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Baby boomers, the wealthiest generation in history, are aging and are now preparing to pass down a record-breaking amount of assets to their heirs.
Economists and financial observers have dubbed this significant intergenerational passing of wealth the "great wealth transfer," the price tag of which is estimated at $30 trillion. Despite the promise of this huge sum, I have some advice for those financial advisors and children of baby boomers who have been avidly awaiting an inheritance windfall: Don't bet on it.
Bettmann | Getty Images Don't get me wrong, the wealth transfer is coming, but it should not be expected to fall neatly. When the boomers pass on their inheritance, the sums are likely to be small, fragmented and drained.
Here are some reasons why you shouldn't expect a personal taste of the wealth transfer.
First, baby boomers have a "you only live once" mindset. Boomers have been uniquely focused on having personally and professionally productive retirements. They seem driven to try new experiences and stay active throughout their golden years. Preferring to pursue their passions and work doing what they love, many boomers are pursuing flexible working arrangements rather than fully retiring. In turn, they may dip into their retirement savings while they are still working.
show chapters $30 trillion is about to change hands in the U.S. 10:26 AM ET Thu, 16 Feb 2017 | 01:27 Boomers are more likely than other generations to take risks by investing some or all their retirement funds into starting their own business after leaving a corporate job, and they seek new and interesting ways to spend their retirement money that may or may not produce an income stream to help fund expensive retirement activities.
As part of that "you only live once" mentality, baby boomers spend more on nearly everything than today's younger generations, up to $400 billion annually on consumer goods — everything from clothing and entertainment to home improvements — in addition to $120 billion on leisure travel. All of these expenditures and risks are compounded by the traditional costs of aging and the loss of a steady income in retirement.
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Boomers also believe it's now time they take care of themselves. Many boomers also feel that they can both support their families and enjoy their free time. After spending years supporting children and grandchildren with school tuition, and down payments for homes and cars, many boomers are now enjoying their money while they can.
According to a recent Gransnet survey of 1,000 grandparents ages 50–70, 1 in 6 plans to spend all their money before they die. Meanwhile, a Hearts and Wallets study of participants in their 50s and 60s found only 40 percent planned to leave inheritances, while 30 percent specifically expected to spend all their money.
Boomers are also more likely to gift their wealth to charitable causes, making the wealth transfer to heirs smaller than anticipated. And whatever they do to distribute these funds will likely be split up between multiple heirs and even the children of heirs.
So what does all this mean? Both wealth advisors and investors should avoid building expectations of a boomer payout. For advisors, betting on inheritance is already a risky proposition: The vast majority of inheritors fire their parents' financial advisors upon receipt of their inheritance, and a growth strategy that rests solely on the boomer generation is no longer a growth strategy.
Sign Up for Our Newsletter Your Wealth Weekly advice on managing your money SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . For investors the news may be disappointing, but relying on one's own ability to create wealth has always been the only strategy that works. In fact, 70 percent of wealthy families lose their wealth by the second generation and 90 percent do by the third, according to the Williams Group wealth consultancy.
But for investors, there's also good news. The wealth management industry was built by boomers for boomers. And with the oldest of this generation just turning 71 last year, and life expectancy stretching into the late 80s, the great wealth transfer is not yet upon us. This means that there will be an opportunity for wealth advisory businesses to serve both the boomers and the next generation. As such, investors will start to see the emergence of new business models that are tailored to their specific needs and behaviors.
As the late, great Yogi Berra famously said, "It ain't over 'til it's over." The great wealth transfer is coming and will continue for the next several decades. However, the ways by which wealth advisors and investors will navigate this event can change greatly in the coming years.
How both groups meet these challenges, though, is entirely in their most capable hands .
— By Gabriel Garcia, managing director and head of relationship management at BNY Mellon's Pershing Advisor Solutions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/that-30-trillion-great-wealth-transfer-is-a-myth.html |
Americans say it takes an average net worth of $2.4 million to be considered "wealthy," according to a new survey from Charles Schwab . And to be "financially comfortable," survey respondents say you need an average net worth of $1.4 million.
Net worth means assets minus liabilities, so this is a picture of your total savings, including the value of your home, 401(k) and any other assets you may have, minus any debt. Since less than 10 percent of Americans have $1.4 million , by that standard, only the top tier of American households qualify as "comfortable."
This all begs the question, how much money really is enough?
The answer is complex and highly subjective but one that "Mad Money" host Jim Cramer took a shot at on an episode of Farnoosh Torabi's " So Money " podcast.
"How do you determine how much money you need?" Torabi asked Cramer. While it's different for everybody, Cramer offered a general rule of thumb: First, determine what expenses or extravagances are important to you. Next, aim for the income required to spend without guilt on those extravagances, and then be more restrained in other areas of your life.
"I am a big believer in finding something that you really like that's expensive," he told Torabi. "You can put your money on that, and then be frugal besides that."
show chapters Here's how much you have to earn to be considered middle class 1:38 PM ET Mon, 13 March 2017 | 00:52 Cramer's splurges include box seats at the Philadelphia Eagles games and one nice vacation a year. "How much you need is totally dependent upon the extravagance," Cramer said.
While we can't all enjoy box seats to NFL games, anyone can use Cramer's rule. Start by determining what major expense is important to you — whether that be travel, a membership to a nice gym or box seats — and then focus on generating enough income where you can afford it without compromising your other savings goals.
How much money is enough for you? How much would you need to feel rich? Let us know what you think on Facebook .
Check back in a few days for the results of our informal reader survey.
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Don't miss: How much money does it take to feel rich?
show chapters Here's a look at the richest earners in the US and UK 11:39 AM ET Thu, 20 April 2017 | 00:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/how-much-money-americans-think-is-enough-to-live-comfortably.html |
SAN FRANCISCO--(BUSINESS WIRE)-- Corporate Capital Trust, Inc. (NYSE:CCT), a leading business development company, announced its operating results for the quarter ended March 31, 2018, and announced that its board of directors has declared its second quarter 2018 regular dividend.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515005463/en/
Financial Highlights for the Quarter Ended March 31, 2018
Net investment income of $49.5 million, or $0.39 per share, as compared to $51.5 million, or $0.38 per share, for the prior quarter Net realized and unrealized gains on investments of $23.4 million, or $0.18 per share, resulting from $6.5 million of net realized losses and $29.9 million of net unrealized appreciation. This compares to net realized and unrealized depreciation on investments of $44.3 million, or $(0.33) per share, for the prior quarter Paid regular cash dividends to stockholders totaling $0.40 per share Net asset value of $19.72 per share, compared to $19.55 as of December 31, 2017 For the quarter ended March 31, 2018, the Net Investment Income / Dividend coverage ratio was 97% and 101% net of the dividend reinvestment
“We are pleased with the progress we have made to transition the management of our franchise to the new adviser we’ve established with FS Investments,” said Todd Builione, President of CCT. “Through the collective scale and complementary expertise of our combined BDC franchise, we feel well positioned to drive superior results for our investors by focusing on serving the needs of our existing borrowers and sourcing new investment opportunities.”
Declaration of Regular Dividend for Second Quarter 2018
CCT’s board of directors has declared a regular quarterly cash dividend for the second quarter of $0.402 per share, which will be payable on July 10, 2018 to stockholders of record as of the close of business of June 29, 2018. As previously announced, a special dividend of $0.101 per share will be payable on May 21, 2018 to stockholders of record as of the close of business on May 14, 2018.
Share Repurchase Program
In March 2018, CCT’s board of directors authorized a stock repurchase program. Under the program, CCT may repurchase up to $50 million in the aggregate of its outstanding common stock in the open market at prices below the current net asset value per share. Between March 28, 2018 when the repurchase program commenced, through May 11, 2018, CCT repurchased and cancelled 990,288 shares for $16.6 million. The timing, manner, price and amount of any future share repurchases will be determined by CCT, in its discretion, based upon the evaluation of economic and market conditions, CCT’s stock price, applicable legal and regulatory requirements and other factors. The program does not require CCT to repurchase any specific number of shares and CCT cannot assure stockholders that any additional shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time.
Summary Consolidated Results 1
Three Months Ended (dollars in thousands, except per share data)
(all per share amounts are basic and diluted) March 31, 2018 December 31, 2017 March 31, 2017 Total investment income $99,642 $106,794 $92,848 Net investment income $49,490 $51,478 $52,543 Net increase in net assets resulting from operations $72,903 $7,167 $84,720 Net investment income per share $0.39 $0.38 $0.38 Total net realized and unrealized gain (loss) per share $0.18 ($0.33) $0.24 Net increase (decrease) in net assets resulting from operations (Earnings per Share) $0.57 $0.05 $0.62 Net investment income per share - Adjusted 2
$0.39 $0.41 $0.35 Total net realized and unrealized gain (loss) per share $0.18 ($0.33) $0.24 Net increase (decrease) in net assets resulting from operations (Earnings per Share) – Adjusted 2 $0.57 $0.08 $0.59 Regular Stockholder dividends per share $0.40 $0.40 $0.45 Special Stockholder dividends per share - $0.10 - Net asset value per share at period end $19.72 $19.55 $20.25 Weighted average shares outstanding 127,130 135,800 137,488 Shares outstanding, end of period 127,074 127,131 137,214 (dollar amounts in thousands) As of
March 31, 2018
As of
December 31, 2017
Total fair value of investments $3,991,937 $3,969,097 Total assets $4,277,917 $4,221,500 Total net assets $2,505,904 $2,485,102 Portfolio Highlights as of March 31, 2018
Total fair value of investments was $4.0 billion New investment fundings for the quarter were $378 million. At March 31, 2018, 81% of total investments at fair market value were in Originated Strategy Investments 3 Average annual yield on debt investments was 9.6%, compared to 9.5% as of December 31, 2017 4 SCJV’s total portfolio fair value increased by 15% to $590 million in the quarter, driven by $76 million of net investment activity
Total Portfolio Activity
Three Months Ended (dollar amounts in thousands) March 31, 2018 December 31, 2017 March 31, 2017 Purchases $378,100 $415,900 $254,900 Sales and redemptions 5
394,800 435,800 388,600 Net investment activity $(16,700) $(19,900) $(133,700) Net Sales to SCJV $97,000 - - Adjusted net investment activity $80,300 $(19,900) $(133,700) Portfolio Data As of March 31, 2018 As of December 31, 2017 Total fair value of investments $3,991,937 $3,969,097 Number of Portfolio Companies 128 113 % of Investments on Non-Accrual (based on fair value)
2.4% 1.2% Average yield on debt investments 4 9.6% 9.5% Asset Class (based on fair value) First Lien Senior Secured Loans 38.6% 42.1% Second Lien Senior Secured Loans 24.4% 23.8% Other Senior Secured Debt 4.9% 3.6% Subordinated Debt 10.2% 9.6% Asset Based Finance 9.6% 8.7% Strategic Credit Opportunities Partners 7.6% 7.6% Equity/Other 4.7% 4.6% Interest Rate Type (based on fair value)
% Variable Rate 75% 78% % Fixed Rate 25% 22% Funding and Liquidity Management as of March 31, 2018
Debt to equity ratio of 0.64x, based on $1.61 billion in total debt outstanding and net asset value of $2.51 billion. CCT’s weighted average stated interest rate was 4.61%. Cash and cash equivalents of approximately $166.6 million and availability under its financing arrangements of $575.3 million, subject to borrowing base and other limitations.
Conference Call Information
A conference call to discuss CCT’s financial results will be held on Tuesday, May 15, 2018 at 9:30 a.m. ET. The conference call may be accessed by dialing (833) 818-6808 (U.S. callers) or +1 (409) 350-3502 (non-U.S. callers); a passcode is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of CCT’s website at http://corporatecapitaltrust.com/investor-relations/events-presentations/ .
A replay of the call will be available on CCT’s website or by dialing (855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code 7666356, beginning approximately two hours after the broadcast.
Supplemental Information
An investor presentation of financial information will be made available prior to the call in the Investor Relations section of CCT’s website at http://corporatecapitaltrust.com/investor-relations/events-presentations/ under Events & Presentations.
About Corporate Capital Trust
Corporate Capital Trust is a business development company that provides investors an opportunity to access middle market direct lending investments. The Company is externally managed by FS/KKR Advisor, LLC, and its investment objective is to provide shareholders with current income and, to a lesser extent, long-term capital appreciation. The Company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions. For additional information, please visit www.corporatecapitaltrust.com .
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC (“FS/KKR”) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six BDCs with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.
FS/KKR seeks to leverage the size of its platform, differentiated origination capabilities and expertise in capital markets to maximize returns and preserve capital for investors.
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit www.fsinvestments.com to learn more.
KKR Credit is a subsidiary of KKR & Co. LP, a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Forward-Looking Statements
The information in this press release may include “forward-looking statements.” These statements are based on the beliefs and assumptions of the Company’s management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. Important factors that could cause actual results to differ materially from the Company’s expectations include the factors disclosed in the Company’s filings with the SEC, including the Company’s annual report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 14, 2018. The Company undertakes no obligation to update such statements to reflect subsequent events.
Other Information
The information in this press release is summary information only and should be read in conjunction with CCT’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2018, which CCT filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2018, as well as CCT’s other reports filed with the SEC. A copy of CCT’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2018 and CCT’s other reports filed with the SEC can be found on CCT’s website at www.corporatecapitaltrust.com and the SEC’s website at www.sec.gov .
Condensed Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
(in thousands, except per share amounts) 3/31/18 12/31/17 Assets Investments at fair value: Non-controlled, non-affiliated investment $3,197,051 $3,225,827 Non-controlled, affiliated investments 261,075 242,985 Controlled, affiliated investments 533,811 500,285 Total investments, at fair value
$3,991,937 $3,969,097 Cash $161,367 $127,186 Cash denominated in foreign currency 5,183 3,778 Restricted cash 10,383 51,181 Collateral on deposit with custodian - - Dividends and interest receivable 45,253 42,517 Receivable for investments sold 21,143 2,320 Repurchase agreement receivable - - Principal receivable 23,059 3,389 Unrealized appreciation on derivative instruments 6,883 4,957 Receivable from advisers 707 2,802 Deferred offering expense - - Deferred tax asset - - Prepaid and other deferred expenses 12,002 14,273 Total assets $4,277,917 $4,221,500 Liabilities Revolving credit facilities $982,662 $965,000 Term loan payable, net 382,160 382,768 Repurchase agreement payable - - Unsecured notes payable, net 240,817 240,612 Payable for investments purchased 42,911 47,097 Shareholders' distributions payable 51,131 46,959 Unrealized depreciation on derivative instruments 42,634 33,005 Accrued performance-based incentive fees 12,373 8,418 Accrued investment advisory fees 5,296 5,214 Accrued directors' fees 21 - Deferred tax liability 1,211 178 Other accrued expenses and liabilities 10,797 7,147 Total liabilities $1,772,013 $1,736,398 Net Assets $2,505,904 $2,485,102 Components of Net Assets Common stock, $0.001 par value per share $127 $127 Paid-in capital in excess of par value 2,798,430 2,799,400 Undistributed net investment income 35,992 37,633 Accumulated net realized losses (141,332) (134,874) Accumulated net unrealized depreciation on investments, derivative instruments and foreign currency translation (187,313) (217,184) Net assets $2,505,904 $2,485,102 Net asset value per share $19.72 $19.55 Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
For the three months ended (in thousands, except per share amounts) 3/31/18 3/31/17 Investment income Interest income: Non-controlled, non-affiliated investments $82,906 $83,735 Non-controlled, affiliated investments 1,741 - Controlled, affiliated investments - - Total interest income $84,647 $83,735 Payment-in-kind interest income: Non-controlled, non-affiliated investments $1,109 $1,027 Non-controlled, affiliated investments - - Controlled, affiliated investments 3,695 2,463 Total payment-in-kind interest income $4,804 $3,490 Fee income: Non-controlled, non-affiliated investments 707 2,605 Non-controlled, affiliated investments - - Total fee income $707 $2,605 - Dividend and other income: Non-controlled, non-affiliated investments $966 $296 Non-controlled, affiliated investments - - Controlled, affiliated investments 1,732 - SCJV 6,786 2,722 Total dividend and other income $9,484 $3,018 Total investment income $99,642 $92,848 Operating expenses Investment advisory fees $15,215 $20,771 Interest expense 19,814 14,148 Performance-based incentive fees 12,373 927 Administrative services 661 840 Investment adviser expenses 193 896 Professional services 1,262 1,046 Offering expenses - 205 Custodian and accounting fees 395 437 Director fees and expenses 148 133 Other 444 779 Total operating expenses $50,505 $40,182 Net investment income before taxes 49,137 52,666 Income tax expense, including excise tax (353) 123 Net investment income $49,490 $52,543 Condensed Consolidated Statements of Operations
Continued
(in thousands, except share and per share amounts)
For the three months ended (in thousands, except per share amounts) 3/31/18 3/31/17 Net realized and unrealized gains (losses) Net realized gains (losses) on: Non-controlled, non-affiliated investments ($4,948) $15,478 Non-controlled, affiliated investments - - Controlled, affiliated investments - 154 Derivative instruments (552) 2,871 Foreign currency transactions (958) (515) Net realized gains ($6,458) $17,988 Net change in unrealized appreciation (depreciations) on: Non-controlled, non-affiliated investments $29,231 $11,340 Non-controlled, affiliated investments (9,428) 2,171 Controlled, affiliated investments 18,500 5,688 Derivative instruments (7,703) (4,264) Foreign currency translations 304 (332) Provision for taxes (1,033) (414) Net change in unrealized depreciation $29,871 $14,189 Net realized and unrealized losses $23,413 $32,177 Net increase (decrease) in net assets resulting from operations $72,903 $84,720 Summary Consolidated Results – reconciliation
Three Months Ended (dollars in thousands, except per share data)
(all per share amounts are basic and diluted) March 31, 2018 December 31, 2017 March 31, 2017 Pre-incentive fee Net Investment Income - $0.44 $0.39 Adjust Management Fee to 1.5% - $0.02 $0.04 Add back one time listing expenses - $0.04 $0.00 Adjusted Pre-incentive fee Net Investment Income - $0.51 $0.43 Adjusted Incentive Fee - ($0.10) ($0.07) Adjusted Net Investment Income $0.39 $0.41 $0.35 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-corporate-capital-trust-inc-reports-first-quarter-2018-results.html |
EditorsNote: rewords 10th graf
Brett Gardner hit the game-tying home run with one out in the bottom of the ninth, and rookie Gleyber Torres singled in a run with two outs in the 10th, lifting the New York Yankees to a 6-5 victory over the Houston Astros on Tuesday night at Yankee Stadium.
After the Yankees stranded two in the ninth against Chris Devenski, rookie Miguel Andujar ripped a double down the left field line to start the winning rally.
Six pitches later, Torres won it by lining Brad Peacock’s 2-2 pitch in front of right fielder George Springer. Springer’s throw was up the line, and Andujar easily scored.
It was the second career walk-off hit for Torres. His other walk-off hit occurred when he slugged a three-run homer against the Cleveland Indians on May 6.
After seeing Andujar score, Torres raised his arms and flung his helmet after rounding first base, where he was met by teammates to celebrate New York’s fifth walk-off win.
The Yankees were in position to win in the ninth after Gardner lifted Devenski’s 0-1 pitch just over the right field wall. A double by Aaron Judge and an infield hit by Giancarlo Stanton put runners at the corners with two outs, but Gary Sanchez struck out on three pitches to end the threat.
The comeback occurred on a night when the Yankees were charged with five errors for the first time since July 21, 2014, against the Texas Rangers and for only the second time in the last decade.
Aroldis Chapman (2-0) survived some control issues in the 10th and was credited with the win. The top of the 10th inning ended with the catcher Sanchez throwing out Tony Kemp at third after he tried to advance when a pitch went off Sanchez’s glove.
Before the late-inning drama, the Astros built a 5-2 lead by getting a two-run double from Marwin Gonzalez in the fourth and an RBI single from Yuli Gurriel and sacrifice fly by Evan Gattis in the fifth off CC Sabathia. Gattis also homered in the second off Sabathia.
Gardner opened the game with a homer and Torres had an RBI single in the second before Judge hit his 15th homer of the season off Charlie Morton in the fifth.
Morton was in line to improve to 8-0 and win his 11th straight decision before Devenski imploded. Morton allowed three runs on a season-high eight hits and struck out 10 while walking one in six innings.
Sabathia allowed five runs (three earned) on eight hits in five innings.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-nyy-hou-recap/torres-sends-yankees-past-astros-in-10th-idUSMTZEE5UIUAJ2V |
May 23, 2018 / 6:40 AM / Updated 11 minutes ago Severn Trent posts 4 percent rise in full-year profit water utility Severn Trent Plc ( SVT.L ) posted a 4 percent rise in full-year profit on Wednesday, as its Dee Valley Water business and higher revenue offset the impact of changes in business rates and costs.
The company, which supplies water across the Midlands region, said underlying profit before interest, tax and exceptional items rose to 541 million pounds for the year ended March 31 from 520.1 million a year earlier.
The FTSE 100-listed company said it earned 80 million pounds in customer outcome delivery incentives (ODI), up from 47.6 million a year earlier.
The incentives are paid to water companies by regulator Ofwat for meeting or exceeding targets, such as project completions and customer service. Reporting by Radhika Rukmangadhan in Bengaluru; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-severn-trent-results/severn-trent-posts-4-percent-rise-in-full-year-profit-idUKKCN1IO0NO |
May 29, 2018 / 10:01 AM / Updated 26 minutes ago Bank of Italy chief says no "justification" for market selloff Reuters Staff 1 Min Read
ROME, May 29 (Reuters) - Bank of Italy Governor Ignazio Visco said Tuesday’s market selloff was unjustified, as bond yields spiked and the stock market declined on the political uncertainty tied to a fresh round of elections later this year.
The selloff “is very serious”, Visco said at the central bank’s annual assembly in Rome. “There are no justifications — except for emotions — for what we’re seeing today on the markets.”
Italy’s stock market declined more than 2 percent and the closely watched gap between Italian and German 10-year bond yields widened by more than 80 basis points in the morning. (Reporting by Stefano Bernabei, writing by Steve Scherer) | ashraq/financial-news-articles | https://www.reuters.com/article/italy-cenbank-markets/bank-of-italy-chief-says-no-justification-for-market-selloff-idUSS8N1PK01B |
(Reuters) - U.S. regulators issued warnings to 13 companies selling e-cigarette liquids for using child-friendly images in their packaging, in the latest crackdown aimed at preventing tobacco sales to minors.
FILE PHOTO - Bottles of flavor packets for e-cigarettes stand displayed in a tobacco shop in New York, June 23, 2015. REUTERS/Lucas Jackson The packaging resembles that of products such as juice boxes, candy or cookies, the U.S. Food and Drug Administration and the Federal Trade Commission said on Tuesday, and sent warning letters sent to manufacturers, distributors and retailers.
"No tobacco products should be marketed in a way that endangers kids – especially by using imagery that misleads them into thinking the products are things they'd eat or drink," FDA Commissioner Scott Gottlieb said in a statement here
The FDA cited examples including “One Mad Hit Juice Box,” which resembles children’s apple juice boxes, “V’Nilla Cookies & Milk,” which looks like Nilla Wafer and Golden Oreo cookies and “Twirly Pop,” which not only resembles a Unicorn Pop lollipop, but comes with one.
The latest warnings come one week after the FDA sent forty warning letters to companies on the sale of tobacco products to minors, particularly those made by Juul Labs Inc.
Juul, in response, said it was spending $30 million to support initiatives that aim to raise the minimum age to buy tobacco products to over 21.
E-cigarettes are handheld electronic devices that vaporize a fluid typically including nicotine and a flavor component. They have been grabbing market share away from traditional tobacco companies, and are available in different flavors.
Several of the companies that received the latest warning letters were also found to be selling the products to minors illegally, the FDA said.
The agency and the FTC have asked for responses from each of the companies within 15 working days.
Reporting by Tamara Mathias, Sharnya G and Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Sai Sachin Ravikumar
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://in.reuters.com/article/us-fda-tobacco/u-s-clamps-down-on-child-friendly-packaging-for-e-cigarette-liquids-idINKBN1I23U0 |
May 4 (Reuters) - Contango Global Growth Ltd:
* ANNOUNCES ON- MARKET BUY-BACK PROGRAM FOR ORDINARY SHARES OF UP TO 9.1 MILLION SHARES
* BUY-BACK PROGRAM EXPECTED TO COMMENCE FROM 22 JUNE AND TO REMAIN IN PLACE FOR A PERIOD OF UP TO 12-MTHS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-contango-global-growth-announces-b/brief-contango-global-growth-announces-buy-back-program-for-up-to-9-1-mln-shares-idUSFWN1SA1HS |
May 25, 2018 / 2:44 PM / Updated 40 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 1 Min Read May 25 (OPTA) - Scoreboard at close of play of between Yorkshire and Nottinghamshire on Friday at Leeds, England Match abandoned without a ball bowled Umpire Ian Blackwell Umpire Jeffrey Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5PAGQZ5E |
Fitbit sees weak tracker sales hurt second-quarter revenue Fitbit forecast current-quarter revenue below Wall Street estimates on Wednesday. The wearable device maker expects further sales declines for its fitness tracking devices. The company's core wearable fitness trackers business has fallen sharply as it faces bigger names with deeper pockets, such as Apple and Samsung. Published 9 Hours Ago Todd Haselton | CNBC Let's do some jumping jacks!
Wearable device maker Fitbit forecast current-quarter revenue below Wall Street estimates on Wednesday as the company expects further sales declines for its fitness tracking devices.
The company's core wearable fitness trackers business has fallen sharply as it faces bigger names with deeper pockets, such as Apple and Samsung, that are relatively new entries in the wearable market but control a large and loyal customer base in electronics.
Shares fell 5.1 percent to $5.22 in extended trading after the company missed first-quarter sales estimates, selling 2.2 million devices, compared with 2.33 million expected by analysts, according to financial data analytics firm FactSet.
"It is true that growth for trackers continues to slow as consumer preferences shift to more advanced devices and particularly in the first quarter, the decline was compounded," Chief Executive Officer James Park told Reuters in post-earnings call.
Park said Fitbit will ramp up manufacturing capacity to meet expected higher demand for smartwatches and sees revenue from that business exceeding tracker revenue in the second half.
The company, which launched Versa worldwide in April, is hoping the smartwatch would have more of a mass appeal than its Ionic device.
New products introduced in the last 12 months accounted for 34 percent of device sales, but failed to offset the drop in sales of older fitness trackers.
Fitbit said it expects current-quarter revenue to be in a range of $275 million to $295 million, below analysts' estimate of $309.9 million, according to Thomson Reuters I/B/E/S.
The company's net loss widened to $80.9 million in the first quarter ended March 31 from $60.1 million, a year earlier.
On an adjusted basis, the company reported a loss of 17 cents, smaller than estimate of 19 cents.
Revenue fell 17 percent to $247.9 million, but topped estimate of $247.3 million. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/fitbit-sees-weak-tracker-sales-hurt-second-quarter-revenue.html |
DUBLIN, May 8, 2018 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced the first quarter of 2018 and updated financial guidance for 2018.
"The first quarter was highlighted by strong revenue growth, cash flow generation and execution across the organization that led to significant progress toward our 2018 goals," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "The recent submission of our supplemental NDA for Xyrem for pediatric narcolepsy patients and FDA acceptance of our NDA for solriamfetol for excessive sleepiness in patients with narcolepsy or OSA result from our focused investment in advancing our promising R&D pipeline. Over the next 18 months, we look forward to fueling our portfolio with innovative product candidates and delivering on multiple regulatory milestones and product launches."
GAAP net income for the first quarter of 2018 was $46.0 million, or $0.75 per diluted share, compared to $86.5 million, or $1.41 per diluted share, for the first quarter of 2017.
Adjusted net income for the first quarter of 2018 was $182.4 million, or $2.98 per diluted share, compared to $141.2 million, or $2.31 per diluted share, for the first quarter of 2017. Reconciliations of applicable GAAP reported to non-GAAP adjusted information are included at the end of this press release.
Financial Highlights
Three Months Ended
March 31,
(In thousands, except per share amounts and percentages)
2018
2017
Change
Total revenues
$
444,613
$
376,053
18
%
GAAP net income
$
45,991
$
86,511
(47)
%
Adjusted net income
$
182,371
$
141,222
29
%
GAAP EPS
$
0.75
$
1.41
(47)
%
Adjusted EPS
$
2.98
$
2.31
29
%
Total Revenues
Three Months Ended
March 31,
(In thousands)
2018
2017
Xyrem® (sodium oxybate) oral solution
$
316,777
$
272,326
Erwinaze® / Erwinase® (asparaginase Erwinia chrysanthemi)
50,627
51,388
Defitelio® (defibrotide sodium) / defibrotide
35,061
35,900
Vyxeos® (daunorubicin and cytarabine) liposome for injection
26,228
—
Prialt® (ziconotide) intrathecal infusion
6,126
7,717
Other
6,028
6,347
Product sales, net
440,847
373,678
Royalties and contract revenues
3,766
2,375
Total revenues
$
444,613
$
376,053
Total revenues increased 18% in the first quarter of 2018 compared to the same period in 2017 due to an increase in net product sales of Xyrem and the launch of Vyxeos.
Xyrem net product sales increased 16% in the first quarter of 2018 compared to the same period in 2017.
Erwinaze/Erwinase net product sales in the first quarter were consistent with the same period in 2017. The company is currently experiencing supply disruptions and expects that there may be further supply challenges during 2018.
Defitelio/defibrotide net product sales in the first quarter of 2018 were consistent with the same period in 2017. The company continues to expect inter-quarter variability in Defitelio net sales given that veno-occlusive disease is an ultra-rare disease.
Vyxeos net product sales were $26.2 million in the first quarter of 2018. Vyxeos launched in the U.S. in August 2017.
Operating Expenses
Three Months Ended
March 31,
(In thousands, except percentages)
2018
2017
GAAP:
Cost of product sales
$
33,919
$
25,065
Gross margin
92.3
%
93.3
%
Selling, general and administrative
$
207,213
$
144,255
% of total revenues
46.6
%
38.4
%
Research and development
$
62,667
$
44,928
% of total revenues
14.1
%
11.9
%
Three Months Ended
March 31,
(In thousands, except percentages)
2018
2017
Non-GAAP adjusted:
Cost of product sales
$
32,225
$
23,819
Gross margin
92.7
%
93.6
%
Selling, general and administrative
$
131,979
$
118,450
% of total revenues
29.7
%
31.5
%
Research and development
$
47,292
$
40,786
% of total revenues
10.6
%
10.8
%
Operating expenses changed over the prior year period primarily due to the following:
Selling, general and administrative (SG&A) expenses increased in the first quarter of 2018 compared to the same period in 2017 on a GAAP and on a non-GAAP adjusted basis due to higher expenses resulting from expansion of the company's business, including expenses supporting the potential EU launch of Vyxeos and U.S. launch of solriamfetol. SG&A expenses in the first quarter of 2018 on a GAAP basis also included an estimated loss contingency of $57.0 million related to an ongoing U.S. Department of Justice (DOJ) investigation of our support of 501(c)(3) organizations that provide financial assistance to Medicare patients. In April 2018, the company reached an agreement in principle with the DOJ on a proposal for a civil settlement of potential claims relating to the investigation, subject to negotiation of a definitive settlement agreement and other contingencies. Research and development (R&D) expenses increased in the first quarter of 2018 compared to the same period in 2017 on a GAAP and on a non-GAAP adjusted basis due to an increase in expenses related to the company's ongoing pre-clinical and clinical development programs and regulatory activities. R&D expenses in the first quarter of 2018 on a GAAP basis also included milestone payments of $11.0 million related to the U.S. Food and Drug Administration's (FDA) acceptance for filing of the company's New Drug Application (NDA) for solriamfetol.
Cash Flow and Balance Sheet
As of March 31, 2018, cash, cash equivalents and investments were $708.2 million, and the outstanding principal balance of the company's long-term debt was $1.8 billion. During the first quarter of 2018, we generated $162.4 million of cash from operations, used $34.5 million to repurchase approximately 238,000 ordinary shares under the company's share repurchase program at an average cost of $145.34 per ordinary share and made milestone payments totaling $11.0 million.
Recent Developments
In March 2018, the FDA accepted for filing with standard review the company's NDA seeking marketing approval for solriamfetol, an investigational medicine for the treatment of excessive sleepiness in adult patients with narcolepsy or obstructive sleep apnea (OSA). The Prescription Drug User Fee Act (PDUFA) date for an FDA decision is December 20, 2018.
In April 2018, the company entered into an agreement with Spark Therapeutics, Inc. to purchase a rare pediatric disease priority review voucher (PRV) for $110 million that will allow the company to accelerate the review process by the FDA for one of its future regulatory submissions.
In April 2018, the company submitted a supplemental NDA to the FDA seeking marketing approval for Xyrem in the treatment of pediatric narcolepsy patients with cataplexy and excessive daytime sleepiness.
2018 Financial Guidance
Jazz Pharmaceuticals is updating its full year 2018 financial guidance as follows (in millions, except per share amounts and percentages):
Revenues*
$1,880-$1,930
Total net product sales*
$1,865-$1,910
-Xyrem net sales*
$1,320-$1,350
-Erwinaze/Erwinase net sales
$190-$220
-Defitelio/defibrotide net sales
$145-$165
-Vyxeos net sales
$130-$155
GAAP gross margin %
93%
Non-GAAP adjusted gross margin % 1,5
93%
GAAP SG&A expenses*
$660-$699
Non-GAAP adjusted SG&A expenses 2,5
$525-$555
GAAP R&D expenses*
$232-$255
Non-GAAP adjusted R&D expenses 3,5
$205-$225
GAAP effective tax rate
18%-21%
Non-GAAP adjusted effective tax rate 4,5
17%-19%
GAAP net income per diluted share*
$6.60-$7.70
Non-GAAP adjusted net income per diluted share* 5
$12.75-$13.25
*
Updated May 8, 2018
1.
Excludes $6-$9 million of share-based compensation expense from estimated GAAP gross margin.
2.
Excludes $78-$87 million of share-based compensation expense and $57 million of estimated loss contingency from estimated GAAP SG&A expenses.
3.
Excludes $16-$19 million of share-based compensation expense and $11 million of milestone payments from estimated GAAP R&D expenses.
4.
Excludes the income tax effect of adjustments between GAAP reported and non-GAAP adjusted net income.
5.
See "Non-GAAP Financial Measures" below. Reconciliations of non-GAAP adjusted guidance measures are included above and in the table titled "Reconciliation of GAAP to Non-GAAP Adjusted 2018 Net Income Guidance" at the end of this press release.
Conference Call Details
Jazz Pharmaceuticals will host an investor conference call and live audio webcast today at 4:30 p.m. EDT (9:30 p.m. IST) to provide a business and financial update and discuss its 2018 first quarter results. The live webcast may be accessed from the Investors section of the company's website at www.jazzpharmaceuticals.com . Please connect to the website prior to the start of the conference call to ensure adequate time for any software downloads that may be necessary. Investors may participate in the conference call by dialing +1 855 353 7924 in the U.S., or +1 503 343 6056 outside the U.S., and entering passcode 9868758.
A replay of the conference call will be available through May 15, 2018 by dialing +1 855 859 2056 in the U.S., or +1 404 537 3406 outside the U.S., and entering passcode 9868758. An archived version of the webcast will be available for at least one week in the Investors section of the company's website at www.jazzpharmaceuticals.com .
About Jazz Pharmaceuticals plc
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is an international biopharmaceutical company focused on improving patients' lives by identifying, developing and commercializing meaningful products that address unmet medical needs. The company has a diverse portfolio of products and product candidates with a focus in the areas of sleep and hematology/oncology. In these areas, Jazz Pharmaceuticals markets Xyrem® (sodium oxybate) oral solution, Erwinaze® (asparaginase Erwinia chrysanthemi), Defitelio® (defibrotide sodium) and Vyxeos® (daunorubicin and cytarabine) liposome for injection in the U.S. and markets Erwinase® and Defitelio® (defibrotide) in countries outside the U.S. For country-specific product information, please visit www.jazzpharmaceuticals.com/products . For more information, please visit www.jazzpharmaceuticals.com and follow us on Twitter at @JazzPharma.
Non-GAAP Financial Measures
To supplement Jazz Pharmaceuticals' financial results and guidance presented in accordance with U.S. generally accepted accounting principles (GAAP), the company uses certain non-GAAP (also referred to as adjusted or non-GAAP adjusted) financial measures in this press release and the accompanying tables. In particular, the company presents non-GAAP adjusted net income (and the related per share measure) and its line item components, as well as certain non-GAAP adjusted financial measures derived therefrom, including non-GAAP adjusted gross margin percentage and non-GAAP adjusted effective tax rate. Non-GAAP adjusted net income (and the related per share measure) and its line item components exclude from reported GAAP net income (and the related per share measure) and its line item components certain items, as detailed in the reconciliation tables that follow, and in the case of non-GAAP adjusted net income (and the related per share measure), adjust for the income tax effect of non-GAAP adjustments. In this regard, the components of non-GAAP adjusted net income, including non-GAAP cost of product sales, non-GAAP selling, general and administrative expenses and non-GAAP research and development expenses, are income statement line items prepared on the same basis as, and therefore components of, the overall non-GAAP adjusted net income measure.
The company believes that each of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors and analysts. In particular, the company believes that each of these non-GAAP financial measures, when considered together with the company's financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's business. In addition, these non-GAAP financial measures are regularly used by investors and analysts to model and track the company's financial performance. Jazz Pharmaceuticals' management also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate the company's business and to make operating decisions, and compensation of executives is based in part on certain of these non-GAAP financial measures. Because these non-GAAP financial measures are important internal measurements for Jazz Pharmaceuticals' management, the company also believes that these non-GAAP financial measures are useful to investors and analysts since these measures allow for greater transparency with respect to key financial metrics the company uses in assessing its own operating performance and making operating decisions.
These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the company's condensed consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its non-GAAP financial measures; and the company has ceased, and may in the future cease, to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. Likewise, the company may determine to modify the nature of its adjustments to arrive at its non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by Jazz Pharmaceuticals in this press release and the accompanying tables have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including, but not limited to, statements related to Jazz Pharmaceuticals' future financial and operating results, including 2018 financial guidance, the company's expectations for advancing its promising R&D pipeline, fueling its portfolio with innovative product candidates and delivering on multiple regulatory milestones and product launches, the company's expectations for future Erwinaze supply challenges and inter-quarter variability in Defitelio net sales, the company's potential use of the PRV to accelerate the review process by the FDA for one of its future regulatory submissions and other statements that are not historical facts. These forward-looking statements are based on the company's current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: maintaining or increasing sales of and revenue from Xyrem, such as the potential U.S. introduction of a generic version of Xyrem before the entry dates specified in the company's settlements with certain companies that have filed abbreviated new drug applications with the FDA seeking approval to market a generic version of Xyrem or on terms that are different from those contemplated by the settlements; ongoing patent litigation and related proceedings; effectively commercializing the company's other products and product candidates; the time-consuming and uncertain regulatory approval process, including the risk that the company's regulatory submissions, including the solriamfetol NDA, the Xyrem supplemental NDA and the marketing authorization application for Vyxeos in the European Union, may not be approved by applicable regulatory authorities in a timely manner or at all; protecting and enhancing the company's intellectual property rights; delays or problems in the supply or manufacture of the company's products and product candidates; complying with applicable U.S. and non-U.S. regulatory requirements; government investigations and other actions, including the risk that the company may not ultimately reach a final settlement with the DOJ to resolve an investigation relating to the company's support of 501(c)(3) organizations that provide financial assistance to Medicare patients; obtaining and maintaining appropriate pricing and reimbursement for the company's products; pharmaceutical product development and the uncertainty of clinical success, including risks related to failure or delays in initiating or completing clinical trials; identifying and acquiring, in-licensing or developing additional products or product candidates, financing these transactions and successfully integrating acquired businesses; potential restrictions on the company's ability and flexibility to pursue share repurchases and future strategic opportunities as a result of its substantial outstanding debt obligations; the ability to achieve expected future financial performance and results and the uncertainty of future tax and other provisions and estimates; and other risks and uncertainties affecting the company, including those described from time to time under the caption "Risk Factors" and elsewhere in Jazz Pharmaceuticals plc's Securities and Exchange Commission filings and reports (Commission File No. 001-33500), including the company's Annual Report on Form 10-K for the year ended December 31, 2017 and future filings and reports by the company, including the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Other risks and uncertainties of which the company is not currently aware may also affect the company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements herein are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the company on its website or otherwise. The company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
JAZZ PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Revenues:
Product sales, net
$
440,847
$
373,678
Royalties and contract revenues
3,766
2,375
Total revenues
444,613
376,053
Operating expenses:
Cost of product sales (excluding amortization of intangible assets)
33,919
25,065
Selling, general and administrative
207,213
144,255
Research and development
62,667
44,928
Intangible asset amortization
53,007
25,665
Total operating expenses
356,806
239,913
Income from operations
87,807
136,140
Interest expense, net
(20,605)
(18,844)
Foreign exchange loss
(1,728)
(1,464)
Income before income tax provision and equity in loss of investees
65,474
115,832
Income tax provision
19,146
29,160
Equity in loss of investees
337
161
Net income
$
45,991
$
86,511
Net income per ordinary share:
Basic
$
0.77
$
1.44
Diluted
$
0.75
$
1.41
Weighted-average ordinary shares used in per share calculations - basic
59,928
59,880
Weighted-average ordinary shares used in per share calculations - diluted
61,178
61,178
JAZZ PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,
2018
December 31,
2017
ASSETS
Current assets:
Cash and cash equivalents
$
453,169
$
386,035
Investments
255,000
215,000
Accounts receivable, net of allowances
281,424
224,129
Inventories
46,384
43,245
Prepaid expenses
27,476
23,182
Other current assets
62,868
76,686
Total current assets
1,126,321
968,277
Property, plant and equipment, net
178,920
170,080
Intangible assets, net
2,953,146
2,979,127
Goodwill
960,509
947,537
Deferred tax assets, net
38,103
34,559
Deferred financing costs
7,144
7,673
Other non-current assets
22,985
16,419
Total assets
$
5,287,128
$
5,123,672
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
46,933
$
24,368
Accrued liabilities
240,544
198,779
Current portion of long-term debt
45,117
40,605
Income taxes payable
36,048
21,577
Deferred revenue
6,977
8,618
Total current liabilities
375,619
293,947
Deferred revenue, non-current
13,641
16,115
Long-term debt, less current portion
1,537,044
1,540,433
Deferred tax liabilities, net
382,072
383,472
Other non-current liabilities
192,181
176,608
Total shareholders' equity
2,786,571
2,713,097
Total liabilities and shareholders' equity
$
5,287,128
$
5,123,672
JAZZ PHARMACEUTICALS PLC
SUMMARY OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net cash provided by operating activities
$
162,359
$
164,540
Net cash used in investing activities
(47,149)
(3,574)
Net cash used in financing activities
(47,575)
(181,674)
Effect of exchange rates on cash and cash equivalents
(501)
1,740
Net increase (decrease) in cash and cash equivalents
$
67,134
$
(18,968)
JAZZ PHARMACEUTICALS PLC
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
GAAP reported net income
$
45,991
$
86,511
Intangible asset amortization
53,007
25,665
Share-based compensation expense
24,303
25,193
Estimated loss contingency
57,000
—
Upfront and milestone payments
11,000
—
Expenses related to certain legal proceedings
—
6,000
Non-cash interest expense
10,617
5,615
Income tax effect
(19,547)
(7,762)
Non-GAAP adjusted net income
$
182,371
$
141,222
GAAP reported net income per diluted share
$
0.75
$
1.41
Non-GAAP adjusted net income per diluted share
$
2.98
$
2.31
Weighted-average ordinary shares used in diluted per share calculations
61,178
61,178
JAZZ PHARMACEUTICALS PLC
RECONCILIATIONS OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS AND OTHER INFORMATION
(In thousands, except per share amounts and percentages)
(Unaudited)
Three Months Ended
March 31, 2018
March 31, 2017
GAAP
Reported
Adjustments
Non-GAAP
Adjusted
GAAP
Reported
Adjustments
Non-GAAP
Adjusted
Total revenues
$
444,613
$
—
$
444,613
$
376,053
$
—
$
376,053
Cost of product sales (excluding amortization of intangible assets)
33,919
(1,694)
(a)
32,225
25,065
(1,246)
(a)
23,819
Selling, general and administrative
207,213
(75,234)
(b)
131,979
144,255
(25,805)
(b)
118,450
Research and development
62,667
(15,375)
(c)
47,292
44,928
(4,142)
(c)
40,786
Intangible asset amortization
53,007
(53,007)
—
25,665
(25,665)
—
Interest expense, net
20,605
(10,617)
(d)
9,988
18,844
(5,615)
(d)
13,229
Foreign exchange loss
1,728
—
1,728
1,464
—
1,464
Income before income tax provision and equity in loss of investees
65,474
155,927
(e)
221,401
115,832
62,473
(e)
178,305
Income tax provision
19,146
19,547
(f)
38,693
29,160
7,762
(f)
36,922
Effective tax rate (g)
29.2
%
17.5
%
25.2
%
20.7
%
Equity in loss of investees
337
—
337
161
—
161
Net income
$
45,991
$
136,380
(h)
$
182,371
$
86,511
$
54,711
(h)
$
141,222
Net income per diluted share
$
0.75
$
2.98
$
1.41
$
2.31 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-jazz-pharmaceuticals-announces-first-quarter-2018-financial-results.html |
May 3, 2018 / 8:25 PM / Updated 11 minutes ago McCain, in new book, scolds Trump for undermining U.S. values Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. Senator John McCain scolds Republican President Donald Trump in a new memoir, accusing him of failing to uphold U.S. values by showering praise on international “tyrants,” discrediting the media, ignoring human rights and demeaning refugees. U.S. Senator John McCain (R-AZ) speaks after being awarded the 2017 Liberty Medal by former U.S. Vice President Joe Biden (unseen) at the Independence Hall in Philadelphia, Pennsylvania, U.S., October 16, 2017. REUTERS/Charles Mostoller
“Flattery secures his friendship, criticism his enmity,” said McCain, still one of the strongest voices in the Republican Party on foreign policy despite his battle with brain cancer, in “The Restless Wave,” which he co-authored with longtime aide Mark Salter.
“It is hard to know what to expect from President Trump, what’s a pose, what’s legitimate.” Reporting by Phil Stewart; Editing by Bill Trott | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-mccain/mccain-in-new-book-scolds-trump-for-undermining-u-s-values-idUKKBN1I42LB |
May 9, 2018 / 2:34 PM / Updated an hour ago At Dakar Biennale, Africa's artists urged to seize chance Tim Cocks 4 Min Read
DAKAR (Reuters) - Senegal’s old Palais de Justice sits among some of the most sought-after real estate in the capital Dakar, where it shares a stunning sea view with the nearby French ambassador’s residence. A man looks at "Triumph of Seagulls", by Nathalie MBA Bikoro during the 13th edition of the Dakar Biennale of African Contemporary Art, Dak'art in Dakar, Senegal May 4, 2018. REUTERS/Mikal McAllister
So, many Senegalese were surprised when 18 months ago President Macky Sall turned the vast modernist building into a museum for fine arts - rarely a priority for African leaders usually more preoccupied with building roads and wooing hotels.
Now, at the latest installment of Africa’s oldest and biggest biennale art exhibition, the curator who lobbied for this space wants African artists to seize the moment as the continent finally starts to enjoy the attention it deserves.
“The global message for the African is, if we don’t catch that train - and the train is leaving now - too bad for us. Tomorrow will be too late,” curator Simon Njami told Reuters at the venue, where more than 75 artists from around the world are exhibiting their work for a month.
The practice of hosting art exhibitions every two years has spread to several African countries, but none has been more successful so far than the Dakar Biennale, founded in the 1990s and also known as Dak’Art.
This year’s displays by African artists at the biennale are as eclectic as those from elsewhere. They include works using materials that have become hallmarks of the continent’s modern art - such as the recycled food packaging and strips of “African print” cloth in Nigerian artist Olanrewaju Tejuoso’s abstract wall piece. Yassine Balbzioui poses for a photo with his artwork "Crazy Cloud" during the 13th edition of the Dakar Biennale of African Contemporary Art, Dak'art in Dakar, Senegal May 4, 2018. REUTERS/Mikal McAllister
Others - involving lights going on and off, rooms scattered with everyday household objects or projectors beaming images with enigmatic slogans onto walls - wouldn’t look out of a place in a Western conceptual art exhibition.
One by South African artist Frances Goodman seems to conjure up intense rage using an amorphous blob of fake fingernails.
In the past quarter-century African art has gone from near total obscurity on the world scene to producing stars such as Ghana’s El Anatsui and South Africa’s William Kentridge.
“It’s a whole continent that was ignored. The market is just starting to pick up on it,” said Njami, a Swiss national of Cameroonian descent. “Before, anyone could have bought an El Anatsui. Nowadays if you don’t have $2 million, forget about it.” Slideshow (9 Images)
In March a portrait of a Nigerian princess that was lost for 40 years and found in London sold for $1.4 million.
Despite successfully lobbying for the Palais, Njami thinks African governments do woefully little to support the arts.
“People say: ‘Why spend money on arts when you can build a road?’” he said. “But we need culture, not just infrastructure”.
Owing to poor support, facilities and a tiny domestic market, many of Africa’s most talented artists predictably end up in Europe or the United States. Those staying at home are often underresourced.
At the exhibition, Senegalese artist Badara Sarr complained that his spot was underlit, so he had to buy a spot lamp, and then there was no technician available to install it.
“It was a bit deplorable, but we manage as Senegalese. That’s Africa for you,” he told Reuters next to his cloud-like patches of red, blue and green paint. Despite being a bit in the dark, “a lot of people are interested” in his painting.
“I’m honestly happy about the interactions we’re having,” he said. Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/us-senegal-art-biennale/at-dakar-biennale-africas-artists-urged-to-seize-chance-idUKKBN1IA2B6 |
May 22, 2018 / 9:34 PM / Updated 42 minutes ago U.S. court backs transgender student at center of bathroom dispute Lawrence Hurley 3 Min Read
WASHINGTON (Reuters) - A U.S. judge on Tuesday ruled that federal law protects a transgender student who fought all the way to the Supreme Court for the right to use a bathroom at a high school in Virginia that corresponded with his gender identity. Activist Gavin Grimm arrives for the Time 100 Gala in the Manhattan borough of New York, New York, U.S. April 25, 2017. Picture taken April 25, 2017. REUTERS/Carlo Allegri
U.S. District Judge Arenda Wright Allen in Norfolk rejected a bid by the Gloucester County School Board to dismiss the civil rights lawsuit filed by student Gavin Grimm.
The judge said Grimm has valid claims under a federal law, called Title IX of the Education Amendments of 1972, that bars discrimination on the basis of sex in education as well as the U.S. Constitution’s guarantee of equal protection under the law.
Grimm filed the suit in 2015 and graduated from high school last year.
Wright Allen rejected the school board’s argument that its policy was justified by the need to protect the privacy rights of students, saying that “preventing Mr. Grimm from using the boys’ restrooms did nothing to protect the privacy rights of other students, but certainly singled out and stigmatized Mr. Grimm.”
Grimm, 19, was born a girl and identifies as male. Grimm had sued the school board to win the right to use the public school’s boys’ bathroom.
Bathroom access has become a major issue in the battle over transgender rights, and Grimm’s suit has been the most prominent legal case on the subject.
“I feel an incredible sense of relief. After fighting this policy since I was 15 years old, I finally have a court decision saying that what the Gloucester County School Board did to me was wrong and it was against the law,” Grimm, who is represented by the American Civil Liberties Union, said in a statement.
Wright Allen, whose ruling was similar to several others across the United States in favor of transgender students, said the parties should schedule a settlement conference within 30 days.
Grimm’s case had previously reached the Supreme Court and was set to be argued in March 2017 when President Donald Trump’s administration rescinded guidance previously issued by the administration of President Barack Obama regarding bathroom access for transgender students.
The Obama administration had told public schools nationwide to let transgender students use the bathroom of their choosing. The Supreme Court subsequently sent the case back to lower courts without issuing a ruling on the merits.
A spokesman for the school board could not immediately be reached for comment.
The school board’s former lawyer, Kyle Duncan, was recently appointed by Trump as a judge on the New Orleans-based 5th U.S. Circuit Court of Appeals. Reporting by Lawrence Hurley; Editing by Will Dunham | ashraq/financial-news-articles | https://in.reuters.com/article/usa-court-transgender/u-s-court-backs-transgender-student-at-centre-of-bathroom-dispute-idINKCN1IN309 |
May 2, 2018 / 9:14 AM / Updated 11 minutes ago BRIEF-Nokia Enters Into Exclusive Negotiations For The Sale Of Its Digital Health Business Reuters Staff
May 2 (Reuters) - Nokia Oyj:
* NOKIA ENTERS INTO EXCLUSIVE NEGOTIATIONS FOR THE SALE OF ITS DIGITAL HEALTH BUSINESS
* NOKIA - PLANS TO SELL DIGITAL HEALTH BUSINESS TO ÉRIC CARREEL, CO-FOUNDER AND FORMER CHAIRMAN OF WITHINGS
* NOKIA - PLANNED SALE OF DIGITAL HEALTH WOULD BE PART OF CO’S SHIFT TO BECOME BUSINESS-TO-BUSINESS & LICENSING CO Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nokia-enters-into-exclusive-negoti/brief-nokia-enters-into-exclusive-negotiations-for-the-sale-of-its-digital-health-business-idUSFWN1S90FP |
(Reuters) - Uber Technologies Inc [UBER.UL] on Monday said it has hired a former U.S. regulator to advise the company on safety, but would not confirm a technology website’s report that a software flaw was responsible for a fatal accident involving one of its self-driving cars in March.
The Uber logo is displayed on a screen during the Women In The World Summit in New York City, U.S., April 12, 2018. REUTERS/Brendan McDermid The Information reported that Uber has determined the likely cause of the fatal collision in March was a problem with the software that decides how a self-driving car should react to objects it detects. The outlet said the car’s sensors detected a pedestrian but the software decided it did not need to react right away. Uber declined to comment on the report.
A 49-year-old woman was killed on March 18 after an Uber self-driving sports utility vehicle hit her while she was walking across a street. The incident led the ride-share company to suspend testing of autonomous vehicles. Arizona’s governor also ordered a halt to Uber’s testing.
“We can’t comment on the specifics of the incident,” the company said, citing an ongoing investigation by the National Transportation Safety Board (NTSB).
The company said it was looking at its self-driving program.
“We have initiated a top-to-bottom safety review of our self-driving vehicles program, and we have brought on former NTSB Chair Christopher Hart to advise us on our overall safety culture,” Uber said. “Our review is looking at everything from the safety of our system to our training processes for vehicle operators, and we hope to have more to say soon.”
In a video of the crash released by police, the vehicle appeared not to brake before it struck the woman.
The NTSB is expected to issue a preliminary report on the Arizona Uber crash in the coming weeks.
The National Highway Traffic Safety Administration (NHTSA) is also investigating the incident and declined to comment.
Chief Executive Officer Dara Khosrowshahi said in April that Uber still believes in prospects for autonomous transport. “Autonomous (vehicles) at maturity will be safer,” he said at a Washington event.
Hart was chairman of the NTSB when it opened a probe into a fatal Tesla crash involving a driver using the system’s Autopilot system.
Hart said in 2016 that self-driving cars will not be perfect.
“There will be fatal crashes, that’s for sure,” Hart said, but added that will not derail the move toward driverless cars. “This train has already left the station.”
Reporting by David Shepardson; editing by Jonathan Oatis and David Gregorio
| ashraq/financial-news-articles | https://in.reuters.com/article/us-uber-selfdriving/uber-hires-former-ntsb-chair-to-advise-on-safety-culture-after-fatal-crash-idINKBN1I81Z4 |
TAMPA, Fla., May 10, 2018 /PRNewswire/ -- Lazydays Holdings, Inc. ("Lazydays")(NASDAQCM: LAZY) announced financial results for the first quarter ended March 31, 2018.
First Quarter Financial Results and Highlights:
Lazy Days' R.V. Center, Inc. and Andina Acquisition Corp. II closed their business combination on March 15, 2018. The business combination was approved at Andina's extraordinary general meeting of shareholders. In connection with the consummation of the business combination, the combined company was renamed Lazydays Holdings, Inc. On March 16, 2018, the combined company's common stock commenced trading on the Nasdaq Capital Market. For the three months ended March 31, 2018, the financial information presented below and in the accompanying tables represents the combined operating results of Lazydays Holdings, Inc. (labeled as "Successor" in the accompanying tables) for the period from March 15, 2018 to March 31, 2018 with the operating results of Lazy Days' R.V. Center, Inc. (labeled as "Predecessor" in the accompanying tables) for the period from January 1, 2018 to March 14, 2018. For the quarter ended March 31, 2017, the financial information below represents the operating results of Lazy Days' R.V. Center, Inc. Revenues increased by $7.8 million, or 4.6%, from $170.0 million for the quarter ended March 31, 2017 to $177.8 million for the quarter ended March 31, 2018. Sales of recreational vehicles increased by $7.5 million, or 4.9%, from $150.8 million for the three months ended March 31, 2017 to $158.3 million for the three months ended March 31, 2018 driven by strong customer demand for new recreational vehicles. Gross margins increased by $3.2 million, or 9.2%, from $35.7 million for the quarter ended March 31, 2017 to $38.9 million for the quarter ended March 31, 2018. Increases in margins were primarily driven by an 8.8% increase in the average retail selling price per unit driven by a favorable sales mix and customer demand. Excluding transaction costs, selling, general, and administrative expenses increased by $1.8 million or 6.5%. This was primarily driven by increases in salaries and compensation costs which increased primarily as a result of increased margins. Selling, general, and administrative expenses excluding transactions costs were 74.0% and 75.8% of gross margins for the quarters ended March 31, 2018 and 2017, respectively. In addition, the Company incurred approximately $3.2 million in transaction costs as a result of the merger with Andina for the quarter ended March 31, 2018. Adjusted EBITDA, a non-GAAP financial measure, increased by 15.4% from $10.0 million for the quarter ended March 31, 2017 to $11.5 million for the quarter ended March 31, 2018 primarily driven by increases in gross margins described above. Cash increased to approximately $33.1 million, primarily as a result of the $94.8 million PIPE investment which took place in conjunction with the merger described above and approximately $11.2 million in incremental cash as a result of an increase in term loans. These financing cash inflows were offset by the $86.7 million purchase price payment in the merger between Lazy Days' R.V. Center, Inc. and Andina Acquisition Corp. II.
"We are pleased to be making our first earnings announcement following our merger with Andina Acquisition Corp. II. It was a transformative period for Lazydays as we became a publicly traded company listed on the Nasdaq Capital Market," stated Mr. William Murnane, Chairman and Chief Executive Officer of Lazydays. "I'm very proud that our team was able to maintain its focus on business growth and operating improvements while we completed the merger."
Conference Call Information:
The Company has scheduled a conference call at 11:00AM Eastern Time on May 10, 2018 that will also be broadcast live over the internet. The call can be accessed as follows:
Via phone by dialing 1-866-393-4306 for domestic callers and 1-734-385-2616 for international callers. Please dial in and request Lazydays Holdings, Inc. First Quarter 2018 Financial Results Conference Call; also via webcast by clicking the link .
A live audio webcast of the conference call will be available online at https://www.lazydays.com/investor-relations .
A telephonic replay of the conference call will be available until May 17th and may be accessed by calling 1-855-859-2056 or 1-404-537-3406 with a conference ID number of 3076669. The webcast will be archived in the Investor Relations section of the Company's website.
About Lazydays
Lazydays, The RV Authority™, is an iconic brand in the RV industry. Home of the world's largest recreational dealership, based on 126 acres outside of Tampa, Florida, Lazydays also has dealerships located in Tucson, Arizona, and Loveland, Denver and Longmont, Colorado. Offering the nation's largest selection of leading RV brands, Lazydays features more than 2,500 new and pre-owned RVs, over 300 service bays and two on-site campgrounds with over 700 RV campsites. Lazydays also has rental fleets in Florida, Arizona and Colorado. In addition, Lazydays RV Accessories & More™ stores offer thousands of accessories and hard-to-find parts at all of our dealership locations.
Since 1976, Lazydays has built a reputation for providing an outstanding customer experience with exceptional service and product expertise, along with being a preferred place to rest and recharge with other RVers. Lazydays consistently provides the best RV purchase, service, rental and ownership experience, which is why more than a half-million RVers and their families visit Lazydays every year, making it their "home away from home."
Lazydays Holdings, Inc. is a publicly listed company on the NASDAQ stock exchange under the ticker "LAZY." Additional information can be found at https://www.lazydays.com/investor-relations .
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays. Actual results could differ materially from those projected due to various factors, including economic conditions generally, conditions in the credit markets and changes in interest rates, conditions in the capital markets, and other factors described from time to time in Lazydays' SEC reports and filings, which are available at www.sec.gov . Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.
Results of Operations for the First Quarter of 2018
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands)
(Unaudited)
Combined Successor
and Predecessor
Predecessor
Three Months ended
March 31, 2018
Three Months
ended March 31,
2017
Revenues
New and pre-owned vehicles
$ 158,278
$ 150,831
Parts, service and other
19,566
19,134
Total revenue
177,844
169,965
Cost of revenues
New and pre-owned vehicles
135,319
130,845
Parts, service and other
3,585
3,459
Total cost of revenues
138,904
134,304
Gross profit
38,940
35,661
Transaction costs
3,244
46
Selling, general, and administrative expenses
28,799
27,033
Income from operations
6,897
8,582
Other income/expenses
Gain on sale of property and equipment
1
-
Interest expense
(2,704)
(2,162)
Income before income tax expense
4,194
6,420
Income tax expense
(1,167)
(2,445)
Net income
$ 3,027
$ 3,975
Balance Sheets as of March 31, 2018 and December 31, 2017
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
Successor
Predecessor
As of
As of
March 31,
December 31,
2018
2017
(Unaudited)
ASSETS
Current assets
Cash
$ 33,063
$ 13,292
Receivables, net of allowance for doubtful accounts of $0 and $1,013
at March 31, 2018 and December 31, 2017, respectively
23,234
19,911
Inventories
120,209
114,170
Income tax receivable
1,588
-
Prepaid expenses and other
1,999
2,062
Total current assets
180,093
149,435
Property and equipment, net
73,444
45,669
Goodwill
29,075
25,216
Intangible assets, net
68,068
25,862
Deferred tax asset
-
144
Other assets
200
219
Total assets
$ 350,880
$ 246,545
LAZYDAYS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(Dollar amounts in thousands)
Successor
Predecessor
As of
As of
March 31,
December 31,
2018
2017
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, accrued expenses and other current liabilities
$ 24,561
$ 25,181
Income tax payable
-
1,536
Contingent liability, current portion
-
667
Financing liability, current portion
597
595
Floor plan notes payable, net of debt discount
99,368
104,976
Long-term debt, current portion
2,909
1,870
Total current liabilities
127,435
134,825
Long term liabilities
Long term debt, non-current portion, net of debt discount
17,044
7,207
Financing liability, non-current portion, net of debt discount
55,574
53,680
Deferred tax liability
20,370
-
Total liabilities
220,423
195,712
Commitments and Contingencies
Series A Convertible Preferred Stock, 600,000 shares designated, issued
and outstanding as of March 31, 2018; liquidation preference of $60,210
at March 31, 2018
55,194
-
Stockholders' Equity
Successor:
Preferred Stock, $0.0001par value; 5,000,000 shares authorized;
Common stock, $0.0001par value; 100,000,000 shares authorized;
-
-
8,471,608 shares issued and outstanding at March 31, 2018
-
-
Additional paid-in capital
76,108
-
Accumulated deficit
(845)
-
Predecessor:
Preferred stock, $0.001 par value 150,000 shares authorized:
Senior Convertible Preferred Stock
10,000 shares designated; -0- shares issued and outstanding;
liquidation preference $0 at December 31, 2017
-
-
Common stock, $0.001par value; 4,500,000 shares authorized;
3,333,331 and 3,333,166 shares issued and outstanding at
-
3
December 31, 2017, respectively
Additional paid-in capital
-
49,756
Treasury stock, 165 shares, at cost
-
(11)
Retained earnings
-
1,085
Total stockholders' equity
75,263
50,833
Total liabilities, temporary equity and stockholders' equity
$ 350,880
$ 246,545
Non-Gaap Financial Measures
We use certain non-GAAP financial measures, such as EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to enable us to analyze our performance and financial condition. We utilize these financial measures to manage our business on a day-to-day basis and believe that they are useful measures of performance. We believe that these measures are commonly used by analysts, investors and other interested parties to evaluate companies in our industry. We believe these non-GAAP measures provide expanded insight to measure revenue and cost performance, in addition to the standard GAAP-based financial measures. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Our use of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to other companies within the industry due to different methods of calculation. We compensate for these limitations by using each of EBITDA, Adjusted EBITDA, and EBITDA Margin as only one of several measures for evaluating our business performance. In addition, capital expenditures, which impact depreciation and amortization, interest expense, and income tax expense, are reviewed separately by management. We may incur expenses in the future that are the same or similar to some of those adjusted in this presentation.
EBITDA is defined as net income excluding depreciation and amortization, interest expense, net, and income tax expense.
Adjusted EBITDA is defined as net income excluding depreciation and amortization, non-floor plan interest expense, income tax expense, stock-based compensation, transaction costs and other supplemental adjustments which for the periods presented includes LIFO adjustments, and gain or loss on sale of property and equipment.
Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of total net revenues.
Reconciliations from Net Income per the Consolidated Statements of Income to EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin for the three months ended March 31, 2018 and 2017 are shown in the tables below.
Combined Successor
and Predecessor
Predecessor
Three Months ended
March 31, 2018
(Unaudited)
Three Months
ended March
31, 2017
(Unaudited)
($ in thousands)
EBITDA and Adjusted EBITDA
Net income
$ 3,027
$ 3,975
Interest expense, net
2,704
2,162
Depreciation and amortization of property and equipment
1,327
1,347
Amortization of intangible assets
286
187
Income tax expense
1,167
2,445
Subtotal EBITDA
8,511
10,116
Floor plan interest expense
(1,031)
(892)
LIFO adjustment
148
576
Transaction costs
3,244
46
Gain on sale of property and equipment
(1)
-
Stock-based compensation
625
119
Adjusted EBITDA
$ 11,496
$ 9,965
Combined Successor
and Predecessor
Predecessor
Three Months ended
March 31, 2018
(Unaudited)
Three Months
ended March
31, 2017
(Unaudited)
(as percentage of total revenue)
EBITDA and Adjusted EBITDA margin
Net income margin
1.7%
2.3%
Interest expense, net
1.5%
1.3%
Depreciation and amortization of property and equipment
0.7%
0.8%
Amortization of intangible assets
0.2%
0.1%
Income tax expense
0.7%
1.4%
Subtotal EBITDA margin
4.8%
6.0%
Floor plan interest expense
(0.6%)
(0.5%)
LIFO adjustment
0.1%
0.3%
Transaction costs
1.8%
0.0%
Gain on sale of property and equipment
(0.0%)
0.0%
Stock-based compensation
0.4%
0.1%
Adjusted EBITDA margin
6.5%
5.9%
Note: Figures in table may not recalculate exactly due to rounding.
News Contact :
+1 (813) 204-4099
[email protected]
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SOURCE Lazydays | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-lazydays-holdings-inc-reports-first-quarter-2018-financial-results.html |
Mastercard blames cryptocurrencies for slight drop in first-quarter growth 2 Hours Ago A drop in customers buying cryptocurrencies with a credit card slightly dampened Mastercard's first-quarter results, the company reported. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/mastercard-blames-cryptocurrencies-for-slight-drop-in-first-quarter-growth.html |
HOLON, Israel, May 9, 2018 /PRNewswire/ -- Compugen Ltd. (Nasdaq: CGEN), a clinical-stage cancer immunotherapy company and a leader in predictive target discovery, today reported financial results for the first quarter ended March 31, 2018.
"Key developments in the first quarter of 2018 support Compugen's position as a leader in predictive discovery of new drug targets, and as an emerging clinical-stage immuno-oncology therapeutics company," said Anat Cohen-Dayag, Ph.D., President and CEO of Compugen. "In late March, we filed an IND application for COM701, our leading first-in-class immuno-oncology therapeutic program targeting PVRIG. The FDA informed us that the IND application review can be completed once we provide additional information regarding COM701's assay method at a lower recommended starting dose. We have already initiated activities to provide the information to the Agency, and do not anticipate that this will impact our timelines and overall clinical plans."
"Preclinical data suggest that our PVRIG inhibitor may trigger an anti-tumor immune response alone and in combination with TIGIT and/or PD-1 inhibitors in many cancers. As COM701 is the first clinical antibody candidate targeting PVRIG to be available for testing dual and triple combinations with TIGIT and PD-1 inhibitors, we believe it places Compugen in a unique position and gives us a competitive edge in the immuno-oncology space."
"In the first quarter of the year, we also entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca. With this agreement we monetized one of our pipeline assets, in applications where we do not have existing development plans, to provide capital to support our ongoing development programs."
"In light of Bayer's announcement that they plan to begin first-in-human trials for their ILDR2 antibody, we expect that two first-in-class immuno-oncology programs based on our discoveries will be in the clinic in 2018. Advancing a program from computer prediction to IND filing is a tremendous achievement, and we are excited about the potential for these programs to provide meaningful benefit to cancer patients in need," concluded Dr. Cohen-Dayag.
Recent highlights:
Submitted IND application for COM701, a novel first-in-class therapeutic antibody targeting PVRIG. Bayer presented preclinical data on BAY 1905254, its therapeutic antibody targeting ILDR2, at the annual meeting of the American Association of Cancer Research held in April 2018 and announced its plans to advance the program to clinical trial in 2018. Entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca, to enable the development of bi-specific and multi-specific immuno-oncology antibody products based on one of Compugen's pipeline programs.
Financial Results
Revenues for the first quarter of 2018 were $10 million, compared with $0 in the comparable period of 2017. The revenues for the quarter reflect the upfront payment of $10 million from the license agreement with MedImmune.
R&D expenses for the first quarter ended March 31, 2018, were $7.1 million, compared with $6.7 million for the comparable period in 2017. The increase in R&D expenses continues to reflect preclinical development activities, including those supporting the IND filing for COM701, as well as expenses associated with clinical-related activities in preparation for the Phase 1 trial expected to begin later in 2018.
Net income for the first quarter of 2018 was $0.1 million, or $0 per diluted share, compared with a net loss of $8.7 million, or $0.17 per diluted share, in the comparable period of 2017.
As of March 31, 2018, cash, cash related accounts, short-term and long-term bank deposits totaled $20.5 million, not including the $10 million payment from MedImmune received after the quarter end, compared with $30.4 million at December 31, 2017. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its first quarter 2018 results today, May 9, 2018, at 10:00 a.m. ET. To access the live conference call by telephone, please dial 1-888-407-2553 from the U.S., or +972-3-918-0610 internationally. The conference call will also be available via live webcast through Compugen's website, located at the following link . Following the live audio webcast, a replay will be available on the Company's website ( www.cgen.com ).
(Tables to follow)
About Compugen
Compugen is a clinical-stage therapeutic discovery and development company utilizing its broadly applicable predictive discovery infrastructure to identify novel drug targets and develop first-in-class therapeutics in the field of cancer immunotherapy. The Company's therapeutic pipeline consists of immuno-oncology programs against novel drug targets it has discovered, including T cell immune checkpoints and myeloid target programs. Compugen's business model is to selectively enter into collaborations for its novel targets and related drug product candidates at various stages of research and development. The Company is headquartered in Israel with R&D facilities in both Israel and South San Francisco, CA. Compugen's ordinary shares are listed on Nasdaq and the Tel Aviv Stock Exchange under the ticker symbol CGEN. For additional information, please visit Compugen's corporate website at www.cgen.com .
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terminology such as "will," "may," "expects," "anticipates," "believes," "potential," "plan," "goal," "estimate," "likely," "should," "confident," and "intends," and describe opinions about possible future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Among these risks: Compugen's business model is substantially dependent on entering into collaboration agreements with third parties and Compugen may not be successful in generating adequate revenues or commercializing aspects of its business model. Moreover, the development and commercialization of therapeutic candidates involve many inherent risks, including failure or delay to progress to clinical trials or, if they progress to or enter clinical trials, failure to receive regulatory approval. These and other factors, including the ability to finance the Company, are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F as filed with the Securities and Exchange Commission (SEC) as well as other documents that may be subsequently filed by Compugen from time to time with the SEC. In addition, any forward-looking statements represent Compugen's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does not assume any obligation to update any forward-looking statements unless required by law.
COMPUGEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except for share and per-share amounts)
Three Months Ended
March 31,
2018
2017
Unaudited
Unaudited
Revenues
10,000
-
Cost of revenues
350
-
Gross profit
9,650
-
Operating expenses
Research and development expenses, net
7,068
6,730
Marketing and business development expenses
378
326
General and administrative expenses
2,089
1,727
Total operating expenses
9,535
8,783
Operating income (loss)
115
(8,783)
Financing and other income (expenses), net
(11)
76
Net income (loss)
104
(8,707)
Basic and diluted net income (loss) per ordinary share
0.00
(0.17)
Weighted average number of ordinary shares
used in computing basic net income (loss) per share
51,782,470
51,131,534
Weighted average number of ordinary shares
used in computing diluted net income (loss) per share
51,975,785
51,131,534
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
March 31,
December 31,
2018
2017
Unaudited
Audited
ASSETS
Current assets
Cash, cash equivalents, short-term bank deposits
and restricted cash
20,531
30,438
Trade Receivable
10,000
Other accounts receivable and prepaid expenses
1,451
741
Total current assets
31,982
31,179
Non-current assets
Long-term prepaid expenses
109
110
Severance pay fund
2,703
2,810
Property and equipment, net
4,274
4,647
Total non-current assets
7,086
7,567
Total assets
39,068
38,746
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Other account payables, accrued expenses
and trade payables
5,508
6,194
Total current liabilities
5,508
6,194
Non-current liabilities
Accrued severance pay
3,155
3,255
Total non-current liabilities
3,155
3,255
Total shareholders' equity
30,405
29,297
Total liabilities and shareholders' equity
39,068
38,746
Company contact:
Elana Holzman
Director, Investor Relations and Corporate Communications
Compugen Ltd.
Email: [email protected]
Tel: +972 (3) 765-8124
Investor Relations contact:
Burns McClellan, Inc.
Jill Steier
Email: [email protected]
Tel: 212-213-0006
View original content: http://www.prnewswire.com/news-releases/compugen-reports-first-quarter-2018-results-300645304.html
SOURCE Compugen Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-compugen-reports-first-quarter-2018-results.html |
3 COMMENTS WASHINGTON—For every link you click, every photo you post, every word you search, somebody markets the data to advertisers seeking to target you. Consumer data is a valuable commodity, and that is one reason Google, Facebook and others let you use their platforms at no cost.
An Australian app maker called Unlockd thinks it has a better idea: The consumer should get a cut of this mobile-data business, in the form of rewards or other incentives. Other newcomers and smaller firms are taking a similar tack. Should this approach take off, some see it becoming a viable alternative to the ad model driving big platforms like Alphabet Inc.’s Google.
Unlockd says that is why Google has been trying to kill it.
The startup, which has about 330,000 users world-wide, has sued Google in the U.K. with what amounts to an antitrust argument. It asserts that when Google threatened to remove Unlockd from the Google Play store starting late last year—a step that if taken would effectively kick the app off the Android platform—the tech giant was trying to leverage its market dominance to choke off Unlockd’s growth.
On Wednesday, a U.K. judge granted Unlockd an interim injunction to prevent Google from removing the app from the Google Play store, at least for its U.K. business. The Australian company said it was “confident” it will prevail at trial. Google didn’t immediately respond to a request for comment.
Google is all but impossible to avoid—it's also a huge collector of personal data. WSJ's David Pierce left the bubble and found many comparable apps and services. Google, the startup argues, is using that dominance to squash a potential competitor that seeks to develop a rival business model, one that better rewards consumers for allowing access to their data.
The case highlights a growing interest in how tech giants are managing—and extracting great wealth—from consumer data, a flashpoint last month when Facebook Inc. Chief Executive Mark Zuckerberg gave testimony in Congress .
Google declined to state exactly why it sought to boot Unlockd, but said it explained its concerns to the startup and outlined how the company could fix problems with its business. “Despite having agreed at the outset to comply with our product policies, they remain in infringement today,” the Alphabet unit said in a statement.
According to Unlockd’s complaint, Google’s objections are tied at least in part to its policies designed to discourage apps from requiring or incentivizing users to click on an individual ad. Unlockd says Google has been enforcing its policies unfairly to limit competition and that its tactics forced the startup to postpone plans to take the company public and raise capital.
Officials at Unlockd are seeking an injunction and potentially damages. The company, which launched in 2014, has as one of its significant investors Lachlan Murdoch, executive co-chairman of News Corp, the owner of The Wall Street Journal.
It is difficult to handicap Unlockd’s chances, given that Google has offered few details beyond its statement. But Google, and other data-marketing rivals like Twitter Inc. and Facebook, believe consumers are already duly compensated through access to hugely powerful services, in the form of free videos, social-media platforms, search functions and others.
The idea of paying online users as part of the online advertising process has been getting some traction in Silicon Valley and some academic circles. Some decry consumer-data exploitation with the same terms used in the labor-rights movement of years past.
“It may be time for ‘data workers of the world [to] unite’ into a ‘data labor movement,’ ” law professors Eric Posner and Glen Weyl write in a forthcoming book titled “Radical Markets: Uprooting Capitalism and Democracy for a Just Society.”
Unlockd makes an app for wireless companies and others to brand, a product generally known as a “white label app.” Whatever the app’s branding—it has recently been marketed as Boost Dealz in the U.S.—the service is the same: users are given rewards in exchange for receiving advertisements when they unlock their smartphones. The rewards include smartphone data credits, access to entertainment content and loyalty points for prizes.
The Unlockd model is in effect to pay users for their online attention, an approach also taken by other online startups, including Slidejoy, Cashslide and Buzzvil. Some also have provided rewards for users who view ads. These companies didn’t respond to requests for comment.
“Getting points to buy things and especially free time for mobile use is a powerful reward,” said Jeff Chester, executive director of the Center for Digital Democracy, a consumer group that promotes responsible interactive marketing practices.
Whatever its merits, the case underscores a growing focus on whether tech industry incumbents abuse their size when pursuing business objectives. Unlockd’s complaint has yet to be made public and Mr. Chester emphasizes that he doesn’t know all the case details, but he said it appears that Google “may be using its marketplace muscle to squeeze out the competition in the mobile ad marketplace.”
More on Google
How to Keep Google From Owning Your Online Life Google Wants You to Get Off Your Phone Once In a While Heard on the Street: Google Tries to Ease Its Tech Bottleneck Write to John D. McKinnon at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/startup-challenging-advertising-driven-platforms-sues-google-1525858201 |
HONG KONG/SINGAPORE (Reuters) - At first glance from above it looks like any clean and neatly planned small town, complete with sports grounds, neat roads and large civic buildings.
But the town is on Subi reef in the Spratlys archipelago of the hotly contested South China Sea and, regional security experts believe, could soon be home to China’s first troops based in the maritime heart of Southeast Asia.
Private sector data analysis reviewed by Reuters shows Subi, some 1,200 km (750 miles) from China’s coast, is now home to nearly 400 individual buildings – far more than other Chinese islands.
Subi could be the future location of hundreds of People’s Liberation Army marines, as well as a possible administrative hub as China cements its claim with a civilian presence, security analysts and diplomatic sources say.
The data from Earthrise Media, a non-profit group supporting independent media with imagery research, was based on surveys of high-resolution images obtained by DigitalGlobe satellites, dating back to when China started dredging reefs in early 2014.
The images show neat rows of basketball courts, parade grounds and a wide variety of buildings, some flanked by radar equipment.
Earthrise founder Dan Hammer said his team’s count included only free-standing, permanent and recognizable structures.
“When I look at these pictures I see a standard PLA base on the mainland – it is incredible, right down to the basketball courts,” Singapore-based security analyst Collin Koh said after reviewing the data and images.
“Any deployment of troops will be a huge step, however – and then they will need to secure and sustain them, so the military presence will have to only grow from where it is now.”
Senior Western diplomats describe the placement of troops or jet fighters on the islands as a looming test of international efforts to curb China’s determination to dominate the vital trade waterway.
Subi is the largest of China’s seven man-made outposts in the Spratlys. The so-called “Big Three” of Subi, Mischief and Fiery Cross reefs all share similar infrastructure – including emplacements for missiles, 3km runways, extensive storage facilities and a range of installations that can track satellites, foreign military activity and communications.
Mischief and Fiery Cross each house almost 190 individual buildings and structures, according to the Earthrise analysis. The previously unpublished data details the building count on more than 60 South China Sea features, including those occupied by Vietnam, Malaysia, Taiwan and the Philippines.
While the data shows well developed infrastructure on some on islands such as Vietnam's Spratly Island, the Philippines' Thitu Island and Taiwan's Itu Aba, the scale and development by Beijing dwarfs its rivals. (For a multimedia package on the data, click tmsnrt.rs/2J3cWne )
The number of buildings on Subi makes it similar in size to Woody Island in the Paracels, a Beijing-controlled group much closer to China also claimed by Vietnam.
Woody is the base and surveillance post which foreign military attaches say is the headquarters of the military division across the South China Sea, reporting to the PLA’s southern theater command.
Koh and other analysts said the facilities on Subi, Mischief and Fiery Cross could each hold a regiment - between 1,500 to 2,400 troops.
China’s precise intentions remain unclear and Chinese experts say much will depend on whether Beijing feels threatened by regional security trends, particularly U.S. activity such as its so-called “freedom of navigation patrols”.
China’s defense ministry did not respond to Reuters questions about the build-up on Subi or what the facilities could be used for.
Beijing has consistently said the facilities on its reclaimed islands are for civilian use and necessary self-defense purposes. China blames Washington for militarizing the region with their freedom of navigation patrols.
Ding Duo, a researcher at the Chinese government-backed National Institute for South China Sea Studies, said Beijing needs a military presence in the Spratlys to protect its civilian infrastructure.
“As for how big that presence is depends on the threat assessment China has going forward for the Nansha Islands,” he said, using the Chinese name for the Spratlys.
“The Nansha region faces severe military pressure, especially since Trump took office and increased freedom of navigation patrols. So China has raised its threat assessment.”
Satellite photo dated March 28, 2018 shows Woody Island. Planet Labs Inc/Handout via REUTERS LOOMING TEST The White House said this month it had raised concerns with China about its latest militarization after CNBC reported anti-ship cruise missiles and surface-to-air missile systems had been installed on Subi, Mischief and Fiery Cross. [nL1N1SA1VE]
This weekend, China revealed bombers had conducted take-off and landing training on some of its islands and reefs in preparation for what it called “the battle for the South China Sea”. [nL3N1SR08Q]
Some U.S. analysts noted PLA photographs appeared to show a bomber landing on Woody Island in the Paracels, and the Chinese military has yet to confirm planes actually landed on its Spratlys holdings.
On Wednesday, the Pentagon withdrew an invitation for China to join a major naval drill because of Beijing’s continued militarization of its islands in the South China Sea. [nL2N1SU1KU]
Admiral Philip Davidson, the nominee to be the next commander of all U.S. forces in the Pacific, said last month the bases were now complete and lacked only deployed forces.
“Any forces deployed to the islands would easily overwhelm the military forces of any other South China Sea-claimants,” Davidson told a congressional panel.
So far, repeated U.S. naval patrols close to Chinese features and growing international naval deployments through the region have had little obvious impact on Beijing’s plans.
“There is a real sense among Western nations that a new strategy is needed, but there is little sign anything meaningful coalescing,” said one senior Western diplomat familiar with discussions across several countries. “The deployment of jet fighters – even temporarily – will sorely test that lack of a cohesive response.”
Already large Chinese amphibious landing vessels and other ships have used the full-scale naval wharves at Fiery Cross, Subi and Mischief – pointing to what foreign naval officers describe as virtually a permanent presence throughout hotly contested waters.
Chinese forces are using their island holdings to police of what Chinese naval officers tell other navies is a “military alert zone” – an ambiguous term that both Asian and Western military officials say holds no basis in international law.
People briefed on recent Western intelligence reports describe an intensifying pattern of radio challenges to foreign military ships and aircraft delivered from Chinese naval ships and monitoring stations on Fiery Cross.
Australian officials recently publicized a “robust but polite” Chinese challenge to three of its naval ships plying the South China Sea en route to Vietnam.
Sources say such exchanges between Chinese and foreign militaries are far more frequent than is widely known.
“They have become the rule rather than the exception across significant areas of the South China Sea,” one person familiar with recent Western security reports told Reuters.
Ships and aircraft from India, France, Japan, New Zealand and rival claimants Vietnam, Malaysia and the Philippines have also been similarly warned, according to regional military officials and analysts.
With the claimed “military alert zone” having no basis in international law or military practice, foreign naval officials routinely stress they are in international waters and continue on their way.
Zhang Baohui, a Chinese security expert at Hong Kong’s Lingnan University, said Beijing was likely to be cautious about any offensive moves, such as the stationing of combat aircraft.
“Now the islands are complete, I think we will see a degree of caution in Beijing’s next moves,” he said. “Sustaining that presence so far from the Chinese coast is a massive undertaking, and I think the deployment of troops and jet fighters would really cross a threshold for China’s neighbors.”
U.S. military officials insist they are leaving little to chance, warning the bases are already helping China project military power into areas once dominated by its neighbors.
Slideshow (5 Images) “In short, China is now capable of controlling the South China Sea in scenarios short of war with the United States,” Davidson said in his testimony last month.
Reporting by Greg Torode and Simon Scarr; Additional reporting by Ben Blanchard, Gao Liangping and Michael Martina in BEIJING; Writing by Greg Torode; Editing by Lincoln Feast
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-southchinasea-insight/concrete-and-coral-beijings-south-china-sea-building-boom-fuels-concerns-idUSKCN1IO3GA |
Sign up here for The Morning Download, and get the most important news in business technology emailed to you each weekday morning. Subscribe to WSJ Pro Cybersecurity for in-depth coverage on cybersecurity trends, breaches and best practices. NEW ORLEANS — GitHub Inc. Chief Strategy Officer Julio Avalos was present at the founding of the internet […]
To Read the Full Story Subscribe Sign In Previous The Morning Download: AI Has Some Explaining to Do Next Amid Blockchain Hype, Few Deployments, Limited Interest, Survey Finds | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/04/the-morning-download-github-strategy-chief-says-its-time-for-tech-to-offer-users-new-deal/ |
May 15 (Reuters) - Virtu Financial Inc:
* TEMASEK HOLDINGS (PRIVATE) LIMITED - CUTS STAKE IN VIRTU FINANCIAL TO 16.2 PERCENT AS OF MAY 10 FROM 22.5 PERCENT STAKE AS OF AUGUST 10, 2017 - SEC FILING Source text: ( bit.ly/2IoNsxd ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-temasek-holdings-cuts-stake-in-vir/brief-temasek-holdings-cuts-stake-in-virtu-financial-to-16-2-pct-idUSFWN1SM1F7 |
(Adds comments from Pittsburgh, Sacramento, paragraphs 14-18)
SAN FRANCISCO, May 23 (Reuters) - Uber has shut down its self-driving car operation in Arizona two months after a fatal crash involving one of its vehicles, the company said on Wednesday.
Uber Technologies Inc is not shuttering its entire autonomous vehicle program and will focus on limited testing in Pittsburgh, Pennsylvania, and two cities in California, a spokeswoman said.
The ride-hailing company aims to resume self-driving operations this summer, likely with smaller routes and fewer cars, she said.
"We're committed to self-driving technology, and we look forward to returning to public roads in the near future," the spokeswoman said.
Arizona's wide, flat roads, good weather and corporation-friendly regulations are considered ideal to test autonomous vehicles. Uber now faces the challenge of testing in congested, urban cities with rain, fog, snow and ice.
It must also repair its relationship with regulators in California, where it lacks a testing permit, and in Pittsburgh.
Uber has said it considers self-driving technology important to the future of its ride services, although it is not clear how it fits into the plans of new Chief Executive Dara Khosrowshahi. He has revamped the company structure and cut certain expenses as Uber prepares for an initial public offering next year.
Uber suspended its program in Arizona and elsewhere immediately after one of its SUVs operating in autonomous mode hit and killed a woman crossing the street on a March night in Tempe, marking the first fatality involving a self-driving vehicle.
Arizona Governor Doug Ducey suspended Uber's self-driving testing - a little more than a year after giving the company a warm reception and poking fun at California's stricter regulations.
"The governor's focus has always been on what's best for Arizonans and for public safety, not for any one company," Daniel Scarpinato, a spokesman for Ducey, said on Wednesday.
Elaine Herzberg, 49, was walking her bicycle outside the crosswalk on a four-lane road when she was struck by the Uber vehicle traveling at about 40 miles (64 km) per hour. A safety operator behind the wheel appeared to be looking down, and not at the road, moments before the crash, according to video from inside the car released by police.
The crash is under investigation by the National Transportation Safety Board. Uber will wait until the agency issues its preliminary report on the crash, expected within the next couple of weeks, before it puts its self-driving cars back on the road. The company is also undergoing a review of its autonomous car program and has hired former NTSB Chair Christopher Hart to advise on safety.
Uber's self-driving Volvo SUVs in Arizona will be moved to other cities and employees will be offered assistance in finding another job, the company spokeswoman said.
Pittsburgh was Uber's first city for autonomous car testing, starting in 2016. However, Pittsburgh Mayor William Peduto said in a statement Wednesday that Uber had not told him its plans to resume testing.
"I made it clear to Uber officials after the Arizona crash that a full federal investigation had to be completed, with strong rules for keeping streets safe, before I would agree with the company to begin testing on Pittsburgh streets again," Peduto said.
The Uber spokeswoman said the company was in discussions with California regulators, the governor and city officials to operate in San Francisco and Sacramento, although it does not have a timeline.
"Sacramento stands as a willing partner," said Louis Stewart, the city's chief innovation officer.
Sacramento has held conversations with many autonomous vehicle developers, and is not deterred by Uber's crash in Arizona. The city wants to work with Uber to make sure its technology is safe, but sees no need "to jump right in and regulate even more how these cars operate," Stewart said.
Uber briefly had an autonomous car program in California in late 2016, but the state Department of Motor Vehicles shut it down after about a week because Uber had failed to obtain the necessary permits. The company had argued that state laws did not apply to its self-driving program, but its defiance was met with threats of legal action from the DMV and the state attorney general. Uber moved its cars to Arizona. (Reporting by Heather Somerville; additional reporting by David Schwartz in Phoenix and Jim Finkle in Toronto; Editing by Tom Brown and Grant McCool) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-update-3-uber-shuts-arizona-self-driving-program-two-months-after-fatal-crash.html |
Buy stocks selling off on panic if you want bigger gains 7 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/buy-stocks-selling-off-on-panic-if-you-want-bigger-gains.html |
May 11, 2018 / 4:52 PM / Updated 8 minutes ago Brazil defender Alves ruled out of World Cup Reuters Staff 2 Min Read
SAO PAULO (Reuters) - Brazil defender Dani Alves will miss the World Cup due to a knee injury, the Brazilian Football Confederation (CBF) said on Friday. FILE PHOTO: Soccer Football - Brazil Press Conference - Berlin, Germany - March 26, 2018 Brazil's Dani Alves during press conference REUTERS/Fabrizio Bensch
Alves, who plays for Paris St Germain, limped off near the end of Tuesday’s French Cup Final win over third-tier Les Herbiers.
The Brazilian team doctor, Rodrigo Lasmar, flew to Paris to examine the player and decided surgery was necessary after diagnosing an injury to his right anterior cruciate ligament.
“It is clear that the Daniel Alves’s call up for the period of preparation, friendlies and consequently the World Cup, is impossible,” the CBF said in a statement.
Brazil play warmup matches against Croatia on June 3 and Austria on June 10, before kicking off their World Cup campaign on June 17 against Switzerland.
The five-times champions will then play Costa Rica and Serbia.
Alves, 35, has more than 100 caps and is one of the squad’s veterans.
His absence will be a blow to coach Tite, who valued not just his crossing ability but also his effect on the dressing room, where he was one of the most popular players.
Danilo of Manchester City and Fagner of Corinthians are among the players most likely to replace him. Reporting by Andrew Downie Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-bra-alves/brazil-defender-alves-ruled-out-of-world-cup-idUKKBN1IC245 |
TOKYO, May 1 (Reuters) -
* Japan’s Inpex Corp late on Monday said it had been appointed as ‘asset leader’ for the Lower Zakum offshore oilfield in the United Arab Emirates by the Abu Dhabi National Oil Co (ADNOC)
* As asset leader, Inpex said it will “devote its human and technical resources to the Lower Zakum field operations and will play an advisory role to ADNOC”
* Inpex in February was awarded a 10-percent interest in the Lower Zakum concession
* “This is the first instance of a company other than an ‘oil major’ being appointed an asset leader for a giant offshore field in Abu Dhabi,” Inpex said in a statement (Reporting by Osamu Tsukimori Editing by Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-inpex-c-emirates/japans-inpex-says-becomes-asset-leader-for-abu-dhabi-oilfield-idUSL3N1S8068 |
Did you know that equal rights for women are not guaranteed in the U.S. Constitution?
The state of Illinois is doing its part to change that—albeit 36 years after the deadline to ratify the Constitution’s Equal Rights Amendment passed.
The Equal Rights Amendment, which was first proposed in 1972, seeks to guarantee equal rights for all U.S. citizens—regardless of sex. In order for the amendment to be added to the Constitution though, Congress sent it to states for ratification. 38 states needed to ratify it by 1979 for it to be enacted.
Only 35 states ratified it before the deadline, however, leaving it three short of the number required for it to be added to the Constitution. Congress then pushed the deadline to 1982 hoping to reach the threshold.
That deadline came and went without gaining any further states. But then last year Nevada ratified the amendment. The momentum slowed when Virginia and Arizona tried and failed to ratify it earlier this year. With the ERA’s ratification in Illinois on Wednesday though, the nation is only one state away from passing the amendment.
Now a legal battle may be ahead. On the one hand, the deadline for ratification has passed, technically meaning it’s too late. However, some supporters point to other amendments that were ratified decades after their introduction , suggesting that the same could be applied for the ERA.
Others have suggested that Congress has the “power to maintain the legal viability” of the existing ratifications, notes Reuters , meaning it has the power to enact the amendment once the 38th state passes it. What’s more, it appears that legislators themselves may take the deadline with a grain of salt: an identical piece of legislation was introduced in both chambers last year to pull the ratification deadline .
There is at least one snag in these plans. Five states have rescinded earlier ratifications of the ERA, meaning that the current count is somewhat unclear.
Until a 38th state steps up and ratifies the ERA, women may just have to be willing to continue to accept laws prohibiting discrimination on gender rather than full-blown equality in the face of the Constitution. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/equal-rights-amendment-constitution-37th-state-illinois/ |
OSLO, May 8 (Reuters) - * Norwegian shares traded down on Tuesday * Oslo’s benchmark index fell -0.22 pct, or -1.96 points, to 871.78 points and was up by 7.27 pct year-to-date * The broader Oslo All Share Index was down 0.26 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.44 to $75.73 a barrel * Among the biggest firms on the Oslo Bourse, Statoil fell -0.29 pct, Telenor rose 0.74 pct and DNB rose 0.66 pct * Turnover at the Oslo Bourse was 3.1 bln Norwegian crowns and most traded shares were Statoil, Norwegian Air and Aker BP * Shares of Norwegian Air Shuttle ASA were up 3.50 pct to NOK 292.9 * Norwegian Air Shuttle will hold its annual general meeting at 1500 GMT on Tuesday, with markets awaiting any potential further overtures from British Airways-owner IAG or offers from other suitors * Shares of Wallenius Wilhelmsen Logistics ASA were down 17.29 pct to NOK 46.15 after a weak Q1 performance * Wallenius Wilhelmsen Logistics ASA Q1 EBITDA fell to $125 mln from $143 mln in Q1 last year and well below consensus of $183 million * The continued underlying positive volume development was offset by the contracted reduction in Hyundai Motor Group (HMG) volumes, the logistic and shipper firm said in the report * The results were further negatively impacted by rate reductions, increased bunker cost and currency movements. On the positive side, the company sees continued improvement in volumes, especially for high & heavy * Majority owner in Wilhelmsen Logistics ASA, Wilh Wilhelmsen Holding ASA, dropped -4.86 pct * Shares in salmon farmers Leroey and Norway Royal Salmon were slightly up. The firms posted Q1 results as expected earlier on Tuesday and said market prospects were strong * Other gainers: Funcom 7.95 pct, Asetek 6.81 pct and Frontline 5.41 pct * Abroad European shares fell -0.31 pct, Japan’s main share index Nikkei ended up 0.18 pct, while in China Shanghai index was up 0.80 pct and Dow Jones index in the United States 0.34 pct on Monday (Reporting By Ole Petter Skonnord, editing by Gwladys Fouche)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-stocks/norwegian-stocks-wallenius-shares-dive-on-weak-q1-norwegian-air-rise-before-agm-idUSL8N1SF5M7 |
STAMFORD, Conn., May 16, 2018 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported the declaration of its semi-annual cash dividend of $0.15 per share of common stock, payable to stockholders of record on May 29, 2018, with a payment date of June 18, 2018.
About The IHC Group
Independence Holding Company (NYSE:IHC), formed in 1980, is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), and IHC Specialty Benefits, Inc., a technology-driven full-service marketing and distribution company that focuses on small employer and individual consumer products through general agents, telebrokerage, advisor centers, private label arrangements, and through the following brands: www.HealtheDeals.com ; Health eDeals Advisors; Aspira A Mas; www.PetPartners.com ; and www.PetPlace.com . IHC creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products, all of which are underwritten by IHC’s carriers or placed with highly rated insurance companies.
CONTACT: Loan Nisser (646) 509-2107 www.IHCGroup.com
Source:Independence Holding Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-independence-holding-company-announces-semi-annual-cash-dividend.html |
EDMONTON, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Liquor Stores N.A. Ltd. (" Liquor Stores " or the " Company ") held its annual and special meeting of shareholders on May 9, 2018 (the " Meeting ").
The Company is pleased to announce that, at the Meeting, shareholders approved an amendment to the Company's articles to change the name of Liquor Stores to Alcanna Inc., which is effective immediately. In conjunction with the name change, the Company's stock symbol will be changed to "CLIQ" on the Toronto Stock Exchange. The Company's common shares and convertible subordinated debentures will commence trading on the Toronto Stock Exchange under the new name and new stock symbol, CLIQ, within 2-3 business days.
The new name reflects the expansion of the Company's business into two divisions: alcohol and cannabis. By combining the words "Alcohol" and "Cannabis", the proposed name better reflects the Company's new strategic direction. The change in name also signals a transformational change in the Company’s strategy and objective to strive for growth and innovation.
The complete voting results from the Meeting are as follows:
Fixing the Number of Directors to be Elected at Nine
The number of directors to be elected at the Meeting was fixed at nine (9).
Votes For % Votes Against % 17,903,506 99.5 90,639 0.5 Election of Directors
Each of the nine (9) nominees listed in the Management Information Circular of the Company was elected as a Director of the Company.
Director Nominee Votes For % Votes Withheld % John Barnett 17,744,461 98.61 250,183 1.39 Neil Belot 17,716,024 98.45 278,620 1.55 Terry Booth 17,720,757 98.48 273,857 1.52 Derek Burney 17,700,137 98.36 294,507 1.64 James F.C. Burns 17,744,099 98.62 247,545 1.38 Bernie Kollman 17,746,720 98.62 247,924 1.38 Peter Lynch 17,769,046 98.75 225,598 1.25 Karen Prentice 17,720,789 98.48 273,855 1.52 Denis Ryan 17,712,846 98.43 281,798 1.57 Appointment of Auditors
PricewaterhouseCoopers LLP were re-appointed as auditors of the Company until the close of the next annual meeting of shareholders at a remuneration to be fixed by the Board of Directors.
Votes For % Votes Withheld % 18,152,329 99.53 85,366 0.47 Name Change to Alcanna Inc.
The special resolution approving an amendment to the Company's Articles to change the Company's name to "Alcanna Inc." was passed by the shareholders.
Votes For % Votes Against % 17,977,212 98.57 260,481 1.43 Increase the Maximum Size of the Board of Directors
The special resolution approving an amendment to the Company's Articles to increase the maximum size of the Board of Directors from eleven (11) to twelve (12) Directors was passed by the shareholders.
Votes For % Votes Against % 15,017,580 82.34 3,220,113 17.66 Approve the Additional Aurora Investment
The ordinary resolution to approve: (i) the conversion of 2,300,000 Subscription Receipts into common shares; (ii) the exercise of 10,130,000 Sunshine Warrants into common shares; and (iii) the exercise of up to 1,750,000 Pro Rata Warrants into common shares was passed by the shareholders.
Votes For % Votes Against % 10,723,247 96.65 371,397 3.35 Full voting results on all matters voted on at the Meeting will be filed under the Company's profile at www.sedar.com .
About Alcanna Inc.
The Company operates 229 retail liquor stores. Following receipt of final approval from the TSX, the Company’s common shares and convertible subordinated debentures will trade on the Toronto Stock Exchange under the symbols "CLIQ" and "CLIQ.DB.B", respectively.
Additional information about the Company is available at www.sedar.com and the Company’s website at www.alcanna.com .
For further information
David Gordey
Chief Financial Officer
Alcanna Inc.
(780) 497-3262
www.alcanna.com
Forward-Looking Statements
This press release contains information that constitutes "forward-looking information" or " " (collectively, " forward-looking information ") within the meaning of applicable securities legislation. The use of any of the words "believe", "continue", "create", "deliver", "expect", "provide", "will" and similar expressions are intended to identify forward-looking information. In particular, this press release includes, without limitation, forward-looking information relating to the date the Company's common shares and convertible subordinated debentures will begin trading on the Toronto Stock Exchange under the new name and stock symbols. The Company believes the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to the Company, and, in particular, certain forward-looking information in this press release is based on the assumption that the conditions of the Toronto Stock Exchange can be satisfied such that trading under the new name and stock symbols commences within the time period indicated above.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties, some of which are described herein. Any forward-looking information is made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Source:Alcanna Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-liquor-stores-n-a-ltd-changes-name-to-alcanna-inc-and-announces-voting-results-from-annual-and-special-meeting-of.html |
May 24, 2018 / 4:13 PM / in 10 minutes Tariffs on auto imports could hurt U.S. jobs, raise consumer costs -Toyota Reuters Staff 1 Min Read
WASHINGTON, May 24 (Reuters) - Japanese automaker Toyota Motor Corp said on Thursday that imposing tariffs on imported vehicles “could hurt American jobs” and boost consumer costs.
President Donald Trump on Wednesday said he had directed the U.S. Commerce Department to open a probe into whether vehicle and auto parts imports pose national security risks.
Trade associations representing major foreign automakers and auto parts suppliers have also criticized the planned investigation. Toyota noted in its statement on Twitter that it has 10 U.S. plants and 1,500 U.S. dealers. (Reporting by David Shepardson; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos-toyota/tariffs-on-auto-imports-could-hurt-u-s-jobs-raise-consumer-costs-toyota-idUSL2N1SV1B6 |
Turning Point Brands Inc:
* TURNING POINT BRANDS ACQUIRES VAPOR SUPPLY * TURNING POINT BRANDS INC - TRANSACTION WILL BE FUNDED WITH CASH ON HAND AND IS IMMEDIATELY EARNINGS ACCRETIVE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-turning-point-brands-acquires-vapo/brief-turning-point-brands-acquires-vapor-supply-idUSASC09YBL |
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) will announce its first quarter 2018 financial results on Thursday, May 10, 2018 before the market opens. The Company will conduct a conference call that morning at 8:30 a.m. Eastern Time to discuss these financial results.
Details are as follows: News Release: To be released on Thursday, May 10, 2018 at 7:30 a.m. ET. The release will be available over the wire and from the Globalstar, Inc. website at www.globalstar.com .
Earnings Call: 8:30 a.m. ET
Investors and the media are encouraged to listen to the call through the Investor Relations section of the Company’s website at www.globalstar.com/corporate .
If you would like to participate in the live question and answer session following the Company’s conference call, please dial 1 (800) 708-4540 (US and Canada), 1 (847) 619-6397 (International) and use the participant pass code 46617030.
Audio Replay: A replay of the earnings call will be available for a limited time and can be heard after 11:00 a.m. ET on May 10, 2018. Dial: 1 (888) 843-7419 (US and Canada), 1 (630) 652-3042 (International) and pass code 4661 7030#. About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Customers around the world in industries such as government, emergency management, marine, logging, oil & gas and outdoor recreation rely on Globalstar to conduct business smarter and faster, maintain peace of mind and access emergency personnel. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring, SCADA and IoT applications. The Company's products include mobile and fixed satellite telephones, the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite data modems, tracking devices and flexible service packages.
Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
For more information, visit www.globalstar.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005889/en/
Globalstar, Inc.
Samantha de Castro
[email protected]
Source: Globalstar, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-globalstar-inc-earnings-call-release-notice.html |
BENTON HARBOR, Mich., May 30, 2018 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) ("Whirlpool") today announced the final results of its "modified Dutch Auction" tender offer, which expired one minute after 11:59 p.m., New York City time, on May 23, 2018.
Whirlpool has accepted for purchase 6,269,591 shares of its common stock, $1.00 par value per share, at a price of $159.50 per share, for an aggregate cost of approximately $1 billion, excluding fees and expenses relating to the tender offer. These shares represent approximately 8.8 percent of the shares outstanding. The tender offer was oversubscribed and pursuant to the terms of the tender offer, shares will be accepted on a pro rata basis. Whirlpool has been informed by Computershare Trust Company, N.A., the depositary for the tender offer, that the proration factor for the tender offer is approximately 87 percent.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as dealer managers for the tender offer. Stockholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., Inc., toll-free at (800) 269-5550.
About Whirlpool
Whirlpool Corporation (NYSE: WHR) is the world's leading major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 70 manufacturing and technology research centers in 2017. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found at www.whirlpoolcorp.com , or find us on Twitter at @WhirlpoolCorp.
Whirlpool Corporation Additional Information
This document contains forward-looking statements about Whirlpool that speak only as of the date of the communication. Whirlpool disclaims any obligation to update these statements except as required by law. Forward-looking statements in this document may include, but are not limited to, statements regarding tender offer results, pricing and timing. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Additional information concerning these and other factors can be found in Whirlpool's filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K (including the information set forth under the caption "Risk Factors"), quarterly reports on Form 10-Q, and current reports on Form 8-K.
Website Disclosure
We routinely post important information for investors on our website, www.whirlpoolcorp.com , in the "Investors" section. We intend to use this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
View original content with multimedia: http://www.prnewswire.com/news-releases/whirlpool-corporation-announces-final-results-of-modified-dutch-auction-tender-offer-300656162.html
SOURCE Whirlpool Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-whirlpool-corporation-announces-final-results-of-modified-dutch-auction-tender-offer.html |
CARACAS (Reuters) - U.S. missionary Josh Holt and his wife are on a plane returning to the United States after Venezuelan authorities released them on Saturday, a Venezuelan government minister said.
“At this time, they are already flying back to the United States,” Communications Minister Jorge Rodriguez told a news conference in Caracas.
Reporting by Angus Berwick; Editing by Daniel Wallis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-usa-flight/u-s-missionary-and-wife-en-route-to-u-s-venezuelan-minister-idUSKCN1IR0NE |
Mike Moustakas homered twice and drove in five runs, and the visiting Kansas City Royals homered four times and scored 10 runs in the first inning, finishing with five homers overall in a 15-7 rout of the Baltimore Orioles on Tuesday night.
Moustakas hit a solo home run in the first and added a two-run double later that inning. He belted a two-run homer in the fifth and finished the night 3-for-6.
The four homers in the first inning — all off Baltimore starter Dylan Bundy — tied a Kansas City record. This was the third time the Royals have hit four homers in one frame, the last being in the fourth inning of a June 29, 2001 game at Cleveland.
Jorge Soler started the scoring in the first with a two-run homer. Then came Moustakas and Salvador Perez with homers — the three batters homering back-to-back-to-back for a 4-0 lead.
Later in the inning. Alex Gordon belted a three-run homer which gave the Royals a 7-0 edge. The Orioles then pulled Bundy (1-5), who did not retire any of the seven batters he faced and allowed seven runs on five hits.
Bundy is the first pitcher in modern major league history to give up four home runs without recording an out, according to the Elias Sports Bureau.
The Royals eventually sent 14 batters to the plate in the first inning. They finished with 10 runs on nine hits in that opening half-inning.
Kansas City totaled 20 hits in the game. Seven Royals got at least two hits, with Gordon (4-for-5) leading the way.
All that offense made life easier for Kansas City starter Danny Duffy (1-4). The left-hander has struggled at times early this season but gave up one run on six hits in 5 1/3 innings.
The Orioles now have dropped seven consecutive games. They returned home after losing all six games on a West Coast trip that ended Sunday.
Chris Davis hit a solo homer in the second off Duffy. Danny Valencia and Caleb Joseph later added solo homers off of Burch Smith in the eighth.
Baltimore got All-Star second baseman Jonathan Schoop back from the disabled list Tuesday. Infielder Engelb Vielma was sent back to Triple-A Norfolk.
Schoop added a two-run single during a four-run ninth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bal-kc-recap/royals-ride-10-run-first-to-rout-of-orioles-idUSMTZEE59FWRIH2 |
May 9 (Reuters) - First United Corp:
* Q1 EARNINGS PER SHARE $0.35 * QTRLY NET INTEREST INCOME $10.6 MILLION VERSUS $9.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-united-corp-reports-q1-earni/brief-first-united-corp-reports-q1-earnings-per-share-0-35-idUSASC0A166 |
May 2 (Reuters) - COCA-COLA ICECEK:
* Q1 NET LOSS OF 46.0 MILLION LIRA VERSUS LOSS OF 86.0 MILLION LIRA YEAR AGO
* Q1 REVENUE OF 1.87 BILLION LIRA VERSUS 1.56 BILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-coca-cola-icecek-q1-net-loss-shrin/brief-coca-cola-icecek-q1-net-loss-shrinks-to-46-0-million-lira-idUSFWN1S916C |
Viveve Medical Inc:
* VIVEVE APPOINTS SCOTT DURBIN AS CHIEF EXECUTIVE OFFICER * VIVEVE MEDICAL INC - DURBIN’S APPOINTMENT FOLLOWS PATRICIA SCHELLER’S DECISION TO STEP DOWN FROM HER POSITION AS CHIEF EXECUTIVE OFFICER
* VIVEVE MEDICAL INC - DURBIN WILL ALSO JOIN BOARD OF DIRECTORS
* VIVEVE MEDICAL INC - SCHELLER WILL REMAIN ON VIVEVE BOARD OF DIRECTORS
* VIVEVE MEDICAL - DURBIN’S APPOINTMENT FOLLOWS PATRICIA SCHELLER’S DECISION TO STEP DOWN FROM HER POSITION AS CEO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-viveve-appoints-scott-durbin-as-ch/brief-viveve-appoints-scott-durbin-as-chief-executive-officer-idUSASC0A1IC |
BEIJING, May 10 (Reuters) - North Korea has agreed not to engage in activities hazardous to aviation without advanced notice, a U.N. aviation agency official said on Thursday, an assurance that could lead to major airlines resuming flights through its airspace.
Airlines take indirect routings to avoid North Korea due to the threat posed from unannounced missile launches that are worrisome in the wake of the 2014 downing of Malaysia Airlines Flight MH17 over Ukraine.
If the airspace was deemed safe, carriers could save fuel and time on some routes between Asia and Europe and North America.
Officials from the Montreal-based International Civil Aviation Organization (ICAO) visited North Korea this week to discuss a request by Pyongyang to open a new air route that would pass through North Korean and South Korean airspace.
“We received a solid assurance from the Democratic People’s Republic of Korea that they will not be engaging in activities hazardous for aviation without full advanced notice for the other states in the region, and that they would coordinate that activity to ensure that we could retain safety,” ICAO Air Navigation Bureau Director Stephen Creamer said upon his return to Beijing.
Asked whether this meant international airlines would resume flights over North Korea, ICAO Regional Director Arun Mishra said: “It’s always a possibility ... We’re continuing towards establishing a more healthy relationship.”
It is the latest sign of practical reconciliation measures taken since North Korean and South Korean leaders met last month for a first summit in years, and signed a pledge to pursue peace on the peninsula.
Countries such as Britain, France, Germany and the United States have advised airlines not to fly in North Korean airspace, called the Pyongyang flight information region (FIR).
Mark Zee of Flight Service Bureau, which provides safety information on airspace to airlines, said on Wednesday that North Korea had provided warnings of all missile launches until around 2014 but that gradually ended and by 2016 airlines avoided the airspace entirely.
He said a guarantee by North Korea that it would provide warning if it fired a missile would likely be enough for regulators to remove warnings about the airspace.
“It seems very likely that in the coming months, we will start to see international traffic start to use the Pyongyang FIR again, and may even see some new airways being established,” Zee said in a website post before the ICAO meeting concluded. (Reporting by Joseph Campbell and Martin Pollard in Beijing; additional reporting and writing by Jamie Freed in Singapore)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-airroutes/n-korea-agrees-to-warn-of-activity-hazardous-to-aviation-u-n-agency-idUSL3N1SH2TQ |
Gregory Ebel succeeds Robert Lumpkins as Chairman
PLYMOUTH, Minn.--(BUSINESS WIRE)-- The Mosaic Company (NYSE: MOS) today announced that Gregory Ebel has assumed the position of Chairman of the company’s Board of Directors upon the conclusion of today’s annual meeting of shareholders. Mr. Ebel succeeds Robert Lumpkins, who has served as Mosaic’s Chairman since the company’s inception in 2004. Mr. Lumpkins will continue as a director to ensure a smooth transition.
Mr. Ebel has served on the Board since 2012. He currently chairs the Corporate Governance and Nominating committee and also serves as a member of the Audit committee. Previously, Mr. Ebel served as Chairman, President and of Spectra Energy Corp and as Chairman, President and of Spectra Energy Partners until his retirement in February 2017. He also serves as a Director and Chairman of Enbridge, Inc.
“Mosaic and its board of directors have benefitted immensely from Bob’s dedication, leadership and insight in his role as chairman,” said Mr. Ebel. “Bob was instrumental in the transactions that formed Mosaic, and his deep knowledge of the fertilizer and agriculture industries helped build Mosaic into the thriving company it is today. I’m thankful that Bob will remain on the Board, and I welcome his experience and guidance in the year ahead.”
Two additional changes to the board of directors occurred at today’s annual meeting: James Popowich retired as a director, and Oscar Bernardes was newly elected to the board.
“On behalf of the entire board, I would like to extend my sincere gratitude to Jim Popowich,” Mr. Ebel said. “Jim served with professional and personal passion, particularly in the areas of environmental, health and safety and sustainability. We will miss his depth of insight and technical knowledge regarding mining processes. We wish Jim all the best in his retirement.”
Mr. Bernardes currently serves as Managing Partner, Yguaporã Consultoria e Empreendimentos Ltd., a consulting and investment firm in São Paulo, Brazil. Previously, Mr. Bernardes was a managing partner at Integra Associados - Reestruturacao Empresarial Ltda., a consulting firm specializing in financial restructuring, governance and interim management in turnaround situations, also in São Paulo; chairman of TIW do Brasil, a Canadian telecommunications company; and of Bunge International, a leading global agribusiness and food company. Mr. Bernardes brings important knowledge of Brazil and its agriculture industry to Mosaic and its Board of Directors, along with expertise in international operations and risk management.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006221/en/
The Mosaic Company
Media:
Ben Pratt, 763-577-6102
[email protected]
or
Investors:
Laura Gagnon, 763-577-8213
[email protected]
Source: The Mosaic Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-the-mosaic-company-announces-board-of-director-changes.html |
NEWPORT BEACH, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Collectors Universe, Inc. (NASDAQ:CLCT), a leading provider of value-added authentication and grading services to dealers and collectors of high-value collectibles, today announced financial results for its third quarter and nine months ended March 31, 2018.
Operational and Financial Highlights :
Revenues in this year’s third quarter were $17.5 million, down 6% from the $18.6 million in last year’s third quarter. For this year’s nine months, revenues were $51.3 million, down 2% from $52.2 million in same period of last year.
Our cards and autograph service revenues increased by $1.0 million, or 23%, in this year’s third quarter and $2.2 million, or 17% in this year’s nine months, representing record quarterly and nine-month revenues for that business.
Our total coin service revenues declined by $2.0 million, or 16%, and by $3.0 million, or 8%, in this year’s third quarter and nine months. China coin revenues increased by $0.7 million, or 136%, and by $1.7 million, or 33%, in this year’s third quarter and nine months, as we continued to see brand acceptance in that region. However, in the United States, coins service revenues declined by $2.8 million or 24% and $5.0 million or 17%, due to the previously disclosed slowness in the domestic coin market.
Coin service revenues generated by our overseas operations (inclusive of the China revenues discussed above) were 11% and 18% of total revenues in this year’s third quarter and nine months, as compared to 7% and 13% of total revenues in the same respective periods of last year.
Our gross profit margins were 55% and 58%, respectively, in this year’s third quarter and nine months, as compared to 60% and 62% in the same respective periods of the prior year. Those declines were primarily attributable to the decreases in our U.S. coin revenues, as a significant proportion of our direct costs are relatively fixed in the short-term.
Operating income was $2.0 million and $6.7 million in this year’s third quarter and nine months, as compared to $4.7 million and $12.0 million, respectively, in the corresponding periods of the prior year. The declines in operating income in the current year periods, primarily reflect the decreases in U.S. coin revenues as discussed above. In addition, we incurred higher non-cash stock-based compensation of $0.4 million and $0.6 million in this year’s third quarter and nine months, and $0.6 million in moving and lease exit costs for the relocation of our operations and headquarters to a new facility, in this year’s nine months.
Income from continuing operations was $1.5 million, or $0.17 per diluted share, and $5.2 million, or $0.58 per diluted share, in this year’s third quarter and nine months as compared to $3.0 million, or $0.35 per diluted share, and $7.5 million, or $0.87 per diluted share, in the corresponding respective periods of the prior year. The provisions for income taxes in the current year periods, reflect federal income taxes at a blended rate of 28% arising from the Tax Cuts and Jobs Act that was enacted into law in December 2017.
The Company’s cash position as of March 31, 2018 was $9.2 million, as compared to $9.8 million at June 30, 2017 and $8.7 million at December 31, 2017. Net cash used of $0.6 million in the nine months included $8.5 million of cash generated from continuing operations and $3.0 million of borrowings under our term loan, offset by $7.5 million used to pay cash dividends to stockholders, $4.4 million used for capital expenditures, and capitalized software costs, which are inclusive of expenditures for our new operations and headquarter facility and $0.2 million used for discontinued operations. In this year’s third quarter, we paid about $0.8 million in remaining disbursements for the new facility.
On May 1, 2018, we announced our fourth quarter dividend of $0.175 per share of common stock, which will be paid on May 25, 2018 to stockholders of record on May 16, 2018.
Operations Commentary
Joseph J. Orlando Chief Executive Officer, stated, “After a slower than expected Q2, Collectors Universe finished Q3 in stronger fashion. While there are still segments of the PCGS domestic business and overall coin market that remain soft, other parts of our business performed well. PCGS continues to gain traction overseas as our international coin business increased by 55% over the same quarter a year ago. In addition, our PSA and PSA/DNA division set another quarterly revenue record and continued its record pace for the fiscal year”
Conference Call and Webcast
Collectors Universe will host a conference call to discuss results on Tuesday, May 8, 2018 at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may participate in the conference call by dialing 800-289-0438 or 323-794-2423, five to ten minutes prior to the initiation of the call. A replay of the conference call will be available through May 22, 2018 by dialing 888-203-1112 or 719-457-0820 and entering access code 4327370#. A live webcast of the conference call will also be available on the Collectors Universe website, www.collectorsuniverse.com under Investor Relations: Events and Presentations. The webcast will be archived for 12 months.
About Collectors Universe
Collectors Universe, Inc. is a leading provider of value-added services to the high-value collectibles markets. The Company authenticates and grades collectible coins, trading cards, event tickets, autographs and memorabilia (“collectibles”). The Company also compiles and publishes authoritative information about United States and world coins, collectible trading cards and sports memorabilia (“collectibles”), and operates its CCE dealer-to-dealer Internet bid-ask market for certified coins and its Expos trade show and conventions business. This information is accessible to collectors and dealers at the Company's website, http://www.collectorsuniverse.com and is also published in print.
Cautionary Statements Regarding Forward Looking Information
This news release contains statements regarding our expectations, beliefs or views about our future financial performance and trends in our business and in our markets, which constitute " " as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements can often be identified by the use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or future or conditional verbs such as "will," "would," "should," "could," or "may."
Due to a number of to which our business and our markets are subject, our future financial performance may differ, possibly significantly, from expectations regarding our future financial performance that are expressed in, or that may be implied or inferred from the discussion of our operating results in this news release. Those , and their possible impact on our future financial performance, include, but are not limited to, the following: our continued dependence on our coin business which historically has generated more than 60% of our consolidated revenues and a substantial portion of our operating income, making our operating results more vulnerable to conditions that could adversely affect or cause stagnation in the prices of precious metals or reduce demand for and transactions in collectible coins; the risks that domestic or international economic conditions may deteriorate and lead to reductions in the demand for our collectibles authentication and grading services and, consequently, in our revenues and operating results; the risk that weakness or volatility in economic conditions or increases in interest rates in the United States or in the overseas markets where we operate will lead to longer-term changes in the spending habits of consumers or in the availability, costs and use of credit by smaller businesses, such as collectibles dealers, to fund purchases of collectibles, which could lead to longer-term declines in collectibles commerce and, therefore, in the demand for our services; the risks that claims under our coin and trading card authentication and grading warranties will increase substantially and that the warranty reserves we maintain for such claims will prove to be inadequate, which could cause our gross margin and operating results to decline or cause us to incur operating losses; the risk that our strategies of offering new services and expanding our collectibles authentication and grading business into new geographic areas, such as Europe and Asia will not be successful in enabling us to improve our profitability or may even cause us to incur significant losses; the risks and added complexity of conducting business overseas; the risk that it may become necessary for us to reduce the amount of, or suspend or discontinue the payment of cash dividends in the future, due to conditions or circumstances outside of our control, such as adverse economic or market conditions, as well as our future financial performance and the cash needs of our business in the future.
Additional information regarding these risks and other to which our business is subject is contained in Item 1A, entitled “Risk Factors”, in our Annual Report on Form 10-K for our fiscal year ended June 30, 2017 which we filed with the Securities and Exchange Commission on August 31, 2017 and readers of this news release are urged to review the discussion of those in that Report. Also, our actual financial results in the future may differ from those currently expected due to additional of which we are not currently aware or which we do not currently view as, but may in the future become, material to our business or operating results. Due to these , readers are cautioned not to place undue reliance on the contained in this news release or in our Annual or Quarterly Reports filed with the Securities and Exchange Commission, which speak only as of their respective dates. We also disclaim any obligation to update or revise any of the contained in this news release or in our Annual Report on Form 10-K, as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules.
Contact:
Joseph Wallace
Chief Financial Officer
Collectors Universe
949-567-1245
Email: [email protected]
- tables to follow -
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share data)
(Unaudited) Three Months Ended
March 31, Nine Months Ended
March 31, 2018 2017 2018 2017 Net revenues $ 17,512 $ 18,596 $ 51,328 $ 52,206 Cost of revenues 7,818 7,365 21,745 19,979 Gross profit 9,694 11,231 29,583 32,227 Operating expenses: Selling and marketing expenses 2,513 2,210 7,688 6,959 General and administrative expenses 5,195 4,312 15,148 13,274 Total operating expenses 7,708 6,522 22,836 20,233 Operating income 1,986 4,709 6,747 11,994 Interest and other income (expense), net 116 13 107 (59 ) Income before provision for income taxes 2,102 4,722 6,854 11,935 Provision for income taxes 630 1,765 1,678 4,467 Income from continuing operations 1,472 2,957 5,176 7,468 Income (loss) from discontinued operations, net of income taxes 2 6 89 (3 ) Net income $ 1,474 $ 2,963 $ 5,265 $ 7,465 Net income per basic share: Income from continuing operations $ 0.17 $ 0.35 $ 0.60 $ 0.88 Income from discontinued operations - - 0.01 - Net income per basic share $ 0.17 $ 0.35 $ 0.61 $ 0.88 Net income per diluted share: Income from continuing operations $ 0.17 $ 0.35 $ 0.58 $ 0.87 Income from discontinued operations - - 0.01 - Net income per diluted share $ 0.17 $ 0.35 $ 0.59 $ 0.87 Weighted average shares outstanding: Basic 8,703 8,482 8,651 8,478 Diluted 8,902 8,569 8,855 8,569 Dividends declared per common share $ 0.175 $ 0.35 $ 0.875 $ 1.05
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except per share data)
(Unaudited)
ASSETS March 31,
2018 June 30,
2017 Current assets: Cash and cash equivalents $ 9,179 $ 9,826 Accounts receivable, net of allowance of $69 and $77 at March 31, 2018 and
June 30, 2017, respectively
2,672
3,615 Inventories, net 2,929 2,722 Prepaid expenses and other current assets 1,610 1,661 Total current assets 16,390 17,824 Property and equipment, net 8,576 3,163 Goodwill 2,083 2,083 Intangible assets, net 2,341 2,183 Deferred income tax assets 2,499 2,864 Other assets 477 413 Non-current assets of discontinued operations - 79 Total assets $ 32,366 $ 28,609
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,605 $ 2,660 Accrued liabilities 1,884 1,652 Accrued compensation and benefits 3,276 4,373 Current portion of long-term debt 375 - Income taxes payable 168 664 Deferred revenue 3,560 2,676 Current liabilities of discontinued operations - 391 Total current liabilities 11,868 12,416 Deferred rent 3,289 276 Long Term Debt 2,625 - Commitments and contingencies Stockholders’ equity: Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or
outstanding
-
- Common stock, $.001 par value; 20,000 shares authorized; 9,016 and 8,921 issued
and outstanding at March 31, 2018 and June 30, 2017, respectively.
9
9 Additional paid-in capital 85,899 84,948 Accumulated deficit (71,324 ) (69,040 ) Total stockholders’ equity 14,584 15,917 Total liabilities and stockholders’ equity $ 32,366 $ 28,609
COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited) Nine Months Ended
March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,265 $ 7,465 Discontinued operations (89 ) 3 Income from continuing operations 5,176 7,468 Adjustments to reconcile income from continuing operations to net cash
provided by operating activities: Depreciation and amortization expense 1,612 1,243 Stock-based compensation expense 951 330 Provision for bad debts 14 32 Provision for inventory write-down 389 32 Provision for warranty claims 343 506 Loss on sale of property and equipment 95 5 Deferred income taxes 365 - Change in operating assets and liabilities: Accounts receivable 953 (36 ) Inventories (596 ) (1,050 ) Prepaid expenses and other 51 (323 ) Other assets (64 ) (172 ) Accounts payable and accrued liabilities (168 ) (286 ) Accrued compensation and benefits (1,096 ) 402 Income taxes payable (496 ) 1,252 Deferred revenue 884 445 Deferred rent 63 (73 ) Net cash provided by operating activities of continuing operations 8,476 9,775 Net cash used in operating activities of discontinued businesses (228 ) (379 ) Net cash provided by operating activities 8,248 9,396 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of business 6 53 Capital expenditures (3,626 ) (919 ) Capitalized software (720 ) (723 ) Patents and other intangibles (7 ) (5 ) Net cash used in investing activities (4,347 ) (1,594 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under term loan 3,000 - Dividends paid to common stockholders (7,548 ) (8,933 ) Net cash used in financing activities (4,548 ) (8,933 ) Net decrease in cash and cash equivalents (647 ) (1,131 ) Cash and cash equivalents at beginning of period 9,826 11,967 Cash and cash equivalents at end of period $ 9,179 $ 10,836
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Interest paid during the period $ 39 $ - Income taxes paid during the period 1,542 $ 2,934 SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: Leasehold Improvements contributed by landlord $ 2,949 $ -
Source:Collectors Universe, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-collectors-universe-reports-operating-results-for-third-quarter-of-fiscal-2018.html |
LONDON, May 16 (Reuters) - British insurer Aviva will compensate around 6,000 customers who faced payment delays and other issues due to botched technology changes on one of its pension platforms, a spokesman said on Wednesday.
The spokesman did not put a figure on the size of the compensation but said the problems affected three percent of the 200,000 customers using the platform.
Aviva said last month it would pay 14 million pounds to compensate investors in its preference shares who sold the shares before the company reversed a plan to cancel them below market value.
The Financial Conduct Authority is reviewing Aviva’s treatment of its preference share customers, a process which could lead to a formal investigation. (Reporting by Carolyn Cohn; editing by Simon Jessop)
| ashraq/financial-news-articles | https://www.reuters.com/article/aviva-gb-pensions-compensation/aviva-to-compensate-6000-pensions-customers-spokesman-idUSL5N1SN2D1 |
LONDON(Reuters) - Britain’s government kicked off the new financial year with a smaller than expected budget deficit in April, according to data that also showed less borrowing than first estimated in the previous year.
FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond attends a meeting of regional leaders of the financial and professional services in Halifax, Britain, May 17, 2018. REUTERS/Craig Brough The deficit in April stood at 7.840 billion pounds, compared with 8.953 billion pounds a year ago, the Office for National Statistics (ONS) said. A Reuters poll of economists had pointed to a reading of 8.6 billion pounds.
The ONS also cut its estimate for the deficit over the entire 2017/18 financial year, excluding public sector banks, by 2.1 billion pounds to 40.487 billion pounds.
The deficit for 2017/18 now stands at 2.0 percent of gross domestic product — the smallest budget deficit as a share of GDP since 2001/02.
In March, Britain’s official budget forecaster said it expected the shortfall between how much the government spends and how much it earns from tax revenues to fall to 37.1 billion pounds in the current 2018/19 year, equivalent to 1.8 percent of GDP.
Britain has made more progress on improving the public finances than government forecasters expected because the economy slowed less than feared after the 2016 Brexit referendum shock.
The deficit stood at 9.9 percent of GDP when finance minister Philip Hammond’s predecessor, George Osborne, took power in 2010 and started a multi-year program of public spending cuts.
Hammond wants to run an outright budget surplus by the mid-2020s, in order to cut the national debt faster. Britain’s Conservative government thinks public sector debt, as a share of GDP, is too high to easily support a big rise in spending during a future deep recession.
Public debt, excluding public sector banks, stood at 1.777 trillion pounds, or 85.1 percent of GDP.
The ONS said it had chopped its estimate of public sector net debt on this measure by 18.5 billion pounds, or 0.9 percentage points of GDP, as of the end of March, owing to previous data errors and new data.
The headline public sector net debt figures is inflated by the a temporary Bank of England lending stimulus scheme which is due to be repaid this year — something which makes a near certainty of Hammond’s goal to lower debt as a share of GDP.
He faces tough choices in the coming years after promising to relax his grip on public pay at a time when he is also facing calls to spend more on health and other services.
However, Hammond has suggested he could announce more spending in his budget in November.
Reporting by Andy Bruce and Alistair Smout
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-economy-budget/uk-public-finances-start-new-tax-year-on-strong-footing-idUSKCN1IN0VL |
May 6, 2018 / 5:33 AM / in 40 minutes Stormy Daniels plays cameo role in Trump comedy sketch Reuters Staff 2 Min Read
(Reuters) - Adult film actress Stormy Daniels, who claims she had an affair with President Donald Trump, played herself in a sketch on U.S. comedy show Saturday Night Live in which she warns Trump that “a storm’s a-comin baby.” Adult-film actress Stephanie Clifford, also known as Stormy Daniels, departs federal court in the Manhattan borough of New York City, New York, U.S., April 16, 2018. REUTERS/Lucas Jackson
In the show, Trump, played by actor Alec Baldwin, asks his lawyer, Michael Cohen, played by Ben Stiller, to call Daniels and try to fix their ongoing legal battle “once and for all.”
Daniels, whose real name is Stephanie Clifford, sued Trump in March to get out of a “hush agreement” over their alleged relationship in which she was paid $130,000 by Cohen to keep quiet. Trump has denied he had an affair with Clifford.
In the sketch aired on Saturday night, Trump listens in to the conversation between Cohen and Clifford and soon cuts his lawyer off to speak directly with her.
“What do you need for all this to just go away?” he asks.
“A resignation,” Clifford says.
Trump persists, saying: “I solved North and South Korea, why can’t I solve us?”
Clifford says it’s too late for that.
“I know you don’t believe in climate change, but a storm’s a-comin baby,” Clifford says, before she and Baldwin break off to give the show’s trademark introduction “live from New York it’s Saturday Night Live!” Reporting by Andrew Hay; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-daniels/stormy-daniels-plays-cameo-role-in-trump-comedy-sketch-idUKKBN1I7031 |
May 21, 2018 / 5:26 PM / Updated an hour ago Ambitious bids were sought for failed British rail line, MPs told Reuters Staff 3 Min Read
LONDON (Reuters) - Britain’s Department for Transport (DfT) encouraged “ambitious” bidding on revenue projections for the failed East Coast main line contract, a rail expert told MPs on Monday. FILE PHOTO: A train travelling on the East Coast mainline is reflected in the River Tweed as it crosses the Royal Border Bridge at dusk, in Berwick-Upon-Tweed in Northumberland, Britain August 22, 2013. REUTERS/Toby Melville/File Photo
Last week the British government said it planned to renationalise the route between London and Edinburgh, scrapping a contract with Stagecoach STG.L and Virgin, prompting a committee to hold the post-mortem to find out what went wrong.
Problems with the bidding process were partly to blame for the demise of the contract, rail experts told the cross-party Transport Select Committee.
“The Stagecoach-Virgin bid for East Coast was very ambitious, which was essentially what the department was asking for in the invitation to tender,” said Iryna Terlecky, Director of TBI Consulting.
“It was asking for ambitious bids. It gave additional credit in the policy score for ambition.”
Changing circumstances during the years over which a contract runs were also to blame, the committee was told, including issues relating to economic growth, discretionary travel and home-working trends.
Stagecoach and Virgin’s contract ended five years early after they over-estimated profits.
Terlecky said it was common knowledge that other franchises were experiencing similar difficulties and that the DfT had the option of adopting a more flexible approach if it wanted to prevent other contracts from failing.
It is the third time since 2007 that the 393-mile (632 km) route between the English and Scottish capitals has been returned to government hands after contracts failed, which another expert attributed to the romance of operating what is seen as the country’s flagship line.
“It’s viewed as the jewel in the crown of the railways and I think that has led to optimism ... it’s a very, very profitable franchise,” said Elaine Holt, former chief executive of Directly Operated Railways, which ran the line before Stagecoach-Virgin.
The DfT’s approach became more cautious over the past six months, once it knew that the East Coast contract was failing, Terlecky said.
“There has been a significant change to the way that financial robustness of a bid is assessed ... It was made clear that the financial robustness (tests) that were being done would now be done on a much more cautious central estimate.” Reporting by Sarah Young; Editing by Alexander Smith and David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-railway-lawmakers/ambitious-bids-were-sought-for-failed-british-rail-line-mps-told-idUKKCN1IM1ZF |
May 10, 2018 / 6:47 AM / in 26 minutes France's Total to take 25 percent stake in Clean Energy Fuels Corp Reuters Staff 1 Min Read
PARIS, May 10 (Reuters) - French oil and gas major Total said on Thursday that it has agreed to buy up to 50.8 million shares of Clean Energy Corp’s common stock for $83.4 million, to become its largest stockholder with a 25 percent stake.
Total said the two companies have entered into a broad strategic agreement to drive deployment of new natural gas heavy-duty trucks in the North American market.
It added that Total will provide a $100 million credit support for Clean Energy’s plan to launch an innovative leasing programme to place thousands of new natural gas heavy-duty trucks on the road and fuelling at Clean Energy stations. (Reporting by Bate Felix; Editing by Adrian Croft) | ashraq/financial-news-articles | https://www.reuters.com/article/total-clean-enrgy-fuel/frances-total-to-take-25-percent-stake-in-clean-energy-fuels-corp-idUSP6N1IH01F |
SAN DIEGO, May 29, 2018 /PRNewswire/ -- AristaMD , provider of the Smart Care Platform that connects primary care providers with specialists to deliver more timely access to care, is pleased to welcome Adam Darkins to its growing team. Darkins brings more than 22 years of experience in working to develop large telehealth networks, re-engineer clinical services and support organizational change management in healthcare systems. Darkins will serve as chief strategy officer, where he will help lead strategic initiatives and large-scale deployments for the company as it continues to rapidly expand its U.S. footprint.
"The need for innovative solutions to solve our country's worsening healthcare access problem has never been greater," said Brooke LeVasseur, CEO of AristaMD. "There is strong market demand for eConsult solutions, and Adam's leadership and experience with large-scale telehealth implementations will support our efforts as we rapidly expand across the country.
Prior to joining AristaMD, Darkins is known for spearheading one of the industry's longest running and largest leading platforms to date – the Veterans Health Administration (VHA) telehealth platform. From May 1999 to June 2003, Darkins worked collaboratively with clinical, technology and business stakeholders to develop models for home telehealth, clinical video telehealth and store-and-forward telehealth in preparation for national implementation throughout the U.S., U.S. Virgin Islands and Guam.
Between 2003 and 2014, Darkins led the development and sustainment of telehealth services at the Department of Veteran Affairs. Since Darkins' implementation, over 600,000 patients received telehealth services through 1.7 million episodes of care annually. By 2014, VHA telehealth services grew by over 30 percent per year.
Darkins also served as co-author of the book, " Telemedicine and Telehealth: Principles, Policies, Performance and Pitfalls." The book gives background knowledge and useful tips on starting up and managing programs in an array of settings. Most importantly, the book is based on the recognition that patients are customers of healthcare and telemedicine companies developing new products vital to delivering care to rural or inaccessible clients is vital to health care's future.
"Introducing a new care delivery model can be complicated – but Adam brings a wealth of experience deploying telehealth solutions in diverse settings and understands what it takes to successfully deploy solutions that meet the unique needs of the diverse regions and clinics we serve." continues LeVasseur. "He will be instrumental in leading strategic initiatives and large- scale deployments for the company as we continue to meet the demand for our platform."
For additional information about Adam Darkins and AristaMD, please visit: www.aristamd.com .
About AristaMD
AristaMD develops solutions to improve patient outcomes through quicker access to care. The company's Smart Care Platform empowers primary care providers with clinical workup checklists and the ability to conduct electronic consults (eConsults). Designed to seamlessly integrate into clinical workflows, the platform allows payers and providers to quickly and cost-effectively launch specialist eConsults using their own specialists or those provided by AristaMD's board-certified panel of specialists. The Smart Care Platform has proven to deliver cost-effective, timely access to specialty care through eConsults, significantly reducing the need for face-to-face visits. Committed to driving better health outcomes, AristaMD partners with healthcare stakeholders to ensure their success in the transition to value-based care. For additional information, visit: www.aristamd.com , or follow AristaMD on LinkedIn and Twitter .
View original content with multimedia: http://www.prnewswire.com/news-releases/aristamd-hires-chief-strategy-officer-to-drive-rapid-national-expansion-300655539.html
SOURCE AristaMD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-aristamd-hires-chief-strategy-officer-to-drive-rapid-national-expansion.html |
WASHINGTON (Reuters) - The U.S. House of Representatives voted on Tuesday to reverse a measure that aimed to prevent discrimination in auto lending, the latest challenge to the consumer finance watchdog agency’s oversight.
The House voted 234-175 to overturn a rule that the Consumer Financial Protection Bureau (CFPB) implemented in 2013 aimed at preventing auto lenders from charging higher fees to borrowers based on race, national origin or credit score.
In April, the Senate voted to repeal the measure, making way for Tuesday’s vote in the House. Republicans lawmakers invoked the Congressional Review Act (CRA), an obscure procedure that allows Congress to scrap regulations within 60 working days after they are imposed. The Government Accountability Office agreed last year that the CFPB guidance was being enforced as a rule and that it could be reversed under the review law.
The resolution now goes to President Donald Trump for signing.
The National Automobile Dealers Association opposed the CFPB measure, saying it limited dealers’ flexibility to use discounted auto loans to help close sales. “Today’s action furthers the bipartisan effort ... to preserve the ability of local dealerships to offer discounted auto loans to their customers,” said Peter Welch, president of the dealers’ group.
Tuesday’s vote challenged the CFPB’s authority to impose rules.
“Overturning the auto lending guidance just opened the door to uncertainty across federal agencies that use rules and guidance to protect the public from financial predators,” said Rebecca Borné, an attorney with the Center for Responsible Lending.
“The CRA ... allows politicians to quickly dismiss agency protections that were thoughtfully crafted, often based on years of research and stakeholder input,” she said.
Reporting by Katanga Johnson; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-house-autolending/u-s-house-overturns-rule-meant-to-curb-car-loan-bias-idUSKBN1IA01Z |
Mikko Rantanen enjoyed a breakout campaign as the Colorado Avalanche surprised many observers by reaching the playoffs for the first time in four years.
Apr 22, 2018; Denver, CO, USA; Colorado Avalanche right wing Mikko Rantanen (96) controls the puck ahead of Nashville Predators center Nick Bonino (13) in the second period in game six of the first round of the 2018 Stanley Cup Playoffs at the Pepsi Center. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports Now, the 21-year-old forward from Finland is hungry for more success.
“It was a good year for us,” Rantanen said to NHL.com. “I think nobody really expected us to be in the playoffs, first of all. We knew we had the potential to be there. Everything just went our way. ...
“It gives us a lot of confidence for next year. We still have a really young group. It’s good.”
Rantanen took the league by storm with 84 points (29 goals, 55 assists) in 81 games in his second full season. That effort dwarfed his production from one season earlier, when he notched 38 points (20 goals, 18 assists) in 75 games.
Colorado surged in similar fashion, improving from 48 points (22-56-4) in 2016-17 to 95 points (43-30-9) in 2017-18. The Nashville Predators eliminated the Avalanche in six games in the first round of the playoffs.
Teammates insist that Rantanen has even more to offer next season.
“He’s absolutely amazing,” Avalanche forward Sven Andrighetto said to NHL.com. “We all knew before what he could do. He busted out this season, big time. He’s a really good friend of mine. We hung out a lot this year. He deserves all of it.
“There’s a lot more to come. He’s still really young.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-col-rantanen/mikko-rantanen-looks-to-build-upon-breakout-season-with-avalanche-idUSKCN1IK0VB |
May 2 (Reuters) - Amazon.com Inc:
* AMAZON ANNOUNCES A FULFILMENT CENTRE IN SOUTH WEST SYDNEY TO CREATE FASTER SHIPPING TO MILLIONS MORE CUSTOMERS, AND INCREASE ITEM SELECTION
* AMAZON WILL BEGIN RECRUITING IMMEDIATELY FOR A RANGE OF ROLES INCLUDING OPERATIONS, SUPPORT AND TECHNICAL SPECIALISTS
* NEW FULFILMENT CENTRE WILL OPEN IN SECOND HALF OF 2018 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-amazon-announces-new-fulfilment-ce/brief-amazon-announces-new-fulfilment-centre-in-south-west-sydney-idUSFWN1S91E7 |
Next big summit will likely be between President Trump and Kim Jong-Un: Sanders 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/next-big-summit-will-likely-be-between-president-trump-and-kim-jong-un-sanders.html |
(Recasts, adds Quote: s)
BERLIN, May 30 (Reuters) - Political turmoil in Italy, the euro zone’s third largest economy, could hit economic growth in Germany and affect the whole euro zone, the Berlin-based DIHK Chambers of Industry and Commerce said on Wednesday.
The likelihood of snap Italian elections, viewed by investors as a de facto referendum on the euro, has shaken financial markets this week after attempts in Rome to form a coalition of two anti-establishment parties failed.
The concerns have driven the euro to multi-month lows.
If developments in Italy go badly “it would be a disaster”, said DIHK Managing Director Martin Wansleben, adding that its already downgraded German growth forecast for this year could take a further hit.
Asked whether political events in Italy could contribute to an economic shift in Germany, Europe’s biggest economy and euro zone growth driver, he said “We do fear that a bit”.
Earlier on Wednesday, the DIHK cut its 2018 growth forecast to 2.2 percent from 2.7 percent, citing widespread uncertainties, making clear this forecast did not take account of the Italian situation.
“It may turn out worse... (though) it is most likely that Italy will stay in the euro zone,” said Wansleben.
While he believed Italy could avert the worst-case scenario, the political crisis might nevertheless impair the capacity of the euro zone to work effectively.
He also said German companies were concerned about the effects of U.S. sanctions against Iran after President Donald Trump announced he was ditching an international nuclear agreement with the Islamic Republic and reinstating sanctions. (Reporting by Gernot Heller Writing by Michelle Martin and Madeline Chambers; editing by John Stonestreet)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-dihk/update-1-italys-crisis-could-become-a-disaster-warns-germanys-dihk-idUSL5N1T11UN |
Trump "eventually learned" of porn star payment: WH 4:31pm EDT - 01:14
U.S. President Donald Trump did not initially know that his personal lawyer had paid $130,000 to adult-film star Stormy Daniels but later learned about the payment, White House spokeswoman Sarah Sanders said on Thursday. Rough Cut (no reporter narration).
U.S. President Donald Trump did not initially know that his personal lawyer had paid $130,000 to adult-film star Stormy Daniels but later learned about the payment, White House spokeswoman Sarah Sanders said on Thursday. Rough Cut (no reporter narration). //reut.rs/2FGgDts | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/trump-eventually-learned-of-porn-star-pa?videoId=423607585 |
May 9 (Reuters) - ADT Inc:
* Q1 ADJUSTED EARNINGS PER SHARE $0.34 * Q1 REVENUE $1.116 BILLION VERSUS I/B/E/S VIEW $1.11 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adt-reports-q1-adjusted-earnings-p/brief-adt-reports-q1-adjusted-earnings-per-share-of-0-34-idUSASC0A0XB |
RICHARDSON, Texas, Intrusion Inc. (OTCQB:INTZ) (“Intrusion”) today announced financial results for the quarter ended March 31, 2018.
Intrusion’s net income was $346 thousand in the first quarter 2018, compared to a net loss of $351 thousand for the first quarter 2017 and net income of $194 thousand for the fourth quarter 2017.
Revenue for the first quarter 2018 was $2.3 million, compared to $1.6 million for the first quarter 2017 and $2.1 million for the fourth quarter 2017.
Gross profit margin was 62% of revenue in the first quarter 2018; compared to 63% for the first quarter 2017 and 58% for the fourth quarter 2017.
Intrusion’s first quarter 2018 operating expenses were $1.0 million; compared to $1.3 million for the first quarter 2017 and $1.0 million for the fourth quarter 2017.
As of March 31, 2018, Intrusion reported cash and cash equivalents of $0.1 million, a working capital deficiency of $0.3 million and debt of $3.0 million.
“Our orders pipeline as we entered 2018 included twenty-six customers, fifteen of which were existing customers and eleven new customers. Total bookings in the first quarter included five renewal orders from existing customers. Gross profit margin improved to 62% of revenue in the first quarter 2018. Gross profit margin should range from 58% to 65%, depending on product mix. We continue our increased sales efforts in the TraceCop business segment and expect this focus to result in growth in revenue and profit,” stated G. Ward Paxton, President and CEO of Intrusion.
Intrusion’s management will host its regularly scheduled quarterly conference call to discuss the Company’s financial and operational progress at 4:00 P.M., CDT today. Interested investors can access the call at 1-877-258-4925 (if outside the United States, 1-973-500-2152). For those unable to participate in the live conference call, a replay will be accessible beginning today at 7:00 P.M., CDT until May 14, 2018 by calling 1-855-859-2056 (if outside the United States, 1-404-537-3406). At the replay prompt, enter conference identification number 8979247. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com .
About Intrusion Inc.
Intrusion Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. Intrusion’s product families include TraceCop™ for identity discovery and disclosure, Savant™ for network data mining and advanced persistent threat detection. Intrusion’s products help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com . We develop, market and support a family of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products.
This release may contain certain , which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These involve a number of risks and uncertainties. Such statements include, without limitations, statements regarding future revenue growth and profitability, the difficulties in forecasting future sales caused by current economic and market conditions , the effects of sales and implementation cycles for our products on our quarterly results and difficulties in accurately estimating market growth, the effect of military actions on government and corporate spending on information security products, spending patterns of, and appropriations to, U.S. government departments, as well as other statements. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the The factors that could cause actual results to differ materially from expectations are detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”
INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands except par value amounts) March 31, December 31, 2018 2017 ASSETS Current Assets: Cash 133 $ 224 Accounts receivable 1,244 962 Inventories, net — 15 Prepaid expenses 181 89 Total current assets 1,558 1,290 Property and equipment, net 169 124 Other assets 38 38 TOTAL ASSETS $ 1,765 $ 1,452
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities: Accounts payable and accrued expenses $ 1,269 $ 1,182 Dividends payable 483 447 Obligations under capital lease, current portion 46 44 Deferred revenue 76 406 Total current liabilities 1,874 2,079 Loan payable to officer 2,965 2,865 Obligations under capital lease, noncurrent portion 38 17 Stockholders' Deficit: Preferred stock, $.01 par value: Authorized shares – 5,000 Series 1 shares issued and outstanding – 200 Liquidation preference of $1,175 in 2018 and $1,163 in 2017 707 707 Series 2 shares issued and outstanding – 460 Liquidation preference of $1,342 in 2018 and $1,328 in 2017 724 724 Series 3 shares issued and outstanding – 289 Liquidation preference of $736 in 2018 and $728 in 2017 412
412 Common stock, $.01 par value: Authorized shares – 80,000 Issued shares – 13,022 in 2018 and 12,808 in 2017 Outstanding shares – 13,012 in 2018 and 12,798 in 2017 130 128 Common stock held in treasury, at cost – 10 shares (362 ) (362 ) 56,567 56,518 Accumulated deficit (61,183 ) (61,529 ) loss (107 ) (107 ) Total stockholders' deficit (3,112 ) (3,509 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 1,765 $ 1,452
INTRUSION INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share amounts) Quarter ended Quarter ended March 31, March 31, 2018 2017 Revenue $ 2,263 $ 1,559 Cost of revenue 852 583 Gross profit 1,411 976 Operating expenses: Sales and marketing 414 361 Research and development 303 585 General and administrative 295 331 Operating income (loss) 399 (301 ) Interest expense, net (53 ) (50 ) Net income (loss) 346 (351 ) Preferred stock dividends accrued (36 ) (35 ) Net income (loss) attributable to common stockholders $ 310 $ (386 ) Net income (loss) per share attributable to common stockholders: Basic $ 0.02 $ (0.03 ) Diluted $ 0.02 $ (0.03 ) Weighted average shares outstanding: Basic 12,946 12,748 Diluted 14,730 12,748 Contact
Michael L. Paxton, VP, CFO
972.301.3658, [email protected]
Source:Intrusion Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-intrusion-inc-reports-net-income-of-346-thousand-in-the-first-quarter-of-2018.html |
May 31, 2018 / 1:01 PM / Updated 32 minutes ago SoftBank joins GM in self-driving car race; GM shares soar Paul Lienert , Sanjana Shivdas 5 Min Read
(Reuters) - Japan’s SoftBank Group Corp ( 9984.T ) will invest $2.25 billion in General Motors Co’s ( GM.N ) autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker’s leadership in self-driving cars and sent GM shares up more than 10 percent.
The move by SoftBank’s $100-billion Vision Fund is one of the highest profile, largest investments to date in self-driving technology, an industry that could revolutionize transportation but faces engineering, safety and regulatory challenges, as well as skepticism among potential users.
SoftBank has made a string of large bets in so-called mobility companies, such as ride services provider Uber Technologies Inc UBER.UL, expecting that transportation services for people and goods will explode. The Cruise deal extends that wager, betting that computers will displace drivers and cut operating costs.
GM Chief Executive Officer Mary Barra said GM might explore “other opportunities” with some of the companies that SoftBank has funded, including Uber, China’s Didi, India’s Ola and Southeast Asia’s Grab.
The partnership values Cruise at $11.5 billion, a figure exceeding some analyst targets and a triumph for GM, which was criticized for overpaying an estimated $1 billion for the startup two years ago.
The GM share jump on Thursday was the stock’s largest one-day gain since the company re-listed after its 2009 bankruptcy.
GM Cruise and Alphabet Inc’s ( GOOGL.O ) Waymo are often described as leading the pack of technology and auto companies competing to create self-driving cars and integrate them into ride services fleets.
Alphabet, which plans to launch a robo taxi service later this year, underscored its own ambitions on Thursday, announcing a deal to buy up to 62,000 minivans from Fiat Chrysler Automobiles ( FCHA.MI ) for its self-driving fleet.
Ford Motor Co ( F.N ) and BMW ( BMWG.DE ) both plan to deploy self-driving cars in 2021; Tesla Inc ( TSLA.O ) has talked about creating a network of self-driving cars and Uber says it is sticking with a development effort despite an accident in which its self-driving car killed a woman in Arizona.
That accident raised concerns around the United States about the terms under which self-driving cars should be allowed to test and operate.
Uber Chief Executive Dara Khosrowshahi on Wednesday also said he was in talks to use Waymo technology on the Uber network, a sign of how alliances and partnerships are still being formed. Slideshow (3 Images) ‘REASON TO OWN’ GM
GM’s initial purchase of Cruise was met with skepticism over the price - a billion dollars for an unproven technology. Still, it ignited a deal frenzy in Silicon Valley and hiked self-driving startup valuations, both of which may accelerate after the SoftBank partnership.
Cruise operated with an unusual amount of autonomy after the purchase by GM, although Cruise CEO Kyle Vogt last year told a Fortune event that it was “not smooth sailing” at first. “It took us probably six months to a year to really figure out how to work well together and to achieve what we have now, which is mutual respect,” he said last July.
RBC Capital Markets analyst Joseph Spak said his firm had valued Cruise at $4 billion before the SoftBank investment. The deal affirmed that GM was one of the top contenders to deploy self-driving ride hailing. “GM has a meaningful seat at the table,” he said.
Barclays analyst Brian Johnson described the deal for GM as “a reason to own the stock again”.
GM will also invest $1.1 billion in the unit after the deal closes, the company said.
SoftBank Vision Fund will own a 19.6-percent stake in GM Cruise once the transaction is completed, and will hold one of six seats on the company’s board. Its investment will be held in a preferred security that can be converted to GM common stock after seven years.
SoftBank will initially invest $900 million and a further $1.35 billion when Cruise vehicles are ready for commercial deployment, subject to regulatory approval.
GM said it would break out reporting on GM Cruise financials as a standalone segment, starting in the second quarter. The automaker said it expects to spend about a billion dollars this year and next on self-driving vehicle development and commercialization.
SoftBank will a stake in a newly created unit, GM Cruise Holdings, whose assets include Cruise Automation, based in San Francisco, and Strobe, a small self-driving sensor developer that Cruise acquired last year.
GM President Dan Ammann said GM Cruise also would oversee monetization of data generated by the company’s self-driving vehicles, which he has said could provide greater margins than GM’s traditional business of buying and selling cars. Reporting by Sanjana Shivdas in Bengaluru and Paul Lienert in Detroit; Editing by Sriraj Kalluvila, Peter Henderson and Nick Zieminski | ashraq/financial-news-articles | https://in.reuters.com/article/gm-softbank-autonomous/softbank-investment-in-gm-cruise-could-speed-self-driving-cars-idINKCN1IW1Q5 |
May refuses to relax Northern Ireland abortion law 3:16pm BST - 01:27
British Prime Minister Theresa May faces a showdown within her Conservative party after refusing to back reform of Northern Ireland's restrictive abortion rules after neighbouring Ireland's vote to liberalize its laws.
British Prime Minister Theresa May faces a showdown within her Conservative party after refusing to back reform of Northern Ireland's restrictive abortion rules after neighbouring Ireland's vote to liberalize its laws. //reut.rs/2GWbuy8 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/28/may-refuses-to-relax-northern-ireland-ab?videoId=431151230 |
May 1 (Reuters) - Swiss drugmaker Novartis said on Tuesday it received a second approval from the U.S. Food and Drug Administration (FDA) for a second form of the blood cancer drug Kymriah.
The company said it received FDA approval to treat adult patients with relapsed or refractory large B-cell lymphoma.
“Today’s FDA approval of Kymriah provides another opportunity for Novartis to build on its leadership in CAR-T development,” said Liz Barrett, chief executive of Novartis Oncology.
Kymriah, a chimeric antigen receptor T cell (CAR-T) therapy, in August won FDA approval for treatment of acute lymphoblastic leukemia in patients up to 25 years old. (Reporting by Ishita Chigilli Palli in Bengaluru; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/novartis-pharmaceuticals/novartis-says-kymriah-receives-second-u-s-fda-approval-idUSL3N1S842O |
May 29, 2018 / 6:18 PM / Updated an hour ago ABC cancels 'Roseanne' after TV star tweets racial slur Lisa Richwine , Eric Kelsey 2 Min Read
LOS ANGELES (Reuters) - Walt Disney Co’s ABC network canceled the popular U.S. television comedy “Roseanne” on Tuesday after star Roseanne Barr compared a former Obama administration official to an ape in remarks on Twitter. FILE PHOTO: Actress Roseanne Barr waves on her arrival to the 75th Golden Globe Awards in Beverly Hills, California, U.S., January 7, 2018. REUTERS/Mario Anzuoni/File Photo
“Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show,” ABC Entertainment President Channing Dungey said in a statement.
In a since-deleted comment on Twitter, Barr wrote that former Obama adviser Valerie Jarrett was equivalent to the Islamist political movement “muslim brotherhood & planet of the apes had a baby.”
Barr, 65, apologized “for making a bad joke” about Jarrett, who is black and was born in Iran to American parents.
“Roseanne” was ABC’s biggest hit of the 2017-2018 season. The show drew an average of 18.7 million viewers, second only to CBS sitcom “The Big Bang Theory,” according to Nielsen data through May 20.
Jarrett, through spokesman Jordan Finkelstein, declined to comment.
The original “Roseanne” aired from 1988 to 1997. It featured a blue-collar family, the Conners, with overweight parents struggling to get by and was praised for its realistic portrayal of working-class life.
President Donald Trump has latched onto the show’s huge viewership as evidence that his supporters, which include Barr, want shows that speak to their concerns. Reporting by Lisa Richwine and Eric Kelsey; Editing by James Dalgleish and Steve Orlofsky | ashraq/financial-news-articles | https://in.reuters.com/article/television-roseanne/abc-cancels-roseanne-after-tv-star-tweets-racial-slur-idINKCN1IU2FN |
NEW YORK, May 30, 2018 /PRNewswire/ -- S&P Global Market Intelligence sees improving profitability for U.S. banks, including smaller community banking institutions, at least in the near term, according to its latest bank market reports.
Banks should experience additional expansion in net interest margins even as funding pressures and heightened competition stemming from tax reform mitigate the benefits of higher interest rates. That expansion, coupled with a lower corporate tax rate, should allow profitability to nearly reach precrisis levels, before credit quality sours and serves as a headwind to earnings.
As credit quality slips, banks will begin complying with a new reserve methodology, dubbed the Current Expected Credit Loss model (CECL), which could slow balance sheet growth as some institutions raise rates on loans, while others look to rebuild their capital bases.
The detailed outlooks for both the US banking and community bank industries were outlined in the 2018 US Bank Market Report and the 2018 US Community Bank Market Report published in the early spring. The reports, which offer a five-year comprehensive analysis for the two groups, also highlight performance over the last decade and explain how banks have reacted to changes in the regulatory and interest rate environment.
Additional analysis from the reports:
Higher funding costs loom as deposit betas jump at some large US banks CECL will create large capital hit, earnings volatility for US banks Community banks winning the battle for deposit costs Community banks well-positioned to absorb capital hit from CECL
Bank profitability is poised to improve in the near term
2017A
2018P
2019P
2020P
2021P
2022P
ROAA (%)
0.96
1.25
1.25
1.16
1.00
0.96
ROAE (%)
8.55
11.18
11.29
10.41
8.80
8.42
Efficiency ratio (%)
57.63
58.14
57.25
56.08
55.68
55.70
Net interest margin (%)
3.21
3.24
3.28
3.34
3.34
3.32
Projections current as of March 2, 2018. Data compiled between Feb. 19, 2018, and March 2, 2018.
A= Actual; P=Projected
Source: S&P Global Market Intelligence, proprietary estimates
©2018. S&P Global Market Intelligence. All rights reserved.
Including the impact of CECL, which banks will adopt in 2020, the report projects that while the banking industry could record slightly higher net interest margins, it should report lower capital ratios and experience greater earnings volatility.
Profitability metrics for community banks
2017A
2018P
2019P
2020P
2021P
2022P
ROAA (%)
1.02
1.15
1.11
1.04
0.96
0.88
ROAE (%)
8.85
9.87
9.32
8.52
7.60
6.73
Efficiency ratio (%)
63.02
65.42
64.95
63.72
62.88
64.21
Net interest margin (%)
3.66
3.69
3.70
3.75
3.83
3.75
Projections current as of March 22, 2018. Data compiled between March 2, 2018 and March 16, 2018.
A= Actual; P=Projected
Source: S&P Global Market Intelligence, proprietary estimates
©2018. S&P Global Market Intelligence. All rights reserved.
The banking industry's earnings are projected to jump 36.3% in 2018 for large banks, and 19% through 2018 for community banks, according to the reports. Earnings should rise 4.2% for large banks in 2019 as higher interest rates continue to bolster profitability, while community bank earnings are projected to dip modestly in 2019 as funding costs rise and impede margin expansion. However, the reports see earnings falling in 2020 for all banks as credit quality begins to deteriorate.
Tax Reform Impact
The Tax Cuts and Jobs Act lowered the corporate statutory tax rate to 21%, well below the roughly 30% effective rate regularly recorded by the banking industry since the credit crisis. The lower tax rate and the benefit of being compared to a lower earnings base in 2017 should allow earnings to grow by more than 35% and 19% in 2018 for large banks and community banks respectively.
There is hope that tax reform will spur greater economic activity as well, but loan demand has not increased yet. Lackluster growth has led to fiercer competition for quality credits and tax reform likely will only intensify the fight since economic growth will not be strong enough to lever the windfall from the legislation. If growth fails to materialize, tax reform could prove to be a double-edge sword for the banking industry.
S&P Global Market Intelligence analyzed nearly 10,000 banking subsidiaries, covering the core banking industry from 2005 to 2017. The analysis includes all commercial and savings banks and savings institutions and historical institutions as long as they were still considered current at the end of a given year. It excludes several hundred institutions that hold bank charters but do not principally engage in banking activities, among them industrial banks, nondepository trusts and cooperative banks.
The analysis examined long-term performance over periods outside the peak of the asset bubble from 2006 to 2007 to inform projections both in good and bad times. S&P Global Market Intelligence has created a model that projects the balance sheet and income statement of the entire industry and allows for different growth assumptions from one year to the next.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we know that not all information is important—some of it is vital. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities globally can gain the intelligence essential to making business and financial decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). For more information, visit www.spglobal.com .
View original content: http://www.prnewswire.com/news-releases/us-bank-profits-projected-to-reach-pre-crisis-levels-but-cecl-could-slow-overall-balance-sheet-growth-300656125.html
SOURCE S&P Global Market Intelligence | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-us-bank-profits-projected-to-reach-pre-crisis-levels-but-cecl-could-slow-overall-balance-sheet-growth.html |
May 29, 2018 / 5:23 PM / Updated 43 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 29 (OPTA) - Scoreboard at close of play of between Worcestershire and Leicestershire on Tuesday at Worcester, England Worcestershire win by 6 wickets Leicestershire 1st innings Cameron Delport b Ed Barnard 20 Paul Horton c Ben Cox b Moeen Ali 79 Ben Raine c Joe Leach b Ed Barnard 83 Mark Cosgrove c Patrick Brown b Ed Barnard 70 Colin Ackermann Not Out 71 Tom Wells Not Out 32 Extras 0b 2lb 4nb 0pen 15w 21 Total (50.0 overs) 376-4 Fall of Wickets : 1-46 Delport, 2-177 Raine, 3-200 Horton, 4-301 Cosgrove Did Not Bat : Eckersley, Dexter, Parkinson, Aaron, Griffiths Bowling Ov Md Rn Wk Econ Ex Joe Leach 10 0 78 0 7.80 4w 1nb Charlie Morris 7 0 70 0 10.00 1w Ed Barnard 10 0 64 3 6.40 1w Moeen Ali 8 0 50 1 6.25 Daryl Mitchell 3 0 21 0 7.00 Patrick Brown 7 0 41 0 5.86 2w Brett D'Oliveira 5 0 50 0 10.00 1w 1nb Worcestershire 1st innings Joe Clarke c Cameron Delport b Colin Ackermann 62 Moeen Ali c Colin Ackermann b Ben Raine 0 Callum Ferguson c Ned Eckersley b Varun Aaron 192 Daryl Mitchell c Cameron Delport b Neil Dexter 50 Brett D'Oliveira Not Out 54 Ross Whiteley Not Out 6 Extras 4b 4lb 4nb 0pen 4w 16 Total (47.2 overs) 380-4 Fall of Wickets : 1-5 Ali, 2-145 Clarke, 3-233 Mitchell, 4-370 Ferguson Did Not Bat : Cox, Barnard, Leach, Morris, Brown Bowling Ov Md Rn Wk Econ Ex Varun Aaron 10 0 84 1 8.40 2w 1nb Ben Raine 9 0 64 1 7.11 Gavin Griffiths 7 0 55 0 7.86 1nb Callum Parkinson 10 0 67 0 6.70 Cameron Delport 2.2 0 26 0 11.14 1w Colin Ackermann 5 0 40 1 8.00 1w Neil Dexter 4 0 36 1 9.00 Umpire Michael Burns Umpire Billy Taylor Home Scorer Sue Drinkwater Away Scorer Paul Rogers | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5TI2TLP2 |
May 12, 2018 / 11:13 AM / Updated 6 hours ago TPG puts British discount retailer Poundworld up for sale: source Reuters Staff 2 Min Read
LONDON (Reuters) - Private equity group TPG has put British discount chain Poundworld up for sale after receiving expressions of interest, prompting it to put a planned restructuring of the group on hold, a person familiar with the matter said on Saturday.
Poundworld had been due to launch a restructuring to enable it to close some stores as it battles a tough retail environment, but the source said that process had now been put on hold while TPG considers possible bids.
Poundworld says it serves over 2 million customers a week through its more than 350 stores around the country. TPG bought a majority stake in 2015 in Poundworld, which competes with rival group Poundland and other discount groups.
The person familiar with the situation said information on Poundworld had been sent to a variety of potential buyers and there were early signs of interest. It expects the process to be managed over a short timeframe to allow any new buyer to continue the restructuring if required.
Poundworld is not the only retailer to be struggling in Britain at the moment where consumers are strapped for cash and increasingly shopping online.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have collapsed, while fashion retailer New Look is closing stores.
The possible Poundworld sale was first reported by Sky News. TPG and Poundworld declined to comment on Saturday. Reporting by Kate Holton; Editing by Alexander Smith and Ros Russell | ashraq/financial-news-articles | https://www.reuters.com/article/us-poundland-m-a-tpg/tpg-puts-british-discount-retailer-poundworld-up-for-sale-idUSKCN1ID0CK |
First quarter 2018 diluted earnings per share (GAAP) $0.59 compared to $0.52 in the first quarter of 2017 Strong results in both the Regulated Businesses and the Market-Based Businesses Increased quarterly dividend by 9.6 percent to 45.5 cents per diluted common share Company affirms 2018 earnings guidance range of $3.22 to $3.32 per diluted share
VOORHEES, N.J.--(BUSINESS WIRE)-- American Water Works Company, Inc. (NYSE: AWK) today reported results for the quarter ended March 31, 2018.
“We are off to a strong start this year with first quarter 2018 earnings per share up 13.5 percent compared to last year. Our first quarter results demonstrate that American Water employees continue to grow our business through the consistent execution of our strategies,” said Susan Story, president and CEO of American Water. "Reflecting the company’s strong performance, the Board of Directors approved a 9.6 percent increase in our quarterly dividend to 45.5 cents per share, marking the sixth year in a row that the dividend increases at or above the top of the long-term EPS compound annual growth range.
“During the quarter, we saw growth in both our Regulated and Market-Based Businesses. We invested $343 million to better serve our customers and added approximately 5,200 customers to date through closed acquisitions and organic growth. We also recently announced our agreement to acquire the Alton, Illinois Regional Wastewater System, " added Story. "Our employees have lived, worked and served water in this great city for over 140 years and we welcome these 23,000 new wastewater customers when we close, expected in the first quarter of 2019.
“In our Market-Based Businesses, we recently announced the acquisition of Pivotal Home Solutions, a leading provider of home warranty protection products and services that is highly complementary to our Homeowner Services Group. We have been in this business for 16 years, and we are excited to welcome the great men and women of Pivotal into the American Water family upon close of the transaction expected in the second quarter.”
Consolidated Results
In the first quarter 2018, income from continuing operations increased $0.07 per diluted share compared to the prior year. Net income from the Regulated Businesses increased $0.05 per diluted share or 9.4 percent from an increase in authorized revenue driven by capital investments, acquisitions and organic growth. Net income from the Market-Based Businesses increased $0.03 per diluted share, primarily from stronger results in the Homeowner Services Group, compared to the prior year and the Parent decreased $0.01 per diluted share from the lower tax shield on interest expense.
For the first three months of 2018, the company made capital investments of approximately $343 million, including $302 million dedicated primarily to improving infrastructure in the Regulated Businesses, and $8 million for regulated acquisitions. American Water plans to invest in the range of $1.9 billion to $2.1 billion, including the acquisition of Pivotal Home Solutions (“Pivotal”), across its footprint in 2018, with the majority dedicated to providing safe, clean and reliable service to its customers.
On April 11, 2018, AWE entered into an agreement to acquire all of the capital stock of Pivotal from a Southern Company subsidiary. Pivotal is a leading provider of home warranty protection products and services, operating in 18 states with approximately 1.2 million customer contracts. The purchase price is approximately $365 million, including an estimated $7 million of working capital. This transaction, which is subject to obtaining regulatory consents and approvals and the satisfaction of other customary closing conditions, is expected to close in the second quarter of 2018 and be financed with approximately 50% debt and 50% equity. American Water entered into an equity forward transaction that substantially eliminates future equity market price risk, while mitigating immediate share dilution resulting from the transaction until funds are needed in connection with the closing of the acquisition.
Regulated Businesses
In the first quarter of 2018, net income in the Regulated Businesses was $104 million, compared to $94 million for the same period in 2017. Regulated revenue increased $7 million driven by a $39 million increase from additional authorized revenue and surcharges to support infrastructure investments, acquisitions, and organic growth; partially offset by $32 million of deferred revenue resulting from the lower federal tax rate under the Tax Cut and Jobs Act ("TCJA") that is estimated to be refunded to customers. This increase was partially offset by higher O&M expense of $19 million which includes higher production expense of $6 million due to purchased water price and usage increases in our California subsidiary and the remaining $13 million is to support regulated acquisition growth and higher main breaks from the harsh frigid weather conditions across several regulated states. In addition, depreciation expense increased $5 million from infrastructure investment growth. Income taxes were lower by $22 million from the lower federal tax rate under the TCJA.
Through May 2, 2018, the company received additional annualized revenues of approximately $95 million from general rate cases and approximately $15 million from infrastructure surcharges. The company is awaiting final orders for general rate cases in three states for a total annualized revenue request of approximately $165 million, adjusted for certain impacts of the TCJA. The extent to which requested rate increases will be granted by the applicable regulatory agencies will vary.
For the 12-month period ended March 31, 2018, the company's adjusted regulated O&M efficiency ratio (a non-GAAP financial measure) improved to 35.6 percent, compared to 36.6 percent for the 12-month period ended March 31, 2017. For period-to-period comparability purposes, both of these ratios present the estimated impact of the TCJA on operating revenues for the Regulated Businesses on a pro forma basis, as if the lower federal corporate income tax rate was in effect for these periods. By reducing O&M expense as a proportion of revenue, American Water is able to make investments in needed capital improvements without significantly impacting customer bills.
Market-Based Businesses
In the first quarter of 2018, net income in the Market-Based Businesses was $12 million, compared to $7 million for the same period in 2017. The increase was primarily driven by growth in the Homeowner Services Group through customer growth and cost management and the impact of the lower federal income tax rate under the TCJA.
On April 11, 2018, American Water announced the signing of an agreement to acquire Pivotal Home Solutions, which is the home warranty business owned by Southern Company subsidiary Southern Gas. With this acquisition, Homeowner Services will be the second largest provider of utility home warranty products in the United States. In addition, the highly complementary acquisition strengthens American Water's platform for cross selling products and organic growth.
Dividends
On Apr. 20, 2018, American Water’s board of directors declared a quarterly cash dividend payment of $0.455 per share of common stock, payable on Jun. 1, 2018, to all stockholders of record as of May 11, 2018.
2018 Earnings Guidance
American Water has affirmed its 2018 earnings guidance to a GAAP range of $3.22 - $3.32 per diluted share. The company’s earnings forecasts are subject to numerous risks and uncertainties, including, without limitation, those described under “Forward-Looking Statements” below and under “Risk Factors” in its annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”).
Non-GAAP Financial Measures
This press release includes a presentation of the adjusted Regulated O&M efficiency ratio, which, in addition to the pro forma adjustment for the impact of the TCJA, excludes from its calculation estimated purchased water revenues and purchased water expenses, the impact of certain Freedom Industries, Inc. chemical spill settlement activities recognized in 2016 and 2017, the impact of the company’s adoption of Accounting Standard Update 2017-07 related to net periodic pension and post-retirement benefit costs for 2016, 2017 and 2018, and the allocable portion of non-O&M support services costs, mainly depreciation and general taxes. This item constitutes a "non-GAAP financial measure" under SEC rules. This item is derived from American Water's consolidated financial information but is not presented in its financial statements prepared in accordance with GAAP. This non-GAAP financial measure supplements and should be read in conjunction with the company's GAAP disclosures and should not be considered an alternative to any GAAP measure.
Management believes that the presentation of this measure is useful to investors because it provides a means of evaluating the company's operating performance without giving effect to items that are not reflective of management's ability to increase efficiency of the company's regulated operations. In preparing operating plans, budgets and forecasts, and in assessing historical performance, management relies, in part, on trends in the company's historical results, exclusive of estimated revenues and expenses related to purchased water, the Freedom Industries chemical spill settlement activities and the allocable portion of non-O&M support services costs. The company's definition of this metric may not be comparable to the same or similar measures used by other companies, and, accordingly, this non-GAAP financial measure may have significant limitations on its use.
Set forth in this release is a table that reconciles each of the components used to calculate adjusted O&M efficiency ratio to the most directly comparable GAAP financial measure.
First Quarter 2018 Earnings Conference Call
The first quarter 2018 earnings conference call will take place on Thursday, May 3, 2018, at 9 a.m. Eastern Daylight Time. Interested parties may listen to the conference call over the Internet by logging on to the Investor Relations page of the company’s website at https://amwater.com . Presentation slides that will be used in conjunction with the earnings conference call will also be made available online. The company recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under SEC Regulation FD.
Following the earnings conference call, an audio archive of the call will be available through May 10, 2018. U.S. callers may access the audio archive toll-free by dialing 1-877-344-7529. International callers may listen by dialing 1-412-317-0088. The access code for replay is 10119526. The online webcast will be available at American Water’s investor relations homepage at http://ir.amwater.com through June 3, 2018. After that, the archived webcast will be available for one year at http://ir.amwater.com .
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly-traded water and wastewater utility company. The company employs more than 6,900 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 15 million people in 46 states and Ontario, Canada. More information can be found by visiting amwater.com .
Cautionary Statement Concerning Forward-Looking Statements
Certain statements including, without limitation, 2018 earnings guidance, the outcome of pending acquisition activity and estimated revenues from rate cases and other government agency authorizations, are within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. In some cases, these can be identified by words with prospective meanings such as “intend,” “plan,” “estimate,” “believe,” “anticipate,” “expect,” “predict,” “project,” “propose,” “assume,” “forecast,” “outlook,” “future,” “pending,” “goal,” “objective,” “potential,” “continue,” “seek to,” “may,” “can,” “will,” “should” and “could” and or the negative of such terms or other variations or similar expressions. These are predictions based on American Water’s current expectations and assumptions regarding future events. They are not guarantees or assurances of any outcomes, financial results of levels of activity, performance or achievements, and readers are cautioned not to place undue reliance upon them. The are subject to a number of estimates and assumptions, and known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in the included as a result of the factors discussed in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2017, and subsequent filings with the SEC, and because of factors such as: the decisions of governmental and regulatory bodies, including decisions to raise or lower rates; the timeliness and outcome of regulatory commissions’ actions concerning rates, capital structure, authorized return on equity, capital investment, permitting, and other decisions; changes in laws, governmental regulations and policies, including environmental, health and safety, water quality, and public utility and tax regulations and policies, and impacts resulting from U.S., state and local elections; potential costs and liabilities of American Water for environmental laws and similar matters resulting from, among other things, water and wastewater service provided to customers, including, for example, water management solutions focused on customers in the shale natural gas exploration and production market; the outcome of litigation and similar government actions, including matters related to the Freedom Industries chemical spill in West Virginia, and the preliminarily approved global class action settlement related to this chemical spill; weather conditions, and events, climate change patterns, and natural disasters, including drought or abnormally high rainfall, strong winds, coastal and intercoastal flooding, earthquakes, landslides, hurricanes, tornadoes, wildfires, electrical storms and solar flares; changes in customer demand for, and patterns of use of, water, such as may result from conservation efforts; its ability to appropriately maintain current infrastructure, including its operational and information technology (“IT”) systems, and manage the expansion of its business; its ability to obtain permits and other approvals for projects; changes in its capital requirements; its ability to control operating expenses and to achieve efficiencies in its operations; the intentional or unintentional acts of a third party, including contamination of its water supplies or water provided to its customers; exposure or infiltration of its critical infrastructure, operational technology and IT systems, including the disclosure of sensitive or confidential information contained therein, through physical or cyber-attacks or other disruptions; its ability to obtain adequate and cost-effective supplies of chemicals, electricity, fuel, water and other raw materials that are needed for its operations; its ability to successfully meet growth projections and capitalize on growth opportunities, including its ability to, among other things, acquire and integrate water and wastewater systems into its regulated operations and enter into contracts and other agreements with, or otherwise obtain, new customers in its Market-based Businesses; cost overruns relating to improvements in or the expansion of its operations; its ability to maintain safe work sites; risks and uncertainties associated with contracting with the U.S. government, including ongoing compliance with applicable government procurement and security regulations; changes in general economic, political, business and financial market conditions; access to sufficient capital on satisfactory terms and when and as needed to support operations and capital expenditures; fluctuations in interest rates; restrictive covenants in or changes to the credit ratings on its current or future debt that could increase its financing costs or funding requirements or affect its ability to borrow, make payments on debt or pay dividends; fluctuations in the value of benefit plan assets and liabilities that could increase its financing costs and funding requirements; changes in Federal or state income, general and other tax laws, including tax reform, the availability of tax credits and tax abatement programs, and the ability to utilize its U.S. and state net operating loss carryforwards; migration of customers into or out of its service territories; the use by municipalities of the power of eminent domain or other authority to condemn its systems; difficulty in obtaining, or the inability to obtain, insurance at acceptable rates and on acceptable terms and conditions; its ability to retain and attract qualified employees; labor actions including work stoppages and strikes; the incurrence of impairment charges related to American Water’s goodwill or other assets; civil disturbances, terrorist threats or acts, or public apprehension about future disturbances or terrorist threats or acts; the impact of new accounting standards or changes to existing standards; obtaining regulatory consents and approvals required to complete, and satisfying other conditions to the closing of, the acquisition of Pivotal Home Solutions; the timing of the closing of the acquisition; our ability to finance the purchase price of this acquisition; the occurrence of the benefits and synergies expected or predicted to occur as a result of the completion of the acquisition; unexpected costs, liabilities or delays associated with the acquisition or the integration of the business, operations and employees; the timing and method of settlement of the forward sale agreements; and the amount and intended use of proceeds that may be received from the settlement of the forward sale agreements.
These are qualified by, and should be read together with, the risks and uncertainties set forth above and the risk factors included in the company’s annual and quarterly SEC filings, and readers should refer to such risks, uncertainties and risk factors in evaluating such . Any speak only as of the date of this press release. The company does not have or undertake any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as otherwise required by the Federal securities laws. Furthermore, it may not be possible to assess the impact of any such factor on the company’s businesses, either viewed independently or together, or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. The foregoing factors should not be construed as exhaustive.
American Water Works Company, Inc. and Subsidiary Companies Consolidated Statements of Operations (Unaudited) (In millions, except share and per share data)
For the Three Months Ended
March 31,
2018 2017 Operating revenues $ 761 $ 756 Operating expenses: Operation and maintenance 347 334 Depreciation and amortization 129 124 General taxes 70 68 Gain on asset dispositions and purchases (2 ) — Total operating expenses, net 544 526 Operating income 217 230 Other income (expense): Interest, net (84 ) (85 ) Non-operating benefit costs, net 3 (3 ) Other, net 4 3 Total other income (expense) (77 ) (85 ) Income before income taxes 140 145 Provision for income taxes 34 52 Net income attributable to common stockholders $ 106 $ 93 Basic earnings per share: Net income attributable to common stockholders $ 0.60 $ 0.52 Diluted earnings per share: Net income attributable to common stockholders $ 0.59 $ 0.52 Weighted-average common shares outstanding: Basic 178 178 Diluted 179 179 Dividends declared per common share $ — $ — American Water Works Company, Inc. and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data)
March 31, 2018 December 31, 2017 ASSETS Property, plant and equipment $ 21,995 $ 21,716 Accumulated depreciation (5,518 ) (5,470 ) Property, plant and equipment, net 16,477 16,246 Current assets: Cash and cash equivalents 55 55 Restricted funds 26 27 Accounts receivable, net 273 272 Unbilled revenues 188 212 Materials and supplies 42 41 Other 145 113 Total current assets 729 720 Regulatory and other long-term assets: Regulatory assets 1,062 1,061 Goodwill 1,379 1,379 Other 81 76 Total regulatory and other long-term assets 2,522 2,516 Total assets $ 19,728 $ 19,482 American Water Works Company, Inc. and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data)
March 31, 2018 December 31, 2017 CAPITALIZATION AND LIABILITIES Capitalization: Common stock ($0.01 par value, 500,000,000 shares authorized, 182,723,455 and 182,508,564 shares issued, respectively) $ 2 $ 2 Paid-in-capital 6,438 6,432 Accumulated deficit (617 ) (723 ) Accumulated other comprehensive loss (75 ) (79 ) Treasury stock, at cost (4,683,156 and 4,064,010 shares, respectively) (297 ) (247 ) Total common stockholders' equity 5,451 5,385 Long-term debt 6,396 6,490 Redeemable preferred stock at redemption value 7 8 Total long-term debt 6,403 6,498 Total capitalization 11,854 11,883 Current liabilities: Short-term debt 1,183 905 Current portion of long-term debt 421 322 Accounts payable 133 195 Accrued liabilities 495 630 Taxes accrued 64 33 Interest accrued 84 73 Other 159 167 Total current liabilities 2,539 2,325 Regulatory and other long-term liabilities: Advances for construction 265 271 Deferred income taxes, net 1,585 1,551 Deferred investment tax credits 22 22 Regulatory liabilities 1,673 1,664 Accrued pension expense 390 384 Accrued post-retirement benefit expense 39 40 Other 74 66 Total regulatory and other long-term liabilities 4,048 3,998 Contributions in aid of construction 1,287 1,276 Commitments and contingencies Total capitalization and liabilities $ 19,728 $ 19,482 American Water Works Company, Inc. and Subsidiary Companies Adjusted Regulated Operation and Maintenance Efficiency Ratio (A Non-GAAP, unaudited measure) In millions
For the Twelve Months Ended March 31, (Dollars in millions)
2018 2017 Total operation and maintenance expenses $ 1,388 $ 1,493 Less: Operation and maintenance expenses—Market-Based Businesses 329 361 Operation and maintenance expenses—Other (48 ) (44 ) Total operation and maintenance expenses—Regulated Businesses 1,107 1,176 Less: Regulated purchased water expenses 131 122 Allocation of non-operation and maintenance expenses 30 28 Impact of Freedom Industries settlement activities (a) (22 ) 65 Impact of adoption of ASU 2017-07 (b) 6 5 Adjusted operation and maintenance expenses—Regulated Businesses (i) $ 962 $ 956 Total operating revenues $ 3,362 $ 3,315 Less: Pro forma adjustment for impact of the TCJA (c) 129 163 Total pro forma operating revenues 3,233 3,152 Less: Operating revenues—Market-Based Businesses 419 440 Operating revenues—Other (22 ) (21 ) Total pro forma operating revenues—Regulated Businesses 2,836 2,733 Less: Regulated purchased water revenues (d) 131 122 Adjusted pro forma operating revenues—Regulated Businesses (ii) $ 2,705 $ 2,611 Adjusted O&M efficiency ratio—Regulated Businesses (i) / (ii) 35.6 % 36.6 % NOTE The adjusted O&M efficiency ratio previously reported for the twelve months ended March 31, 2017 was 34.6%, which did not include the adjustments for the items discussed in footnotes (b) and (c) below. (a) Includes the impact of the binding global agreement in principle to settle claims in 2016 and a settlement with one of our general liability insurance carriers in 2017. (b) Includes the impact of the Company’s adoption of ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit, on January 1, 2018. (c) Includes the estimated impact of the TCJA on operating revenues for our Regulated Businesses for all periods presented prior to January 1, 2018, as if the lower federal income tax rate was in effect for these periods. (d) The calculation assumes regulated purchased water revenues approximate regulated purchased water expenses. Click here to subscribe to Mobile Alerts for American Water.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006769/en/
American Water
Edward Vallejo
Vice President, Investor Relations
856-566-4005
[email protected]
or
Maureen Duffy
Vice President, Communications and Federal Affairs
856-309-4546
[email protected]
Source: American Water | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-american-water-reports-first-quarter-2018-results.html |
May 7 (Reuters) - Overstock.com Inc:
* OVERSTOCK.COM CEO ANNOUNCES MANAGEMENT CHANGES TO ACCELERATE TZERO
* OVERSTOCK.COM INC - SAUM NOURSALEHI, FORMERLY PRESIDENT OF CO, WILL ASSUME ROLE OF CEO OF TZERO
* OVERSTOCK.COM - PATRICK BYRNE TO GIVE UP TZERO CEO TITLE AND ASSUME ROLE OF TZERO EXECUTIVE CHAIRMAN Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-overstockcom-ceo-announces-managem/brief-overstock-com-ceo-announces-management-changes-to-accelerate-tzero-idUSASC0A010 |
SHANGHAI, May 24 (Reuters) - Japanese retailer Muji has been fined 200,000 yuan ($31,300) in Shanghai for using packaging that lists Taiwan as a country, underscoring China’s growing sensitivity to how companies refer to the self-ruled island.
Muji, which is owned by Ryohin Keikaku Co, imported 119 clothes hangers from Japan last year in packaging that marked Taiwan as the “country of origin”, the Shanghai Administration for Industry and Commerce said in a statement.
This violated Chinese advertising law which warns against hurting China’s dignity and interest, said the statement, which was published last month but reported by Chinese media on Wednesday.
Muji did not immediately respond to an email requesting comment.
The regulator said Muji had since changed the packaging and made corrections. ($1 = 6.3875 Chinese yuan) (Reporting by Brenda Goh; Editing by Edwina Gibbs)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-muji/china-fines-muji-for-packaging-that-lists-taiwan-as-a-country-idUSL5N1SV04L |
May 2 (Reuters) - GETBACK:
* SAID ON MONDAY THAT IT RECEIVED A NOTIFICATION FROM A FINANCIAL INSTITUTION BASED IN DENMARK ABOUT THE WITHDRAWAL FROM TWO PRELIMINARY PURCHASE AGREEMENTS FOR DEBT PORTFOLIOS WITH GETBACK AND ITS UNITS
* THE INSTITUTION HAS SAID IN ITS WITHDRAWAL STATEMENT THAT GETBACK AND ITS UNITS DID NOT MEET THE CONDITIONAL OBLIGATIONS WHICH WERE TO LEAD TO A FINAL CONTRACT
* CO INFORMED ABOUT ITS UNITS PLANS TO ACQUIRE DEBT PORTFOLIOS OF THE NOMINAL VALUE OF ABOUT 0.4 BLN ZLOTYS IN DEC. 2017
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S920T |
April 30, 2018 / 9:30 PM / Updated 29 minutes ago WhatsApp co-founder to quit in loss of privacy advocate at Facebook Reuters Staff 2 Min Read
SAN FRANCISCO (Reuters) - The co-founder of WhatsApp, a messaging service owned by Facebook Inc ( FB.O ) with more than 1 billion daily users, said on Monday he was leaving the company, in a loss of one of the strongest advocates for privacy inside Facebook. Jan Koum, co-founder and CEO of WhatsApp speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File Photo
Jan Koum’s plan to exit comes after clashing with the parent company over WhatApp’s strategy and Facebook’s attempts to use its personal data and weaken its encryption, the Washington Post earlier reported, citing people familiar with the internal discussions.
“It’s been almost a decade since Brian and I started WhatsApp, and it’s been an amazing journey with some of the best people,” Koum, WhatsApp’s chief executive, said in a post on his Facebook page referring to co-founder Brian Acton.
“But it is time for me to move on.” He did not give a date for his departure and could not immediately be reached for comment.
Acton left the messaging service company in September to start a foundation, after spending eight years with WhatsApp.
Stanford alumnus Acton and Ukrainian immigrant Koum co-founded WhatsApp in 2009. Facebook bought WhatsApp in 2014 for $19 billion (£13.81 billion) in cash and stock.
WhatsApp, a pun on the phrase “What’s up?,” grew in popularity in part because its messages are stored on users’ smartphones and not on the company’s servers, making the service more private and difficult to hack.
Concerns about Facebook’s handling of personal information have grown since the social network’s admission in March that the data of millions of users was wrongly harvested by political consultancy Cambridge Analytica.
Facebook has taken steps in recent months to generate revenue from WhatsApp, which unlike Facebook’s flagship social network does not have advertising. Koum and Facebook Chief Executive Mark Zuckerberg ruled out advertising on WhatsApp. Reporting by Anirban Paul and Munsif Vengattil in Bengaluru and David Ingram in San Francisco; Editing by Arun Koyyur and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-facebook-whatsapp/facebook-unit-whatsapps-co-founder-jan-koum-to-quit-idUKKBN1I12AL |
(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters.)
* GRAPHIC: Asia leads global LNG demand: tmsnrt.rs/2HfLB0b
By Clyde Russell
ADELAIDE, May 16 (Reuters) - Liquefied natural gas (LNG) producers around the globe are once again considering new investments as expectations of a glut in supply wither away in the face of strong, China-led demand growth in Asia.
Given it takes several years to go from a Final Investment Decision (FID) to producing cargoes of the super-chilled fuel, however, the industry may be acting too late to prevent a supply shortfall by the middle of next decade.
Much of the focus this week at an annual oil and gas conference in Australia - which is about to become the world’s top exporter of LNG - was on what projects are viable and how quickly can they be developed.
This was in stark contrast to the mood at previous events hosted by the Australian Petroleum Production and Exploration Association (APPEA), where executives had talked mainly about how to cut costs and the strategies needed to survive the predicted surplus of the fuel.
The forecasts for a global glut were based on the market being swamped by eight new Australian LNG projects, plus at least four in the United States, as well a handful of others in frontier countries such as Mozambique.
But the narrative of industry over-investment in capacity has been turned on its head by the spectacular growth of Chinese demand, which leapt 46 percent last year to 38.1 million tonnes.
China is now the world’s second-biggest LNG buyer, behind Japan, and its demand has continued to grow rapidly, with first-quarter imports up 59 percent from a year ago to 12.4 million tonnes.
China’s policy to replace coal with natural gas for uses such as residential heating and some industries is expected to continue to drive growth in LNG imports, although some moderation in the rate is likely in coming years.
But other Asian countries are also stepping up LNG imports, including new buyers such as Bangladesh, Pakistan and Sri Lanka.
DISAPPEARING SURPLUS At the height of the LNG construction boom of the past decade, forecasts of a surplus of as much as 50 million tonnes per annum around the start of the 2020s were not uncommon.
While a surplus is still expected by most analysts, size estimates have been shrinking, and if China continues to grow demand at anything like its current pace, the surplus will likely disappear altogether.
Wood Mackenzie analysts Saul Kavonic and Nicholas Browne, speaking on Tuesday on the sidelines of the APPEA conference, said the surplus was likely to be as little as 10 million tonnes in the early years of the 2020s.
In a total market of more than 350 million tonnes a year, such a small surplus really amounts to a market that is more or less in balance.
Kavonic and Browne also said that by 2025 the market was likely to switch to an annual deficit of about 50 million tonnes, and there simply aren’t enough projects being approved to meet the potential supply gap.
In 2017, just one LNG project reached FID, that being the relatively small Coral floating LNG development in Mozambique.
There is also a dearth of shovel-ready projects that can be approved and developed in time for 2025, with the best prospects in the United States, Canada and East Africa.
In Australia, the likelihood of a new greenfield development is slim, given the massive capital costs of developing increasingly remote fields.
There is instead the possibility of expanding existing operations, with the likely best bet being Woodside Petroleum’s plan to use the Scarborough field off the Western Australian coast to feed a new train at its Pluto LNG plant.
For the rest of Australia, the industry seems to be concentrating on developing new fields to replace ones that are depleting, thus allowing the existing 80 million tonnes of capacity to continue operating.
The evaporation of the expected LNG surplus may also have implications for pricing and contracting in the industry.
LNG buyers have led the charge in recent years to end long-term, restrictive contracts linked to crude oil prices in favour of shorter-term or even spot deals with prices linked to LNG indexes or other natural gas prices, such as the U.S. benchmark Henry Hub.
The buyers did this because they believed the balance of market power was shifting in their favour. They may now find resurgent producers kicking them back and demanding higher prices in order to guarantee supplies.
Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-lng/rpt-column-expected-lng-surplus-evaporates-scramble-for-new-projects-looms-russell-idUSL3N1SN2RT |
May 29, 2018 / 2:27 PM / Updated 4 minutes ago Exclusive: India resists lobbying by U.S. payment firms to ease local data storage rules Aditi Shah , Aditya Kalra , Sumeet Chatterjee 6 Min Read
NEW DELHI/HONG KONG (Reuters) - India’s central bank is standing firm on a directive to compel global payment firms to store customer data in India, resisting calls from U.S. companies to dilute an order they say would cost them millions of dollars, people familiar with the matter said. FILE PHOTO: A security personnel member stands guard at the entrance of the Reserve Bank of India (RBI) headquarters in Mumbai, India, August 2, 2017. REUTERS/Shailesh Andrade/File Photo
The payment companies are worried India’s data on shoring move could set a precedent and nudge other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers’ data.
The industry’s tussle with the Reserve Bank of India (RBI) also comes as Prime Minster Narendra Modi aggressively pushes digital and cashless modes of payment that leave an electronic trail as part of a campaign to crack down on the black economy.
While Modi’s administration is working on a separate data protection law, foreign companies were caught off guard in April by the RBI’s one-page directive that said all payments data should within six months be stored only in the country for “unfettered supervisory access”.
The RBI said storing data locally would help “ensure better monitoring”.
A joint lobbying effort by American Express Co ( AXP.N ), Mastercard Inc ( MA.N ) and Visa Inc ( V.N ) to dilute or reverse the directive has failed to shift the central bank’s position, with the RBI telling the firms in a meeting this month to comply, not complain, sources with direct knowledge told Reuters.
The RBI declined to comment, but a government source with direct knowledge confirmed the central bank was “unlikely to back down on its plans”. INVESTMENT PLANS
The card companies are nervous that the move will disrupt their investment plans, as millions of dollars are diverted from other projects in a scramble to open local data centers within six months.
“There is a feeling of helplessness and we will have to comply,” said a source with direct knowledge of the meetings.
The RBI’s insistence that payments data be stored “only in India” would hamper global fraud detection and the companies should be allowed to keep a back-up, the sources said.
The government source disagreed.
“The suggestion that you need a disaster management back-up center overseas just does not cut it,” said the source, who declined to be identified. “This is not a small island nation that would get entirely crippled by a single natural disaster.”
Mastercard said it was working with the industry to engage the RBI “to understand their need for access to domestic data and work towards a solution that meets the regulatory requirements” in line with global norms.
Visa declined to comment, while American Express did not respond to a request for comment.
The move would not impact local players such as Softbank Group-backed ( 9984.T ) Indian digital payments firm Paytm, as well as homegrown card payment network RuPay, which competes with the likes of Visa and Mastercard, as they already store their data in India. “ONLY IN INDIA”
The industry says India’s proposed data storage rules would be among the world’s most restrictive.
China also tightened cyber regulation in the past year, formalizing new rules that require firms to store data locally. None of the global payment card companies, however, operate in the Chinese domestic market yet.
Countries such as Russia and Indonesia also have an onshore data storage requirement, but they do not restrict companies from transfer of transactions data offshore as well, according to lobby group U.S.-India Business Council (USIBC), which counts the three U.S. card companies among its members.
Global payment firms currently store and process Indian transactions outside the country and a major concern to the industry is a clause in the RBI’s order that asks for data to be stored “only in India”, two sources said.
That, according to the industry, would restrict the transfer of data needed to effectively detect and analyze global fraud patterns, and make India more vulnerable to financial crime.
In a letter dated May 3, seen by Reuters, the USIBC pressed the RBI for a “reversal or an indefinite stay” of its directive, which it said would make India’s payments ecosystem more prone to cyber-attacks.
It also urged the RBI to remove any restriction on transferring the data outside India and specify the time period for which the data needed to be stored locally.
An industry executive at a U.S. payments firm said while the RBI was likely to soon issue clarifications to address some of their concerns, but it would not change the notification’s implementation date.
In an earnings call last month, Visa CEO Alfred Kelly Jr. referred to the RBI’s six-month deadline as a “tough timeframe”.
The directive comes as more people in India are switching to plastic money, partly driven by the Modi’s decision to replace high-value currency notes in November 2016, since when the government has aggressively discouraged cash transactions.
In March, Indians clocked transactions worth $52 billion using their 900 million credit and debit cards, nearly double the amount recorded in November 2016, data from the RBI showed.
But fraud is a concern too. The RBI recorded 57,411 cases of card fraud totaling $43 million in the three years to December 2017, according to a Right to Information response seen by Reuters.
The RBI in April said the payment ecosystem in India had “expanded considerably”, making it necessary to ensure “the safety and security” of data. Reporting by Aditi Shah and Aditya Kalra in New Delhi, Sumeet Chatterjee in Hong Kong; Editing by Alex Richardson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-india-data-localisation-exclusive/exclusive-india-resists-lobbying-by-u-s-payment-firms-to-ease-local-data-storage-rules-idUKKCN1IU1T1 |
May 9, 2018 / 4:56 AM / Updated 6 minutes ago PRESS DIGEST-New York Times business news - May 9 Reuters Staff 2 Min Read
May 9 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Facebook Inc overhauled its structure into three new divisions and shuffled the leadership of its key products, in one of its biggest reorganizations. nyti.ms/2K5S63s
- A sweeping investigation into workplace behavior at Nike Inc has resulted in the departures of five more top-level executives, raising to 11 the number of senior managers to leave the company as it continues to overhaul its upper ranks amid widespread allegations of harassment and discrimination against female employees. nyti.ms/2wvDGIi
- James Murdoch, the chief executive of Twenty-First Century Fox Inc, will not make the move to Walt Disney Co and intends to start his own company, perhaps to invest in digital media businesses. nyti.ms/2Ip57Z0
- A federal judge on Tuesday ordered the rapper and entrepreneur Jay-Z to testify as part of a securities investigation into a company that paid him more than $200 million in 2007 for assets including some related to the Rocawear brand. nyti.ms/2rwb8s3 (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-9-idUSL3N1SG2AS |
KUALA LUMPUR, May 22 (Reuters) - Malaysia will review the implementation of mega projects such as the high speed rail line to Singapore, and a $14 billion rail project connecting the country’s east and west coasts, state news agency Bernama reported on Tuesday, citing the economic affairs minister.
Mohamed Azmin Ali also said the government will ensure projects that will be implemented in the future are transparent and open, without any direct deals, according to Bernama.
Malaysia’s new Prime Minister Mahathir Mohamad has vowed to review some projects approved by the earlier administration, including the East Coast Rail Line - a 55 billion ringgit ($13.84 billion) rail project that will link Malaysia’s east coast on the South China Sea to Kuala Lumpur and the strategic shipping routes of the Strait of Malacca in the west. ($1 = 3.9740 ringgit) (Reporting by A. Ananthalakshmi; Editing by Simon Cameron-Moore)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-projects/malaysia-says-to-review-rail-project-to-singapore-east-coast-idUSL3N1ST1PM |
May 16, 2018 / 2:13 PM / Updated 4 minutes ago France's Total to quit Iran gas project if no sanctions waiver Sudip Kar-Gupta , John Irish 4 Min Read
PARIS (Reuters) - Total will pull out of a multibillion-dollar gas project in Iran if it cannot secure a waiver from U.S. sanctions, the French energy company said on Wednesday. FILE PHOTO: The logo of French oil giant Total is seen at a gas station in La Defense business and financial district in Courbevoie, near Paris, France, May 14, 2018. REUTERS/Charles Platiau
Companies are starting to take matters into their own hands as European and some other governments struggle to save an international nuclear deal with Iran after the United States withdrew and said it would reinstate sanctions on Tehran.
Determined to keep the accord alive, European leaders need to find a way to assure companies that their investments are beyond Washington’s extra-territorial reach.
They also want to persuade Tehran the 2015 deal - which lifted earlier sanctions on the Islamic Republic in exchange for it curbing its nuclear ambitions - is worth sticking to.
Total signed a contract in 2017 to develop phase 11 of Iran’s South Pars field with an initial investment of $1 billion - a contract Tehran repeatedly hailed as a symbol of the accord’s success.
“Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before 4 November 2018, unless Total is granted a specific project waiver by U.S. authorities with the support of the French and European authorities,” the French oil and gas major said in a statement.
Total’s announcement comes after German insurer Allianz and Danish oil product tanker operator Maersk Tankers said they were winding down their businesses in Iran. Joe Kaeser, the CEO of Germany’s Siemens, told CNN his company would not be able to do any new business with Tehran.
Iran has said it may start enriching uranium again if it can no longer see any economic benefit to the deal. ‘SUICIDE’
Total said any waiver would need to include protection from secondary sanctions that Washington might impose on companies that continue to do business with Iran.
These might include the loss of financing in dollars by U.S. banks, the loss of U.S. shareholders and the inability to continue its U.S. operations, it said.
France, Germany and Britain are leading a European effort to safeguard Europe’s economic interests but have few options that pose any threat to the United States.
“It would be suicide to do any new business or funding for Iran or Iran-related companies without explicit guarantees from the U.S. government. They have us by the throat because so much business is conducted and cleared in dollars,” one European investment banker said.
“The fines are in the multibillions these days so it’s just not worth the risk for a small piece of business and maybe pleasing a (European) government.”
An official in the French finance ministry said “precise requests” were being lodged with the U.S. authorities, including for Total, and that the company’s decision was not a surprise.
A European diplomat was more blunt: “We have a situation where there is a will to impose sanctions on Europeans and a resentment towards European companies who are now being accused of supporting a terrorist state. With that in mind it’s a logical decision.”
Total said it had so far spent less than 40 million euros ($47 million) on the project and withdrawing would not impact the company’s production growth targets.
Iranian oil minister Bijan Zanganeh said the French firm would not pay a penalty if it pulled out of the project.
Italy’s Eni, which last June signed a provisional agreement with Tehran to conduct oil and gas feasibility studies, said after Washington’s decision to quit the nuclear deal last week that it had no plans for new projects in Iran.
In an unintended twist, U.S. President Donald Trump’s decision to threaten European companies that continue to invest in Iran may open the door to Chinese rivals.
Industry sources told Reuters this week that China’s CNPC, which holds a 30 percent stake in the South Pars project, was ready to take over Total’s majority stake in the project if it pulled out.
($1 = 0.8463 euros) Reporting by Sudip Kar-Gupta and John Irish in Paris; Additional reporting by Stephen Jewkes in Milan Writing by Richard Lough; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-france-total/frances-total-says-unable-to-continue-iran-south-pars-project-idUSKCN1IH1XK |
ALAMEDA, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS), (“Aqua Metals” or the “Company”), which is proceeding to commercialize its proprietary electrochemical lead recycling technology called AquaRefining™, has provided a corporate update and announced results for the first quarter ended March 31, 2018.
Recent Company Highlights:
• Four Aqua Refining modules now in production; currently working to achieve 24-hour operations on four modules
• Shipped first 20 tonne batch of refined lead bullion blocks to Johnson Controls (JCI)
• Reached an agreement with Johnson Controls (“JCI”) to extend the timelines of entering and executing their Equipment Supply Agreement by one year
• Entered settlement with Kanen Wealth Management to strengthen company’s board and management team
• New Board and management members include:
Steve Cotton as President Frank Knuettel II as Chief Financial Officer Shariq Yosufzai, Sushil ("Sam") Kapoor, and Eric Prouty as independent directors
Company Update
Aqua Metals continues to work towards scaling up operations at the world’s first AquaRefinery at the Tahoe Reno Industrial Center (TRIC) in McCarran, Nevada.
As anticipated from a previous communication, a fourth AquaRefining module has completed the conditioning period and has been transferred from technical control to production. The Company now has four AquaRefiners in production on one shift. The immediate focus is to achieve 24-hour operations with the four modules before bringing additional modules on line. The goal remains to have all 16 modules running for 24 hours; however, the Company believes that initial operation of four modules for 24 hours a day will allow the Company to reach full scale operations more rapidly. In addition, this operational strategy allows the company to maximize lead production, while enabling the remaining components of the plant to be synchronized in support of increased AquaRefining. Once the Company is satisfied with the operation of the first four modules, four more modules will be brought into production. This process will be repeated until full production is reached with all 16 modules. The company is currently adding staff and training for the additional shifts.
As announced previously, all AquaRefined lead produced is being melted in the refinery and cast into 2½ tonne blocks as refined bullion. The bullion is an alloy of AquaRefined lead and priming lead bullion previously purchased for the refinery start-up at TRIC. The first 20 tonne batch of refined lead bullion blocks was shipped from the plant in Reno, Nevada on May 7, 2018 and is currently en route to JCI. The Company expects shipments of lead to JCI to continue.
On April 12, 2018, Aqua Metals reached an agreement with JCI to extend the timelines for entering and executing their Equipment Supply Agreement by one year to April 30, 2019 and June 30, 2019, respectively. The Equipment Supply Agreement details installation of new greenfield builds, as well as conversion of existing JCI’s (and certain strategic partners of JCI) existing lead smelters to a lead recycling process utilizing the Company’s proprietary and patented AquaRefining technology and equipment, know-how and services.
Management Changes and Board Enhancement
On May 2, 2018, Aqua Metals entered into a settlement agreement with Kanen Wealth Management, LLC (“Kanen”). Under the agreement, Aqua Metals has expanded the Board from five to seven directors—all of which are independent—and has appointed Kanen nominees S. Shariq Yosufzai and Sushil ("Sam") Kapoor to the Board, effective May 2, 2018. Mr. Yosufzai will serve as Aqua Metal’s new Non-Executive Chairman and lead independent director.
In the first quarter, the Company’s Board of Directors approved and was in the process of implementing a plan for CEO succession and board refreshment. As part of this process, Stephen Clarke resigned as President, Chief Executive Officer and Chairman of the Board. The Board also agreed to separate the roles of CEO and Board Chairman, and subsequently, elected Eric Prouty, an experienced sustainability-focused analyst and successful business development consultant, as an independent director.
As part of the settlement agreement with Kanen, Steve Cotton—the Company's former Chief Commercial Officer (from January 2015 to June 2017)—has rejoined Aqua Metals as the President. Selwyn Mould who has served briefly as the Company’s interim CEO, will resign from that position after the filing of the Company’s first quarter Form 10-Q and will remain with Aqua Metals as Chief Operating Officer.
In April 2018, Aqua Metals appointed Frank Knuettel II as Chief Financial Officer, and he will assume the role immediately following the filing of the Company’s first quarter Form 10-Q. Mr. Knuettel will succeed Thomas Murphy, who was named interim CFO on March 5, 2018. Mr. Knuettel joins Aqua Metals with extensive strategic and operational financial leadership, with over 20 years of management and business experience in public and venture-backed firms.
First Quarter 2018 Financials
Total revenues in the first quarter of 2018 were $1.7 million, compared to $0.9 million in the fourth quarter of 2017 and no revenue in the first quarter of 2017.
The Company incurred an operating loss of $7.0 million during the first quarter of 2018, compared to an operating loss of $4.5 million in the first quarter of 2017.
Net loss for the first quarter of 2018 was $7.5 million, or ($0.27) per diluted share, compared to a net loss of $4.9 million, or ($0.26) per diluted share, in the first quarter of 2017.
The Company had $17.5 million in cash and cash equivalents as of March 31, 2018, compared to $30.6 million as of March 31, 2017. In the fourth quarter of 2017, the Company raised approximately $13.8 million in net proceeds from an underwritten public offering. In January 2018, the Company received an additional $2.1 million in net proceeds from the underwriter exercising its overallotment option from the December 2017 capital raise.
Conference Call and Webinar
Aqua Metals will host a conference call today, Wednesday, May 9, 2018 at 1:30 p.m. Pacific Daylight time (4:30 p.m. Eastern Daylight time) to discuss its financial results for the first quarter ended March 31, 2018.
Selwyn Mould, Chief Operating Officer, and Thomas Murphy, Chief Financial Officer, will host the call, followed by a question and answer session.
To access the call, please use the following information:
Date: Wednesday, May 9, 2018
Time: 1:30 p.m. Pacific Daylight time (4:30 p.m. Eastern Daylight time)
Dial-in: 1-855-327-6837
International Dial-in: 1-631-891-4304
Passcode: 10004831
Webcast: http://public.viavid.com/index.php?id=129640
A telephone replay will be available approximately two hours after the call and will run through June 9, 2018 by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10004831.
The webcast will be available for replay for 60 days on the investor relations section of the company's website at www.aquametals.com .
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefining™ technology. AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems allow the Company to reduce environmental impact and scale lead acid recycling production capacity both by building its own AquaRefineries and licensing the AquaRefining technology to partners. Aqua Metals is based in Alameda, California, and has built its first recycling facility in Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit www.aquametals.com .
Safe Harbor
This press release contains concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes” and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters. The forward looking statements in this release include the strength and efficacy of Aqua Metals’ portfolio of patent applications and issued patents, the lead acid battery recycling industry, the future of lead acid battery recycling via traditional smelters, the Company’s development of its commercial lead acid battery recycling facilities and the quality and efficiency of the Company’s proposed lead acid battery recycling operations. Those involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the risk that the Company may not be able to produce and market AquaRefined lead on a commercial basis or, if the Company achieves commercial operations, that such operations will be profitable, (2) the fact that the Company only recently commenced production and has not generated any significant revenue to date, thus subjecting the Company to all of the risks inherent in a pre-revenue start-up; (3) the risk no further patents will be issued on the Company’s patent applications or any other application that it may file in the future and that those patents issued to date and any patents issued in the future will be sufficiently broad to adequately protect the Company’s technology, (4) the risk that the Company’s initial patents and any other patents that may be issued to it may be challenged, invalidated, or circumvented, (5) risks related to Aqua Metals’ ability to raise sufficient capital, as and when needed, to develop and operate its recycling facilities and fund continuing losses from operations as the Company endeavors to achieve profitability; (6) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (7) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (8) those other risks disclosed in the section “Risk Factors” included in the Company’s Quarterly Report on Form 10-Q filed on May 9, 2018 and the Company’s Annual Report on Form 10-K to be filed with the SEC. Aqua Metals cautions readers not to place undue reliance on any . The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
Important Additional Information and Where to Find It
This press release may be deemed to contain solicitation material in respect of the solicitation of proxies from the Company’s stockholders in connection with the Company’s 2018 Annual Meeting (the “Annual Meeting”). The Company has filed with the SEC, and mailed to the Company’s stockholders, an amended definitive proxy statement relating to the Annual Meeting, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 15, 2018 (the “Annual Report”). The definitive proxy statement contains important information about the Company, the Annual Meeting and related matters. Stockholders may obtain a free copy of the Company’s amended definitive proxy statement, including any amendments and supplements thereto, and other documents that the Company files with the SEC on the SEC’s website, at www.sec.gov . INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE AMENDED DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ANY OTHER RELEVANT SOLICITATION MATERIALS BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION.
Aqua Metals, its directors and certain of the Company’s executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company was set forth in the Company’s amended definitive proxy statement filed with the SEC on May __, 2018 and other relevant solicitation materials filed by the Company. Additional information regarding the participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting, including updated information as to their direct or indirect interests, by security holdings or otherwise, are included in the Company’s amended definitive proxy statement and other relevant documents to be filed by the Company with the SEC in connection with the Annual Meeting. These documents, and any and all other documents filed by the Company with the SEC, may be obtained by investors and stockholders free of charge on the SEC’s website at www.sec.gov . Copies will also be available at no charge on the Company’s website at www.aquametals.com .
Aqua Metals, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) ASSETS March 31, 2018 December 31, 2017 Current assets 17,497 $ 22,793 Restricted cash - - Accounts receivable 1,327 882 Inventory 933 1,239 Prepaid expenses and other current assets 638 770 20,395 25,684 Non-current assets Property and equipment, net 46,583 45,733 Intellectual property, net 1,414 1,461 Other assets 1,564 1,564 Total non-current assets 49,561 48,758 Total assets $ 69,956 $ 74,442 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,084 $ 1,436 Accrued expenses 1,671 1,801 Deferred rent, current portion 196 192 Notes payable, current portion 382 405 Total current liabilities 4,333 3,834 Deferred rent, non-current portion 722 771 Asset retirement obligation 712 701 Notes payable, non-current portion 8,763 8,839 Convertible note payable, non-current portion 1,742 1,332 Total liabilities 16,272 15,477 Stockholders' equity Common stock and Additional paid-in capital 116,058 113,807 Accumulated deficit (62,374 ) (54,842 ) Total stockholders' equity 53,684 58,965 Total liabilities and stockholders' equity $ 69,956 $ 74,442
Aqua Metals, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three months ended March 31, March 31, 2017 2018 Product sales $ - $ 1,726 Operating cost and expense Cost of product sales - 5,436 Research and development cost 2,987 1,475 General and administrative expense 1,528 1,775 Total operating expense 4,515 8,686 Loss from operations (4,515 ) (6,960 ) Other income and expense Interest expense (388 ) (587 ) Interest and other income 11 17 Total other income (expense), net (377 ) (570 ) Loss before income tax expense (4,892 ) (7,530 ) Income tax expense (2 ) (2 ) Net loss $ (4,894 ) $ (7,532 ) Weighted average shares outstanding, basic and diluted 18,792,850 27,768,008 Basic and diluted net loss per share $ (0.26 ) $ (0.27 ) Aqua Metals Media Relations:
David Regan
Director of Marketing
Main: 415-336-3553
www.aquametals.com
Investor Relations:
MZ North America
Greg Falesnik
Managing Director
Main: 949-385-6449
[email protected]
www.mzgroup.us
Source:Aqua Metals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-aqua-metals-provides-first-quarter-2018-corporate-update.html |
IRVINE, Calif.--(BUSINESS WIRE)-- Endologix, Inc. (NASDAQ: ELGX), a developer and marketer of innovative treatments for aortic disorders, today announced financial results for the first quarter ended March 31, 2018.
“Our top-line performance during the first quarter reflects slightly better-than-expected growth in our OUS business driven by solid AFX growth in both the European and CAPLA markets. In the U.S. market, a decline in our AFX business was partially offset by continued growth in our Ovation business,” commented Vaseem Mahboob, Endologix’s Chief Financial Officer. “On the product development and clinical side, we successfully completed enrollment of the first patient in our EVAS2 IDE clinical study of the Nellix ® EndoVascular Aneurysm Sealing (EVAS) System. Additionally, we announced positive results from our global ENCORE analysis with polymer endovascular aneurysm repair (EVAR) using our Ovation Abdominal Stent Graft Systems. These accomplishments reinforce Endologix’s value proposition and our commitment to delivering the best products to physicians and patients around the globe.”
Financial Results
Global revenue in the first quarter of 2018 was $42.3 million, a 0.8% decrease from $42.6 million in the first quarter of 2017. U.S. revenue in the first quarter of 2018 was $29.4 million, a 4.9% decrease from U.S. revenue of $30.9 million in the first quarter of 2017. International revenue was $12.9 million, a 10.1% increase from International revenue of $11.7 million in the first quarter of 2017. On a constant currency basis, first quarter 2018 International revenue increased 3.3% over the first quarter of 2017.
Gross profit was $28.3 million in the first quarter of 2018, which represents a gross margin of 67.0%. This compares to a gross profit of $28.6 million, or a gross margin of 67.2%, in the first quarter of 2017.
Total operating expenses decreased 6.6% to $41.4 million in the first quarter of 2018, compared to $44.3 million in the first quarter of 2017 due to effective cost management.
Net loss for the first quarter of 2018 was $19.8 million, or $(0.24) per share, compared to a net loss of $21.3 million, or $(0.26) per share, a year ago. Adjusted Net Loss (non-GAAP, defined below) totaled $12.9 million, compared to an Adjusted Net Loss of $15.3 million for the first quarter of 2017. Adjusted EBITDA (non-GAAP, defined below) totaled a loss of $7.8 million for the first quarter of 2018, compared to Adjusted EBITDA of a loss of $9.8 million for the first quarter of 2017.
Total cash, cash equivalents, and restricted cash were $50.1 million as of March 31, 2018.
Financial Guidance
Endologix reaffirms its previously issued annual guidance and continues to anticipate 2018 revenue in the range of $170 million to $180 million, representing a decrease of 1% to 6% compared to 2017. The Company continues to anticipate 2018 GAAP loss per share in the range of $(0.89) to $(0.95).
Conference Call Information
Endologix's management will host a conference call today at 4:30 p.m. ET (1:30 p.m. PT) to discuss its first quarter 2018 results.
To participate in the conference call, dial 877-407-9716 (domestic) or 201-493-6779 (international).
This conference call will also be webcast and can be accessed from the “Investors” section of the Company’s website at www.endologix.com . The webcast replay of the call will be available at the same site approximately one hour after the end of the call.
A recording of the call will also be available from 7:30 p.m. ET (4:30 p.m. PT) on Wednesday, May 2, 2018, until 11:59 p.m. ET (8:59 p.m. PT) on Wednesday, May 9, 2018. To hear this recording, dial 844-512-2921 (domestic) or 412-317-6671 (international) and enter the passcode 13678418.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once an AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the U.S. For more information, visit www.endologix.com .
The Nellix ® EndoVascular Aneurysm Sealing System has obtained CE Mark in the EU and is only approved as an investigational device in the United States. The Ovation Alto ® System is only approved as an investigational device and is not currently approved in any market.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” "continue," "outlook," “guidance,” "future,” other words of similar meaning and the use of future dates. Forward-looking statements used in this press release relate to Endologix’s strategy and value proposition, its ability to continue to deliver quality products to physicians and patients, and its 2018 financial guidance, the accuracy of which are necessarily subject to risks and uncertainties that may cause Endologix’s actual results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ materially and adversely from anticipated results include, continued market acceptance, endorsement and use of Endologix's products, the success of clinical trials relating to Endologix’s products, product research and development efforts, uncertainty in the process of obtaining regulatory approval for Endologix's products, Endologix’s ability to protect its intellectual property rights and proprietary technologies, and other economic, business, competitive and regulatory factors. The forward-looking statements contained in this press release speak only as of the date of this press release. Endologix undertakes no obligation to update any forward- looking statements contained in this press release to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Please refer to Endologix's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2017, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 for more detailed information regarding these risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.
Discussion of Non-GAAP Financial Measures
Endologix's management believes that the non-GAAP measures of (1) "Adjusted Net Income (Loss)" and (2) “Adjusted EBITDA" enhance an investor's overall understanding of Endologix's financial and operating performance and its future prospects by (i) being more reflective of core operating performance and (ii) being more comparable with financial results over various periods. Endologix's management uses these financial measures for strategic decision making, forecasting future financial results, and evaluating current period financial and operating performance. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
"GAAP" is generally accepted accounting principles in the United States.
Adjusted Net Income (Loss) Definition:
(1) "Adjusted Net Income (Loss)" is a non-GAAP measure defined by Endologix as net income (loss) under GAAP, excluding: (i) the fair value adjustment to the Nellix ® acquisition contingent consideration; (ii) interest expense; (iii) foreign currency (gains) or losses; (iv) legal settlement costs; (v) contract termination and business acquisition expenses; (vi) business development expenses, including licensing costs related to research and development activities; (vii) restructuring and other transition costs; (viii) fair value adjustment of derivative liabilities; (ix) inventory step-up amortization; and (x) loss on extinguishment of debt.
In the three months ended March 31, 2018, this GAAP adjustment to net loss specifically represents: (i) the fair value adjustment to Nellix contingent consideration liability; (ii) interest expense; (iii) foreign currency (gains) or losses; (iv) restructuring and other transition costs; and (v) loss on extinguishment of debt.
In the three months ended March 31, 2017, this GAAP adjustment to net loss specifically represents: (i) the fair value adjustment to Nellix contingent consideration liability; (ii) interest expense; (iii) foreign currency (gains) or losses; and (iv) restructuring and other transition costs.
In future periods, Adjusted Net Income (Loss) will continue to exclude: (i) the fair value adjustments to the Nellix contingent consideration liability; (ii) interest expense; (iii) foreign currency (gains) or losses; (iv) legal settlement costs; (v) contract termination and business acquisition expenses; (vi) business development expenses; (vii) restructuring and other transition costs; (viii) fair value adjustment of derivative liabilities; (ix) inventory step-up amortization; (x) loss on extinguishment of debt; and (xi) other non-recurring expenses or income, as described by Endologix.
Adjusted EBITDA Definition:
(2) “Adjusted EBITDA” is a non-GAAP measure defined by Endologix as “Adjusted Net Income (Loss)” excluding income tax (benefit) expense, depreciation and amortization expense, and stock-based compensation expense.
ENDOLOGIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Revenue U.S. $ 29,375 $ 30,889 International 12,909 11,723 Total Revenue 42,284 42,612 Cost of goods sold 13,958 13,970 Gross profit $ 28,326 $ 28,642 Operating expenses: Research and development 5,499 5,530 Clinical and regulatory affairs 3,571 3,835 Marketing and sales 21,725 25,900 General and administrative 10,369 8,873 Restructuring costs 233 166 Total operating expenses 41,397 44,304 Loss from operations (13,071 ) (15,662 ) Other income (expense) (5,441 ) (4,298 ) Change in fair value of contingent consideration related to acquisition 1,100 (1,200 ) Loss on debt extinguishment (2,270 ) — Total other income (expense) (6,611 ) (5,498 ) Net loss before income tax expense $ (19,682 ) $ (21,160 ) Income tax expense (85 ) (154 ) Net loss $ (19,767 ) $ (21,314 ) Other comprehensive income (loss) foreign currency translation (127 ) 356 Comprehensive loss $ (19,894 ) $ (20,958 ) Basic and diluted net loss per share $ (0.24 ) $ (0.26 ) Shares used in computing basic and diluted net loss per share 83,706 82,928 Non-GAAP Reconciliations: Three Months Ended March 31, 2018 2017 Net Loss to Adjusted Net Loss: Net loss $ (19,767 ) $ (21,314 ) Fair value adjustment to Nellix contingent consideration liability (1,100 ) 1,200 Interest expense 5,807 4,295 Foreign currency (gain) loss (325 ) 4 Restructuring and other transition costs 233 547 Loss on extinguishment of debt 2,270 — (1) Adjusted Net Loss $ (12,882 ) $ (15,268 ) Adjusted Net Loss to Adjusted EBITDA: Adjusted Net Loss $ (12,882 ) $ (15,268 ) Income tax expense 85 154 Depreciation and amortization 1,992 2,313 Stock-based compensation expense 3,021 2,954 (2) Adjusted EBITDA $ (7,784 ) $ (9,847 ) ENDOLOGIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 48,020 $ 57,991 Restricted cash 2,067 2,608 Accounts receivable, net allowance for doubtful accounts of $634 and $470, respectively. 29,241 32,294 Other receivables 437 418 Inventories 45,809 45,153 Prepaid expenses and other current assets 3,120 4,670 Total current assets 128,694 143,134 Property and equipment, net 18,598 19,212 Goodwill 120,977 120,927 Intangibles, net 79,380 80,403 Deposits and other assets 1,694 1,371 Total assets $ 349,343 $ 365,047 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 13,005 $ 12,351 Accrued payroll 14,519 15,054 Accrued expenses and other current liabilities 15,571 16,002 Current portion of debt 17,474 17,202 Revolving line of credit — 21 Total current liabilities 60,569 60,630 Deferred income taxes 201 201 Deferred rent 7,742 7,724 Other liabilities 3,150 3,877 Contingently issuable common stock 8,200 9,300 Debt 210,587 208,253 Total liabilities 290,449 289,985 Commitments and contingencies Stockholders’ equity: Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized. No shares issued and outstanding. — — Common stock, $0.001 par value; 135,000,000 shares authorized. 84,209,056 and 83,855,824 shares issued, respectively. 83,996,817 and 83,643,585 shares outstanding, respectively. 84 84 Treasury stock, at cost, 212,239 shares. (2,942 ) (2,942 ) Additional paid-in capital 598,312 594,586 Accumulated deficit (539,768 ) (520,001 ) Accumulated other comprehensive income 3,208 3,335 Total stockholders’ equity 58,894 75,062 Total liabilities and stockholders’ equity $ 349,343 $ 365,047
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006711/en/
INVESTORS:
Endologix, Inc.
Vaseem Mahboob, 949-595-7200
CFO
Source: Endologix, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-endologix-reports-first-quarter-2018-financial-results.html |
LONDON/FRANKFURT, May 4 (Reuters) - Germany’s No.2 lender DZ Bank is opting to sell specific assets of troubled ship and aircraft financing division DVB after receiving muted interest from suitors for the whole business, four sources familiar with the matter say.
The sources, who declined to be identified due to sensitivity, said DZ Bank was now looking at selling specific portfolios starting with aviation and land transportation finance.
One source said the first round of bids for the aviation and land transportation portfolios are expected later in May, with final bids due in July. The source said sale of the shipping and offshore segments would be launched in the autumn.
DZ and DVB both declined to comment when contacted. (Reporting by Jonathan Saul and Arno Schuetze; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/dzbank-dvb-sale/germanys-dz-bank-to-sell-parts-of-dvb-after-muted-interest-for-unit-sources-idUSL8N1SB2XQ |
By Hallie Detrick 5:35 AM EDT
California is about to become the first state in the U.S.—and possibly the first government in the world—to require solar power installations on all new homes.
The California Energy Commission will hold a vote on Wednesday, May 9, on whether to put the new standard into effect. If passed, which is expected, the solar mandate would apply to all homes, condos, and apartment buildings up to three stories high as of January 1, 2020, with exceptions for structures built in the shade and offsets available for other energy-saving measures, such as installing batteries like the Tesla Powerwall.
At present, only 15 to 20% of new single-family homes in the state include solar installations. The mandate would make it $25,000 to $30,000 more expensive to build new homes than those built to the current code, established in 2006. But experts say that extra cost, which accounts for both solar installation and improved insulation, would be recouped over the life of the home in savings on energy bills. Owners are expected to save $50,000 to $60,000 in operating costs over 25 years. Officials say this plan would do one better than the goal of net-zero energy.
The city of San Francisco already requires all new buildings under 10 stories to be fitted with solar panels, following the example of smaller Californian towns such as Lancaster and Sebastopol. Other states including New Jersey and Minnesota are aggressively pursuing increased reliance on solar power, but none have yet gone as far as the California mandate would.
Solar power is not the only area where California is bullish on the environment. Earlier this month, the state led a coalition that filed a lawsuit against the Trump administration to prevent the EPA from lowering vehicle emissions standards and preventing states from setting their own. As the fifth largest economy in the world , California’s higher fuel standards have helped push automakers to embrace fuel efficiency .
California Governor Jerry Brown has led California’s recent push for the environment. His fourth and final term in office will end on January 1, 2019. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/california-solar-mandate/ |
May 28, 2018 / 11:42 AM / Updated 8 hours ago China rejects U.S. charge of 'forced technology transfer' at WTO Tom Miles 3 Min Read
GENEVA (Reuters) - China told the World Trade Organization’s dispute settlement body on Monday that U.S. accusations that Beijing forced companies to hand over technology as a cost of doing business in China were groundless. FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo
U.S. President Donald Trump has accused China of stealing American ideas and announced a plan for a $50 billion tariff penalty against Chinese goods.
Both sides launched legal complaints at the WTO over the issue earlier this year.
“There is no forced technology transfer in China,” Chinese Ambassador Zhang Xiangchen told the meeting, according to a copy of his remarks provided to Reuters.
“According to the U.S.’s view, China forces the U.S. companies to transfer technologies by imposing joint venture requirements, foreign equity limitations and administrative licensing procedures,” Zhang said.
“But the fact is, nothing in these regulatory measures requires technology transfer from foreign companies.”
Zhang said the U.S. argument involved a “presumption of guilt”. The U.S. Trade Representative believed U.S. firms in China faced an obligation to hand over technology, while failing to produce a single piece of evidence.
Some of its claims were “pure speculation”, he said, adding that the USTR saw Chinese M&A activity as a Chinese government conspiracy. “DILIGENCE AND ENTREPRENEURSHIP”
Technology transfer was a normal commercial activity that benefited the United States most of all, he said, while Chinese innovation was driven by “the diligence and entrepreneurship of the Chinese people, investment in education and research, and efforts to improve the protection of intellectual property.”
Legal experts say Washington needs WTO backing to implement its tariffs as far as they relate to WTO rules, while China has rejected the tariff plan wholesale and resorted to WTO action to stop it.
Under WTO rules, if disputes are not settled amicably after 60 days, the complainant can ask for a panel of experts to adjudicate, escalating the dispute and triggering a legal case that takes years to settle.
The United States, which launched its complaint on March 23, could have used the dispute meeting on Monday to take that step. China could do so at next month’s meeting.
But since the dispute erupted, U.S.-China trade policy has been the subject of high-level bilateral talks. Trump tweeted cryptically that “our trade deal with China is moving along nicely” but that it probably needed a “different structure”.
The United States put China’s technology transfer policies on the agenda of Monday’s meeting, without elaborating. A copy of the U.S. remarks was not immediately available. Reporting by Tom Miles; Editing by Catherine Evans and Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/china-rejects-u-s-charge-of-forced-technology-transfer-at-wto-idUSKCN1IT11G |
May 1, 2018 / 8:33 PM / Updated 8 minutes ago Apple beats financial expectations, plans $100 billion cash return boost Stephen Nellis 5 Min Read
(Reuters) - Apple Inc ( AAPL.O ) on Tuesday beat revenue and profit expectations in its March quarter as it sold 52.2 million iPhones, barely below Wall Street targets and showing some resilience as global demand for smartphones wanes. FILE PHOTO: A attendee uses a new iPhone X during a presentation for the media in Beijing, China October 31, 2017. REUTERS/Thomas Peter/File Photo
The company also predicted a revenue range of $51.5 billion (37.8 billion pounds) to $53.5 billion for the June quarter, with a midpoint ahead of the $51.6 billion Wall Street expected.
Apple also boosted its capital return program by $100 billion, with repurchases from the increase set to begin in the June quarter, and said it bought $23.5 billion of stock back in the March quarter, a sign that it is bringing back most of its hundreds of billions of dollars in cash to the United States.
The share repurchases in the march quarter drove Apple’s cash net of debt down slightly to $145 billion.
“We are returning the cash to investors as we have promised,” Chief Financial Officer Luca Maestri told Reuters in an interview.
Apple has been at a challenging crossroads this year with sales of its flagship iPhone X disappointing many observers. Investors have watched Apple closely in recent weeks as a string of poor forecasts from the smartphone supply chain signalled that iPhone demand may be lower than previously expected. They have also been watching carefully for signs of what Apple plans to do with its hundreds of billions of dollars in cash.
Apple posted revenue for its March quarter of $61.1 billion, up from $52.9 billion last year. Wall Street expected $60.8 billion, according to Thomson Reuters I/B/E/S. The company sold 52.2 million iPhones versus expectations of 52.3 million, according to data from Thomson Reuters I/B/E/S, up from 50.7 million last year.
Average selling prices for iPhones were $728, compared with Wall Street expectations of $742. Maestri told Reuters that clearing channel inventory of 1.8 million iPhones - most of them iPhone X and iPhone 8 models - accounted for some of the difference.Profits were $2.73 per share versus expectations of $2.68 per share and up from $2.10 a year ago.
The company forecasted a midpoint of $52.5 billion in revenue for the June quarter, beating analyst expectations of $51.6 billion.
Apple’s services business, which includes Apple Music, the App Store and iCloud, posted $9.1 billion in revenue compared with expectations of $8.3 billion. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market.
Apple traditionally updates its share buy-back and dividend program each spring, and the $100 billion it added this year compares with an increase of $50 billion last year. The company also increased its quarterly dividend 16 percent, compared with a 10.5 percent increase last year.
In February, Apple said it planned to draw down its excess cash, though Chief Executive Tim Cook had downplayed the possibility of a special dividend.
But investors have had concerns around Apple because of a brewing trade tensions with China. While there has not yet been a tariff on devices such as Apple’s iPhone, Cook last week travelled to Washington to meet with U.S. President Donald Trump at the White House to discuss trade matters.
“We believe tariffs at the end of the day are a tax on the consumer,” Maestri said.
Apple has been emphasizing its contributions to the U.S. economy in recent months, outlining a $30 billion U.S. spending plan and highlighting the tens of billions of dollars it spends each year with U.S.-based suppliers.
In recent months, Apple has been emphasizing the size of its overall user base, which includes used iPhones, rather than focusing strictly on new device sales, a sign of the increasing importance of making money off users without selling them new hardware.
Apple shares have dropped 0.1 percent this year and closed at $169.10 on Tuesday, down 1.8 percent from their price of $172.26 at the start of the year. Their performance lags the NASDAQ Composite Index .IXIC , which was up 3.3 percent for the year. Reporting by Stephen Nellis; Editing by Peter Henderson and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-apple-results/apple-beats-financial-expectations-plans-100-billion-cash-return-boost-idUKKBN1I24D8 |
SANTA MONICA, Calif., May 2, 2018 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2018, which included net loss attributable to the Company of $33.6 million or $.24 per share-diluted for the quarter ended March 31, 2018 compared to net income attributable to the Company for the quarter ended March 31, 2017 of $69.2 million or $.48 per share-diluted. For the first quarter, 2018, funds from operations ("FFO") diluted was $123.5 million or $.82 per share-diluted compared to $133.6 million or $.87 per share-diluted for the quarter ended March 31, 2017. A description and reconciliation of EPS per share-diluted to FFO per share-diluted is included in the financial tables accompanying this press release.
Results and Highlights
Mall tenant annual sales per square foot for the portfolio increased by 7.4% to $686 for the year ended March 31, 2018 compared to $639 for the year ended March 31, 2017. The re-leasing spreads for the year ended March 31, 2018 were up 14.7%. Mall portfolio occupancy was 94.0% at March 31, 2018 compared to 94.3% at March 31, 2017. Average rent per square foot increased to $58.44, up 3.8% from $56.31 at March 31, 2017.
"During the quarter our portfolio continued to perform well. We achieved solid re-leasing spreads with good leasing volume and strong tenant sales growth" said the Company's chairman and chief executive officer, Arthur Coppola. "We remain excited about the leasing opportunities we see as the synergies between digitally native retailers on line sales and their appetite for great real estate become more clear as is evidenced by their appetite for off line stores."
Financing Activity:
The Company closed on a $450 million, 12-year fixed rate loan on the recently expanded and renovated Broadway Plaza. The interest rate is 4.18%. The Company has less than $10 million of loan maturities for the balance of 2018.
Joint Ventures:
On March 1, 2018 the Company formed a joint venture with Hudson Pacific Properties (HPP) to work together to transform Westside Pavilion into creative office space. The mall will be contributed to the partnership at a value of $190 million. Macerich will own 25% and HPP will own 75%. Total project costs, including the contributed mall at $190 million, are expected to be in the range of $425 million to $475 million.
Non-Core Asset Sales:
The Company is continuing its strategy of selling non-core assets and recycling the capital into its higher quality assets. During the quarter the Company and its joint venture partner sold a portion of an office building that is adjacent to Fashion District of Philadelphia for $42 million. In addition two non-core retail assets are currently under contract. Since 2013, the Company has sold 21 non-core retail centers for a total of $1.8 billion in proceeds.
2018 Earnings Guidance:
Management is re-affirming its previously issued FFO per share guidance for 2018. A reconciliation of estimated EPS to FFO per share-diluted follows:
2018 range
Diluted EPS
$ .49 - $ .59
Plus: real estate depreciation and amortization
3.15 - 3.15
Plus: financing expense due to accounting rule change ASC606
.04 - .04
Plus: loss on sale or write-down of depreciable assets
.24 - .24
Diluted FFO per share
$3.92 - $4.02
As anticipated same center net operating income growth in the first quarter was modest, however, the Company continues to be comfortable with the original full year assumption on same center net operating income growth of 2.0% to 2.5%. More details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. A recognized leader in sustainability, Macerich has earned NAREIT's prestigious "Leader in the Light" award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company's website at www.macerich.com .
Investor Conference Call
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investors Section). The call begins May 3, 2018 at 11:00 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.
The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.
Note: This release contains statements that constitute which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2017, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Revenues:
Minimum rents
$142,407
$145,555
Percentage rents
1,884
1,918
Tenant recoveries
68,092
72,412
Other income
13,809
15,264
Management Companies' revenues
10,542
11,896
Total revenues
236,734
247,045
Expenses:
Shopping center and operating expenses
74,510
75,897
Management Companies' operating expenses
38,323
28,517
REIT general and administrative expenses
8,019
8,463
Depreciation and amortization
79,937
83,073
Interest expense (a)
52,635
41,301
Total expenses
253,424
237,251
Equity in income of unconsolidated joint ventures
16,872
15,843
Co-venture expense (a)
-
(3,877)
Income tax benefit
2,949
3,484
(Loss) gain on sale or write down of assets, net
(37,512)
49,565
Net (loss) income
(34,381)
74,809
Less net (loss) income attributable to noncontrolling interests
(808)
5,566
Net (loss) income attributable to the Company
($33,573)
$69,243
Weighted average number of shares outstanding - basic
141,024
143,596
Weighted average shares outstanding, assuming full conversion of OP Units (b)
151,316
154,187
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b)
151,342
154,246
Earnings per share ("EPS") - basic
($0.24)
$0.48
EPS - diluted
($0.24)
$0.48
Dividend declared per share
$0.74
$0.71
FFO - basic (b) (c)
$123,513
$133,603
FFO - diluted (b) (c)
$123,513
$133,603
FFO per share - basic (b) (c)
$0.82
$0.87
FFO per share - diluted (b) (c)
$0.82
$0.87
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(a)
On January 1, 2018, in accordance with the adoption of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), the Company changed its accounting for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture from a co-venture arrangement to a financing arrangement. As a result, the Company has included in interest expense for the three months ended March 31, 2018 (i) a charge of $4,382 to adjust the fair value of the financing arrangement obligation during the period, (ii) distributions of $2,002 to its partner representing the partner's share of net income and (iii) distributions of $1,638 to its partner in excess of the partner's share of net income.
(b)
The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO - diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.
(c)
The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. As a result of changes in accounting standards effective January 1, 2018 (ASC 606), the Company began treating its joint venture in Chandler Freehold as a financing arrangement for accounting purposes. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes from its definition of FFO the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income. Although the NAREIT definition of FFO predates this guidance for accounting for financing arrangements, the Company believes that excluding the noted expenses resulting from the financing arrangement is consistent with the key objective of FFO as a performance measure and it allows the Company's currrent FFO to be comparable with the Company's FFO from prior quarters. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.
FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investement trusts ("REITs"). The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.
The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted (c):
For the Three Months
Ended March 31,
Unaudited
2018
2017
Net (loss) income attributable to the Company
($33,573)
$69,243
Adjustments to reconcile net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP
(2,450)
5,108
Loss (gain) on sale or write down of consolidated assets, net
37,512
(49,565)
Add: gain on undepreciated asset sales from consolidated assets
807
-
Loss on write-down of consolidated non-real estate assets
-
(10,138)
Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures
590
-
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net
157
(2,269)
Add: (loss) gain on sales or write down of undepreciated assets from unconsolidated joint ventures (pro rata), net
(2,085)
660
Depreciation and amortization on consolidated assets
79,937
83,073
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures
(3,641)
(3,893)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
43,584
44,765
Less: depreciation on personal property
(3,345)
(3,381)
Financing expense in connection with the adoption of ASC 606 (Chandler Freehold)
6,020
-
FFO attributable to common stockholders and unit holders - basic and diluted
$ 123,513
$ 133,603
Reconciliation of EPS to FFO per diluted share (c):
For the Three Months
Ended March 31,
Unaudited
2018
2017
EPS - diluted
($0.24)
$0.48
Per share impact of depreciation and amortization of real estate
0.77
0.78
Per share impact of loss (gain) on sale or write down of assets, net
0.25
(0.39)
Per share impact of financing expense in connection with the adoption of ASC 606 (Chandler Freehold)
0.04
-
FFO per share - diluted
$0.82
$0.87
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Net (loss) income attributable to the Company
($33,573)
$69,243
Interest expense - consolidated assets
52,635
41,301
Interest expense - unconsolidated joint ventures (pro rata)
25,433
25,306
Depreciation and amortization - consolidated assets
79,937
83,073
Depreciation and amortization - unconsolidated joint ventures (pro rata)
43,584
44,765
Noncontrolling interests in the OP
(2,450)
5,108
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures
(8,781)
(6,212)
(Gain) loss on sale or write down of assets, net - consolidated assets
37,512
(49,565)
Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)
157
(2,269)
Add: Noncontrolling interests share of gain on sale or write down of consolidated joint ventures, net
590
-
Income tax benefit
(2,949)
(3,484)
Distributions on preferred units
99
96
Adjusted EBITDA (d)
$192,194
$207,362
Reconciliation of Adjusted EBITDA to Net Operating Income ("NOI") and to NOI - Same Centers:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Adjusted EBITDA (d)
$192,194
$207,362
REIT general and administrative expenses
8,019
8,463
Management Companies' revenues
(10,542)
(11,896)
Management Companies' operating expenses
38,323
28,517
Straight-line and above/below market adjustments
(8,172)
(7,414)
NOI - All Centers
219,822
225,032
NOI of non-Same Centers
(7,283)
(12,646)
NOI - Same Centers (e)
$212,539
$212,386
(d)
Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(e)
The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the management companies' revenues and operating expenses, the Company's general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers.
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SOURCE The Macerich Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-macerich-announces-quarterly-results.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11448110591113194574604584212724081145390 |
TORONTO, May 4, 2018 /PRNewswire/ - Norbord Inc. (TSX and NYSE: OSB) announced corrected voting results on the election of its board of directors from its 2018 annual meeting of shareholders held on May 3, 2018. The original press release announcing the voting results contained an error in the percentage of votes reported as being voted in favour or withheld for each nominee. This information has been corrected in the below table.
All of the eight nominees listed in the Corporation's Management Proxy Circular dated March 5, 2018 proposed by management for election to the Board of Directors at the annual meeting of shareholders were elected by acclamation. The Directors will remain in office until the next annual meeting of shareholders or until their successors are elected or appointed. The proxies received by management were as follows:
Votes in Favour
Votes Withheld
Name
#
%
#
%
Jack L. Cockwell
35,221,674
58.81
24,673,408
41.19
Pierre Dupuis
57,603,947
96.17
2,291,135
3.83
Paul E. Gagné
59,442,206
99.24
452,876
0.76
J. Peter Gordon
41,758,518
69.72
18,136,564
30.28
Paul A. Houston
57,966,180
96.78
1,928,902
3.22
Denise M. Nemchev
59,806,742
99.85
88,340
0.15
Denis A. Turcotte
41,667,037
69.57
18,228,045
30.43
Peter C. Wijnbergen
47,277,614
78.93
12,617,467
21.07
Norbord Profile
Norbord Inc. is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately $2.1 billion and employs approximately 2,750 people at 17 plant locations in the United States, Canada and Europe. Norbord is a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol "OSB".
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SOURCE Norbord Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-norbord-inc-announces-corrected-voting-results-on-election-of-board-of-directors.html |
May 9, 2018 / 10:41 AM / in 6 minutes BRIEF-Wolverine World Wide Reports Q1 Adjusted Earnings Per Share Of $0.50 Reuters Staff
May 9 (Reuters) - Wolverine World Wide Inc:
* WOLVERINE WORLDWIDE REPORTS RECORD FIRST-QUARTER EARNINGS AND RAISES FULL-YEAR EARNINGS OUTLOOK
* Q1 REVENUE $534.1 MILLION VERSUS I/B/E/S VIEW $531.1 MILLION * Q1 EARNINGS PER SHARE $0.48
* Q1 EARNINGS PER SHARE VIEW $0.37 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $2.01 — THOMSON REUTERS I/B/E/S * SEES FY ADJUSTED EARNINGS PER SHARE $2.00 TO $2.10
* FY2018 REVENUE VIEW $2.28 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-wolverine-world-wide-reports-q1-ad/brief-wolverine-world-wide-reports-q1-adjusted-earnings-per-share-of-0-50-idUSASC0A0VV |
CHICAGO (Reuters) - In September, the federal government will mail a handbook on Medicare enrollment to 43 million households. “Medicare & You” is an important, authoritative source on a wide array of plan options for the annual enrollment period that runs from Oct. 15 through Dec. 7, and it has been mailed out to beneficiaries each year since 1999.
But this year, advocate groups for seniors are crying foul over language contained in a draft of the 2019 handbook edition sent to them for review by the U.S. Centers for Medicare & Medicaid Services (CMS).
The Medicare Rights Center and two other groups (Justice in Aging and the Center for Medicare Advocacy) argue that the draft contains inaccurate, ideologically tinted descriptions of the tradeoffs between original fee-for-service insurance and a privatized managed-care alternative.
That is no small criticism - and it comes from authoritative organizations with deep expertise on Medicare policy, coverage and the laws governing the program. The choice between fee-for-service coverage and Medicare Advantage is the first that seniors make about their coverage - and one of the most important.
Moreover, the handbook problems fit a pattern in the Trump administration, which has taken a number of steps to impede the flow of unbiased health insurance assistance. The administration has twice proposed to eliminate federal funding for State Health Insurance Assistance Programs, which provide critical assistance to 3 million seniors annually with their plan selections ( reut.rs/2s3cvQi ), and it has slashed funding for consumer outreach and enrollment assistance for Affordable Care Act coverage.
Now, aging advocates charge that the 2019 Medicare handbook draft contains “serious inaccuracies” aimed at steering enrollees to choose private Medicare Advantage managed-care plans over traditional fee-for-service coverage. The criticisms are leveled in a letter sent last week to Seema Verma, administrator of CMS.
CMS declined my request for an interview to discuss the criticisms. A CMS representative said feedback, along with consumer testing, is used to “inform the final product.” But the 2019 draft now under fire comes on the heels of similar criticisms leveled by advocates at the final 2018 handbook.
The key issue is whether CMS is steering enrollees to Medicare Advantage plans over original fee-for-service coverage.
Original Medicare - coupled with a stand-alone prescription drug plan and Medigap supplemental insurance - remains the gold standard for flexibility, since it can be used with any healthcare provider who accepts Medicare.
Medicare Advantage plans are managed-care networks, usually HMOs. They bundle together Part A (hospitalization), Part B (outpatient services) and often include Part D coverage (prescription drugs). Advantage plans also cap annual out-of-pocket expenses, so Medigap supplemental policies are not sold alongside the plans.
Advantage plans can save money for enrollees, and they are gaining in popularity. In 2017, some 19 million Medicare beneficiaries used Advantage plans - 33 percent of all enrollees, and up from just 5.6 million in 2005, according to the Kaiser Family Foundation. However, they come with important restrictions on available healthcare providers. Enrollees need to consider the tradeoffs carefully, using unbiased information.
TIPPING THE SCALES The 2019 draft has not been made available to journalists, but the letter to CMS from advocacy groups raises objections to language found in several parts of the draft that they argue favors Advantage with incorrect wording, omissions or inaccuracies. In several spots, it describes Advantage as “the less expensive alternative for beneficiaries.” That is an overstatement, advocates say, since many variables determine whether Advantage will be more or less costly for any individual enrollee.
The letter also criticizes the draft for failing to make clear that Advantage plans limit access to providers. One recent study found shortcomings in the quality of providers in some Medicare Advantage provider networks. One out of every five plans did not include a regional academic medical center - institutions that usually offer the highest-quality care and specialists. Other research has raised questions about the quality of skilled nursing facilities (SNFs) that are included in Medicare Advantage provider networks. ( reut.rs/2s3cvQi ).
The most troubling criticism concerns a description of prior authorization requirements - the annoying procedure found in many health insurance plans that forces enrollees to run meaningless paperwork gauntlets before an insurer agrees to cover a specific procedure or service. The handbook actually describes the restriction as a benefit, rather than a mandatory hurdle for Advantage plan members that is not required in original Medicare.
“When you have a Republican administration, you expect them to adhere to Republican principles, and that includes favoring private insurance,” said Lindsey Copeland, director of federal policy for the Medicare Rights Center, one of the groups that penned the letter. (The others are Justice in Aging and the Center for Medicare Advocacy).
“We believe Medicare Advantage can be a great option for many people, and original Medicare is better for even more people - but we get concerned when CMS favors one over the other, or steers folks in one direction.”
There is still time for Medicare to correct the problems - and CMS should play this straight. Medicare Advantage is doing just fine without using the handbook to tip the scales.
(The writer is a Reuters columnist. The opinions expressed are his own.)
Editing by Matthew Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-column-miller-medicare/ideology-threatens-to-trump-facts-in-official-medicare-handbook-idUSKCN1IP2Z9 |
Behind another extraordinary third quarter from Stephen Curry, the Golden State Warriors erased a 15-point deficit and claimed Game 7 of the Western Conference finals with a 101-92 victory over the Houston Rockets on Monday at Toyota Center in Houston.
May 28, 2018; Houston, TX, USA; Golden State Warriors guard Stephen Curry (30) and Houston Rockets forward PJ Tucker (4) reach for a loose ball in the third quarter in game seven of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Thomas B. Shea-USA TODAY Sports Curry scored 14 of his 27 points in the third period as the Warriors secured their fourth consecutive berth in the NBA Finals.
“This is a situation we’ve never been in before ... to win a Game 7 on the road, keep our composure for the whole series,” Curry said postgame on TNT. “All those hurdles and obstacles, we got over them, so it’s an unbelievable feeling, man. Winning a championship is hard, so this is a testament to that.”
The championship series begins on Thursday in Oakland, Calif., with the Cleveland Cavaliers representing the Eastern Conference. The same two teams met in the previous three Finals, with Golden State winning the title in 2015 and 2017 and Cleveland emerging as the champ in 2016.
Golden State, after trailing by 11 points at the intermission, outscored the Rockets 33-15 in the third period. The Warriors posted a plus-68 scoring margin in the third quarters for the series.
Related Coverage Injured Iguodala searching for answers ahead of NBA Finals “The second half was unbelievable,” Curry said. “This atmosphere is crazy.”
The Rockets fashioned their halftime lead on effort, both defensively and on the glass, but when their offense collapsed in the third quarter, their verve dissipated. Houston shot 24 percent (6 of 25) in the third and while missing all 14 of its 3-point attempts. Curry, meanwhile, finished the frame 5 of 6 from the floor while draining 4 of 5 from beyond the arc as the Warriors shot their way to the lead.
Warriors coach Steve Kerr said, “I’m proud of our guys for the way they held together after almost coming completely unglued in the first half. But that second half was something, a lot of amazing shot-making from some talented players. And I don’t know what the hell else was going on out there, but we did fight and we got it going in the second half.”
May 28, 2018; Houston, TX, USA; Houston Rockets guard James Harden (13) attempts a layup in front of Golden State Warriors center Jordan Bell (2) during the third quarter in game seven of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Thomas B. Shea-USA TODAY Sports The Rockets missed 27 consecutive 3-point attempts — an NBA playoff record — before PJ Tucker drilled a corner trey with 6:28 left that cut the deficit to 10 points. Houston went 7 of 44 from deep, 15.9 percent, while Golden State made 16 of 39 3-point attempts, 41 percent.
Kevin Durant totaled 34 points, five rebounds, and five assists for the Warriors, and Klay Thompson chipped in 19 points despite early foul trouble. Curry also produced nine boards, 10 assists and four steals.
James Harden posted 32 points, six rebounds, six assists and four steals for the Rockets, who again were without guard Chris Paul (right hamstring strain).
Rockets guard Eric Gordon, who scored 23 points, said of the impact of Paul’s absence, “It sucks because you know you could win this series if we just had one more playmaker. If we had Chris, if he was out there, we’d have been playing on Thursday. It’s just tough.”
Harden had a different viewpoint.
Slideshow (5 Images) “We don’t even think about that,” Harden said of playing without Paul. “We had an opportunity tonight and last game without Chris. Obviously, he’s a big part of why we’re here, but we had opportunities, especially in that first half both games.”
Harden opened the game 4 of 5 from the floor but finished 12 of 29 for the game. Gordon shot 2 of 12 from 3-point range, slightly better than Harden’s 2 of 13.
While Clint Capela (20 points, nine rebounds) and Tucker (14 points, 12 rebounds) delivered on the interior, the Rockets were undone by their ineffective perimeter options. Trevor Ariza finished 0 of 12, including 0 of 9 on 3-point tries, while Gerald Green made just 1 of 7 shots.
Harden, who gave the Rockets a 48-33 lead with a transition dunk at the 4:54 mark of the second quarter, fed Capela for an alley-oop layup for a 61-55 lead with 5:38 left in the third. The Warriors followed with a 17-2 run that included five 3-pointers, four from Curry, whose finger-roll with 3:29 left in the period was the lone basket from inside the arc during the decisive run.
“First of all, they’ve done that all year against everybody,” Rockets coach Mike D’Antoni said of the Warriors’ third-quarter surge. “That’s what their trademark is; we know it and it’s not like it’s a secret. Just seems like they came out a little more determined than we were in the beginning. The juice was flowing on their side. When they get it going, it’s tough to turn them off.”
Durant praised the Rockets, who fell short in the playoffs after posting a league-high 65 wins in the regular season.
“Much respect to the Houston Rockets for bringing the best out of us and making this an incredible series and pushing us to the brink,” Durant said. “You’ve got to give respect to them and the great season that they had. But I’m glad that we’re going back (to the Finals) and I’m excited that we’ve got this opportunity. I look forward to taking advantage of it.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-hou-gsw-recap/warriors-sink-ice-cold-rockets-head-back-to-finals-idUSKCN1IU0AL |
MENLO PARK, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Versartis, Inc . (Nasdaq:VSAR), an endocrine-focused biopharmaceutical company, today announced financial results for the first quarter ended March 31, 2018.
“We have undertaken additional efforts to aggressively manage our cash as we work diligently to complete our strategic review process,” said Jay Shepard, President and CEO of Versartis, Inc. “We acknowledge the patience our shareholders have shown during this process and we are committed to providing an update as soon as we can.”
First Quarter 2018 Financial Results
For the first quarter ended March 31, 2018, Versartis reported a net loss of approximately $9.0 million, or $0.25 per share, basic and diluted, compared to a net loss for the first quarter ended March 31, 2017 of $29.7 million, or $0.85 per share, basic and diluted.
Total operating expenses for the quarter ended March 31, 2018 were $8.5 million compared to $29.7 million for the quarter ended March 31, 2017. Research and development (R&D) expenses for the quarter ended March 31, 2018 were $3.6 million, compared to $22.0 million for the quarter ended March 31, 2017. The decrease in R&D expenses was primarily due to the termination of clinical and manufacturing related contracts that supported the company’s Phase 3 clinical trials for somavaratan following the Phase 3 VELOCITY trial failing to meet its primary endpoint.
General and administrative (G&A) expenses were $4.9 million for the quarter ended March 31, 2018 compared to $7.7 million for the quarter ended March 31, 2017. The decrease in G&A expenses was primarily due to the reduction in workforce and our continued efforts to reduce consulting and professional services expenses following the Phase 3 VELOCITY trial failing to meet its primary endpoint.
Total operating expenses for the quarter ended March 31, 2018 include non-cash stock-based compensation expense of $2.8 million compared to $3.9 million of non-cash stock-based compensation expense for the quarter ended March 31, 2017.
Cash, cash equivalents, and short-term investments were $74.7 million as of March 31, 2018.
Contacts:
Kevin Haas
VP, Finance
(650) 963-8595
[email protected]
Versartis, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31, 2018 2017 Operating expenses Research and development $ 3,600 $ 22,004 General and administrative 4,917 7,656 Total operating expenses 8,517 29,660 Loss from operations (8,517 ) (29,660 ) Interest income 193 199 Other income (expense), net (657 ) (261 ) Net loss (8,981 ) (29,722 ) Net loss per share- basic and diluted $ (0.25 ) $ (0.85 ) Weighted-average common shares used to compute basic and diluted net loss per share 36,019 35,004 Versartis, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
March 31, December 31, 2018 2017 Assets: Cash and cash equivalents $ 74,686 $ 81,146 Other assets 3,594 3,743 Build-to-suit lease asset 8,829 8,888 Total assets $ 87,109 $ 93,777 Liabilities and stockholders' equity: Accounts payable and other current liabilities $ 3,535 $ 5,593 Build-to-suit lease obligation 6,944 5,428 Total liabilities 10,479 11,021 Total stockholders' equity 76,630 82,756 Total liabilities and stockholders ’ equity $ 87,109 $ 93,777
Source:Versartis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-versartis-reports-first-quarter-2018-financial-results.html |
OTTAWA/HOUSTON (Reuters) - U.S. energy firm Kinder Morgan’s C$4.5 billion sale of an oil pipeline to Canada’s government marked an extraordinary escape from months of fraught negotiations among warring camps of Canadian officials.
A workman walks past steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS/Dennis Owen But even before the bailout, the company had little to lose - despite the C$1.1 billion it has spent so far on a plan to add a second pipeline from Alberta’s oil sands to British Columbia’s coast, according to a Reuters review of the project’s bank financing and oil-shipping contracts with producers reserving space on the proposed line.
The documents show Kinder Morgan cut creative deals with lenders and oil producers to shield itself from massive write-downs like the ones taken recently by rivals TransCanada Corp and Enbridge Inc in canceling controversial pipeline projects.
The arrangements, which have not been previously reported, gave Kinder Morgan unique leverage in threatening last month to walk away from the project by May 31 unless Prime Minister Justin Trudeau’s government guaranteed a path to construction over the objections of British Columbia officials, environmentalists and some aboriginal bands.
The company’s cautious financial planning and hard-ball politicking combined to create a no-lose bet on what might have been one of the oil industry’s riskiest plays, given the volatility of Canadian pipeline politics.
The firm’s ultimatum made rescuing its Trans Mountain pipeline expansion a national emergency for Trudeau, thrusting the prime minister into a constitutional crisis over the limits of federal power and a political crisis in refereeing a feud between Alberta and British Columbia.
Trudeau argued the project must go forward to alleviate a crude transportation bottleneck that costs Canadian oil producers C$15 billion annually in forgone export revenue. The expansion would nearly triple the flow of crude through Trans Mountain pipelines, to 890,000 barrels per day.
Now, in a deal announced Tuesday, Canada will pay Kinder Morgan the C$1.1 billion it has spent and another C$3.4 billion for the existing pipeline and to compensate the firm for giving up the expansion’s potential profits.
“Kinder Morgan wins,” said Brian Kessens, managing director at Leawood, Kansas-based investment firm Tortoise, which holds shares in Kinder Morgan Inc. “That’s a very fair price.”
The rising costs of the pipeline expansion, he said, had cut its profit potential to “just a little north of their cost of capital.”
The firm’s Chief Executive Steve Kean celebrated its exit from the troubled project.
“This is a great day, not only for our company but for Canada,” he said.
Canadian Finance Minister Bill Morneau said the government took the drastic step to resolve an “exceptional” problem, calling the deal “the best way to protect thousands of good, well-paying jobs while delivering a solid return on investment for Canadians.”
Steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS/Dennis Owen Kinder Morgan’s leverage in the deal stemmed in part from careful risk management in earlier negotiations with the 13 oil producers who reserved capacity in the proposed line. The shippers agreed to cover about 80 percent of Kinder Morgan’s capital costs – even if the second pipeline never gets built, the contracts show.
The shippers promised to pay those costs over time through tolls on shipments through the existing pipeline, and the contracts included an “early termination” clause to ensure the producers paid even if regulatory problems blocked the project.
The firm also negotiated with 26 lenders led by Royal Bank of Canada and TD Bank for a clause exempting the firm from paying a 2 percent penalty on funds drawn from up to C$5 billion in construction loans if it halted the project because of political problems, the documents show.
Another roughly C$220 million in financing, CEO Kean told analysts last month, came from assessments on oil producers shipping through Kinder Morgan’s Westridge export terminal in Burnaby, British Columbia, which is targeted for expansion to accommodate the second pipeline.
Twelve of the 13 oil producers - including BP Canada, Teck Energy Sales, Andeavor and Canadian Natural Resources - did not respond to Reuters inquiries or declined to comment on their contracts with Kinder Morgan. Canadian oil producer Cenovus Energy did not comment directly on the contracts but issued a statement saying Canada’s oil industry would continue to suffer from low prices and exports without new pipelines.
PLAYING A STRONG HAND Kinder Morgan’s threat to abandon the project forced Trudeau to back up his assertion that the federal government had the authority to approve the pipeline over a provincial effort to regulate it out of existence, said Bob Prasad, senior director at Allnorth, a Vancouver-based energy engineering and consulting firm that has worked on the project.
The ultimatum was a “genius move on Kinder Morgan’s part to move this project along - and put a date to it,” Prasad said.
In response, federal and Alberta officials scrambled to rescue the project, promising to indemnify Kinder Morgan against further cost overruns from political roadblocks in British Columbia. Alberta officials went so far as to threaten cutting off oil supplies to British Columbia in retaliation.
At the same time, inside Kinder Morgan, one of the primary architects of its political and financial strategy, 43-year-old Dax Sanders, got a battlefield promotion last month - just as the pipeline’s construction prospects never looked more bleak. Sanders, finance chief of Kinder Morgan Canada Ltd, now also serves as head of overall strategy for the Houston-based parent company, North America’s second-largest energy infrastructure firm.
Sanders was unavailable for an interview Tuesday, a company spokesman said.
Steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada's Trans Mountain Expansion Project sit on rail cars at a stockpile site in Kamloops, British Columbia, Canada May 29, 2018. REUTERS/Dennis Owen Robyn Allen - a vocal pipeline opponent and retired chief executive of an auto insurance firm - has long predicted the expansion would end in a government bailout. She opposed it specifically for that reason, unlike most other opponents who have cited fear of oil spills.
The Trudeau administration, she said, is paying C$4.5 billion “for a pipeline that is more than 65 years old” and assuming expansion costs she estimated could run as much as C$12 billion - far more than the firm’s latest estimate of C$7.4 billion.
By using assets of the existing Trans Mountain pipeline to finance its expansion, Kinder Morgan made the two inseparable in the bailout, Allen said.
“Now Kinder Morgan’s U.S. shareholders will be made whole,” she said. “They have offloaded all of these costs onto Prime Minister Justin Trudeau.”
Finance Minister Morneau declined to comment in a morning news conference on the costs to complete the project.
Finance Ministry spokesman Dan Lauzon, asked later on Tuesday about Allen’s C$12 billion estimate, said the government’s pipeline purchase was “commercially viable and has the potential to add value” for new investors.
TROUBLE AHEAD Buying the pipeline hardly solves Trudeau’s political problems. It merely buys him time, at the cost of a massive investment of taxpayer money into the nation’s dicey oil transportation industry.
The government hopes to quickly resell the project to energy firms, a task made much harder by its tortured political history.
Though Trudeau asserts federal authority to approve the project, British Columbia officials could effectively bog it down for years in environmental studies, lawsuits and regulations that undercut its profit potential.
Trudeau could theoretically nullify any provincial law that effectively kills a federally approved project under a constitutional provision that hasn’t been used since the 1940s. But that’s unlikely given that his Liberal party relies far more on electoral support from British Columbia than from conservative Alberta.
The prime minister is already paying the political price.
“Those of us who knocked on doors for him will not forget that he took billions of dollars from Canadian families to buy out an oil pipeline,” said Tzeporah Berman, deputy director of Stand.earth, an environmental advocacy organization with offices in Vancouver.
The flack is flying from opponents on the right, too, including from Conservative Leader Andrew Scheer, head of the largest opposition party.
Trudeau’s pipeline deal, Scheer said, does nothing to solidify federal authority or settle constitutional questions.
“All he has done is force Canadian taxpayers to pay for his failure,” Scheer said. “He is trying to buy his way out of a problem.”
Reporting by David Ljunggren in Ottawa and Liz Hampton and Gary McWilliams in Houston; Additional reporting by Julie Gordon in Vancouver; Editing by Denny Thomas and Brian Thevenot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kinder-morgan-cn-strategy-insight/how-kinder-morgan-won-a-billion-dollar-bailout-on-canada-pipeline-idUSKCN1IV1B5 |
The Trump administration is reviewing options to house immigrant children at military bases as it prepares to separate far more kids from their parents caught crossing the Mexican border illegally.
Officials from the Department of Health and Human Services have made informal visits to four facilities in Texas and Arkansas, according to a U.S. defense official.
Last... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-weighs-housing-immigrant-children-at-military-bases-1526418165 |
BRUSSELS (Reuters) - Euro zone policy-makers will seek last-minute backing this week from the International Monetary Fund for their debt-relief offer to Greece, to ensure it is credible with markets and draws investors back to Greece after it exits its bailout.
Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo The talks are to take place on the sidelines of a meeting of in Canada of finance ministers and central bankers from the world’s top seven economies, the G7, in June, officials involved in the negotiations said. The bailout ends on Aug. 20.
“This thing has to be done now,” one senior official involved in the talks said. If no deal is agreed by next Monday, the official said, the IMF would most likely not take part in the bailout at all.
After three successive bailouts since Athens lost market access in 2010, euro zone governments are now Greece’s main creditors, with total loans of 230 billion euros ($268.20 billion) so far.
The IMF took part in the first two bailouts, but has refused to join in the third, which began in 2015. It says the euro zone must agree on how to make Greek debt, now at 179 percent of GDP, sustainable.
Euro zone finance ministers have argued they can only give such details towards the end of the three-year bailout. So the IMF has remained only an observer over the past three years.
Many euro zone countries, especially fiscal hawks like Germany, want the IMF on board to make sure private investors are ready to lend to Athens again and that Greece will not come back for more euro zone loans in a few years.
But at the same time Berlin does not like the IMF’s view that Greece needs substantial debt relief. Germany argues that if Greece keeps its primary surplus — its budget balance before debt costs — big enough for long enough, it might not be needed at all.
The IMF believes asking Greece to keep a high primary surplus for decades is unrealistic. It is also more cautious on Greek growth assumptions than the euro zone.
The IMF and the euro zone agree there should be no “haircut” - a reduction in the principal of the debt - but only an extension of maturities and grace periods.
To make sure that Greece does not reverse reforms after it gets the debt deal, the euro zone also wants a clause in the agreement that it would be null and void unless Greece keeps its primary surplus at 3.5 percent of GDP until at least 2022 — a condition the IMF is ready to accept.
Reporting By Jan Strupczewski, editing by Larry King
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The NFL has named Arizona and New Orleans as hosts for future Super Bowls as the spring meetings in Atlanta draw to a close on Wednesday.
Feb 1, 2015; Glendale, AZ, USA; A general view of the flyover by the Thunderbirds during the national anthem before the start of Super Bowl XLIX between the Seattle Seahawks and New England Patriots at University of Phoenix Stadium. at University of Phoenix Stadium. Mandatory Credit: James Lang-USA TODAY Sports With the sites through 2022 already in place, the league picked University of Phoenix Stadium in Glendale, Ariz. as the site for Super Bowl LVII in 2023. Mercedes-Benz Superdome in New Orleans will host the following year, the eighth time it will be held there, a single-venue record.
That would make for the fourth time a Super Bowl has been hosted in Arizona (third at University of Phoenix Stadium) and a record-tying 11th time for New Orleans. Miami, which will host the Super Bowl after the 2019 season, will also have hosted the game 11 times at multiple stadiums.
A general view shows New Orleans, Louisiana, United States, August 19, 2015. REUTERS/Carlos Barria Atlanta is the site of next season’s Super Bowl LIII, which will showcase the team’s new Mercedes-Benz Stadium. The aforementioned game in Miami is up next, followed by Tampa Bay and Los Angeles. The game in L.A. will be played in the stadium being built for the Rams and Chargers to share.
The NFL is ending the process of potential host cities bidding to win the league’s approval. Instead, the league will ask cities if they would like to host the game, while giving special merit to locations that have new stadiums.
The owners also awarded the 2019 NFL Draft hosting duties to Nashville on Wednesday.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-no-ari-super-bowl-hosts/arizona-new-orleans-named-as-2023-24-super-bowl-hosts-idUSKCN1IO2S3 |
May 28, 2018 / 12:49 AM / Updated 4 minutes ago Oil sinks while stocks gain on North Korea, euro shaken by Italy Hideyuki Sano 5 Min Read
TOKYO (Reuters) - U.S. oil futures sank to six-week lows on Monday on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. Men walk past an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016. REUTERS/Thomas Peter
The euro bounced back from a 6-1/2-month low after the Italian president rejected a eurosceptic as a key economy minister.
But his move was seen as triggering a possible constitutional crisis and opening the prospect of fresh elections, keeping the single currency fragile.
Oil prices extended their decline from last week on growing expectations that major oil producers may ease their 17-month-old production cuts.
A return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for easing curbs, Russia’s energy minister said on Saturday.
His comments came after the energy ministers of Russia and Saudi Arabia met to review the terms of global oil supply, ahead of a key OPEC meeting in Vienna next month.
Brent crude futures dropped as much as 2.6 percent to $74.49 per barrel, their lowest level in about three weeks. They last stood at $75.00, down 1.8 percent.
U.S. crude futures dropped to six-week low of $65.80 per barrel, shedding 3.1 percent and is on course to post its fifth day of decline.
U.S. S&P500 mini futures rose 0.5 percent, but market holidays in the world’s two biggest financial centers — London and New York — could make trading slow and illiquid for the day.
German and French stock futures were up 0.4 percent.
South Korea’s KOSPI rose 0.8 percent, buoyed by stocks which are seen as benefiting from a further thawing in tensions with Pyongyang.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent. Japan’s Nikkei rose 0.1 percent.
President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
“While we can’t say for sure how much they can agree, both sides seem to want to make progress,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.
Mizuho sees a 10 percent chance that the summit, so far planned on June 12, will not take place, a 20 percent chance of a deal leading to a peace treaty struck at the meeting and a 70 percent likelihood of the summit leading to more talks without producing immediate deals on denuclearisation, he said.
In the currency market, the euro bounced back 0.6 percent to $1.1720 after having a touched a 6-1/2-month low of $1.1646 on Friday.
Italian president Sergio Mattarella rejected a eurosceptic pick for the key economy ministry by the two anti-establishment parties aiming to form a coalition government, the 5-Star Movement and the League.
While his decision allayed immediate concerns of having a eurosceptic minister in the euro zone’s third-largest economy, his move created bigger uncertainties as 5-Star leader Luigi Di Maio, whose party won the most seats at an inconclusive March 4 vote, demanded that parliament impeach Mattarella.
The 10-year Italian bond yield has risen 67 basis points, or 0.67 percentage point, so far this month, on course to make its biggest monthly rise since late 2011.
Its yield spread over benchmark German Bunds rose above 200 basis points for the first time in over a year.
“If the Italian debt prices fall further, people will have to do more hedging, say by selling the euro and so on. The issue will be the biggest focus for markets this week,”
While no one thinks the country will default, people need to make hedging when they face sharp price moves,” said Takafumi Yamawaki, head of currency and fixed income research at J.P. Morgan Securities in Tokyo.
Investors are also increasingly wary of Spain, where Prime Minister Mariano Rajoy is facing growing pressure to resign over a graft case involving his party.
The spread of the Spanish-German debt yields rose to about 105 basis points, the highest since January.
“The euro is being bought back in the near term but it looks capped at around $1.17. But we haven’t seen the kind of panic we saw before the French presidential election last year. I’d bet the euro will slip gradually than fall sharply,” said Kyosuke Suzuki, director of forex at Societe Generale.
The dollar rose 0.2 percent against the yen in early Monday trade to 109.58 yen, extending its recovery from Thursday’s 108.955 on optimism over the upcoming U.S.-North Korea summit.
Elsewhere, bitcoin traded at $7,330, falling below its 365-day moving average, which stood around $7,370. Editing by Kim Coghill and Jacqueline Wong | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets/u-s-stock-futures-up-on-north-korea-euro-shaken-by-italy-oil-falls-idUKKCN1IT01O |
WASHINGTON (Reuters) - The White House said on Tuesday it expects to wrap up negotiations with Canada, the European Union and Mexico on announced U.S. tariffs on steel and aluminum imports within a 30-day extended exemption period.
“It’s a 30-day extension and we expect for these negotiations to be completed at the end of those 30 days,” White House spokeswoman Sarah Sanders told reporters. “Hopefully we can get something that works for everybody.”
Reporting by Steve Holland; Writing by Tim Ahmann; Editing by Eric Beech
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-talks/white-house-says-expects-to-complete-tariff-talks-during-30-day-exemption-period-idUSKBN1I248R |
PAHOA, Hawaii (Reuters) - Toxic gas emanating from steaming gashes on the flank of Hawaii’s erupting Kilauea volcano on Tuesday added to the danger facing residents, whose escape routes are threatened with closure because of lava flows, officials said.
Lava erupts from a fissure on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 14, 2018. REUTERS/Terray Sylvester Dangerous levels of sulfur dioxide gas and other emissions prompted state health officials to urge residents to stay indoors or leave the eastern end of Hawaii’s Big Island, which has been ravaged by volcanic activity since May 3.
A 20th fissure releasing lava and gases has opened on Kilauea’s side, state officials said on Tuesday.
Lava oozing out of fissures have hit the island’s lower Puna area especially hard, tearing through farmland some 25 miles (40 km) east of the volcano’s smoking summit, destroying 37 homes and other structures and posing a risk of blocking one of the last exit routes, state Highway 132.
No deaths or major injuries have been reported, but officials have ordered about 2,000 residents to evacuate the area.
Near-constant small earthquakes and gas emissions have not driven all area residents away.
Mark Clawson, a 64-year-old semi-retired plumber, said he was not ready to leave his spacious Upper Kapoho hilltop home, where he has lived for 15 years.
Smoke and lava erupt from a fissure near a home on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 14, 2018. REUTERS/Terray Sylvester TPX IMAGES OF THE DAY “It’s a lot more fun today than it was yesterday,” he said Monday. “Yesterday it was just too unnerving.”
Lava from one of the fissures has been moving toward a coastal dirt road that is also a key access route for some 2,000 residents in the southeastern area of the Big Island, home to around 200,000 people.
Mass evacuations would be triggered if either highway is hit by lava, Hawaii National Guard spokesman Major Jeff Hickman said.
President Donald Trump on Friday approved a disaster declaration that makes federal relief available to the state.
The Federal Emergency Management Agency, which has a team in place on the Big Island, said it would assist the state with at least 75 percent of emergency measures and replacing damaged infrastructure.
The U.S. Geological Survey has warned that pent-up steam could cause a violent explosion at the volcano crater, launching a 20,000-foot (6,100-meter) plume that could spread debris over 12 miles (19 km).
Scientists had expected such explosions by the middle of this month as Kilauea’s lava lake fell below the water table. But water may not be entering the crater, as feared, and gas and steam may be safely venting, scientists said.
Reporting by Terray Sylvester in Pahoa and Jolyn Rosa in Honolulu, additional reporting by Andrew Hay in Taos, New Mexico; Writing by Peter Szekely in New York; editing by Scott Malone and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/toxic-gases-add-to-hazards-near-hawaiis-erupting-kilauea-volcano-idUSKCN1IG2W1 |
May 24 (Reuters) - Australia’s Aristocrat Leisure said on Thursday that its half-year net profit rose 2.8 percent, as ongoing expansion in its digital business contributed to revenue growth.
Reported net profit after tax for the six months to March 31 rose to A$256.5 million ($193.94 million) from A$249.6 million a year ago, the gaming machine developer said in a statement.
The company declared an interim dividend of 19 cents per share, compared to 14 cents per share a year ago. ($1 = 1.3226 Australian dollars) (Reporting by Ambar Warrick in Bengaluru, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/aristocrat-leis-results/australias-aristocrat-leisure-h1-profit-rises-as-digital-gamble-pays-off-idUSL3N1SO4O0 |
The process of taking an idea from inception to implementation in the tech space is easier than some might think, according to the creator of Google Photos.
Speaking to CNBC's Matthew Taylor on Thursday, Vice President of Product at Google Anil Sabharwal said it's "really a very simple formula" to bring ideas to life.
"What we like to think about is a few simple things," he added.
"Where are there opportunities? Where are there scenarios where users could benefit from tremendous capabilities in technology that may not have been there years ago that we can now solve real human problems?"
In the case of personal photography, Sabharwal said, a trend was noticed where people are taking "far more photos" than before.
"Back in the day we used to only be able to take 24 photos on film, now you take a thousand photos of one sunset," he added.
With this realization that people were taking more photos, the team then sought to find a solution to a series of questions.
"How do we give them peace of mind? How do we help them relive and reminisce? How do we help them share those photos with the meaningful people in their lives?"
The end result of that process was Google Photos, a product which Sabharwal said was "a really great combination of a problem that was unmet in the market and a capability that Google had that really no one else had."
"When you think about your personal memories and photos that are important to you, there's not many companies in the world that you're going to trust all that with," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/tips-for-developers-simple-formula-to-realizing-an-idea-in-tech.html |
May 16, 2018 / 9:41 PM / Updated 17 hours ago Merck's Keytruda boosts response in hard-to-treat lung cancer Reuters Staff 2 Min Read
(Reuters) - The combination of Merck & Co’s immunotherapy Keytruda and chemotherapy boosted response rates in patients with advanced hard-to-treat squamous cell lung cancer, the company said on Wednesday. FILE PHOTO: The logo of Merck is pictured in this illustration photograph in Cardiff, California, U.S., April 26, 2016. REUTERS/Mike Blake
An early look at results of a 204-patient trial showed an overall response rate of 58.4 percent for newly-diagnosed patients given Keytruda plus carboplatin and paclitaxel or Celgene Corp’s Abraxane. That compared to 35 percent for chemotherapy alone.
The interim results will be discussed in greater detail next month at the annual meeting of the American Society of Clinical Oncology (ASCO), where data from several Keytruda trials and other therapies that help the immune system fight cancer will be presented. Data on a rival Roche drug from a similar squamous cell lung cancer trial will be featured at the meeting.
The duration of response was more than six months in 65.8 percent of patients given the Keytruda regimen compared with 45.6 percent of those who received chemotherapy alone, Merck said.
Serious side effects were seen in 64.4 percent of Keytruda patients and 74.5 percent of patients given just chemotherapy.
Keytruda is the only immunotherapy approved in the United States to treat lung cancer patients who have not received prior treatment. That approval is for non-squamous non-small cell lung cancer (NSCLC), the most common form of the disease.
Squamous cell, a type of NSCLC, accounts for about 30 percent of all lung cancers, according to the American Cancer Society. People diagnosed with squamous cell lung cancer typically have a poor prognosis since the disease is often first diagnosed after it has spread. Reporting By Deena Beasley; Editing by Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-cancer-merck/mercks-keytruda-boosts-response-in-hard-to-treat-lung-cancer-idUSKCN1IH32C |
May 22 (Reuters) - Edwards Lifesciences Corp:
* REAL-WORLD EVIDENCE CONFIRMS CLINICAL TRIAL OUTCOMES FOR PATIENTS TREATED WITH EDWARDS SAPIEN 3 VALVE
* EDWARDS LIFESCIENCES - EDWARDS SAPIEN 3 VALVE DATA DEMONSTRATED CONSISTENCY WITH THOSE RESULTS ACHIEVED IN EARLIER CONTROLLED CLINICAL TRIALS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-real-world-evidence-confirms-clini/brief-real-world-evidence-confirms-clinical-trial-outcomes-for-patients-treated-with-edwards-sapien-3-valve-idUSASC0A38F |
NEW DELHI, May 21 (Reuters) - On any night at pubs and restaurant-bars in India’s capital city, a mostly cool and hip crowd sip their favourite cocktails and shake a leg to blaring music.
That’s likely to stop.
The Delhi government has ordered all such establishments in the city to follow an old rule that only permits live music performances and not the playing of recorded music or use of professional disc jockeys who spin popular Bollywood tracks.
The government said it was enforcing the rule after receiving complaints from local residents about the nuisance caused by such bars, according to an order issued last week that only gained public attention on Monday.
The move is likely to lead to a tussle between the local government and more than 1,000 bars, worried about their survival.
A senior member of the National Restaurant Association of India (NRAI) called on the city authorities to withdraw an order he said was “bizarre” and “regressive”.
“We’ll become a laughing stock for the world,” said the frustrated NRAI official, who declined to be named. “The government is citing this obtuse fine print in law, it will affect tourism and quality of life.”
The customers are not happy either.
“Music is a huge part of how you unwind, you are taking away that space,” said R. Kumar, a New Delhi-based communications professional and a frequent partygoer.
IRRITANT FOR RESIDENTS The pub scene in India’s capital has evolved over the years.
Hundreds of small and large pubs have mushroomed across the city to tap youngsters for whom music, alcohol and global cuisines have become an integral part of entertainment.
But late-night loud music at pubs - many of them located close to residential areas in the metropolis of more than 20 million people - has become an irritant for those living near.
Praveen Mishra, a senior official who signed off on the Delhi state’s order, said the government was only enforcing an old rule governing pubs.
The pubs are “permitted only to have live singing/playing of instruments by professionals” within their premises, Mishra said in his order last week. “Violations of these rules shall lead to strict action as per law.”
It is unclear how the government will regulate the sound from live performances, which are now likely to increase in number. The Times of India newspaper Quote: d a Delhi official saying the rules were “silent” on whether professionals should sing with or without a mike, and what the volume should be.
Reporting by Aditya Kalra Editing by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/india-pubs-delhi/pubs-in-indias-capital-ordered-to-stop-playing-recorded-music-idUSL3N1SS2PC |
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