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NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong notifies investors of an investigation concerning whether Flex Ltd. (“Flex” or the “Company”) (NASDAQGS:FLEX) violated federal securities laws.
Click here to learn about the case: http://www.wongesq.com/pslra-c/flex-ltd . There is no cost or obligation to you.
On April 26, 2018, Flex issued a press release disclosing allegations by a former employee that the Company “improperly accounted for obligations in a customer contract and certain related reserves.” The Company further announced that its Audit Committee was undertaking an investigation of the matter “with the assistance of independent outside counsel.”
To learn more about the investigation of Flex contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/flex-ltd .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006546/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-425-1140
Fax. 866-699-3880
[email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-flex-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-an-investigation-involving-possible-securities.html |
(Reuters) - Uber Technologies Inc [UBER.UL] said on Tuesday it signed an agreement with U.S. space agency NASA to explore concepts and technologies needed for passenger and cargo air transportation within an urban area.
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 This is Uber’s second agreement with the space agency. As part of the pact, the ride-hailing company will share data related to its efforts to build flying taxis in 2020 for the development of NASA’s urban air mobility (UAM) program.
“Using data from Uber, NASA will use its research facility at the Dallas-Fort Worth (DFW) airport to simulate a small passenger carrying aircraft as it flies through DFW airspace during peak scheduled air traffic, and analyze if these operations would trigger traffic collision advisories,” Uber said in a statement.
Uber on Tuesday also released a new prototype for flying taxies at its annual Elevate Summit.
In November, the company said it was working with NASA to develop a software which could be used to manage flying taxi routes and would work like ride-hailing services that Uber has popularized on the ground.
Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://in.reuters.com/article/us-uber-elevate-nasa/uber-to-provide-data-support-for-nasas-urban-air-mobility-program-idINKBN1I92KM |
Britain’s Tory government announced last week that “shale gas development is of national importance” and could “deliver substantial economic benefits,” which counts as intellectual and political progress. Perhaps there’s hope that Britain will finally tap this would-be economic windfall.
Two ministers, Greg Clark and James Brokenshire, submitted plans to Parliament to speed approvals for hydraulic fracturing, and none too soon. Britain was a net exporter of natural gas as recently as 2003, but its North Sea reserves are running... | ashraq/financial-news-articles | https://www.wsj.com/articles/britain-discovers-shale-energy-1526854292 |
TORONTO (Reuters) - The Bank of Canada appears to be losing sway in its own backyard as bond yields there chase after rising U.S. interest rates even though Canadian policy makers have pledged to proceed slowly with rate hikes of their own.
A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie That’s a problem for a Canadian economy that has been powered in large part by record consumer debt on home mortgages, and evidence of a slowdown in home sales and credit growth is already emerging as borrowing costs surge.
Sales of existing homes fell to a five-year low in April, data released Tuesday showed, while the inventory of unsold homes was the highest since 2015. Meanwhile, annualized household credit growth in March slowed to 3.44 percent, a seven-year low, and mortgage loan growth slid to a three-year low.
Consumers are not the only ones feeling the pinch. Non-financial corporate bond issuance has dropped by more than a third in the year through April from a year earlier, according to Thomson Reuters data, and Canadian industrial corporate bond yields as tracked by Bank of America/Merrill Lynch have hit their highest in four-and-a-half years.
Analysts and investors see U.S. rates markets as the culprit behind the quickened pace of financial tightening in Canada.
“A concern for the Bank of Canada is that rising U.S. rates will drive up term interest rates in Canada more than it would want with its domestic monetary policy,” said Ed Devlin, head of Canadian portfolio management at Pacific Investment Management Co.
The U.S. Treasury market has long had outsized influence on bond yields worldwide because of its size and the U.S. dollar’s status as the primary global reserve currency. Its sway over Canadian market rates is even more pointed, however, because of the close economic ties between the two countries.
The Federal Reserve has raised interest rates six times since December 2015 to a target range of 1.50 percent to 1.75 percent and has projected three hikes for all of 2018, although some economists and investors are banking on four increases this year.
By contrast, the BoC has raised its policy rate just three times since the start of the current cycle in July 2017, most recently to 1.25 percent. It has promised to proceed with caution from here, and that has led markets to price in no more than two more hikes this year. BOCWATCH
But that has not slowed the rise in Canadian bond yields as their U.S. counterparts march higher.
Canada’s 5-year yield CA5YT=RR, closely watched as a benchmark for mortgage interest rates around the country, is at a seven-year high above 2.30 percent. The same maturity of U.S. Treasury notes US5YT=RR, meanwhile, are at their highest yield since 2009 at 2.91 percent as benchmark U.S.-10 year note US10YT=RR yields have broken above the key 3 percent level.
As a measure of the degree to which Canadian bond yields are detached from the BoC’s policy rate CADISC=, the Canadian 5-year note’s yield now stands 106 basis points above the BoC rate compared with about 53 basis points a year ago. That is the widest spread in nearly five years.
Last month Toronto-Dominion Bank lifted its posted rate for five-year mortgages by 45 basis points to 5.59 percent even as the BoC stayed on hold. Some of the other major Canadian banks have since lifted their posted rates.
The increases come as nearly half of outstanding mortgages face a rate reset within the year, according to BoC estimates from late 2017.
“Financial conditions in Canada are tightening perhaps more aggressively than the Bank of Canada anticipated,” said Karl Schamotta, director global markets strategy at Cambridge Global Payments.
Bank of Canada Governor Stephen Poloz cautioned in a speech earlier this month of the risks to the economy from record high household debt. It rose in the fourth quarter to more than C$2.1 trillion, about 170 percent of disposable income.
“Every rate hike that we can see from them will have a greater impact on the economy because leverage ratios are so high,” said Andrew Kelvin, senior rates strategist at TD Securities.
And the BoC’s slipping control will grow ever more evident.
“The Bank of Canada never really had full control over the borrowing costs that consumers and corporations were facing, it has just becoming more apparent now that we are starting to see a bit of divergence between Fed policy and Bank of Canada policy,” Kelvin said.
Reporting by Fergal Smith; Editing by Dan Burns and Phil Berlowitz
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-cenbank-bonds-analysis/rising-u-s-yields-clip-bank-of-canadas-control-over-borrowing-costs-idUSKCN1IG332 |
(Corrects paragraph 1 to show Lachlan Murdoch will succeed his brother James as CEO)
May 16 (Reuters) - Twenty First Century Fox’s James Murdoch will be succeeded by his brother Lachlan as chief executive officer once the company’s TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.
Lachlan and his father Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.
Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.
The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.
The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said. (Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/fox-ma-disney/update-1-rupert-murdochs-son-lachlan-to-become-fox-ceo-after-disney-deal-idUSL3N1SN59W |
COLUMBUS, Ohio, May 10, 2018 (GLOBE NEWSWIRE) -- JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc. (JLT), the leading global specialist risk advisor and broker, is pleased to announce the appointment of Kirk Bantz as Senior Vice President.
Based in Columbus, Bantz will play a pivotal role in delivering specialized solutions for complex risks for Life Sciences and Manufacturing companies by leveraging his in-depth experience in the field.
With over 25 years of insurance and risk management experience, Bantz comes to JLT from USI and has also served as Director of Risk Management for Cardinal Health where he was responsible for designing and placing one of the largest stock throughput programs in the history of Lloyds of London.
“We are delighted with the appointment of Kirk in the U.S.,” said Gordon Longley, Chief Executive Officer, Marine & Cargo division at JLT Specialty Limited. “Having personally worked with Kirk for over 14 years in his role as a broker and as a client, I’m hugely confident that his risk management experience in the Life Science Industry coupled with his knowledge of the Property and Cargo STP markets in the USA & London, will prove to be hugely beneficial as we continue to build out our offering in these areas in the U.S.”
“Kirk’s extensive career will be invaluable to our clients,” said Pat Donnelly, Chief Executive Officer at JLT Specialty USA. “Kirk’s appointment is a reflection of our on-going commitment to hire the best talent available in our industry.”
JLT encourages any potential applicants interested in rapidly developing their careers and becoming part of its U.S. Specialty team to contact Karen Isaacs at 215-309-4601, [email protected] .
JLT ENQUIRIES:
Name: Ashely Deal, VP of Marketing
Phone: (310) 266-9464
Email: [email protected]
NOTES TO EDITORS:
About Jardine Lloyd Thompson (LSE:JLT)
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence. JLT is Quote: d on the London Stock Exchange and owns offices in more than 40 territories with over 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries. For further information about JLT, please visit our website www.jlt.com and follow us on LinkedIn at JLT Group and Twitter @JLTGroup.
About JLT Specialty USA
JLT Specialty USA is the U.S. platform of the leading specialty business advisory firm, Jardine Lloyd Thompson Group. Our experts have deep industry and product experience serving leading U.S. and global firms. Our key to client success is our freedom to be creative, collaborative, and analytical while challenging conventions, redefining problems, creating new analytical insights, and exploring new boundaries to deliver solutions for each client’s unique business and risks.
For further information about JLT, please visit our website www.jltus.com and follow us on LinkedIn at JLT Specialty USA and Twitter @JLTSpecialtyUSA.
Source:JLT Specialty Insurance Services Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-jlt-specialty-usa-announces-appointment-of-kirk-bantz-as-senior-vice-president.html |
Netanyahu does "chicken dance" with Eurovision winner 1:32pm BST - 00:52
Israel Prime Minister Benjamin Netanyahu couldn't resist doing the ''chicken dance'' with Eurovision song contest winner Netta Barzilai when she visited the leader and his wife, Sara. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Israel Prime Minister Benjamin Netanyahu couldn't resist doing the "chicken dance" with Eurovision song contest winner Netta Barzilai when she visited the leader and his wife, Sara. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wKhSbM | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/netanyahu-does-chicken-dance-with-eurovi?videoId=427739266 |
May 23 (Reuters) - Sirtex Medical Ltd:
* SIRTEX RESPONSE TO VARIAN RELEASE ON CDH COMPETING BID * BOARD CONSIDERING RELATIVE MERITS AND RISKS OF CDH PROPOSAL AND VARIAN MEDICAL SYSTEMS SCHEME
* AT THIS TIME, DIRECTORS OF CO CONTINUE TO UNANIMOUSLY SUPPORT & RECOMMEND VARIAN MEDICAL SYSTEMS, INC’S SCHEME Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sirtex-responds-to-varian-release/brief-sirtex-responds-to-varian-release-on-cdhs-competing-bid-idUSFWN1ST0NV |
Consumer sentiment was slightly higher than anticipated in the beginning of May, coming in line with revised April results.
The University of Michigan's Friday report on consumer attitudes about the economy hit 98.8 in a preliminary May reading, higher than the 98.5 expected by a survey of Reuters economists.
Eight out of every 10 consumers surveyed by the University of Michigan expect the Federal Reserve to raise interest rates in the year ahead, according to chief economist Richard Curtin.
"The data will thus provide some additional points for both sides in the debate about the timing and number of future interest rate hikes," Curtin said.
Curtin went on to explain that consumers "have a remarkable track record" for identifying whether the actual unemployment rate will increase or decrease in the coming years.
The May result found that "fewer consumers anticipated further declines in the unemployment rate," Curtin said.
The comparable April reading was also revised from 97.8 to 98.8, inline with May's result.
The survey measures 500 consumers' attitudes on future economic prospects, in areas such as personal finances, inflation, unemployment, government policies and interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/consumer-sentiment-may.html |
Gross Margins Increase to 66% Q1 2018 from 37% Q1 2017
BELGRADE, Mont.--(BUSINESS WIRE)-- Lattice Biologics Ltd. ( TSX-V: LBL ) (OTCBB: LBLTF) (“ Lattice Biologics ” or the “ Company ”) announces financial results for the fourth quarter 2017, year ended September 30, 2017, and first quarter 2018:
Highlights:
Gross profit margin was 65.8% for the three months ended December 31, 2017, compared to 36.6% for the three months ended December 31, 2016. Cash flow positive from operations for the three months ended December 31, 2017. Successfully relocated processing facility to Belgrade, Montana, while maintaining adequate inventory levels to maintain sales and expanding reach into personal injury and dental markets. Maintained American Association of Tissue Bank certification after relocation of processing facilities. Penetrated new international markets in Columbia and Dominican Republic. Launched new products into higher margin dental market.
Financial Highlights:
Successfully relocated operations to Belgrade, Montana from Scottsdale, Arizona, resulting in operational efficiencies of over $ 230,000 per month, year over year. Reduced net loss from $1,213,490 ($0.02/share) for three months ended December 31, 2016 to $132,726 or ($0.00/share) for the three months ended December 31, 2017. Reduced net loss from $7,852,007 ($0.16/share) for fiscal year ended 2016 to $1,524,804 or ($0.02/share) for fiscal year ended 2017. Total liabilities reduced from $10.5 million for fiscal year ended 2016 to $ 7.7 million for fiscal year ended 2017. Cash from operations was $25,858 for quarter ended December 31, 2017 compared to a deficit of $522,495 for quarter ended December 31, 2016. Negative EBITDA for quarter ended December 31, 2017 was $85,509 compared to negative EBITDA of $571,408 for quarter ended December 31, 2016.
2017 Business Update:
“After a careful review of overhead and operational throughput, the Company decided to relocate operations to Belgrade, Montana in June of 2017. While we expected the move to generate savings of approximately $ 80,000 per month, the actual savings turned out to be roughly $230,000 per month as borne out by our year over year financials,” said Guy Cook, CEO of Lattice Biologics.
“As a result, we have had our first quarter of being cash flow positive from operations, and a substantial increase in margins to 66% of revenues. Although sales are down year over year and quarter over quarter, the Company thought it would be prudent to not recognize revenues in the personal injury market until we have a clearer understanding of timeliness associated with reimbursements in this market.
“We remain focused on higher margin products as we continue to grow the business. With the reduction in overhead and associated expenses, the Company is well positioned to grow and be profitable in 2018 and beyond,” continued Cook.
The Company continues to make significant improvements on the balance sheet, and is working with creditors to convert certain balances to equity for working capital purposes.
The Company restructured Grenville debt to favorable terms, including the conversion of $2.7 million of royalty funding into equity, reduction of interest payments on the Grenville Secured Note from 12.5% to 4.244%, and reduced remaining royalty charges from 6% to 1.25%.
Lattice Biologics maintains its commitment to honoring the gift of donation by implementing a strong quality control environment for the recovery and processing of donors. The Company has significantly increased its processing efficiencies, and has substantial inventory reserves to meet customer demand.
As indicated below, the Company continues efforts to diversify the sales mix across the new higher margin product lines added in 2015, 2016, and 2017.
Fourth Quarter and Year End Financial Results (all figures denoted in USD):
The product launches have been well received by surgeons and the Company continues to replace unprofitable legacy contracts and focus on the newer higher margin products. Lattice Biologics’ total revenue was $362,137 in the three months ended September 30, 2017 compared to $732,905 for the three months ended September 30, 2016, a decrease of 50%, as shown in the following quarter sales table:
Dec-31
2017 Sep-30
2017 Jun-30
2017 Mar-31
2017 Dec-31
2016 Sep-30
2016 Jun-30
2016 Mar-31
2016 ADM dermis $ 73,399 20 % $ 54,700 14 % $ 72,370 11 % $ 212,740 28 % $ 208,912 23 % $ 130,575 18 % $ 220,365 23 % $ 48,336 5 % DBM putty 18,749 5 % - 0 % 17,941 3 % 62,964 8 % 58,110 7 % 151,071 21 % 246,235 25 % 104,856 10 % Bone scaffold 212,972 59 % 315,152 79 % 454,132 66 % 403,027 53 % 567,841 64 % 411,131 56 % 505,603 52 % 847,326 84 % Other 57,017 16 % 28,690 7 % 139,583 20 % 86,626 11 % 56,588 6 % 40,128 5 % 117 0 % 6,457 1 % Total revenue $ 362,137 100 % $ 398,542 100 % $ 684,026 100 % $ 765,357 100 % $ 891,451 100 % $ 732,905 100 % $ 972,320 100 % $ 1,006,975 100 % The following table sets out selected unaudited financial information, prepared in accordance with IFRS. The information contained herein is drawn from interim financial statements of the Company for each of the following quarterly periods ending:
Dec-31
2017 Sep-30
2017 Jun-30
2017 Mar-31
2017 Dec-31
2016 Sep-30
2016 Jun-30
2016 Mar-31
2016 Revenue $ 362,137 $ 398,542 $ 684,026 $ 765,357 $ 891,451 $ 732,905 $ 972,320 $ 1,006,975 Cost of sales 123,938 554,717 514,761 533,957 564,831 558,396 744,094 818,884 Gross profit 238,199 (156,175 ) 169,265 231,400 326,620 174,509 228,226 188,091 Operating costs (i) 336,332 536,590 605,968 950,833 917,809 1,267,507 836,955 965,394 EBITDA (ii) (85,509 ) (678,425 ) (416,922 ) (699,652 ) (571,408 ) (1,072,009 ) (577,075 ) (763,988 ) Certain adjustments have been made to the quarterly information for the first three quarters of the fiscal year ended September 30, 2016, as compared to data contained in the quarterly filings for such quarters. These changes relate to certain adjustments for cost of sales and operating costs that were not recognized until the fourth quarter of such fiscal year.
(i) Operating costs are defined as all general and administrative costs, professional fees, rent, salaries and benefits, sales and marketing, and utilities expenses.
(ii) EBITDA is defined as gross profit less operating costs (as defined above).
About Lattice Biologics Ltd.:
Lattice Biologics recently completed its RTO, becoming a publicly traded company on January 4, 2016 and is traded on the TSX-V under the symbol: LBL. The Company is an emerging personalized/precision medicine leader in the field of cellular therapies and tissue engineering, with a focus on bone, skin, and cartilage regeneration.
Lattice Biologics develops and manufactures biologic products to domestic and international markets. The Company’s products are used in a variety of surgical applications.
Lattice Biologics maintains its headquarters, laboratory and manufacturing facilities in Belgrade, Montana as well as offices in Phoenix, Arizona. The facility includes ISO Class 1000 and ISO Class 100 clean rooms, and specialized equipment capable of crafting traditional allografts and precision specialty allografts for various clinical applications. The Lattice Biologics team includes highly trained tissue bank specialists, surgical technicians, certified sterile processing and distribution technicians, and CNC operators who maintain the highest standards of aseptic technique throughout each step of the manufacturing process. From donor acceptance to the final packaging and distribution of finished allografts, Lattice is committed to maintaining the highest standards of allograft quality, innovation, and customer satisfaction.
Lattice Biologics maintains all necessary licensures to process and sell its tissue engineered products within the U.S. and internationally. This includes Certificates to Foreign Governments from the U.S. Food and Drug Administration (FDA) and registrations for 29 countries, which allow the export of bone, tendon, meniscus, ligament, soft tissue, and cartilage products outside of the U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
Certain information contained in this news release constitutes “ ” within the meaning of the ‘safe harbour’ provisions of Canadian securities laws. All statements herein, other than statements of historical fact, are to be considered forward looking. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “planned”, “potential”, “future”, “expected”, “could”, “possible”, “goal”, “intends”, “will” or similar expressions. Forward-looking statements in this news release include, without limitation: information pertaining to the Company’s strategy, plans, or future financial performance, such as statements with respect to the Transaction, and other statements that express management’s expectations or estimates of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lattice to be materially different from those expressed or implied by such
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management as of the date such statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions that could prove to be incorrect, include, but are not limited to: that market prices will be consistent with expectations, the continued availability of capital and financing, and that general economic, market and business conditions will be consistent with expectations. The are not guarantees of future performance. We disclaim any obligation to update or revise any , except as required by law. Readers are cautioned not to put undue reliance on these
United States Advisory: The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the U.S. Securities Act) unless an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
Subscribe to Lattice News Updates
Follow us on Twitter: @LatticeBio
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006537/en/
Lattice Biologics Ltd.
Cheryl Farmer, 480-563-0800
CFO
[email protected]
www.LatticeBiologics.com
Source: Lattice Biologics Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-lattice-biologics-ltd-reports-fourth-quarter-2017-first-quarter-2018-and-year-end-2017-highlights.html |
(Adds customer comments, dateline)
By Lisa Baertlein and Zachary Fagenson
LOS ANGELES/MIAMI May 29 (Reuters) - Starbucks Corp appealed to customers for forgiveness in a controversy over alleged racial profiling on Tuesday, saying its behavior toward two black men last month had been reprehensible as it closed 8,000 U.S. stores for anti-bias training.
The company settled privately with the men after a Philadelphia cafe manager’s call to police resulted in their arrests on April 12. It was closing company-owned U.S. stores at around 2 p.m. local time on Tuesday as a first step in training 175,000 employees on how to recognize their own unconscious biases and avoid unintentional discrimination.
Analysts expect the closures, coming during the typically slow afternoon hours, would cost Starbucks $5 million to $7 million in lost business. Some 6,000 licensed Starbucks cafes will remain open in locations such as grocery stores and airports.
The Philadelphia arrests sparked protests at the coffee chain, known for its support of same-sex marriage and other left-leaning social issues.
Starbucks Executive Chairman Howard Schultz, who crafted the chain’s culture in his decades as chief executive officer, in an open letter called the manager’s 911 emergency call and the subsequent arrests by police “reprehensible.”
“We determined that insufficient support and training, a company policy that defined customers as paying patrons—versus anyone who enters a store—and bias led to the decision to call the police,” he said.
Miami business owner Isabel Pacheco, 56, told Reuters the Philadelphia incident has pushed her to start visiting smaller, locally owned coffee shops, while Miami legal assistant Jessica Hines, 53, said it did not affect her coffee routine.
“They’ve been doing it the right way; they could’ve just sent out a letter or done nothing, but they didn’t,” Hines said.
Their comments underscore Starbucks’ vulnerabilities at a time when independent coffee shops are proliferating and powerful rivals are making assertive moves into the business it still dominates.
On Tuesday JAB Holdings said it would buy a majority stake in sandwich and coffee shop chain Pret A Manger for $2 billion, expanding its reach into the coffee sector, where it also battles Nescafe and Nespresso maker Nestle.
Earlier this month, Nestle and Starbucks struck a $7 billion coffee licensing deal aimed at strengthening each company’s global position.
Civil rights leaders advising Starbucks on the training hope it will reinvigorate decades-old efforts to ensure minorities get equal treatment in restaurants and stores, setting an example for other restaurants and retailers.
The move has renewed speculation that Schultz is paving the way for a U.S. presidential bid, something he has repeatedly denied. But he appeared to be more open to the idea of political office in an interview with CNN on Tuesday.
“I want to be as involved as I possibly can as a citizen to help the country,” he said. “I don’t know what that’s going to mean in the future.” (Reporting by Lisa Baertlein in Los Angeles, Aishwarya Venugopal in Bengaluru, Zachary Fagenson in Miami, Alice Popovici in New York and Robert Chiarito in Chicago; editing by Patrick Graham and Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/starbucks-training-anti-bias/update-1-starbucks-closes-8000-stores-for-anti-bias-training-idUSL3N1T04NT |
May 10 (Reuters) - Hospitality Properties Trust:
* HOSPITALITY PROPERTIES TRUST EXTENDS MATURITIES AND IMPROVES PRICING ON $1.4B OF CREDIT FACILITIES
* HOSPITALITY PROPERTIES TRUST - MATURITY DATE OF AMENDED $1 BILLION REVOLVING CREDIT FACILITY EXTENDED TO JULY 15, 2022
* HOSPITALITY PROPERTIES TRUST - MATURITY DATE OF AMENDED $1 BILLION REVOLVING CREDIT FACILITY WAS EXTENDED TO JULY 15, 2022
* HOSPITALITY PROPERTIES TRUST - MATURITY DATE OF AMENDED $400 MILLION TERM LOAN WAS EXTENDED TO JULY 15, 2023
* HOSPITALITY PROPERTIES TRUST- AMENDED AGREEMENT INCLUDES THAT IN SOME CONDITIONS, MAXIMUM COMMITMENTS, BORROWINGS MAY BE INCREASED TO UP TO $2.3 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hospitality-properties-trust-exten/brief-hospitality-properties-trust-extends-maturities-improves-pricing-on-1-4-bln-of-credit-facilities-idUSL8N1SH8VM |
May 11 (Reuters) - SunLink Health Systems Inc:
* SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES FISCAL 2018 THIRD QUARTER RESULTS
* Q3 LOSS PER SHARE $0.08 FROM CONTINUING OPERATIONS * Q3 REVENUE $13.42 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sunlink-health-systems-posts-q3-lo/brief-sunlink-health-systems-posts-q3-loss-of-0-08-share-from-cont-ops-idUSASC0A1SX |
May 15, 2018 / 9:16 AM / Updated an hour ago Russia's Putin, PM Medvedev likely to discuss members of new government on Tuesday - Kremlin Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian President Vladimir Putin and Prime Minister Dmitry Medvedev are likely to discuss who will become ministers in the Russia’s new government on Tuesday, Dmitry Peskov, the Kremlin spokesman, told reporters on a conference call. Russian President Vladimir Putin leaves after attending the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. REUTERS/Maxim Shemetov
Peskov did not name any names. Putin was sworn into the presidency last week and proposed Medvedev as prime minister. Reporting by Katya Golubkova; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-putin-government/russias-putin-pm-medvedev-likely-to-discuss-members-of-new-government-on-tuesday-kremlin-idUKKCN1IG159 |
Italy's political crisis infects global markets 6:58am EDT - 01:33
Attempts to form a functioning government in Italy appear stalled with a snap election looking increasingly likely. Investors fear that vote could be a de facto referendum on the euro.
Attempts to form a functioning government in Italy appear stalled with a snap election looking increasingly likely. Investors fear that vote could be a de facto referendum on the euro. //reut.rs/2IXXzxe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/italys-political-crisis-infects-global-m?videoId=431647731 |
May 31, 2018 / 12:43 PM / Updated 13 minutes ago Soccer: Germany's Neuer will be first choice if he makes World Cup-Bierhoff Reuters Staff 3 Min Read
(Reuters) - Germany’s Manuel Neuer will be the first choice keeper at next month’s World Cup if he makes the final squad, team manager Oliver Bierhoff said on Thursday, even though the 2014 World Cup winner has not played a competitive game since September. Soccer Football - FIFA World Cup - Germany Training - Eppan, Italy - May 24, 2018 Germany's Manuel Neuer during training REUTERS/Leonhard Foeger
Neuer missed almost the entire season after breaking a bone in his foot and undergoing surgery. His comeback for Bayern Munich was repeatedly delayed and the 32-year-old has had no match practice ahead of the tournament starting in Russia on June 14.
He played in both recent training matches against Germany’s Under-20 team at their training base in Italy and is set to play in their friendly international against Austria on Saturday.
“Manuel will go to the World Cup as our number one,” Bierhoff told reporters at their training camp in Eppan, northern Italy. “If he makes the squad then Marc-Andre (ter Stegen) will be number two.”
Coach Joachim Loew has picked four keepers, including Barcelona’s ter Stegen, Paris St Germain’s Kevin Trapp and Bayer Leverkusen’s Bernd Leno, for his 27-man preliminary squad, preparing in the Italian Alps.
He will cut four players, including one goalkeeper, on Monday for his final 23.
“Manuel is already full on track. He does not need to get back on it. All the players have left a big impression here and it is as very difficult decision,” Bierhoff said.
“On the evening before the team announcement there will be the final thoughts among the coaching staff. By noon the next day the players will be informed.”
The Germans also expect Chancellor Angela Merkel to drop in on their camp this week.
“My information is that on Sunday she will drop by. Before our training camp we visited her and she had hinted that she wanted to say hello without too much fanfare,” Bierhoff said.
“It’s kind of a tradition. It is nice to hear from her and how she sees the team’s situation going into the tournament.”
The Germans, who also face Saudi Arabia in Leverkusen on June 8 in their final warm-up match, are in World Cup Group F with Sweden, South Korea and Mexico. The tournament starts on June 14. Reporting by Karolos Grohmann; Editing by David Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-ger/soccer-germanys-neuer-will-be-first-choice-if-he-makes-world-cup-bierhoff-idUSKCN1IW1OQ |
BERLIN—President Donald Trump is pressing Germany to pull the brakes on a major gas deal with Russia as the price for avoiding a trans-Atlantic trade war, according to German, U.S. and European officials.
The officials said Mr. Trump told German Chancellor Angela Merkel in April that Germany should drop support for Nord Stream 2, an offshore pipeline that would bring gas directly from Russia via the Baltic Sea. This would be in exchange for the U.S. starting talks with the European Union on a new trade deal.
... RELATED VIDEO How we got here: A history of U.S. steel wars before Trump President Trump is considering imposing steep tariffs on foreign steel and aluminum, sparking fears of a trade war. But he is not the first U.S. President to impose tariffs and quotas on imported steel. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-presses-germany-to-drop-russian-pipeline-for-trade-deal-1526566415 |
JaCoby Jones and John Hicks combined for four hits, four runs and four RBIs, and the Detroit Tigers rallied from a pair of four-run deficits to defeat the visiting Cleveland Indians 9-8 on Tuesday night.
Hicks had a leadoff single and drew a bases-loaded walk during a five-run uprising in the seventh inning. Jones, who homered in the first inning, contributed a run-scoring double during the big inning. James McCann had two hits, a run and an RBI.
Louis Coleman (1-0) tossed an inning of scoreless relief to get the victory. Shane Greene pitched the ninth for his ninth save.
Andrew Miller (1-2) took the loss, getting just one out while allowing two runs on two hits and three walks in the seventh. Brandon Guyer cracked his first career grand slam, while Rajai Davis supplied three hits, two runs and two RBIs for the Indians.
Davis led off the game with a single, and Detroit starter Francisco Liriano walked two of the next three batters. Guyer then crushed his homer over the left field wall to stake Cleveland to a quick 4-0 lead.
Jones led off the bottom of the first with his homer. Cleveland got that run back the next inning on Erik Gonzalez’s first homer.
The Tigers scored twice in the fifth on Hicks’ run-scoring single and Jose Iglesias’ RBI groundout.
The Indians extended their lead in the sixth against reliever Zac Reininger. Davis drilled a one-out double to drive in two runs, and Jose Ramirez brought home Davis with another double.
Detroit’s Nicholas Castellanos made it 8-4 with his solo shot to left, his fourth homer of the year.
The Tigers erased Cleveland’s lead with their five-run seventh against Dan Otero and Miller. Detroit scored twice with Otero on the mound before Miller’s disastrous outing. McCann hit an RBI double, and Dixon Machado’s groundout knocked in a run. Jones and Pete Kozma ripped RBI doubles to tie the game.
After a flyout, Miller walked the next three batters to force in a run and give Detroit a 9-8 advantage.
Tigers reliever Daniel Stumpf wriggled out of a bases-loaded, no-out jam in the eighth.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-det-cle-recap/tigers-escape-early-deficit-outslug-indians-idUSMTZEE5GSW2ZUU |
May 8 (Reuters) - Infinity Pharmaceuticals Inc:
* Q1 LOSS PER SHARE $0.18 * Q1 EARNINGS PER SHARE VIEW $-0.18 — THOMSON REUTERS I/B/E/S
* 2018 FINANCIAL GUIDANCE REMAINS UNCHANGED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-infinity-pharmaceuticals-q1-loss-p/brief-infinity-pharmaceuticals-q1-loss-per-share-0-18-idUSASC0A0NP |
May 17 - Canada's main stock index rose on Thursday, gaining for the 10th straight session, led by the energy sector as oil prices hit $80 a barrel for the first time since November 2014.
* At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 35.65 points, or 0.22 percent, at 16,143.71.
* Brent crude prices hit a high of $80.18 per barrel on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.
* Eight of the index's 11 major sectors were higher, led by the energy sector, which climbed 1.3 percent.
* The biggest boost to the sector was Canadian Natural Resources, which rose 2.5 percent.
* Enbridge gained 0.9 percent after the pipeline operator said it would bring its independent units and liquids and gas pipeline assets under a single listed entity.
* The industrials sector gained 0.4 percent, while the heavyweight financials sector slipped 0.1 percent.
* Uncertainty about NAFTA renegotiations is one of the reasons the Bank of Canada has kept interest rates low, because concern about U.S. trade policy is dragging down business investment, Deputy Governor Lawrence Schembri said on Wednesday.
* The Canadian dollar retreated from near one-week high against the greenback as oil prices rose and investors weighed prospects of a deadline passing to reach a NAFTA trade pact deal.
* On the TSX, 169 issues were higher, while 59 issues declined for a 2.86-to-1 ratio favoring gainers, with 8.18 million shares traded.
* The largest percentage gainer was ATS Automation Tooling Systems, which jumped 11.9 percent after reporting fourth-quarter results.
The two biggest decliners on the TSX were cannabis firms Aurora Cannabis and Canopy Growth Co, which fell 2.6 percent and 1.6 percent, respectively.
* The most heavily traded shares by volume were Aurora Cannabis; Enbridge Income Fund, up 5.4 percent and Just Energy Group, down 6.1 percent.
* The TSX posted eight new 52-week highs and two new lows.
* Across all Canadian issues there were 25 new 52-week highs and 15 new lows, with total volume of 15.12 million shares.
* An ADP report showed Canada added 30,200 jobs in April, while Statistics Canada said foreign investment in Canadian securities rose in March as investors bought money market instruments, even as they cut their bond holdings for a fourth consecutive month. (Reporting by Shreyashi Sanyal in Bengaluru) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-canada-stocks-energy-stocks-boost-tsx-as-oil-tops-80.html |
BUENOS AIRES, April 30 (Reuters) - Chile’s state-owned copper mining company Codelco said on Monday it issued $600 million in 30-year bonds at 4.85 percent.
Reporting by Felipe Iturrieta
| ashraq/financial-news-articles | https://www.reuters.com/article/chile-codelco-bonds/chiles-codelco-says-sells-600-mln-in-30-year-bonds-at-4-85-pct-idUSL1N1S70GY |
May 21, 2018 / 11:24 AM / Updated 2 hours ago Malta court rejects bid to stop FBI testimony in journalist murder case Reuters Staff 2 Min Read
VALLETTA (Reuters) - A Maltese court on Monday dismissed an attempt by one of the suspects in the murder of investigative journalist Daphne Caruana Galizia to stop an FBI team testifying in pre-trial proceedings. FILE PHOTO: People hold up pictures of assassinated anti-corruption journalist Daphne Caruana Galizia during a vigil and demonstration marking seven months since her murder in a car bomb, at her makeshift memorial outside the Courts of Justice in Valletta, Malta May 16, 2018. REUTERS/Darrin Zammit Lupi/File Photo
Galizia, an anti-corruption blogger, was killed by a car bomb last October. The bomb is believed to have been triggered by a signal from a mobile phone and the U.S. Federal Bureau of Investigation (FBI) has been helping Maltese authorities to solve the case.
Three people have been charged with carrying out the murder but police have not identified who ordered it. The three people deny the charges.
One of the three, Alfred Degiorgio, tried to have the FBI barred from giving evidence in the case on the grounds that it has worked with a court-appointed Maltese IT expert, Martin Bajada, who has a historic conviction for theft and fraud.
“Dr Bajada should never have been appointed in the first place and should never have been allowed to work alongside the FBI experts,” a lawyer for Degiorgio said, adding that his client’s rights would be prejudiced if the foreign experts were allowed to testify.
In her ruling, Judge Lorraine Schembri Orland described Degiorgio’s attempt to stop the FBI from giving evidence as “frivolous and vexatious”.
Maurizio Cordina, a lawyer representing Malta’s Attorney General, said the case was “a desperate manoeuvre by Mr Degiorgio to delay, if not block” the trial, adding that Bajada had simply gathered evidence and had not worked with the FBI.
The case against Degiorgio is built mostly around intercepts of mobile phone data compiled by the FBI and Bajada.
The FBI is due to give evidence in the case on Tuesday.
The Times of Malta reported that Bajada pleaded guilty in 1993 in a London court to charges of theft and fraud and received a two-year suspended sentence. Reporting by Chris Scicluna; Editing by Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malta-daphne/malta-court-rejects-bid-to-stop-fbi-testimony-in-journalist-murder-case-idUKKCN1IM120 |
NEW YORK, May 21 (Reuters) - U.S. stocks rose on Monday after the United States and China put their trade differences “on hold” to work on a wider agreement, while sentiment was also boosted by deal activity.
The Dow Jones Industrial Average rose 298.27 points, or 1.21 percent, to 25,013.36, the S&P 500 gained 20.04 points, or 0.74 percent, to 2,733.01 and the Nasdaq Composite added 39.70 points, or 0.54 percent, to 7,394.04. (Reporting by Caroline Valetkevitch)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-street-climbs-on-trade-war-truce-idUSZXN0RAY2I |
EasyJet CEO: I'm confident there will be a Brexit aviation deal 1:52 AM ET Tue, 15 May 2018 Johan Lundgren discusses Brexit, consolidation in the aviation industry and the possibility of a takeover of rival carrier Alitalia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/easyjet-ceo-im-confident-there-will-be-a-brexit-aviation-deal.html |
BAGHDAD (Reuters) - The United States has contacted members of a political bloc headed by former foe Moqtada al-Sadr after his parliamentary election victory put the Shi’ite cleric in a strong position to influence the formation of a new government, a top aide said.
FILE PHOTO: Iraqi Shi'ite cleric Moqtada al-Sadr speaks during a news conference with Iraqi politician Ammar al-Hakim, leader of the Hikma Current, in Najaf, Iraq May 17, 2018. REUTERS/Alaa al-Marjani/File Photo Sadr’s surprise win puts Washington in an awkward position. His Mehdi Army militia staged violent uprisings against U.S. troops after Saddam Hussein was toppled in 2003.
If Sadr has a strong say in picking a new prime minister, the United States may have to work with him to safeguard its interests in Iraq, one of its most important Arab allies, which also has close ties to Iran.
Dhiaa al-Asadi, a top Sadr aide, said there had been no direct talks with the Americans but intermediaries had been used to open channels with members of his Sairoon alliance.
“They asked what the position of the Sadrist movement will be when they come to power. Are they going to reinvent or invoke the Mahdi Army or reemploy them? Are they going to attack American forces in Iraq,” he told Reuters.
“There’s no return to square one. We are not intending on having any military force other than the official military force, police forces and security forces.”
The United States is believed to have some 7,000 troops in Iraq now, though the Pentagon has only acknowledged 5,200 troops. They are mostly training and advising Iraqi forces.
Washington and Sadr, an Iraqi nationalist, are both opposed to Iran’s deep influence in Iraq, where it arms, trains and funds Shi’ite militias and nurtures close ties with many politicians.
Sadr made his surprise comeback by tapping popular resentment towards Iran and what some voters say is a corrupt political elite in Baghdad that it backs.
IRAN UNDER U.S. PRESSURE The United States has threatened “the strongest sanctions in history” against Iran unless it makes sweeping changes, including dropping its nuclear programme and pulling out of the Syrian civil war.
That will likely prompt Tehran to defend its interests fiercely in Iraq, where it vies with Washington for influence.
Sairoon extended an invitation to the Iranian ambassador in Baghdad to attend a meeting of senior diplomats last week. The envoy apologised and said he could not make it, said Asadi.
Sadr has been meeting the leaders of several blocs and setting conditions on his support for candidates for prime minister. He says he wants someone who rejects sectarianism, foreign interference and corruption in Iraq.
Sadr will not become premier as he did not run in the election.
His attempts to shape any future government could be undermined by Iran, which has skillfully manipulated Iraqi politics in its favour in the past.
Just days after election results were announced, Qassem Soleimani, head of the foreign operations branch of Iran’s Revolutionary Guards, arrived in Baghdad to meet politicians.
“Soleimani came to weaken the blocs. He is working to break down the alliances,” said an adviser to Iraq’s government.
An Iraqi former senior official said Sadr would try to outfox Iran, but added that Tehran would not tolerate any threats to Shi’ite allies who have sidelined Sadr for years.
“There are limits on how far he can go. At the end they (the Iranians) can control him. They give him a lot of room to manoeuvre... But eventually, when he challenges the Shi’ites and their interests, I think they will be very tough. They (the Iranians) have very many tools to undermine him.”
Sadr’s bloc has not ruled out forming a coalition with the bloc headed by Iran’s strongest ally, paramilitary leader Hadi al-Amiri, as long as he abandons what Asadi says are sectarian policies and becomes an Iraqi nationalist.
“We did not have an official meeting with them (the Iranians). Sometimes we receive some calls that are related to what’s going on. But this cannot be considered a meeting or a discussion over any issue,” said Asadi.
The election dealt a blow to incumbent Prime Minister Haider al-Abadi, whose Victory Alliance came in third. But Western diplomats and analysts say Abadi, a British-educated engineer, still has cards to play.
He appears to be emerging as a compromise candidate palatable to all sides because he has managed the competing interests of the United States and Iran - inadvertent allies in the war against Islamic State - during his term in office.
“As of yet, no one has yet emerged as an alternative, not in a serious way,” said Ali al-Mawlawi, head of research at Baghdad-based Al-Bayan think-tank.
Additional reporting by Raya Jalabi; Editing by Gareth Jones
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TORONTO, May 15, 2018 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (" FirstService ") announced today that its Board of Directors has declared a quarterly cash dividend on the outstanding Subordinate Voting Shares and Multiple Voting Shares of the Company (together, the " Common Shares ") of US$0.135 per Common Share. The dividend is payable on July 6, 2018 to holders of Common Shares of record at the close of business on June 29, 2018. The dividend on Common Shares is an "eligible dividend" for Canadian income tax purposes.
About FirstService Corporation
FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential , North America's largest manager of residential communities; and FirstService Brands , one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.
FirstService generates more than $1.7 billion in annual revenues and has more than 19,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit www.firstservice.com
Forward-looking Statements
This press release includes or may include forward-looking statements. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: (i) general economic and business conditions, which will, among other things, impact demand for FirstService’s services and the cost of providing services; (ii) the ability of FirstService to implement its business strategy, including FirstService’s ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) other factors which are described in FirstService’s annual information form for the year ended December 31, 2017 under the heading “Risk factors” (a copy of which may be obtained at www.sedar.com ) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov ), and subsequent filings (which factors are adopted herein). Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.
COMPANY CONTACTS:
D. Scott Patterson
President & CEO
(416) 960-9500
Jeremy Rakusin
Chief Financial Officer
(416) 960-9500
Source: FirstService Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-firstservice-declares-quarterly-cash-dividend-on-common-shares.html |
ANKARA (Reuters) - It took days of preparation by Turkey’s top economic ministers and intervention by the prime minister to convince President Tayyip Erdogan of the need for a sharp increase in interest rates, three people familiar with the matter said.
Turkish President Tayyip Erdogan and Prime Minister Binali Yildirim greet their supporters during a meeting of the ruling AK Party in Istanbul, Turkey April 29, 2018. Kayhan Ozer/Presidential Palace/Handout via REUTERS As a selloff in the lira spiralled toward a full-blown crisis on Wednesday, the central bank announced an emergency increase of its top rate by a 3 percentage points, to 16.5 percent, a move designed to put a floor under Turkey’s currency.
The decision was the outcome of rounds of talks that started in earnest three days earlier, when Deputy Prime Minister Mehmet Simsek and Finance Minister Naci Agbal convened an emergency meeting with Central Bank Governor Murat Cetinkaya to address the crisis, the sources said, declining to be identified because of the sensitivity of the information.
That the central bank was unable to move immediately, and that its move ultimately required the intervention of Prime Minister Binali Yildirim two days later, points to tension over monetary policy at the top of Turkey’s government.
A self-described “enemy of interest rates” Erdogan has, with elections just a month away, repeatedly called for lower borrowing costs to fuel credit growth and spending. International investors want to see higher rates to rein in double-digit inflation and have dumped the lira on concerns about Erdogan’s influence over monetary policy.
“Was it a late decision? Yes. The currency would not have to trade at these levels if this hike was carried out earlier,” said one senior official from Erdogan’s ruling AK Party.
The ministers believed that it was not just the currency at stake - even though the lira had fallen by about a fifth this year - but the need to prevent “permanent damage” to the economy, one of the sources said.
They agreed on the need for rate increase to calm the lira, and then conveyed that message to Yildirim, at a separate meeting later on Monday, the sources said.
FILE PHOTO: Turkish Lira banknotes are seen in this October 10, 2017 picture illustration. REUTERS/Murad Sezer/Illustration/File Photo Representatives for Agbal and Simsek could not immediately be reached for comment. No one was immediately available to comment at the central bank, the prime minister’s office or the presidency.
‘NOT SO KEEN’ More talks followed on Tuesday, where additional potential steps to arrest the lira decline was discussed.
Yildirim ultimately broached the topic of a rate hike with Erdogan on Wednesday at their weekly meeting - a full two days after hearing from the ministers about the need for the increase. By then the lira was falling fast, tumbling more than 5 percent at one point.
“The need for a rate hike was clearly conveyed,” said one of the sources. “Other bureaucrats also took part in the meeting. We know Erdogan was not so keen on this idea.”
A former transport minister and an Erdogan loyalist, Yildirim’s ties to the president date back to the 1990s, when he ran a ferry company in Istanbul, where Erdogan was mayor.
Turkish Prime Minister Binali Yildirim delivers a speech during a protest against the recent killings of Palestinian protesters on the Gaza-Israel border and the U.S. embassy move to Jerusalem, in Istanbul, Turkey May 18, 2018. REUTERS/Murad Sezer He will no longer be prime minister after June, as that position will disappear under a new executive presidency. Instead, he is running for parliament.
Much of the lira’s selloff was sparked by Erdogan’s own comments last week that he expected to assert more monetary policy control after the June 24 parliamentary and presidential elections.
The most popular, but also divisive, politician in modern Turkish history, Erdogan has overseen strong economic growth in his 15 years in power but, more recently, also a deepening social crackdown.
The rate hike, announced late on Wednesday, was something of a victory for Simsek, a former Wall Street banker seen as one of the most investor-friendly faces in the cabinet.
Simsek said on Twitter that it was “high time” that Turkey restored monetary policy credibility, comments that initially helped the lira strengthen.
“His tweets were the clearest messages recently. Simsek’s statement also boosted the impact of the central bank’s decisions,” said the AKP official.
The boost from the central bank move has proved short-lived, with the lira giving up a big slice of the gains on Thursday, as investors bet that more rate hikes will be needed.
Since then, the lira has continued to weaken as investors bet that the 3 percentage point increase will not be enough to tame inflation, and that the central bank will hike again at its next scheduled policy meeting on June 7.
“There can be another attack on the lira before (then)...,” said the AKP official. “We must be ready for this.”
Reporting by David Dolan; Additional reporting by Ece Toksabay; Writing by David Dolan and Dominic Evans; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-turkey-economy-primeminister/as-lira-tumbled-turkeys-prime-minister-won-erdogan-over-for-rate-hike-idUSKCN1IP3M4 |
May 2, 2018 / 4:27 PM / Updated an hour ago End of ETA met with both relief and resentment in Basque Country Vincent West , Miguel Pereira 5 Min Read
SAN SEBASTIAN, Spain (Reuters) - Thirty-three years after Basque separatists ETA killed police chief Carlos Diaz Arcocha with a car bomb, his daughter says the group, whose dissolution was made public on Wednesday, achieved nothing and sowed only fear and sadness.
“In principle it is good news that they are not killing. Of course, it’s great that there are no more victims, but under no circumstances should we be thanking ETA,” Teresa Diaz Bada said.
“All these years of terrorism were for nothing,” she said in her office in the coastal town of San Sebastian, where a black and white photograph of her father sits on the desk.
Diaz Arcocha was one of around 850 people ETA killed in an ultimately futile 50-year campaign to create an independent state in northern Spain and southern France, a toll for which it apologised last month.
ETA had been expected to announce its final dissolution, ending Western Europe’s last significant militant movement, later this week. But a letter dated April 16 and published by Diario online newspaper on Wednesday declared that ETA had “completely dissolved all its structures and ended its political initiative”.
In the letter, ETA said it wanted to “open a new political cycle”. But the end of its campaign has not erased bitterness towards militants who killed 21 people in a single attack at a Barcelona supermarket in 1987. In 1980, the bloodiest year in ETA’s history, it was responsible for about 100 deaths.
Arnaldo Otegi, leader of Basque pro-independence party EH Bildu, who served time in jail for his links with ETA, emphasised the group’s renunciation of violence.
“A chapter in which the independence movement used violent methods is closing,” he said. But he criticised the Spanish government, which holds around 225 ETA members in jail.
He compared Spain’s treatment of the Basque independence movement to that of the northeastern region of Catalonia, where Madrid has imposed direct rule to curb a secession bid, and judges have jailed pro-independence leaders.
“They keep laying out coercive measures, not just against the Basques but against the Catalans,” he said, adding that creating a Basque republic “could only be done through peaceful and democratic means”. ECONOMIC PROSPERITY
The savagery of ETA’s bomb attacks contributed to an erosion of popular support. Some say the Spanish state, which responded with illegal armed squads known as Anti-Terrorist Liberation Groups (GAL), should also apologise.
Several government and security officials later served jail time for their involvement in the GAL campaign.
“There were deaths and victims on all sides,” local pensioner Inaki, who declined to give his last name, said in a central square in San Sebastian.
“There were victims on ETA’s orders that there should never have been, but there shouldn’t have been so many victims of the state either,” Inaki said.
Between 1983 and 1986, the GAL killed 27 people, at least nine of them unconnected to ETA, and wounded many more, according to Paddy Woodworth, who has written in depth about ETA.
The Spanish government has said that all it wants from the situation is the dissolution of ETA.
Polls on support for independence vary, but one carried out in November by the university of Deusto showed just 14 percent of people in favour.
One factor credited with reining in popular agitation for Basque independence is economic prosperity tied to a high level of fiscal autonomy.
The region has one of the highest rates of economic output per capita and one of the lowest unemployment rates in Spain.
The Basque tax arrangement, which has its roots in the 19th century, is among the most generous of any region in Europe, and has been jealously eyed by pro-independence politicians in Catalonia.
“With such high levels of economic wellbeing, employment and all that, I think there were political deals made so as not to disturb the beast that was ETA,” said Teresa Diaz.
But Otegi said the economic deal left the region with control over around only half of its public resources, and his party would push for more. “We demand our total sovereignty in economic and social matters,” he said. Additional reporting and writing by Isla Binnie; Editing by Richard Balmforth and Mark Heinrich | ashraq/financial-news-articles | https://in.reuters.com/article/spain-eta-reaction/end-of-eta-met-with-both-relief-and-resentment-in-basque-country-idINKBN1I32AK |
SANTA CLARA, Calif. (AP) _ Telenav Inc. (TNAV) on Thursday reported a loss of $30.8 million in its fiscal third quarter.
On a per-share basis, the Santa Clara, California-based company said it had a loss of 69 cents. Losses, adjusted for asset impairment costs and stock option expense, were 60 cents per share.
The location-based platform services provider posted revenue of $13.8 million in the period.
For the current quarter ending in June, Telenav said it expects revenue in the range of $15 million to $16 million.
Telenav shares have decreased 4.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $5.25, a decline of 40 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on TNAV at https://www.zacks.com/ap/TNAV | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-telenav-fiscal-3q-earnings-snapshot.html |
#MeToo has arrived on Wall Street. Socially responsible investors are putting their money where they feel it matters most — in the form of funds aimed at closing the gender gap in corporate America.
The State Street Global Advisors Gender Diversity Index ETF, ticker symbol SHE, tracks "companies that have strong gender diversity," said Lynn Blake, executive vice president of State Street.
Blake — whose company commissioned the "Fearless Girl" statue that was placed opposite of the iconic "Charging Bull" in New York City — told CNBC that companies that don't make the index are labelled as having weak gender diversity.
The push to invest in diverse companies comes at a time when numerous women on Main Street have come forward sharing their experiences with workplace discrimination in the wake of #MeToo. The movement became a social force after The New York Times' blockbuster expose in October revealed a pattern of alleged sexual abuse and unwanted physical contact by disgraced Hollywood mogul Harvey Weinstein.
Now, a growing number of shareholders on Wall Street are realizing their capacity to leverage capital and impact corporate behavior.
show chapters Women can't achieve workplace equality alone, says Brit & Co founder 2:01 PM ET Wed, 21 Feb 2018 | 00:55 There's certainly an argument for more gender diversity. A recent study found that companies in the MSCI World Index, a broad global equity index that represents large and mid-cap equity performance, generated return on equity of 10.1 percent per year with strong female leadership versus 7.4 percent for those without.
Additionally, a Morgan Stanley report found that companies with higher gender diversity delivered better returns and lower volatility. Pax's Ellevate Global Women's Leadership Fund, comprised of blue chip names like Gap, Sodexo, Target, Texas Instruments and Johnson & Johnson outperformed the MSCI World Index for the one-year and three-year periods ending Dec. 31, 2017.
Joe Keefe, president and CEO of Pax World Funds, told CNBC he attributes misconduct in the workforce to a lack of female leadership and representation.
If there was ever a time to invest in companies that have more gender diversity, it's now, Keefe said. "We think where women are better represented in leadership you'll have better cultures, you'll have better governance … and you'll have less harassment and less sexual misconduct."
"When you take a step back and think about it," Keefe continued, "that's the way markets are supposed to work. Money is supposed to be incentive to go to the best companies, right? And other companies are supposed to be incentivized to improve because of that," he concluded.
Like this story? Like CNBC Make It on Facebook .
Don't miss: Sallie Krawcheck on what Wall Street doesn't understand about women—and their money
show chapters The ex-Wall Streeter making millions off people's spit 1 Hour Ago | 01:34 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/how-investors-can-close-corporate-americas-gender-gap.html |
Getty Images President Donald J. Trump (L) speaks beside US Secretary of Defense Jim Mattis
Oil prices gave up their gains on Monday after surging to their highest levels since late 2014, falling from above $70 a barrel after President Donald Trump said he'd announce his decision on the Iran nuclear deal on Tuesday.
The president said he will make an announcement on Tuesday at 2 p.m. ET.
Crude futures were earlier boosted by the latest troubles for Venezuelan oil company PDVSA and the looming decision on whether the United States will re-impose sanctions on Iran.
U.S. West Texas Intermediate crude futures ended Monday's session up $1.01, or 1.5 percent, to $70.77 per barrel, marking the first time since November 2014 that WTI had climbed above $70 per barrel. The contract was last up 5 cents at $69.77.
Brent crude oil futures were up 46 cents at $75.33 a barrel, having ended Monday's session up $1.30, or 1.7 percent, at $76.17 per barrel. The international benchmark also touched their highest level since November 2014. show chapters 17 Hours Ago | 02:31
The widespread expectation that U.S. President Donald Trump will withdraw from the Iranian nuclear pact has supported oil prices lately. Trump has a May 12 deadline to determine whether to extend sanction waivers.
British Foreign Secretary Boris Johnson is in the United States in an effort to convince the Trump administration to stay in the deal.
Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted, and Trump has a May 12 deadline to determine whether to extend sanction waivers.
"The extraterritorial nature of U.S. sanctions, which cover energy, shipbuilding, finance, trade, insurance, etc., means that ... Iran's oil exports could credibly be curtailed by 200,000-300,000 bpd," RBC Capital Markets analyst Helima Croft said in a note.
U.S. oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA's declining oil production and exports.
"If ConocoPhillips is successful, then it will limit the revenues PDVSA will have and give them even more problems paying their bills and producing their oil," said Gene McGillian, manager of market research at Tradition in Stamford.
"Venezuela seemed to get support over the last year from Russia and China. So now there's the question of what kind of deal will they have to make in order to get even more support?" McGillian said. show chapters 15 Hours Ago | 02:58
Venezuela's oil output has halved since the early 2000s to 1.5 million barrels per day (bpd), hit by a lack of investment.
Saudi Arabian Energy Minister Khalid al-Falih said he was concerned about possible shortages of spare crude production capacity.
Russian Energy Minister Alexander Novak pledged Russia's 100 percent compliance in May with an OPEC-led pact to reduce production.
But U.S. output has soared by more than a quarter in the past two years to 10.62 million bpd and is likely to rise further this year as energy companies keep drilling.
China's Shanghai crude oil futures, launched in March, broke their dollar-converted record-high, rising as far as $72.54 on Monday.
— CNBC's Tom DiChristopher contributed to this story. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/oil-prices-near-2014-highs-as-iran-tensions-keep-market-on-edge.html |
BEIJING, May 18, 2018 /PRNewswire/ -- On May 15, the global index provider, MSCI announced that 234 China A shares including Tunghsu Optoelectronic (000413.SZ) will be added to its relevant global and regional indexes, including the MSCI Emerging Markets Index, on June 1.
The MSCI China Index is an index compiled by Morgan Stanley Capital International to track performance of China's shares. MSCI recently released the results of the May 2018 Semi-Annual Index Review for the MSCI Equity Indexes, including the MSCI China A Inclusion Index and the MSCI China Index. Tunghsu Optoelectronic as one of China's leading high-end smart manufacturing companies is among the 234 China A shares.
An investment manager at Guoyuan Securities (Hong Kong) Limited, said, "Once a share becomes a constituent index of the MSCI China A Stock Index, it will attract attention not only from passive funds, but also from large funds. Therefore, the inclusion in the MSCI China A Index is undoubtedly a good news for such share. It will draw investors attention and probably enhance the volume of trading."
Tunghsu Optoelectronic is one of the world's leading suppliers of optoelectronic display materials. It is currently the largest LCD glass substrate manufacturer in China and the fourth largest LCD glass substrate manufacturer in the world. In addition, Tunghsu Optoelectronic is engaged in other diverse businesses, including R&D and manufacturing of new energy vehicles, industrialization and applications of graphene as well as high-end equipment manufacturing. Its operating revenue in 2017 reached RMB17.34 billion, representing an increase of 127.15% as compared with 2016. Its net profit attributable to owners of the parent company reached RMB1.74 billion, representing an increase of 33.75% as compared with 2016.
MSCI's research-based indexes and analytics help the world's leading investors build and manage better portfolios. The recent MSCI's addition of China A shares would attract foreign institutional investors to broadly engage in China's A-share market.
View original content: http://www.prnewswire.com/news-releases/msci-to-add-tunghsu-optoelectronic-to-key-indexes-300650895.html
SOURCE Tunghsu | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-msci-to-add-tunghsu-optoelectronic-to-key-indexes.html |
May 18, 2018 / 1:06 PM / Updated 35 minutes ago IMF delays new deal with Serbia until it names new finance minister Reuters Staff 2 Min Read
BELGRADE (Reuters) - The International Monetary Fund and Serbia have postponed a staff-level agreement over a new non-financial deal with Belgrade until it appoints a new finance minister, the lender said in a statement on Friday. FILE PHOTO: International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo
Serbian Prime Minister Ana Brnabic took over the responsibilities of finance minister this week pending the appointment of a successor to Dusan Vujovic, who quit this month citing personal reasons.
“We have reached agreement on key policy elements of the new program, and intend to return shortly to finalize the discussions, once the new Finance Minister has taken office,” the IMF said in a statement.
The new agreement will be supported by a Policy Coordination Instrument, an arrangement drafted by the IMF to provide policy advice and monitoring for countries that do not need financial support.
Serbia in February ended a three-year 1.2 billion euro ($1.4 billion) deal with the IMF under which it undertook a series of measures to reduce public debt and the budget deficit, including cuts in public sector wages and pensions. It did not draw on any funds.
“We confirmed agreement on policy objectives, including to foster higher, sustainable growth, to maintain fiscal discipline and financial stability, and advance ... structural reforms,” the IMF said.
Serbia is expected to have a budget surplus in 2018, following a small surplus last year. Inflation is expected to reach about 2 percent by year’s end, the IMF said.
Serbian President Aleksandar Vucic met the IMF mission, and his office said they had discussed an increase in public sector wages and pensions this year and next.
They also agreed that, by the end of 2018, the state-operated RTB Bor, Serbia’s sole copper mine and foundry, and the Petrohemija and MSK petrochemical plants should be either fully or partly privatized.
Inflation in April stood at 1.1 percent, down from 1.4 percent in March and below the central bank’s target band of 3 percent, plus or minus 1.5 percentage points. Reporting by Aleksandar Vasovic; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-serbia-imf/imf-delays-new-deal-with-serbia-until-it-names-new-finance-minister-idUSKCN1IJ1N6 |
Highlights
Reported GAAP net loss of $19.2 million, or $0.07 per share, and adjusted net loss (1) of $22.0 million, or $0.08 per share, in the first quarter of 2018. Generated GAAP loss from operations of $8.4 million and cash flow from vessel operations (1) of $22.3 million in the first quarter of 2018. Signed term sheet for a sale-leaseback financing transaction for seven tankers, which is expected to increase liquidity by approximately $36.0 million. In addition, the Company eliminated its minimum quarterly dividend of $0.03 per share to maintain balance sheet strength during cyclical downturn with the earnings-linked variable portion of the dividend policy remaining intact, which provides investors with participation in a tanker market recovery.
HAMILTON, Bermuda, May 17, 2018 (GLOBE NEWSWIRE) -- Teekay Tankers Ltd. ( Teekay Tankers or the Company ) (NYSE:TNK) today reported the Company's results for the quarter ended March 31, 2018:
Three Months Ended (in thousands of U.S. dollars, except per share data) March 31, 2018
December 31, 2017
March 31, 2017 GAAP FINANCIAL COMPARISON Total revenues 168,465 105,229 130,485 (Loss) income from operations (8,421 ) 2,822 10,741 Net (loss) income (19,153 ) (1,879 ) 3,713 (Loss) earnings per share (0.07 ) (0.01 ) 0.02 Weighted average number of common shares - basic 268,292,374 212,107,100 178,127,289 NON-GAAP FINANCIAL COMPARISON Adjusted (loss) income (1) (21,976 ) (5,939 ) 7,028 Adjusted (loss) earnings per share (1) (0.08 ) (0.03 ) 0.04 Total cash flow from vessel operations (1) 22,312 32,134 42,471 Free cash flow (1) 7,862 22,859 34,358 (1) These are non-GAAP financial measures. Please refer to "Definitions and Non-GAAP Financial Measures" and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles ( GAAP ).
GAAP net loss and non-GAAP adjusted net loss for the first quarter of 2018 compared the first quarter of 2017 were primarily affected by lower average spot tanker rates and the expiry of time-charter out contracts for various vessels which subsequently traded on the spot market at lower rates. GAAP net loss in the first quarter of 2017 included a loss on sale of vessels of two Suezmax tankers and one Aframax tanker.
Compared to the fourth quarter of 2017, GAAP net loss and non-GAAP adjusted net loss for the first quarter of 2018 were affected by the lower average spot tanker rates.
CEO Commentary
“Since reporting our fourth quarter earnings, we have continued to take proactive steps to further strengthen our balance sheet to better position Teekay Tankers during this cyclical low point in the tanker market,” commented Kevin Mackay, Teekay Tankers’ President and Chief Executive Officer. “In April 2018, we signed a term sheet for a sale-leaseback financing transaction relating to seven mid-sized tankers, which is expected to provide approximately $36 million in additional liquidity and extend our debt maturity profile. In addition, we have decided to eliminate our minimum dividend payment, which will result in retaining approximately $32 million of cash flow annually, but maintain the variable portion of our dividend policy, which will provide investors with the ability to directly participate in a tanker market recovery,” added Mr. Mackay. “Should the tanker market remain under pressure, we have several options available to continue strengthening our balance sheet, including further sale-leaseback transactions which are currently under discussion.”
“While OPEC supply cuts and an oversupply of tanker tonnage continued to weigh on crude tanker rates during the first quarter of 2018, our fixed charter cover and growing full service lightering business continued to provide strong results during this time of tanker market weakness,” commented Mr. Mackay. “Looking ahead, while we expect the tanker market to remain under pressure in the near-term, we remain encouraged by the significant increase in tanker scrapping and strong global oil demand forecasted through the rest of this year and into 2019, which in combination with more moderate fleet growth, should lead to a tanker market recovery during the latter part of 2018 and into 2019.”
Summary of Recent Developments
Sale-Leaseback Financing Transaction
In April 2018, Teekay Tankers signed a term sheet for a sale-leaseback financing transaction relating to seven modern conventional tankers, including three Suezmax tankers, two Aframax tankers and two LR2 product tankers. The transaction is structured as 10- to 12-year bareboat charters at an average rate of approximately $7,200 per day with attractive purchase options to the Company for all seven vessels throughout the lease term after year three. Upon expected completion, the sale-leaseback transaction will provide funds to refinance the Company's only 2018 balloon debt maturity and is expected to increase Teekay Tankers' liquidity by approximately $36 million.
Secured Two New Time Charter-In Contracts
In the first quarter of 2018, Teekay Tankers secured time charter-in contracts for two Aframax vessels, with an average rate of approximately $11,900 per day, and firm periods of 45 days to six months. One of the contracts includes a 50/50 profit sharing agreement with the option to extend for six months at a higher rate and the other contract has a maximum period of approximately four months and will be used to support the Company’s full service lightering operations.
Tanker Market
OPEC supply cuts and an oversupply of tonnage continued to weigh on crude tanker rates during the first quarter of 2018. A very weak VLCC market due to supply constraint from Middle East OPEC countries and declining output from Venezuela have put downward pressure on the mid-size tanker markets. This has been particularly felt in the Suezmax sector, where VLCCs have been forced into the Atlantic basin to compete with Suezmaxes for West African cargos. Rates were further affected by seasonal refinery maintenance during the first quarter, with global refinery throughput hitting a low of approximately 80 million barrels per day ( mb/d ) during March 2018.
However, the weak tanker market is driving a significant increase in tanker scrapping. Just over 8 million deadweight tonnes ( mdwt ) of tankers were scrapped during the first quarter of 2018, which was the highest level of scrapping during any quarter since 1982. More than 50 percent of the vessels scrapped this year to-date have been less than 20 years of age, which is a sign that low tanker rates, high scrap prices and the potential impact of upcoming regulations have led tanker owners to scrap vessels at a younger age. As a result, the Company has revised its global tanker fleet growth forecast downwards, with a projection of just under 2 percent net fleet growth in 2018 and approximately 3 percent net fleet growth in 2019.
In the near-term, the Company anticipates that ongoing OPEC supply cuts and a backwardated oil market will continue to weigh on crude tanker demand through the summer months. However, global oil demand remains strong, with a forecast of 1.6 mb/d growth in 2018 (average of IEA, EIA and OPEC forecasts). This strong demand, coupled with OPEC cuts, is leading to a rebalancing of oil markets, with OECD oil inventories having reverted back towards 5-year average levels. Inventories are expected to be drawn down further in the coming months, which should support oil prices and encourage a return of OPEC production volumes later in the year. This, combined with a continued increase in U.S. crude exports, is expected to lead to improved crude tanker demand during the latter part of 2018.
In summary, the tanker market remains under pressure due to an imbalance between tanker supply and demand, and this pressure will likely remain in the near-term. However, the Company believes that an inflection point will be reached later in the year due to an increase in tanker demand and more moderate tanker fleet growth, which is expected to lead to a tanker market recovery during the latter part of 2018 and into 2019.
Operating Results
The following table highlights the operating performance of the Company’s time-charter vessels and spot vessels trading in revenue sharing arrangements ( RSAs ), voyage charters and full service lightering, in each case measured in net revenues (1) per revenue day, or time-charter equivalent ( TCE ) rates, before off-hire bunker expenses:
Three Months Ended March 31, 2018 (i)
December 31, 2017 (i)
March 31, 2017 (i) Time Charter-Out Fleet Suezmax revenue days 295 438 485 Suezmax TCE per revenue day $ 20,236 $ 21,821 $ 25,566 Aframax revenue days 597 658 531 Aframax TCE per revenue day $ 21,024 $ 21,145 $ 22,851 LR2 revenue days 179 183 270 LR2 TCE per revenue day $ 17,162 $ 17,176 $ 19,809 Spot Fleet Suezmax revenue days 2,375 1,679 1,305 Suezmax spot TCE per revenue day (ii) $ 12,543 $ 15,294 $ 21,868 Aframax revenue days 1,156 766 1,264 Aframax spot TCE per revenue day (iii) $ 15,083 $ 16,773 $ 18,874 LR2 revenue days 531 438 450 LR2 spot TCE per revenue day $ 11,973 $ 14,323 $ 18,354 Total Fleet Suezmax revenue days 2,670 2,117 1,790 Suezmax TCE per revenue day $ 13,394 $ 16,644 $ 22,870 Aframax revenue days 1,753 1,424 1,795 Aframax TCE per revenue day $ 17,106 $ 18,794 $ 20,050 LR2 revenue days 710 621 720 LR2 TCE per revenue day $ 13,282 $ 15,165 $ 18,900 (i) Revenue days are the total number of calendar days the Company's vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs, dry dockings or special or intermediate surveys. Consequently, revenue days represents the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available for the vessel to earn revenue yet is not employed, are included in revenue days.
(ii) Includes vessels trading in the Teekay Suezmax RSA and non-pool voyage charters.
(iii) Includes vessels trading in the Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages.
(1) Net revenues is a non-GAAP financial measure. Please refer to "Definitions and Non-GAAP Financial Measures" for a definition of this term.
Teekay Tankers’ Fleet
The following table summarizes the Company’s fleet as of May 1, 2018:
Owned and
Capital Lease
Vessels Chartered-in
Vessels Total Fixed-rate: Suezmax Tankers 2 — 2 Aframax Tankers 6 — 6 LR2 Product Tankers 2 — 2 VLCC Tanker (i) 1 — 1 Total Fixed-Rate Fleet 11 — 11 Spot-rate: Suezmax Tankers 28 — 28 Aframax Tankers (ii) 11 3 14 LR2 Product Tankers 7 — 7 Total Spot Fleet 46 3 49 Total Conventional Fleet 57 3 60 STS Support Vessels 3 3 6 Total Teekay Tankers' Fleet 60 6 66 (i) The Company’s ownership interest in this vessel is 50 percent.
(ii) Includes three Aframax tankers with charter-in contracts that are scheduled to expire in May 2018, September 2018 and March 2021.
Liquidity Update
As at March 31, 2018, the Company had total liquidity of $100.7 million (comprised of $48.0 million in cash and cash equivalents and $52.7 million in undrawn revolving credit facilities), compared to total liquidity of $160.0 million as at December 31, 2017. The decrease in the Company’s liquidity position during the first quarter of 2018 was primarily due to debt repayments and its quarterly dividend payment. In April 2018, Teekay Tankers signed a term sheet for a sale-leaseback financing transaction, which upon completion, is expected to increase Teekay Tankers' liquidity by approximately $36.0 million.
Conference Call
The Company plans to host a conference call on Thursday, May 17, 2018 at 1:00 p.m. (ET) to discuss its results for the first quarter of 2018. An accompanying investor presentation will be available on Teekay Tankers’ website at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:
By dialing (866) 548-4713 or (647) 484-0477, if outside of North America, and quoting conference ID code 8218369. By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com (the archive will remain on the website for a period of one year).
An accompanying First Quarter Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 52 double-hull tankers, including 26 Suezmax tankers, 17 Aframax tankers, and nine Long Range 2 ( LR2 ) product tankers, and has four Suezmax tankers related to capital leases and three contracted time charter-in vessel. Teekay Tankers’ vessels are employed through a mix of short- or medium-term fixed rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier ( VLCC ) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.
Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK.”
For Investor Relations
enquiries contact:
Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com
Definitions and Non-GAAP Financial Measures
This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the U.S. Securities and Exchange Commission. These non-GAAP financial measures, which include Adjusted Net (Loss) Income, Free Cash Flow, Net Revenues and Cash Flow from Vessel Operations, are intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized definitions across companies, and therefore may not be comparable to similar measures presented by other companies. The Company believes that certain investors use this information to evaluate the Company’s financial performance, as does management.
Consolidated Financial Measures
Adjusted net (loss) income excludes items of income or loss from GAAP net income that are typically excluded by securities analysts in their published estimates of the Company’s financial results. The Company believes that certain investors use this information to evaluate the Company’s financial performance, as does management. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net (loss) income, the most directly comparable GAAP measure reflected in the Company’s consolidated financial statements.
Cash flow from vessel operations (CFVO) represents income from operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, and gains or losses on the sale of vessels and equipment. CFVO - Consolidated represents CFVO from vessels that are consolidated on the Company’s financial statements. CFVO - Equity Investments represents the Company’s proportionate share of CFVO from its equity-accounted vessels and other investments. The Company does not control the equity-accounted vessels and investments, and as a result, the Company does not have the unilateral ability to determine whether the cash generated by its equity accounted vessels and other investments is retained within the entity in which the Company holds the equity accounted investment or distributed to the Company and other owners. In addition, the Company does not control the timing of such distributions to the Company and other owners. Consequently, readers are cautioned when using total CFVO as a liquidity measure as the amount contributed from CFVO - Equity Investments may not be available to the Company in the periods such CFVO is generated by its equity-accounted vessels and other investments. CFVO is a non-GAAP financial measure used by certain investors and management to measure the operational financial performance of companies. Please refer to Appendices C of this release for reconciliations of these non-GAAP financial measures to income from vessel operations and income from vessel operations of equity accounted investments, respectively, the most directly comparable GAAP measures reflected in the Company’s consolidated financial statements.
Free cash flow (FCF) represents net income, plus depreciation and amortization, unrealized losses from derivatives, certain non-cash items, FCF from equity accounted investments, loss on sales of vessels, and any write-offs or other non-recurring items, less unrealized gains from derivatives, equity income from the equity accounted investments, gain on sales of vessels and certain other non-cash items. The Company includes FCF from equity accounted investments as a component of its FCF. FCF from the equity accounted investments represents the Company’s proportionate share of FCF from its equity-accounted investments. The Company does not control its equity-accounted investments, and as a result, the Company does not have the unilateral ability to determine whether the cash generated by its equity-accounted investments is retained within the entity in which the Company holds the equity accounted investment or distributed to the Company and other owners. In addition, the Company does not control the timing of such distributions to the Company and other owners. Consequently, readers are cautioned when using FCF as a liquidity measure as the amount contributed from FCF from the equity accounted investments may not be available to the Company in the periods such free cash flow is generated by the equity accounted investments. FCF is a non-GAAP financial measure used by certain investors and management to evaluate the Company’s financial and operating performance and to assess the Company’s ability to generate cash sufficient to repay debt, pay dividends and undertake capital and dry dock expenditures. Please refer to Appendix B to this release for a reconciliation of this non-GAAP financial measure to net (loss) income, the most directly comparable GAAP financial measure reflected in the Company’s consolidated financial statements.
Entities under common control represent a transfer of a business between entities under common control. As a result, Teekay Tankers consolidated financial statements prior to the date the interests in these entities were actually acquired by the Company are retroactively adjusted to include the results of these entities during the periods they were under common control of Teekay Corporation ( Teekay ) and had begun operations.
Net revenues represent revenues less voyage expenses. Because the amount of voyage expenses the Company incurs for a particular charter depends upon the type of the charter, the Company uses net revenues to improve the comparability between periods of reported revenues that are generated by the different types of charters and contracts. The Company principally uses net revenues, a non-GAAP financial measure, because the Company believes it provides more meaningful information about the deployment of the Company's vessels and their performance than does revenues, the most directly comparable financial measure under GAAP.
Teekay Tankers Ltd.
Summary Consolidated Statements of (Loss) Income
(in thousands of U.S. dollars, except share and per share data)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 (unaudited) (unaudited) (unaudited) (1) Voyage charter revenues (2)(4) 135,642 30,893 39,344 Time-charter revenues 22,110 26,998 30,330 Other revenues (3) 10,713 11,374 13,622 Net pool revenues (4) — 35,964 47,189 Total revenues 168,465 105,229 130,485 Voyage expenses (2)(4) (79,993 ) (20,443 ) (23,755 ) Vessel operating expenses (52,995 ) (43,440 ) (44,138 ) Time-charter hire expense (4,683 ) (3,202 ) (13,627 ) Depreciation and amortization (29,430 ) (26,829 ) (24,909 ) General and administrative expenses (9,785 ) (8,004 ) (8,888 ) Loss on sales of vessels — (489 ) (4,427 ) (Loss) income from operations (8,421 ) 2,822 10,741 Interest expense (12,729 ) (9,613 ) (7,306 ) Interest income 158 163 79 Realized and unrealized gain on derivative instruments (5) 3,013 2,028 461 Equity income (6) 694 1,804 1,127 Other (expense) income (1,868 ) 917 (1,389 ) Net (loss) income (19,153 ) (1,879 ) 3,713 (Loss) earnings per share attributable to shareholders of Teekay Tankers - Basic (0.07 ) (0.01 ) 0.02 - Diluted (0.07 ) (0.01 ) 0.02 Weighted-average number of total common shares outstanding - Basic (1) 268,292,374 212,107,100 178,127,289 - Diluted (1) 268,292,374 212,107,100 178,279,788 Number of outstanding shares of common stock at the end of the period 268,558,556 268,201,638 165,419,170 (1) Prior to May 31, 2017, the Company owned 50 percent of Teekay Tanker Operations Ltd. ( TTOL ) and accounted for this investment using the equity method of accounting. The Company acquired the remaining 50 percent of TTOL on May 31, 2017 from Teekay Corporation, resulting in the Company owning 100 percent of TTOL and consolidating its results. Periods prior to May 31, 2017 have been recast to include 100 percent of TTOL's results on a consolidated basis in accordance with common control accounting as required under GAAP. As a result, the weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 13.8 million shares of the Company's Class B common stock issued to Teekay Corporation as consideration for the acquisition. The impact of this recasting is referred to herein as the "Entities under Common Control" and such amounts are summarized for the respective periods in Appendix A.
(2) Voyage charter revenues include revenues earned from full service lightering activities. Voyage expenses include certain costs associated with full service lightering activities, which include: short-term in-charter expenses, bunker fuel expenses and other port expenses totaling $21.4 million, $20.1 million and $20.4 million for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017, respectively.
(3) Other revenues include lightering support and liquefied natural gas services revenue, and pool management fee and commission revenues earned from TTOL.
(4) Commencing January 1, 2018, the Company adopted Accounting Standards Update 2014-09 as required under GAAP. The Company previously presented the net allocation for its vessels participating in revenue sharing arrangements as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the revenue sharing arrangements. As such, commencing January 1, 2018, revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the revenue sharing arrangement is presented as voyage expenses. This had the impact of increasing voyage charter revenues and voyage expenses for the three months ended March 31, 2018 by $61.3 million. This change has been adopted prospectively from January 1, 2018.
(5) Includes realized losses and gains relating to interest rate swaps, a time-charter swap agreement and forward freight agreements entered into by the Company. For the three months ended March 31, 2018, December 31, 2017 and March 31, 2017, the Company recognized a realized gain on its interest rate swaps of $0.2 million, a realized loss of $0.1 million and a realized loss of $0.4 million, respectively. The Company recognized realized gains relating to its time-charter swap agreement of $0.7 million for the three months ended March 31, 2017. The Company also recognized a realized loss of $77 thousand for the three months ended December 31, 2017 relating to its forward freight agreements.
(6) Included in equity income are the Company’s 50 percent interest in the High-Q joint venture, which owns one VLCC tanker, its 50 percent interest in Gemini Tankers L.L.C., and its proportionate 11.3 percent share of earnings from its investment in Tanker Investments Ltd. ( TIL ) until November 27, 2017, when the Company completed a merger with TIL. From that date, TIL became a wholly-owned subsidiary of the Company, and it has been consolidated.
Components of equity income are detailed in the table below:
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 High-Q Joint Venture 694 735 793 Tanker Investments Ltd. — (322 ) 333 Fair value adjustment of Tanker Investments Ltd. (i) — 1,391 — Gemini Tankers L.L.C. — — 1 Total equity income 694 1,804 1,127 (i) Upon completion of the merger between Teekay Tankers and TIL on November 27, 2017, the Company recognized a gain of $1.4 million in the three months ended December 31, 2017 in relation to the effective disposal of its equity interest in TIL.
Teekay Tankers Ltd.
Summary Consolidated Balance Sheets
(in thousands of U.S. dollars)
As at
As at March 31,
December 31, 2018
2017 (unaudited)
(unaudited) ASSETS Cash and cash equivalents 47,962 71,439 Restricted cash 1,252 1,599 Pool receivable from affiliates 13,693 15,550 Accounts receivable 15,520 19,288 Due from affiliates 56,211 49,103 Current portion of derivative assets 2,315 1,016 Prepaid expenses 23,045 18,690 Other current assets 1,302 — Restricted cash - long-term 2,672 2,672 Vessels and equipment – net 1,717,348 1,737,792 Vessels related to capital leases – net 224,791 227,722 Investment in and advances to equity accounted investments 25,240 25,460 Derivative assets 5,750 4,226 Intangible assets – net 13,755 14,605 Other non-current assets 113 127 Goodwill 8,059 8,059 Total assets 2,159,028 2,197,348 LIABILITIES AND EQUITY Accounts payable and accrued liabilities 35,725 42,468 Current portion of long-term debt 153,399 166,745 Current obligation related to capital leases 7,338 7,227 Deferred revenue 3,242 557 Due to affiliates 19,371 19,717 Long-term debt 791,779 785,557 Long-term obligation related to capital leases 139,830 141,681 Other long-term liabilities 28,609 26,795 Equity 979,735 1,006,601 Total liabilities and equity 2,159,028 2,197,348 Teekay Tankers Ltd.
Summary Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
Three Months Ended March 31,
March 31, 2018
2017 (unaudited)
(unaudited) (1) Cash, cash equivalents and restricted cash (used for) provided by OPERATING ACTIVITIES Net (loss) income (19,153 ) 3,713 Non-cash items: Depreciation and amortization 29,430 24,909 Loss on sales of vessels and asset impairment — 4,427 Unrealized gain on derivative instruments (2,823 ) (121 ) Equity income (694 ) (1,127 ) Other 3,223 2,891 Change in operating assets and liabilities (9,517 ) (17,402 ) Expenditures for dry docking (5,292 ) (780 ) Net operating cash flow (4,826 ) 16,510 FINANCING ACTIVITIES Proceeds from long-term debt, net of issuance costs 30,468 682 Repayments of long-term debt (38,706 ) (29,085 ) Prepayment of long-term debt — (60,078 ) Scheduled repayments of obligation related to capital leases (1,740 ) — Cash dividends paid (8,052 ) (4,964 ) Proceeds from equity offerings, net of offering costs — 13,565 Other (92 ) (213 ) Net financing cash flow (18,122 ) (80,093 ) INVESTING ACTIVITIES Proceeds from sales of vessels — 32,626 Expenditures for vessels and equipment (1,622 ) (1,860 ) Return of capital from High-Q joint venture 746 — Net investing cash flow (876 ) 30,766 Decrease in cash, cash equivalents and restricted cash (23,824 ) (32,817 ) Cash, cash equivalents and restricted cash, beginning of the period 75,710 94,907 Cash, cash equivalents and restricted cash, end of the period 51,886 62,090 (1) See note 1 to the Summary Consolidated Statements of (Loss) Income.
Teekay Tankers Ltd.
Appendix A - Reconciliation of Non-GAAP Financial Measures
Adjusted Net (Loss) Income
(in thousands of U.S. dollars, except per share amounts)
Three Months Ended March 31, 2018 March 31, 2017 (unaudited) (unaudited) $ $ Per
Share (1) $ $ Per
Share (1) Net (loss) income - GAAP basis (19,153 ) ($0.07 ) 3,713 $0.02 Subtract: Net income attributable to the Entities under Common Control (2) — — (885 ) — Net (loss) income attributable to shareholders of Teekay Tankers (19,153 ) ($0.07 ) 2,828 $0.02 Add specific items affecting net loss: Loss on sales of vessels — — 4,427 $0.02 Unrealized gain on derivative instruments (3) (2,823 ) ($0.01 ) (121 ) — Other (4) — — (106 ) — Total adjustments (2,823 ) ($0.01 ) 4,200 $0.02 Adjusted net (loss) income attributable to shareholders of Teekay Tankers (21,976 ) ($ 0.08 ) 7,028 $ 0.04 (1) Basic per share amounts.
(2) See note 1 to the Summary Consolidated Statements of (Loss) Income included in this release for further details.
(3) Reflects unrealized gains or losses due to the changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including unrealized gains or losses on interest rate swaps, a time-charter swap and a TIL common stock purchase warrant that was related to the period prior to the Company acquiring TIL by merger in November 2017.
(4) The amounts recorded for the three months ended March 31, 2017 primarily relate to unrealized derivative gains and losses in joint ventures and foreign exchange gains and losses.
Teekay Tankers Ltd.
Appendix B - Reconciliation of Non-GAAP Financial Measures
Free Cash Flow
(in thousands of U.S. dollars, except share data)
Three Months Ended March 31, 2018
March 31, 2017 (unaudited)
(unaudited) Net (loss) income - GAAP basis (19,153 ) 3,713 Subtract: Net income attributable to the Entities under Common Control (1) — (885 ) Net (loss) income attributable to shareholders of Teekay Tankers (19,153 ) 2,828 Add: Depreciation and amortization 29,430 24,909 Proportionate share of free cash flow from equity accounted investments 1,102 3,508 Loss on sales of vessels — 4,427 Other — 818 Less: Equity income (694 ) (2,011 ) Unrealized gain on derivative instruments (2,823 ) (121 ) Free cash flow 7,862 34,358 Weighted-average number of common shares outstanding for the period - basic 268,292,374 178,127,289 (1) See note 1 to the Summary Consolidated Statements of (Loss) Income included in this release for further details.
Teekay Tankers Ltd.
Appendix C - Reconciliation of Non-GAAP Financial Measures
Cash Flow from Vessel Operations - Consolidated
(in thousands of U.S. dollars)
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 (unaudited) (unaudited) (unaudited) (Loss) income from operations - GAAP basis (8,421 ) 2,822 10,741 Depreciation and amortization 29,430 26,829 24,909 Loss on sales of vessels — 489 4,427 CFVO – Consolidated 21,009 30,140 40,077 Less: CFVO attributable to the Entities under Common Control — — (1,729 ) CFVO – Equity Investments (See this Appendix C ) 1,303 1,994 4,123 Total CFVO 22,312 32,134 42,471 Teekay Tankers Ltd.
Appendix C - Reconciliation of Non-GAAP Financial Measures
Cash Flow from Vessel Operations - Equity Accounted Investments
(in thousands of U.S. dollars)
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 (unaudited) (unaudited) (unaudited) At Company's At Company's At Company's 100 % Portion (1) 100 % Portion (1) 100 % Portion (1) Revenues 3,375 1,688 19,237 3,509 34,766 5,239 Vessel and other operating expenses (769 ) (385 ) (10,739 ) (1,515 ) (13,627 ) (1,116 ) Depreciation (830 ) (415 ) (6,316 ) (1,035 ) (9,444 ) (1,390 ) Income from vessel operations of equity accounted investments 1,776 888 2,182 959 11,695 2,733 Interest expense (407 ) (204 ) (3,137 ) (507 ) (4,750 ) (684 ) Realized and unrealized gain on derivative instruments 19 10 21 11 45 23 Other — — (445 ) (50 ) (695 ) (61 ) Equity income (loss) of equity accounted vessels 1,388 694 (1,379 ) 413 6,295 2,011 Income from vessel operations of equity accounted investments 1,776 888 2,182 959 11,695 2,733 Depreciation and amortization 830 415 6,316 1,035 9,444 1,390 Cash flow from vessel operations of equity accounted investments 2,606 1,303 8,498 1,994 21,139 4,123 (1) The Company’s proportionate share of its equity-accounted vessels and other investments ranges from 11.3 percent to 50 percent.
Forward Looking Statements
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: the completion of the Company’s expected sale-leaseback financing transaction and the effect of the transaction on the Company’s liquidity and future debt maturity profile; crude oil and refined product tanker market fundamentals, including the balance of supply and demand in the tanker market, the occurrence and expected timing of a tanker market recovery, the estimated slowdown of growth in the world tanker fleet, the amount of tanker scrapping and newbuild tanker deliveries, estimated growth in global oil demand and supply, future tanker rates, and future OPEC oil supply; and future dividend payments by the Company under its dividend policy. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: failure to complete the sale-leaseback financing transaction and/or potential changes to the final terms of the transaction; changes in the production of, or demand for, oil or refined products; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders and deliveries and greater or less than anticipated rates of tanker scrapping; changes in global oil prices; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; increased costs; changes by the Teekay Tankers’ board of directors to the Company’s dividend policy; and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31, 2017. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
Source:Teekay Tankers Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-teekay-tankers-ltd-reportsafirst-quarter-2018-results.html |
It is a wonder that chief information officers and chief information security officers sleep at all.
Cybersecurity threats are relentless, they’re getting stronger, and they’re coming from more directions than ever. Just this past January, revelation of the Spectre and Meltdown computer-chip flaws exposed security weaknesses in the very foundations of computing infrastructure.
What’s... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/what-keeps-cios-up-at-night-1527646381 |
BERLIN (Reuters) - Germany strongly condemned attacks on Israel at the Gaza border, the most intense flare-up of hostilities between Palestinian militants and Israel since 2014, before Chancellor Angela Merkel meets Israeli Prime Minister Benjamin Netanyahu on Monday.
German Chancellor Angela Merkel attends the weekly cabinet meeting in Berlin, Germany May 30, 2018. REUTERS/Axel Schmidt “The German government strongly condemns the bombardment of Israeli territory ... from the Gaza strip. The massive attacks on Israel are totally unacceptable,” said a foreign ministry spokesman on Wednesday.
“Israel has the right to defend its security and borders and to react appropriately to attacks,” the spokesman added.
Reporting by Madeline Chambers and Michelle Martin
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-germany/germany-condemns-attacks-on-israel-before-merkel-netanyahu-talks-idUSKCN1IV1HI |
12:36 PM ET Thu, 24 May 2018 | 04:32
Apple may be planning to use high-end technology in the screens for all of its new iPhone models next year, according to a report from South Korea's Electronic Times .
The American tech juggernaut is reportedly looking at organic light-emitting diode, or OLED, panels, which make images appear brighter and sharper compared to another technology used for some smartphone screens — liquid crystal display, or LCD.
The smartphone maker recently started planning three new iPhone models for next year and decided that all of them would have OLED panels, the report said, citing unnamed industry sources.
CNBC reached out to Apple for comment but did not immediately hear back.
At the moment, only the iPhone X uses OLED, while the iPhone 8 and iPhone 8 Plus both have LCD screens. Apple was already expected to employ OLED tech in two of its three models to be shipped later this year, according to Appleinsider .
OLED screens result in rich displays, but they are also more expensive. That is why they are usually seen in high-priced smartphone models like the iPhone X.
Apple had been trying to improve the iPhone's display technology with OLED to differentiate its smartphones from competitors, according to Jerry Kang, senior principal analyst at IHS Markit.
Still, the tech giant would only be able to "shift to using OLED panels for all iPhone models once it achieves the market demand with competitive price," Kang told CNBC. Apple suppliers affected
The report from Electronic Times was immediately felt by the stocks of some Apple suppliers.
On Tuesday morning in Tokyo, shares of Japan Display fell more than 20 percent at one point on the back of the news. A shift toward OLED panels for all new iPhones would be initially problematic for the Japanese company, which is one of the main suppliers of LCD screens for Apple.
In late March, the Nikkei business daily reported that the company planned to raise capital so it could start producing OLED panels for the iPhone-maker.
Samsung is currently the exclusive provider of OLED panels for the iPhone X. Still, the news from the Electronic Times did not gives Samsung Electronics shares a boost — shares were down about 1.7 percent by mid-morning in Seoul.
Since Apple usually does not rely on a single supplier for its parts, there have been reports suggesting that the iPhone-maker was considering LG Display as an alternative source for OLED screens.
But LG Display appeared to be having manufacturing problems that caused the company to fall behind the schedule many suppliers follow to begin mass production for new iPhone models, the Wall Street Journal reported in April, citing people familiar with the matter.
Nevertheless, LG Display shares were up 4.32 percent on Tuesday morning.
— Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/apple-set-to-use-only-oled-screens-for-future-iphones-report.html |
Afghani girl coders design games to fight opium and inequality Tuesday, May 08, 2018 - 01:23
A group of young Afghan girls are breaking traditional gender barriers as the country's first generation of female coders in the city of Herat. The girls have designed a game called ''Fight Against Opium,'' which has attracted developers interest as it highlight's Afghanistan's struggle to stamp out opium in the country. Sareena Dayaram reports.
A group of young Afghan girls are breaking traditional gender barriers as the country's first generation of female coders in the city of Herat. The girls have designed a game called "Fight Against Opium," which has attracted developers interest as it highlight's Afghanistan's struggle to stamp out opium in the country. Sareena Dayaram reports. //reut.rs/2KLhNr9 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/afghani-girl-coders-design-games-to-figh?videoId=424928355 |
BERLIN, May 2 (Reuters) - Germany said on Wednesday it hoped to resolve the restricted supply of certain components for its fleet of 129 Eurofighter jets in coming weeks, and the issue should not derail its plans to resume air policing in the Baltic region from September.
Defence Ministry spokesman Colonel Holger Neumann told reporters the German air force was able to meet its military requirements despite the issue with components needed for the warplane’s self-protection system.
The component issue, first reported by Spiegel Online on Tuesday, centres on a so-called “grease nipple” that is part of the system that cools the wingtip pods that house elements of the self-protection system, which was designed by BAE Systems.
Supplies of the component have been restricted while the primary supplier is recertified after a change in its ownership.
“We hope to get this problem under control in several weeks or months,” Neumann told a regular German government news conference. He declined to give any details about how many of Germany’s Eurofighters were affected by the spare parts logjam.
The ministry acknowledged that the component supply issue could exacerbate existing problems with the readiness of the Eurofighter warplanes, but declined to give any details.
It was not immediately clear if the issue also affected the five other countries that have received Eurofighter jets under a joint project of Britain’s BAE Systems, European airplane maker Airbus and Italy’s Leonardo. More than 500 of the jets have been delivered to Germany, Britain, Italy, Spain, Austria and Saudi Arabia.
Sources familiar with the issue denied a report by Spiegel Online that only 10 German Eurofighter jets were ready for use as a result of the issue, noting that at least 14 jets were in use around the world at the moment.
Airbus said the restricted supply of the components was “being urgently addressed by the Eurofighter industrial community” and it would work closely with the German air force to minimize the impact of the situation.
It said it had provided the German Air Force with “a package of best practices, training and workarounds to mitigate the shortage of components and has put in place measures to increase the output of repairs to the existing inventory.”
Sources familiar with the issue said the German government was notified about the issue at the end of March, and faulted BAE for failing to provide further advance notice of the issue, which would have allowed preemptive orders of needed parts.
A spokeswoman for BAE said the company was supporting the Airbus-led efforts to address the issue as part of the Eurofighter consortium. (Reporting by Andrea Shalal; Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurofighter-germany/germany-confident-eurofighter-supplier-issue-can-be-resolved-soon-idUSL8N1S95YL |
Parkland students blast lawmakers: 'Nothing has happened' 2:15am BST - 01:26
Students from Marjory Stoneman Douglas High School, including Charlie Mirsky and Alfonso Calderon, and other high school students across the U.S. spoke to Democrats on Capitol Hill Wednesday for a Gun Violence Prevention Task Force forum. Rough Cut (no reporter narration).
Students from Marjory Stoneman Douglas High School, including Charlie Mirsky and Alfonso Calderon, and other high school students across the U.S. spoke to Democrats on Capitol Hill Wednesday for a Gun Violence Prevention Task Force forum. Rough Cut (no reporter narration). //reut.rs/2IGb3xp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/parkland-students-blast-lawmakers-nothin?videoId=429690754 |
Announces First Quarter 2018 Investment Activity of $107.8 Million
First Quarter Highlights:
Reported first quarter 2018 total revenue of $105.2 million, up 37% year-over-year. Generated first quarter net income per share and OP unit of $0.06 on a fully diluted basis, compared to net income per share and OP unit of $0.04 on a fully diluted basis in the same period last year. Generated first quarter normalized funds from operations (FFO) of $0.26 per share and OP unit on a fully diluted basis. Completed first quarter investments of approximately $107.8 million, which included the acquisition of 2 healthcare facilities, totaling 220,140 leasable square feet. Declared a quarterly dividend of $0.23 per share and OP unit for the first quarter 2018, paid April 18, 2018. Portfolio was 96.6% leased based on square footage as of March 31, 2018. Same-Store Cash Net Operating Income (NOI) growth was 2.6% year over year.
Subsequent Events Highlights:
Closed an additional $71.3 million investment subsequent to the quarter ended March 31, 2018.
MILWAUKEE--(BUSINESS WIRE)-- Physicians Realty Trust (NYSE: DOC) (the “Company,” the “Trust,” “we,” “our” and “us”), a self-managed healthcare real estate investment trust, today announced results for the first quarter ended March 31, 2018.
John T. Thomas, President and Chief Executive Officer of the Trust, commented, “Physicians Realty Trust delivered a very solid and steady performance during the first three months of 2018. Medical office is and remains the best long term performing health care real estate in this environment, and perhaps the best noncyclical real estate there is. As expected, the capital markets have transitioned away from public REIT equities, driven by material increases in the 10-year US Treasury interest rate. Nevertheless, the underlying performance of our medical office facilities was outstanding, as we delivered another strong quarter of same store NOI growth and excellent results from operations. We are very pleased with the three acquisitions completed, including one early this quarter, as well as the progress we are making on our asset disposition and recycling plans. We look forward to discussing our results with you during our earnings call on May 4th.”
First Quarter Financial Results
Total revenue for the first quarter ended March 31, 2018 was $105.2 million, an increase of 37% from the same period in 2017. As of March 31, 2018, the portfolio was 96.6% leased, excluding assets classified as held for sale.
Total expenses for the first quarter 2018 were $94.0 million, an increase of 34% from the same period in 2017. The increase in expenses was primarily the result of a $10.6 million increase in depreciation and amortization, a $8.4 million increase in operating expenses, and a $6.7 million increase in interest expense.
Net income for the first quarter 2018 increased to $11.3 million, compared to net income of $6.7 million for the first quarter 2017, an increase of 69%.
Net income attributable to common shareholders for the first quarter 2018 was $10.4 million. Diluted earnings per share for the first quarter 2018 was $0.06 based on 187.3 million weighted average common shares and OP units outstanding.
Funds from operations (FFO) for the first quarter 2018 consisted of net income, less $0.1 million of net income attributable to noncontrolling interests for partially owned properties, less $0.5 million of preferred distributions, plus $38.5 million of depreciation and amortization, less $0.2 million of depreciation and amortization expense for partially owned properties, less $0.1 million of gain on sale of investment properties, resulting in $0.26 per diluted share. Normalized FFO, which adjusts for net changes in fair value, was $49.0 million, or $0.26 per diluted share.
Normalized funds available for distribution (FAD) for the first quarter 2018, which consists of normalized FFO adjusted for non-cash share compensation, straight-line rent adjustments, amortization of acquired above-market and below-market leases, amortization of assumed debt, amortization of lease inducements, amortization of deferred financing costs, recurring capital expenditures, and seller master lease and rent abatement payments, was $43.0 million for the first quarter 2018.
Our same-store portfolio, which includes 215 properties representing approximately 70% of our net leasable square footage, generated year-over-year Same-Store NOI growth of 2.6% for the first quarter 2018. Same-Store data for the first quarter 2018 excludes 23 assets slated for disposition and the Kennewick MOB.
Assets Slated for Disposition
We consider 23 properties in six states, representing an aggregate of approximately 921,515 square feet of gross leasable area, to be slated for disposition as of March 31, 2018. These assets include 15 assets classified as held for sale, and eight additional properties which we believe no longer meet our core business strategy from a size, age, geography, or line of business perspective.
Other Recent Events
Dividend Paid
On March 23, 2018, our Board of Trustees authorized and declared a cash distribution of $0.23 per common share for the quarterly period ended March 31, 2018. The distribution was paid on April 18, 2018 to common shareholders and OP Unit holders of record as of the close of business on April 3, 2018.
First Quarter Investment Activity
In the quarter ended March 31, 2018, the Company completed acquisitions of two operating healthcare properties and one land parcel located in three states with approximately 220,140 net leasable square feet for an aggregate purchase price of approximately $99.4 million. In addition, the Company completed a noncontrolling interest buyout of $6.4 million and a $2.0 million loan investment, resulting in total investment activity for the quarter of approximately $107.8 million.
During the three months ended March 31, 2018, the Company sold two medical office buildings located in Michigan and Florida for approximately $2.5 million and recognized a net gain on the sale of both properties totaling approximately $0.1 million.
Recent Investment Activity
Since March 31, 2018, the Company acquired one medical office facility for a purchase price of approximately $71.3 million. The acquisition is described below.
HMG Medical Plaza - On April 3, 2018, the Company closed the acquisition of a 231,486 square foot medical office facility in Kingsport, Tennessee, for a purchase price of approximately $71.3 million. This single-tenant facility opened in 2009 and is 100% leased. Services provided in this facility consist of clinical research, general surgery, orthopedics, primary care, urgent care, and laboratory, among others. The first year unlevered yield on this investment is expected to be approximately 6.0%.
Conference Call Information
The Company has scheduled a conference call on Friday, May 4, 2018, at 11:00 a.m. ET to discuss its financial performance and operating results for the first quarter ended March 31, 2018. The conference call can be accessed by dialing (877) 407-0784 from within the U.S. or (201) 689-8560 for international callers. Participants can reference the Physicians Realty Trust First Quarter Earnings Call or passcode: 13677962. The conference call also will be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company’s website, www.docreit.com . A replay of the conference call will be available beginning May 4, 2018, at 2:00 p.m. ET until June 4, 2018, at 11:59 p.m. ET, by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International); passcode: 13677962. A replay of the webcast also will be accessible on the Investor Relations website for one year following the event. Beginning May 4, 2018, the Company’s supplemental information package for the first quarter 2018 will be accessible through the Investor Relations section of the Company’s website under the “Supplemental Information” tab.
About Physicians Realty Trust
Physicians Realty Trust is a self-managed healthcare real estate company organized to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company invests in real estate that is integral to providing high quality healthcare. The Company conducts its business through an UPREIT structure in which its properties are owned by Physicians Realty L.P., a Delaware limited partnership (the “operating partnership”), directly or through limited partnerships, limited liability companies or other subsidiaries. The Company is the sole general partner of the operating partnership and, as of March 31, 2018, owned approximately 97.1% of the partnership interests in our operating partnership (“OP Units”).
Investors are encouraged to visit the Investor Relations portion of the Company’s website ( www.docreit.com ) for additional information, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, press releases, supplemental information packages and investor presentations.
Forward-Looking Statements
This press release contains statements that are “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, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, “continue”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements may include statements regarding the Company’s strategic and operational plans, the Company’s ability to generate internal and external growth, the future outlook, anticipated cash returns, cap rates or yields on properties, anticipated closing of property acquisitions, and ability to execute its business plan. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties are described in greater detail in the Company’s filings with the Securities and Exchange Commission (the “Commission”), including, without limitation, the Company’s annual and periodic reports and other documents filed with the Commission. Unless legally required, the Company disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events or otherwise. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed by the Company with the Commission on March 1, 2018.
Physicians Realty Trust Condensed Consolidated Statements of Income (in thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Revenues: Rental revenues $ 78,887 $ 59,092 Expense recoveries 24,308 16,354 Interest income on real estate loans and other 2,028 1,220 Total revenues 105,223 76,666 Expenses: Interest expense 16,494 9,815 General and administrative 8,459 4,736 Operating expenses 30,459 22,089 Depreciation and amortization 38,576 27,933 Acquisition expenses — 5,405 Total expenses
93,988 69,978 Income before equity in income of unconsolidated entities and gain on sale of investment properties: 11,235 6,688 Equity in income of unconsolidated entities 28 28 Gain on sale of investment properties 69 — Net income 11,332 6,716 Net income attributable to noncontrolling interests: Operating Partnership (313 ) (147 ) Partially owned properties (111 ) (167 ) Net income attributable to controlling interests 10,908 6,402 Preferred distributions (487 ) (211 ) Net income attributable to common shareholders: $ 10,421 $ 6,191 Net income per share: Basic $ 0.06 $ 0.04 Diluted $ 0.06 $ 0.04 Weighted average common shares: Basic 181,809,570 138,986,629 Diluted 187,317,243 142,605,930 Dividends and distributions declared per common share and OP Unit $ 0.230 $ 0.225 Physicians Realty Trust Condensed Consolidated Balance Sheets (in thousands, except share and per share data)
March 31, December 31, 2018 2017 ASSETS
Investment properties: Land and improvements $ 214,476 $ 217,695 Building and improvements 3,570,056 3,568,858 Tenant improvements 19,121 23,056 Acquired lease intangibles 459,836 458,713 4,263,489 4,268,322 Accumulated depreciation (318,393 ) (300,458 ) Net real estate property 3,945,096 3,967,864 Real estate held for sale 93,289 — Real estate loans receivable 71,529 76,195 Investments in unconsolidated entities 1,331 1,329 Net real estate investments 4,111,245 4,045,388 Cash and cash equivalents 6,550 2,727 Tenant receivables, net 4,293 9,966 Other assets 134,919 106,302 Total assets $ 4,257,007 $ 4,164,383 LIABILITIES AND EQUITY
Liabilities: Credit facility $ 466,828 $ 324,394 Notes payable 966,387 966,603 Mortgage debt 154,373 186,471 Accounts payable 2,562 11,023 Dividends and distributions payable 43,388 43,804 Accrued expenses and other liabilities 56,706 56,405 Acquired lease intangibles, net 15,767 15,702 Total liabilities 1,706,011 1,604,402 Redeemable noncontrolling interest - Series A Preferred Units (2018) and partially owned properties 23,736 12,347 Equity: Common shares, $0.01 par value, 500,000,000 common shares authorized, 181,943,725 and 181,440,051 common shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 1,819 1,814 Additional paid-in capital 2,778,616 2,772,823 Accumulated deficit (345,571 ) (315,417 ) Accumulated other comprehensive income 18,250 13,952 Total shareholders’ equity 2,453,114 2,473,172 Noncontrolling interests: Operating Partnership 73,527 73,844 Partially owned properties 619 618 Total noncontrolling interests 74,146 74,462 Total equity 2,527,260 2,547,634 Total liabilities and equity $ 4,257,007 $ 4,164,383 Physicians Realty Trust Reconciliation of Non-GAAP Measures (in thousands, except share and per share data)
Three Months Ended March 31, 2018 2017 Net income $ 11,332 $ 6,716 Earnings per share - diluted $ 0.06 $ 0.04 Net income 11,332 6,716 Net income attributable to noncontrolling interests - partially owned properties (111 ) (167 ) Preferred distributions (487 ) (211 ) Depreciation and amortization expense 38,530 27,911 Depreciation and amortization expense - partially owned properties (166 ) (152 ) Gain on the sale of investment properties (69 ) — FFO applicable to common shares and OP Units $ 49,029 $ 34,097 FFO per common share and OP Unit $ 0.26 $ 0.24 Net change in fair value of derivative 2 165 Acquisition expenses — 5,405 Net change in fair value of contingent consideration — (70 ) Normalized FFO applicable to common shares and OP Units $ 49,031 $ 39,597 Normalized FFO per common share and OP Unit $ 0.26 $ 0.28 Normalized FFO applicable to common shares and OP Units 49,031 39,597 Non-cash share compensation expense 2,605 1,066 Straight-line rent adjustments (6,450 ) (4,508 ) Amortization of acquired above/below-market leases/assumed debt 830 938 Amortization of lease inducements 344 310 Amortization of deferred financing costs 618 549 TI/LC and recurring capital expenditures (4,158 ) (3,213 ) Seller master lease and rent abatement payments 229 254 Normalized FAD applicable to common shares and OP Units $ 43,049 $ 34,993 Weighted average number of common shares and OP Units outstanding 187,317,243 142,605,930 Three Months Ended March 31, 2018 2017 Net income $ 11,332 $ 6,716 General and administrative 8,459 4,736 Acquisition expenses — 5,405 Depreciation and amortization 38,576 27,933 Interest expense 16,494 9,815 Net change in the fair value of derivative 2 165 Gain on sale of investment property (69 ) — NOI $ 74,794 $ 54,770 NOI $ 74,794 $ 54,770 Straight-line rent adjustments (6,450 ) (4,508 ) Amortization of acquired above/below-market leases/assumed debt 830 938 Amortization of lease inducements 344 310 Seller master lease and rent abatement payments 229 254 Change in fair value of contingent consideration — (70 ) Cash NOI $ 69,747 $ 51,694 Three Months Ended March 31, 2018 2017 Net income $ 11,332 $ 6,716 Depreciation and amortization 38,576 27,933 Interest expense 16,494 9,815 Gain on sale of investment properties (69 ) — EBITDAre $ 66,333 $ 44,464 Acquisition expenses — 5,405 Non-cash share compensation expense 2,605 1,066 Non-cash changes in fair value 2 95 Adjusted EBITDAre $ 68,940 $ 51,030 This press release includes Funds From Operations (FFO), Normalized FFO, Normalized Funds Available For Distribution (FAD), Net Operating Income (NOI), Cash NOI, Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDAre, which are non-GAAP financial measures. For purposes of the SEC’s Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the company, or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this press release, GAAP refers to generally accepted accounting principles in the United States of America. Pursuant to the requirements of Regulation G, we have provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
We believe that information regarding FFO is helpful to shareholders and potential investors because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. We calculate FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as net income or loss (computed in accordance with GAAP) before noncontrolling interests of holders of OP units, excluding preferred distributions, gains (or losses) on sales of depreciable operating property, impairment write-downs on depreciable assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs). Our FFO computation may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with NAREIT definition or that interpret the NAREIT definition differently than we do. The GAAP measure that we believe to be most directly comparable to FFO, net income, includes depreciation and amortization expenses, gains or losses on property sales, impairments and noncontrolling interests. In computing FFO, we eliminate these items because, in our view, they are not indicative of the results from the operations of our properties. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in our financial statements. FFO does not represent cash generated from operating activities in accordance with GAAP, should not be considered to be an alternative to net income or loss (determined in accordance with GAAP) as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders.
We use Normalized FFO, which excludes from FFO net change in fair value of derivative financial instruments, acquisition expenses, acceleration of deferred financing costs, change in fair value of contingent consideration, and other normalizing items. However, our use of the term Normalized FFO may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Normalized FFO should not be considered as an alternative to net income or loss (computed in accordance with GAAP), as an indicator of our financial performance or of cash flow from operating activities (computed in accordance with GAAP), or as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including its ability to make distributions. Normalized FFO should be reviewed in connection with other GAAP measurements.
We define Normalized FAD, a non-GAAP measure, which excludes from Normalized FFO non-cash share compensation expense, straight-line rent adjustments, amortization of acquired above- or below-market leases and assumed debt, amortization of lease inducements, amortization of deferred financing costs, and recurring capital expenditures related to tenant improvements and leasing commissions, and includes cash payments from seller master leases and rent abatement payments. Other REITs or real estate companies may use different methodologies for calculating Normalized FAD, and accordingly, our computation may not be comparable to those reported by other REITs. Although our computation of Normalized FAD may not be comparable to that of other REITs, we believe Normalized FAD provides a meaningful supplemental measure of our performance due to its frequency of use by analysts, investors, and other interested parties in the evaluation of our performance as a REIT. Normalized FAD should not be considered as an alternative to net income or loss attributable to controlling interest (computed in accordance with GAAP) or as an indicator of our financial performance. Normalized FAD should be reviewed in connection with other GAAP measurements.
NOI is a non-GAAP financial measure that is defined as net income or loss, computed in accordance with GAAP, generated from our total portfolio of properties before general and administrative expenses, acquisition-related expenses, depreciation and amortization expense, interest expense, net change in the fair value of derivative financial instruments, gain or loss on the sale of investment properties, and impairment losses. We believe that NOI provides an accurate measure of operating performance of our operating assets because NOI excludes certain items that are not associated with management of the properties. Our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.
Cash NOI is a non-GAAP financial measure which excludes from NOI straight-line rent adjustments, amortization of acquired above and below market leases, and other non-cash and normalizing items. Other non-cash and normalizing items include items such as the amortization of lease inducements, payments received from seller master leases and rent abatements, and changes in fair value of contingent consideration. We believe that Cash NOI provides an accurate measure of the operating performance of our operating assets because it excludes certain items that are not associated with management of the properties. Additionally, we believe that Cash NOI is a widely accepted measure of comparative operating performance in the real estate community. Our use of the term Cash NOI may not be comparable to that of other real estate companies as such other companies may have different methodologies for computing this amount.
We define EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, loss (gain) on dispositions, and impairment loss on depreciated property. We define Adjusted EBITDAre as net income or loss computed in accordance with GAAP plus depreciation and amortization, interest expense, loss (gain) on dispositions, impairment loss on depreciated property, acquisition expenses, non-cash share compensation expense, non-cash changes in fair value, and other normalizing items. We consider EBITDAre and Adjusted EBITDAre important measures because they provide additional information to allow management, investors, and our current and potential creditors to evaluate and compare our core operating results and our ability to service debt.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005314/en/
Physicians Realty Trust
John T. Thomas
President and CEO
(214) 549-6611
[email protected]
or
Jeffrey N. Theiler
Executive Vice President and CFO
(414) 367-5610
[email protected]
Source: Physicians Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-physicians-realty-trust-reports-first-quarter-2018-financial-results.html |
WASHINGTON (Reuters) - President Donald Trump drew gasps at the United Nations General Assembly last September when he threatened to “totally destroy” North Korea.
U.S. President Donald Trump speaks before the signing ceremony for S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House in Washington, U.S., May 24, 2018. REUTERS/Kevin Lamarque Eight months later, he said “everyone” thought he should get the Nobel Peace Prize for a new approach that aimed to put him at a table with North Korea’s leader, Kim Jong Un, to negotiate denuclearization.
Now that planned meeting, scheduled for June 12 in Singapore, is off, capping a months-long back-and-forth with nuclear-armed Pyongyang and denying Trump the foreign policy victory he craved.
Speaking at a White House event, the president said the cancellation was a setback for North Korea and the world.
It was also a setback for Trump, who prides himself on his ability to make deals.
After pulling the United States out of the Iran nuclear agreement and aggravating allies with trade tariffs on steel and aluminum, a potential success with Kim would have created an opportunity for the former New York businessman and his supporters to tout his unconventional style as beneficial to the world.
“It’s obviously a setback (for Trump.) Whether it’s a blow is another matter altogether,” said William Galston, a senior fellow at the Brookings Institution and a political analyst.
Galston said Americans were unlikely to blame Trump for the summit cancellation, even as they would have credited him had it proceeded with success.
“It would have been a tremendous coup if the summit had gone forward and it had produced something significant,” he said.
Trump had raised expectations especially high for the get-together. He abandoned the heated rhetoric that had spurred concerns about war and adopted a conciliatory tone toward Kim, whom he referred to as open and honorable.
As late as Tuesday, during a meeting with South Korean President Moon Jae-in, Trump said the summit would be positive for the world and could happen in the future if not next month.
“It has a chance to be a great, great meeting for North Korea and a great meeting for the world,” he said.
Two days later, Trump canceled.
“I felt a wonderful dialogue was building up between you and me,” the president wrote in a letter to Kim, making clear how badly he wanted the meeting to take place.
“If you change your mind having to do with this most important summit, please do not hesitate to call me or write.”
A senior administration official said Trump himself dictated the letter, which also warned North Korea that U.S. nuclear power was vastly superior to Pyongyang’s.
Optimistic rhetoric aside, the White House said Trump was ready to cancel the talks at any time.
“The president was always clear that he was prepared to walk away from this meeting, and he has kept his word,” the official said.
LEVERAGE But now, at least for the time being, Trump is in the same position as his predecessors, whom he has criticized repeatedly - even mocked - for failing to deal adequately with North Korea’s nuclear threat.
It also leaves the administration’s diplomatic initiatives in a weakened state.
Seeking a denuclearization deal with North Korea was a top priority for a leader who came to the White House on a political promise of putting “America first” while withdrawing from international agreements on climate change and Iran.
The summit’s demise also removes a factor that may have been helping Trump’s political prospects domestically.
The president, who has been raging against a special counsel’s probe of his 2016 presidential campaign and potential collusion with Russia, has seen his favorability rise in some polls in recent weeks, with some pointing to his movement with North Korea as a factor in his rising popularity.
It is too early to tell whether the cancellation will hurt him politically, but Whit Ayres, a political consultant, said it could have been worse if the summit had taken place and failed.
“Canceling an unproductive summit is better than having an unproductive summit,” Ayres said.
Critics said Trump accomplished little with his efforts, leaving North Korea a nuclear power and handing away U.S. leverage by agreeing to meet with Kim in the first place.
“By agreeing to a leadership summit with Kim, Donald Trump gave away a good deal of America’s leverage in exchange for nothing in return from the North Koreans,” wrote Jamie Metzl, senior fellow in Atlantic Council’s Scowcroft Center for Strategy and Security.
The diplomatic push did provide at least one diplomatic success: the safe return of three Americans who had been held prisoner in North Korea. Trump welcomed the men home at Joint Base Andrews near Washington earlier this month.
North Korea also followed through on a pledge to blow up tunnels used for nuclear testing, though the White House said it was possible they could still be used in the future.
With congressional elections coming in November, Trump could have used a broader success with North Korea to bolster fellow Republicans’ argument that they should hold on to control of Congress.
Barring another turnaround on the Korean Peninsula, such a success is now unlikely to be connected to a nuclear deal with Kim Jong Un.
Reporting by Jeff Mason; Editing by Yara Bayoumy and Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump-analysis/north-korea-summit-cancellation-a-setback-to-dealmaker-trump-idUSKCN1IQ00P |
ROME, May 7 (Reuters) - Italy’s two largest parties, the far-right League and anti-establishment 5-Star Movement, both appeared to reject a call by President Sergio Mattarella to form a “neutral government”, saying early elections were preferable.
“There is no time to lose, there is no space for technocrat government,” League leader Matteo Salvini said in a statement.
5-Star’s parliamentary party leader Danilo Toninelli told state television Rai: “The only way to get a serious government is to return to the polls.”
The League and 5-Star have failed to agree on forming a coalition between themselves after an inconclusive election on March 4, but they have enough votes together in parliament to block any other government from taking office. (Reporting by Crispian Balmer; Editing by Toby Chopra)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-parties/italys-top-two-parties-demand-re-vote-rather-than-neutral-govt-idUSR1N1R501N |
George Booth, 91, is a New Yorker cartoonist whose work often includes pets reacting to household events. He has illustrated more than 10 books, including “Here, George!” (Little Simon), with Sandra Boynton. He spoke with Marc Myers.
In 1943, when I was 17, my father and I traveled to nearby Nebraska to help build barracks for the Army. I went as a laborer and my dad as a carpenter. At some point, I misplaced my hammer.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/cartoonist-george-booth-and-his-pet-projects-1525791600 |
May 10, 2018 / 1:50 PM / Updated 7 hours ago Motor racing - Chief designer Wood leaves struggling Williams F1 team Reuters Staff 2 Williams’ chief designer Ed Wood has left for personal reasons, the struggling former Formula One world champions said on Thursday.
The team, who have not won a race since the 2012 Spanish Grand Prix, are last in the constructors’ standings after four rounds despite using the same winning engines as champions Mercedes.
Wood, 50, helped create the FW36 and FW37 cars that took the British-based team to third place overall in the 2014 and 2015 seasons.
Williams thanked the Briton in a statement at the Spanish Grand Prix for his work over 12 years with them.
This year’s FW41 car followed a different aerodynamic concept to its predecessor but has proved a disappointment in the hands of Canadian teenager Lance Stroll and Russian rookie Sergey Sirotkin.
Williams had drawn a blank until Stroll finished eighth in Azerbaijan at the end of April. Sirotkin retired from that race after a first lap collision and has a three place grid penalty for Sunday’s race at the Circuit de Catalunya. Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain-williams-designer/motor-racing-chief-designer-wood-leaves-struggling-williams-f1-team-idUKKBN1IB1ZM |
LOS ANGELES, May 23 (Reuters) - Starbucks Corp on Wednesday revealed details of the employee anti-bias training program that will take place behind closed doors at 8,000 U.S. company-owned cafes on the afternoon of May 29.
Starbucks announced plans to shutter stores and corporate offices to train 175,000 employees after the controversial April 12 arrests of two black men, who were detained for hours after the manager of a Philadelphia Starbucks called police because they had not made purchases and refused to leave.
The arrests of Donte Robinson and Rashon Nelson, who were waiting to meet a friend, sparked protests and calls for a boycott of the coffee chain known for its diverse workforce and liberal stances on issues such as gay marriage.
Starbucks said the first training on May 29 "will serve as a step in a long-term journey to make Starbucks even more welcoming and safe for all."
It will include videos featuring Starbucks executives such as Chief Executive Kevin Johnson, Executive Chairman and co-founder Howard Schultz, board member Mellody Hobson, hip hop artist Common, store managers and experts from the Perception Institute. Employees also will view a film called "You're Welcome" by Stanley Nelson and participate in discussion and problem-solving sessions on identifying and avoiding bias in every day situations.
Starbucks said the long-term program is being designed and developed with input from researchers, social scientists, employees and other advisers.
Those partners include consultancy SY Partners - which worked with Starbucks to reinvent itself after a business crisis spawned by the "Great Recession"; the Perception Institute; Sherrilyn Ifill, president of the NAACP Legal Defense Fund; Bryan Stevenson, executive director of the Equal Justice Initiative; and Heather McGhee, president of public policy group Demos.
Since the Philadelphia incident, Starbucks has said it will allow people to sit in its cafes and use its restrooms without making a purchase. It also said it has outlined procedures for dealing with customers who are disruptive, using tobacco, drugs or alcohol or sleeping in its cafes.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Tom Brown) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-starbucks-calls-anti-bias-training-part-of-long-term-journey.html |
TORONTO (Reuters) - Canada’s largest city said on Wednesday it is activating an emergency contingency plan to shelter refugee claimants as it prepares for an influx of migrants this summer, a rare move that underscores the strain caused by the inflow of asylum seekers.
FILE PHOTO: A line of asylum seekers who identified themselves as from Haiti wait to enter into Canada from Roxham Road in Champlain, New York, U.S., August 7, 2017. REUTERS/Christinne Muschi/File Photo Toronto will house 800 asylum seekers in college dorms over the summer, the city said in a statement. But after August, it will need a new contingency plan and may house people in community centers instead, the statement added.
More than 27,000 asylum seekers have illegally crossed the Canada-U.S. border since U.S. President Donald Trump came to office last year.
The influx has strained Canada’s backlogged system for assisting people seeking refugee status, leaving aid agencies scrambling to meet growing demand for housing and social services.
FILE PHOTO: A mother and child are confronted by a Royal Canadian Mounted Police (RCMP) officer as they approach the U.S.-Canada border on Roxham Road in Champlain, New York, U.S., April 24, 2017. REUTERS/Christinne Muschi/File Photo Wednesday’s announcement came as a surprise to refugee agencies, said Francisco Rico, co-director of Toronto’s FCJ Refugee Centre. He and his colleagues have been working with the city for months to develop a longer-term solution.
“It’s a bandage. Of course a bandage doesn’t help in the long term, particularly if people continue coming in (at) this level.”
FILE PHOTO: A barricade blocks the dead end road where Royal Canadian Mounted Police (RCMP) have set up a tent and buses for incoming refugees crossing the US-Canada border at Roxham Road in Hemmingford, Quebec, Canada August 3, 2017. REUTERS/Christinne Muschi/File Photo Refugees cross illegally because if they cross legally at formal border crossings, Canada will turn them back under a bilateral agreement with the United States. Canada has sought to expand this agreement to allow it to turn back thousands more asylum seekers.
The vast majority have gone to the primarily French-speaking province of Quebec, but Quebec’s government has said its social services are strained and it cannot handle many more newcomers.
That has prompted plans to divert willing asylum seekers to Ontario — plans a spokesman for Canada’s immigration and refugee minister said on Wednesday are still in the works.
But Toronto, Ontario’s capital and Canada’s largest city, has seen strains of its own, and the city is bracing for more coming from Quebec over the coming months.
Refugee claimants now make up 40 percent of the people sleeping in shelter beds, up from 25 percent in May, 2017, and they are estimated to make up the majority of shelter occupants by November, the city said.
The Red Cross, which will run the new shelters, got the call from the city last week but had been prepared to open asylum seeker shelter spaces for a while, said Stephanie Etkin, the Red Cross’s regional operations manager for the Toronto area.
Graphic on the impact asylum seekers are having in Canada: tmsnrt.rs/2HCp4aD
Reporting by Anna Mehler Paperny
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-immigration-toronto/canadas-largest-city-to-open-emergency-housing-for-asylum-seekers-idUSKCN1IO3FU |
HENDERSON, Nev.--(BUSINESS WIRE)-- 3PEA International, Inc. (OTCQB: TPNL ), a vertically integrated provider of innovative prepaid card programs and processing services for corporate, consumer and government applications, is pleased to announce the appointment of Former CEO of Healthcare Services at UMB Bank, Dennis Triplett to the role of non-executive independent director, increasing our board membership to six.
“We are truly honored and excited to welcome Dennis to our Board as we expand our focus in pharmaceutical and healthcare related programs. We look forward to Dennis’s insight and anticipate that 3PEA will benefit greatly from his contributions,” said Mark Newcomer, Chief Executive Officer, 3PEA International. “Dennis’s record of strategic innovation and background as a seasoned CEO will strengthen our Board's broad-based skillset. Dennis’s extensive experience in healthcare payments and card product development will be an asset to 3PEA as we continue our positive trajectory and build on our 2017 gains.”
About Dennis Triplett
From 2004 to 2017, Dennis served as CEO of Healthcare Services at UMB Bank, N.A. a leading provider of healthcare payment solutions including health savings accounts (HSAs), healthcare spending accounts and payments technology. UMB Bank N.A. is a part of UMB Financial Corporation with over $21 billion in assets. Dennis founded this division that is now the fifth largest HSA custodian in the nation with $2.6 billion in assets and accounts exceeding 1.25 million. He developed the Bank’s Medical Savings Account product in the late 90’s and grew that into a multipurpose card product supporting a variety of spending accounts including HSAs, FSAs, and HRAs.
Dennis has over 35 years of experience in the banking industry including serving as the President and CEO of two banks in the Midwest and has extensive credit and debit card experience. He is a graduate of several banking schools and holds an MBA degree from the University of Missouri.
In addition, Dennis has shared his healthcare banking industry insights through numerous speaking engagements, blogs and editorials. His industry leadership has included Chairing the Employers Council on Flexible Compensation (ECFC) from 2007 to 2014; a founding Board Member of the American Bankers Association’s HSA Council; Chairing American Health Insurance Plan’s (AHIP) HSA Leadership Council from 2009 to 2013. Civically, Dennis serves on the Board of the Greater Kansas City Crime Commission and also Chairs a not for profit, Community For Coaches.
About 3PEA International
3PEA International ( OTCQB:TPNL ) is an experienced and trusted prepaid debit card payment solutions provider as well as an integrated payment processor that has managed millions of prepaid debit cards in its portfolio. Through its PaySign brand, 3PEA conceptualizes, develops and manages payment solutions, prepaid card programs, and customized payment services. 3PEA’s corporate incentive prepaid cards are changing the way corporations reward, motivate, and engage their current and potential customers, employees, and agents. 3PEA’s customizable prepaid solutions offer significant cost savings while improving brand recognition and customer loyalty. 3PEA’s customers include healthcare companies, major pharmaceutical companies, large multinationals, prestigious universities, and social media companies. PaySign is a registered trademark of 3PEA Technologies, Inc. in the United States and other countries. For more information visit us at www.3pea.com or follow us on LinkedIn , Twitter and Facebook .
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b 6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. 3PEA undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005515/en/
3PEA International, Inc.
Brian Polan, 1-702-749-7234
Chief Financial Officer
[email protected]
www.3pea.com
Source: 3PEA International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-3pea-international-announces-the-appointment-of-dennis-triplett-former-ceo-of-healthcare-services-at-umb-bank-as-a-non.html |
WARSAW, May 15 (Reuters) - Poland’s biggest power group PGE on Tuesday reported a net profit of 935 million zlotys ($258.39 million) in the first quarter, 3 percent down year on year and slightly lower than the utility’s estimate of 959 million zlotys.
State-run PGE, which generates 56 percent of its electricity from lignite, also said the group’s total power production rose 18 percent to 17.7 terawatt hours (TWh) in the first quarter.
PGE said that electricity consumption rose by 2.8 percent year on year in the first quarter, while the average price of electricity on the day-ahead market increased by 19 percent to 184 zlotys per megwatt hour (MWh).
The company said that Poland’s electricity imports grew to 1.59 TWh in the first three months of 2018 from 0.22 TWh a year ago. ($1 = 3.6186 zlotys) (Reporting by Agnieszka Barteczko. Editing by Jane Merriman)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/pge-poland-results/polands-pge-reports-first-quarter-profit-of-935-mln-zlotys-lower-than-estimated-idUSL5N1SM6BY |
May 10, 2018 / 1:50 PM / Updated 11 minutes ago Steinhoff says profit overstatement could lead to more impairments, shares dive Reuters Staff 1 Min Read
JOHANNESBURG (Reuters) - South Africa’s retailer Steinhoff ( SNHJ.J ) said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares more than 13 percent lower. FILE PHOTO: A sign is seen in a Poundland store in London, Britain, November 10, 2015. REUTERS/Stefan Wermuth/File Photo
Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the U.S. and Conforama in France, is fighting for its survival after discovering irregularities in its accounts in December. Reporting by Nqobile Dludla; Editing by James Macharia | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-steinhoff-intln-accounts/steinhoff-says-profit-overstatement-could-lead-to-more-impairments-shares-dive-idUKKBN1IB1ZO |
Arsenal will press Atletico high to stop Costa - Wenger 10:00am BST - 00:44
Arsenal manager Arsene Wenger says his side need to attack Atletico if they hope to make the Europa League final. ▲ Hide Transcript ▶ View Transcript
Arsenal manager Arsene Wenger says his side need to attack Atletico if they hope to make the Europa League final. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KzNcNs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/arsenal-will-press-atletico-high-to-stop?videoId=423318479 |
May 23, 2018 / 1:07 PM / Updated 9 minutes ago Ukraine cyber police aware of possible new threat -police chief Reuters Staff 1 Min Read
KIEV, May 23 (Reuters) - Ukraine’s cyber police said on Wednesday the agency was aware of a possible new threat, as Cisco Systems Inc warned about a suspected Russian plan to attack Ukraine using highly sophisticated malicious software.
“We are aware of this situation and these vulnerabilities. Now we, together with the Security Service of Ukraine, take measures to prevent any cyber incident that may arise,” cyber police chief Serhiy Demedyuk told Reuters in a written statement, commenting on Cisco Systems’s warning. (Reporting by Pavel Polityuk Editing by Catherine Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/cyber-routers-ukraine/ukraine-cyber-police-aware-of-possible-new-threat-police-chief-idUSL5N1SU4DO |
NEW YORK, WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of RPX Corp. ("RPXC" or the "Company") (NASDAQ: RPXC) in connection with the proposed acquisition of the Company by HGGC, a middle-market private equity firm. Under the terms of the acquisition agreement RPXC shareholders will receive $10.50 in cash for each share they own.
WeissLaw is investigating whether RPXC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $16.00 per share, or $5.50 above the offer price.
Given these facts, WeissLaw is investigating whether RPXC's Board acted in the best interests of RPXC's public shareholders to maximize shareholder value prior to entering into the agreement. If you own RPXC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/rpx-corp/
releases/weisslaw-llp-rpx-corp-acquisition-may-not-be-in-the-best-interests-of-rpxc-shareholders-300641613.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-weisslaw-llp-rpx-corp-acquisition-may-not-be-in-the-best-interests-of-rpxc-shareholders.html |
Signs of confidence return to UK households 4:03pm BST - 01:58
British consumers and businesses turned more confident in May, a sign that the economy is starting to recover after a weak start to the year. Kate King reports. ▲ Hide Transcript ▶ View Transcript
British consumers and businesses turned more confident in May, a sign that the economy is starting to recover after a weak start to the year. Kate King reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J3imQh | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/signs-of-confidence-return-to-uk-househo?videoId=431939354 |
May 27, 2018 / 6:19 PM / in 20 minutes Former U.S. President George H.W. Bush taken to hospital in Maine Reuters Staff 2 Min Read
(Reuters) - Former U.S. President George H.W. Bush, 93, was taken to a hospital in Maine on Sunday after experiencing low blood pressure and fatigue, a family spokesman said on Twitter. FILE PHOTO - Former United States President George H. W. Bush is brought into the auditorium where his son Former United States President George W. Bush speaks about his new book titled "41: A Portrait of My Father" at the George Bush Presidential Library Center in College Station, Texas November 11, 2014. REUTERS/Bob Daemmrich/Pool/File Photo
Bush, the oldest living former U.S. president, will likely remain at Southern Maine Health Care for a few days for observation, said the spokesman, Jim McGrath.
“The former president is awake and alert, and not in any discomfort,” McGrath wrote on Twitter. FILE PHOTO - Former U.S. President George H.W. Bush arrives on the field to do the coin toss ahead of the start of Super Bowl LI between the New England Patriots and the Atlanta Falcons in Houston, Texas, U.S., February 5, 2017. REUTERS/Adrees Latif/File Photo
Bush was hospitalized in Texas last month for treatment of an infection that spread to his blood, and stayed there for nearly two weeks. He was admitted to the hospital a day after he attended the funeral of his wife, Barbara, the former first lady who died on April 17. The couple had been married for 73 years.
On Saturday, Bush attended an American Legion event in Kennebunkport, Maine to mark the upcoming Memorial Day with military veterans and his former national security adviser Brent Scowcroft, according to a post on Bush’s official Twitter feed.
Bush is the father of former Republican President George W. Bush, who served two terms from 2001 to 2009, and former Florida Governor Jeb Bush, who unsuccessfully sought the 2016 Republican presidential nomination. Reporting by Daniel Wallis and Yeganeh Torbati; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-georgehwbush/former-u-s-president-george-h-w-bush-taken-to-hospital-in-maine-idUSKCN1IS0PJ |
May 27, 2018 / 5:24 PM / Updated 34 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 27 (OPTA) - Scoreboard at close of play of between Leicestershire and Yorkshire on Sunday at Leicester, England Yorkshire win by 9 wickets Leicestershire 1st innings Cameron Delport lbw Matt Fisher 8 Paul Horton c Steven Patterson b Matt Fisher 14 Colin Ackermann c&b Ben Coad 8 Mark Cosgrove c Tom Kohler-Cadmore b Adil Rashid 84 Ned Eckersley c Cheteshwar Pujara b Liam Plunkett 50 Neil Dexter Not Out 50 Tom Wells c Tom Kohler-Cadmore b Adil Rashid 8 Ben Raine c Adil Rashid b Steven Patterson 14 Callum Parkinson c Jonathan Tattersall b Ben Coad 21 Richard Jones c Jonathan Tattersall b Matt Fisher 0 Varun Aaron Not Out 14 Extras 1b 10lb 2nb 0pen 9w 22 Total (50.0 overs) 293-9 Fall of Wickets : 1-10 Delport, 2-21 Ackermann, 3-39 Horton, 4-167 Eckersley, 5-185 Cosgrove, 6-199 Wells, 7-229 Raine, 8-270 Parkinson, 9-271 Jones Bowling Ov Md Rn Wk Econ Ex Ben Coad 9 0 46 2 5.11 1w 1nb Matt Fisher 10 1 40 3 4.00 1w Liam Plunkett 10 0 50 1 5.00 5w Steven Patterson 10 0 64 1 6.40 2w Adil Rashid 9 0 70 2 7.78 Adam Lyth 2 0 12 0 6.00 Yorkshire 1st innings Adam Lyth Not Out 132 Tom Kohler-Cadmore c Paul Horton b Cameron Delport 74 Cheteshwar Pujara Not Out 75 Extras 0b 3lb 0nb 0pen 11w 14 Total (46.3 overs) 295-1 Fall of Wickets : 1-153 Kohler-Cadmore Did Not Bat : Brook, Ballance, Rashid, Tattersall, Plunkett, Patterson, Coad, Fisher Bowling Ov Md Rn Wk Econ Ex Ben Raine 9 0 45 0 5.00 3w Richard Jones 7 0 43 0 6.14 1w Varun Aaron 10 0 63 0 6.30 4w Neil Dexter 2 0 18 0 9.00 Callum Parkinson 10 0 62 0 6.20 1w Cameron Delport 5.3 0 38 1 6.91 1w Colin Ackermann 3 0 23 0 7.67 Umpire Jeremy Lloyds Umpire James Middlebrook Home Scorer Paul Rogers Away Scorer John Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5REDHKFT |
Commodity prices most reliable relationship for S&P profits, says strategist 9 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/commodity-prices-most-reliable-relationship-for-sp-profits-says-strategist.html |
A strict new enforcement plan by the Trump administration will mean more parents caught illegally crossing the U.S. border will get prosecuted and separated from any children accompanying them.
"I have put into place a zero tolerance for illegal entry on our southwest border," said Attorney General Jeff Sessions in remarks Monday at the San Diego border. "If you cross the border unlawfully, then we will prosecute you. It's that simple."
Added Sessions, "If you smuggle illegal aliens across our border, then we will prosecute you. If you are smuggling a child, then we will prosecute you. And that child maybe separated from you as required by law."
Sessions said the U.S. Department of Homeland Security would now be "referring 100 percent of illegal southwest border crossings to the Department of Justice for prosecution. We need legality and integrity in our immigration system."
Hecklers could be heard drowning out some of Sessions comments during his remarks at Monday's news conference.
"This is not about family separation," said a DHS official, who didn't wish to be named. "This is all about referring people for prosecution who break our nation's immigration laws."
But the DHS official conceded one effect of the tougher new policy is it will result in separation of families who illegally cross the southwest border.
The Wall Street Journal reported Monday that the strict new policy has been under discussion for months, but added that the administration postponed announcing it "because of the sensitivities of removing children from their parents."
"This department, under President Trump's leadership, is enforcing the law without exception," said Sessions. "We will finally secure this border so that we can get the American people the safety and peace of mind that they deserve."
Sessions was accompanied at Monday's press conference at the border by Thomas Homan, the deputy director and acting head of the U.S. Immigration and Customs Enforcement. Homan is retiring this summer and took issue with reports the administration had changed any policies regarding separating families.
Said Homan, "I want to be clear, DHS does not have a blanket policy on separating families as a deterrent."
According to Homan, DHS has "always separated families" under two specific situations: first, when the government can't establish the adult is the parent or when a child is being trafficked; and second, when a parent is prosecuted the child in separated.
"This has always been the policy," Homan said. "Now you will see more prosecutions because the attorney general's commitment to 'zero tolerance.'"
Homan, surrounded by immigration and enforcement agents, also addressed protesters making noise at the press conference.
"I usually don't address hecklers but i want to address this one," said Homan. "The only shame in this media event is people that want to call out American patriots — men who stand around me in all these uniforms that strap a gun to their hip every day."
Homan said the federal immigration agents "leave the safety and security of their homes every day to defend this nation and to defend the community. They're doing their sworn oath. That is our job. If people like to heckle or don't like what we do, then talk to your congressman and change the law."
Officials said the U.S. Customs and Border Protection (CPB) agency has seen sharp increase in the number of families and so-called unaccompanied alien children crossing the border illegally over the past 12 months. The official said the adult parents making illegal crossings with minors are "risking the lives of their children."
The attorney general said the actions announced Monday "are necessary and made even more necessary by the massive increases in illegal crossings in recent months."
This past month, the CBP said it has had contact with more than 50,000 immigrants seeking to illegally enter the United States.
Under the Department of Justice 's "zero-tolerance policy," those persons apprehended for illegally crossing will get sent immediately to federal court under the custody of the U.S. Marshals Service. However, any children found illegally crossing with adults will get transferred to the custody of a refugee resettlement agency of the Department of Health and Human Services.
In March, the American Civil Liberties Union sued to the Trump administration in a class-action complaint that alleges the government is "forcibly separating asylum-seeking parents and young children." The ACLU argued the family separation case this past Friday in San Diego. No date for a decision has been announced.
Undocumented families seeking amnesty and allowed into the U.S. at a port of entry are usually allowed to stay together but go to detention facilities. There have recently been members of a caravan of migrants from Central America at the U.S.-Mexico border who have sought asylum, including children.
"Today, we're here to send a message to the world that we're not going to let the country be overwhelmed," Sessions said at the news conference. "People are not going to caravan or otherwise stampede our border. We need legality and integrity in our immigration system."
Sessions also warned that undocumented persons who cross the border and make false statements to a federal immigration officer or file a fraudulent asylum claim with the U.S. government face felony charges.
"So if you're going to come to this country, come here legally — don't come here illegally," the attorney general said.
As part of implementing the new policy, the DOJ is beefing up the number of prosecutors and judges to handle immigration cases in the southwest border region. A total of 35 prosecutors will be sent to the region and 18 immigration judges relocated to take on the new workload.
Sessions said there will be a roughly 50 percent increase in the number of judges that will also be handling asylum claims.
"I have no doubt that many of those crossing our border illegally are leaving behind difficult situations," said Sessions. But he added, "We cannot take everyone who wants to come here without also impacting the citizens and interests of the American people that we're sworn to protect."
Meantime, the DHS official said that when the U.S. government is "dealing with families that cross the border, our primary responsibility is to ensure the welfare of the children. Unfortunately, we continue to see too many cases of children being used by smugglers, traffickers and [transnational criminal organizations] in an attempt to circumvent our laws and gain entry."
The DHS official said that separation of families also "may occur when we are unable to determine the custodial relationship, when we determine that a child may be at risk with the custodian, or when the custodian is transferred to a criminal detention setting due to criminal charges. That is long-standing policy." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/tougher-us-border-enforcement-policy-to-separate-more-families.html |
NASHVILLE, Tenn. (Reuters) - The U.S. government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by U.S. rivals, a White House official said on Tuesday.
Chinese tourists take photographs outside of the New York Stock Exchange shortly after the opening bell in New York, July 8, 2015. REUTERS/Lucas Jackson/File Photo The U.S. State Department will implement measures from June 11 to “enhance security for some Chinese visa applicants,” the official said.
The change would come as President Donald Trump’s administration attempts to crack down on what it says is theft of U.S. intellectual property by China.
“Going forward, a reduction in validity of some newly issued visas is part of the National Security Strategy to ensure that intellectual property is not transferred to our competitors,” the official said, referring to a document issued by the Trump administration in December.
The document said officials would consider restrictions on visas for science and technology students from some countries to ensure “intellectual property is not transferred to our competitors.”
A State Department official said the visa application process had not changed but that consular officers may limit the validity of visas for some Chinese applicants on a case-by-case basis.
The Associated Press, which first reported the new policy, Quote: d a U.S. official as saying Chinese graduate students would be limited to one-year visas if they are studying in certain fields, such as robotics, aviation and high-tech manufacturing.
Those are areas Beijing has said are high-priority goals for its manufacturing sector.
According to AP, the official said the instructions also stated that Chinese citizens seeking visas would need special clearance from multiple U.S. agencies if they work as researchers or managers for companies on a U.S. Commerce Department list of entities needing higher scrutiny. Those clearances are expected to take months for each application, AP cited the official as saying.
Earlier on Tuesday, Washington said it was still considering slapping 25 percent tariffs on $50 billion of Chinese goods in retaliation for what the Trump administration says are China’s unfair trade practices.
Reporting by Jeff Mason in Nashville, Tenn.; Additional reporting by Eric Walsh in Washington; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-visas/u-s-to-shorten-length-of-visas-for-some-chinese-citizens-ap-idUSKCN1IV00H |
May 2 (Reuters) - CafePress Inc:
* Q1 REVENUE $14.6 MILLION * QTRLY LOSS PER SHARE $0.21 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cafepress-qtrly-loss-per-share-021/brief-cafepress-qtrly-loss-per-share-0-21-idUSASC09Z6D |
EditorsNote: Tweaks throughout
Salvador Perez ripped a two-run home run in the seventh inning off Cleveland reliever Andrew Miller to cap the Kansas City Royals’ wild come-from-behind 10-9 victory over the Indians on Friday at Progressive Field in Cleveland in the first of a three-game series.
Miller, who had been activated from the disabled list earlier in the day, had allowed only one earned run in 45 appearances against teams from the American League Central division since the Indians acquired him at the 2016 trade deadline.
Perez doubled that with one swing of the bat.
Neither starting pitcher — Jason Hammel for the Royals or Trevor Bauer for Cleveland — was involved in the decision. Hammel was pummeled for nine runs on six hits, including three home runs, in 3 2/3 innings; Bauer surrendered five runs (four of them earned) on 11 hits and two walks with three strikeouts over 4 2/3 innings.
Brad Keller (1-1), the fourth of five Kansas City pitchers, earned the win with three shutout innings, allowing two hits and a walk. Kelvin Herrera hurled a perfect ninth for his eighth save of the year.
Miller (1-1) took the loss for Cleveland, after allowing two runs on one hit in two-thirds of an inning.
Jose Ramirez hit a two-run home run in the first, and two batters later, Yonder Alonso hit a solo shot that staked the Indians to a 3-0 lead.
Kansas City answered in the top of the second with an RBI single by Alcides Escobar and a two-run double from Jon Jay to tie the game. The Royals took the lead in the third on a bases-loaded walk to Escobar that pushed across Perez.
Cleveland seemed to take charge in a six-run fourth inning that was highlighted by Tyler Naquin’s two-run double and Michael Brantley’s grand slam, giving the Indians a 9-4 lead.
But the Royals roared back again, scoring on Escobar’s groundout in the fifth, and in the sixth, getting run-scoring doubles by Mike Moustakas and Lucas Duda. Escobar later added an RBI single to get to within 9-8.
Perez then put Kansas City back in front 10-9 on his two-run home run.
The series continues on Saturday afternoon with right-hander Jakob Junis (4-2, 3.18 ERA) taking the mound for the Royals to oppose Cleveland right-hander Mike Clevinger (2-0, 2.76).
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cle-kc-recap/royals-win-slugfest-in-cleveland-10-9-idUSMTZEE5CLHYHK9 |
May 1, 2018 / 8:24 PM / Updated 13 minutes ago CORRECTED-Network gear maker Juniper's revenue falls 11.4 pct Reuters Staff 1 Min Read
(Corrects headline to revenue from profit)
May 1 (Reuters) - Juniper Networks Inc reported an 11.4 percent drop in quarterly revenue on Tuesday as the network gear maker grapples with deployment delays by its large cloud-computing customers.
Net income for the first quarter ended March 31 also fell to $34.4 million, or 10 cents per share, from $108.8 million, or 28 cents per share, a year earlier.
Total revenue fell to $1.08 billion from $1.22 billion.
The company had in January warned of a hit from the delayed deployments and forecast adjusted earnings of around 25 cents per share and revenue of around $1.05 billion for the first quarter. ( reut.rs/2FxCcwm ) (Reporting by Muvija M in Bengaluru; editing by Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/juniper-networks-results/network-gear-maker-junipers-profit-falls-11-4-pct-idUSL3N1S83S5 |
May 25, 2018 / 7:42 AM / Updated 18 minutes ago European shares set for first weekly fall since March Reuters Staff 2 Min Read
MILAN (Reuters) - European shares bounced back in morning trading on Friday but were set for their first weekly drop since March as worries over global trade talks, Italy’s government and a slowing economy took their toll. Traders work at Frankfurt's stock exchange in Frankfurt, Germany, April 6, 2018. REUTERS/Ralph Orlowski
A bounce in auto stocks helped the pan-European STOXX 600 benchmark rise 0.4 percent by 0716 GMT after ending at an eight-day low on Thursday. The index was down 0.6 percent on the week.
Autos .SXAP rose 0.7 percent after US President Donald Trump’s threat to impose import tariffs drew strong criticism with U.S. business groups and members of his own party warning of damage to the industry and American interests.
Shares in German carmakers BMW ( BMWG.DE ), Daimler ( DAIGn.DE ) and Volkswagen ( VOWG.DE ) rose between 0.3 and 1.1 percent.
Biggest gainers on the STOXX were Pennon Group ( PNN.L ), up 6.1 percent, following its trading update, and SimCorp ( SIM.CO ), up 4.6 percent, after a price target upgrade.
GVC Holdings ( GVC.L ) rose 3.7 percent after the British gambling company forecast higher cost synergies from its 4 billion pound acquisition of Ladbrokes Coral.
Italy's FTSE MIB .FTMIB hovered near 7-week lows, down 0.1 percent, as the prospect of a eurosceptic government prompted investors to pull money out of the country's equity funds. Reporting by Danilo Masoni; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-stocks/european-shares-set-for-first-weekly-fall-since-march-idUKKCN1IQ0SD |
Thousands of protesters were injured at the border between the Gaza Strip and Israel ahead of the opening of the U.S. Embassy in Jerusalem. | ashraq/financial-news-articles | http://live.wsj.com/video/clashes-over-new-us-embassy-in-jerusalem-leave-dozens-dead/803AEB54-131C-4108-8943-CB34A7F13F13.html |
May 2 (Reuters) - BANQUE SAUDI FRANSI:
* Q1 NET PROFIT 1.11 BILLION RIYALS VERSUS 1.10 BILLION RIYALS YEAR AGO
* AS OF END-MARCH 2018, CUSTOMER DEPOSITS STAND AT 141.94 BILLION RIYALS, DOWN 10.43 PERCENT YEAR-OVER-YEAR
* AS OF END-MARCH 2018, LOAN AND ADVANCES STAND AT 123.88 BILLION RIYALS, DOWN 4.03 PERCENT YEAR-OVER-YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-banque-saudi-fransi-q1-profit-edge/brief-banque-saudi-fransi-q1-profit-edges-up-idUSFWN1S910M |
May 1 (Reuters) - Commonwealth Bank of Australia:
* RESPONSE TO APRA’S PRUDENTIAL INQUIRY * TO IMPLEMENT ALL RECOMMENDATIONS OF APRA’S PRUDENTIAL INQUIRY AND ENTERS INTO ENFORCEABLE UNDERTAKING
* CONFIRMED IT WILL IMPLEMENT ALL RECOMMENDATIONS FROM REPORT OF PRUDENTIAL INQUIRY RELEASED BY APRA
* APRA WILL APPLY A CAPITAL ADJUSTMENT TO CBA’S MINIMUM CAPITAL REQUIREMENT BY ADDING $1 BILLION TO BANK’S OPERATIONAL RISK CAPITAL REQUIREMENT
* “WE NOW HAVE A DETAILED ROADMAP FOR ONGOING CHANGE AND WE WILL WORK WITH APRA TO ENSURE WE IMPLEMENT ALL OF REPORT’S 35 RECOMMENDATIONS”
* CBA MAY APPLY FOR REMOVAL OF ALL OR PART OF CAPITAL ADJUSTMENT WHEN IT BELIEVES IT CAN DEMONSTRATE COMPLIANCE, TO APRA’S SATISFACTION
* ADJUSTMENT’S EFFFECT EQUATES TO 29 BASIS POINTS OF COMMON EQUITY TIER 1 CAPITAL & REDUCES CBA’S DEC. 31 2017 CET1 RATIO FROM 10.4 PERCENT TO 10.1 PERCENT
* AN ESTIMATE OF EXPECTED FINANCIAL COST OF PROGRAM FOR 2019 FY WILL BE DISCLOSED AS PART OF CBA’S ANNUAL RESULTS ANNOUNCEMENT
* APPOINTING INDEPENDENT REVIEWER, APPROVED BY APRA, TO REPORT TO APRA EVERY 3 MONTHS COMMENCING SEPT. 30 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-commonwealth-bank-of-australia-res/brief-commonwealth-bank-of-australia-responds-to-apras-prudential-inquiry-idUSFWN1S71DY |
GREENVILLE, Wis., May 02, 2018 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB:SCOO) (“School Specialty”, “SSI” or “the Company”), a leading distributor of supplies, furniture and both curriculum and supplemental learning resources to the education, healthcare and other marketplaces, today announced that it will be reporting its financial results for its fiscal 2018 first quarter ended March 31, 2018 on Wednesday, May 9, 2018.
The Company will be hosting a teleconference and webcast on Thursday, May 10, 2018 at 9:00 a.m. Eastern to discuss its results and outlook. Speaking from management will be Joseph M. Yorio, President and Chief Executive Officer, Ryan M. Bohr, Executive Vice President and Chief Operating Officer, and Kevin Baehler, Executive Vice President and Chief Financial Officer.
Conference Call Information:
Toll-free number: 844-882-7832 / International number: 574-990-9706 / Conference ID: 8177439
Interested parties can also participate on the webcast by visiting the Investor Relations section of School Specialty’s website at http://investors.schoolspecialty.com . For those who are unable to participate on the live conference call and webcast, a replay will be available approximately one hour after the completion of the call.
Replay Information:
Replay number: 855-859-2056 / International replay number: 404-537-3406 / Conference ID: 8177439
About School Specialty, Inc.
School Specialty is a leading distributor of innovative and proprietary products, programs and services to the education marketplace. The Company designs, develops, and provides educators with the latest and very best school supplies, furniture and both curriculum and supplemental learning resources. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential. Through its SSI Guardian subsidiary, the Company is also committed to school, healthcare and corporate workplace safety by offering the highest quality curriculum, training and safety and security products. Through its recently launched SOAR Life Products brand, the Company offers thousands of products that sharpen cognitive skills and build physical and mental strength in fun and creative ways. From childhood through adulthood, they help individuals live life to the fullest – engaged, happy and well. SOAR Life Products is a customized offering for hospitals, long-term care, therapeutic facilities, home care, surgery centers, day care centers, physician offices, and clinics. For more information about School Specialty, visit www.schoolspecialty.com .
Company Contact
Kevin Baehler
[email protected]
Tel: 920-882-5882
Investor and Media Relations Contact
Glenn Wiener
[email protected]
Tel: 212-786-6011
Source:School Specialty, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-school-specialty-sets-date-for-its-fiscal-2018-first-quarter-financial-results.html |
108 COMMENTS Here is a summary of some recent news items:
The American birthrate has slowed dramatically , with the number of babies born in the U.S. last year hitting a 30-year low. At the same time, Alaska fisheries, New Hampshire restaurants and Maryland crab processors all say they are critically short of workers. Farmers say they need thousands more workers, and some production is moving overseas for lack of labor. There are 6.6 million job openings in the U.S., which means that, for the first time in history, there are enough openings to provide a job for every unemployed person in the country.
Related
U.S. Births Hit Lowest Number Since 1987 Maryland’s Crab Country: Not Enough Visas, Not Enough Workers Farm Bill’s Future Uncertain After House Conservatives Reject Immigration Deal Elderly in U.S. Are Projected to Outnumber Children for First Time Meantime, the House of Representatives virtually ground to a halt last Friday because some Republican lawmakers are demanding a vote on a bill that would lower legal—not illegal, but legal—immigration.
If you sense a disconnect here, it is because the immigration debate of 2018 seems disconnected from economic realities.
There is a good case that America’s economy—growing and thriving—has never needed immigrant labor more than it does now. Unemployment has fallen to 3.9% , its lowest point in more than 17 years. More than a third of small businesses have job openings they can’t fill, the National Federation of Independent Business says.
When the federal government made this year’s allotment of H-2B visas for low-skilled foreign workers available in January, it instantly received thousands more applications than the 66,000 legally available. Demand was so high the visas were awarded by lottery. Now, the government will likely make an additional 15,000 H-2B visas available for the year, though businesses would like thousands more.
Related Video Hola Code seems like any other coding academy in Silicon Valley. But it's located in Mexico City and most students were deported from the U.S., or left fearing deportation. The academy is betting that the immigration policies pushing these students out could actually land them good tech jobs in Mexico. Photo/Video: Jake Nicol/The Wall Street Journal The search for more highly skilled workers is even more urgent. The NFIB says that 22% of small-business owners say finding qualified workers is their single most important business problem, more than those who cite taxes or regulations.
So that is the short-term picture. The long-term demographic trends also suggest immigration can be more helpful than harmful.
The National Center for Health Statistics last week reported that American women are having children at the lowest rate on record. The fertility rate for women aged 15 to 44 was 60.2 births per 1,000 women, the lowest since the government began tracking that rate more than a century ago.
That declining birthrate means that, absent immigration, the country’s population is in a long-term aging process. That is what happens when Americans live longer, and there are fewer new ones born to fill in at the workplace behind them.
Indeed, demographers think that in the next three decades, the share of Americans aged 65 and older will surpass the share of Americans aged 18 and younger—a historic crossing of demographic lines.
Newsletter Sign-up Put it all together and you have a picture of a country that not only can handle immigrants, but one that should want them and actually may need them. Yet the climate is more hostile toward immigrants and immigration than at any time in recent memory.
Ground zero for this anomaly is the U.S. House of Representatives, locked in a bitter struggle over immigration legislation . This struggle is above all being waged within the Republican party. For a long time, for both philosophical as well as economic reasons, the GOP took a generally favorable view of immigration as a way that new lifeblood has always been injected into the American bloodstream. Now, with President Donald Trump and his 2016 campaign having led the way, it is increasingly dominated by those with a distinctly darker view of immigration.
In the House, a group of moderate Republicans stand on one side; they want a vote on legislation providing permanent legal status to Dreamers , young immigrants brought here illegally as children who have moved into the mainstream. On the other side stand conservatives who instead back a tougher immigration measure. It would grant Dreamers not permanent legal status, but three-year, temporary status that could be renewed.
More important, it goes much further. It contains an array of measures to crack down on illegal immigration, but proposes a series of steps that would reduce legal immigration. The bill’s sponsors say the reduction would be 260,000 slots a year, or 25%. The libertarian Cato Institute, which is generally pro-immigration, says the reduction actually would be closer to 40%, adding: “This would be the largest policy-driven reduction in legal immigration since the awful, racially motivated acts of the 1920s.”
Immigration foes say clamping down on immigration will compel employers to raise wages for native Americans. Yet it also appears that the anti-immigration mood is rooted as much in cultural sentiment—an understandable feeling among many Americans that they are losing control of their country and its traditions—as in economic dislocation. The quest to control America’s borders has morphed into much broader sentiments.
Write to Gerald F. Seib at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/an-immigration-debate-distinct-from-economic-realities-1526908154 |
LOS ANGELES, May 16, 2018 /PRNewswire/ -- kathy ireland® Worldwide (kiWW®) has named Southern California-based healthcare entrepreneur Mr. Bialik Benjamin as Vice President of Business Development as well as its Ambassador for International & Israeli Affairs. In his role at kiWW®, under the terms of the advisory agreement between kiWW® and Level Brands, Inc., it is expected Mr. Benjamin will also provide client relations support for Level Brands, Inc.'s subsidiaries, Encore Endeavor One (EE1), Ireland Men One (I'M1) as well as kathy ireland® Health & Wellness. The announcement was made by Kathy Ireland, Chair, CEO and Chief Designer of kiWW®, who also serves as Chairman Emeritus and Chief Brand Strategist of Level Brands, Inc.
"We are delighted to have a man of Bialik's integrity, entrepreneurial talent, and tremendous passion for the state and people of Israel, support our company in this very special and unique position," said Kathy Ireland. "In only 70 years, Israel has become a world leader in technology, medical research, fashion, health and wellness, and so much more. Israel holds a special place in my heart, as it is also a country and people I deeply love. With Bialik's appointment, kiWW® will continue our firm commitment to expand our business and philanthropic endeavors in Israel," adds Kathy. Ms. Ireland, is a strong advocate and an outspoken supporter of the state of Israel, with long-time personal and business ties to the country, often meeting with Israeli leaders in support of education and entrepreneurism in the country.
Bialik Benjamin is an American success story. Raised in Israel, he is an American citizen for over 35 years. Mr. Benjamin is an innovative entrepreneur who revolutionized the healthcare industry in California and Ohio. After selling his businesses to major medical conglomerates, he joins kathy ireland® Worldwide as Vice President of Business Development, where he serves as a consultant to the international community, and in the newly created position of Ambassador for Israeli Affairs. Mr. Benjamin's responsibilities will also include the management of current client relations as well as the acquisition of new clients. Mr. Benjamin will report to Mr. Stephen Roseberry, President of kathy ireland® Worldwide and Level Brands subsidiaries EE1 and I'M1. Mr. Roseberry is also President of kathy ireland® Health & Wellness.
"I have followed and admired Kathy's commitment to the state and people of Israel, for many years," says Mr. Benjamin. "Kathy's honors from the Anti-Defamation League, her visits to Tel HaShomer, Yad Vashem, as well as her support of AIPAC, JDF and WIZO are all examples of Kathy's love for, and powerful connection to, all things Israel. Kathy has also filmed documentaries for the Israeli people. It is a tremendous honor for me to take on the role of expanding and further deepening Kathy's strong and unbreakable bond with Israel. Israel is at the forefront of global entrepreneurialism, and we are actively engaged in significant conversations with companies in Israel to connect more Israeli entrepreneurs to opportunities in America, and the rest of the world," adds Mr. Benjamin.
Bialik Benjamin resides in Southern California.
ABOUT kathy ireland® Worldwide (kiWW®)
kiWW® is listed as one of the most powerful brands in the world by License Global Magazine. Kathy Ireland is named one of the 19 most influential women in licensing by License Global magazine and according to Fairchild Publications, Kathy Ireland is one of the 50 most influential people in fashion. Furniture Today names Kathy one of the most influential leaders in the furniture industry. Kathy graces the cover of Forbes Magazine twice (2012, 2016). kiWW® is responsible for billions of dollars in retail sales. kiWW® is the recipient of multiple awards including several Good Housekeeping Seals. Kathy and kiWW® support many non-profits including: YWCA Greater Los Angeles for which she is an Ambassador, Dream Foundation, Providence Educational Foundation, 911 for Kids/AEF, and the St. Jude Children's Research Hospital. Kathy is named an Ambassador for the Elizabeth Taylor AIDS Foundation.
View original content with multimedia: http://www.prnewswire.com/news-releases/kathy-ireland-worldwide-names-bialik-benjamin-vice-president-of-business-development-and-its-ambassador-for-israeli-affairs-300649226.html
SOURCE kathy ireland Worldwide | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-kathy-irelanda-worldwide-names-bialik-benjamin-vice-president-of-business-development-and-its-ambassador-for-israeli-affairs.html |
Republican fundraiser Elliott Broidy filed suit against an American consulting firm and two influential Qataris on Thursday, adding to his previous charges that the tiny Gulf emirate had orchestrated the theft and leak of his emails.
Mr. Broidy, the owner of a security company with connections to the United Arab Emirates, alleged Mohammad bin Hamad Khalifa al-Thani, the brother of Qatar’s emir, and Ahmed al-Rumaihi, a former senior official in Qatar’s sovereign-wealth fund, organized the campaign to discredit him, according... | ashraq/financial-news-articles | https://www.wsj.com/articles/gop-fundraiser-elliott-broidy-expands-suit-alleging-qatar-backed-hacking-1527204900 |
Even Amazon.com Inc. has its limits.
The e-commerce giant bans shoppers from the site for infractions such as returning too many items, sometimes without telling them what they did wrong.
Amazon has cultivated an image as a customer-friendly company in part by making it easy for shoppers to send back items they don’t want. The site’s lax... RELATED VIDEO Is Amazon Going to Rule the World? Amazon wants to deliver everything you want to your doorstep, anywhere in the world. But the e-commerce giant faces several challenges in its pursuit of a global empire. WSJ's Karan Deep Singh breaks down the basics with the help of an Amazon delivery box. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/banned-from-amazon-the-shoppers-who-make-too-many-returns-1526981401 |
May 3, 2018 / 1:09 PM / in 7 minutes BRIEF-Koppers Reports Q1 Earnings Per Share $0.81 Reuters Staff
May 3 (Reuters) - Koppers Holdings Inc: * Q1 SALES ROSE 17.2 PERCENT TO $406.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.85 — THOMSON REUTERS I/B/E/S * SEES FY 2018 SALES ABOUT $1.9 BILLION
* FY2018 EARNINGS PER SHARE VIEW $4.13, REVENUE VIEW $1.78 BILLION — THOMSON REUTERS I/B/E/S
* FOR 2018, COMPANY ANTICIPATES CAPITAL EXPENDITURES IN RANGE OF $65 MILLION TO $75 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-koppers-reports-q1-earnings-per-sh/brief-koppers-reports-q1-earnings-per-share-0-81-idUSASC09ZJC |
May 9, 2018 / 5:22 PM / in 11 minutes BRIEF-TSO(3) Receives Clearance From U.S. Regulators For The STERIZONE VP4 Sterilizer Reuters Staff 1 Min Read
May 9 (Reuters) - TSO(3) Inc:
* RECEIVED CLEARANCE FROM U.S. REGULATORS FOR MOST RECENT 510(K) SUBMISSION FOR COMPANY’S STERIZONE VP4 STERILIZER
* THE STERIZONE VP4 STERILIZER IS FOR TERMINAL STERILIZATION OF MULTI-CHANNELED FLEXIBLE ENDOSCOPES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tso-receives-clearance-from-us-reg/brief-tso-receives-clearance-from-u-s-regulators-for-the-sterizone-vp4-sterilizer-idUSFWN1SG1I8 |
May 14 (Reuters) - Live Ventures Inc:
* LIVE VENTURES ANNOUNCES RECORD FINANCIAL RESULTS FOR SECOND FISCAL QUARTER 2018
* Q2 EARNINGS PER SHARE $0.98 * Q2 REVENUE ROSE 35.3 PERCENT TO $52.2 MILLION Source text for Eikon: Further company coverage:
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Japanese Prime Minister Shinzo Abe and Russian President Vladimir Putin met over the weekend in Russia to discuss disputed Pacific islands and potential economic cooperation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/japan-russia-relations-theres-been-little-progress-expert-says.html?utm_source=dlvr.it&utm_medium=twitter |
May 3 (Reuters) - BioDelivery Sciences International Inc :
* BIODELIVERY SCIENCES CONFIRMS RECEIPT OF NOTICE OF INTENT TO NOMINATE DIRECTORS BY BROADFIN CAPITAL
* BIODELIVERY SCIENCES - RECENTLY ENGAGED IN ONGOING DIALOGUE WITH BROADFIN REGARDING VARIOUS MATTERS & INTEND TO CONTINUE DIALOGUE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-biodelivery-sciences-confirms-rece/brief-biodelivery-sciences-confirms-receipt-of-notice-of-intent-to-nominate-directors-by-broadfin-capital-idUSFWN1SA0ZB |
May 2, 2018 / 9:31 AM / Updated 4 hours ago FEATURE-Land shortages drive conflict over Kenya's wetlands Kagondu Njagi 7 Min Read
CHUKA, Kenya, May 2(Thomson Reuters Foundation) - Phyllis Mugeni was watering her greens when she spotted a dozen armed men advancing from the lowlands to attack farmers working on the banks of the River Naka in the foothills of Mount Kenya.
Mugeni, a member of the Chuka community, living some 200 km (124 miles) northeast of the capital, Nairobi, saw that the men were Tharaka herders, who rely on the river to water their goats and cattle - and ran.
“They came early in the morning, armed with bows and arrows,” said the 44-year-old mother of three.
“They were shouting war cries, saying that people from the upper region were killing their families and livestock because there was no water in the river.”
At least 10 people were injured during the August attack, said Ngai Mutuoboro, chairman of Atiriri Bururi ma Chuka, a conservation group that lobbies for Chuka land rights.
Land and water-related conflicts are flaring up across Kenya, amid drought, population growth and high unemployment. Climate change is worsening tensions, as erratic rains push farmers and herders deeper into poverty.
Clashes over land are common across east Africa’s biggest economy, from Sengwer and Ogiek hunter gatherers fighting to return to their ancestral forests to coastal squatters trying to hold on to land that has been sold to developers.
Gun battles between herders in Kenya’s arid north over access to grazing and water is linked to communal ownership, said Kamau Ngugi, head of the Nairobi-based National Coalition of Human Rights Defenders, which supports land rights activists. BORROWED SPACE
Millions of Kenyans are landless. Many were displaced during the colonial era. Others lost their land due to ethnic clashes, corruption or because their parents did not write a will, said National Land Commission chairman Muhammad Swazuri.
One of the underlying problems is that most people do not have title deeds to their land, while some plots are registered to multiple owners due to corruption in the lands ministry.
“The government is working with communities and legal experts to ensure that more Kenyans own a title deed as a way of reducing poverty and conflicts,” said Swazuri, head of the independent government body set up in 2012.
Mugeni’s husband died without a title deed, like many men in Kenya, where two-thirds of land is owned by communities without formal documents, usually passed down from father to son.
Before Mugeni was widowed in 2014, she lived on a 4-acre plot, which had been in her husband’s family for generations, in Kanjau, 7 km (4 miles) east of Chuka in central Kenya.
The couple could not get a title deed because some relatives refused to sign a document agreeing on subdivision, she said.
“Some of my husband’s brothers wanted a larger share of the land because they were older than him,” said Mugeni, adding that others did not want their sisters to receive a share as women traditionally do not inherit land.
“His brothers and cousins chased us out of our homes claiming that we were living on borrowed space,” she said.
She rented a small house in Chuka and set up a market stall where she sells vegetables.
“I make my money from here to feed my family, pay school fees and hospital bills,” she said as she stooped to water her ankle-high rows of green kale. CONFLICT
Land, climate and population pressures are driving many landless Kenyans like Mugeni to encroach on nearby rivers, wetlands and other natural resources to survive, experts said.
“Land tenure and destruction of natural resources is interlinked,” said Violet Matiru, a conservationist with Millennium Community Development Initiatives, which works to restore ecosystems in Kenya.
“Without land ownership, people will adopt available solutions.”
Kenya’s wetlands - areas like marshes or swamps that are often covered with shallow water - make up between 3 and 6 percent of its land surface, according to the environment ministry.
They are important for biodiversity, flood regulation and as a source of water for drinking and agriculture, but they are being degraded by encroaching agriculture, mineral exploitation and pollution, it said.
In Mount Kenya forest, fruit and vegetable farms have replaced natural thickets along river banks which used to hold the soil together, said Mutuoboro.
Until a decade ago, the Chuka and Tharaka people co-existed peacefully as the Naka River - with plentiful water and fish - flowed downstream to join the Tana, Kenya’s longest river, he said. But water volumes dropped, triggering conflict.
“The river has shrunk. Rains do not come when expected,” he said, adding that this is problematic for farmers using the river for small-scale irrigation.
“When drought comes, the Tharaka people go upstream to trace where the waters have stopped flowing.”
Mwenda Gataya, a county official, said his Tharaka community have no choice but to rely on rivers because there are no other reliable water sources.
Gataya said that he has tried to formally bring the Chuka and Tharaka people together to resolve disputes over water but it has proven difficult due to poor infrastructure.
However, the county government’s environmental head, Evelyn Kaari, said politicians were at fault.
“Politicians have always misused the struggle for resources in the county to incite Tharaka voters against supporting an aspirant from Chuka and vice versa,” she said.
Kenya should embrace alternative dispute resolution mechanisms to resolve land grievances, said Kunga Ngece, a development expert, with Volunteers for Africa, a charity that works with local communities on conservation.
Reconciliation through negotiation and traditional settlements is cheaper than the courts and promotes family cohesion, he said.
"Kenya's wetlands are very fragile, hence when the land is under pressure they suffer the most," he said. (Reporting by Kagondu Njagi, Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org and thisisplace.org ) | ashraq/financial-news-articles | https://in.reuters.com/article/kenya-landrights-wetlands/feature-land-shortages-drive-conflict-over-kenyas-wetlands-idINL8N1QU3KF |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Rubius Therapeutics, a biotechnology company pioneering the development of a versatile new class of ready-to-use cellular therapies, today announced the appointment of Jonathan R. Symonds, CBE, to its board of directors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502005128/en/
Jonathan Symonds (Photo: Business Wire)
“We are pleased to welcome Jonathan to our board of directors,” said David Epstein, Executive Chairman of Rubius. “Jonathan’s expertise in pharma, biotech and finance will be a great asset to Rubius.”
Jonathan R. Symonds, CBE, has extensive governance, financial management and group reorganization experience across a number of sectors. Since April 2014, Mr. Symonds has been a director of HSBC Holdings, an international banking and financial institution. He served as the Chief Financial Officer of Novartis AG from September 2009 to January 2014 and prior to that was a partner at Goldman Sachs and Chief Financial Officer of AstraZeneca. He is the Chairman of Proteus Digital Health, a digital medicine company, and a director of Genomics England plc, a government organization leading a genomics project.
“I am thrilled to join Rubius’ board of directors and look forward to helping the Rubius team deliver on the exciting potential of cellular therapies,” said Mr. Symonds.
About Rubius Therapeutics
Rubius Therapeutics is pioneering the development of a new class of medicines, Red Cell Therapeutics, or RCTs. Rubius has designed a proprietary platform to genetically engineer and culture RCTs that are selective, potent and ready-to-use cellular therapies.
Rubius believes that its RCTs will provide life-changing or life-saving benefits for patients with severe diseases across multiple therapeutic areas. Utilizing the Rubius Erythrocyte Design (RED) Platform, Rubius is advancing a broad pipeline of RCT product candidates in rare diseases, cancer, and autoimmune diseases. Rubius was founded by Flagship Pioneering in 2013.
For more information please visit www.rubiustx.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005128/en/
W2O Group
Katie Engleman, 910-509-3977
[email protected]
Source: Rubius Therapeutics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-rubius-therapeutics-appoints-jonathan-r-symonds-to-board-of-directors.html |
( All dollar figures are expressed in United States dollars unless otherwise stated)
BUENOS AIRES, Argentina, May 29, 2018 (GLOBE NEWSWIRE) -- Madalena Energy Inc. ("Madalena" or the "Company") (TSXV:MVN) (OTCQX:MDLNF) announces its operating and financial results . Selected information is outlined below and should be read in conjunction with Madalena's unaudited condensed interim consolidated financial statements and the associated management's discussion and analysis (“MD&A, which are available for review under the Company's profile at www.sedar.com and on the Company's website at www.madalenaenergy.com .
SUMMARY FINANCIAL AND OPERATIONAL RESULTS Three months ended
Mar 31 2018 2017 Financial – ($000s, except per share amounts) Oil and gas revenue 9,612 10,336 Funds flow from (used in) continuing operations (1) 1,072 2,998 Per share - basic & diluted (1) - (0.01 ) Net loss from continuing operations (622 ) (3,267 ) Per share - basic & diluted (1) (0.00 ) (0.01 ) Capital expenditures 613 665 Working capital (deficiency) (991 ) 5,232 Common shares outstanding - 000s 544,024 543,780 Operating Average Daily Sales Crude oil and Ngls – Bbls/d 1,646 1,899 Natural gas – Mcf/d 1,603 2,005 Total - Boe /d 1,914 2,233 Average Sales Prices Crude oil and Ngls - $/Bbl 59.88 55.70 Natural gas - $/Mcf 5.12 4.53 Total - $/Boe 55.81 51.43 Operating Netbacks (2) - $/Boe 15.42 15.87
(1) This table contains the term "funds flow from continuing operations", which is a non-GAAP measure and should not be considered an alternative to, or more meaningful than "cash flows from operating activities" as determined in accordance with International Financial Reporting Standards ("IFRS") as an indicator of the Company's performance. Funds flow from operations and funds flow from operations per share (basic and diluted) do not have any standardized meanings prescribed by IFRS and may not be comparable with the calculation of similar measures for other entities. Management uses funds flow from continuing operations to analyze operating performance and considers funds flow from continuing operations to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investment. The reconciliation between funds flow from continuing operations and cash flows from operating activities can be found in the MD&A. Funds flow from continuing operations per share is calculated using the basic and diluted weighted average number of shares for the period, consistent with the calculations of earnings (loss) per share. (2) Operating netback is a non-GAAP measure calculated as the average per boe of the Company's oil and gas sales, less royalties and operating costs. Highlights in 2018
Coirón Amargo Sur-Este (“CASE”)
Pan American Energy LLC ("PAE") has successfully completed and tested the second horizontal multi-frac well CAS.x-14 in the Vaca Muerta Shale Formation at the Coiron Amargo Sur Este ("CASE") block in Neuquen, Argentina. CAS.x-14 well reached a peak production of 880 barrels of oil per day through 3mm choke with 5235 psi and a 30 day average production of 600 barrels of oil per day.
About Madalena Energy
Madalena is an independent, Canadian head-quartered Argentina upstream oil and gas company with operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF.
For further information please contact:
Jose David Penafiel
Chief Executive Officer
E-mail: [email protected]
Phone: (403) 262-1901
Ezequiel Martinez Ariet
Chief Financial Officer
E-mail: [email protected]
Phone: (403) 262-1901 Reader Advisories
Forward Looking Information
The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance, in particular, but not limited to, with respect to the characteristics of the properties held by the Company, production levels, the strategic value and opportunities available to Madalena, operational, business development and financial plans, and opportunities and the ability of Madalena to execute on such plans and opportunities and the Company's ability to meet its commitments and continue as a going concern. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits the Company will derive from them. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Investors are encouraged to review and consider the additional risk factors set forth in the Company's Annual Information Form, which is available on SEDAR at www.sedar.com .
Meaning of Boe
The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.
Well Test Results
Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Neither a pressure transient analysis nor a well-test interpretation has been carried out on the well test data contained herein and therefore the data contained herein should be considered to be preliminary until such analysis or interpretation has been done.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Madalena Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-madalena-announces-q1--2018-results-and-operational-update.html |
May 9 (Reuters) - MYOS RENS Technology Inc:
* MYOS RENS TECHNOLOGY REPORTS FIRST QUARTER FINANCIAL RESULTS
* MYOS RENS TECHNOLOGY INC QTRLY LOSS PER SHARE $0.19 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-myos-rens-technology-reports-qtrly/brief-myos-rens-technology-reports-qtrly-loss-per-share-0-19-idUSASC0A18K |
BEIJING, May 25 (Reuters) - Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) and battery recycler GEM Co Ltd have joined the Responsible Cobalt Initiative (RCI), an industry group set up to tackle risks in the cobalt supply chain.
The RCI board on Friday approved the application from CATL, which makes lithium-ion batteries for electric vehicles (EVs), the group’s executive secretary Christina Feng told Reuters, adding that GEM joined the group last week.
The 31-member RCI board includes technology giants Apple Inc , HP Inc and Huawei, Chinese cobalt producers such as Zhejiang Huayou Cobalt Co, South Korean battery maker Samsung SDI and automakers Volvo and BMW.
German car manufacturer Daimler also joined the RCI last month.
Cobalt is a key ingredient in rechargeable batteries used in EVs and consumer electronics.
“Battery companies are an important link in the cobalt supply chain and ... their active and positive engagement is indispensable,” Feng said.
The growing number of RCI members underscores how seriously cobalt users are taking the traceability of their material after allegations of sourcing via child labour in the Democratic Republic of Congo, the country that supplies about 60 percent of the world’s cobalt.
CATL, which is based in Ningde, plans to set up a battery plant in Europe. The company is preparing for a $2 billion initial public offering in Hong Kong. A company spokesman did not respond immediately to a request for comment.
GEM, which is based in Shenzhen, also makes battery materials and has a cobalt brand deliverable against the London Metal Exchange’s cobalt contract. The company did not respond immediately to a request for comment. (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-electricvehicles-cobalt/chinese-battery-firms-join-responsible-cobalt-initiative-idUSL3N1SW2T6 |
May 18, 2018 / 6:57 PM / Updated 8 minutes ago U.S. bill to reform foreign investment review wins business group's support Diane Bartz 3 Min Read
WASHINGTON, May 18 (Reuters) - A lobbying group representing major foreign companies doing business in the United States including Anheuser Busch Inbev and Siemens said on Friday it had dropped its opposition to bills that would tighten oversight of foreign investment.
The U.S. Senate and U.S. House of Representatives are considering bills introduced in November that would expand the powers of the inter-agency Committee on Foreign Investment in the United States, or CFIUS, which reviews investments to ensure they do not harm national security. Chinese investment in the United States has been of particular concern.
Nancy McLernon, head of the Organization for International Investment, said that proposed changes to bills released last week in the Senate and this week in the House removed what she called “overreach.”
McLernon, whose members have operations in all 435 congressional districts, said the changes would prevent harm to U.S. foreign investment without endangering national security. “We are supportive. We believe that updating the CFIUS process makes sense,” she said.
OFII had been among a small number of holdouts pushing against the previous drafts, and its acceptance removes an obstacle to the bill moving forward. Supporters hope to have it through Congress by the end of the summer.
Draft changes to the CFIUS measure in the Senate and House are different but address business concerns. Both remove a measure that the technology and investor sectors disliked because it would have allowed CFIUS to review joint ventures that could lead to technology transfer, delaying completion of proposed transactions.
The Senate Banking Committee will vote on proposed changes to the measure next week while the House Committee on Financial Services is expected to vote soon. No date has been set.
The goal of the bills is to address Defense Department concerns that leakage of high tech know-how to foreign adversaries would lead to U.S. soldiers facing U.S. technology in a future battlefield.
There is a good chance that the CFIUS measure will end up being included in the must-pass National Defense Authorization Act (NDAA), which authorizes defense spending and sets policies controlling how the funding is used.
CFIUS, which is led by the Treasury Department, has killed a long list of deals, including attempts to purchase semiconductor companies such as Qualcomm Inc and the proposed acquisition of U.S. semiconductor testing company Xcerra Corp to a Chinese state-backed investment fund. (Reporting by Diane Bartz; Editing by Cynthia Osterman) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-cfius-congress/u-s-bill-to-reform-foreign-investment-review-wins-business-groups-support-idUSL2N1SP12K |
May 24, 2018 / 9:10 AM / Updated 32 minutes ago Vuitton owner LVMH makes e-commerce push with Lyst investment Reuters Staff 3 Min Read
MILAN (Reuters) - Louis Vuitton owner LVMH has invested in online fashion search business Lyst as the world’s biggest luxury brands look to expand their presence online and capture younger shoppers.
London-based Lyst did not disclose how much it had raised in its latest financing round which was led by LVMH and included other investors.
The total investment raised was between 50 million and 100 million pounds ($67-$134 million), a source familiar with the matter said.
LVMH could not be reached for immediate comment.
Long wary that e-commerce would not sit well with their exclusive image, luxury brands are now piling into the market, chasing young consumers comfortable with buying expensive items online, and especially web-savvy buyers in China.
LVMH last year launched 24 Sevres, its own multi-brand shopping site, while Cartier owner Richemont is taking full control of rival platform Yoox Net-A-Porter.
Peers in this segment also include Farfetch, tipped for a U.S. stock market listing this year, and Matchesfashion.com, now majority owned by private equity firm Apax.
Lyst operates as a search engine connecting shoppers to items they are seeking on multi-brand sites or fashion label’s own e-commerce pages, taking commissions when purchases go through.
Lyst said it would use the latest funding to expand into new regions and languages - it has just launched in French - as well as to invest in technology, including to improve search algorithms.
“Today 60 percent of our business comes from the United States, and we’re planning to expand into Europe and Asia in the next 18 months,” Chris Morton, Lyst’s co-founder and chief executive, said in an emailed comment.
The firm’s existing investors include venture capital firms Accel, Balderton, Draper Esprit, 14W and a U.S. hedge fund, Morton said.
LVMH’s digital chief Ian Rogers will sit on Lyst’s board following the group’s investment.
Bernard Arnault, the billionaire boss of LVMH, invested in a previous Lyst financing round through his family office in 2015.
($1 = 0.7481 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-lvmh-lyst/vuitton-owner-lvmh-makes-e-commerce-push-with-lyst-investment-idUKKCN1IP1AD |
Hansal Mehta won acclaim for his 2013 film “Shahid”, based on the real-life story of a Muslim man’s journey from being radicalised to becoming a lawyer who defended people he believed were wrongly accused of terrorism. Mehta says there is no such change of heart in his new film, “Omerta”, where young men are radicalised and commit heinous crimes in the name of religion with state support.
Handout photo Based on the true story of Ahmed Omar Saeed Sheikh, who was convicted of kidnapping and killing American journalist Daniel Pearl, the film ran into censor troubles in India, forcing producers to postpone its release by two weeks. It opens in theatres on May 4. Mehta spoke to Reuters about the delay, making a film with little information about the main character, and how liberals are ceding space to fundamentalists.
Q: Will the trouble with censors and change of release date affect your film’s prospects?
A: It is a bit of a nuisance, but what do you do? I have held back from pushing the release date even further, because the revising committee has asked for a couple of cuts in the film, and I have been advised to accept them. The examining committee had asked for a ridiculous number of cuts, which were not acceptable. I am learning to live with it because taking it to the tribunal would have been a much longer process. It would have been inconsiderate of me. The kind of reaction the trailer has got, not only from the audience, but also from the trade, I didn’t want to kill the momentum.
Q: Did you anticipate censor trouble, given the subject of your film?A: I did anticipate a little bit. I went into the examining committee screening and said, “give me an adult certification, but don’t cut the film”. But they still asked for too many cuts.
Q: Given that there is little first-hand information about Omar available, how did you go about constructing his story?
A: It is not fictionalising. You do all your research and then you build your character from that research. The actor relies on what is in the script and then also does his own research. Not enough information was available on him. We have imagined him and his world, but the events that have taken place, the world knows about them. It is about his state of mind, which I believe is accurate. Yes, it is imagined, and an interpretation.
Q: What is the merit in making a film on this character?
Handout photo A: It is a chronicling of our times. We are living in times where someone like Omar is living and is scot-free. This is the companion piece to “Shahid”. People like Shahid Azmi, a champion of human rights, is assassinated, whereas a perpetrator of violence is alive and enjoying the patronage of the state of Pakistan. We are mute spectators to it. I wanted to document these dangerous times, where the state itself is sponsoring terrorism. Don’t think that terrorism comes from some depravity – it comes from the empowerment given to these individuals by the state.
Omar killed Daniel Pearl, an American citizen. He was tried on Pakistan soil. Today his death sentence has been commuted, and even his life sentence also… he could be a free man by the end of this year. What kind of justice is this? And why is the state allowing this to happen, and why is India letting that state do this to us? These are questions the film throws up.
Q: How did you draw the line between telling an honest story about Omar and humanising him?
A: That was a challenge. It is very easy to humanise someone like him, but I did not. I wanted to demonise him. There is a balancing act – his father is somebody who is trying to make him see the voice of reason, but unfortunately, he is like the liberals of today. He takes one step, but then dithers. Eventually, even when he knows his son has been involved in the most heinous crimes, the father says, “my son is innocent”.
Q: What did you mean by your point about liberals?
A: I meant that most of us liberal-minded people are passive. There is this armchair activism that we indulge in – we raise our voice and then settle down. Even in the Kathua case - after those three days of hue and cry, what has happened? The government announces the death penalty and we accept it. What are we doing about the safety of these children and women? Liberals do not take on the establishment with force and that is why right-wing and fundamentalist forces dominate our world today. We have been too passive in responding and reacting.
Q: Movies can be used to speak out against the faults of the establishment. Why don’t we see it happening?
A: The less said the better. We are afraid to take stands because we are afraid of being targeted. I have been told that “Aligarh” was targeted at the national awards. The regional committees were asked not to send the film up to the central committee. That is very unfortunate – that the film’s artistic merits, the work of an actor, the performance of a lifetime is ignored because the establishment does not find you favouring them. Eventually that fear is going to hurt us, not the government.
Editing by David Lalmalsawma
| ashraq/financial-news-articles | https://www.reuters.com/article/hansal-mehta-omerta/interview-hansal-mehta-on-omerta-and-indias-passive-liberals-idUSKBN1I2396 |
May 23, 2018 / 6:26 AM / Updated an hour ago Indian child killer sentenced to death 23 days after arrest, raises fears over trial fairness Krishna N. Das 7 Min Read
INDORE, India (Reuters) - Naveen Gadke was arrested on April 20 and charged with the rape and murder of a baby girl in central India. The location where, according to police, Naveen Gadke raped and murdered a baby girl, is pictured in Indore, Madhya Pradesh, India, May 16, 2018. REUTERS/Krishna N. Das
Three weeks later a court sentenced the 26-year-old odd-job man to death in the fastest such trial known to have happened in modern India, a nation where public outrage is running high because of a series of rapes and related killings.
Police, prosecutors and the district court in the city of Indore worked at a furious pace to get the conviction quickly, amid a backlash on the streets, including marches in this city of about 2 million, 550 miles south of Delhi.
This is in a country where Prime Minister Narendra Modi’s government last month introduced the death penalty for rapes of girls under 12 years in response to public pressure but which has a notoriously slow court system, with cases taking at least six years on average to final ruling, according to governance tracking group Daksh.
But the pace of the trial, the intensifying push for speedy hearings in rape cases, and questions about the legal defence provided to Gadke – who pleaded not guilty - have raised concerns among some legal rights advocates.
They are fearful there will be wrongful convictions and hangings when a defendant cannot afford to hire a good lawyer.
“While expeditious trials are ideal, these should not be at the cost of fair trial safeguards like the right to adequate time to prepare a defence and the presumption of innocence,” said Leah Verghese, senior campaigner at human rights group Amnesty International India, in an email response to questions.
Senior Supreme Court lawyer Rebecca John said she was concerned. “As a principle, I am opposed to rushing through investigative processes and trial processes” she said.
But reflecting the mood of the nation, well-known Supreme Court lawyer Dushyant Dave, a vocal supporter of capital punishment, said India “needs to send at least 500 people to death in the next one year to end this endemic” of rape.
“Our system is archaic and extremely inefficient,” he added.
Such views have resonated with the mother of the dead three-month-old girl as she sat on the front yard of a 200-year-old palace where her homeless family sleeps in the open.
She told Reuters she was happy with the swift verdict but her daughter would get justice only when Gadke is hung to death, just as quickly.
“Once such men are hanged, no one will dare to do anything like this to any girl,” she said.
Rape victims and their families cannot be identified under Indian law. Shivpal Singh Kushwah, the police official who arrested Naveen Gadke, 26, poses inside his office in Indore, Madhya Pradesh, India, May 15, 2018. REUTERS/Krishna N. Das
Gadke could not be contacted as journalists are not allowed to speak with convicts in jail as per a home ministry directive.
Sachin Verma, Gadke’s lawyer, said his client told him that his estranged wife “framed” him, but said little else.
Reuters could not trace Gadke’s wife to seek comment. SLAPPING AND SHOVING
At trial, the mother, police officers and the prosecution lawyer said security cameras showed Gadke taking away the infant as she lay asleep by her parents. Fifteen minutes later, he was seen coming out of the basement of a nearby building, where her blood-smeared body was found, police said.
Medical tests, completed quickly under instructions from government officials, confirmed she was raped, and the semen from a vaginal swab was found to be a DNA match with Gadke, according to court documents reviewed by Reuters.
Gadke’s lawyer Verma, who specialises in matters related to crimes against children, said he reluctantly took the case on state government orders.
That was after four other lawyers refused to defend Gadke, Verma said. In a sign of how high temperatures were rising in the community, around a dozen lawyers attacked the defendant outside the court when he first arrived, slapping and shoving him, according to police.
Prosecutors presented 29 witnesses, including police and shopkeepers who found the victim’s body, and “everybody supported the prosecution”, said Verma. He presented no witnesses for Gadke’s defence.
Verma said he could have done better if he had more time to prepare for the case.
“They had to create a story and they had to decide quickly,” said Verma, who is expecting to receive 4,000 rupees ($58) from the state government for representing Gadke. “My client told me: ‘Everyone has already decided I am guilty. What’s the point of all this?’”
Special prosecutor Mohammad Akram Shaikh said that they had “conclusive evidence” against Gadke. Slideshow (2 Images)
Judge Varsha Sharma, who deals with matters related to crimes against children and ruled on the case, declined to comment. SENDING A MESSAGE
Police pressed charges against Gadke within seven days of the crime, said Police Inspector Shivpal Singh Kushwah.
“All of us wanted to send a message that the law can work fast, and we succeeded,” he said.
The court sat for seven straight working days to hear the case, unusual in India where one court is often dipping in and out of several cases on the same day. A government-run laboratory conducted tests on forensic evidence within four days of a police request. This usually takes more than a month, Kushwah said.
After hearing details of his crime from Shaikh and the witnesses, Judge Sharma found Gadke guilty and ordered his death by hanging.
“This falls under the rarest of rare case and it would be appropriate to hand such a criminal the toughest punishment,” the judge declared.
The sentence has to be confirmed by a higher court, for which Gadke will be provided a different lawyer by the state government. The court’s decision can be challenged in the Supreme Court. An appeal to India’s president is the last resort. The entire process can take years. ACCELERATION DEMANDED
Even before Gadke’s trial, there were growing calls to speed up child rape trials.
Lower courts take an average of five years to complete cases of prisoners sentenced to death, high courts one year and four months, and the Supreme Court two years and one month, according to a 2016 report by the Centre on the Death Penalty in the National Law University of Delhi.
The university study found that 74 percent of 373 death row prisoners they interviewed were economically vulnerable. The majority were from low castes and religious minorities. In the Indore case, Gadke did various jobs like cleaning utensils in eateries.
By contrast, trials involving India’s rich and powerful sometimes take more than 10 years. Gurmeet Ram Rahim, a wealthy self-styled godman who had many followers, was convicted last year on charges of raping two followers - 15 years after the case was registered.
Government statistics show that since 2012, when a young woman was gang raped in a moving bus in Delhi igniting national uproar, reported rape cases have climbed 60 percent to around 40,000 in 2016 – about one every 15 minutes - with child rape accounting for about 40 percent. Reporting by Krishna N. Das in INDORE; Editing by Sanjeev Miglani and Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-rape-justice-insight/indian-child-killer-sentenced-to-death-23-days-after-arrest-raises-fears-over-trial-fairness-idUKKCN1IO0JA |
May 22 (Reuters) - Evofem Biosciences Inc:
* EVOFEM BIOSCIENCES ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK AND WARRANTS
* EVOFEM BIOSCIENCES INC - SHARES AND PRE-FUNDED WARRANTS ARE BEING SOLD AT $4.69 PER SHARE AND $4.68 PER PRE-FUNDED WARRANT, RESPECTIVELY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-evofem-biosciences-announces-prici/brief-evofem-biosciences-announces-pricing-of-public-offering-of-common-stock-and-warrants-idUSASC0A38E |
May 14 (Reuters) - Gadsden Growth Properties Inc:
* GADSDEN GROWTH PROPERTIES INC FILES TO WITHDRAW IPO PLANS – SEC FILING
* GADSDEN GROWTH PROPERTIES INC - HAD FILED FOR IPO OF UP TO $57.5 MILLION IN NOVEMBER , 2016 Source text - ( bit.ly/2IhAx04 ) Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gadsden-growth-properties-inc-file/brief-gadsden-growth-properties-inc-files-to-withdraw-ipo-plans-idUSFWN1SL166 |
May 16, 2018 / 4:18 PM / Updated 34 minutes ago Chelsea fined 20,000 pounds over referee confrontation Reuters Staff 1 Min Read
(Reuters) - Chelsea have been fined 20,000 pounds after their players and coaches confronted the referee during this month’s 1-1 Premier League draw against Huddersfield Town, the English Football Association (FA) said on Wednesday. Soccer Football - Premier League - Chelsea v Huddersfield Town - Stamford Bridge, London, Britain - May 9, 2018 Chelsea's Cesc Fabregas, Cesar Azpilicueta, Pedro and team mates remonstrate with referee Lee Mason REUTERS/Hannah McKay
The London club had been angered when referee Lee Mason awarded them a corner but then blew for half-time before it was taken. The official had adjudged the required stoppage time had elapsed.
“Chelsea have been fined £20,000 after accepting a charge of failing to ensure their players and/or officials conducted themselves in an orderly fashion,” the FA said in a statement.
The draw at Stamford Bridge played a part in Antonio Conte’s Chelsea missing out on Champions League qualification.
They finished fifth in the Premier League standings, five points behind fourth-placed Liverpool. Reporting by Hardik Vyas in Bengaluru; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-fine/chelsea-fined-20000-pounds-over-referee-confrontation-idUKKCN1IH2AU |
ISTANBUL—In its former heartland of Syria and Iraq, the once mighty Islamic State has turned, at least for now, into little more than a nuisance.
But that’s not the case for the self-declared caliphate’s far-flung “provinces,” from West Africa to Afghanistan to Southeast Asia.
There, local insurgencies that adopted Islamic State’s brand and... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/faraway-isis-branches-grow-as-caliphate-fades-in-syria-and-iraq-1526558401 |
May 21, 2018 / 11:13 AM / Updated an hour ago GE merges transportation unit with Wabtec in $11.1 bln deal Reuters Staff 1 Min Read
May 21 (Reuters) - General Electric Co confirmed on Monday it will merge its transportation business that makes train engines with Wabtec Corp, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11.1 billion.
GE and its shareholders will own 50.1 percent of the combined company, while Wabtec shareholders will own the rest, the companies said in a statement.
Reuters reported on Sunday that a deal valuing the combined business at more than $20 billion could be announced this week. (Reporting by Rachit Vats in Bengaluru; editing by Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/getransportation-ma-wabtec/ge-merges-transportation-unit-with-wabtec-in-11-1-bln-deal-idUSL3N1SS3TF |
May 9, 2018 / 12:37 PM / Updated 39 minutes ago UK says follow-on agreement with Iran could meet Trump concerns Reuters Staff 1 Min Read
LONDON, May 9 (Reuters) - Britain’s Foreign Secretary Boris Johnson said a follow-on agreement could be built around the core of the JCPOA nuclear accord with Iran that would address President Trump’s concerns.
He was speaking in parliament after he was asked by an opposition Labour lawmaker what his suggestion would be to the U.S, after Trump pulled out of the 2015 accord.
Johnson said: “The central idea is that around the core of the JCPOA you build a super-structure, a follow-on agreement that would address the problems of the sunset clauses, address the issue of the ICBMs (inter-continental ballistic missiles) and satisfy the president’s anxieties.” Reporting by Estelle Shirbon; editing by Stephen Addison | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-britain-suggestion/uk-says-follow-on-agreement-with-iran-could-meet-trump-concerns-idUSS8N1ME02H |
17 Hours Ago | 02:42
Complying with European data privacy laws that come into effect next week might be a costly hassle for companies in the short-term but that would mean they would be seen as more trustworthy, according to Prince Constantijn van Oranje of the Netherlands .
To comply with the rules, companies will have to assess how they're storing and using user data, Prince Constantijn told CNBC's " The Rundown " on Thursday.
"Of course it's a hassle," he said. "And it'll come at a certain cost. But once you got your data infrastructure well set up, it really is something you can deal with."
In fact, he said: "It might be a competitive advantage because the companies will probably be more trustworthy. On the other hand, they'll have higher compliance cost."
The General Data Protection Regulation (GDPR) will come into force on May 25. It will require businesses to be more upfront about the information they hold on people. Users would be able to ask companies for the information they hold on them, and firms will have to provide those for free. Users will also have more control over how their data is used by companies. Netherlands wants to be a gateway to Europe
Prince Constantijn explained that the Netherlands, which is positioning itself as a center for innovation, has many advantages that could attract potential companies and investors looking to expand into Europe.
Those include good tax rules, an open economy and availability of talent and capital.
The prince is also a special envoy to a Dutch accelerator called StartupDelta, which was created to promote start-ups in the Netherlands, connect them to investors, and provide them with access to capital, talent and technology.
StartupDelta plans to help Dutch start-ups move abroad into newer markets like Southeast Asia, he said.
"Singapore is a very good place to start your journey," he said, referring to the city-state as a gateway to the broader Southeast Asian region.
"So we're looking really at seeing how we can establish ourselves here, supporting companies that are going out here," he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/gdpr-will-be-a-costly-hassle-says-dutch-special-envoy.html |
SALT LAKE CITY, May 21, 2018 (GLOBE NEWSWIRE) -- Energy Solutions , Inc. today announced that its Board of Directors has appointed Ken Robuck President and Chief Executive Officer, effective June 30. Ken was previously President of Energy Solutions ’ Nuclear Decommissioning division. David Lockwood, the current President and CEO, will remain with the company as Executive Chairman.
“Ken is an outstanding leader with proven managerial and operational skills,” said David Lockwood. “Over his four years at the company, Ken has been responsible for many of our most important initiatives. He led the award of the SONGS project, the largest decommissioning contract in the company’s history, and the successful execution of the Zion project, ahead of schedule. I am confident Ken will take our company forward in the years ahead as we continue to build on our success as the leader in nuclear decommissioning. I look forward to my role as Executive Chairman in supporting Ken’s leadership of our company.”
“We are excited to have Ken Robuck become President and CEO of Energy Solutions ,” said Tyler Reader, Partner of Energy Capital Partners, the owner of Energy Solutions . “With the strengthening of its balance sheet and repositioning of its business, Energy Solutions is now focused on executing on its mission to decommission the U.S. nuclear fleet. As a two-decade veteran of the nuclear industry, Ken has the right background and experience to lead the company through its next stage of growth.”
Ken Robuck stated, “I appreciate the opportunity the Board and David have given me as the new President and CEO of Energy Solutions . By continuing to build on the innovation, knowledge and skills of our outstanding employees, I intend to continue to successfully grow this company in the years ahead.”
About EnergySolutions
EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, processing, recycling, and disposition of nuclear waste, and research and engineering services across the nuclear fuel cycle. For additional information about EnergySolutions visit www.energysolutions.com .
About Energy Capital Partners
Energy Capital Partners is a private equity firm focused on investing in North America’s energy infrastructure. Since 2005, the firm has raised over $13 billion in commitments, utilizing this capital to build and acquire investment platforms across multiple energy sub-sectors. With offices in Short Hills, New Jersey, Houston, Texas and San Diego, California, Energy Capital Partners seeks to leverage its team’s decades of energy experience in investing and managing energy infrastructure assets and businesses to serve its investors and portfolio companies.
For additional information please contact Mark Walker at [email protected] or 801-231-9194.
Source: EnergySolutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-ken-robuck-named-president-and-ceo-of-energysolutions.html |
Net sales increased 12% on a reported basis to $964 million; increased 5% on an organic basis
GAAP diluted earnings per share of $0.13; adjusted earnings per share increased 31% to $0.21
Reported net income attributable to common stockholders of $37 million
Adjusted EBITDA increased 7% to $207 million
Reaffirming full year 2018 adjusted EBITDA guidance of $870 million to $900 million
Separation plan on track for 2018
WEST PALM BEACH, Fla., May 03, 2018 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) (“Platform” or the “Company”), a global and diversified specialty chemicals company, today announced its financial results for the first quarter ended March 31, 2018.
Executive Commentary
Chief Executive Officer Rakesh Sachdev said, “Our first quarter results demonstrated strong sales growth bolstered by healthy end-markets, solid execution and a translational currency tailwind. In our Performance Solutions business, net sales grew as our end-markets are generally robust and our teams continue to execute well. In our Ag business, we saw a strong continuation of the season in Brazil and a healthy start of the season in North America and Southern Europe, offset partially by a cold spring in Eastern Europe. In both businesses, we saw margin pressure from product mix and inflation in our raw materials. We have seen the inflationary commodity environment in late 2017 continue into 2018, and our businesses continue to take actions to offset this pressure. We remain confident with respect to our adjusted EBITDA margin expansion goals for 2018."
Mr. Sachdev continued, “Our outlook for the remainder of the year is optimistic given healthy end-markets in our Performance Solutions segment and improving end-markets in Agricultural Solutions. We are reaffirming our full year adjusted EBITDA guidance in the range of $870 million to $900 million in that context.”
“Progress against our separation continues with momentum. We remain committed to this path to create two standalone businesses with terrific market positions, growth trajectories and management teams. Strategically, we believe each of these companies will be better positioned to deliver value to their customers, and we remain confident that our shareholders should benefit from value creation from the separation.”
First quarter 2018 Income Statement Highlights (compared with first quarter 2017):
Net sales on a reported basis for the first quarter of 2018 were $964 million, an increase of 12%. Organic sales, which exclude the impact of currency changes and certain metal prices, increased 5%.
- MacDermid Performance Solutions (the Performance Solutions segment): net sales increased 10% to $492 million. Organic sales increased 4%.
- Arysta LifeScience (the Agricultural Solutions segment): net sales increased 14% to $472 million. Organic sales increased 6%. First quarter 2018 earnings per share performance:
- GAAP diluted earnings per share was $0.13, as compared to a loss of $0.09.
- Adjusted earnings per share was $0.21, an improvement of $0.05 per share. Reported net income attributable to common stockholders for the first quarter of 2018 was $37 million, as compared to a net loss of $24 million. Adjusted EBITDA for the first quarter of 2018 was $207 million, an increase of 7%. On a constant currency basis, adjusted EBITDA decreased 3%.
- MacDermid Performance Solutions: Adjusted EBITDA was $112 million, an increase of 9%. On a constant currency basis, adjusted EBITDA increased 2%.
- Arysta LifeScience: Adjusted EBITDA was $95 million, an increase of 5%. On a constant currency basis, adjusted EBITDA decreased 8%.
- Adjusted EBITDA margin for the combined company decreased by 90 basis points to 21.5%. On a constant currency basis, adjusted EBITDA margin decreased by 160 basis points.
2018 Guidance Reaffirmed
Platform reaffirms its previously-provided adjusted EBITDA guidance for 2018 in the range of $870 million to $900 million. The mid-point of the guidance represents an increase of 8% over 2017. This guidance for 2018 is based on foreign exchange rates as of March 31, 2018.
Conference Call
Platform will host a webcast/dial-in conference call to discuss its first quarter of 2018 financial results at 8:30 a.m. (Eastern Time) on Thursday, May 3, 2018. Participants on the call will include Rakesh Sachdev, Chief Executive Officer; John P. Connolly, Chief Financial Officer; Benjamin Gliklich, Executive Vice President - Operations and Strategy; Scot R. Benson, President - Performance Solutions and Diego Lopez Casanello, President - Agricultural Solutions.
To listen to the call by telephone, please dial (855) 357-3116 (domestic) or (484) 365-2867 (international) and provide the Conference ID: 7338228. The call will be simultaneously webcast at www.platformspecialtyproducts.com . A replay of the webcast will be available for three weeks shortly after completion of the live call at www.platformspecialtyproducts.com .
About Platform
Platform is a global and diversified producer of high-technology specialty chemicals and provider of technical services. The business involves the formulation of a broad range of solutions-oriented specialty chemicals, which are sold into multiple industries, including automotive, agriculture, animal health, electronics, graphic arts, and offshore oil and gas production and drilling. More information on Platform is available at www.platformspecialtyproducts.com .
Forward-Looking Statements
This release is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 as it contains " " within the meaning of the federal securities laws. These statements will often contain words such as "expect," "anticipate," "project," "will," "should," "believe," "intend," "plan," "estimate," "predict," "seek," "continue," "outlook," "may," "might," "should," "can have," "likely," "potential," "target," and variations of such words and similar expressions. Examples of include, but are not limited to, statements, beliefs, projections and expectations regarding the proposed separation of our businesses, the expected form, structure and timing of the proposed separation and its anticipated benefits, as well as Platform's adjusted EBITDA and adjusted earnings per share, expected or estimated organic and net sales, meeting financial and/or strategic goals and objectives, including Platform's full year 2018 guidance and adjusted EBITDA margin expansion goals, segment adjusted EBITDA, net interest expense, income tax provision, cash flow from operations, full year cash interest, taxes and capital expenditures, restructuring costs and other non-cash charges, free cash flow, outlook for Platform's markets and the demand for its products, and the anticipated impact of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Reform”) on the Company’s future earnings and effective tax rate. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance, and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could those projected as a result of certain factors, which include, among others, Platform’s ability to successfully complete the proposed separation and realize the anticipated benefits from it, the final form, structure and timing for completion of the proposed separation, adverse effects on the two companies’ business operations or financial results and the market price of Platform's shares as a result of the completion of the proposed separation and/or announcement and completion of related transactions, market volatility, legal, tax and regulatory requirements, the impact of the Tax Reform on the proposed separation and on our businesses, unanticipated delays and transaction expenses, the impact of the proposed separation on Platform's employees, customers and suppliers, the ability of the two companies to operate independently following the proposed separation, the diverting of management’s attention from Platform’s ongoing business operations, overall global economic and business conditions impacting the businesses of the two companies, as well as capital markets and liquidity, the possibility of more attractive strategic options arising in the future, and the impact of any future acquisitions or additional divestitures, restructurings, refinancings, and other unusual items, including Platform's ability to raise new debt and equity and to integrate and obtain the anticipated benefits, results and synergies from these items or other related strategic initiatives. Forward-looking statements regarding the anticipated impact of the Tax Reform on the Company's businesses consist of preliminary estimates, which are based on currently available information as well as management's current interpretations, assumptions and expectations relating to the Tax Reform, and subject to change, possibly materially, as the Company completes its analysis. Additional information concerning these and other factors that could cause actual results to vary is, or will be, included in Platform's periodic and other reports filed with the Securities and Exchange Commission. Platform undertakes no obligation to update any , whether as a result of new information, future events or otherwise.
PLATFORM SPECIALTY PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, (in millions, except per share amounts) 2018 2017 Net sales $ 964.1 $ 861.8 Cost of sales 559.4 483.4 Gross profit 404.7 378.4 Operating expenses: Selling, technical, general and administrative 277.0 257.4 Research and development 23.5 21.6 Total operating expenses 300.5 279.0 Operating profit 104.2 99.4 Other expense: Interest expense, net (78.2 ) (89.4 ) Foreign exchange gain (loss) 58.0 (12.6 ) Other income (expense), net 19.0 (2.3 ) Total other expense (1.2 ) (104.3 ) Income (loss) before income taxes and non-controlling interests 103.0 (4.9 ) Income tax expense (65.0 ) (18.7 ) Net income (loss) 38.0 (23.6 ) Net income attributable to the non-controlling interests (0.7 ) (0.8 ) Net income (loss) attributable to common stockholders $ 37.3 $ (24.4 ) Earnings (loss) per share Basic $ 0.13 $ (0.09 ) Diluted $ 0.13 $ (0.09 ) Weighted average common shares outstanding Basic 287.9 284.5 Diluted 293.8 284.5
PLATFORM SPECIALTY PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31, (in millions) 2018 2017 Assets Cash and cash equivalents $ 412.6 $ 477.8 Accounts receivable, net 1,289.4 1,156.0 Inventories 611.6 490.4 Prepaid expenses 48.4 42.8 Other current assets 190.1 173.6 Total current assets 2,552.1 2,340.6 Property, plant and equipment, net 451.0 452.3 Goodwill 4,276.4 4,201.2 Intangible assets, net 3,126.6 3,137.3 Other assets 141.1 121.0 Total assets $ 10,547.2 $ 10,252.4 Liabilities & stockholders' equity Accounts payable $ 498.1 $ 461.8 Current installments of long-term debt and revolving credit facilities 116.3 38.9 Accrued expenses and other current liabilities 620.9 591.1 Total current liabilities 1,235.3 1,091.8 Debt and capital lease obligations 5,495.2 5,440.6 Pension and post-retirement benefits 70.1 69.0 Deferred income taxes 569.3 579.6 Contingent consideration 79.7 79.2 Other liabilities 130.6 132.2 Total liabilities 7,580.2 7,392.4 Stockholders' equity Preferred stock - Series A — — Common stock: 400.0 shares authorized (2018: 288.1 shares issued; 2017: 287.4 shares issued) 2.9 2.9 Additional paid-in capital 4,043.6 4,032.0 Treasury stock (2018 and 2017: 0.0 shares) (0.1 ) (0.1 ) Accumulated deficit (833.7 ) (871.0 ) Accumulated other comprehensive loss (356.9 ) (420.7 ) Total stockholders' equity 2,855.8 2,743.1 Non-controlling interests 111.2 116.9 Total equity 2,967.0 2,860.0 Total liabilities and stockholders' equity $ 10,547.2 $ 10,252.4
PLATFORM SPECIALTY PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31, (in millions) 2018 2017 Cash flows from operating activities: Net income (loss) $ 38.0 $ (23.6 ) Reconciliation of net income (loss) to net cash flows used in operating activities: Depreciation and amortization 91.7 85.9 Deferred income taxes (22.3 ) (14.2 ) Foreign exchange (gain) loss (67.5 ) 13.7 Other, net (3.2 ) 12.8 Changes in assets and liabilities, net of acquisitions: Accounts receivable (133.9 ) (120.1 ) Inventories (105.2 ) (83.9 ) Accounts payable 33.1 32.9 Accrued expenses 22.8 (15.9 ) Other assets and liabilities (14.6 ) (7.0 ) Net cash flows used in operating activities (161.1 ) (119.4 ) Cash flows from investing activities: Capital expenditures (10.0 ) (14.9 ) Investment in registrations of products (13.2 ) (12.9 ) Proceeds from beneficial interests on sold accounts receivable 10.0 0.1 Proceeds from the sale of equity investment 25.0 — Other, net (5.0 ) 2.4 Net cash flows provided by (used in) investing activities 6.8 (25.3 ) Cash flows from financing activities: Change in lines of credit, net 74.5 89.0 Repayments of borrowings (0.2 ) (9.0 ) Other, net (0.1 ) (1.1 ) Net cash flows provided by financing activities 74.2 78.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash 14.1 9.6 Net decrease in cash, cash equivalents and restricted cash (66.0 ) (56.2 ) Cash, cash equivalents and restricted cash at beginning of period 483.9 423.5 Cash, cash equivalents and restricted cash at end of period $ 417.9 $ 367.3 Non-cash Investing Activities Beneficial interests obtained in exchange for sold accounts receivable $ 14.4 $ 0.6
PLATFORM SPECIALTY PRODUCTS CORPORATION
ADDITIONAL FINANCIAL INFORMATION
(Unaudited)
I. UNAUDITED SEGMENT RESULTS Three Months Ended March 31, ($ amounts in millions) 2018 2017 Reported Constant
Currency Organic Net Sales Performance Solutions $ 492.4 $ 447.1 10 % 3 % 4 % Agricultural Solutions 471.7 414.7 14 % 6 % 6 % Total $ 964.1 $ 861.8 12 % 5 % 5 % Adjusted EBITDA Performance Solutions $ 111.8 $ 102.3 9 % 2 % Agricultural Solutions 95.4 90.8 5 % (8 )% Total $ 207.2 $ 193.1 7 % (3 )% Adjusted EBITDA excluding corporate costs Performance Solutions $ 119.6 $ 110.1 9 % 2 % Agricultural Solutions $ 103.1 $ 98.7 4 % (7 )%
Three Months Ended March 31, Constant Currency ($ amounts in millions) 2018 2017 Reported 2018 Change Adjusted EBITDA Margin Performance Solutions 22.7 % 22.9 % (20) bps 22.6 % (30) bps Agricultural Solutions 20.2 % 21.9 % (170) bps 19.0 % (290) bps Total 21.5 % 22.4 % (90) bps 20.8 % (160) bps Adjusted EBITDA Margin excluding corporate costs Performance Solutions 24.3 % 24.6 % (30) bps 24.2 % (40) bps Agricultural Solutions 21.9 % 23.8 % (190) bps 20.8 % (300) bps
II. UNAUDITED CAPITAL STRUCTURE (in millions) Maturity Coupon March 31, 2018 Instrument Corporate Revolver 6/7/2020 $ 52.0 Term Loan B6 - USD (1) (2) 6/7/2023 L + 300 1,135.3 Term Loan B7 - USD (1)
6/7/2020 L + 250 630.3 Term Loan C5 - EUR (1) (2) 6/7/2023 E + 275 738.6 Term Loan C6 - EUR (1)
6/7/2020 E + 250 719.4 Other Secured Debt 19.1 Total First Lien Debt 3,294.7 Senior Notes due 2025 12/1/2025 5.875 % 800.0 Senior Notes due 2022 2/1/2022 6.5 % 1,100.0 Senior Notes due 2023 (Euro) 2/1/2023 6.0 % 431.3 Other Unsecured Debt 50.6 Total Unsecured Debt 2,381.9 Total Debt 5,676.6 Cash Balance at 3/31/2018 412.6 Net Debt $ 5,264.0 Adjusted Shares Outstanding (3)
302.0 Market Capitalization (4)
$ 2,908.3 Total Capitalization $ 8,172.3
(1 ) Platform swapped certain of its floating term loans to fixed rate including $1.13 billion of its USD tranches and €278 million of its Euro tranches. At March 31, 2018, approximately 33% of debt was floating and 67% was fixed.
(2 ) These term loans mature on June 7, 2023, provided that the Company prepays, redeems or otherwise retires and/or refinances in full its 6.50% USD Senior Notes due 2022, as permitted under its Amended and Restated Credit Agreement, on or prior to November 2, 2021, otherwise the maturity reverts to November 2, 2021.
(3 ) See "Non-GAAP Adjusted Common Shares at March 31, 2018 and 2017 (Unaudited)" following the Adjusted Earnings Per Share table.
(4 ) Based on Platform's closing price of $9.63 at March 29, 2018, the last trading day of Q1 2018.
III. SELECTED FINANCIAL DATA Three Months Ended March 31, (in millions) 2018 2017 Interest expense $ 79.0 $ 89.9 Interest paid 86.4 93.4 Income tax expense 65.0 18.7 Income taxes paid 47.6 42.6 Capital expenditures 10.0 14.9 Investment in registrations of products 13.2 12.9 Proceeds from disposal of property, plant and equipment — 4.0 IV. NON-GAAP MEASURES
For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets or statements of cash flows of the company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
To supplement the financial measures prepared in accordance with GAAP, Platform has provided in this release the following non-GAAP financial measures: EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA guidance, adjusted earnings (loss) per share, and organic sales growth. Platform also evaluates and presents its results of operations on a constant currency basis. Management internally reviews each of these non-GAAP measures to evaluate performance on a comparative period-to-period basis in terms of absolute performance, trends and expected future performance with respect to the Company’s business, and believes that these non-GAAP measures provide investors with an additional perspective on trends and underlying operating results on a period-to-period comparable basis. Platform also believes that investors find this information helpful in understanding the ongoing performance of its operations separate from items that may have a disproportionate positive or negative impact on Platform's financial results in any particular period. These non-GAAP financial measures, however, have limitations as analytical tools, and should not be considered in isolation from, a substitute for, or superior to, the related financial information that Platform reports in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements, and may not be completely comparable to similarly titled measures of other companies due to potential differences in the method of calculation between companies. In addition, these measures are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate Platform’s businesses.
The Company only provides adjusted EBITDA guidance and organic sales growth expectations on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for restructurings, refinancings, divestitures, integration and acquisition-related expenses, share-based compensation amounts, non-recurring, unusual or unanticipated charges, expenses or gains, adjustments to inventory and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
Constant Currency:
The Company discloses operating results from net sales through operating profit on a constant currency basis by adjusting to exclude the impact of changes due to the translation of foreign currencies of its international locations into U.S. dollar. Management believes this non-GAAP financial information facilitates period-to-period comparison in the analysis of trends in business performance, thereby providing valuable supplemental information regarding its results of operations, consistent with how the Company internally evaluates its financial results.
The impact of foreign currency translation is calculated by converting the Company's current-period local currency financial results into U.S. dollar using the prior period's exchange rates and comparing these adjusted amounts to its prior period reported results. The difference between actual growth rates and constant currency growth rates represents the impact of foreign currency translation.
Organic Sales Growth:
Organic sales growth is defined as net sales excluding the impact of foreign currency translation, changes due to the price of certain metals, and acquisitions and/or divestitures, as applicable. Management believes this non-GAAP financial measure provides investors with a more complete understanding of the underlying net sales trends by providing comparable sales over differing periods on a consistent basis.
The following tables reconcile GAAP net sales growth to organic sales growth for the three months ended March 31, 2018:
Three Months Ended March 31, 2018 Reported Net
Sales Growth Impact of
Currency Constant
Currency Metals Acquisitions Organic Sales
Growth Performance Solutions 10% (7)% 3% 1% —% 4% Agricultural Solutions 14% (7)% 6% —% —% 6% Total 12 % (7 )% 5 % — % — % 5 % For the three months ended March 31, 2018, metals pricing had a negative impact of $2.6 million on Performance Solutions' and our consolidated results.
Adjusted Earnings Per Share:
Adjusted earnings per share is defined as net loss attributable to common stockholders adjusted to reflect adjustments consistent with our definition of adjusted EBITDA. Additionally, the Company eliminates the amortization associated with (i) intangibles assets recognized in purchase accounting for acquisitions and (ii) costs capitalized in connection with obtaining regulatory approval of its products (“registration rights”) as part of ongoing operations, and deducts capital expenditures associated with obtaining these registration rights. Further, the Company adjusts its effective tax rate to 34% for the first quarter of 2018 and 35% for the first quarter of 2017, as described in footnote (11) under the reconciliation table below. The resulting adjusted net income attributable to common stockholders is then divided by Platform's outstanding number of shares of common stock plus the number of shares that would be issued if all Platform's convertible stock was converted to common stock, stock options were vested and exercised, and awarded equity grants were vested at each period presented. Adjusted earnings per share is a key metric used by management to measure operating performance and trends as it believes the exclusion of certain expenses in calculating adjusted earnings per share facilitates operating performance comparisons on a period-to-period basis.
The following table reconciles GAAP "Net income (loss) attributable to common stockholders" to "Adjusted net income attributable to common stockholders" and presents the adjusted number of common shares used in calculating adjusted earnings per share for each period presented below:
Three Months Ended March 31, (in millions, except per share amounts) 2018 2017 Net income (loss) attributable to common stockholders $ 37.3 $ (24.4 ) Reversal of amortization expense (1 ) 71.9 68.6 Adjustment for investment in registration of products (1 ) (13.2 ) (12.9 ) Restructuring expense (2 ) 3.0 2.3 Acquisition and integration costs (3 ) 1.0 3.6 Non-cash change in fair value of contingent consideration (4 ) 0.5 1.1 Foreign exchange (gain) loss on foreign denominated external and internal long-term debt (5 ) (55.8 ) 11.8 Nonrecourse factoring costs (6 ) 1.1 0.7 Debt refinancing costs (7 ) — 1.1 Costs related to Proposed Separation (8 ) 3.1 0.2 Gain on sale of equity investment (9 ) (11.3 ) — Other, net (10 ) (7.3 ) 1.9 Tax effect of pre-tax non-GAAP adjustments (11 ) 2.4 (27.4 ) Adjustment to estimated effective tax rate (11 ) 30.0 20.4 Adjustment to reverse income attributable to certain non-controlling interests (12 ) 1.2 1.9 Adjusted net income attributable to common stockholders $ 63.9 $ 48.9 Adjusted earnings per share (13 ) $ 0.21 $ 0.16 Adjusted common shares outstanding (13 ) 302.0 300.3
(1) The Company eliminates amortization associated with (i) intangible assets recognized in purchase accounting for acquisitions and (ii) costs capitalized in connection with obtaining regulatory approval of its products ("registration rights") as part of ongoing operations, and deducts capital expenditures associated with obtaining these registration rights. The Company believes this adjustment provides insight with respect to the cash flows necessary to maintain and enhance the Company's product portfolio.
(2) Adjusted for cost of restructuring the Company's operations, including those related to its acquired businesses in both the Agricultural Solutions and Performance Solutions segments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations.
(3) The Company adjusts for costs associated with acquisition and integration activity, including costs of obtaining related financing such as investment banking, legal and accounting fees, and transfer taxes. The Company adjusts these costs because they are not considered to be reflective of ongoing operations.
(4) The Company adjusts for the change in fair value of the contingent consideration related to the acquisition of MacDermid, Incorporated (the "MacDermid Acquisition"). The Company adjusts this cost because it is not considered to be reflective of ongoing operations.
(5) The Company adjusts for foreign exchanges gains and losses on long-term intercompany and third-party debt because the period-to-period movement of these currencies are expected to offset on a long-term basis and, due to their long-term nature, are not fully realized. The Company does not exclude foreign exchange gains and losses on short-term intercompany and third-party payables and receivables.
(6) The Company adjusts for costs associated with its non-recourse receivables factoring programs because they are considered to be part of the Company's capital structure, comparable to interest expense. These charges are included in STG&A.
(7) The Company adjusts for costs related to its term debt refinancing in 2017 because they are not considered to be reflective of ongoing operations.
(8) The Company adjusts for costs related to the proposed separation of its businesses (the "Proposed Separation"), which is expected to be completed in 2018. The Company adjusts these costs because they are not considered to be reflective of ongoing operations.
(9) The Company adjusts for gain on the sale of equity investment in 2018 because it is not considered to be reflective of ongoing operations.
(10) 2018 adjustments include a $4.8 million favorable adjustment to the Company's ARO reserve for a facility which is in the process of closing in connection with a previously terminated supply agreement related to the acquisition of the Chemtura AgroSolutions business of Chemtura Corporation and a $3.7 million insurance gain. 2017 adjustments include non-recurring senior executive severance payments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations.
(11) The Company adjusts its effective tax rate to 34% for the three months ended March 31, 2018. This adjustment does not reflect the Company’s current or near-term tax structure, including limitations on its ability to utilize net operating losses and foreign tax credits in certain jurisdictions. These factors significantly increase the Company's effective tax rate from 34%. As a result of current tax structure, the Company’s effective tax rate in accordance with GAAP was 63.1% for the three months ended March 31, 2018. The Company also applies an effective tax rate of 34% to pre-tax non-GAAP adjustments. For the three months ended March 31, 2017, before the enactment of the Tax Reform in December 2017, the Company adjusted its effective tax rate to 35%. The Company adjusts the effective tax rates because it believes it provides a meaningful comparison of its performance between periods.
(12) The Company adjusts for the loss or income attributable to non-controlling interest created at the time of the MacDermid Acquisition because holders of such equity interest are expected to convert their holdings into shares of Platform's common stock. The Company adjusts these costs because they are not considered to be reflective of ongoing operations.
(13) The Company defines "Adjusted common shares" as the outstanding shares of Platform's common stock at March 31, 2018 and 2017 plus the number of shares that would be issued if all convertible stock were converted into Platform's common stock, stock options were vested and exercised, and awarded equity grants were vested at March 31, 2018 and 2017. The Company adjusts the outstanding shares of Platform's common stock for this calculation to provide an understanding of the Company’s results of operations on a per share basis.
NON-GAAP ADJUSTED COMMON SHARES AT MARCH 31, 2018 AND 2017 (Unaudited)
The following table shows Platform's adjusted common shares outstanding at each period presented which consists of Platform's outstanding number of shares of common stock plus the number of shares that would be issued if all Platform's convertible stock was converted to common stock, stock options were vested and exercised, and awarded equity grants were vested at each period presented:
2018 2017 (in millions) Q1 Q1 Basic outstanding common shares 288.1 285.7 Number of shares issuable upon conversion of PDH Common Stock 4.2 6.4 Number of shares issuable upon conversion of Series A Preferred Stock 2.0 2.0 Number of shares issuable upon vesting and exercise of Stock Options 0.7 0.7 Number of shares issuable upon vesting of granted Equity Awards 7.0 5.5 Adjusted common shares outstanding 302.0 300.3 EBITDA and Adjusted EBITDA:
EBITDA represents earnings before interest, provision for income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, excluding the impact of additional items, which the Company believes are not representative or indicative of its ongoing business or are considered to be part of its capital structure, as described in the footnotes located under the Adjusted Earnings Per Share reconciliation table above. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees, as indicated in this press release under "I. Unaudited Segment Results." Management believes adjusted EBITDA and adjusted EBITDA margin provide investors with a more complete understanding of the long-term profitability trends of Platform’s business, and facilitate comparisons of its profitability to prior and future periods. However, these measures, which do not consider certain cash requirements, should not be construed as an alternative to net income or cash flow from operations as a measure of profitability or liquidity.
The following table reconciles GAAP "Net income (loss) attributable to common stockholders" to Adjusted EBITDA:
Three Months Ended March 31, (in millions) 2018 2017 Net income (loss) attributable to common stockholders $ 37.3 $ (24.4 ) Add (subtract): Net income attributable to the non-controlling interests 0.7 0.8 Income tax expense 65.0 18.7 Interest expense, net 78.2 89.4 Depreciation expense 19.8 17.3 Amortization expense 71.9 68.6 EBITDA 272.9 170.4 Adjustments to reconcile to Adjusted EBITDA: Restructuring expense (2 ) 3.0 2.3 Acquisition and integration costs (3 ) 1.0 3.6 Non-cash change in fair value of contingent consideration (4 ) 0.5 1.1 Foreign exchange (gain) loss on foreign denominated external and internal long-term debt (5 ) (55.8 ) 11.8 Nonrecourse factoring costs (6 ) 1.1 0.7 Debt refinancing costs (7 ) — 1.1 Costs related to Proposed Separation (8 ) 3.1 0.2 Gain on sale of equity investment (9 ) (11.3 ) — Other, net (10 ) (7.3 ) 1.9 Adjusted EBITDA $ 207.2 $ 193.1 NOTE: For the footnote descriptions, please refer to the footnotes located under the Adjusted Earnings Per Share reconciliation table above.
CONTACT:
Investor Relations Contact:
Carey Dorman
Senior Director - Corporate Development
Platform Specialty Products Corporation
1-561-406-8465
Source:Platform Specialty Products Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-platform-specialty-products-corporation-announces-first-quarter-of-2018-financial-results.html |
April 30 (Reuters) - BlackRock Capital Investment Corp :
* JAMES KEENAN, CHAIRMAN OF BCIC, HAS BEEN APPOINTED CHIEF EXECUTIVE OFFICER OF COMPANY
* KEENAN SUCCEEDS MICHAEL ZUGAY AS CEO FOR CO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackrock-capital-investment-james/brief-blackrock-capital-investment-james-keenan-chairman-has-been-appointed-cos-ceo-idUSFWN1S71D3 |
SEOUL, May 9 (Reuters) - South Korea’s energy ministry said on Wednesday it will seek an exemption to any renewed U.S. sanctions against Iran following U.S President Donald Trump’s decision to pull out of an international nuclear deal with Tehran.
“We will seek a discussion with U.S. authorities to get an exemption on Iranian crude imports,” South Korea’s Ministry of Trade, Industry and Energy said in a statement.
South Korea, one of Asia’s major Iranian oil customers, mainly buys an ultra-light form of oil known as condensate. (Reporting By Jane Chung; additional reporting by Ju-min Park; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-southkorea/s-koreas-energy-min-says-to-seek-exemption-to-u-s-sanctions-on-iran-idUSS6N1R400H |
May 19, 2018 / 8:49 AM / Updated 8 hours ago Major League Baseball: DeGrom K's 13 in Mets win Reuters Staff 11 Min Read
Jacob deGrom tied a career high by striking out 13 batters over seven strong innings Friday night as the New York Mets beat the visiting Arizona Diamondbacks 3-1 at Citi Field. May 18, 2018; New York City, NY, USA; New York Mets pitcher Jacob DeGrom (48) delivers a pitch during the first inning of the game at Citi Field. Mandatory Credit: Gregory J. Fisher-USA TODAY Sports
The Mets won for the 10th time in 28 games following an 11-1 start. The Diamondbacks have lost eight of nine.
DeGrom (4-0), who missed a start earlier this month due to a hyperextended right elbow and threw 45 pitches while lasting only one inning in his return Sunday, allowed one run on six hits and no walks while throwing 71 of his 100 pitches for strikes. The 13-strikeout effort was the fourth of his career, including one in the 2015 playoffs, and his first since he whiffed 13 against the Miami Marlins on April 15, 2017.
The Diamondbacks got only one runner beyond first base in the first five innings before scoring in the sixth, when Steven Souza Jr. singled with one out and scored on Jake Lamb’s double. The run snapped deGrom’s scoreless streak at a career-high 24 2/3 innings. Souza later left the contest after reaggravating a right pectoral injury.
Astros 4, Indians 1
Charlie Morton extended his career-long winning streak to nine games when Houston rallied on his behalf, scoring twice in the seventh inning to scratch out a win over visiting Cleveland.
Morton (6-0) was exceptional again at home, improving to 5-0 with a 1.85 ERA at Minute Maid Park this season. He limited the Indians to four hits and a walk over seven innings, recording eight strikeouts while tossing 97 pitches.
Cleveland designated hitter Edwin Encarnacion struck for a solo home run to the opposite field in right with one out in the seventh to sully the Morton ledger. It was Encarnacion’s 10th home run on the season.
Royals 5, Yankees 2
Whit Merrifield had three hits and tied a career high with three stolen bases to spark host Kansas City to victory over New York.
Merrifield helped the Royals halt a five-game losing streak with a double and two singles in his first three at-bats against CC Sabathia (2-1) to extend his hitting streak to 11 games. Merrifield also stole three bases for the third time in his career and for the second time this season (also May 6).
Neil Walker hit an RBI single and Miguel Andujar lifted a sacrifice fly for the Yankees, who played for the first time since Tuesday due to a rainout in Washington. New York also lost for the fourth time in its last 23 games.
Orioles 7, Red Sox 4
A four-run fourth inning helped Alex Cobb get his first win with Baltimore at Boston’s expense, snapping a 13-game road losing streak for the Orioles.
Cobb (1-5) gave up three runs on 10 hits and a walk with three strikeouts in 6 1/3 innings. It was the Boston native’s first win since Sept. 22 with Tampa Bay versus Baltimore. Cobb had a 7.06 ERA through six starts after joining the Orioles in March.
Mookie Betts hit a solo homer and had two RBIs and both Andrew Benintendi and Eduardo Nunez drove in one for Boston, which had won four of six. The Red Sox are 13-13 since their franchise-best 17-2 start.
Cubs 8, Reds 1
Addison Russell tied a career high with four hits and Jon Lester (4-1) permitted just two hits over six innings as Chicago routed host Cincinnati.
Russell’s chance at the first five-hit game of his career ended with a walk in the eighth inning. By then, the game was well in hand, with Chicago collecting a whopping 15 hits off three Reds pitchers. Willson Contreras went 3-for-6 with an RBI while Kris Bryant and Anthony Rizzo each bagged two hits.
After a 93-minute rain delay before first pitch, the first five Cubs to bat touched Homer Bailey (1-6) for hits. Ben Zobrist singled and Bryant doubled to set the table. Rizzo, Contreras and Russell all dug in and took bites with RBI singles for a 3-0 lead before Bailey got his first out. May 18, 2018; Houston, TX, USA; Houston Astros starting pitcher Charlie Morton (50) delivers a pitch against the Cleveland Indians during the first inning at Minute Maid Park. Mandatory Credit: Erik Williams-USA TODAY Sports
Mariners 5, Tigers 4
Mitch Haniger’s run-scoring double in the seventh inning capped a five-run rally as Seattle defeated visiting Detroit.
Trailing 4-0, the Mariners scored all of their runs in the seventh. Tigers right-hander Michael Fulmer, who had allowed just two hits in blanking Seattle through the first six innings, walked Nelson Cruz and Kyle Seager leading off the inning. The runners advanced on a groundout, and Ben Gamel grounded a two-run single to right field, cutting Detroit’s lead in half.
Right-hander Buck Farmer (0-2) replaced Fulmer and walked Mike Zunino and Guillermo Heredia to load the bases. Left-hander Daniel Stumpf came on to face Dee Gordon, who hit a sacrifice fly to right field to make it 4-3. Right-hander Warwick Saupold served up an RBI single to Jean Segura before Haniger’s double into the left-field corner led Seattle to a come-from-behind victory.
Brewers 8, Twins 3
Jesus Aguilar drove in three runs with two home runs, powering Milwaukee to victory over Minnesota in the opener of a three-game interleague series in Minneapolis.
After Ji-Man Choi, recalled from Triple-A Colorado Springs earlier in the day, belted a solo shot in the second inning, the Brewers added three against Twins starter Kyle Gibson (1-2) in the third to go up 4-0. Orlando Arcia had a double and Christian Yelich an RBI single before Aguilar took Gibson deep to left field for a two-run homer.
Aguilar completed the third two-homer game of his career with a solo shot in the seventh for a 6-1 advantage. Max Kepler’s two-run home run, his sixth of the season, got the Twins within 7-3 in the eighth inning before the Brewers added on in the top of the ninth on a sacrifice fly by Jonathan Villar.
Rangers 12, White Sox 5
Shin-Soo Choo’s grand slam highlighted a five-run third inning, and Texas beat struggling host Chicago.
Joey Gallo and Jurickson Profar each had three RBIs for the Rangers, who bounced back from a loss in the series opener. But it was Choo who delivered the big blast, pulling a high sinker into the seats in right field in the third inning for his sixth home run of the season.
White Sox left fielder Nicky Delmonico left the game in the second inning after being hit by a pitch that fractured his right hand. He is expected to miss four to six weeks. Chicago starter Carson Fulmer (2-4) was optioned to Triple-A Charlotte following the game after he allowed eight runs on just three hits in two-plus innings.
Rays 8, Angels 3
Wilson Ramos homered twice and Blake Snell threw 6 2/3 strong innings to help carry Tampa Bay past host Los Angeles for its fifth win in a row.
The home runs for Ramos were Nos. 99 and 100 of his career, part of a 15-hit attack by the Rays offense. Six different players had at least two hits, including three each from Brad Miller and Mallex Smith. Daniel Robertson also homered for Tampa Bay.
Snell (5-3) followed up Chris Archer’s solid outing in the first game of the series on Thursday with one of his own. He held the Angels scoreless until Andrelton Simmons’ two-run single in the fifth. Before Simmons’ two-run single, the Angels had scored just one run over their previous 26 innings. Los Angeles has lost four in a row.
Marlins 2, Braves 0
Right-hander Dan Straily pitched seven scoreless innings and retired the final 11 batters he faced to help visiting Miami defeat Atlanta. Slideshow (12 Images)
Straily (2-0) limited the Braves, the National League’s highest-scoring team, to three hits and three walks. He struck out six. It was only the second time Atlanta has been shutout this season.
It was the second time Straily has beaten the Braves this season; he threw five innings in last week’s 6-3 victory in Miami. Straily improved to 4-2 in his career against Atlanta.
Rockies 6, Giants 1
Ian Desmond drove in four runs with a ground-rule double and a home run, lifting Colorado to a second straight victory over host San Francisco.
Left-hander Kyle Freeland (4-4) limited the Giants to one run in 6 2/3 innings, and reliever Bryan Shaw worked out of a seventh-inning jam by striking out the hot-hitting Brandon Belt, delivering the Rockies a third win in four games to begin a nine-game trip. Belt had homered in each of his previous four games.
Nolan Arenado got a third-inning rally rolling by drawing a walk, after which Trevor Story singled. One out later, Desmond belted a three-run homer to center field, putting the Rockies ahead for good at 3-1. Desmond made it 4-1 in the sixth with a two-out, ground-rule double, again scoring Arenado, who had led off the inning with a double.
Cardinals 12, Phillies 4
Jose Martinez had four hits, including a home run, to go along with five RBIs as St. Louis routed visiting Philadelphia.
Tommy Pham added three hits, Francisco Pena had three hits, including a home run, and scored three runs while starter Michael Wacha allowed two earned runs in six solid innings. Wacha (5-1) struck out eight and threw 101 pitches, 65 for strikes.
Phillies starter Jake Arrieta (3-2) struggled in three shaky innings as he gave up five hits and four runs (two earned). Reliever Drew Hutchison then allowed six hits and five earned runs in three innings.
Athletics 3, Blue Jays 1
Dustin Fowler hit his first major league home run and added an RBI double to lead visiting Oakland to victory over Toronto.
The Athletics, who ended a six-game losing streak at the Rogers Centre on Thursday, have won the first two games of the four-game series and are 5-3 with two games left on a 10-game road trip.
A’s starter Brett Anderson, who allowed two hits and no runs in the first inning, left the game after one inning. The left-hander started to warm up for the bottom of the second but left with a shoulder strain. Right-hander Josh Lucas, just recalled from Triple-A Nashville, replaced him.
Padres 3, Pirates 2
Franchy Cordero’s RBI single in the sixth held up as San Diego overcame a two-run deficit to halt the three-game winning streak of host Pittsburgh.
San Diego’s Tyson Ross (3-3) allowed two runs and five hits, with two strikeouts and four walks. He made 100 pitches and has reached that count in seven of his nine starts. Brad Hand pitched the final 1 1/3 innings for his 13th save.
Pirates center fielder Austin Meadows, making his major league debut with Starling Marte going on the 10-day disabled list because of a right oblique strain, was 2-for-4 with two singles and a stolen base.
Dodgers at Nationals, ppd.
The game between host Washington and Los Angeles was postponed due to inclement weather and will be made up as of a split doubleheader on Saturday. The Nationals have played just 5 1/2 innings of baseball since Sunday due to postponements.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-degrom-ks-13-in-mets-win-idUSKCN1IK09M |
Wall Street dips after N. Korea summit canceled Thursday, May 24, 2018 - 01:15
Stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un. Fred Katayama reports.
Stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un. Fred Katayama reports. //reut.rs/2IIjybq | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/wall-street-dips-after-n-korea-summit-ca?videoId=430003182 |
NEW HAVEN, Conn., May 23, 2018 (GLOBE NEWSWIRE) -- Melinta Therapeutics, Inc. (NASDAQ:MLNT), a commercial-stage company discovering, developing and commercializing novel antibiotics to treat serious bacterial infections, today announced the pricing of an underwritten public offering of 22,000,000 shares of its common stock at $5.00 per share, before underwriting discounts and commissions. The size of the offering was upsized from $75,000,000 to $110,000,000. In addition, the underwriters have a 30-day option to purchase up to an additional 2,640,000 shares of common stock from Melinta on the same terms and conditions.
The offering is expected to close on May 29, 2018, subject to customary closing conditions.
Melinta intends to use the net proceeds from the sale of its shares of common stock for general corporate purposes, including to invest in our industry leading portfolio of antibiotics, including potential expansion of our field sales force to drive growth; invest in our supply chain to optimize manufacturing processes and improve cost of goods; fund future milestone obligations primarily related to receipt of approval of Vabomere ™ (meropenem and vaborbactam) for European commercialization and payments to The Medicines Company as part of the infectious disease business acquisition; capitalize on potential business development opportunities; and fund working capital.
J.P. Morgan and Jefferies are acting as joint bookrunners for the offering. Cantor Fitzgerald & Co. is acting as lead manager for the offering.
The shares of Melinta common stock described above are being offered only by means of a prospectus supplement and related prospectus pursuant to an effective registration statement previously filed with the Securities and Exchange Commission (SEC). Copies of the final prospectus supplement and the accompanying prospectus relating to the shares being offered may also be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free (866) 803-9204, or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by e-mail at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Melinta Therapeutics
Melinta Therapeutics, Inc. is the largest pure-play antibiotics company, dedicated to saving lives threatened by the global public health crisis of bacterial infections through the development and commercialization of novel antibiotics that provide new therapeutic solutions. Its four marketed products include Baxdela™ (delafloxacin), Vabomere™ (meropenem and vaborbactam), Orbactiv® (oritavancin), and Minocin® (minocycline) for Injection. It also has an extensive pipeline of preclinical and clinical-stage products representing many important classes of antibiotics, each targeted at a different segment of the anti-infective market. Together, this portfolio provides Melinta with the unique ability to provide providers and patients with a range of solutions that can meet the tremendous need for novel antibiotics treating serious infections. Visit www.melinta.com for more information.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this communication constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control.
Risks and uncertainties for Melinta include, but are not limited to: the fact that we have incurred significant operating losses since inception and will incur continued losses for the foreseeable future; our limited operating history; our need for future capital and risks related to our ability to obtain additional capital to fund future operations; uncertainties of cash flows and inability to meet working capital needs as well as other milestone, royalty and payment obligations; the fact that our independent registered public accounting firm’s report on the Company’s 2016 and 2017 financial statements contains an explanatory paragraph that states that our recurring losses from operations and our need to obtain additional capital raises substantial doubt about our ability to continue as a going concern; our substantial indebtedness; risks related to our commercial launches of our products and our inexperience as a company in marketing drug products; the degree of market acceptance of our products among physicians, patients, health care payors and the medical community; the pricing we are able to achieve for our products; failure to obtain and sustain an adequate level of reimbursement for our products by third-party payors; inaccuracies in our estimates of the market for and commercialization potential of our products; failure to maintain optimal inventory levels to meet commercial demand for any of our products; risks that our competitors are able to develop and market products that are preferred over our products; our dependence upon third parties for the manufacture and supply of our marketed products; failure to achieve the benefits of our recently completed transactions with Cempra and The Medicines Company; failure to establish and maintain development and commercialization collaborations; uncertainty in the outcome or timing of clinical trials and/or receipt of regulatory approvals for our product candidates; undesirable side effects of our products; failure of third parties to conduct clinical trials in accordance with their contractual obligations; our ability to identify, develop, acquire or in-license products; difficulties in managing the growth of our company; the effects of recent comprehensive tax reform; risks related to failure to comply with extensive laws and regulations; product liability risks related to our products; failure to retain key personnel; inability to obtain, maintain and enforce patents and other intellectual property rights or the unexpected costs associated with such enforcement or litigation; risks relating to third party infringement of intellectual property rights; our ability to maintain effective internal control over financial reporting; unfavorable outcomes in any of the class action and shareholder derivative lawsuits currently pending against the Company; and the fact that a substantial amount of shares of common stock may be sold into the public markets by one or more of our large shareholders in the near future. Many of these factors that will determine actual results are beyond Melinta’s ability to control or predict.
Other risks and uncertainties are more fully described in our Annual Report on Form 10-K for the year ended December 31, 2017, the Company’s preliminary prospectus supplement to be filed with the SEC, and in other filings that Melinta makes and will make with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause our expectations and beliefs to change. While we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date after the date stated herein.
For More Information: Media Inquiries: David Belian (203) 848-6276 [email protected] Investor Inquiries: Lisa DeFrancesco (847) 681-3217 [email protected]
Source:Melinta Therapeutics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-melinta-therapeutics-announces-pricing-of-public-offering-of-common-stock.html |
ALEXANDRIA, Va. (AP) — Two Syrian nationals were indicted Thursday in a computer hacking scheme that targeted the White House, Harvard University, U.S. Marine Corps and news media outlets, including The Associated Press.
A federal grand jury returned an 11-count indictment charging Ahmad 'Umar Agha and Firas Dardar with conspiracy and aggravated identity theft.
The indictment says the men were members of the Syrian Electronic Army, which hacked computers to spread propaganda supporting Syrian President Bashar al-Assad.
In 2013, Syrian Electronic Army hackers allegedly sent a tweet from The Associated Press' Twitter account falsely claiming a bomb had exploded at the White House and injured President Barack Obama. The message caused the stock market to plummet briefly before it was determined to be a hoax.
Both men were originally charged by criminal complaint in 2014 and are still at large and believed to be in Syria. A third man pleaded guilty in 2016 to having a limited role.
The indictment comes as the five-year statute of limitations for some of their crimes is about to expire.
According to the indictment, the men and their co-conspirators would send a phishing email purporting to be from a trusted source that contained a link to a website controlled by the hackers.
Users who clicked on the link were asked for their usernames and passwords. If at least one person provided those, the hackers would then access the computer systems or accounts of the target's computer system. They could then redirect legitimate traffic, alter text or send messages using compromised social media and email accounts.
The indictment says the hackers were able to alter the Harvard University website home page by adding an image of al-Assad. They also accessed a computer server used by The Washington Post and created a false post on its website. Other targets included Reuters, Human Rights Watch, National Public Radio and The Onion.
No lawyers are listed for the men in court documents. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-2-syrian-nationals-indicted-in-pro-assad-hacking-scheme.html |
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