggression, including a desire “to shatter the North Atlantic Treaty Organization,” as a primary concern.
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NATO, too, says Russia has been increasing naval patrols in the North Atlantic and Arctic. That is a dramatic reversal of the situation when the Second Fleet was disbanded. In 2011, the future of U.S.-Russia relations seemed bright, after the Obama administration declared a ‘reset’ in 2009.
The Second Fleet, formed in 1950, had played a major role in America’s persistent conflict with the Russia-led U.S.S.R. The fleet was involved in both the Cuban Missile Crisis in 1962 and the invasion of Grenada by the United States in 1983, proxy conflicts in the Cold War between the U.S. and the U.S.S.R.
According to Military.com , re-establishing the Second Fleet may also help the Navy execute management reforms after a pair of deadly collisions that appeared to expose weaknesses in Navy personnel, equipment, and training. That’s because the part of the Navy responsible for those functions, Fleet Forces, absorbed the functions of the Second Fleet after its disbanding, and should now be able to focus more fully on overall management. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/05/navy-second-fleet-revived-russia-aggression/ |
Republicans fighting to hold Congress will learn something Tuesday about their party's capacity for self-control.
In West Virginia , a critical target for preserving their Senate majority, Republican primary voters are considering a wealthy coal executive who recently completed a prison term resulting from his role in a mine explosion that killed 29 people. The executive, Don Blankenship, has smeared Senate GOP leader Mitch McConnell and his "China person" in-laws in a crude campaign he calls "Trumpier than Trump."
A Blankenship victory, which polls suggest is possible, would improve the chances that vulnerable Democratic Sen. Joe Manchin could hold his seat in November's general election. And it would signal anew, as 2018 primaries begin in earnest, that President Donald Trump has helped revive the penchant for self-inflicted wounds that limited GOP gains in Obama-era Senate campaigns.
In 2010 and 2012, the weak Senate nominees who emerged from GOP primaries in states such as Nevada , Missouri , Indiana and Delaware helped Democrats extend control of the chamber. In 2014, the GOP rallied behind McConnell's efforts to advance more electable candidates and regained the majority.
But now the rank-and-file voters who responded to Trump's gut-level appeals are considering new primary choices in a GOP under the president's control. Their decisions, in lower-profile House races as well as more conspicuous Senate contests, will shape the party's ability to resist the Democrats' national momentum this fall.
show chapters Watch these GOP candidates echo Trump to win over voters 10:46 AM ET Sat, 5 May 2018 | 01:51 Their passions have already narrowed the Republican margin for error. In Alabama's special election last November, the nomination of accused child molester Roy Moore allowed Democrat Doug Jones to win a Senate seat in one of the nation's most conservative states.
Intraparty resistance has driven two of the 51 GOP Senate incumbents, Jeff Flake of Arizona and Bob Corker of Tennessee, to not seek re-election.
In Tennessee , some polls have shown a former Democratic governor leading a Republican congresswoman. In Arizona , the candidate Senate GOP leaders prefer faces fierce primary opposition that includes a former sheriff pardoned by Trump for a crime stemming from his conflicts with Latino immigrants.
Even the most eminent Republican politicians can't avoid the primary cauldron. In Utah , the 2012 GOP presidential nominee Mitt Romney has been forced into a June primary after a state legislator captured more votes at a party convention.
Democrats face their own intraparty disputes but have proven far more successful at tempering them in the name of electoral pragmatism. Thus moderate incumbent Sen. Joe Donnelly of Indiana, who has voted with Trump more than half the time over the last 16 months, faces no Democratic opposition in Tuesday's Indiana primary.
Tom Williams | CQ Roll Call | Getty Images Sen. Joe Donnelly, D-Ind. Republicans, by contrast, have endured a bitter contest pitting wealthy business executive Mike Braun against two House members, Luke Messer and Todd Rokita. Tuesday's winner faces a challenge in uniting the GOP base against Donnelly in November.
Superior party unity has even given Democrats an outside shot of picking up a Senate seat this fall in Mississippi , another conservative Southern state that they haven't carried for president for four decades. While Democrats rally behind Mike Espy, a black former congressman and presidential Cabinet member, Republicans face a bitter contest between appointed incumbent Sen. Cindy Hyde-Smith and state legislator Chris McDaniel. The state's primary is scheduled for June 5.
McConnell has appealed to Trump for help with the GOP's problem. At his urging, the president on Monday intervened in the West Virginia primary.
"Don Blankenship, currently running for Senate, can't win the general election in your state," Trump told West Virginians on Twitter. "No way! Remember Alabama."
Donald Trump tweet
Republican leaders in Washington remember Alabama well. Trump backed appointed incumbent Luther Strange in the Senate primary, but only tepidly.
"I may have made a mistake" in not favoring Moore, Trump declared before the contest was over. Moore's subsequent defeat is the reason Democrats need to gain only two seats, not three, to turn 2018 Senate Minority Leader Chuck Schumer into the 2019 Senate majority leader. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/gop-midterm-risk-blankenship-others-run-trump-playbook.html |
EditorsNote: rewords second graf
Justin Upton’s RBI single with the bases loaded in the bottom of the ninth lifted the Los Angeles Angels to a 3-2 win over the Baltimore Orioles on Tuesday night in Anaheim, Calif.
Los Angeles ended a four-game losing streak. The Orioles, with their 13th loss in 16 games, ended the night tied with the Kansas City Royals for the worst record in the American League (8-21).
Martin Maldonado started the ninth-inning rally with a one-out single, his third hit of the night, off Orioles reliever Brad Brach. Ian Kinsler followed with his second hit of the game, a single to center than sent pinch runner Chris Young to second base.
Mike Trout, who was walked intentionally three times earlier in the game, walked on a 3-2 pitch to load the bases for Upton. Upton fell behind in the count 0-2 before lining an 85 mph slider into left field to drive in Young with the game-winner.
The Angels were hitless in their previous 21 at-bats with runners in scoring position before Upton’s walk-off hit.
Despite blowing a save opportunity in the top of the ninth, Angels reliever Cam Bedrosian (1-0) got the win over Brach (0-1).
Angels starter Nick Tropeano threw 6 1/3 scoreless innings, allowing just one hit, and was in line to get the victory before the Orioles rallied in the ninth.
Angels relievers Justin Anderson, Jose Alvarez and Jim Johnson combined to retire all five batters they faced in relief of Tropeano, handing the ball and a 2-0 lead to Bedrosian for the ninth inning. Bedrosian was getting a chance to pitch the ninth because regular closer Keynan Middleton was placed on the disabled list earlier in the day with an inflamed right elbow.
Trey Mancini led off the ninth with a single, then scored from first on a one-out double by Manny Machado. Adam Jones hit Bedrosian’s next pitch into center field for a single, scoring Machado to tie the game at 2-2.
Tropeano and Orioles starter Alex Cobb matched each other inning for inning through five, neither allowing a run. But in the bottom of the sixth, the Angels broke the scoreless tie.
With two out and nobody on, Andrelton Simmons doubled to left, then came all the way around to score on the shortstop Machado’s throwing error. Luis Valbuena followed with a home run to right field, connecting on an 86 mph splitter that Cobb left up in the strike zone. Valbuena’s fourth homer of the season gave the Angels a 2-0 lead.
Cobb got through the sixth, but when he gave up a leadoff double to the Angels’ Maldonado to start the seventh, he was finished. For Cobb, the game was by far his best of the season. In his previous three starts, he gave up at least five earned runs and failed to last five innings.
On Tuesday, Cobb allowed two runs on seven hits and two walks in six-plus innings. He struck out two and made 89 pitches.
Tropeano had struggled in his previous two starts, but he pitched more as he did in his first start of the season when he threw 6 2/3 scoreless innings in a victory over Kansas City.
He allowed a two-out double to Machado in the first inning, then didn’t allow another hit the rest of the way. In 6 1/3 innings, he walked two and struck out five.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-laa-bal-recap/upton-salvages-win-for-angels-in-bottom-of-9th-idUSMTZEE5235QMIA |
By Lucinda Shen 12:44 PM EDT
Bitcoin’s reach toward $10,000 over the weekend was once again cut short—falling to $9,300 on Monday.
Deciding exactly what is impacting the price of Bitcoin at any time is no science. Though it certainly didn’t help that billionaires Warren Buffett, Charlie Munger, and Bill Gates have taken turns criticizing the cryptocurrency in recent days.
“I would short it if there was an easy way to do it ,” Gates told CNBC’s Squawk Box Monday in an interview alongside Munger and Buffett. It’s likely the most explicitly bearish statement against Bitcoin from the Microsoft founder and Berkshire director . Previously, Gates aired concerns about cryptocurrencies being used to pay for illegal transactions, saying the asset class has “caused deaths in a fairly direct way .”
Gates clarified that though he thought the blockchain, the technology underlying cryptocurrencies that is being tested also in diamond-tracking as well as pig-tracking , is promising, “[Initial Coin Offerings] and Bitcoin are not producing anything, it’s kind of a pure greater-fool-theory type investment.”
That interview comes following the Berkshire Hathaway Annual Shareholder Meeting Saturday, in which both Buffett and Munger doubled down on their distaste for Bitcoin .
Buffett called Bitcoin “rat poison squared,” while Munger said that trading cryptocurrencies is akin to having “dementia.”
Buffett has also sworn that he will never buy cryptocurrencies, saying he does not understand the asset .
Despite Buffett’s investing acumen, the Oracle of Omaha, though, has missed the tech rally—only to voice regret later. Buffett historically rebuffed Internet and technology companies, saying he does not invest in what he does not understand, and that such firms have a limited moat against competition. Now however, Berkshire Hathaway’s largest holding is iPhone-maker Apple , with Buffett again admitting Saturday that he made the “wrong decision” regarding Amazon and Google .
Buffett is invested in neither tech giant. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/bill-gates-warren-buffett-bitcoin-price-apple/ |
April 30 (Reuters) - ARAB HOTELS:
* Q1 NET LOSS AFTER TAX JOD 325,116 VERSUS JOD 526,691 YEAR AGO Source: ( bit.ly/2JEZEKy ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arab-hotels-q1-loss-widens/brief-arab-hotels-q1-loss-widens-idUSFWN1S713B |
4 COMMENTS No Luggage needn’t be intelligent to do its job well. For many jet-setters, a sturdy, stylish, relatively dopey carry-on does the trick, and pricey smart bags—with over-hyped features such as digital scales, global tracking devices and assisted compression systems—often just further complicate traveling. Their ability to charge a phone comes in handy, admittedly, but with recent restrictions against smart bags, these trendy pieces might be more hassle than they’re worth.
As of January, airlines including American, Delta and Southwest have issued tighter guidelines for all types of smart luggage, citing concerns that their built-in lithium ion batteries could catch fire midflight. The bottom line: If a smart bag’s power source can’t be removed, it can’t fly.
The rulings challenged brands to create ejectable batteries that you can carry on once powered down—and led to negative press, frustrated fliers and extra costs to retrofit customers’ luggage, all of which forced brands including Bluesmart and Raden out of the smart-bag business.
“In a world where the regulatory environment is uncertain, I wouldn’t want to travel with this,” admitted Joshua Udashkin, founder and former CEO of Raden. “Why do I need a battery in a carry-on if it is just going to make my trip more annoying. I’ll just buy a Mophie [charger].”
Traditional luggage brands don’t appear eager to jump on the smart suitcase bandwagon. Instead they offer products to up the IQ of bags you already own. Tumi’s Global Locator is a sleek little device that can track a bag’s whereabouts and notify you via text or email if it gets lost. It also shrewdly shuts down when it senses takeoff, making it FAA compliant ($150, tumi.com ) .
With so much doubt around the future of these bags, you might want to lug more classically. “Luggage is already expensive and sensitive enough as it is,” said one naysayer, Brooke Schoenman, who founded Her Packing List , a women’s lifestyle site. “Adding extra smart features adds more things that can break and get damaged in transit.”
Yes If you’ve ever angrily paid extra to check an overweight bag, waited bleakly at the luggage carousel for a suitcase that never appeared, or struggled to find an outlet while your phone battery dies, smart luggage might merit the investment despite the concerns.
Certain direct-to-consumer brands such as Away and Barracuda—both of whose bags are equipped with all-important ejectable batteries—have taken care to make the airport rigmarole less, not more, stressful. But these manufacturers aren’t just grafting on brainy gadgets to raise the prices.
“We really wanted to consider every aspect of the travel experience,” said Away co-founder Steph Korey. “How people pack, how they get to the airport, what they do when they arrive…and really dive into that.”
Smart luggage helps frequent travelers like Deloitte business analyst Emma Lichtenstein, 23, stay connected to their offices, a boon for jittery workaholics. While flying from New York to Jacksonville, Fla. each week, she uses her Away bag to fully charge her smartphone, which doubles as a Wi-Fi hot spot for her laptop. It’s nice, she said, not having to carry around another device.
Forget self-driving cars, here comes self-driving luggage. (1/9/2018) James Bond-worthy add-ons include remote locking and RFID-blocking pockets to foil data thieves. Modobag, which uses a safer carbon-free titanium battery to skirt the FAA’s rules, overachieved by creating a motorized carry-on you can straddle to zip around airports faster, albeit with shades of Segway dorkiness. “It’s about being functional and fun,” said Tim Ryan, chief marketing officer for Modobag.
Bonus features aren’t all techy. “We feel really strongly about staying away from anything that is tech for tech’s sake,” said Away’s Ms. Korey. Barracuda bags come with built-in cup holders and a laptop tray that lets you create a workstation anywhere. They also easily collapse for storage once you’re back home. And G-RO bags feature large durable wheels that glide smoothly over cobble stone streets. Because dragging your obstinate, ordinary bag through Krakow’s Old Town isn’t the brightest move.
EGGHEADS ON WHEELS // THREE SMART BAGS THAT ARE MORE THAN JUST A ROLLING CHARGER
FOR SAVING SOME COIN Away
The affordable Away suitcase sports an easily removable battery and two USB ports for charging on the go, as well as an interior compression system to help you pack a few extra items and a TSA-approved lock. Its Japanese-designed Hinomoto 360-degree wheels won’t trip you up if you’re running to make your connection. From $225, awaytravel.com
FOR SMARTER STORAGE Barracuda
Beyond standard smart luggage features, including a USB charger and location tracking, the Barracuda’s main attraction is its collapsible nylon shell that folds up to fit a slim hanging bag for storage when you’re not on the road. It also has a 360-degree rotating handle and a laptop tray that pulls out when you need to get some work done. $349, barracuda.co
FOR A RIDE TO THE GATE Modobag
Why walk from gate to gate when you can ride? This motorized carry-on can ferry most travelers up to 6 miles on a single charge. It doesn’t use a lithium battery—opting instead for a carbon-free titanium power source that tops off in only one hour—which makes it compliant with FAA rules but also much more expensive. $1,495, shop.modobag.com
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Yes, Cars Still Come With Stick—Here Are a Few New Favorites May 24, 2018 Does Smart Luggage Really Make Travel Easier? May 23, 2018 The App That Turns Everyday Life Into a Treasure Hunt May 17, 2018 Streaming Music Sounds Terrible. These Apps Can Help May 10, 2018 The Upscale Way to Prepare for Doomsday—from $79,500 Teslas to $275 Jeans May 10, 2018 | ashraq/financial-news-articles | https://www.wsj.com/articles/does-smart-luggage-really-make-travel-easier-1527099251 |
Walmart buys a major stake in India's Flipkart 12:35am IST - 02:14
Walmart said on Wednesday it will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart in an effort to compete with rival Amazon in an important growth market.
Walmart said on Wednesday it will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart in an effort to compete with rival Amazon in an important growth market. //reut.rs/2KOar6z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/walmart-buys-a-major-stake-in-indias-fli?videoId=425339573 |
May 11, 2018 / 11:37 AM / Updated 19 minutes ago Motor racing-Spanish GP a painful reminder for home hero Alonso Alan Baldwin 3 Min Read
BARCELONA, May 11 (Reuters) - Fernando Alonso was a winner on his World Endurance Championship debut last weekend but the Spanish Grand Prix is a reminder of just how long it has been since he last tasted success in Formula One.
Saturday will be the fifth anniversary of the double world champion’s last grand prix victory, with Ferrari at the Circuit de Catalunya on May 12, 2013.
If Alonso is to win again, an unlikely scenario with once-dominant McLaren facing a hard road back from one of the toughest periods in their history, it is set to be unprecedented.
The longest gap between victories in Formula One history was set by Italian Riccardo Patrese, who went 99 races between his 1983 South African victory and 1990 San Marino triumph for Williams at Imola.
Alonso, still the only Spaniard to win a Formula One race, has now gone 93 and counting. But time has made him no less determined.
“I kept the motivation because I’m a competitive man. I love to win,” the Spaniard told reporters after reporting for duty at his home track on Thursday.
“Every time I go training, every time I go to bed, I have one dream in mind and that is to win a race in Formula One and to win a world championship... winning is in my mind all the time.”
Alonso is combining Formula One with the World Endurance ‘super season’, the Le Mans 24 Hours race this year and next, and was in the winning Toyota at last Saturday’s Six Hours of Spa.
That scratched a long-standing itch, as his first podium finish in any series since 2014, but that was all.
“The win last weekend in Spa will not change anything. I think it’s two different series and two different worlds,” said the driver.
“Every time that I will have a car that is close to victory, I will go for it. I did some better races in the last five years, even if the last victory was five years ago.”
After three dismal years with Honda, McLaren are now with Renault — the engines that took the Spaniard to titles in 2005 and 2006 — but there was still a long way to go.
“At the same time we were here last year with zero points,” said Alonso. “We (Alonso) are sixth in the World Championship and fourth in the constructors’ championship, so it has been a very good start, in a way.” (Reporting by Alan Baldwin, editing by Pritha Sarkar) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain-alonso/motor-racing-spanish-gp-a-painful-reminder-for-home-hero-alonso-idUKL3N1SI3XS |
BUENOS AIRES, May 29 (Reuters) - Coca-Cola Co plans to invest $1.2 billion in Argentina from 2019 to 2021, the company said in a statement on Tuesday, an increase from its three-year plan of $1 billion investment announced for 2016 to 2018. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer)
| ashraq/financial-news-articles | https://www.reuters.com/article/coca-cola-argentina/coca-cola-co-says-to-invest-1-2-bln-in-argentina-2019-21-idUSE6N1PV03H |
PARIS, May 14 (Reuters) - Air France-KLM board member Anne-Marie Couderc will be appointed as non-executive chairwoman of the Franco-Dutch airline company for several months, French newspaper Le Figaro reported on Monday.
Couderc, 68, will be appointed on Tuesday, Le Figaro reported, citing sources. A former top executive at Lagardere ‘s publishing company Hachette, she joined Air France-KLM’s board in May 2016.
She was elected deputy in 1993 and headed the ministry for employment and social affairs between 1995 and 1997.
Air France-KLM has to renew its governance following the resignation of CEO and chairman Jean-Marc Janaillac. He left the company after staff rejected a pay deal aimed at ending a wave of strikes at its French brand.
Air France’s boss Franck Terner and his counterpart at KLM, Pieter Elbers, will continue to oversee the company’s operations, as will CFO Frederic Gagey, the paper reported.
A spokesman for Air France-KLM declined to comment. (Reporting by Cyril Altmeyer Writing by Mathieu Rosemain Editing by Geert De Clercq)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-management-management/couderc-to-become-air-france-klm-temporary-chairwoman-le-figaro-idUSL5N1SL6FH |
Fundstrat's Tom Lee is standing his ground on bitcoin soaring to $25,000.
On Wednesday, the cryptocurrency plunged below $8,000 and traded at around $7,500, essentially giving up most of the gains bitcoin had managed to make from mid-April to early May after hitting 2018 lows.
But not only does Lee believe Wednesday's drop is solely due to "typical crypto volatility," as he said in an email to CNBC, he also identifies three key factors that still have him believing bitcoin will hit $25,000.
The first is the cost of producing and replicating bitcoin. When bitcoin was trading at around $8,000 on Tuesday, Lee appeared on CNBC's "Futures Now " saying the digital currency was actually "trading at cost" because the price of production was actually about that amount. Despite the plunge, Lee also wrote to CNBC that the cost of production for bitcoin on Wednesday was at around $6,000, meaning that in Lee's eyes, bitcoin is still actually worth more than its cost of production.
But among the big catalysts that will boost the crypto space, Lee is keeping an eye on institutional investors.
"I think institutional investors have gained a lot of interest, and they haven't really come into crypto yet because there is still some regulatory uncertainty," he said on CNBC's "Futures Now." "But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies."
And finally, data compiled by Fundstrat show a historical trend that has Lee encouraging investors to hold onto bitcoin.
"Historically, 10 days comprise all the performance in any single year of bitcoin's price," he said. "If you just took out those 10 days, bitcoin's down 25 percent a year."
"So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days," he added.
With Wednesday's drop, bitcoin is now down 41 percent this year.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
show chapters Bitcoin's falling, but Fundstrat's Tom Lee stands by bull case for cryptocurrency 23 Hours Ago | 06:31 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/as-bitcoin-plunges-mega-bull-tom-lee-stands-by-his-25000-target.html |
Discussing Tencent's potential for the second half of 2018 3 Hours Ago Natalie Wu of CICC says new products and services could see Tencent make gains in the second half of 2018. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/discussing-tencents-potential-for-the-second-half-of-2018.html |
May 9 (Reuters) - PROVENTION BIO-
* PROVENTION BIO, INC FILES FOR IPO OF UP TO $50 MILLION – SEC FILING
* PROVENTION BIO, INC - INTEND TO APPLY TO LIST CO’S COMMON STOCK ON THE NASDAQ CAPITAL MARKET UNDER THE SYMBOL “PRVB,”
* PROVENTION BIO, INC SAYS MINIMUM OFFERING AMOUNT OF $40 MILLION AND A MAXIMUM OFFERING AMOUNT OF $50 MILLION Source text: ( bit.ly/2rwJ4WB )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-provention-bio-files-for-ipo-of-up/brief-provention-bio-files-for-ipo-of-up-to-50-million-idUSFWN1SG1MX |
OSLO (Reuters) - The largest labor union representing workers on Norwegian offshore oil drilling rigs has agreed to a new wage deal, it said on Friday, while a smaller union said it would ask its members to decide whether to accept the deal.
Industri Energi, which represents more than 4,000 drilling workers, said in a statement the deal would give a “solid increase” in pay, averting a strike among its members that could have hit exploration efforts later this year.
The Norwegian Shipowners’ Association, representing rig owners, said a deal had also been signed with the smaller Safe union.
The Safe union later said the pay rise was smaller than it had hoped for, however, and that it would ask its members to vote by June 22 on whether to approve or reject the deal.
Before any strike is allowed under Norwegian law, a mandatory round of talks must be held under the leadership of a state-appointed mediator.
Companies drilling on behalf of oil firms in Norwegian waters include Transocean, Fred. Olsen Energy, Odfjell Drilling, Rowan Companies, Maersk Drilling and Seadrill.
Oil companies, including Equinor, Eni, Aker BP and Lundin Petroleum rent rigs to search for hydrocarbon reserves off Norway.
Reporting by Terje Solsvik, editing by Gwladys Fouche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-norway-oil-wages/norways-top-oil-drilling-union-agrees-wage-deal-idUSKCN1IQ0DC |
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