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USDA predicts record soybean exports despite China trade dispute Mark Weinraub Published 12 Hours Ago Reuters
CHICAGO, May 10 (Reuters) - U.S. soybean exports will beak a record in the upcoming marketing year despite the growing threat of a trade war with top-buyer China, the U.S. Department of Agriculture said on Thursday, but traders expressed doubts about that forecast.
Skeptics noted that heated rhetoric between the United States and China, the world's top buyer of the oilseed, has sent tremors throughout futures markets in recent months and disrupted trade flows of products ranging from steel to sorghum.
Still, the USDA forecast in a monthly report that U.S. soybean exports in the 2018/19 marketing year would rise 10.9 percent to 2.29 billion bushels, adding that competition from South America will be limited this fall.
Just a month ago, Beijing proposed to slap tariffs of 25 percent on all U.S. shipments of the oilseed.
The USDA bases projections on current government policy and does not factor in potential tariffs or other trade actions yet to be implemented.
"It is interesting for (USDA) to post that high of a number in the face of the China trouble that hasn't been resolved," said Ted Seifried, analyst with Zaner Ag Hedge.
The forecast came the day China's agriculture ministry predicted the country will cut soybean imports for the first time in 15 years due to trade tensions with the United States.
Doubts about the USDA's projection helped pull Chicago Board of Trade soybean futures from a peak they hit after the agency released estimates for tighter supplies. The most-active contract reached a session high of $10.33-3/4 a bushel before eventually settling up 5-1/2 cents at $10.21-1/4 a bushel.
"They are really strong on soybean exports and I am very skeptical of that," Seifried said about the USDA.
The USDA report did not break out expected destinations for exports. The agency did raise its forecast for China's soybean imports by 6.2 percent, or 6 million tonnes, to 103 million tonnes in 2018/19, nearly matching government expectations for the increase in U.S. soybean exports.
"U.S. soybean exports projected to increase a large 225 million bushels might be flat out just wrong," Terry Reilly, senior commodity analyst at Futures International," said in a note to clients. "USDA either remains very optimistic on China trade relations and/or bullish Asian demand for soybean consumption."
China, which needs soybeans to boost pork production amid surging domestic demand, was expected to account for about 65 percent of global soybean imports in 2018/19.
Beijing has recently stepped up checks on imports of other U.S. commodities including fruit, logs and pork. (Additional reporting by Michael Hirtzer in Chicago. Editing by Tom Polansek in Chicago.) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-usda-predicts-record-soybean-exports-despite-china-trade-dispute.html |
Sec. Ross: I go to China with some hope for progress 4 Hours Ago Commerce Secretary Wilbur Ross discusses the delegation he is leading to China to talk about trade between the two nations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/sec-ross-i-go-to-china-with-some-hope-for-progress.html |
(Updates with picture)
HONG KONG, May 15 (Reuters) - Lee Kee Group, a major supplier of metals to China’s die-casting industry, says that some of its customers are developing “next generation” automated factories in Southeast Asia, a boost for its business in the region.
Lee Kee, which handles aluminium, zinc, nickel, copper, stainless steel and tin wire, set up an office in Singapore last year to expand its business in Southeast Asia as Chinese die-casters cut costs by shifting production abroad.
“(Chinese die-casters) are putting a lot of emphasis on the automation process (in Southeast Asian factories), and upgrading their designs,” Lee Kee Group CEO Clara Chan told Reuters in an interview on Monday.
“That’s why we have good confidence in Southeast Asia’s market development. If (a company) wants to invest in technology and automation, they have to have a long-term view on their business because automation costs money.”
Chinese die-casters, which churn out everything from toy cars and fashion accessories to household hardware have been setting up production lines in places such as Thailand, Vietnam, Indonesia and Malaysia. In die-casting, molten metal is poured into a mould to make a product.
Lee Kee Group, a subsidiary of Lee Kee Holdings, also includes a futures brokerage and a consultancy, as well as alloying and assaying arms.
It said earlier this month that it expected full-year attributable profit of HK$90 million ($11.47 million), more than double the year before, mostly due to an increase in zinc prices and higher revenue from its alloy and assaying businesses.
Chan said her customers were showing more interest in the chemical composition of metal products, looking at different qualities that could impact finish and strength, or that could reduce waste in the manufacturing process.
“We believe that the market, instead of just concentrating on the physical performance, they are also concerned about the chemical composition. That’s how we got the idea to set up the consultancy,” Chan said.
“Our consultancy suggests ... speciality alloys that fit their (a customer’s) product designs and their physical requirements ... But our core strength is alloying so if they require speciality materials with different functions, then we can make that.”
The process for new product development has also become much faster, as manufacturers are able to track trends digitally, Chan said. ($1 = 7.8494 Hong Kong dollars) (Reporting by Melanie Burton and Tom Daly in Hong Kong; Editing by Joseph Radford)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/lmeweek-asia-lee-kee-group/update-1-hong-kongs-lee-kee-says-china-die-casters-starting-automated-factories-in-se-asia-idUSL3N1SM4KU |
May 15 (Reuters) - 8x8 Inc:
* 8X8 ACQUIRES MARIANAIQ TO STRENGTHEN AI CAPABILITIES FOR ENTERPRISE COMMUNICATIONS
* 8X8 INC - FINANCIAL TERMS OF ACQUISITION ARE NOT BEING DISCLOSED. Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-8x8-buys-marianaiq-financial-terms/brief-8x8-buys-marianaiq-financial-terms-of-deal-not-being-disclosed-idUSASO0004TJ |
May 22, 2018 / 7:49 AM / Updated 10 minutes ago CORRECTED-India's Dr. Reddy's Q4 profit falls about 19 pct, misses estimates Reuters Staff 1 Min Read
(Corrects all figures except analysts’ estimates to reflect figures as per Indian Accounting Standard Rules)
May 22 (Reuters) - Indian generic drugmaker Dr. Reddy’s Laboratories Ltd posted an about 19 percent fall in quarterly net profit, missing estimates, hurt by headwinds in the U.S. market.
Profit for the quarter ended March 31 came in at 2.72 billion rupees ($39.98 million) versus 3.38 billion rupees a year earlier, the company said here
Analysts on average estimated a profit of 3.59 billion rupees, according to Thomson Reuters data.
Net sales fell slightly to 34.46 billion rupees. ($1 = 68.0400 Indian rupees) (Reporting by Arnab Paul in Bengaluru; Editing by Biju Dwarakanath) | ashraq/financial-news-articles | https://www.reuters.com/article/drreddys-results/indias-dr-reddys-q4-profit-falls-3-pct-misses-estimates-idUSL3N1ST2SB |
CNBC.com Stefan Wermuth | Bloomberg | Getty Images
Shares of Toyota Motor Corp. dropped nearly 2 percent in after-hours trading after a report that the Trump administration was weighing new tariffs on auto imports to the United States.
President Trump has discussed plans for tariffs with industry officials, The Wall Street Journal reported Wednesday afternoon, citing sources. It is looking at investigating car imports on national security grounds, the report said, and tariffs could be up to 25 percent.
The administration has already used the same reason to slap tariffs on steel and aluminum imports.
Shares of General Motors and Ford Motor rose slightly in extended trading. Toyota was off by 1.7 percent.
Earlier on Wednesday, Trump signaled that some action on the automaker front was coming. In a message on his verified Twitter account, he said "there will be big news coming soon for our great American Autoworkers. After many decades of losing your jobs to other countries, you have waited long enough." Tweet
Around lunch time, as he boarded Marine One for a trip to New York, Trump talked about ongoing negotiations over the 24-year-old North American Free Trade Agreement, a sticking point on which has been rules for imported auto parts.
"I think your auto workers and your auto companies in this country are going to be very happy," Trump said. "Nafta's very difficult. Mexico very difficult to deal with. Canada very difficult to deal with. They have been taking advantage of U.S. for long time. I am not happy with their request. I will tell you in the end we will win. We will win big."
Here's the full story from the Wall Street Journal. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/trump-administration-considers-new-tariffs-on-imported-vehicles-wall-street-journal-citing-sources.html |
May 2, 2018 / 6:34 PM / Updated 12 minutes ago Brazil's Meirelles says government unpopularity would not handicap bid Bruno Federowski , Lisandra Paraguassu 3 Min Read
BRASILIA (Reuters) - Potential Brazilian presidential candidate Henrique Meirelles is certain his success in steering the economy through stormy waters will shield him from voters’ disapproval of the current administration he served as finance minister. FILE PHOTO: Brazil's Finance Minister Henrique Meirelles speaks during a news conference in Brasilia, Brazil, April 6, 2018. REUTERS/Ueslei Marcelino
In an interview with Reuters, Meirelles said on Tuesday that he has agreed with his party, the ruling Brazilian Democratic Movement (MDB), that he will run for president in October’s election if current President Michel Temer decides by July he will not run. Meirelles has ruled out running as Temer’s vice president.
Meirelles’ challenge is to set himself apart from Temer’s government, with its single-digit approval rating, while also defending its legacy of free-market policies.
Polling at hardly 1 percent of voter intentions, he has been touring the country since stepping down from the Finance Ministry in April, in a bid to raise his profile and position himself as the face of Brazil’s recovery from the deepest recession in decades.
“There is no question that there is a communication challenge, that’s obvious. But I have an advantage when facing that challenge, which is that reality works in my favor,” he said in his new office at the MDB headquarters in Brasilia. “My track record is very positive, especially in terms of personal integrity.”
Meirelles is one of several presidential hopefuls looking to fill a vacuum left by the imprisonment of former President Luiz Inacio Lula da Silva, who maintains he will still run for the presidency and leads polls. [nL1N1RS05U]
As head of the central bank under Lula, Meirelles helped usher in a period of fast growth underpinned by high commodity prices that allowed the government to undertake an ambitious agenda of income redistribution and bolster the social security net.
He will now look to establish himself as a centrist with market-friendly credentials, while bashing the policies of Lula’s hand-picked successor Dilma Rousseff, who was impeached in 2016.
That is a common strategy among candidates in what is set to be the most unpredictable Brazilian election in decades, though it puts him in contrast with radicals such as far-right law-and-order lawmaker Jair Bolsonaro, who has performed well in early polls. [nL8N1RS02A]
Meirelles said his centrist stance should play to his advantage in a likely second-round vote.
“Any centrist candidate who reaches the second round will win the election, because both sides of the radical spectrum have very clear limitations,” he said. In a potential runoff against Bolsonaro, “I have no doubt that a lot of people who currently say they would vote for Lula would have no problem voting for me.” Reporting by Bruno Federowski and Lisandra Paraguassu; Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-meirelles/brazils-meirelles-says-government-unpopularity-would-not-handicap-bid-idUSKBN1I32N4 |
LAS VEGAS, May 7, 2018 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $1.63 per basic share for the first quarter of 2018, a $0.17 increase from consolidated earnings of $1.46 per basic share for the first quarter of 2017. Consolidated net income was $79.1 million for the first quarter of 2018, compared to consolidated net income of $69.3 million for the first quarter of 2017. The natural gas segment had net income of $90.3 million in the first quarter of 2018 compared to net income of $76.9 million in the first quarter of 2017, while the construction services segment incurred a loss of $11 million in the current quarter compared to a loss of $7.3 million in the first quarter of 2017. Consolidated current-year quarter results include a $700,000 loss, or ($0.01) per share, in other income (deductions) due to decreases in the cash surrender values of company‑owned life insurance ("COLI") policies, while the prior-year quarter included $2.8 million in other income, or $0.06 per share, associated with COLI policies. Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period.
Commenting on Southwest Gas Holdings' performance, John P. Hester, President and Chief Executive Officer, said: "We are pleased to report earnings per share of $1.63 for the first quarter of 2018. Gas segment results improved $13 million between quarters primarily due to the combined effects of rate relief and lower depreciation expense associated with the Arizona general rate case settlement that was effective in April 2017, as well as customer growth. During the last twelve months, 32,000 new customers were added in our natural gas segment. We continue to make planned capital expenditures to ensure the safety and reliability of our natural gas system in support of this customer growth and to achieve system improvements.
"Our construction services segment experienced a loss for the first quarter of 2018 as well as in the first quarter of 2017, a result of poor weather conditions in certain parts of the country. Losses during first quarter periods in this segment are not unusual due to less favorable winter-weather conditions, and the impact in 2018 was more pronounced in the bottom line as reduced income tax rates from U.S. federal tax reform resulted in lower tax benefits recognized. Results typically improve as more favorable weather conditions occur during the summer and fall months. Nevertheless, our construction services segment's revenues improved about 35% between quarters, due in no small part to its long-standing customer relationships, some of which span nearly as long as its 50-year history."
For the twelve months ended March 31, 2018, consolidated net income was $203.6 million, or $4.23 per basic share, compared to $145.9 million, or $3.07 per basic share, for the twelve-month period ended March 31, 2017. The current twelve-month period includes $6.8 million, or $0.14 per share, in other income due to increases in the cash surrender values of the COLI policies, while the prior-year period included a COLI-related increase of $9.3 million, or $0.20 per share. In addition, consolidated results for the twelve-month period ended March 31, 2018 reflect approximately $20 million ($8 million for the natural gas segment and $12 million for the construction services segment), or $0.42 per share, of income tax benefits due to the remeasurement of deferred tax balances in December 2017, when U.S. tax reform was enacted. Natural gas segment net income was $170.2 million in the current twelve-month period and $118.8 million in the prior-year period. Construction services segment net income was $34.7 million in the current twelve-month period and $27.4 million in the prior-year period.
Natural Gas Operations Segment Results
First Quarter
Operating margin was favorably impacted by rate relief in Arizona (effective April 2017) and California, which collectively provided $5 million in operating margin. Approximately $4 million in increased operating margin was attributable to customer growth, as 32,000 net new customers were added during the last twelve months. Operating margin associated with recoveries of regulatory assets, infrastructure replacement mechanisms, customers outside the decoupling mechanisms, and other miscellaneous revenues declined $2 million. A $14 million reserve adjustment recognized due to the enactment of U.S. tax reform in December 2017 reduced both operating margin and tax expense. The reserve contemplates that future rates will be reduced by this estimated amount associated with the first quarter of 2018 as rates billed to customers do not yet reflect the reduced cost of service resulting from tax reform. Therefore, net income was not impacted unfavorably.
Operations and maintenance expense decreased $1.6 million between quarters. Costs associated with the amount and timing of employee incentive plan grants declined $3.3 million, but these impacts were offset by increases in general costs. Depreciation and amortization expense decreased $11 million between quarters primarily due to reduced depreciation rates in Arizona, a result of the Arizona general rate case decision that became effective following the first quarter of 2017. Partially offsetting the decline was increased depreciation associated with an increase in average gas plant in service for the current quarter as compared to the corresponding quarter a year ago. Property taxes increased $475,000 between quarters due to net plant additions.
Other income and deductions decreased $3 million between quarters primarily due to lower income from COLI policies. Net interest deductions increased $2 million between quarters primarily due to higher interest associated with credit facility borrowings during the current-year quarter and the issuance of $300 million of senior notes in March 2018. Income taxes were favorably impacted in 2018 due to the December 2017 enactment of tax reform. Among other things, tax reform reduced the corporate federal income tax rate from 35% to 21%, effective January 2018.
Twelve Months to Date
Operating margin increased $11.6 million between the twelve-month periods including a combined $19 million of rate relief in the Arizona and California jurisdictions. Customer growth provided $10 million in operating margin. Operating margin associated with recoveries of regulatory assets, infrastructure replacement mechanisms, customers outside the decoupling mechanisms, and other miscellaneous revenues collectively decreased $3 million. A $14 million reserve recorded in the first quarter of 2018, associated with tax reform, decreased operating margin in the current period. However, net income overall was not unfavorably impacted, as favorable impacts from tax reform are reflected in income tax expense.
Operations and maintenance expense was relatively flat between the twelve-month periods as general cost increases, higher pension costs, and additional expenditures for pipeline integrity management and damage prevention programs were offset by a $2.7 million decrease in self-insured employee medical costs and lower bad debt expense. Depreciation decreased $43 million between periods as the impact of a 6% increase in average gas plant in service was more than offset by reduced depreciation rates in Arizona, effective April 2017. Property taxes increased $5 million between periods primarily due to net plant additions and increased property taxes in Arizona, including the impact of the property tax regulatory tracking mechanism.
Income taxes were favorably impacted in 2018 due to the enactment of federal tax reform effective January 2018. Approximately $8 million of one-time tax benefits, related to the remeasurement of deferred tax liabilities, were recorded in the fourth quarter of 2017 in addition to the lower rate utilized in the first quarter of 2018.
Construction Services Segment Results
First Quarter
Revenues increased $68 million, or 35%, in the first quarter of 2018 when compared to the prior-year quarter primarily due to additional pipe replacement work, including additional revenues of $14 million following the acquisition in November 2017 of New England Utility Constructors, Inc. ("Neuco").
Construction expenses increased $67 million, or 35%, between quarters due to additional pipe replacement work and higher labor costs incurred to complete work during inclement weather conditions in the current-year quarter. Approximately $14.1 million of Neuco construction expenses are included in the three months ended March 31, 2018. Gains on sale of equipment (reflected as an offset to construction expenses) were approximately $230,000 and $339,000 for the first quarters of 2018 and 2017, respectively.
Depreciation and amortization increased $1.2 million between quarters, primarily due to incremental amortization of finite-lived intangible assets recognized from the Neuco acquisition and an increase in depreciation on additional equipment purchased to support the growing volume of work being performed, partially offset by a $2 million reduction in depreciation associated with the extension of the estimated useful lives of certain depreciable equipment. Net interest deductions increased by $1.7 million between quarters. The increase was due primarily to higher average debt outstanding (including amounts used to finance the Neuco acquisition).
The reduction in corporate federal income taxes resulting from the December 2017 enactment of tax reform unfavorably impacted results during the first quarter of 2018, as lower corporate federal tax rates provide a reduced benefit during periods when losses are recorded.
Twelve Months to Date
Revenues increased $189.3 million, or 17%, in the current twelve-month period compared to the prior-year period primarily due to additional pipe replacement work for existing customers and the inclusion of approximately $31 million in revenues from Neuco since the November 2017 acquisition date. In addition, Centuri performed work on a multi-year water pipe replacement program, which began in late 2016, that contributed incremental revenues of $39.3 million and $17.7 million during twelve-month periods ended March 31, 2018 and 2017, respectively.
Construction expenses increased $193 million, or 19% between periods, primarily due to higher labor costs experienced due to changes in the mix of work with existing customers, lower productivity resulting from inclement weather, and greater operating expenses to support increased growth in operations. In addition, results were negatively impacted by higher construction costs and an unfavorable mix of work performed during the period related to the water pipe replacement program noted above. Centuri is pursuing relief from the customer in the form of modified terms or additional cost recovery. Approximately $27 million of construction expenses from Neuco are included in the twelve months ended March 31, 2018. Gains on sale of equipment (reflected as an offset to construction expenses) were $4.1 million and $6.2 million for the twelve-month periods of 2018 and 2017, respectively.
Depreciation and amortization decreased $2.1 million between the current and prior-year periods primarily due to a $5.5 million reduction associated with the extension of the estimated useful lives of certain depreciable equipment over the last twelve months, partially offset by incremental amortization of finite-lived intangible assets recognized from the Neuco acquisition and an increase in depreciation for additional equipment purchased to support the growing volume of work being performed. Net interest deductions increased $3 million between periods. The increase was due primarily to higher average debt outstanding.
Income tax expense for the twelve months ended March 31, 2018 included benefits of $12 million due to the remeasurement of deferred tax balances in December 2017, when U.S. tax reform was enacted.
Outlook for 2018 – 1st Quarter 2018 Update
Natural Gas Segment:
Operating margin for 2018 is anticipated to benefit from customer growth (similar to 2017), infrastructure tracker mechanisms, expansion projects, and California attrition. Combined, these items are expected to produce nearly 2% in incremental margin compared to 2017. Operating margin (but not net income overall) in 2018 is expected to include a reduction of approximately $30 million to $35 million due to tax reform benefits in 2018 expected to be returned to customers through future rate proceedings. However, income tax expense will also be reduced due to benefits of the reduction in the U.S. corporate federal income tax rate. On a comparative basis, operations and maintenance expense is expected to track generally with inflationary changes and customer growth rates (combined 2% to 3%) plus the impacts of an $8 million increase in pension costs. Despite the anticipated growth in gas plant in service (approximately 6%), depreciation and general taxes combined are expected to be relatively flat compared to 2017 due to the depreciation rate reduction approved in our Arizona general rate case settlement effective April 2017. On a comparative basis (excluding the effect of lower income tax rates on operating margin), operating income is expected to be relatively flat or modestly higher between years. Net interest deductions for 2018 are expected to increase by $9 million to $11 million compared to 2017 primarily due to an increase in outstanding debt associated with ongoing capital expenditures. Changes in cash surrender values of COLI policies will continue to be subject to volatility. Management generally anticipates longer term normal increases in COLI cash surrender values to range from $3 million to $5 million on an annual basis. The one-time benefit from tax reform due to remeasurement of deferred tax balances in 2017 will not recur. Capital expenditures in 2018 are estimated to be approximately $670 million, in support of customer growth, system improvements, and accelerated pipe replacement programs.
Construction Services Segment:
Centuri has a strong base of large utility clients (many with multi-year pipe replacement programs) that are expected to sustain, and over time, grow its business. Revenues for 2018 are anticipated to be 6% to 8% greater than 2017 levels. Operating income is expected to be approximately 5.25% to 5.75% of revenues. Based on the current interest rate environment, net interest deductions for 2018 are expected to be between $11 million and $12 million. Changes in foreign exchange rates could influence results.
Southwest Gas Holdings has two business segments:
Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California.
Centuri Construction Group, Inc. is a comprehensive construction services enterprise dedicated to meeting the growing demands of North American utilities, energy, and industrial markets. Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.
Forward-Looking Statements : This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2018. In addition, the statements under the heading "Outlook for 2018" that are not historic, constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company could cause actual results to those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, and the impacts of stock market volatility. In addition, the Company can provide no assurance that its discussions about future operating margin, operations and maintenance expenses, operating income, depreciation and general taxes, COLI cash surrender values, financing expenses, and capital expenditures of the natural gas segment will occur. Likewise, the Company can provide no assurance that discussions regarding construction services segment revenues, operating income, and net interest deductions will transpire. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Non-GAAP Measures . Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability. Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance. Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms. Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment. (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)
SOUTHWEST GAS HOLDINGS, INC. CONSOLIDATED EARNINGS DIGEST
(In thousands, except per share amounts)
QUARTER ENDED MARCH 31,
2018
2017
Consolidated Operating Revenues
$ 754,330
$ 654,737
Net Income applicable to Southwest Gas Holdings
$ 79,091
$ 69,308
Average Number of Common Shares
48,416
47,530
Basic Earnings Per Share
$ 1.63
$ 1.46
Diluted Earnings Per Share
$ 1.63
$ 1.45
Reconciliation of Revenue to Operating Margin (Non-GAAP measure)
Natural Gas Segment Revenues
$ 494,313
$ 462,602
Less: Net Cost of Gas Sold
185,732
146,879
Operating Margin
$ 308,581
$ 315,723
TWELVE MONTHS ENDED MARCH 31,
2018
2017
Consolidated Operating Revenues
$ 2,648,385
$ 2,383,979
Net Income applicable to Southwest Gas Holdings
$ 203,624
$ 145,903
Average Number of Common Shares
48,105
47,492
Basic Earnings Per Share
$ 4.23
$ 3.07
Diluted Earnings Per Share
$ 4.23
$ 3.05
Reconciliation of Revenue to Operating Margin (Non-GAAP measure)
Natural Gas Segment Revenues
$ 1,334,019
$ 1,258,914
Less: Net Cost of Gas Sold
393,898
330,400
Operating Margin
$ 940,121
$ 928,514
View original content: http://www.prnewswire.com/news-releases/southwest-gas-holdings-inc-announces-first-quarter-2018-earnings-300643819.html
SOURCE Southwest Gas Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-southwest-gas-holdings-inc-announces-first-quarter-2018-earnings.html |
I have been on an Interpol system six times: Bill Browder 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/bill-browder-interpol.html |
DAYTON, Ohio--(BUSINESS WIRE)-- REX American Resources Corporation (NYSE American: REX), a leading ethanol company, announced today that it will report its fiscal 2018 first quarter financial results on Wednesday, May 23, pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.
To access the conference call, interested parties may dial 212/231-2924 (domestic and international callers). Participants can also listen to a live webcast of the call on the REX website at www.rexamerican.com/Corp/Page4.aspx . A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx .
About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 677 million gallons of ethanol over the twelve month period ended January 31, 2018. REX’s effective ownership of the trailing twelve month gallons shipped (for the twelve months ended January 31, 2018) by the ethanol production facilities in which it has ownership interests was approximately 262 million gallons. In addition, in fiscal 2017 the Company acquired a refined coal operation. Further information about REX is available at www.rexamerican.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006151/en/
REX American Resources Corporation
Douglas Bruggeman, 937-276-3931
Chief Financial Officer
or
JCIR
Joseph Jaffoni, Norberto Aja, 212-835-8500
[email protected]
Source: REX American Resources Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-rex-american-resources-to-report-fiscal-2018-q1-results-and-host-conference-call-and-webcast-on-wednesday-may-23.html |
DALLAS, May 31, 2018 /PRNewswire/ -- Tailwater Capital LLC ("Tailwater"), a Dallas-based private equity firm, announced today that Lindsay Grider has joined the firm as Head of Investor Relations. Ms. Grider has over 10 years of experience launching, developing, and executing strategic fundraising and investor relations programs for private capital strategies.
Edward Herring, Managing Partner of Tailwater Capital, said: "We're delighted to have Lindsay join the Tailwater team. Her significant experience with capital raising and private markets make her the ideal person to lead Tailwater's investor relations efforts." Tailwater Managing Partner, Jason Downie, added: "Given Lindsay's energy background, she provides a unique strength to this role and will be extremely valuable for our current and future limited partners. We are thrilled to welcome her to the firm."
Most recently, Ms. Grider was Director of Investor Relations at NGP, a natural resources-focused private equity firm. During her time at NGP, Ms. Grider led fundraises for both energy and agribusiness funds and worked closely with both limited partners and investment consultants. Prior to NGP, Ms. Grider managed corporate development and distribution for Sterling Stamos Capital Management, an alternative investment firm based in Menlo Park, California. Her prior work experience includes five years in investment banking with Citigroup and Wachovia Securities, focused on M&A and capital raising transactions across various industries. Ms. Grider earned her B.A. in International Commerce from Vanderbilt University.
About Tailwater Capital LLC
Dallas-based Tailwater Capital is a sophisticated, growth-oriented energy private equity firm with a well-established track record, having executed more than 100 energy transactions in the upstream and midstream sectors representing over $18.6 billion in transaction value. Tailwater currently manages over $2.5 billion in committed capital and is actively pursuing midstream and upstream investment opportunities. Tailwater is focused on acquiring and growing midstream assets as well as participating in non-operated upstream opportunities in select basins. For more information, please visit www.tailwatercapital.com .
Contacts
Tailwater Capital LLC
Lindsay Grider, Head of Investor Relations
214-489-7043
[email protected]
View original content: http://www.prnewswire.com/news-releases/tailwater-announces-lindsay-grider-has-joined-as-head-of-investor-relations-300657419.html
SOURCE Tailwater Capital LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-tailwater-announces-lindsay-grider-has-joined-as-head-of-investor-relations.html |
(Reuters) - Amazon.com Inc said on Thursday it would open a new Australian fulfillment center in the southwest of Sydney, the country’s biggest city, in the second half of 2018.
Amazon Fulfillment Centre (YVR3) is pictured in New Westminster, British Columbia, Canada April 30, 2018. REUTERS/Ben Nelms Amazon would begin recruiting immediately for a range of roles including operations, support and technical specialists, the company said in a statement.
The company opened its first fulfillment center in the country in Dandenong South, Melbourne, in December to service far-flung Australian communities.
The new Sydney fulfillment center, along with the existing building in Melbourne, will allow Amazon to handle current and future customer demand, speed up delivery and increase product selection to customers across the country.
Amazon Web Services, which handles data and computing for large enterprises in the cloud, launched in Australia region in 2012 and has over 1,200 employees in the country at this time.
Reporting by Rishika Chatterjee in Bengaluru; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-amazon-com-australia/amazon-to-open-new-fulfillment-center-in-australia-idUSKBN1I401T |
WASHINGTON, May 11 (Reuters) - Canadian Foreign Minister Chrystia Freeland on Friday said there was a long “to-do” list to finish a renegotiation of the North American Free Trade Agreement, but that talks were making progress.
“The negotiation will take as long as it takes to get a good deal,” Freeland said after a trilateral meeting in Washington among Mexico, the United States and Canada. “We have been making good, meaningful, solid progress and I anticipate that progress will continue in the coming days.”
She said ministers would return to their home countries while Mexican Economy Minister Ildefonso Guajardo said technical groups would keep working next week. (Reporting by David Ljunggren; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta-freeland/canada-sees-long-nafta-to-do-list-but-solid-progress-idUSE1N1FF052 |
May 9, 2018 / 6:20 PM / Updated 15 minutes ago Zimbabwe woman says 'yes I do' days after crocodile attack Mike Saburi 2 Min Read
BULAWAYO, Zimbabwe (Reuters) - A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony.
The Zimbabwean told Reuters TV the crocodile punctured the inflatable boat carrying her and British fiance Jamie Fox, leaving the couple scrambling for their lives in the waters of the Zambezi.
“Firstly I was just pushing, kicking and trying to fight the croc as much as I could and eventually one of the tour guides managed to pull me out of the water and got me onto one of their canoes,” said Ndlovu.
The tour guides also pulled out Fox, and Ndolvu was airlifted to a Bulawayo hospital for treatment. Doctors amputated her shattered arm just above the elbow.
The pair married five days later after Ndlovu said she saw no reason to cancel. Friends and relatives attended.
The couple plan to settle in Britain. Fox said: “I think the first thing we are going to explore is a fully functioning prosthetic arm.” Writing by MacDonald Dzirutwe, Editing by William Maclean | ashraq/financial-news-articles | https://in.reuters.com/article/zimbabwe-crocodile-attack/zimbabwe-woman-says-yes-i-do-days-after-crocodile-attack-idINKBN1IA30A |
GAZA (Reuters) - Israeli forces shot and killed two Palestinians on Monday during mounting protests along Gaza’s border with Israel, Palestinian health officials said.
The deaths of the two men, aged 21 and 29, raised to 47 the number of Palestinians killed by Israeli gunfire since the protests began on March 30. Israel says its troops have used live ammunition to prevent a border fence from being damaged or breached.
At least 35 Palestinians were wounded by live ammunition fired by Israeli soldiers on Monday, the health officials said.
Reporting by Nidal al-Mughrabi, Writing by Jeffrey Heller, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-protests-palestinian-death/israeli-forces-kill-palestinian-during-gaza-protest-gaza-health-officials-idUSKCN1IF116 |
SAO PAULO (Reuters) - A 26-story abandoned office building occupied by about 150 squatters was engulfed in flames and collapsed in the center of Sao Paulo early Tuesday, shooting a massive black cloud of smoke into the sky and red-hot chunks of debris into nearby structures.
At least one person died and three others were missing, authorities said.
Live television images showed a firefighter on an adjacent rooftop talking to a man clinging to a rescue rope and trying to escape from the upper part of the burning building.
Suddenly, the structure collapsed and the man disappeared into the rubble. Authorities said he likely died, but were searching for him. Firefighters continued trying to fully extinguish the flames amid the debris of concrete chunks and twisted metal pipes.
An adjacent building caught fire, but was evacuated and no one was injured. That blaze was brought under control relatively quickly, Sao Paulo Fire Brigade Lieutenant André Elias told Globo TV.
The cause of the fire was unknown and there could be more victims, Elias said. Three people were unaccounted for, he said.
Firefighters try to extinguish a fire at a building in downtown Sao Paulo, Brazil May 1, 2018. REUTERS/Paulo Whitaker The abandoned former office building had been occupied irregularly seven years ago and some 150 people lived in the lower 10 floors, Globo reported.
Sao Paulo state Governor Marcio Franca, at the scene, told the Folha de S.Paulo newspaper it was a “tragedy foretold.”
The city and state governments have been working for years to forcibly remove squatters from buildings in central Sao Paulo, with plans for revitalizing the area.
Franca said about 150 buildings in the region were occupied by organized groups of squatters, who have pressured the government for years to provide housing for the city’s homeless.
Slideshow (14 Images) The governor said it was legally difficult to force people to evacuate the old and decaying buildings.
“There is not even a minimal condition for people to live in there,” Franca said. “People live there in desperation. This was a tragedy foretold.”
Reporting by Anthony Boadle and Brad Brooks; Editing by Matthew Mpoke Bigg and Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-fire/blazing-building-collapses-in-sao-paulo-1-dead-3-missing-idUSKBN1I238O |
Wholesale distributors of commercial foodservice equipment partner to expand offerings and share expertise throughout the Southeast, Mid-Atlantic, Southwest, and West Coast
GOLDSBORO, N.C.--(BUSINESS WIRE)-- Empire Equipment Company ( www.empire-equipment.com ) has acquired TruTemp Equipment ( http://trutempinc.com ) (based in Phoenix, AZ) and Norm’s Refrigeration ( http://normsrefrigeration.com ) (based in Anaheim, CA and Hayward, CA) to form a leading wholesale distribution platform for commercial foodservice equipment. Together, the Company will have seven distribution locations throughout the Southeast, Mid-Atlantic, Southwest, and West Coast.
TruTemp and Norm’s are value-added wholesale distributors of commercial foodservice equipment and aftermarket parts to the foodservice, hospitality, healthcare, and retail industries. Both TruTemp and Norm’s have provided market-leading wholesale distribution capabilities for over 50 years throughout the Southwest (Arizona, New Mexico, Nevada) and West Coast (Southern and Northern California) markets.
Combined, Empire, TruTemp, and Norm’s are distribution partners for leading commercial foodservice brands such as American Range, Blue Air, Cornelius, Everpure, Ice-O-Matic, Royal, Scotsman, and True.
The transaction significantly increases the size and geographic reach of Empire, whose strategy continues to focus on deeper penetration with existing products in its existing footprint, extension of its product set, and further expansion of its geographic reach.
“On behalf of all the employees at TruTemp and Norm’s Refrigeration, we are extremely proud and excited to be joining forces with the Empire family,” said Tim McGillicuddy, TruTemp/Norm’s President and CEO. “Not only do our two companies have complementary product line cards, but our teams also have similar cultures and core values. Like TruTemp and Norm’s, Empire understands how to grow with its key vendor partners while continuing to serve the needs of its customers. This is an exciting time for our combined businesses and we look forward to our new partnership with Empire.”
Jim Kirkland, CEO of Empire, said, “We are very excited to be partnering with TruTemp and Norm’s. We look forward to working with the talented team at TruTemp and Norm’s to continue providing exceptional customer service to their loyal customers. All of the employees at TruTemp and Norm’s will be retained and we will support their efforts with the larger scale and reach of the combined company. Empire is committed to providing leading distribution capabilities to the commercial foodservice equipment industry, and this acquisition continues to extend our capabilities to deliver a world class customer experience and a platform to support our vendor partners.”
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005101/en/
Empire Equipment Company
Rebecca Scott, 800-722-6075
Source: Empire Equipment Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-empire-equipment-company-acquires-trutemp-equipment-and-normas-refrigeration-to-create-leading-distribution-platform.html |
NEW YORK, May 22, 2018 /PRNewswire/ -- Blink Fitness – a premium-quality, value-based gym that has challenged industry norms by celebrating how exercise makes you feel, not just how it makes you look – has announced the promotion of former president Todd Magazine to Chief Executive Officer and former Vice President of Operations David Collignon to Senior Vice President of Operations.
"Todd's vision and tenacity have propelled Blink Fitness into a thriving bi-coastal, multi-state brand," said Harvey Spevak, executive chairman and managing partner of Equinox Holdings, Inc., Blink's parent company. "He has simultaneously established the brand as a highly differentiated player and transformed Blink into an autonomous, profitable business. Under his leadership, we look forward to a future of sustained, strong performance and continued growth."
Magazine joined Equinox in 2012 as the Executive Vice President of New Business. A year later he transitioned exclusively to the Blink brand, serving as the Executive Vice President and General Manager before serving as President prior to this most recent promotion. Under Magazine's leadership, Blink has grown from four to 70 locations in six years and has more than 400,000 members. The business has added a franchising system to supplement its company-owned efforts, all of which is helping accelerate the brand's growth and expansion.
"The last six years have been the most fun and rewarding of my career. And the best part is that we are only getting warmed up. The runway for this business is as far as the eyes can see," said Magazine. "We have an awesome brand, an incredible business model, and the most dedicated and passionate people I have ever worked with."
Since joining Blink in 2016 as Vice President of Operations, Collignon has transformed the Operations team, enabling the business to continue to grow at a rapid pace and to seamlessly expand geographically. With this promotion, David's responsibilities will be expanded to include Franchise Operations.
"Under David's leadership, the business has seen a significant reduction in member attrition, as well as staff turnover," said Magazine. "He also helped turbo charge Blink's personal training and retail businesses, both of which grew exponentially over the past year."
Launched in 2011, Blink offers a truly unique experience to its members, based on a company philosophy of Mood Above Muscle™, which celebrates the positive feelings you get from exercise rather than just the physical benefits. Their Feel Good Experience ® comes to life in each gym through a commitment to providing modern and colorful design, elevated customer service, relentless focus on cleanliness, energizing music and confidence-boosting training programs.
Blink Fitness has opened nearly 70 company-owned locations since its inception across New York, New Jersey, Pennsylvania and California, and has over 50 additional franchise locations in various stages of development in major U.S. markets. According to Magazine, Blink will have approximately 90 locations open and operating by the end of the year and expects to surpass the 300-unit mark over the next five years.
About Blink Fitness
Founded in 2011, Blink Fitness is a premium quality, value-based fitness brand with more than 90 locations open or in development throughout New York, New Jersey, Pennsylvania and California. Blink Fitness puts Mood Above Muscle™ which celebrates the positive feeling you get from exercise, not just the physical benefits. Each gym employs the company's signature Feel Good Experience® that highlights enthusiastic staff members, a clean environment, an open, spacious, and colorful design, energizing music and fitness training that is motivating and affordable.
For more information about Blink, visit blinkfitness.com . Franchising details are available on blinkfranchising.com . Blink Fitness has franchise opportunities available nationwide with a focus on the following markets: Atlanta, Baltimore, Dallas, Houston, Miami, Tampa and several areas of California, Connecticut, Massachusetts and Pennsylvania.
Facebook: BlinkFitness
Twitter: @BlinkFitness
Instagram: @BlinkFitness
Click here to take a drone tour of a Blink Fitness gym.
Contact: Cami Fannin, Franchise Elevator PR, (847) 239.8171, [email protected]
View original content: http://www.prnewswire.com/news-releases/blink-fitness-promotes-two-key-players-names-todd-magazine-ceo-300652816.html
SOURCE Blink Fitness | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-blink-fitness-promotes-two-key-players-names-todd-magazine-ceo.html |
May 4 (Reuters) - AMP Ltd:
* AMP SUBMISSION TO ROYAL COMMISSION * “WE HAVE TAKEN RESPONSIBILITY FOR ISSUES AND CONTINUE TO TAKE EXTENSIVE ACTION TO FIX THEM”
* REAFFIRMS & REITERATES OUR UNRESERVED APOLOGY FOR FAILINGS IN RESPECT OF ADVICE AND SERVICE DELIVERY TO OUR CUSTOMERS
* LODGED A SUBMISSION ADDRESSING EVIDENCE RECEIVED BY ROYAL COMMISSION IN ITS HEARINGS INTO FINANCIAL ADVICE IN RELATION TO FEES FOR NO SERVICE
* AMP ACCEPTS FURTHER BOARD RENEWAL IS NECESSARY AND IS COMMITTED TO A MEASURED PROGRAM OF CHANGE
* FEES FOR NO SERVICE ISSUES RAISED IN ROYAL COMMISSION HAVE BEEN SUBJECT OF ONGOING ASIC INVESTIGATION SINCE 2015
* TO DATE, FOR BROADER LICENSEE FEES FOR NO SERVICE ISSUE, WE HAVE REMEDIATED 15,712 CUSTOMERS, A TOTAL OF $4.7 MILLION
* COMMITTED TO FASTRACKING SELECTION OF A CHAIRMAN AND APPOINTMENT OF A NEW NON- EXECUTIVE DIRECTOR
* “ACKNOWLEDGES PROCESS HAS BEEN TOO SLOW AND IS COMMITTING ADDITIONAL RESOURCES AND EXPLORING NEW WAYS TO ACCELERATE THIS PROCESS”
* “DENIES ALLEGATION BY COUNSEL ASSISTING THAT IT IS OPEN TO FIND THAT AMP HAS COMMITTED A CRIMINAL OFFENCE IN PROVIDING CLAYTON UTZ REPORT TO ASIC”
* WORKPLACE INVESTIGATION COMMISSIONED BY BOARD REMAINS ONGOING & WILL BE USED TO DETERMINE ANY DISCIPLINARY CONSEQUENCES FOR INDIVIDUALS INVOLVED Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amp-makes-submission-to-royal-comm/brief-amp-makes-submission-to-royal-commission-idUSFWN1SA1EF |
TORONTO, Purepoint Uranium Group Inc. (the “ Company ” or “ Purepoint ”) (TSX:PTU.V) today approved the issuance of a total of 3,150,000 options to its Board of Directors, management and certain staff members pursuant to the Company’s stock option plan. The options vest immediately, are exercisable at a price of $0.06 per common share and expire on a date that is five years from the date of grant.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its seven projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and Orano Canada Inc. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade. Purepoint is actively advancing a large portfolio of multiple drill targets in the world's richest uranium region.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
(416) 603-8368
www.purepoint.ca
Source: Purepoint Uranium Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-purepoint-uranium-issues-stock-options.html |
HONG KONG (Reuters) - Ant Financial Services Group, operator of China’s biggest online payment platform by market share, Alipay, has closed its latest funding round having raised $10 billion from a clutch of global and local investors, five people with direct knowledge of the matter told Reuters.
FILE PHOTO: A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip/File Photo Ant’s first fundraising targeting global money values the firm at $150 billion, the people said, compared with about $60 billion after its previous fundraising in April 2016.
A number of global sovereign wealth funds and private equity firms joined the fundraising as main investors. They include Singapore’s sovereign fund GIC Pte Ltd [GIC.UL] and state investor Temasek Holdings (Private) Ltd [TEM.UL], as well as U.S. private equity firm Warburg Pincus LLC [WP.UL], the people said.
Malaysian sovereign fund Khazanah Nasional Bhd [KHAZA.UL] has also joined as a major investor, one of the people said.
The funding round also brought in private equity firm Carlyle Group LP and venture capital firm Sequoia Capital, which typically invests in early-stage start-ups, three of the people said.
The amount and investor line-up are finalised and the transfer of funds is underway, the people said.
The funding round includes a separate tranche of around 7 billion yuan ($1.1 billion) in new shares which has not been finalised, two of the people said.
The people spoke to Reuters on condition they not be identified as the deal details are not yet public.
Ant, controlled by Alibaba Group Holding Ltd founder Jack Ma, declined to comment. Carlyle, Temasek and Warburg declined to comment. Khanazah, GIC and Sequoia Capital did not immediately respond to a request for comment.
The capital-raising comes ahead of a widely expected initial public offering (IPO), though Ant has neither publicly set a timetable nor chosen a likely stock exchange.
A $150 billion valuation would make Ant’s IPO one of the biggest ever - comparing to the $104 billion of Facebook Inc six years ago and Alibaba’s $168 billion in 2014.
A fundraising document seen by Reuters showed Ant planned to list both in China and Hong Kong in 2019, and its investors joining the latest fundraising could expect to exit within one to three years. Ant declined to comment on the document.
Strong demand from investors looking to position themselves ahead of Ant’s potential IPO has resulted in a much higher amount than an initial target of up to $5 billion, which Reuters earlier reported.
Four-year-old Ant, which was spun off from Alibaba when the group went public in New York, has diversified over the years into credit services, asset management and online banking, besides owning the Alipay payment platform.
After becoming a dominant in payments in China, the company has also invested in a number of internet-based startups including Chinese bike-sharing company Ofo, food delivery app operator Ele.me and Indian payment company PayTM.
The firm counts China’s sovereign wealth fund, China Investment Corp, state lender China Construction Bank Corp, the country’s National Social Security Fund and big state insurers, among others, as investors from previous funding rounds.
Reporting by Kane Wu; Additional reporting by Julie Zhu and Liz Lee; Writing by Sumeet Chatterjee; Editing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ant-financial-fundraising/chinas-ant-financial-closes-funding-round-raises-10-billion-at-150-billion-valuation-sources-idUSKCN1IU0EZ |
May 5, 2018 / 10:47 AM / Updated 10 hours ago 'Harry & Meghan' romance gets the Lifetime TV treatment Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - As soon as Britain’s Prince Harry and American actress Meghan Markle announced their engagement last November, executives at U.S. cable television network Lifetime swung into gear. Britain's Prince Harry and his fiancee Meghan Markle attend a Service of Thanksgiving and Commemoration on ANZAC Day at Westminster Abbey in London, Britain, April 25, 2018. Eddie Mulholland/Pool via Reuters
In two weeks, the first scripts were written for “Harry & Meghan: A Royal Romance,” a dramatization of their courtship that will premiere on May 13 as the jewel in the crown of a week of Lifetime programming ahead of the May 19 royal wedding in England.
Starring Scottish actor Murray Fraser as Harry and American Parisa Fitz-Henley as Markle, the television film is based on known events in the couple’s almost two-year romance, including their appearances together, Markle’s public speeches and entries from her former lifestyle blog The Tig.
It also weaves in imagined scenes, including their first blind date, an argument, a sex scene, Harry’s proposal and events with key members of Britain’s royal family, including the late Princess Diana; Harry’s brother, Prince William; William’s wife; Kate Middleton, Prince Charles and Queen Elizabeth.
“There is so much drama in the real story we didn’t have to make a lot up,” said co-writer Terrence Coli.
Shot mostly in Toronto, where Markle was based while shooting the TV series “Suits,” the makers say the TV film is motivated by warmth and admiration for the couple. It follows a Lifetime biopic made for the 2011 wedding of William and Kate.
“One of the reasons that we love them so much is because they are a unifying force in a very divisive time,” said co-writer Scarlett Lacey.
Fraser, who had to drop his broad Scottish accent to play Harry, said he did not want to do a mere copycat of the tall, ginger-haired prince.
“I really wanted to see him as a human being who just happens to be a prince,” Fraser said.
Fitz-Henley said she saw Markle as “a really great example of confidence.”
Markle and Harry were not consulted in the making of the film, but the producers say the couple are aware of it and the producers hope they will see it.
“We admire them as a couple, so we hope they watch it and they think it is funny and sweet,” said Michele Weiss, one of the executive producers. Reporting by Jill Serjeant and Rollo Ross; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-film/harry-meghan-romance-gets-the-lifetime-tv-treatment-idINKBN1I60BT |
May 11, 2018 / 4:42 PM / Updated 23 minutes ago Pirates burn, beat, and toss fishermen overboard off Suriname - survivors Neil Marks 4 Min Read
PARAMARIBO (Reuters) - Pirates burnt Guyanese fishermen with hot oil, attacked them with machetes and forced them overboard tied to anchors in a fatal attack in the Atlantic Ocean off the neighbouring South American nation of Suriname, according to survivors.
The assault in late April on four fishing boats 30 miles (48 km) from the coast was described by Guyana’s President David Granger as a “massacre” and a major setback to curbing piracy long rife in the waters off both nations.
Of the twenty fishermen attacked, 12 are still missing, five survived and three bodies have been found.
Eighteen Guyanese men have been arrested for what is thought to be a revenge attack.
Survivor Deonarine Goberdhan, 47, has fished for three decades and is used to interacting with other vessels, so at first was not surprised when another boat approached.
Yet, the people onboard had obscured their faces with rags, leaving only their eyes uncovered, he told Reuters from his home in the Surinamese capital Paramaribo.
Seven boarded Guyana-born Goberdhan’s small boat with a gun and long knives, and began beating them.
“They said they would take the boat and that everyone should jump overboard,” he said, showing gashes and bruises on his arm.
“I tried to keep my head above water so I could get air. I drank a lot of salt water,” he said. The pirates had stolen his boat. “I looked to the stars and moon. I just hoped and prayed.”
At one point closer to shore, Goberdhan gave up and sank, but fought back to the surface and eventually found passing fishermen who brought him to shore. ‘TWO NIGHTS DRIFTING’
Another survivor, 33-year-old Sherwin Lovell, told a similar though more gruesome story from his own boat.
The pirates poured the fishermen’s cooking oil into a pot on their victims’ boat and turned the stove on.
“The men came with the pot and started burning us with the oil,” Lovell said from his apartment in Paramaribo, nursing wounds on his back, arms and left foot.
The pirates also cut them and sprayed them with gasoline, as they cowered helplessly in crates used to store fish.
“I jumped overboard because they said they would kill everybody,” said Lovell. “I spent two nights on the water drifting. Luckily, the tide carried me to shore.”
When finally in hospital, capping his trauma, Lovell found out his partner had herself fallen ill in an unrelated incident - and suddenly died the next day. “I want to know why all this is happening to me.”
Guyana’s Police Commissioner David Ramnarine said the attack appeared to stem from a previous killing on the mainland.
“The basis for this gruesome, heinous and dastardly attack has to do with some sort of retaliation by one of the persons in custody whose brother was allegedly gunned down in a drive-by shooting on March 30 in Suriname,” Ramnarine said Wednesday in Georgetown.
Suriname’s government temporarily suspended fishing off its coast after the attack. Undeterred, Goberdhan said he would be back on the water soon. “I love it out there.” Additional reporting by Ank Kuipers in Paramaribo; Writing by Girish Gupta and Leon Wietfeld; Editing by Andrew Cawthorne and Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-suriname-piracy/pirates-burn-beat-and-toss-fishermen-overboard-off-suriname-survivors-idUKKBN1IC238 |
MADRID (Reuters) - Maria Sharapova’s battle to rediscover her best form continued to be an uphill one as she came up short against Dutchwoman Kiki Bertens in the Madrid Open quarter-finals on Thursday.
Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 10, 2018 Russia's Maria Sharapova waves after losing her quarter final match against Netherlands' Kiki Bertens REUTERS/Susana Vera The Russian former world number one has shown only flashes of the play that has earned her five grand slam titles since returning from a doping ban last year.
She arrived in Madrid on the back of three consecutive first-round defeats and while three wins on the Spanish clay hinted at better things the 31-year-old said there is still a way to go as she gears up for Roland Garros.
Despite a strong start 2014 Madrid champion Sharapova wilted under the powerful hitting from unseeded Bertens, losing 4-6 6-2 6-3.
“I look at these types of matches, I see a lot of things I should be better at, I should improve at,” Sharapova, languishing down at 52 in the rankings, told reporters.
“I think it’s a combination of, yes, taking the positives, but also being a little tough on yourself and expecting a little bit more from yourself.
“You can’t keep giving yourself a pat on the back. It was great to get those wins against those few players. But there’s a reason I came up short today.
“I go back to the drawing board and start over again.”
Sharapova looks unlikely to be seeded on her return to the French Open where she has won the title twice.
Last year organizers declined to give her a wildcard after she returned from a 15-month doping ban for testing positive for heart drug meldonium at the 2016 Australian Open.
She has managed only one title since returning and split with long-time coach Sven Groeneveld after losing in the first round at Indian Wells in March.
She said she was still driven to improve and did not regret the split with Groeneveld.
“Post Indian Wells was a tough few weeks for me, I think I don’t know many people that would be like, ‘Let’s keep going’,” she said. “It was really tough. I was willing to make changes, willing to get back out there, willing to put in the work.
“I think that attitude certainly helps, that perspective on things. When you try to make the right decisions for yourself in a very selfish sport, maybe somehow in the end it works out.”
Reporting by Martyn Herman; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-madrid-women-sharapova/work-still-to-do-says-toiling-sharapova-idUSKBN1IB2U0 |
FRANKFURT, April 30 (Reuters) - The following are some of the factors that may move German stocks on Monday:
BASF, BAYER Deadline for the EU Commission to decide whether BASF is a suitable buyer for the units Bayer is selling to receive antitrust approval of its takeover of Monsanto.
CONTINENTAL Continental and Osram expect to achieve double-digit sales growth over the next five years at their 50-50 joint venture Osram Contintental GmbH, managers told Automobilwoche at the weekend.
DAIMLER Daimler has failed to prevent authorities from being allowed to review documents seized in a raid, according to Stuttgarter Zeitung.
DEUTSCHE BANK The German lender is expected to cut around 1,000 jobs or 10 percent of its workforce in the United States, a person familiar with the matter said on Friday, as it scales back its global investment banking ambitions.
Deutsche Bank plans to integrate its private clients business with that of Postbank into a single legal entity by the end of May, Handelsblatt reports citing its own sources, adding that a formal decision has yet to be taken.
Rating agency Moody’s changed its outlook on A3 rated deposits citing rising execution challenges, strategic challenges and strategic turmoil.
DEUTSCHE TELEKOM T-Mobile US Inc will acquire peer Sprint Corp , in a $26 billion all-stock deal that will combine the third and fourth largest U.S. wireless carriers and is expected to attract regulatory scrutiny.
Deutsche Telekom said its leverage would increase beyond its target corridor of 2-2.5 times EBITDA as a result of the takeover by its unit T-Mobile US of Sprint Corp, but will return to the comfort zone in 2021.
Germany’s regulator is considering requiring cable TV operators to provide network access to third parties, in a shift that could affect talks on a European merger between Vodafone and Liberty Global.
Deutsche Telekom has awarded a large contract to China’s Huawei for a turnkey solution to install junction boxes to connect its copper-wire network to customers, Wirtschaftswoche reported citing sources. Huawei faces allegations in the United States that it poses a national security threat.
NORDEX The German market will pick up after 2019 the company’s chief financial officer told Boersen-Zeitung.
VOLKSWAGEN Volkswagen supervisory board member Wolfgang Porsche, 74, said his nephew, Ferdindand Oliver Porsche, could become the next spokesman for the Porsche family that controls the German car maker, Automobilwoche reported. Ferdinand Oliver already sits on the supervisory boards of VW, Audi and Porsche, while the family has a 52.2 percent voting stake in VW.
A Stuttgart court will seek testimony from VW’s former development chief Heinz-Jakob Neusser, Wirtschaftswoche said.
RIB SOFTWARE Q1 results due.
RWE The lifspan of nuclear power stations will not be extended, Tageszeitung reported. But Vattenfall and RWE are set to get around 1 bln euros compensation for suffering under Germany’s policy of exiting nuclear power.
STADA Stada will delay a vote seeking ratification of the actions of the management board at the company’s annual general meeting, the company told Handelsblatt.
QINGDAO HAIER Shareholders of Chinese white goods maker Qingdao Haier Co Ltd have backed plans to list on the regulated market of the Frankfurt Stock Exchange.
TELE COLUMBUS Annual report due. The group published preliminary results on March 29 and issued guidance for 2018.
UNIPER Finnish utility Fortum on Saturday said Russian authorities had approved its acquisition of up to 50 percent of German counterpart Uniper, playing down the decision to effectively deny it a controlling stake.
WASHTEC Q1 results due.
ANNUAL GENERAL MEETINGS WASHTEC - 2.45 eur/shr dividend proposed
EX-DIVIDEND
CONTINENTAL - 4.50 eur/shr dividend
MERCK - 1.25 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones -0.1 pct, S&P 500 +0.1 pct, Nasdaq unchanged at close.
Japanese markets closed, Chinese markets closed.
Time: 5.21 GMT.
GERMAN ECONOMIC DATA German March retail sales due at 0600 GMT. Seen +0.9 pct m/m, +1.0 pct y/y.
German April inflation data due at 1200 GMT. CPI seen flat m/m, +1.6 pct y/y, HICP flat m/m, +1.5 pct y/y.
DIARIES REUTERS TOP NEWS (Reporting by Tom Sims, Douglas Busvine and Edward Taylor)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-april-30-idUSL8N1S43WH |
April 30 (Reuters) - BIOMED-LUBLIN WYTWORNIA SUROWIC I SZCZEPIONEK SA:
* REPORTED ON FRIDAY FY NET PROFIT OF 0.6 MILLION ZLOTYS VERSUS LOSS OF 25.8 MILLION ZLOTYS YEAR AGO
* FY REVENUE 31.4 MILLION ZLOTYS VERSUS 36.3 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S72NE |
May 11, 2018 / 5:05 AM / Updated 2 hours ago Nestle falls behind as millennials warm up to frozen meals Richa Naidu , Melissa Fares 6 Min Read
Solon, OHIO (Reuters) - At Nestle’s $50 million research center outside Cleveland, food technicians and packaging experts set out three years ago to remake its frozen food lineup and appeal more to busy, health-conscious adults in their 20s and 30s.
Nestle ( NESN.S ) may have gotten the menu right, but its timing was off. When young consumers came back to the frozen food aisle last year, the company’s supply chain wasn’t ready. The result: It lost market share to rivals.
Jeff Hamilton, who heads Nestle’s U.S. food business, said in an interview the company did not have the manufacturing capacity ready to meet extra demand for its Stouffer’s Fit Kitchen and Lean Cuisine meals. He described it as “sudden, significant and beyond our expectations.”
To catch up, Nestle recently increased capacity at several of its U.S. factories, including making adjustments to its plants and adding a new line in its factory in Jonesboro, Arkansas, Hamilton said.
“That doesn’t mean we’re not close to the edge, but I think we’re one step ahead from where we were,” he said.
Investors have long pressed Nestle to improve the performance of its frozen food business, leading the company to bring consultants, focus groups and international chefs to its Ohio research facility to help overhaul its menu. Today, the lineup includes items such Coconut Chickpea Curry and Sweet Earth Veggie Lover’s pizza, advertised as organic or high in vitamin C.
Much of its effort revolved around a pitch to millennials, the young adult demographic that executives believed would purchase frozen meals if they were offered healthier, more modern choices at the right price point.
So when demand began rising a year ago, it should have offered Nestle a chance to quickly quiet critics. Instead, it marked a missed opportunity.
After several flat years, frozen food sales in the United States rose 1.4 percent in the last year, according to Nielsen, the market research firm. Young adults helped drive the surge. In 2017, millennial homes spent 9 percent more than average households per trip on frozen foods.
Yet since September, retailers have sold fewer Nestle frozen entrees than during the same period the prior year, hitting a low point in January when Nestle volumes were about 5 percent down from last year, according to Bernstein analysts who reviewed data from Nielsen.
Competitors filled the gap. Frozen entree sales rose for both Conagra Brands Inc ( CAG.N ) and Pinnacle Foods Inc ( PF.N ), two key rivals, according to the data. Conagra’s volumes were up about 10 percent in March, compared with a year ago.
Nestle’s retail sales have started to pick up, but are still well below last year’s levels, Bernstein said. Slideshow (20 Images) INEXPENSIVE AND EASY
Frozen food is a relatively small part of Nestle’s sprawling portfolio, which also includes Nescafe instant coffee and Pure Life bottled water. It is one of the reasons some investors have called on it to sell the business, saying it would free the Swiss company to focus on more important or higher-growth businesses.
“Nestle will never be able to convince me that management attention on a business like frozen is the same as what they’re giving to high-growth businesses,” said one Nestle investor, who declined to be named.
Frozen meals and pizza accounted for 14 percent of Nestle USA’s $27 billion sales in 2016, or around 4 percent of the company’s global sales of about $89.35 billion. More recent figures were not available.
Instead of divesting the business, Nestle joined other food makers in revamping its product line to win over a new generation of consumers. Frozen food aisles, once dominated by frozen pepperoni pizzas and meat lasagna, now feature meals with trendy ingredients such as cauliflower and quinoa.
The newer entrees cater to a wider variety of cultures and dietary requirements, including people who eat gluten-free, organic or want antibiotic-free meat. They also offer a relatively inexpensive meal choice for younger, cash-strapped shoppers.
“Something as simple as buying frozen food is really just symptomatic of the trends we’re seeing at large,” said Allie Aguilera, Policy and Government Affairs Manager at Young Invincibles, a Washington D.C.-based advocacy group.
“When you’re seeing $400 dollars come out of each paycheck to pay a student loan, that’s certainly going to impact your ability to go grocery shopping in a way that people more traditionally used to.”
Rachel McCarthy, a 26-year-old translator based in Austin, Texas, is among those sought-after millennials turning to frozen meals. Over the past year, she has started buying more Nestle Lean Cuisine entrees, in part because of tight finances.
“They’re inexpensive and require no prep,” McCarthy wrote in a Twitter message. “I make $30,000 a year and have lots of student debt that I’m trying to pay off while also trying to afford to live in Austin where rent prices are rising.”
To ensure it can also cater to wealthier millennials, willing to pay more for higher-end ingredients, Nestle plans to roll out its frozen bowl brand Wildscape to 3,000 stores around the country in the coming weeks. The bowls have taken over a year to develop using millennial focus groups.
Thomas Russo, whose firm Gardner Russo & Gardner has a stake worth more than $1 billion, said he was confident that the company would deliver on the frozen food business, despite the recent supply chain issues.
But, he added: “It’s conceivable that they’ve taken their eye off the ball temporarily.” Reporting by Richa Naidu in Solon, Ohio and Melissa Fares in New York; Editing by Vanessa O'Connell and Paul Thomasch | ashraq/financial-news-articles | https://www.reuters.com/article/us-nestle-frozenfood/nestle-falls-behind-as-millennials-warm-up-to-frozen-meals-idUSKBN1IC0CO |
May 17 (Reuters) -
* PAYPAL HOLDINGS IN ADVANCED TALKS TO BUY IZETTLE; PAYPAL COULD ANNOUNCE INTENTION TO BUY IZETTLE AS SOON AS FRIDAY - SKY NEWS Source text : bit.ly/2wO5mZ1 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-paypal-in-advanced-talks-to-buy-iz/brief-paypal-in-advanced-talks-to-buy-izettle-sky-news-idUSFWN1SO0WU |
The World at Work: Training for 'New Collar' Jobs Tuesday, May 15, 2018 - 03:11
Think you need a 4-year college degree to get a job in tech? Not necessarily so, says IBM, which created a model for public high school students to earn junior college degrees and making them eligible for what's known as 'new collar' jobs.
Think you need a 4-year college degree to get a job in tech? Not necessarily so, says IBM, which created a model for public high school students to earn junior college degrees and making them eligible for what's known as 'new collar' jobs. //reut.rs/2L3OhgI | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/the-world-at-work-training-for-new-colla?videoId=427233726 |
RYE, N.Y.--(BUSINESS WIRE)-- Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2018. All per share amounts are on a fully-diluted basis.
Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), which owns and operates assets in the nation’s most dynamic urban and street-retail corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.
Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income, funds from operations ("FFO") and net operating income ("NOI").
Highlights
Earnings: Generated earnings per share of $0.09 for the first quarter; FFO per share was $0.33 for the first quarter Core Portfolio Operating Results: Solid Core operating fundamentals To date, achieved 60% of our 2018 leasing goals based on NOI, representing approximately $5 million of annualized NOI Rent growth of 15.3% on new and renewal leases for the quarter on a cash basis Reported 95.3% leased occupancy as of March 31, 2018 As projected, same-property net operating income decreased 1.0% for the first quarter (excluding redevelopment), driven by the previously-reported recapture of occupancy during 2017 which impacted period-over-period comparability Core Structured Finance Investments: As projected, the Company received repayment of a $26 million Core note receivable in the first quarter of 2018 Fund Transactional Activity: Fund V acquired a high-yield investment during the first quarter for $45 million; Fund IV completed $8 million of dispositions during the first quarter Balance Sheet: As a result of successful capital recycling efforts, the Company repurchased $32 million through March 31, 2018, pursuant to its new share repurchase program on a leverage-neutral basis; As previously reported, the Company extended the maturity of its corporate unsecured facility resulting in reduced borrowing costs and improved flexibility Guidance: Following its strong leasing efforts and its portfolio performance to date, the Company reaffirms its 2018 guidance of FFO per share of $1.33 to $1.45 and same-property net operating income growth of 1-3%, including 2-7% growth in the second half of the year
“Our first-quarter operating results were consistent with our expectations but, more importantly, we continued to make significant progress on both our immediate leasing goals and our long-term growth plans,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “At the beginning of this year, we laid out important leasing goals for our high-quality core portfolio; this leasing, together with two key redevelopments, should drive strong, organic NOI growth over the next several years. In the fund platform, we continue to selectively acquire durable high-yield properties while we watch the disruption in our industry translate into other actionable opportunities. Especially during times like these, it feels good to have significant dry powder, both on balance sheet and in our fund platform, to execute on interesting investment opportunities as they arise.”
FINANCIAL RESULTS
A complete reconciliation, in dollars and per share amounts, of net income to FFO is included in the financial tables of this release.
Net Income
Net income attributable to common shareholders for the quarter ended March 31, 2018 was $7 million, or $0.09 per share. Net income attributable to common shareholders for the quarter ended March 31, 2017 was $16 million, or $0.18 per share. The decrease in net income for the quarter was attributable to gains on dispositions of unconsolidated properties in 2017 as well as a reduction in the current quarter in interest income following the monetization of structured finance investments and the impact of the previously discussed recapture of occupancy.
FFO
Consistent with our expectations, FFO for the quarter ended March 31, 2018 was $29 million, or $0.33 per share compared to $35 million, or $0.40 per share for the quarter ended March 31, 2017. The decrease in FFO for the quarter was primarily due to a reduction in interest income in the current quarter following the monetization of structured finance investments and the previously discussed recapture of occupancy.
CORE PORTFOLIO
Core Operating Results
The Company's 2018 leasing goal is to execute leases comprising approximately $8 million of NOI on a run rate basis. To date, the Company has executed leases comprising approximately $5 million of annualized NOI at its key street and urban locations on Madison Avenue (New York), Armitage Avenue (Lincoln Park, Chicago), M Street (Georgetown, Washington DC) and Greenwich Avenue (Greenwich, CT). As such, the Company has achieved 60% of its leasing goals at rents in line with its expectations.
As projected, the Company reported a decrease in same-property net operating income of 1.0% for the first quarter (excluding redevelopment) driven by the previously-reported recapture of occupancy during 2017, which impacted period-over-period comparability.
The Core Portfolio was 94.4% occupied and 95.3% leased as of March 31, 2018, compared to 93.9% occupied and 95.3% leased as of December 31, 2017. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
During the first quarter, the Company generated a 23.3% increase in average rents on a GAAP basis, and a 15.3% increase on a cash basis, on 9 new and renewal leases aggregating 66,000 square feet.
Redevelopment Update
City Center, San Francisco, CA. The Company has commenced construction on the 40,000-square foot expansion of City Center, its Target-anchored urban shopping center located in San Francisco. The expansion space is approximately 80% pre-leased, with anticipated tenant delivery and rent commencement in 2019.
Clark and Diversey, Lincoln Park, Chicago, IL. Construction is currently underway on the Company's 30,000-square foot development located at the corner of Clark Street and Diversey Parkway in Lincoln Park, Chicago. The Company anticipates construction completion and delivery of approximately 75% of the total leasable space to T.J. Maxx and Blue Mercury in the second half of 2018.
FUND PLATFORM
Fund Acquisitions
The Company completed a $45 million Fund V acquisition during first quarter 2018 as follows:
Trussville Promenade, Trussville, AL (Fund V). As previously reported, in February 2018, Fund V acquired a 464,000-square foot shopping center, located in Trussville, AL (Birmingham MSA), for $45 million. The property is 95% leased and its anchors include Walmart, Marshalls, and Ross Dress for Less. This investment is consistent with the Fund platform’s high-yield opportunistic strategy.
Fund Dispositions
The Company completed $34 million of Fund dispositions during 2018 as follows:
108-110 W Broughton St, Savannah, GA (Fund IV). As previously reported, in January 2018, Fund IV completed the sale of another two properties in its Broughton St Collection in Savannah, GA for $8 million. The mixed use properties total 11,000 square feet and are 100% occupied; Bluemercury and Tommy Bahama are the key retail tenants. To date, Fund IV has sold seven of 23 properties in its Broughton St Collection, aggregating 31,000 square feet of approximately 200,000 square feet of retail, residential, and office space.
Sherman Plaza, New York, NY (Fund II). Subsequent to the first quarter, Fund II completed the sale of Sherman Plaza, located in upper Manhattan, to a residential developer for $26 million. Following this sale, Fund II’s sole real estate investment is City Point.
BALANCE SHEET
The Company has maintained its solid, low-leveraged balance sheet by reducing its Core pro rata debt by $19 million during the most recent quarter. As of March 31, 2018, the Company’s net debt to EBITDA ratio for the Core Portfolio was 4.9x.
During the first quarter 2018, the Company completed a $500 million Senior Unsecured Credit Facility comprised of a $150 million revolving credit facility and a $350 million term loan. The new facility extended the maturity dates of its prior facilities, and provided a reduction in all-in pricing and improvements to market terms and conditions.
Through April 30, 2018, the Company has repurchased $54 million, or 2.2 million shares, pursuant to its new share repurchase program on a leverage-neutral basis, of which $32 million was acquired as of March 31, 2018.
2018 GUIDANCE
The Company reaffirms that its 2018 annual earnings per share will range from $0.37 to $0.48 and 2018 FFO per share will range from $1.33 to $1.45.
The Company’s 2018 operating assumptions are reaffirmed as follows:
2018 annual growth of 1% to 3% in same-property NOI (excluding redevelopments): first half of 2018: (2%) to 0% second half of 2018: 2% to 7% The variability and range of estimates is primarily dependent upon the rent commencement dates of certain executed key leases
CONFERENCE CALL
Management will conduct a conference call on Wednesday, May 2, 2018 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.
Live Conference Call:
Date: Wednesday, May 2, 2018 Time: 12:00 PM ET Dial#: 844-309-6711 Passcode: “Acadia Realty” or “6882817” Webcast (Listen-only): www.acadiarealty.com under Investors, Presentations & Events
Phone Replay:
Dial#: 855-859-2056 Passcode: “6882817” Available Through: Wednesday, May 9, 2018 Webcast Replay:
www.acadiarealty.com under Investors, Presentations & Events
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual - Core and Fund - operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com .
Safe Harbor Statement
Certain matters in this press release may constitute within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such . These include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 27, 2018 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com . Any in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Statements of Operations (a)
(dollars and Common Shares in thousands, except per share data)
Three Months Ended March 31, 2018 2017 Revenues Rental income $ 50,779 $ 48,585 Expense reimbursements 11,208 12,316 Other 1,137 1,098 Total revenues 63,124 61,999 Operating expenses Depreciation and amortization 28,576 24,536 General and administrative 8,470 8,469 Real estate taxes 8,959 10,606 Property operating 10,338 8,197 Other operating 80 294 Total operating expenses 56,423 52,102 Operating income 6,701 9,897 Equity in earnings and gains of unconsolidated affiliates inclusive of
gains on disposition of properties of $0 and $11,846 respectively 1,684 12,703 Interest income 3,737 8,984 Interest expense (15,890 ) (11,488 ) (Loss) income from continuing operations
before income taxes (3,768 ) 20,096 Income tax provision (392 ) (125 ) Net (loss) income (4,160 ) 19,971 Net loss (income) attributable to noncontrolling interests 11,579 (4,340 ) Net income attributable to Acadia $ 7,419 $ 15,631 Less: net income attributable to participating securities (44 ) (162 ) Net income attributable to Common Shareholders - basic $ 7,375 $ 15,469 Weighted average shares for diluted earnings per share 83,438 83,645 Net Earnings per share - basic and diluted (b) $ 0.09 $ 0.18 ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Funds From Operations (a, c)
(dollars and Common Shares and Units in thousands, except per share data)
Three Months Ended March 31, 2018 2017 Net income attributable to Acadia $ 7,419 $ 15,631 Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) 21,085 21,533 Gain on sale (net of noncontrolling interests’ share) — (2,742 ) Income attributable to Common OP Unit holders 477 923 Distributions - Preferred OP Units 135 139 Funds from operations attributable to Common Shareholders
and Common OP Unit holders
$ 29,116 $ 35,484 Funds From Operations per Share - Diluted Weighted average number of Common Shares and Common OP Units (d) 89,067 89,024 Diluted Funds from operations, per Common Share and Common OP Unit $ 0.33 $ 0.40 ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (a)
(dollars in thousands)
Three Months Ended March 31, 2018 2017 Consolidated operating income $ 6,701 $ 9,897 Add back: General and administrative 8,470 8,469 Depreciation and amortization 28,576 24,536 Less: Above/below market rent, straight-line rent and other adjustments (5,527 ) (5,987 ) Consolidated NOI 38,220 36,915 Noncontrolling interest in consolidated NOI (8,627 ) (6,539 ) Less: Operating Partnership's interest in Fund NOI included above (2,157 ) (1,947 ) Add: Operating Partnership's share of unconsolidated joint ventures NOI (e) 5,648 4,707 NOI - Core Portfolio $ 33,084 $ 33,136 ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Balance Sheets (a)
(dollars in thousands)
As of March 31, 2018 December 31, 2017 ASSETS Investments in real estate, at cost Land $ 667,847 $ 658,835 Buildings and improvements 2,581,553 2,538,338 Construction in progress 21,060 18,642 Properties under capital lease 76,965 76,965 3,347,425 3,292,780 Less: accumulated depreciation (359,048 ) (339,862 ) Operating real estate, net 2,988,377 2,952,918 Real estate under development 182,380 173,702 Net investments in real estate 3,170,757 3,126,620 Notes receivable, net 108,959 153,829 Investments in and advances to unconsolidated affiliates 311,540 302,070 Other assets, net 216,514 214,959 Cash and cash equivalents 39,344 74,823 Rents receivable, net 53,983 51,738 Restricted cash 12,517 10,846 Assets of properties held for sale 25,362 25,362 Total assets $ 3,938,976 $ 3,960,247 LIABILITIES Mortgage and other notes payable, net $ 911,527 $ 909,174 Unsecured notes payable, net 529,756 473,735 Unsecured line of credit 14,000 41,500 Accounts payable and other liabilities 209,090 210,052 Capital lease obligation 70,732 70,611 Dividends and distributions payable 23,978 24,244 Distributions in excess of income from, and investments in, unconsolidated affiliates 15,226 15,292 Total liabilities 1,774,309 1,744,608 Commitments and contingencies EQUITY Acadia Shareholders' Equity Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding
82,450,745 and 83,708,140 shares, respectively
82 84 Additional paid-in capital 1,564,067 1,596,514 Accumulated other comprehensive income 7,376 2,614 Distributions in excess of accumulated earnings (46,856 ) (32,013 ) Total Acadia shareholders’ equity 1,524,669 1,567,199 Noncontrolling interests 639,998 648,440 Total equity 2,164,667 2,215,639 Total liabilities and equity $ 3,938,976 $ 3,960,247 ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
(a) For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com . (b) Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (c) The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures. (d) In addition to the weighted-average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted-average 4,966 thousand and 4,756 thousand OP Units into Common Shares for the quarters ended March 31, 2018 and 2017, respectively. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 499 thousand and 496 thousand Common Shares for the quarters ended March 31, 2018 and 2017, respectively; and (ii) the effect of 168 thousand and 137 thousand employee share options, restricted share units and LTIP units for the quarters ended March 31, 2018 and 2017, respectively. (e) The Pro-rata portion share of NOI is based upon our stated ownership percentages in each operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006751/en/
Acadia Realty Trust
Amy L. Racanello, 914-288-8100
Source: Acadia Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-acadia-realty-trust-reports-first-quarter-2018-operating-results.html |
LISBON (Reuters) - Portugal’s parliament rejected on Tuesday a bill that would have legalized voluntary euthanasia for terminal patients in the Catholic-majority country by a narrow margin, but it secured enough support to ensure continued debate on the issue.
Parliamentary members attend a voting on legalizing euthanasia at the parliament in Lisbon, Portugal May 29, 2018. REUTERS/Rafael Marchante Drafted by the ruling Socialists, the bill garnered 110 votes in the 230-seat parliament but was stymied by 115 opponents, with 4 abstentions, after a heated debate and a vote that required each lawmaker to declare his or her stance.
Earlier, a few hundred people of all ages - mostly from religious groups and Catholic schools - protested in front of the parliament building, chanting “Yes to life, no to euthanasia!” and carrying placards, “We demand palliative care for ALL” and, “Euthanasia is a recipe for elder abuse”.
The Portuguese Doctors’ Association opposed the change, saying it violated key principles of the medical profession.
Demonstrators attend a protest against euthanasia in front off the parliament in Lisbon, Portugal May 29, 2018. REUTERS/Rafael Marchante Proponents of the bill, which was inspired by a 2016 petition signed by over 8,000 people and promoted by groups defending the right to a “death with dignity” for those seriously ill, said the fight had only just begun.
“The issue is now firmly on the political agenda, it is now in detailed debate in society,” said Catarina Martins, leader of the Left Bloc - a key government ally in parliament, which had its own version of a legalization proposal.
Slideshow (8 Images) “It is no longer a problem that each family with a suffering loved one has to face on its own, it now becomes a problem for all of us to find answers to...The state cannot continue to close its eyes to the suffering,” she said.
Another of the government’s hard left allies, the Communists, voted against the legislation, joining the conservative CDS-PP on the other end of the political spectrum. Several lawmakers from the main opposition Social Democrats supported the bill, but that was not enough to get it passed.
The Socialist bill envisaged legalization for medically-assisted death based on an informed request by patients suffering profoundly from a serious, incurable illness with no expected improvement in sight, in a terminal state, or suffering from widely incapacitating lesion.
On a national level, only a few countries in the world have legalized euthanasia - which usually means a doctor administering lethal doses of drugs to patients willing to die - or medically-assisted suicide where patients take the final action themselves.
Laws in Belgium, the Netherlands, Colombia and Luxemburg allow euthanasia. In Switzerland, Germany, Japan and Canada, doctor-assisted suicide is legal.
Portugal, which spent a large part of the 20th century until the 1974 Carnation revolution ruled by an ultra-conservative fascist regime, has since made strides in liberal reforms upholding human rights.
It legalized abortions in 2007 and then allowed same-sex marriage in 2010, becoming only the eighth country in the world at the time to allow same-sex marriage nationwide.
Reporting by Andrei Khalip; Editing by Axel Bugge and Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-portugal-euthanasia/portugal-parliament-rejects-euthanasia-legalization-idUSKCN1IU2DJ |
LOS ANGELES (AP) _ CBRE Group Inc. (CBRE) on Wednesday reported first-quarter profit of $150.3 million.
The Los Angeles-based company said it had net income of 44 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The provider of real estate investment management services posted revenue of $4.67 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $3.34 billion.
CBRE shares have risen 5.5 percent since the beginning of the year. The stock has risen 26 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 CBRE at https://www.zacks.com/ap/CBRE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-cbre-1q-earnings-snapshot.html |
By Bloomberg 10:39 AM EDT
A decade ago, the last time North Korea took talks with the U.S. so far, then-leader Kim Jong Il blew up a cooling tower at the Yongbyon nuclear plant as part of a deal to limit its weapons program. Within months, he was reassembling the reactor — a key source of weapons-grade plutonium. That’s one reason why arms-control experts are watching with caution as his son, Kim Jong Un, now moves to publicly dismantle the remote subterranean testing site used by the regime to detonate six nuclear bombs. 1. What’s Kim planning?
Days before his historic summit with South Korean President Moon Jae-in last month, Kim announced plans to close his Punggye-ri testing ground in the country’s mountainous northeast. The regime later said it would invite journalists from China, Russia, the U.K. and the U.S. between May 23 and May 25 to observe the collapse and closing of test tunnels and other facilities. U.S. President Donald Trump praised the move as a “very smart and gracious gesture” ahead of his own planned meeting with Kim next month in Singapore. 2. What facilities is he closing?
The site is believed to house three tunnel complexes surrounded by granite bedrock ideal for containing large explosions. The area — situated between the Chinese border and the Sea of Japan — provides a “virtually infinite amount of space” for underground testing, according to Jeffrey Lewis, director of the East Asia Nonproliferation Program at the Middlebury Institute of International Studies in Monterey, California. 3. Has the site been damaged during testing?
Yes, but not enough to render it unusable, according to 38 North analysts Frank Pabian, Joseph Bermudez Jr. and Jack Liu, who monitor North Korea’s weapons program using satellite imagery and other data. The southern and western portals could still support detonations, even if the northern side was badly damaged over the five nuclear tests conducted there, 38 North said April 30. That analysis appeared to support Kim’s own claim that two tunnels were still in good condition. 4. Does North Korea need more tests?
Possibly not. Both India and Pakistan established themselves as nuclear powers after a similar number of tests — and neither has detonated a bomb since 1998. In his April 20 statement announcing the Punggye-ri closing, Kim said the country’s efforts to build a warhead small enough to fit on a ballistic missile had progressed to the point where tests were no longer necessary. Still, it’s unclear whether North Korea has figured out how to prevent a warhead from burning up during re-entry from space. 5. Would the site’s closing be permanent?
No. A 38 North analysis of satellite images taken May 7 showed that several support buildings outside the northern, western and southern portals had been razed while some mining cart rails had been removed. Such facilities can be replaced as easily as the Yongbyon cooling tower. Lewis, of the Middlebury Institute, argues that the tunnel’s horizontal layout would also make it relatively easy to “pop” open the sealed entrances and regain access after their closing. 6. What about building a new tunnel?
A new test site could be constructed in three to six months, depending on how much labor was thrown at the job, according to Suh Kune Y., a nuclear engineering professor at Seoul National University. Future detonations — most likely to test warhead miniaturization — might only require a simple straight tunnel with one right angle at the end, he said. 7. What about other sites?
North Korea, which is believed to manage a vast subterranean network in part to frustrate U.S. and South Korean spies and military planners, probably has other locations that could house tests. Suh pointed out that North Korea refers to the Punggye-ri facility as its “northern test site,” possibly implying there are others. And, of course, tests don’t need to be underground. In September, North Korea Foreign Minister Ri Yong Ho suggested that his country could detonate a hydrogen bomb over the Pacific Ocean. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/north-korea-closing-testing-site/ |
May 21, 2018 / 7:09 AM / Updated an hour ago Police probe celebrity chef Mario Batali for sexual misconduct Reuters Staff 2 Min Read
(Reuters) - Celebrity chef Mario Batali, who already faces sexual harassment accusations from four women, is under criminal investigation by the New York Police Department for sexual misconduct, police said on Monday, confirming a 60 Minutes television report.
Batali “vehemently” denied the new allegations in a statement to CBS, which airs the programme.
An NYPD public information officer said in an email on Monday the department was investigating the allegations. The officer did not respond to a question about whether the 2005 incident was too old to face prosecution.
Reuters was unable to immediately reach a representative of Batali for comment.
is 2005 in the new criminal investigation, according to the report.
The woman, who was not named on 60 Minutes, told CBS she was invited by Batali to a party at the Spotted Pig, a trendy restaurant in New York’s West Village owned by a friend of Batali.
CBS concealed her face during the interview with shaded lighting. The woman said she was afraid the revelation of her identity programme other women.
The new accusations are the latest in the era of the #MeToo movement against sexual assault and harassment, which has ensnared media moguls and celebrities.
Actor Bill Cosby, 80, who is best known for his 1980s comedy TV programme “The Cosby Show,” was convicted in April of three counts of sexual assault for an incident in 2004. He faces up to 30 years in prison.
Batali was fired in December 2017 by ABC as co-host of The Chew, a daytime food and talk show, and also stepped away from his restaurant company after the accusations by the four women first surfaced. Writing by Rich McKay in Atlanta, additional reporting by Peter Szekely in New York; Editing by Scott Malone and Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-mariobatali-misconduct/police-probe-celebrity-chef-mario-batali-for-sexual-misconduct-media-idUKKCN1IM0JZ |
May 11, 2018 / 2:37 PM / Updated 28 minutes ago Buffon hit with UEFA charge after rant at referee Reuters Staff 2 Min Read
(Reuters) - Juventus goalkeeper Gianluigi Buffon was charged with violating UEFA’s code of conduct on Friday for comments he made about referee Michael Oliver following his team’s Champions League quarter-final defeat by Real Madrid last month. FILE PHOTO: Soccer Football - Champions League Quarter Final Second Leg - Real Madrid vs Juventus - Santiago Bernabeu, Madrid, Spain - April 11, 2018 Juventus' Gianluigi Buffon and team mates remonstrate with referee Michael Oliver after he awarded a penalty to Real Madrid. REUTERS/Paul Hanna/File Photo
The Juve captain was enraged by Oliver’s decision to award Real a decisive stoppage-time penalty during the second-leg tie at the Bernabeu and lost control, screaming at and jostling the English referee until he was shown a red card.
Forward Cristiano Ronaldo stepped up to convert the penalty and send Real through to the semi-finals 4-3 on aggregate.
Buffon, 40, criticised Oliver after the match, saying the referee had been out of his depth, should have been in the stands eating crisps and must have had a garbage bin for a heart.
UEFA said in a statement on its website that Buffon had been charged both for receiving a direct red card and with violating the governing body’s “general principles of conduct”.
The case will be dealt with by the UEFA Control, Ethics and Disciplinary Body on May 31. Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-mad-juv-uefa/buffon-hit-with-uefa-charge-after-rant-at-referee-idUKKBN1IC1RQ |
Tesla Inc. will restructure and flatten its management, Chief Executive Elon Musk told employees Monday, as the Silicon Valley auto maker struggles to boost production of its Model 3 sedan amid an exodus of top leaders
Mr. Musk made the announcement following news that his engineering chief, Doug Field, was taking a leave of absence, and that senior executive Matthew Schwall was leaving the company for Alphabet Inc.’s driverless car division Waymo.
... RELATED VIDEO Highlights From Elon Musk's Combative Tesla Earnings Call Tesla Inc. stocks and bonds fell after an unusual earnings call on May 2 threatened investors’ faith at a pivotal time for the company. These are the highlights. Photo: Reuters/Joe Skipper | ashraq/financial-news-articles | https://www.wsj.com/articles/tesla-ceo-musk-says-company-is-flattening-management-structure-inreorganization-1526308678 |
Futures point to a lower open on geopolitical concerns 6:35 AM ET Tue, 15 May 2018 U.S. stock index futures pointed to a lower open on Tuesday morning, amid concerns of increased violence on the Israeli-Gaza border. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/futures-point-to-a-lower-open-on-geopolitical-concerns.html |
May 30, 2018 / 10:13 AM / Updated 31 minutes ago Young whizzes compete for $40,000 prize in U.S. spelling bee Lacey Johnson 3 Min Read
OXON HILL, Md. (Reuters) - More than 400 young hopefuls were still competing on Wednesday as the Scripps National Spelling Bee entered its second day, with some using memory aids such as tracing invisible words onto the back of their nametags as they strived for the $40,000 top prize. Simone Kaplan of Davie, Florida, concentrates on her word during the Scripps National Spelling Bee at National Harbor in Maryland, U.S., May 30, 2018. REUTERS/Kevin Lamarque
“I’ve been training for about two months,” said Robert Foster, 12, of Kensington, Maryland, who successfully spelled the word “intertribal” to advance to the next round on Wednesday.
Foster correctly spelled “pratincolous” on Tuesday, and sparked smiles from fans when he struck a dab pose - a dance move that involved tucking his head into his elbow as if sneezing while sticking his other arm straight out to the side - which he says was a dare from his older brother.
“My brother said that he was joking and he didn’t actually expect me to do it,” said Foster.
He admitted to having “no idea” as to the meaning of “pratincolous,” an adjective that describes creatures that live in meadows or grassy areas. Anita Beroza of Belmont, CA, cries after she was eliminated from the Scripps National Spelling Bee at National Harbor in Maryland, U.S. May 30, 2018. REUTERS/Kevin Lamarque
Foster was among the 452 youths still spelling on Wednesday morning from a starting field of 516.
This year also marks the first time the child of a previous champion has competed in the national finals.
Atman Balakrishnan, a 12-year-old from Chicago, hopes to follow in the footsteps of his father, Balu Natarajan, the 1985 champion. Natarajan, now a sports medicine doctor, was 13 when he won. Slideshow (8 Images)
The 2018 competition includes 45 spellers with relatives who are former contestants in the national championship.
The 91st annual Bee, which began Tuesday and ends Thursday evening, also includes its first-ever identical twins - two sets of brothers from Utah and Mississippi.
A record 516 spellers travelled to Oxon Hill, Maryland, to compete for the crown this year. Students hail from the United States and eight foreign countries, winnowed from 11 million hopefuls who competed in preliminary competitions at schools around the world.
Contestants, aged 8 to 15, are 46 percent female and 54 percent male, according to the contest’s website. They will have to spell words drawn from the 470,000 entries in the Merriam-Webster Unabridged Dictionary.
The winner of the $40,000 top prize will emerge from the finals on Thursday night, with a worldwide audience tuning in to the live broadcast on ESPN.
The E.W. Scripps Co, which owns television and radio stations, runs the Bee on a nonprofit basis. Additional reporting by Barbara Goldberg in New York; editing by Frank McGurty, Scott Malone and G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-spellingbee/sibling-rivalry-spices-up-this-years-u-s-spelling-bee-idUKKCN1IV15U |
May 16, 2018 / 11:43 AM / Updated 31 minutes ago Chelsea's Courtois expects Mourinho 'surprises' in FA Cup final Reuters Staff 2 Min Read
(Reuters) - Chelsea goalkeeper Thibaut Courtois said Manchester United boss Jose Mourinho “always has surprises” up his sleeve and the Belgian predicts another thrilling encounter when the two teams meet in the FA Cup final on Saturday. FILE PHOTO: Soccer Football - Premier League - Newcastle United vs Chelsea - St James' Park, Newcastle, Britain - May 13, 2018 Chelsea's Thibaut Courtois Action Images via Reuters/Lee Smith
Mourinho has switched to a back-three as well as used midfielder Ander Herrera to man-mark Chelsea playmaker Eden Hazard in the two teams the last few encounters.
Courtois, who won the Premier League title under the Portuguese in the 2014-15 season, said Chelsea are now better prepared for the challenge as they hope to finish the season with a piece of silverware.
“He always has surprises in the games he has played against us,” Courtois told the London Evening Standard. “He has different systems to play. Sometimes he played three at the back, sometimes four. He will always find something.
“I think it’ll be a good game, lots of familiar faces on both sides. I hope it’ll be a good game with Chelsea as the winner.
“We can know a little bit how he set up in the last two years against us, but that’s it.”
A 3-0 defeat at Newcastle United on the final day of the league season ended Chelsea’s hopes of Champions League qualification as they finished fifth in the standings.
However, Courtois is confident the recent results will have no impact on their preparations for the final at Wembley Stadium.
“The confidence is all right,” he added. “It was not a good performance from us. But we’ve showed we can bounce back the game after.
“This is a different cup, different to the Premier League and we just have to go for it. That’s most important. After a season of ups and downs, we can finish on an up.” Reporting by Hardik Vyas in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-che-mun-courtois/chelseas-courtois-expects-mourinho-surprises-in-fa-cup-final-idUKKCN1IH1GE |
SANTA CLARA, Calif., May 8, 2018 /PRNewswire/ -- Hortonworks, Inc. ® (NASDAQ: HDP), a leading provider of global data management solutions, today announced financial results for the first quarter of 2018.
"I am incredibly proud of the field for delivering another record quarter of $79.1 million in revenue and another quarter of positive operating cash flow," said Rob Bearden, chief executive officer and chairman of the board of directors of Hortonworks. "Clearly the R&D investments we have made to enhance HDF and DPS are starting to pay off as we continue to reimagine the modern data architecture. We are now able to pursue a large and diverse market that is being fueled by customer demands such as increased cloud deployments, IoT data at the edge and adoption of data lakes. We are off to a great start in 2018 and are well positioned for continued growth throughout the year."
First Quarter 2018 Financial Highlights
Revenue: Total GAAP revenue was $79.1 million for the first quarter of 2018, an increase of 41 percent compared to the first quarter of 2017. Gross Profit: Total GAAP gross profit was $56.8 million for the first quarter of 2018, compared to $38.1 million for the same period last year. Non-GAAP gross profit was $58.8 million for the first quarter of 2018, compared to $39.5 million for the same period last year. GAAP gross margin was 72 percent for the first quarter of 2018, compared to 68 percent for the same period last year. Non-GAAP gross margin was 74 percent for the first quarter of 2018, compared to 71 percent for the same period last year. Operating Loss: GAAP operating loss was $40.8 million for the first quarter of 2018, compared to $54.4 million for the same period last year. Non-GAAP operating loss was $14.3 million for the first quarter of 2018, compared to $30.5 million for the same period last year. GAAP operating margin was negative 52 percent for the first quarter of 2018, compared to negative 97 percent for the same period last year. Non-GAAP operating margin was negative 18 percent for the first quarter of 2018, compared to negative 54 percent for the same period last year. Net Loss: GAAP net loss was $42.1 million for the first quarter of 2018, or $0.55 per basic and diluted share, compared to a GAAP net loss of $54.8 million, or $0.89 per basic and diluted share, in the first quarter of 2017. Non-GAAP net loss was $15.5 million for the first quarter of 2018, or $0.20 per basic and diluted share, compared to a non-GAAP net loss of $30.9 million, or $0.50 per basic and diluted share, for the same period last year. Contract Liabilities: Total contract liabilities, which is comprised of short-term deferred revenue, other contract liabilities and long-term deferred revenue, were $249.5 million as of March 31, 2018, compared to $252.5 million as of January 1, 2018 and $275.2 million as of December 31, 2017. Note the balance as of January 1, 2018, reflects a reduction to contract liabilities of $22.7 million from December 31, 2017 as a result of our adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Cash & Investments: Cash and investments totaled $89.4 million as of March 31, 2018, compared to $72.5 million as of December 31, 2017 and $83.4 million as of March 31, 2017. Operating Cash: Operating cash flow was $8.0 million for the first quarter of 2018, compared to operating cash flow used of $9.0 million for the same period last year.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release.
Recent Business Highlights
Hortonworks and Trimble Partner to Enhance the Logistics and Transportation Industry with Data . In April, we announced that Trimble Transportation Enterprise Solutions is leveraging our global data management solutions with machine learning models to alleviate pain points across the logistics and transportation industry. In conjunction with Trimble's new blockchain network, Hortonworks Data Platform (HDP ® ) and Hortonworks DataFlow (HDF ™ ) have allowed Trimble's customers to increase efficiency by modernizing transportation industry systems. Hortonworks Congratulates 2018 European Data Heroes Award Winners . In April, we announced the winners of the 2018 European Data Heroes Awards. The awards recognize Hortonworks customers that have significantly transformed their enterprise by leveraging connected data platforms, highlighting real business value derived from data. The winners were Telefonica O2, Munich RE, Quanam (Genlives), CGI and Standard Bank of South Africa. Hortonworks Data Steward Studio Allows Enterprises to Find, Identify, Secure and Connect Data Across Cloud and On-Premises Data Lakes . In April, we announced Hortonworks Data Steward Studio (DSS), a new service that gives enterprises consistent security and governance for data assets across big data repositories. With DSS, businesses will be able to more effectively identify and evaluate trust levels of their data, collaborate securely and democratize data across the enterprise with confidence. This, in turn, allows businesses to derive better insights from more of the data living in all of their data lakes, whether they are located in the cloud or on premises. DSS is the second service to be available as part of the Hortonworks DataPlane Service ™ . Hortonworks Introduces Operational Services to Simplify and Accelerate the Journey to Data-Driven Insights. In March, we introduced Hortonworks Operational Services to help customers manage big data deployments and more quickly maximize the value of their data. The subscription-based service provides a fully managed environment for customers of HDP and HDF and ongoing access to dedicated Hortonworks support teams with deep experience building and managing modern data platforms. Hortonworks and Clearsense Work Together to Deliver Real-Time Insights in Patient Care. In March, we announced that we are powering Mission Control for Healthcare, a transformative new application from outcomes-driven healthcare technology company, Clearsense. Built upon HDP and HDF, the Clearsense Healthcare Data Ecosystem drives Mission Control, which aggregates previously unavailable data into the hands of healthcare professionals in real time. Newest Release of Hortonworks DataFlow Vastly Simplifies Management of Data in Motion. In February, we announced the general availability of HDF 3.1, which enhances operations and developer productivity, and delivers stronger integration and interoperability between HDP and HDF. The new version of HDF delivers a single open source tool set that integrates governance, security and management across the entire data lifecycle from the edge to analytics to real-time decisions. Hortonworks Celebrates 2017 Partnerworks Award Winners. In February, Hortonworks announced the 2017 recipients of the Company's second annual Global Partner Awards. Partnerworks is Hortonworks' global program to support and enable partners selling, implementing and innovating with us to deliver integrated customer solutions for the datacenter and in the cloud. The 2017 Global Partner Award winners were: Global Partner of the Year - IBM Global Systems Integrator of the Year - Accenture Global Independent Software Vendor (ISV) of the Year – Attunity
Financial Outlook
As of May 8, 2018, Hortonworks is providing the following financial outlook for its second quarter and full year 2018:
For the second quarter of 2018, we expect:
Total GAAP revenue of $80.0 million.
GAAP operating margin between negative 57 percent and negative 52 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $27.0 million.
Non-GAAP operating margin between negative 24 percent and negative 19 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $27.0 million.
For the full year 2018, we expect:
Total GAAP revenue between $325.0 million and $330.0 million.
GAAP operating margin between negative 52 percent and negative 47 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $101.0 million.
Non-GAAP operating margin between negative 23 percent and negative 18 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $101.0 million.
GAAP operating margin outlook includes estimates of stock-based compensation and related expenses and amortization of purchased intangibles in future periods and assumes, among other things, the occurrence of no additional acquisitions, investments or restructuring and no further revisions to stock-based compensation and related expenses.
First Quarter 2018 Earnings Conference Call and Webcast Details
Hortonworks will hold a conference call and webcast to discuss the Q1 2018 results, Q2 and FY 2018 outlook and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Tuesday, May 8, 2018. Interested parties may access the call by dialing (877) 930-7786 in the U.S. or (253) 336-7423 from international locations. In addition, a live audio webcast of the conference call will be available on the Hortonworks Investor Relations website at http://investors.hortonworks.com .
Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the Hortonworks Investor Relations website for approximately seven days.
Statement Regarding Use of Non-GAAP Financial Measures
Hortonworks reports non-GAAP results for gross profit and margins, operating loss and margins, net loss, basic and diluted net loss per share and expenses in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Hortonworks' financial measures under GAAP include stock-based compensation expense, amortization of intangible assets, advisory fees and other expense items that are nonrecurring. Management believes the presentation of operating results that exclude these items provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. Management also believes that this supplemental non-GAAP information is therefore useful to investors in analyzing and assessing the Company's past and future operating performance.
Non-GAAP cost of revenue is calculated as GAAP cost of revenue less stock-based compensation expense. Management believes non-GAAP cost of revenue offers investors useful supplemental information regarding the performance of our business, and will help investors better understand our business.
Non-GAAP gross profit is calculated as GAAP revenue less our non-GAAP cost of revenue. Management believes non-GAAP gross profit offers investors useful supplemental information to help compare our recurring core business operating results over multiple periods.
Non-GAAP gross margin is calculated as non-GAAP gross profit divided by GAAP revenue. Management believes that non-GAAP gross margin offers investors useful supplemental information in evaluating our ongoing operational performance, and will help investors better understand our underlying business.
Non-GAAP operating loss is calculated as GAAP operating loss plus non-GAAP cost of revenue and operating expense adjustments. The Company believes that non-GAAP operating loss is a useful metric for management and investors because it excludes the effects of stock-based compensation expense, amortization of intangible assets, advisory fees and other expense items that are nonrecurring so that our management and investors have a greater visibility to the underlying performance of the business operations.
Non-GAAP operating margin is calculated as non-GAAP operating loss divided by GAAP revenue. Management believes that non-GAAP operating margin offers investors useful supplemental information in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods.
Non-GAAP net loss is calculated as GAAP net loss plus non-GAAP cost of revenue and operating expense adjustments. Management believes non-GAAP net loss offers investors useful supplemental information to help identify trends in our underlying business and perform related trend analyses.
Non-GAAP net loss per basic and diluted share is calculated as non-GAAP net loss divided by the weighted-average shares outstanding for the period. Management believes non-GAAP net loss per basic and diluted share offers investors useful supplemental information, and will help investors better understand our performance and return to shareholders.
Use of Forward-Looking Statements
This press release contains "forward-looking statements" regarding our performance 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. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding our expectations, goals or intentions regarding future performance, expenses or activity in international markets, including the forward-looking statements, in the section titled "Financial Outlook." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
The important factors that could cause actual results to differ materially from those in any forward-looking statements include, but are not limited to, the following: (i) we have a history of losses, and we may not become profitable in the future, (ii) we have a limited operating history, which makes it difficult to predict our future results of operations, and (iii) we do not have an adequate history with our offerings or pricing models to accurately predict the long-term rate of support subscription customer renewals or adoption, or the impact these renewals and adoption will have on our revenues or results of operations.
Further information on these and other factors that could affect our financial results and the forward-looking statements in this press release are included in our Form 10-K filed on March 15, 2018, or in other filings we make with the Securities Exchange Commission from time to time, particularly under the caption Risk Factors.
All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and we undertake no obligation, and do not intend, to update these forward-looking statements.
About Hortonworks
Hortonworks is a leading provider of enterprise-grade, global data management platforms, services and solutions that deliver actionable intelligence from any type of data for over half of the Fortune 100. Hortonworks is committed to driving innovation in open source communities, providing unique value to enterprise customers. Along with its partners, Hortonworks provides technology, expertise and support so that enterprise customers can adopt a modern data architecture. For more information, visit www.hortonworks.com .
Hortonworks, HDP and HDF are registered trademarks or trademarks of Hortonworks, Inc. and its subsidiaries in the United States and other jurisdictions. For more information, please visit www.hortonworks.com . All other trademarks are the property of their respective owners.
Hortonworks, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended March 31,
2018
2017
Support subscription and professional services revenue:
Support subscription
$ 61,534
$ 42,098
Professional services
17,527
13,873
Total support subscription and professional services revenue
79,061
55,971
Cost of revenue:
Support subscription
8,343
6,156
Professional services
13,917
11,699
Total cost of revenue
22,260
17,855
Gross profit
56,801
38,116
Operating expenses:
Sales and marketing
48,902
50,219
Research and development
24,134
25,506
General and administrative
24,593
16,795
Total operating expenses
97,629
92,520
Loss from operations
(40,828)
(54,404)
Other expense, net
(911)
(199)
Loss before income tax
(41,739)
(54,603)
Income tax expense
316
232
Net loss
$ (42,055)
$ (54,835)
Net loss per share of common stock, basic and diluted
$ (0.55)
$ (0.89)
Weighted-average shares used in computing net loss per share of common
stock, basic and diluted
76,135,228
61,848,383
Hortonworks, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31, 2018
December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents
$ 64,756
$ 62,739
Short-term investments
24,625
9,773
Accounts receivable, net
72,374
112,013
Contract assets
2,302
-
Deferred costs
22,674
-
Prepaid expenses and other current assets
15,711
10,809
Total current assets
202,442
195,334
Property and equipment, net
15,150
16,383
Goodwill
34,333
34,333
Intangible assets, net
2,025
2,242
Deferred costs - noncurrent
29,693
-
Other assets
1,535
1,559
Restricted cash
25
882
Total assets
$ 285,203
$ 250,733
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$ 5,609
$ 6,134
Accrued compensation and benefits
14,890
22,483
Accrued expenses and other current liabilities
8,077
10,948
Deferred revenue
165,453
194,901
Other contract liabilities
12,801
-
Total current liabilities
206,830
234,466
Long-term deferred revenue
71,280
80,269
Other long-term liabilities
959
1,034
Total liabilities
279,069
315,769
Stockholders' equity (deficit):
Preferred stock, par value of $0.0001 per share—25,000,000 shares authorized; none issued or outstanding as of March 31, 2018 and December 31, 2017
-
-
Common stock, par value of $0.0001 per share—500,000,000 shares authorized; 78,867,406 shares issued and 78,410,853 shares outstanding as of March 31, 2018 and 72,830,962 shares issued and 72,607,893 shares outstanding as of December 31, 2017
9
8
Additional paid-in capital
878,298
842,875
Accumulated other comprehensive loss
(50)
(219)
Accumulated deficit
(872,123)
(907,700)
Total stockholders' equity (deficit)
6,134
(65,036)
Total liabilities and stockholders' equity (deficit)
$ 285,203
$ 250,733
Hortonworks, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$ (42,055)
$ (54,835)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation
2,135
2,058
Amortization of deferred costs
7,076
-
Amortization of premiums from investments
30
115
Amortization of intangible assets
217
217
Stock-based compensation expense
26,290
23,375
Loss on early exit of lease
-
349
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies
619
162
Provision for losses on accounts receivable
7
-
Other
216
76
Changes in operating assets and liabilities:
Accounts receivable
40,327
14,479
Contract assets
161
-
Prepaid expenses and other current assets
(5,160)
(4,812)
Deferred costs
(6,532)
-
Other assets
147
(1,002)
Accounts payable
(384)
110
Accrued expenses and other current liabilities
(2,760)
586
Accrued compensation and benefits
(7,778)
(2,166)
Deferred revenue
(4,175)
12,513
Other contract liabilities
(273)
-
Other long-term liabilities
(153)
(228)
Net cash provided by (used in) operating activities
7,955
(9,003)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
(18,899)
-
Proceeds from maturities of investments
4,000
13,300
Purchases of property and equipment
(1,029)
(1,218)
Net cash (used in) provided by investing activities
(15,928)
12,082
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
9,657
4,343
Proceeds from exercise of warrants
4,062
-
Tax withholding shares
(4,649)
-
Payments of capital lease liability
(86)
(90)
Payment of fees for line of credit
(26)
(26)
Net cash provided by financing activities
8,958
4,227
Effect of exchange rate changes on cash, cash equivalents and restricted cash
175
298
Net increase in cash, cash equivalents and restricted cash
1,160
7,604
Cash, cash equivalents and restricted cash—Beginning of period
63,621
54,648
Cash, cash equivalents and restricted cash—End of period
$ 64,781
$ 62,252
Hortonworks, Inc.
Unaudited Reconciliation of GAAP to Non-GAAP
(in thousands, except share and per share amounts)
Three Months Ended March 31,
2018
2017
Non-GAAP Gross Profit and Margin:
Gross profit
$ 56,801
$ 38,116
Stock-based compensation expense
2,027
1,410
Non-GAAP gross profit
$ 58,828
$ 39,526
Gross margin percentages:
GAAP
72%
68%
Non-GAAP
74%
71%
Non-GAAP Operating Loss and Margin:
Operating loss
$ (40,828)
$ (54,404)
Stock-based compensation expense
26,290
23,375
Loss on early exit of lease
-
349
Amortization of intangible assets
217
217
Non-GAAP operating loss
$ (14,321)
$ (30,463)
Operating margin percentages:
GAAP
(52)%
(97)%
Non-GAAP
(18)%
(54)%
Non-GAAP Net Loss and Net Loss per Share:
Net loss
$ (42,055)
$ (54,835)
Stock-based compensation expense
26,290
23,375
Loss on early exit of lease
-
349
Amortization of intangible assets
217
217
Non-GAAP net loss
$ (15,548)
$ (30,894)
Weighted-average shares outstanding
76,135,228
61,848,383
Non-GAAP net loss per share
$ (0.20)
$ (0.50)
Stock-based compensation expense by function:
Cost of revenue
$ 2,027
$ 1,410
Sales and marketing
6,009
7,466
Research and development
8,166
9,878
General and administrative
10,088
4,621
Total stock-based compensation expense
$ 26,290
$ 23,375
For Additional Information Contact:
Reuben Gallegos
VP, Investor Relations and Corporate Development
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/hortonworks-reports-first-quarter-2018-revenue-300644720.html
SOURCE Hortonworks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-hortonworks-reports-first-quarter-2018-revenue.html |
May 18, 2018 / 7:02 PM / Updated 21 minutes ago Fired Louisville athletic director Jurich nets $4.5 million settlement Reuters Staff 2 Min Read
Fired Louisville athletic director Tom Jurich agreed to a $4.5 million buyout with the university. The KFC Yum! Center where the University of Louisville menÕs basketball team plays, is pictured in Louisville, Kentucky, U.S., September 28, 2017. REUTERS/Chris Kenning
Louisville announced Friday that Jurich would receive the buyout in addition to nearly $2 million in deferred payments. As a stipulation of the settlement, Jurich is officially “terminated without cause.”
“I have spent the better part of my career working with a dedicated team of athletes, coaches and staff to elevate the University of Louisville’s Athletic Department and I am proud of what we accomplished which is well documented,” Jurich said in a statement
Louisville placed Jurich on administrative leave and parted with head coach Rick Pitino after FBI investigators converged on the campus under allegations Adidas paid $100,000 to secure five-star recruit Brian Bowen for Louisville and that an assistant coach knew of the payment. Pitino maintains he had no knowledge of the arrangement, as does Bowen.
“Everyone is pleased that this matter has been successfully resolved,” Louisville board of trustees chairman J. David Grissom said in a statement. “All parties can move forward to begin the next chapter.”
Jurich’s contract with the school ran through 2023.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-ncaa-lou-jurich-settlement/fired-louisville-athletic-director-jurich-nets-4-5-million-settlement-idUSKCN1IJ2JG |
Netanyahu does "chicken dance" with Eurovision winner Thursday, May 17, 2018 - 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
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 //reut.rs/2LaPNxA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/netanyahu-does-chicken-dance-with-eurovi?videoId=427739266 |
SANTA CLARA, Calif., SVB Financial Group (NASDAQ: SIVB) today announced the appointment of Kimberly Jabal, CFO of Weebly and a seasoned technology and finance executive, to its board of directors . Jabal is the newest director elected to the board at the company's 2018 Annual Meeting of Stockholders. SVB Financial Group is the parent company of Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors.
Silicon Valley Bank helps address the unique needs of entrepreneurs, innovative companies and their investors in technology and life science sectors. The company offers a range of specialized financial services through locations around the world. With more than $50 billion in assets and more than 2,500 employees globally, SVB strives to improve the probability of its clients' success.
"As a startup CFO with strong technology and financial expertise, Kim knows exactly what our innovative, fast-growing clients are going through," said Greg Becker , CEO of SVB Financial Group and Silicon Valley Bank. "With such first-hand knowledge of our clients' experience, as well as leadership acumen, Kim is a welcome addition to our board as we continue to grow and expand our efforts on behalf of the innovation economy."
Jabal has an ideal mix of technology and financial expertise to complement SVB's mission serving the innovation economy. Since 2015, Jabal has been Chief Financial Officer at Weebly, a website and ecommerce software company that is currently being acquired by Square Inc. Before joining Weebly, Jabal served as the Chief Financial Officer at Path, as Vice President of Finance at Lytro, and in various capacities at Google including Director of Engineering Finance, Director of Investor Relations and Director of Online Sales Finance. Prior to Google, Jabal was in technology investment banking at Goldman Sachs and worked with Accenture (then Andersen Consulting) designing and building technical infrastructure for major IT systems implementations at global companies.
Jabal earned a Bachelor of Science Degree in Engineering from the University of Illinois and a Master of Business Administration from Harvard Business School. She currently serves on the board of FedEx Corporation.
For more information about SVB, visit www.svb.com .
About SVB Financial Group
For 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group's businesses, including Silicon Valley Bank, offer commercial and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com .
SVB Financial Group is the holding company for all business units and groups © 2018 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
with multimedia: releases/svb-financial-group-appoints-kimberly-jabal-cfo-of-weebly-to-its-board-of-directors-300644206.html
SOURCE Silicon Valley Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-svb-financial-group-appoints-kimberly-jabal-cfo-of-weebly-to-its-board-of-directors.html |
Hamas "responsible" for deaths in Gaza: WH Monday, May 14, 2018 - 01:03
The White House is blaming Hamas, the Palestinian Islamic group, for the deadly violence that erupted in Gaza around the opening of the U.S. embassy in Jerusalem on Monday. Rough Cut (no reporter narration).
The White House is blaming Hamas, the Palestinian Islamic group, for the deadly violence that erupted in Gaza around the opening of the U.S. embassy in Jerusalem on Monday. Rough Cut (no reporter narration). //reut.rs/2rH7Ouz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/hamas-responsible-for-deaths-in-gaza-wh?videoId=426911113 |
VIENNA (Reuters) - The fate of the landmark nuclear deal signed by Iran and six major powers in July 2015 hangs in the balance ahead of an announcement by U.S. President Donald Trump due on Tuesday at 1800 GMT.
European officials said Trump is expected to announce that he is pulling out of the agreement.
Below are some key restrictions that the deal, officially called the Joint Comprehensive Plan of Action, imposes on Iran’s nuclear activities. Those restrictions are policed by the U.N. nuclear watchdog, the International Atomic Energy Agency.
OVERVIEW The biggest obstacle to building a nuclear weapon is obtaining enough fissile material — highly enriched uranium or plutonium — for the core of the bomb.
A central aim of the deal was to extend the time Iran would need to do that, if it chose to, to a year from about 2-3 months.
The JCPOA, which took effect in January 2016, cuts off the plutonium track while severely restricting uranium enrichment.
PLUTONIUM Iran was building a heavy-water reactor at Arak that could eventually have produced spent fuel from which plutonium could be separated. Under the JCPOA:
- The core of that reactor has been removed and filled with concrete to make it unusable
- The reactor is being redesigned so as to “minimize the production of plutonium and not to produce weapon-grade plutonium in normal operation”.
- All spent fuel from Arak will be shipped out of Iran. (For the reactor’s lifetime)
- Iran commits not to engage in reprocessing or reprocessing research activities. (For 15 years)
URANIUM ENRICHMENT Iran has two vast enrichment sites, at Natanz and Fordow. Much of Natanz is deep underground and Fordow is buried inside a mountain, which is widely believed to protect them from aerial bombardment.
The deal allows Iran to continue enrichment at Natanz but with a series of constraints. It turns Fordow into a "nuclear, physics and technology center" where centrifuges are used for purposes other than enrichment, like producing stable isotopes here
The JCPOA:
- Slashes the number of centrifuges installed in Iran to roughly 6,000 from around 19,000 before the deal here . (For 10 years, though a centrifuge cap at Fordow remains in place for 15 years)
- Caps at 3.67 percent the purity to which Iran can enrich uranium — far below the roughly 90 percent threshold of weapons-grade. Before the deal, it enriched uranium to up to 20 percent purity. (For 15 years)
- Restricts Iran’s stock of low-enriched uranium to 202.8 kg, or technically 300 kg of uranium hexafluoride (UF6), the gas that is fed into centrifuges. Iran produced more than 15 tonnes of enriched UF6 before the deal. (For 15 years)
- Bans enrichment and nuclear material from Fordow. (For 15 years)
- Only allows Iran to enrich uranium with its first-generation IR-1 centrifuges. (For 10 years)
- Lets Iran carry out research with small numbers of more advanced centrifuges, but without accumulating enriched uranium.
OVERSIGHT The text of the deal also:
- Requires Iran to provisionally apply the IAEA Additional Protocol — which grants the agency wide-ranging inspection powers — and “subsequently seek ratification and entry into force”. For more on inspections, click on
- Grants U.N. nuclear inspectors daily access to Natanz and Fordow (for 15 years)
- Says the deal’s signatories must vet Iran’s purchases of nuclear or dual-use equipment
- Bans Iran from carrying out a range of activities that could contribute to making a nuclear bomb, such as computer simulations of a nuclear explosion or designing certain multi-point detonation systems. In some cases, those activities can be carried out with the other signatories’ approval.
Reporting by Francois Murphy, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-deal-factbox/factbox-a-year-from-the-bomb-iran-deals-nuclear-restrictions-idUSKBN1I91VC |
Tesla 's Model 3 sedan fell short of a recommendation from Consumer Reports on Monday.
The vehicle has many attributes that could make it a competitor to the Audi A4 or the BMW 3 Series, but there are some traits that kept the group from giving the car a full-throated endorsement, Consumer Reports said.
"Our testers also found flaws—big flaws—such as long stopping distances in our emergency braking test and difficult-to-use controls," said a review in the publication .
In particular, the car's stopping distance of 152 feet from a speed of 60 miles per hour was slower than any of its contemporaries, including the Ford F-150, a full-size pickup. The location of almost all of Tesla's controls on a touchscreen and the vehicle's ride quality were also factors in the group's decision.
However, Consumer Reports did praise the Model 3's agile handling and the range of the battery.
The Model 3, which starts at $35,000 but can cost as much as $78,000, is Tesla's attempt at a mass market car. But it has been plagued by production issues. Tesla originally wanted to produce 5,000 Model 3 cars per week by the end of 2017, but still has not hit that target.
"Tesla's own testing has found braking distances with an average of 133 feet when conducting the 60-0 mph stops using the 18" Michelin all season tire and as low as 126 feet with all tires currently available," the automaker said in a statement sent to CNBC. "Stopping distance results are affected by variables such as road surface, weather conditions, tire temperature, brake conditioning, outside temperature, and past driving behavior that may have affected the brake system. Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance."
Tesla has had a rocky relationship with Consumer Reports, which is an influential outlet for automotive reviews. The automaker bashed the CR automotive team in October after it predicted the Model 3 would have "average reliability." The group has also criticized the Model X's falcon-wing doors .
WATCH: In February, Consumer Reports on Model 3 flaws show chapters Consumer Reports says Tesla Model 3 is fun to drive, but has some flaws 6:11 PM ET Wed, 28 Feb 2018 | 00:44 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/tesla-shares-pare-gains-after-automaker-falls-short-of-consumer-report-recommendation.html |
May 3 (Reuters) -
* NEXT FORCE TECHNOLOGY, INC FILES TO SAY HAS RAISED $8.9 MILLION IN EQUITY FINANCING FROM TOTAL OFFERING OF ABOUT $11.1 MILLION - SEC FILING Source text:( bit.ly/2HLK57f ) [ ]
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-next-force-technology-says-raised/brief-next-force-technology-says-raised-8-9-mln-in-equity-financing-idUSFWN1SA1C5 |
May 7 (Reuters) - Ludlow Jute & Specialities Ltd:
* DECLARED DIVIDEND OF 2 RUPEES PER SHARE Source text - bit.ly/2jCdPoK
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ludlow-jute-specialities-declares/brief-ludlow-jute-specialities-declares-dividend-of-2-rupees-per-share-idUSFWN1SE0SG |
IRVINE, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- PriceSpider —an industry pioneer in creating advanced retail technology solutions for brand manufacturers and retailers—is proud to announce the recent onboarding of Kevin Rodgers as its new director of sales. After over 13 years of helping Google Inc. build and scale sales and operations teams across digital media and e-commerce, Rodgers will be stepping into his new role as PriceSpider’s demand among brand manufacturers continues its swift rise. His leadership efforts will be focused on driving the overall growth strategy for new and existing customers while building upon the company’s existing foundation to create an industry-leading client service team.
“Kevin brings a proven track record with one of the world’s most transformative companies during a time when many leading brands are approaching us for cutting-edge solutions,” said Anthony Ferry, co-founder and CEO of PriceSpider. “His input in building out new operational processes will help us scale the company during our rapid growth. We could not be happier to welcome him aboard.”
PriceSpider’s client list, which includes dozens of Fortune 500s and multinational brand manufacturers, continues to expand as forward-thinking brands are discovering the potential of content monitoring and branding solutions. The company has experienced impressive double-digit growth over the past few years as manufacturers seek out technologies designed to maximize the value of their e-commerce channels. This is where Rodgers’s expertise in successful engagement comes in.
Rodgers comes to PriceSpider after over 13 years at Google Inc., most recently as the head of industry for DoubleClick leading the automotive vertical. He managed both sales and operations teams, launched two new teams during his tenure and has scaled multiple business units. He has been immersed in verticals in the B2B and B2C sectors, including consumer packaged goods (CPG), entertainment and tech. Rodgers holds an MBA and a master’s degree in information systems from Boston University Graduate School of Management, as well as a bachelor’s degree in business administration from the University of San Diego.
“PriceSpider’s proprietary industry-leading products are what make this opportunity so exciting,” said Rodgers. “With so much innovation happening within retail and e-commerce, a company like PriceSpider can significantly help brands solve major business challenges. I am thrilled to join a company that is disrupting the retail ecosystem through actionable data that ultimately drives top-line revenue for our customers. PriceSpider’s solutions are not only powerful and wide-ranging but also easy for any individual within an organization to take advantage of. I look forward to helping PriceSpider’s customers answer key questions and ultimately grow their businesses.”
About PriceSpider: PriceSpider is the world’s leading conversion platform specializing in retail technology products and solutions that provide invaluable insight into consumer purchasing behavior. A partner to many of the world’s largest brands, PriceSpider is powered by proprietary “spidering” technology that collects a wide range of data from thousands of e-commerce sites. By connecting the dots between brands, retailers and shoppers, PriceSpider provides essential information on what, where, when and how people purchase. From conversion data capture to dashboards that analyze retailer and brand performance, pricing and competitor posture, PriceSpider gives companies real-time omni-channel visibility, actionable big data-backed insights and practical recommendations that help clients “know more” so they can “sell more.” Connect with PriceSpider on Facebook , Twitter and LinkedIn . For more information, please visit www.PriceSpider.com .
MEDIA CONTACT:
Leslie Licano
Beyond Fifteen Communications, Inc.
949.733.8679
[email protected]
Source: PriceSpider | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-e-commerce-veteran-kevin-rodgers-tapped-by-pricespider-as-new-director-of-sales.html |
April 30 (Reuters) - Infraware Inc :
* Says it raised 10.82 billion won in private placement of 5.8 million shares of the company
Source text in Korean : goo.gl/FuTdxg
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-infraware-raises-1082-bln-won-in-p/brief-infraware-raises-10-82-bln-won-in-private-placement-idUSL3N1S72SV |
AUSTIN, Texas, May 16, 2018 /PRNewswire/ -- Aurea Software, Inc. , a leading provider of customer and employee experience solutions, today announced that Tej Redkar joined the company as its chief product officer. Redkar brings extensive experience delivering highly successful enterprise software products that have fundamentally transformed people's productivity and lives. In his new role, Redkar will head Aurea's product innovation, software-as-a-service (SaaS) operations and engineering teams, overseeing the company's product strategy, design and development.
"Aurea is deeply invested in delivering forward-looking enterprise software that transforms how companies interact with their customers and employees," said Scott Brighton, CEO of Aurea Software. "We welcome Tej to Aurea's leadership bench, where his wealth of product, technical and business expertise across artificial intelligence, search, mobile and cloud platforms will play a key role as we expand our library of industry-leading enterprise software products, and accelerate our growth."
Redkar has been building enterprise software products for more than 20 years, leading engineering, product management, user experience and data science teams at Microsoft, Cisco/AppDynamics and IBM. Most recently, he was vice president of cloud and analytics products at Cisco, where he architected the company's $3.7 billion acquisition of AppDynamics and led the development of large-scale machine learning capabilities.
"Aurea's unique hybrid strategy of continually adding new offerings to its world-class software portfolio, combined with increasing its pace of organic product innovation, drew me to this position," Redkar said. "My career has been built bringing quality enterprise products to market for some of the biggest brands in tech, and I look forward to leveraging that experience as we advance Aurea's product strategy and roadmap."
About Aurea Software
Aurea Software is the technology behind some of the world's greatest customer and employee experiences, for the largest and most successful brands. Aurea's platform, engagement and vertical solutions help companies create exceptional, end-to-end experiences for their customers – driving both retention and growth. Aurea companies deliver process management, messaging, customer relationship management, email marketing and collaboration software, as well as industry solutions for retail, insurance, energy and life sciences. Aurea is an affiliate of ESW Capital. For more information, visit www.aurea.com or follow @AureaSoftware on Twitter.
Aurea and the Aurea logo are trademarks of Aurea Software, Inc. All other trademarks referenced are the property of their respective owners.
View original content with multimedia: http://www.prnewswire.com/news-releases/aurea-software-appoints-tej-redkar-as-chief-product-officer-300649150.html
SOURCE Aurea Software | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-aurea-software-appoints-tej-redkar-as-chief-product-officer.html |
U.S. blasts China for 'Orwellian nonsense' 01:37
The White House criticizes China's efforts to force foreign airlines to change how they refer to Taiwan, Hong Kong and Macau, calling Beijing's latest effort to police global language about the politically sensitive areas ''Orwellian nonsense.'' Ryan Brooks reports.
The White House criticizes China's efforts to force foreign airlines to change how they refer to Taiwan, Hong Kong and Macau, calling Beijing's latest effort to police global language about the politically sensitive areas "Orwellian nonsense." Ryan Brooks reports. //reut.rs/2KJLHfE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/07/us-blasts-china-for-orwellian-nonsense?videoId=424667006 |
TEL AVIV, May 8 (Reuters) - Israel’s Avgol Industries said on Tuesday its shareholders HFH International and Leumi Partners are negotiating the sale of their majority stake in the non-woven fabrics producer.
HFH holds 50.76 percent of Avgol while Leumi Partners, a subsidiary of Bank Leumi, owns 14.96 percent.
According to HFH and Leumi, there is no certainty these negotiations will lead to a binding agreement, Avgol said in a statement to the Tel Aviv Stock Exchange.
The Calcalist financial newspaper reported that HFH and Leumi have accepted an offer from an Indian company for their 66 percent holding at a company valuation of up to 1.4 billion shekels ($388.8 million). Calcalist did not name the buyer.
Avgol referred to the Calcalist report, saying if an agreement is reached, “the terms could be significantly different from those mentioned in the article.”
Avgol’s fabrics are used in diapers and feminine hygiene products.
It has a market valuation of 1.07 billion shekels. ($1 = 3.6007 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)
| ashraq/financial-news-articles | https://www.reuters.com/article/avgol-industries-ma-india/shareholders-in-israels-avgol-in-talks-to-sell-majority-stake-idUSL8N1SF20P |
May 15, 2018 / 5:30 AM / in an hour Soros foundation to shut its office in 'repressive' Hungary Marton Dunai 4 Min Read
BUDAPEST (Reuters) - Billionaire George Soros’s pro-democracy foundation said on Tuesday it would shut its office in Budapest and move to Berlin, leaving what it called “an increasingly repressive political and legal environment” in Hungary.
Prime Minister Viktor Orban has repeatedly accused Soros and his Open Society Foundations (OSF) of encouraging migration into Europe and of undermining Hungary’s national culture, charges the Budapest-born philanthropist denies.
Orban’s critics say the OSF’s departure would mark a milestone in a slide towards what they see as authoritarian rule in Hungary, a European Union member state, where Orban’s right-wing Fidesz party last month was re-elected with a big majority.
OSF said it would continue to support civil society groups in Hungary, but beneficiaries of its grants such as the Hungarian Helsinki Committee expressed concern that they too might come under heavier political and legal pressure.
“The government of Hungary has denigrated and misrepresented our work and repressed civil society for the sake of political gain, using tactics unprecedented in the history of the European Union,” OSF president Patrick Gaspard said in a statement.
Government spokesman Zoltan Kovacs declined to comment. Related Coverage Soros university says will stay in Budapest after foundation leaves
In power since 2010, Orban has increased his control over the media and put allies in control of once independent institutions, while his refusal to accept large numbers of migrants in Hungary has also put him in conflict with the EU.
Orban’s campaign for the April election vilified Soros and his activities in support of civil society on billboards nationwide, and he made clear he would be glad to see the OSF leave Hungary.
The OSF said the campaign had “invoked anti-Semitic imagery from World War Two”, a charge denied by the government. Soros, now 87 and based in the United States, is Jewish. FILE PHOTO - The signboard of George Soros' Open Society Foundations (OSF) is seen in a building in Budapest, Hungary, April 20, 2018. REUTERS/Bernadett Szabo/File Photo “SPLINTER IN THE EYE”
On Monday, Orban’s cabinet minister Antal Rogan said the government would further tighten restrictions on non-governmental organizations in its planned “Stop Soros” bill. He did not provide details.
The bill already allows the interior minister to ban NGOs active in the immigration field that he deems to pose a “national security risk”, and it imposes a 25 percent tax on foreign donations to NGOs that back migration.
The OSF is a top donor of the Hungarian Helsinki Committee, which campaigns for human rights.
“Our situation is likely to get tougher,” said the group’s co-chair Marta Pardavi. “The Helsinki Committee is a definite splinter in the government’s eye, so whatever changes they are thinking about, our legal problems will persist.”
But Pardavi added that it had no plans to leave Budapest and would not back away from its advocacy of the rights of asylum seekers and other core issues unless forced to do so.
The Central European University, founded in Budapest by Soros in 1991 after the fall of communism in eastern Europe, said on Tuesday it would stay in the Hungarian capital despite the OSF decision to leave. Slideshow (2 Images)
The CEU, because it issues international degrees, has had to adapt to a new law which required it to open a campus in the United States. Its rector, Michael Ignatieff, said new students in 2019 might have to enrol across the border in Austria if the CEU fails to strike a deal with Hungary under the new law, which sparked street protests and an EU legal challenge.
In a statement on Tuesday, Ignatieff urged the Orban government to recognize that CEU now met conditions stipulated in the new law.
“CEU cannot go into another academic year in a situation of legal uncertainty,” he said. Reporting by Marton Dunai, writing by Budapest newsroom; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-soros-office/soros-foundations-office-to-pull-out-of-hungary-idUSKCN1IG0IT |
Spanish prime minister to face confidence vote 10:20am EDT - 01:19
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People’s Party threatened his six-year rule.
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People’s Party threatened his six-year rule. //www.reuters.com/video/2018/05/28/spanish-prime-minister-to-face-confidenc?videoId=431154252&videoChannel=14073 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/28/spanish-prime-minister-to-face-confidenc?videoId=431154252 |
May 24, 2018 / 1:19 AM / Updated 11 hours ago Rugby-Wallabies prop Slipper banned for positive cocaine tests Reuters Staff 1 Min Read
SYDNEY, May 24 (Reuters) - Wallabies and Queensland Reds prop James Slipper has been banned for two months after testing positive for cocaine, Rugby Australia said on Thursday.
The 28-year-old Slipper tested positive for the banned drug twice in February and May this year. He was suspended for the minimum of two months and fined A$27,500 ($21,000) after a hearing last week. $1 = 1.3224 Australian dollars Reporting by Greg Stutchbury; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-australia-slipper/rugby-wallabies-prop-slipper-banned-for-positive-cocaine-tests-idUKL3N1SV19G |
TOKYO, May 8 (Reuters) - Japanese trading house Mitsubishi Corp on Tuesday reported a 27-percent increase in profit to a record for the last financial year due to stronger coking coal prices, and forecast a 7-percent rise for this year.
The company’s net income for the year through March 31 came to 560.17 billion yen ($5.1 billion), compared with its own estimate of 540 billion yen and a mean estimate of 546.54 billion yen among nine analysts surveyed by Thomson Reuters I/B/E/S.
The result surpassed its previous highest profit of 471.3 billion yen reached in the year to March, 2008.
For the year that started in April, Mitsubishi is forecasting profit of 600 billion yen, above a mean estimate of 568.18 billion yen from nine analysts. ($1 = 109.0600 yen) (Reporting by Yuka Obayashi and Aaron Sheldrick)
| ashraq/financial-news-articles | https://www.reuters.com/article/mitsubishi-results/japans-mitsubishi-corp-says-annual-profit-hits-record-on-higher-coal-prices-idUSL3N1SE3JJ |
2018 Outlook Revised to Reflect First Quarter Performance
Strategic Alternatives Review Progresses
NASHVILLE, Tenn.--(BUSINESS WIRE)-- Envision Healthcare Corporation (“Envision”) (NYSE: EVHC) today reported solid financial results for the three months ended March 31, 2018, driven by Physician Services’ revenue growth and initial contributions from the Company’s 2018 operational improvement initiatives.
Highlights for the first quarter of 2018 include:
Net revenue from continuing operations of $2.08 billion; Net earnings from continuing operations attributable to common stockholders of $36.9 million or $0.30 per diluted share; Adjusted net earnings from continuing operations of $86.6 million, or $0.71 per diluted share; and Adjusted EBITDA from continuing operations of $207.6 million.
Envision reported a net loss of $86.4 million, or $0.71 per dilutive share, as a result of a net loss from discontinued operations and income-tax expense resulting from the sale of its Medical Transportation segment, American Medical Response, Inc., (“AMR”), which was completed on March 14, 2018.
A reconciliation of all non-GAAP financial results to the comparable GAAP measure is provided on page 6 of this press release.
“Our results for the first quarter of 2018 build on the momentum we established at the end of 2017, with our focus on operational improvements beginning to bear fruit towards our goal of realizing $50 million in operational efficiencies in 2018 and anticipated run-rate savings of $100 million,” said Christopher A. Holden, President and Chief Executive Officer of Envision. “We made significant strides to align our practice support and corporate overhead to support our clinical programs and these efforts contributed to our solid financial results in the quarter. We expect the impact of these efforts to accelerate through the remainder of 2018. We are also making good progress in improving our revenue cycle functions to achieve operational efficiencies, which we expect to realize during the second half of this year. We are also advancing a number of initiatives to improve the efficiency of our clinical teams as they care for patients.
“Our operational focus will be key to our ability to optimize shareholder value as our clinical providers and operations professionals are continuously working to improve patient safety, quality and efficiency to deliver value to health systems and the patients we serve. We continue to successfully execute on a clearly defined strategy that supports our clinical providers as they participate in high-performing healthcare networks in communities across the country. Our Physician Services’ growth validates this strategy.”
Reporting Segments
Envision reports two operating segments as continuing operations: Physician Services, which includes facility-based and post-acute services, and Ambulatory Services.
Physician Services
Net revenues for Physician Services were $1.77 billion for the first quarter of 2018, an increase of 13.2% from the prior-year period. Revenue growth was driven by contributions of 8.2% from acquisitions, 2.3% from net new contracts and 2.7% from same contracts. Physician Services’ net revenue growth from new contracts consisted of 8.0% growth from contract additions, partially offset by contract terminations of 5.7%.
On a same-contract base, net revenues grew by 3.1% in the first quarter of 2018 when compared to the prior-year period. Same-contract patient encounters grew by 2.3%, while revenue per patient encounter increased by 0.8%.
For the first quarter of 2018, Physician Services Adjusted EBITDA was $150.1 million and was essentially unchanged from the prior-year period. Physician Services results were impacted by increasing seasonal payroll tax expense, incentive compensation accruals that were not in the prior-year period, as well as higher-than-anticipated malpractice expense related to settlement of claims from prior years. Physician Services' margin improved by 50 basis points on a sequential basis.
Ambulatory Services
Net revenues for the first quarter of 2018 were $307.6 million, which compares to $315.9 million for the prior-year period. Ambulatory Services results were affected by weather- and flu-related procedure cancellations during the 2018 period.
Same-center revenue declined by 0.7%, which included a 1.3% volume decline, offset by 0.6% rate growth. Surgery centers deconsolidated and disposed in the 12 months ended March 31, 2018, contributed incremental revenues of $9.7 million for the first quarter of 2017.
Adjusted EBITDA for the first quarter of 2018 was $57.5 million, which compares with $60.2 million for the prior-year period. Adjusted EBITDA margin was 18.7%, which compared to 19.1% in the prior-year period.
Liquidity
Envision had cash and cash equivalents of $767.4 million at March 31, 2018, and the Company had no amounts outstanding under its asset-based lending facility at the end of the first quarter of 2018. During the period, Envision used a substantial portion of the net proceeds it received from the sale of AMR to reduce debt outstanding on its Term Loan B by $1.7 billion. At March 31, 2018, Envision had total debt outstanding of $4.7 billion. The Company’s ratio of total net debt at March 31, 2018, to trailing 12 months EBITDA as defined under the Company’s credit agreement, was 4.2 times.
Net cash flows from operations, less distributions to noncontrolling interests and excluding transaction costs, were $20.4 million for the three months ended March 31, 2018. Envision’s cash flow from operations was impacted by accelerating approximately $45 million of incentive compensation payments into the first quarter, from the second quarter, to benefit from higher tax deductibility associated with those expenses as a result of the Tax Cuts and Jobs Act.
Guidance
Envision is modifying its outlook for 2018 and introducing its outlook for the second quarter of 2018. For all of 2018, Envision expects to generate revenue of $8.35 billion to $8.53 billion, Adjusted EBITDA of $965 million to $1 billion, and Adjusted EPS of $3.49 to $3.70.
For the second quarter of 2018, Envision expects to generate Adjusted EBITDA of $234 million to $246 million, and Adjusted EPS of $0.83 to $0.90.
Non-GAAP Adjusted EBITDA guidance for the full year and second quarter of 2018 excludes interest expense, income taxes, depreciation, amortization, share-based compensation, impairment charges, debt extinguishment costs, acquisition-related transaction and integration costs, changes in contingent purchase price consideration, purchase accounting adjustments related to mergers and acquisitions, gain or loss on deconsolidations and discontinued operations. Non-GAAP Adjusted EPS guidance for the full year and second quarter of 2018 excludes acquisition-related transaction and integration costs, acquisition-related amortization expense, gains and losses on future deconsolidation transactions, share-based compensation, impairment charges, the impact of the Tax Cuts and Jobs Act, and debt extinguishment costs, net of tax impact. Envision is not providing a reconciliation of its Adjusted EBITDA and Adjusted EPS guidance because the exact amount of such exclusions is not currently determinable, including variability and timing associated with acquisitions, disposals, deconsolidations and impairment charges. These amounts may be significant and may vary significantly from period to period (see page 6 for a reconciliation of all historical GAAP and non-GAAP financial results presented in this release).
Ongoing Strategic Review
Envision’s Board of Directors (the “Board”) continues to conduct a full review of strategic alternatives to enhance shareholder value, and is considering a number of options including execution of the Company’s strategic plan, portfolio rationalization, and a potential sale of the Company.
“We remain fully engaged in a comprehensive review of our options,” said Denny Shelton, Lead Independent Director of Envision’s Board. “While we have not set a definitive timetable for the completion of this review, the Board is moving toward identification of the optimal outcome for our shareholders during the current quarter.”
There can be no assurance that this review will result in a transaction or other alternative of any kind.
Conference Call Information
Envision will host a conference call at 8:30 a.m. Eastern Time Tuesday, May 8, 2018, to discuss its financial results. The live broadcast of Envision’s quarterly conference call will be available on-line by going to www.evhc.net and clicking on the link to Investors. The on-line replay will follow shortly after the call and continue for 30 days.
About Envision Healthcare Corporation
Envision Healthcare Corporation is a leading provider of physician-led services and post-acute care, and ambulatory surgery services. At March 31, 2018, we delivered physician services, primarily in the areas of emergency department and hospitalist services, anesthesiology services, radiology/tele-radiology services, and children’s services to more than 1,800 clinical departments in healthcare facilities in 45 states and the District of Columbia. Post-acute care is delivered through an array of clinical professionals and integrated technologies which, when combined, contribute to efficient and effective population health management strategies. As a market leader in ambulatory surgical care, the Company owns and operates 261 surgery centers and one surgical hospital in 35 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. In total, the Company offers a differentiated suite of clinical solutions on a national scale, creating value for health systems, payors, providers and patients. For additional information, visit www.evhc.net .
Forward-Looking Statements
Certain statements and information in this communication may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to the Company’s financial and operating objectives, plans and strategies, industry trends, and all statements (other than statements of historical fact) that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by the Company’s management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. Any forward-looking statements in this communication are made as of the date hereof, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including: (i) risks and uncertainties discussed in the reports and other documents that the Company files with the Securities and Exchange Commission; (ii) general economic, market, or business conditions; (iii) the impact of legislative or regulatory changes, such as changes to the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010; (iv) changes in governmental reimbursement programs; (v) decreases in revenue and profit margin under fee-for-service contracts due to changes in volume, payor mix and reimbursement rates; (vi) the loss of existing contracts; (vii) risks associated with the ability to successfully integrate the Company’s operations and employees following the completion of the December 2016 merger of equals; (viii) the ability to realize anticipated benefits and synergies of the business combination; (ix) the potential impact of the consummation of the transaction on the Company’s relationships, including with employees, customers and competitors; (x) the impact of the Company’s previously announced review of strategic alternatives, as well as any strategic transaction that may be pursued as a result of such review, including on the Company’s financial and operating results, or its employees, suppliers and customers; and (xi) other circumstances beyond the Company’s control.
Envision Healthcare Corporation Unaudited Selected Consolidated Financial and Operating Data
(In millions, except earnings per share)
Three Months Ended March 31, Statement of Operations Data:
2018 2017 Net revenue $ 2,077.0 $ 1,878.6 Operating expenses: Salaries and benefits 1,538.9 1,359.0 Supply cost 54.4 54.1 Insurance expense 47.6 37.6 Other operating expenses 190.8 184.1 Transaction and integration costs 21.4 21.5 Impairment charges 0.7 0.3 Depreciation and amortization 70.6 71.3 Total operating expenses 1,924.4 1,727.9 Net gain (loss) on disposals and deconsolidations (1.0 ) 0.3 Equity in earnings of unconsolidated affiliates 5.8 4.9 Operating income 157.4 155.9 Interest expense, net 63.6 52.4 Other income (expense), net (0.2 ) 1.1 Earnings from continuing operations before income taxes 93.6 104.6 Income tax expense 5.5 17.5 Net earnings from continuing operations 88.1 87.1 Discontinued operations: Earnings from discontinued operations 3.5 10.0 Income tax expense from discontinued operations (126.8 ) (488.2 ) Net loss from discontinued operations (123.3 ) (478.2 ) Net loss (35.2 ) (391.1 ) Less net earnings attributable to noncontrolling interests 51.2 54.1 Net loss attributable to Envision Healthcare Corporation stockholders (86.4 ) (445.2 ) Preferred stock dividends — (2.3 ) Net loss attributable to Envision Healthcare Corporation common stockholders $ (86.4 ) $ (447.5 ) Amounts attributable to Envision Healthcare Corporation common stockholders: Earnings from continuing operations, net of income tax $ 36.9 $ 30.7 Loss from discontinued operations, net of income tax (123.3 ) (478.2 ) Net loss attributable to Envision Healthcare Corporation common stockholders $ (86.4 ) $ (447.5 ) Basic earnings (loss) per share attributable to common stockholders: Net earnings from continuing operations $ 0.31 $ 0.26 Net loss from discontinued operations (1.02 ) (4.10 ) Net loss $ (0.72 ) $ (3.84 ) Diluted earnings (loss) per share attributable to common stockholders: Net earnings from continuing operations $ 0.30 $ 0.26 Net loss from discontinued operations (1.01 ) (4.10 ) Net loss $ (0.71 ) $ (3.84 ) Weighted average number of shares and share equivalents outstanding: Basic 120,552 116,563 Diluted 122,354 119,475 Envision Healthcare Corporation Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions, except earnings per share)
Three Months Ended March 31, 2018 2017 Reconciliation of net loss to adjusted net earnings: Net loss attributable to Envision stockholders $ (86.4 ) $ (445.2 ) Loss from discontinued operations, net of tax 123.3 478.2 Income tax benefit related to tax reform (10.3 ) — Amortization of purchased intangibles 44.0 47.7 Share-based compensation 7.4 14.6 Transaction and integration costs 21.4 21.5 Net (gain) loss on disposals and deconsolidations, net of noncontrolling interests 0.6 (0.3 ) Impairment charges 0.7 0.3 Net unrealized loss on equity securities 0.9 — Total adjustments 188.0 562.0 Tax effect 15.0 36.4 Total adjustments, net 173.0 525.6 Adjusted net earnings $ 86.6 $ 80.4 Basic shares outstanding 120,552 116,563 Effect of dilutive securities, options and non-vested shares 1,802 6,042 Diluted shares outstanding, if converted 122,354 122,605 Adjusted net earnings per share $ 0.71 $ 0.66 Reconciliation of net earnings to Adjusted EBITDA: Net loss attributable to Envision stockholders $ (86.4 ) $ (445.2 ) Loss from discontinued operations, net of tax 123.3 478.2 Interest expense, net 63.6 52.4 Income tax benefit 5.5 17.5 Depreciation and amortization 70.6 71.3 EBITDA
176.6 174.2 Adjustments: Transaction and integration costs 21.4 21.5 Share-based compensation 7.4 14.6 Impairment charges 0.7 0.3 Net (gain) loss on disposals and deconsolidations, net of noncontrolling interests 0.6 (0.3 ) Net unrealized loss on equity securities 0.9 — Total adjustments 31.0 36.1 Adjusted EBITDA $ 207.6 $ 210.3 Segment Information: Physician Services net revenue $ 1,769.4 $ 1,562.7 Ambulatory Services net revenue 307.6 315.9 Total net revenue
$ 2,077.0 $ 1,878.6 Physician Services Adjusted EBITDA $ 150.1 $ 150.1 Ambulatory Services Adjusted EBITDA 57.5 60.2 Adjusted EBITDA $ 207.6 $ 210.3 Physician Services Adjusted EBITDA margin 8.5 % 9.6 % Ambulatory Services Adjusted EBITDA margin 18.7 19.1 Adjusted EBITDA margin 10.0 % 11.2 % See definitions of non-GAAP measures on page 10
Envision Healthcare Corporation Unaudited Selected Consolidated Financial and Operating Data, continued
Operating Data - Physician Services:
Three Months Ended March 31, 2018 2017 Contribution to Net Revenue Growth: Same contract 2.7 % 3.3 % New contracts 8.0 6.3 Terminations (5.7 ) (10.1 ) Acquired contract and other 8.2 9.7 Total net revenue growth 13.2 % 9.2 % Patient encounters per day, day adjusted 2.3 % 2.3 % Net revenue per encounter 0.8 2.7 Same contract revenue growth 3.1 % 5.0 % Operating Data - Ambulatory Services:
Three Months Ended March 31, 2018 2017 Procedures performed during the period at consolidated centers 405,708 420,487 Centers in operation, end of period (consolidated) 230 238 Centers in operation, end of period (unconsolidated) 31 26 Average number of continuing centers in operation (consolidated) 231 239 New centers added, during period — 4 Centers disposed, during period 3 — Surgical hospitals in operation, end of period (unconsolidated) 1 1 Centers under letter of intent, end of period 4 2 Average revenue per consolidated center (in thousands) $ 1,332 $ 1,324 Same center revenues increase (decrease), day adjusted (consolidated) (0.7 )% 1.4 % Envision Healthcare Corporation Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in millions, shares in thousands)
March 31, December 31, Balance Sheet Data:
2018 2017 Assets Current assets: Cash and cash equivalents $ 767.4 $ 312.2 Insurance collateral 113.5 86.2 Accounts receivable, net 1,532.8 1,405.8 Supplies inventory 22.1 22.7 Prepaid and other current assets 98.2 165.6 Current assets held for sale — 2,751.8 Total current assets
2,534.0 4,744.3 Property and equipment, net 284.0 302.7 Investments in unconsolidated affiliates 157.4 156.7 Goodwill 7,570.7 7,536.1 Intangible assets, net 3,657.7 3,665.5 Other assets 180.7 167.3 Total assets $ 14,384.5 $ 16,572.6 Liabilities and Equity Current liabilities: Current portion of long-term debt $ 12.7 $ 52.1 Accounts payable 50.4 62.2 Accrued salaries and benefits 471.0 548.0 Accrued interest 35.1 52.1 Other accrued liabilities 549.1 281.6 Current liabilities held for sale — 399.1 Total current liabilities
1,118.3 1,395.1 Long-term debt, net of deferred financing costs of $93.0 and $97.3, respectively 4,608.5 6,263.3 Deferred income taxes 902.8 1,089.3 Insurance reserves 323.5 318.5 Other long-term liabilities 155.6 149.9 Commitments and contingencies Noncontrolling interests – redeemable 186.3 187.1 Equity: Common stock, $0.01 par value, 1,000,000 shares authorized, 121,105 and 121,021 shares issued and outstanding, respectively 1.2 1.2 Additional paid-in capital 6,012.6 6,008.9 Retained earnings 436.9 521.2 Accumulated other comprehensive income (loss) 0.8 (4.2 ) Total Envision Healthcare Corporation equity 6,451.5 6,527.1 Noncontrolling interests – non-redeemable 638.0 642.3 Total equity 7,089.5 7,169.4 Total liabilities and equity $ 14,384.5 $ 16,572.6 Envision Healthcare Corporation Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions)
Three Months Ended March 31, Statement of Cash Flow Data:
2018 2017 Cash flows from operating activities: Net loss $ (35.2 ) $ (391.1 ) Adjustments to reconcile net loss to net cash flows provided by operating activities: Depreciation and amortization 100.0 105.5 Amortization of deferred loan costs 4.3 4.2 Net (gain) loss on disposals and deconsolidations 1.0 (0.3 ) Share-based compensation 7.4 16.1 Deferred income taxes 27.9 504.2 Equity in earnings of unconsolidated affiliates (5.8 ) (5.1 ) Impairment charges 0.7 0.3 Gain on held for sale assets (14.7 ) — Increases (decreases) in cash, cash equivalents, restricted cash, and restricted cash equivalents net of acquisitions and dispositions: Accounts receivable (40.5 ) (47.0 ) Supplies inventory 0.2 (0.7 ) Prepaid and other current assets (2.3 ) 1.9 Accounts payable (22.6 ) (8.9 ) Accrued expenses and other liabilities 23.0 (84.7 ) Other, net (6.1 ) 3.7 Net cash flows provided by operating activities 37.3 98.1 Cash flows from investing activities: Acquisitions and related expenses, net of cash acquired (71.6 ) (73.1 ) Acquisition of property and equipment (45.3 ) (40.7 ) Net proceeds from sale of medical transportation business 2,279.7 — Purchases of marketable securities (57.3 ) (3.4 ) Maturities of marketable securities 17.2 0.5 Other, net 1.1 17.3 Net cash flows provided by (used in) investing activities 2,123.8 (99.4 ) Cash flows from financing activities: Proceeds from long-term borrowings 125.5 3.7 Repayment on long-term borrowings (1,824.2 ) (11.9 ) Distributions to noncontrolling interests (53.1 ) (60.5 ) Other, net (6.3 ) (8.4 ) Net cash flows used in financing activities (1,758.1 ) (77.1 ) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 403.0 (78.4 ) Cash and cash equivalents, beginning of period (including restricted cash and restricted cash equivalents of $30.8 and $28.8, respectively) 383.0 360.4 Less cash, cash equivalents, restricted cash and restricted cash equivalents of held for sale assets, end of period — 17.7 Cash and cash equivalents, end of period (including restricted cash and restricted cash equivalents of $18.6 and $39.0, respectively) $ 786.0 $ 264.3 Envision Healthcare Corporation
Footnotes to Reconciliations of Non-GAAP Measures to GAAP Measures
(1) We believe the calculation of adjusted net earnings from continuing operations per diluted share attributable to common stockholders provides a better measure of our ongoing performance and provides better comparability to prior periods because it excludes discontinued operations, the gains or loss from deconsolidations, net of noncontrolling interests, which are non-cash in nature, impairment charges, transaction and integration costs, including associated debt extinguishment costs and deferred financing write-off, and acquisition-related amortization expense, changes in contingent purchase price consideration, purchase accounting adjustments related to mergers and acquisitions, the impact of the Tax Cuts and Jobs Act of 2017, share-based compensation expense, and unrealized gain or loss on equity securities. Adjusted net earnings from continuing operations per diluted share attributable to common stockholders should not be considered as a measure of financial performance under accounting principles generally accepted in the United States, and the items excluded from it is a significant component in understanding and assessing financial performance. Because adjusted net earnings from continuing operations per diluted share attributable to common stockholders is not a measurement determined in accordance with accounting principles generally accepted in the United States and is thus susceptible to varying calculations, it may not be comparable as presented to other similarly titled measures of other companies. For purposes of calculating adjusted earnings per share, we utilize the if-converted method to determine the number of diluted shares outstanding. In periods where utilizing the if-converted method is anti-dilutive, the mandatory convertible preferred stock will not be included in the calculation of diluted shares outstanding. (2) We define Adjusted EBITDA as earnings before interest expense, net, income taxes, depreciation, amortization, transaction and integration costs, share-based compensation, impairment charges, debt extinguishment costs, gain or loss on deconsolidations, net of noncontrolling interests, changes in contingent purchase price consideration, purchase accounting adjustments related to mergers and acquisitions, the impact of the Tax Cuts and Jobs Act of 2017, discontinued operations and unrealized gain or loss on equity securities. Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage. Adjusted EBITDA should not be considered in isolation or as an alternative to net earnings, cash flows from operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance. Because Adjusted EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net earnings from continuing operations attributable to common stockholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to Adjusted EBITDA, as defined.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006032/en/
Envision Healthcare Corporation
Bob Kneeley, 303-495-1245
Vice President, Investor Relations
[email protected]
Source: Envision Healthcare Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-envision-healthcare-reports-solid-results-for-2018-first-quarter.html |
May 9 (Reuters) - Matrix Service Co:
* SEES FY REVENUE $1.075 BILLION TO $1.1 BILLION * BACKLOG OF $914.2 MILLION AT QUARTER END Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-matrix-service-co-reports-q3-loss/brief-matrix-service-co-reports-q3-loss-per-share-0-19-idUSASC0A14W |
MANILA (Reuters) - AC Energy Inc, part of Philippine conglomerate Ayala Corp ( AC.PS ), on Monday said it could sell a stake of up to 50 percent in its coal-fired energy unit, using funds from the deal to boost its renewables business in Southeast Asia.
AC Energy is in talks with potential partners that could be interested in taking a stake in its wholly-owned AC Thermal unit, company officials said, although they declined to identify would-be investors or give any indications on price.
“We cannot go on record with respect to valuation,” AC Energy President and CEO Eric Francia said in an email to Reuters on Monday, declining to comment on local newspaper reports saying the sale may raise up to $1 billion.
AC Energy’s assets are 80 percent thermal and 20 percent renewable, with a total value of 135 billion pesos ($2.6 billion), according to a recent CLSA report.
Its thermal assets include the 632-megawatt GNPower Mariveles coal plant, a partnership with Aboitiz Power Corp’s ( AP.PS ) subsidiary Therma Power and Power Partners, and the 552-MW GNPower Kauswagan, in which it has an 85 percent economic stake.
The company said it was open to a partnership with both local and foreign investors for the unit, and would make a final decision within the year.
The company expects to expand its overall energy capacity to more than 5,000 megawatts by 2025 from 1,600 MW currently.
Following its acquisition of Salak and Darajat geothermal assets in Indonesia in 2017, AC Energy is assembling a portfolio of renewable energy assets in the region this year, including a 75 MW wind project in Indonesia and over 300 MW of solar projects in Vietnam.
AC Energy nearly doubled its net profit to 593 million pesos in the first quarter of this year, boosted by robust contributions from its Indonesia investment and from its coal and renewable platforms.
“We will not stop investing in the Philippines, but we also see a lot of opportunities outside, within the Southeast Asian market,” a company spokeswoman told Reuters. “The objective is to reach a 50-50 mix by 2025.”
Reporting by Enrico dela Cruz; Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ayala-energy-sale/philippines-ayala-looks-to-sell-big-stake-in-coal-unit-turn-to-renewables-idUSKCN1IM0OE |
0 COMMENTS CFOs on the move. Photo: The Wall Street Journal
Six Flags Entertainment Corp. , an amusement-park operator based in Grand Prairie, Texas, named Taylor Brooks chief accounting officer, effective June 15. He succeeds Mario Centola, who will become vice president, international operations and business development.
Mr. Brooks was most recently director of accounting and assistant controller, a position he has held since 2015. Prior to that he held the role of financial reporting manager since joining the company in 2013. Mr. Brooks previously served as financial reporting and technical research senior accountant at DynCorp International LLC.
Mr. Brooks will receive an annual base salary of at least $210,000 and a bonus with a target of $100,000. He will also receive several equity awards under the company’s incentive compensation program, according to a filing.
Nissan Motor Co. Ltd. , the Yokohama, Japan automaker, named Hiroshi Karube its CFO. He succeeds Joseph Peter, who is retiring. Mr. Karube most recently held the role of senior vice president, global controller, accounting, global asset management. He has served as global controller since 2010. Mr. Karube held a variety of accounting roles since he joined Nissan in 1980.
Tronc Inc. , a Chicago-based media company, appointed Michael N. Lavey as controller and chief accounting officer, effective immediately. Mr. Terry Jimenez, who previously served as the company’s principal accounting officer, will continue to serve as its executive vice president and chief financial officer.
Mr. Lavey has served as Tronc’s senior vice president, corporate controller since May 2015. Prior to that, he worked as vice president and corporate controller of A. H. Belo Corporation, a media company, from January 2010 to May 2015, and as controller of the Dallas Morning News in 2009.
Share this: CFO MOVES Previous CFO Moves: F5 Networks, Dixons Carphone Next Advance Auto Parts Grapples With Higher Fuel Costs | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/23/cfo-moves-six-flags-entertainment-nissan-motor-tronc/ |
(Reuters) - Newell Brands Inc ( NWL.N ) said on Friday it would sell its plastics packaging unit Waddington Group for $2.3 billion, and added more brands to a divestiture plan aimed at streamlining its operations and cutting costs.
The sale of Waddington, which makes disposable cutlery and drinkware, is the first major divestiture after activist investors Starboard Value LP and Carl Icahn placed their nominees on the company’s board last month.
Newell’s shares were up 6 percent at $28.29 in early trading. The stock took a beating after the company, which sells everything from Sharpie pens to Crock-Pot cookware, first laid out plans in January to explore options for several of its businesses.
As part of its agreement with Icahn, Newell said in March its divestitures would bring in about $10 billion, ratcheting it up from its previous estimate of $6 billion.
Newell said on Friday it would add Jostens and Pure Fishing to the list of brands it plans to sell, with the expanded divestiture plan ultimately reducing its net sales and workforce by more than a third.
The moves come as the company’s retailer customers such as Walmart Inc ( WMT.N ) and Target Corp ( TGT.N ) pare back inventories to cut costs as fewer shoppers visit brick-and-mortar stores.
“All of these assets should command competitive multiples ... the sale of Waddington validates that belief,” Chief Executive Officer Michael Polk said during a conference call.
Newell said its divestiture process was “well underway” and expects to complete all transactions by the end of 2019 and become a company with net sales of about $9.5 billion in 2020.
“Investors never wanted Newell to own Waddington and likely underestimated the multiple a sale could bring,” Renaissance Macro Securities analyst April Scee said.
The company also reported first-quarter sales that fell nearly 8 percent and missed analysts’ estimates, mainly due to divestitures in 2017 and the liquidation of Toys ‘R’ Us.
But normalized earnings of 34 cents per share beat the average estimate of 26 cents, according to Thomson Reuters I/B/E/S.
“With continued organic weakness and conflict with Starboard ongoing, there’s enough noise in the stock ... However, intended divestitures improve focus or help odds of successful restructuring,” Scee said.
The company also reaffirmed 2018 net sales and earnings forecast.
Reporting by Aishwarya Venugopal in Bengaluru; Writing by Siddharth Cavale; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newell-brands-divestiture/newell-to-sell-waddington-to-carlyles-novolex-for-2-3-billion-idUSKBN1I512L |
Political novice Conte named Italy's new PM 8:22am EDT - 01:01
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. Scarlett Cvitanovich
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. Scarlett Cvitanovich //reut.rs/2IFAMpH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429821158 |
Farmingdale, NY , May 11, 2018 (GLOBE NEWSWIRE) -- Long Blockchain Corp. (OTCPink: LBCC) (the “Company”) today announced the appointment of Sanjay Sachdev to the Company’s Board of Directors and Shamyl Malik, the Chief Executive Officer of the Company, as the Chairman of the Board. Mr. Sachdev will be an independent director, and was nominated by TSLC Pte Ltd. (“TSLC”) pursuant to the terms of the previously-announced contribution and exchange agreement between the Company and TSLC. Mr. Malik will replace William Hayde as Chairman of the Board, with Mr. Hayde continuing on as a director.
Mr. Sachdev has spent more than 25 years building asset management businesses in a number of emerging markets. He is a 2018 Advanced Leadership Initiative Fellow in Residence at Harvard University. In addition, since 2013 Mr. Sachdev has been the Chairman of Zyfin Holdings, a leading asset management and economic research firm focused on the India, ASEAN and MENA regions. He drove the creation of several multi-billion dollar asset management businesses, across public and private markets investing in different asset classes, and has worked with the Principal Financial Group, Shinsei Bank of Japan and the Tata Group in the US, India, S.E. Asia and Japan.
Shamyl Malik, Chairman and Chief Executive Officer of the Company, stated, “Sanjay has spent his career developing companies in the global financial services sector, leaving behind an exceptional record of success and resulting in his remarkable depth of experience in the industry. We are thrilled to have Sanjay join our Board as Long Blockchain enters its next phase of growth.”
“I have been impressed with Long Blockchain’s vision and am honored to be joining its Board,” commented Mr. Sachdev. “I share the Company’s optimism for the new and exciting developments in blockchain technology, and look forward to working with Shamyl and the Board to realize its vision of becoming a leader in blockchain technology.”
Shamyl Malik added, “I want to further thank Bill Hayde for his strong leadership and tireless efforts as Chairman of the Board. He has played a critical role in the development of the Company over the past six months and we look forward to his continued contributions as a director.”
About Long Blockchain Corp.
Long Blockchain Corp. is focused on developing and investing in globally scalable blockchain technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long term value for its shareholders and the global community by investing in and developing businesses that are “on-chain”. Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this dynamic industry, actively pursuing opportunities. Its wholly-owned subsidiary Long Island Brand Beverages, LLC operates in the non-alcohol ready-to-drink segment of the beverage industry under its flagship brand ‘The Original Long Island Brand Iced Tea ® ’. For more information on the Company, please visit www.longblockchain.com .
Forward Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company’s business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "thinks," "estimates," "seeks," "predicts," "could," "projects," "potential" and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include the Company’s history of losses and expectation of further losses, its ability to expand its operations into blockchain technologies, its ability to develop or acquire new brands, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption “Risk Factors.” When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
Contacts:
For Investors
Shamyl Malik
Long Blockchain Corp.
1-855-452-LBCC
[email protected]
Source:Long Blockchain Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-long-blockchain-corp-appoints-sanjay-sachdev-to-board-of-directors-shamyl-malik-as-chairman-of-the-board.html |
TOKYO—China has approved U.S. private-equity firm Bain Capital’s $18 billion deal for Toshiba Corp.’s memory-chip unit, in a possible gesture of goodwill as Beijing tries to stave off U.S. trade penalties.
The acquisition is set to be completed on June 1, Toshiba said.
Chinese antitrust regulators had been weighing the deal for months, and... | ashraq/financial-news-articles | https://www.wsj.com/articles/china-approves-toshibas-18-billion-sale-of-memory-chip-unit-1526552434 |
All amounts in U.S. dollars unless otherwise stated
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Onex Corporation (TSX:ONEX) today announced its Board of Directors has approved a 17% increase in the quarterly dividend to C$0.0875 per Subordinate Voting Share, reflecting the Company’s success and ongoing commitment to its shareholders. This follows similar increases to the dividend in the previous five years. The increased dividend is payable on July 31, 2018 to shareholders of record on July 10, 2018.
For further information:
Emilie Blouin
Director, Investor Relations
Tel: 416.362.7711
Onex Website: www.onex.com
Source: ONEX Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-onex-increases-dividend.html |
May 22 (Reuters) - Indian shares ended slightly higher on Tuesday, driven by gains in Dr. Reddy’s Laboratories Ltd and State Bank of India (SBI) following their quarterly results.
The broader NSE index closed 0.19 percent higher at 10,536.70, while the benchmark BSE index edged up 0.1 percent to 34,651.24. Both the indexes snapped five straight sessions of decline.
SBI closed 3.9 percent higher and was the biggest boost on both the indexes. The Nifty PSU bank Index ended 3.3 percent higher.
Dr. Reddy’s rose 6.2 percent and was the top percentage gainer on both the indexes.
For the mid-day report, click (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-close-slightly-higher-sbi-dr-reddys-gain-on-q4-results-idUSB8N1SB003 |
May 1, 2018 / 9:34 AM / Updated 2 hours ago Insurgents start leaving south Damascus pocket, release hostages Reuters Staff 2 Min Read
BEIRUT (Reuters) - Dozens of hostages held by militants in northern Syria reached army lines on Tuesday, launching a deal for insurgents to quit an enclave south of Damascus, state media and a monitor said. A soldier loyal to Syria's President Bashar al Assad forces talks to a woman in a bus after they were released by militants from Idlib, Syria May 1, 2018. SANA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THIS IMAGE AS A SERVICE TO CLIENTS
State news agency SANA said 42 people were freed in the first step of the agreement, arriving in government territory at a crossing near Aleppo city.
Women, children, and men including some soldiers wept and hugged on the bus, live on state TV. Islamist rebels had kidnapped the people in a village in rural Idlib as they swept into the province three years ago. People are seen in the bus released by militants from Idlib, Syria May 1, 2018. SANA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THIS IMAGE AS A SERVICE TO CLIENTS
South of Damascus, buses shuttled 200 fighters and relatives out of the Yarmouk enclave under the swap between the government and insurgents, the Syrian Observatory for Human Rights said. Slideshow (5 Images)
The fleet arrived at the same crossing near Aleppo in the early hours, the UK-based war monitoring group said. The fighters from Hayat Tahrir al-Sham, formerly linked to al-Qaeda, would go to Idlib in the northwest near the Turkish border.
President Bashar al-Assad’s military and its allies have pushed to crush the last insurgent footholds around the capital Damascus through a string of offensives and withdrawal deals.
The pocket south of Damascus includes zones held by Islamic State and others by rebel factions, which have fought each other. It has been the focus of intense fighting since the Syrian army recaptured eastern Ghouta last month with Russian and Iranian help.
Bombing has left parts of the once-teeming Yarmouk Palestinian refugee camp in ruins, and the United Nations raised warnings over the fate of civilians still stuck there.
The evacuation deal for Tahrir al-Sham to surrender also includes allowing people to leave two pro-government Shi’ite villages, which the insurgents have encircled in Idlib.
State media said ambulances carried some critically ill patients out of the villages, al-Foua and Kefraya, on Tuesday morning in the first step of the agreement. Reporting by Ellen Francis, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-deal/insurgents-start-leaving-south-damascus-pocket-release-hostages-idUKKBN1I2387 |
ATLANTA, May 25, 2018 (GLOBE NEWSWIRE) -- UPS (NYSE: UPS) today appointed Kevin Warren to the position of Chief Marketing Officer, effective June 1, 2018. Warren will report to UPS Chairman and CEO David Abney. He also joins the UPS Management Committee, the most senior leadership group in the company.
“With unprecedented demand from consumer and business customers, it's critical for UPS to have a savvy leader driving innovative new marketing programs that support one of world’s most trusted and respected brands,” said David Abney, UPS Chief Executive Officer. “Kevin brings a wealth of experience to UPS with a strong global growth focus across multiple disciplines. He will guide critically important marketing initiatives as we continue UPS’s transformation.”
Warren will be responsible for all U.S. and international marketing, including the company’s product development, pricing, customer loyalty, industry segments, customer communications and public relations, among other functions. He brings extensive senior leadership experience to UPS and possesses a deep understanding of service-based businesses.
Most recently, he served as Executive Vice President and Chief Commercial Officer for Xerox Corporation, where he was responsible for worldwide channel strategy, salesforce effectiveness, and global client engagement for the company’s diverse portfolio of hardware, software, and services. Prior to that, he served as president of the Commercial Business Group for Xerox’s services business, driving growth by pursuing new clients and expanding the services the company provides to current clients across commercial industries including: retail and consumer products, commercial transportation, travel, manufacturing, aerospace and defense, high-tech communications, and financial services.
Previously, Warren served as president of Global Growth Opportunities, responsible for accelerating revenue growth outside the United States. In addition, he had strategic oversight for two Xerox operating units, Global Imaging Systems and Xerox Canada, as well as leading the company’s 3-D printing strategy. He has also led the integration activity surrounding Xerox’s $1.5 billion purchase of Global Imaging Systems. In 2007, he was named chairman, president and chief executive officer of Xerox Canada and in 2010, was named president of U.S. Client Operations.
Warren earned a Bachelor of Science in finance from Georgetown University and is an alumnus of the Harvard Business School, having completed the Advanced Management Program. He serves as a director of Illinois Tool Works and of Georgetown University, where he also chairs the audit committee. In addition, he is a current member of the Executive Leadership Council.
He has been named one of the top 100 most influential black executives in corporate America by “Savoy Magazine” and one of the 75 most powerful executives in America by “Black Enterprise.” In 2013, he was honored with humanitarian awards from both the Young Presidents Organization and CADCA for his work in mentoring at-risk youth.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at longitudes.ups.com . To get UPS news direct, follow @UPS_News on Twitter.
Glenn Zaccara 404-828-4663 [email protected]
Source: UPS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-kevin-warren-named-ups-chief-marketing-officer.html |
NEW YORK/LONDON/SINGAPORE (Reuters) - Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year.
FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo But physical markets for oil shipments tell a different story. Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe. Sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The divergence is notable because traditionally, physical markets are viewed as a better gauge of short-term fundamentals. Crude traders who peddle cargoes to refineries worldwide say speculators are on shaky ground as they drive futures markets above $70 a barrel, their highest levels for three-and-a-half years, on concerns about tighter supply from Venezuela and the potential impact of U.S. sanctions on supply from Iran.
Investors have piled millions of dollars in record wagers in the options market, betting on a further rally on the back of rising geopolitical tensions, particularly in Iran, Saudi Arabia and Venezuela, and the global decline in supply.
“Guys who are trading futures have a view that draws are coming and big draws are coming,” a U.S.-based crude trader at a global commodity merchant said, adding that demand could ramp up as global refinery maintenance ends.
“Over the next few weeks, we should start to see markets globally clean up, but if that doesn’t happen, I think we could be in trouble.”
A RISKY BET? Brent LCOc1, the benchmark on which two-thirds of the world’s oil is priced, has surpassed $78 a barrel, the highest since November 2014. U.S. crude futures CLc1 hit a high just short of $72.
Inventories in the developed world are now just 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017, after supply cuts by the Organization of the Petroleum Exporting Countries and other producers, including Russia.
In the last few weeks, expectations that U.S. President Donald Trump would withdraw from the Iran nuclear agreement added to bullishness. Following Trump’s announcement making good on that threat last week, prices surged further. Analysts estimate anywhere from 200,000 to 1 million bpd could be cut from global exports next year.
“Any reduction in Iranian supply will likely exacerbate market deficits, suggesting upward pressure on pricing,” wrote Greg Sharenow, PIMCO commodities portfolio manager, which sees oil surpassing $80 in the short term.
In the weeks before Trump’s decision, hedge funds and others piled a record number of bets into bullish crude oil options. Traders currently hold a record 21.3 million barrels worth of options that pay off if the December Brent contract hits $90 by late October LCO9000L8. Bets that U.S. crude will hit $85 a barrel CL850G8 by mid-June are currently at a record above 14,000 contracts.
These bets are being made due to strong demand, not just fear of political destabilization, said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina.
“The bigger picture of demand keeping up with supply...is much more important,” Shelton said.
FILE PHOTO: The Suezmax sized oil tanker Karvounis lies at anchor stranded off the coast of Louisiana for lack of a bank letter of credit to discharge its cargo of Venezuelan heavy crude, south of Port Fourchon, Louisiana, U.S. August 17, 2017. REUTERS/Jonathan Bachman/File Photo BIG DISCONNECT Those on the front lines of the physical market are not convinced. Traders say the surge in U.S. exports to more than 2 million bpd has saturated some markets, leaving benchmark prices ripe for a correction.
“There is a huge disconnect between futures and fundamentals,” a trader with a Chinese independent refiner said. “I won’t be surprised if prices correct by $20 a barrel.”
Increased U.S. competition has dented sales of oil from Nigeria and Azerbaijan, which produce similar quality oil and compete for buyers in Europe and Latin America.
Physical prices have sunk even as benchmarks on which they are based stay buoyant. The strength of Brent crude, now trading at nearly $7 above U.S. futures WTCLc1-LCOc1, and $4 above Dubai, DUB-EFS-1M has made it hard to find buyers for grades priced off Brent.
Russian Urals hit a seven-year discount against dated Brent BFO-URL-NWE while Kazakh CPC Blend BFO-CPC crashed to its weakest since mid-2012 this month.
Separately, shipments of West African crude to Asia hit a five-month low in April due to a backlog at Chinese ports.
Clogged pipelines have hit key U.S. oil grades, including in west Texas WTC-WTM WTC-WTS, where the discount to U.S. crude is near its widest in three years.
Some are confident the world’s refineries will gobble up these barrels when they finish seasonal maintenance. About 10 percent of China’s refining capacity is expected to be offline through June.
“For the last three, four, five months we’ve seen high turnarounds globally,” a U.S. crude trader said, referencing maintenance works.
“Once you get past that, all of a sudden (you’re) looking at 3 million barrels per day of fresh crude consumption.”
But whether that is enough to support Brent at $80 and above is yet to be seen.
“I think it’s touch and go,” he added.
Reporting by Devika Krishna Kumar in New York, Libby George in London and Florence Tan in Singapore; Additional reporting by Ayenat Mersie; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil-trading/investors-see-big-oil-surge-but-physical-markets-suggest-caution-idUSKCN1IG0GG |
LONDON (Reuters) - There should be no surprise that it is taking time to decide on a future customs arrangement with the European Union, Britain’s Brexit minister David Davis said on Thursday.
Britain's Secretary of State for Exiting the European Union David Davis arrives for a Brexit subcommittee meeting at Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay Prime Minister Theresa May’s so-called Brexit war cabinet met on Wednesday and has yet to decide on a proposal for future customs arrangements that will prevent a return to the hard border with EU member Ireland.
Reporting by Elizabeth Piper; editing by William James
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-davis/no-surprise-future-customs-plans-with-eu-are-taking-time-davis-idUSKBN1I40RY |
May 2, 2018 / 4:53 PM / Updated 13 minutes ago In Tunisia, Jews gather at Africa's oldest synagogue under tight security Tarek Amara 3 Min Read
DJERBA, Tunisia (Reuters) - Under tight security at Africa’s oldest synagogue, Jewish pilgrims on Wednesday staged their biggest religious ceremony in Tunisia since a 2011 revolution undermined security in the North African country. A Jewish woman lights candles inside the Ghriba synagogue in Djerba, Tunisia May 2, 2018. REUTERS/Ahmed Jadallah
Mainly Muslim Tunisia is home to one of North Africa’s largest Jewish communities. Though they now number less than 2,000 people, Jews have lived in Tunisia since Roman times.
In 2011, after the uprising that toppled former president Zine El Abidine Ben Ali the annual celebration was cancelled, and in following years only a few hundred attended, fearing attacks by hardline Islamists.
This year, revellers chanted and danced in a two-day pilgrimage to the El Ghriba synagogue at the popular tourist island resort of Djerba 500 km (310 miles) south of Tunis. Jewish worshippers light candles inside the Ghriba synagogue in Djerba, Tunisia May 2, 2018. REUTERS/Ahmed Jadallah
“The security situation is excellent here and this has encouraged us to come back ... Today we feel safer in Tunisia than in Paris,” Isabel Guez, a Jewish visitor from Paris, told Reuters.
“This celebration is a great opportunity for approchement between Muslims, Jews and other religions and an opportunity to call for peace and love across the world,” she added. Slideshow (2 Images)
Some 5,000 pilgrims attended, organisers said, a significant increase on 2,000 last year. Tunisia has not seen a major militant attack since scores of foreigners were killed in two strikes claimed by Islamic State in 2015.
Hundreds of pilgrims prayed, lit candles and wrote wishes on eggs. Others celebrated by sipping glasses of boukha, a liqueur made from figs.
In 2002 militants linked to al Qaeda attacked the synagogue with a truck bomb killing 21 Western tourists.
Authorities took no chances this time with hundreds of police, soldiers and members of anti-terror units patrolling streets. Checkpoints were set up around the synagogue.
“With the good security situation now, the number of visitors exceeds 5,000 from Israel, Russia and Europe,” said Perez Trabelsi, the head of the Jewish community in Djerba.
The El Ghriba synagogue, home to most of Tunisia’s Jews, is built on the site of a Jewish temple that is believed to date back almost 1,900 years. Editing by Ulf Laessing and William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tunisia-jews-pilgrimage/in-tunisia-jews-gather-at-africas-oldest-synagogue-under-tight-security-idUKKBN1I32EE |
LONDON, May 15 (Reuters) - Britain’s business minister said the government understands the importance of avoiding friction in the automotive supply chain after Brexit, as ministers try to overcome differences as to what customs relationships Britain should have with the EU.
“I know… just how crucial it is that in the agreement that we reach with the European Union, that it respects the ability to continue those flourishing supply chain relationships by avoiding introducing new frictions,” Greg Clark said on Tuesday.
Prime Minister Theresa May is trying to overcome deep divisions in her cabinet over the nature of Britain’s divorce with the EU and find agreement on a customs proposal to take to Brexit talks in Brussels.
Asked about when ministers would decide, Clark said: “There’s a sub-committee of the cabinet that is looking at these things. There’s been no requirement to agree by tomorrow night or something like that. The work is going on.” (Reporting by Costas Pitas, editing by Alistair Smout)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu-customs/uk-minister-says-brexit-deal-must-avoid-new-supply-chain-frictions-idUSL9N1NK03G |
Company reports record revenues and earnings per share
Company continues to increase total subscribers 1 , up 2% year-over-year
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ:AMCX) today reported financial results for the first quarter ended March 31, 2018.
“AMC Networks delivered strong performance in the first quarter of 2018 with record total company revenues and earnings per share. We have grown total distribution of our networks, reflecting the strength of our well-priced, well-defined brands; the quality of our programming and its popularity with viewers; and the value we create for both traditional and emerging distribution platforms. AMC Networks has the lowest priced offering of any independent programmer and is the most widely available independent programmer among virtual MVPDs, an indicator of our strong position as these emerging platforms continue to grow,” said Josh Sapan, President and CEO of AMC Networks. “Our content continues to break through in a cluttered environment, with recent series including BBC AMERICA’s Killing Eve , IFC’s Brockmire , and AMC’s Fear the Walking Dead and The Terror drawing wide critical acclaim and strong viewership, and our streaming services, Sundance Now and Shudder, continue to gain traction with consumers. As we focus on delivering shareholder value in the near and long-term, we remain disciplined in our approach to content investments and managing costs while increasingly diversifying our revenue mix through content sales, franchise monetization and new distribution platforms.”
First quarter net revenues increased 2.9%, or $21 million, to $741 million over the first quarter of 2017. The increase in net revenues reflected 2.9% growth at National Networks and 4.3% growth at International and Other. Operating income was $234 million, an increase of 0.9%, or $2 million, versus the prior year period. The increase reflected essentially flat operating income at National Networks and a decrease of $2 million in operating loss at International and Other. Adjusted Operating Income 2 was $269 million, essentially flat with the prior year period. Results reflected a 1.1% increase at National Networks offset by a decrease of $3 million at International and Other.
First quarter net income was $157 million ($2.54 per diluted share), compared with $136 million ($1.98 per diluted share) in the first quarter of 2017. First quarter Adjusted EPS 2 was $163 million ($2.65 per diluted share), compared with $145 million ($2.10 per diluted share) in the first quarter of 2017. The increase in adjusted EPS was primarily related to a decrease in income tax expense and a decrease in diluted shares.
For the three months ended March 31, 2018, net cash provided by operating activities was $117 million, a decrease of $28 million versus the prior year period. The decrease was primarily the result of an increase in interest payments and working capital. Free Cash Flow 2 for the three months ended March 31, 2018 was $104 million, a decrease of $9 million versus the prior year period. The decrease primarily reflects the decrease in net cash provided by operating activities partially offset by a decrease in capital expenditures and distributions to noncontrolling interests.
Estimated U.S. subscribers as measured by Nielsen on March 31, 2018 and 2017, respectively. See page 3 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income (Loss), Adjusted EPS and Free Cash Flow.
Segment Results
(dollars in thousands) Three Months Ended March 31, 2018 2017 Change Net revenues: National Networks $ 633,028 $ 615,147 2.9% International and Other 111,390 106,797 4.3% Inter-segment eliminations (3,595 ) (1,755 ) n/m Total net revenues $ 740,823 $ 720,189 2.9% Operating Income (Loss): National Networks $ 249,852 $ 249,607 0.1% International and Other (16,814 ) (19,217 ) (12.5%) Inter-segment eliminations 617 1,281 n/m Total Operating Income (Loss) $ 233,655 $ 231,671 0.9% Adjusted Operating Income (Loss): National Networks $ 270,874 $ 267,973 1.1% International and Other (2,163 ) 1,078 n/m Inter-segment eliminations 617 1,281 n/m Total Adjusted Operating Income (Loss) $ 269,328 $ 270,332 (0.4%) National Networks
National Networks principally consists of the Company’s five nationally distributed programming networks, AMC, WE tv, BBC AMERICA, IFC and SundanceTV; and AMC Studios, the Company’s television production business.
National Networks revenues for the first quarter 2018 increased 2.9% to $633 million, operating income increased 0.1% to $250 million, and adjusted operating income increased 1.1% to $271 million, all compared to the prior year period.
First quarter growth in revenues was led by a 10.8% increase in distribution revenues to $407 million. The increase in distribution revenues was primarily attributable to an increase in content licensing revenues as well as an increase in subscription revenues. Advertising revenues decreased 8.8% to $226 million. The decrease in advertising revenues principally related to lower delivery as well as the timing of the airing of original programming partially offset by higher pricing.
First quarter operating income and adjusted operating income reflected the increase in revenues offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher programming expenses.
International and Other
International and Other principally consists of AMC Networks International, the Company’s international programming business; IFC Films, the Company’s independent film distribution business; and the Company’s owned subscription streaming services, Sundance Now and Shudder.
International and Other revenues for the first quarter of 2018 increased 4.3% to $111 million, operating loss decreased $2 million to a loss of $17 million, and adjusted operating income decreased $3 million to a loss of $2 million, all compared to the prior year period.
First quarter growth in revenues primarily reflected the favorable impact of foreign currency translation at the Company’s international programming networks as well as an increase from our subscription streaming services partially offset by the absence of AMCNI-DMC, the Company’s Amsterdam-based media logistics facility which was sold in July 2017.
First quarter operating loss reflected the increase in revenues as well as a decrease in depreciation and amortization and restructuring expense partially offset by an increase in operating expenses. Adjusted operating income reflected the increase in revenue offset by the increase in operating expenses.
Other Matters
Stock Repurchase Program
As previously disclosed, on March 7, 2016, the Company announced that its Board of Directors authorized a program to repurchase up to $500 million of its outstanding shares of common stock. In June 2017, the Company announced that its Board of Directors authorized an increase of $500 million to its previously announced program. The Company determines the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. The stock repurchase program has no pre-established closing date and may be suspended or discontinued at any time. During the first quarter, the Company repurchased approximately 1.6 million shares for $84 million. From April 1, 2018 through May 4, 2018, the Company repurchased approximately 2.4 million additional shares for $125 million. As of May 4, 2018, the Company had $134 million available under its stock repurchase authorization.
Proposal to Acquire RLJ Entertainment, Inc.
As previously disclosed, on February 26, 2018, the Company announced a proposal to acquire the outstanding shares of RLJ Entertainment, Inc. (“RLJE”) not currently owned by AMC Networks or entities affiliated with Robert L. Johnson for a purchase price of $4.25 per share in cash. Through this offer, the Company intends for RLJE to become a privately owned subsidiary of AMC Networks, with a minority stake held by Mr. Johnson. The board of directors of RLJE has formed a special committee of independent directors to consider the proposal. There can be no assurance that the proposal made by the Company to RLJE will result in a transaction or the terms upon which any transaction may occur.
Levity Live Agreement
As previously disclosed, on April 27, Company announced that it acquired a majority ownership stake in Levity Live, a vertically integrated media company that owns and operates comedy venues, operates a talent management business and produces original content for distribution on multiple platforms, including live, digital and linear television.
Please see the Company’s Form 10-Q for the period ended March 31, 2018 for further details regarding the above matters.
Description of Non-GAAP Measures
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization, share-based compensation expense or benefit, impairment and related charges (including gains or losses on sales or dispositions of businesses), and restructuring expense or credit. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash.
The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in the industry.
Internally, the Company uses net revenues and Adjusted Operating Income (Loss) measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators. Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of Adjusted Operating Income (Loss) to operating income (loss), please see page 7 of this release.
The Company defines Free Cash Flow (“Free Cash Flow”), which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures and cash distributions to noncontrolling interests, all of which are reported in our Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of Free Cash Flow to net cash provided by operating activities, please see page 8 of this release.
The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; non-cash impairments of goodwill, intangible and fixed assets and investments; restructuring expense; and gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of Adjusted EPS to earnings per diluted share, please see page 9 of this release.
Forward-Looking Statements
This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information
AMC Networks will host a conference call today at 8:30 a.m. ET to discuss its first quarter 2018 results. To listen to the call, visit http://www.amcnetworks.com or dial 1-877-347-9170, using the following passcode: 5598435.
About AMC Networks Inc.
AMC Networks owns and operates several of cable television’s most recognized brands delivering high quality content to audiences and a valuable platform to distributors and advertisers. The Company manages its business through two operating segments: (i) National Networks, which principally includes AMC, WE tv, BBC AMERICA, IFC and SundanceTV; and AMC Studios, the Company’s television production business; and (ii) International and Other, which principally includes AMC Networks International, the Company’s international programming business; IFC Films, the Company’s independent film distribution business; and the Company’s owned subscription streaming services, Sundance Now and Shudder. For more information on AMC Networks, please visit the Company’s website at http://www.amcnetworks.com .
Contacts
Investor Relations
Seth Zaslow (646) 273-3766
[email protected]
Corporate Communications
Georgia Juvelis (917) 542-6390
[email protected]
AMC NETWORKS INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited) Three Months Ended
March 31, 2018 2017 Revenues, net $ 740,823 $ 720,189 Operating expenses: Technical and operating (excluding depreciation and amortization) 320,365 298,612 Selling, general and administrative 166,449 163,709 Depreciation and amortization 20,354 23,493 Restructuring expense - 2,704 507,168 488,518 Operating income 233,655 231,671 Other income (expense): Interest expense (38,205 ) (30,500 ) Interest income 5,019 3,493 Miscellaneous, net 16,946 11,049 (16,240 ) (15,958 ) Income from operations before income taxes 217,415 215,713 Income tax expense (56,879 ) (73,082 ) Net income including noncontrolling interests 160,536 142,631 Net income attributable to noncontrolling interests (3,666 ) (6,414 ) Net income attributable to AMC Networks’ stockholders $ 156,870 $ 136,217 Net income per share attributable to AMC Networks’ stockholders: Basic $ 2.57 $ 2.00 Diluted $ 2.54 $ 1.98 Weighted average common shares: Basic 60,967 68,020 Diluted 61,719 68,764
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited) Three Months Ended March 31, 2018
Adjusted
Operating
Income (Loss) Depreciation
and
Amortization Share-Based
Compensation
Expense Restructuring
Expense Operating
Income (Loss) National Networks $ 270,874 $ (8,495 ) $ (12,527 ) $ - $ 249,852 International and Other (2,163 ) (11,859 ) (2,792 ) - (16,814 ) Inter-segment eliminations 617 - - - 617 Total $ 269,328 $ (20,354 ) $ (15,319 ) $ - $ 233,655 Three Months Ended March 31, 2017
Adjusted
Operating
Income Depreciation
and
Amortization Share-Based
Compensation
Expense Restructuring
Expense Operating
Income (Loss) National Networks $ 267,973 $ (8,404 ) $ (9,908 ) $ (54 ) $ 249,607 International and Other 1,078 (15,089 ) (2,556 ) (2,650 ) (19,217 ) Inter-segment eliminations 1,281 - - - 1,281 Total $ 270,332 $ (23,493 ) $ (12,464 ) $ (2,704 ) $ 231,671
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited) Capitalization March 31,
2018 Cash and cash equivalents $ 529,200 Credit facility debt (a) $ 750,000 Senior notes (a) 2,400,000 Total debt $ 3,150,000 Net debt $ 2,620,800 Capital leases 30,004 Net debt and capital leases $ 2,650,804 Twelve Months
Ended March 31,
2018 Operating Income (GAAP) $ 724,343 Share-based compensation expense 56,400 Restructuring expense 3,424 Impairment and related charges 28,148 Depreciation and amortization 91,499 Adjusted Operating Income (Non-GAAP) $ 903,814 Leverage ratio (b)
2.9 x (a) Represents the aggregate principal amount of the debt.
(b) Represents net debt and capital leases divided by Adjusted Operating Income for the twelve months ended March 31, 2018. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned, such as BBC AMERICA.
Free Cash Flow Three Months Ended March 31, 2018 2017 Net cash provided by operating activities $ 116,972 $ 144,870 Less: capital expenditures (11,942 ) (20,206 ) Less: distributions to noncontrolling interests (1,435 ) (11,712 ) Free cash flow $ 103,595 $ 112,952
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands, except per share amounts)
(Unaudited)
Adjusted Earnings Per Diluted Share Three Months Ended March 31, 2018
Income from
operations
before income
taxes Income tax
expense Net income
attributable to
noncontrolling
interests Net income
attributable to
AMC Networks’
stockholders Diluted EPS
attributable to
AMC Networks’
stockholders Reported results (GAAP) $ 217,415 $ (56,879 ) $ (3,666 ) $ 156,870 $ 2.54 Adjustments: Amortization of acquisition-related intangible assets 9,331 (1,773 ) (970 ) 6,588 0.11 Restructuring expense - - - - - Adjusted results
(Non-GAAP) $ 226,746 $ (58,562 ) $ (4,636 ) $ 163,458 $ 2.65 Three Months Ended March 31, 2017
Income from
operations
before income
taxes Income tax
expense Net income
attributable to
noncontrolling
interests Net income
attributable to
AMC Networks’
stockholders Diluted EPS
attributable to
AMC Networks’
stockholders Reported results (GAAP) $ 215,713 $ (73,082 ) $ (6,414 ) $ 136,217 $ 1.98 Adjustments: Amortization of acquisition-related intangible assets 9,054 (1,745 ) (970 ) 6,339 0.09 Restructuring expense 2,704 (612 ) (1 ) 2,091 0.03 Adjusted results
(Non-GAAP) $ 227,471 $ (75,439 ) $ (7,385 ) $ 144,647 $ 2.10
Source:AMC Networks Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-amc-networks-inc-reports-first-quarter-2018-results.html |
May 3, 2018 / 3:56 PM / Updated 25 minutes ago Insurer AXA's first-quarter revenues dip 2.7 percent Reuters Staff 2 Min Read
PARIS (Reuters) - AXA ( AXAF.PA ), France’s biggest insurer, said on Thursday that its first-quarter revenues had fallen 2.7 percent, pressured by a stronger euro which impacted the value of its sales. FILE PHOTO: A logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels, Belgium March 5, 2018. REUTERS/Yves Herman/File Photo GLOBAL BUSINESS WEEK AHEAD
Group revenue fell to around 30.8 billion euros ($36.8 billion). AXA derives at least 15 to 20 percent of revenues in U.S. dollars, and the dollar’s weakness against the euro means those revenues count for less when converted back into euros.
The euro rose 2.5 percent in the first quarter this year, with the level of the euro/dollar at the end of the first quarter 16 percent higher than the end of Q1 last year. EUR=
On a comparable basis factoring in constant exchange rates, AXA’s revenues were up by 2.2 percent, helped by a stronger growth in life and savings and health activities in France.
AXA, Europe’s second-biggest insurer by market value behind Allianz ( ALVG.DE ), could collect more than $5 billion from this month’s initial public offering of its U.S. life and asset management arm, ahead of its agreed $15 billion acquisition of XL Group ( XL.N ).
($1 = 0.8361 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-axa-results/insurer-axas-q1-revenues-dip-2-7-percent-idUSKBN1I421E |
WINDSOR, England (Reuters) - American tennis star Serena Williams rose early on Saturday to get ready for her friend Meghan Markle’s wedding to Britain’s Prince Harry with a gold face treatment mask and personal make-up artist.
Meghan Markle's friend, US tennis player Serena Williams (CL) and her husband US entrepreneur Alexis Ohanian (CR) arrive for the wedding ceremony of Britain's Prince Harry, Duke of Sussex and US actress Meghan Markle at St George's Chapel, Windsor Castle, in Windsor, on May 19, 2018. Odd ANDERSEN/Pool via REUTERS Former world number one Williams, 36, posted videos on her Instagram account of herself and her partner Alexis Ohanian getting ready in their hotel room before heading to the ceremony at Windsor Castle.
“Hey y’all, so my friend’s getting married today,” she said as she filmed herself standing in front of the mirror in a towel.
“I’ve known her (Meghan) for so many years and I’m super happy for her.”
Williams plans to play at the French Open later this month in a bid for her record 24th major championship. She returned to professional tennis in March after giving birth to her first child in September, although her coach has since said she has come back too soon.
Sitting on the hotel bed, Williams kissed and cuddled her baby daughter, named Alexis after her father, before putting on a gold facial treatment mask.
“I’m shaping my brows today, but not for you, just because I want to,” she said, later adding that she was wearing her hair in braids.
Meghan Markle's friend, US tennis player Serena Williams (L) and her husband US entrepreneur Alexis Ohanian (R) arrive for the wedding ceremony of Britain's Prince Harry, Duke of Sussex and US actress Meghan Markle at St George's Chapel, Windsor Castle, in Windsor, on May 19, 2018. Odd ANDERSEN/Pool via REUTERS “Do you like my necklace ... Do you like my braids?” she asked her partner. She said her chunky gold necklace was from the Heritage Collection by Italian luxury brand Bulgari.
By the time she was having her make-up applied, Williams said she was exhausted.
“I had this amazing energy but now I am incredible sleepy. I didn’t go to bed till three. I didn’t go to bed till 3 a.m.,” she said.
The tennis player teased her partner as he pulled up the trousers of his morning suit: “Are those high-waisted? This is not appropriate. This is uncool.”
In her last video from her morning preparations, she and her partner were seen in full regalia before heading out to the ceremony.
“What’s the verdict?” Williams asked, to which her partner replied, in a fake British accent: “Smashing. Where’s my monocle?”
Reporting by Raissa Kasolowsky; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-serenawilliams/queen-of-tennis-serena-williams-preps-for-royal-wedding-idUSKCN1IK0CN |
May 3 (Reuters) - Apricus Biosciences Inc:
* APRICUS BIOSCIENCES PROVIDES CORPORATE UPDATE AND FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.14 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-apricus-biosciences-q1-loss-per-sh/brief-apricus-biosciences-q1-loss-per-share-0-14-idUSASC09ZN4 |
May 23 (Reuters) - United Technologies Corp:
* UNITED TECHNOLOGIES PLANS TO HIRE 35,000 PEOPLE AND MAKE $15 BILLION INVESTMENT IN U.S. OVER NEXT FIVE YEARS
* UNITED TECHNOLOGIES - ABOUT $9 BILLION OF $15 BILLION INVESTMENT IN U.S. OVER NEXT 5 YEARS IS EXPECTED TO GO TOWARDS RESEARCH AND DEVELOPMENT
* UNITED TECHNOLOGIES - ABOUT $6 BILLION OF $15 BILLION INVESTMENT IN U.S. OVER NEXT 5 YEARS IS EXPECTED TO GO TOWARDS CAPEX INITIATIVES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-technologies-plans-to-hire/brief-united-technologies-plans-to-hire-35000-people-and-make-15-bln-investment-in-u-s-over-next-five-years-idUSFWN1SU0OU |
May 25, 2018 / 2:52 PM / Updated 36 minutes ago Airlines comply with China's request to change description of territories Reuters Staff 2 Min Read
HONG KONG (Reuters) - China’s aviation regulator said on Friday 18 out of 44 airlines it contacted have changed how they refer to Chinese territories on their websites by the 30-day deadline it set. A passenger jet flies past the setting sun in Shanghai September 17, 2013. REUTERS/Aly Song
China’s civil aviation administration last month sent letters requesting airlines remove references on their websites or in other material that suggests Taiwan, Hong Kong and Macau are part of countries independent from China, in a move described by the White House as “Orwellian nonsense.”
The letters were dated April 25 and airlines were given 30 days to comply, indicating a deadline of May 25.
26 airlines have asked for more time to comply due to technical issues, the aviation regulator said in a statement, while some airlines had promised to comply by July 25.
Australian airline Qantas Airways ( QAN.AX ) on Thursday said it had been given more time by the Chinese authorities.
Airlines such as Air Canada ( AC.TO ), Lufthansa ( LHAG.DE ) and British Airways ( ICAG.L ) have made changes to their website descriptions, according to Reuters’ checks. The Taiwanese foreign ministry last week asked Air Canada for a “speedy correction” after the carrier made changes. Reporting by Meg Shen; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-airlines/airlines-comply-with-chinas-request-to-change-description-of-territories-idUKKCN1IQ21Z |
SAN FRANCISCO, May 18, 2018 /PRNewswire/ -- Gryphon Investors ("Gryphon"), a San Francisco-based middle market private equity firm, announced today that it will acquire a majority stake in Milani Cosmetics ("Milani" or "the Company"), a leading family-owned "masstige" beauty company that encompasses two distinct brands, Milani and Jordana. Current owners Ralph Bijou and Laurie Minc will hold significant minority stakes alongside Gryphon. The transaction, which is expected to close next month, is subject to customary closing conditions. Terms of the deal were not disclosed.
As part of the transaction, Michelle Taylor will become interim CEO. Ms. Taylor is a Gryphon Executive Advisor and an accomplished senior executive in the cosmetics and beauty businesses who has held senior leadership positions at Kate Somerville Skincare, Kiehl's, Lancôme, L'Oréal USA, Chanel, Elizabeth Arden, and others. Ms. Taylor, along with Gryphon Partners Dennis O'Brien and Keith Stimson, and Gryphon Principal Matt Farron, will join the Board of Directors. Ralph Bijou will continue with the Company as President of Jordana Cosmetics and Laurie Minc will continue with Milani as a Senior Advisor. Both Ralph Bijou and Laurie Minc will be on the Board of Directors. The transaction marks Gryphon's first investment in the beauty sector.
Mr. O'Brien said, "Gryphon has long been exploring the $45 billion beauty and personal care space and is excited to commit to the industry. Leveraging Michelle's deep knowledge of the sector, we believe we have identified a strong growth platform in Milani, one which has a variety of proven and developing sales channels and the opportunity to reach a broad and growing consumer base that has discovered Milani's quality and is actively seeking out the brand. We look forward to working with Michelle, Ralph, and Laurie to build upon the company's proven success."
Milani, headquartered in Los Angeles, is a market leader in the cosmetics industry. The company began with the creation of Jordana Cosmetics in 1986 and grew with the purchase and relaunch of Milani in 2001. Milani products are primarily manufactured in the U.S. and Italy. The company's face, lip, and eye products are available in 75 countries and through key domestic retail partners including Walmart, Walgreens, Ulta, Target, and CVS.
"We are delighted to partner with the team at Gryphon to help realize our dream of developing Milani into a great global name, enjoyed by women everywhere," said Mr. Bijou and Ms. Minc. "Gryphon's long-standing track record building consumer product brands, experience with family-owned businesses, and their beauty and channel experts were all critical considerations for us. They share our enthusiasm for our company, and their resources will ensure our ability to continue to deliver a world-class brand to our consumers for generations to come."
Mr. Farron added, "Milani has a history of bringing to market innovative products that are responsive to customer needs and fast-moving consumer trends. As one of the few remaining large, scalable, independent mass beauty brands, the Company is well positioned to drive growth through product development and strong relationships with its retail and manufacturing partners."
Ms. Taylor noted, "Milani is the 'masstige' brand of choice for consumers who seek out innovative, high quality makeup at affordable prices. That reputation has driven the Company's rapid growth both internationally and domestically, where it was one of the fastest growing mass brands in the U.S. over the past year. Gryphon's expertise and financial resources will be key as Milani looks to expand its market presence in an ever-changing and keenly competitive landscape."
Moelis & Company LLC was financial advisor to Milani, and Sheppard, Mullin, Richter & Hampton was legal advisor to the Company and its owners. Financo acted as Gryphon's financial advisor and Kirkland & Ellis as the firm's legal advisor.
About Milani Cosmetics
Milani, headquartered in Los Angeles, is a market leader in the cosmetics industry, best known for its top quality products for women of all skin tones and beauty goals. The company began with the creation of Jordana Cosmetics in 1986 and grew with the purchase of Milani in 2001. Milani products are primarily manufactured in the U.S. and Italy. The company's face, lip and eye products are available in 75 countries and through key domestic retailer partners including Walmart, Walgreens, Ulta, Target and CVS. Please visit www.milanicosmetics.com for more information.
About Gryphon Investor s
Based in San Francisco, Gryphon Investors ( www.gryphoninvestors.com ) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. For 23 consecutive quarters, Gryphon has been ranked in Preqin's prestigious quarterly PE report as one of North America's top-decile buyout firms based on consistency of strong investment returns. Managing over $4 billion of equity investments and capital since 1997, the firm has an extensive track record of leading equity investments of $50 million to $200 million per portfolio company with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise. Gryphon closed its fourth private equity buyout fund, Gryphon IV, L.P., in November 2016 at $1.1 billion, and raised a $100 million captive mezzanine fund, Gryphon Mezzanine Partners, L.P., in August 2017.
Contacts:
For Gryphon
For Milani/Jordana
Caroline Luz
Nancy Behrman
Owen Blicksilver Public Relations
Behrman PR
203-656-2829
917-543-9955
[email protected]
[email protected]
View original content: http://www.prnewswire.com/news-releases/gryphon-investors-to-make-majority-investment-in-milani-cosmetics-fast-growing-indie-brand-300650816.html
SOURCE Gryphon Investors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-gryphon-investors-to-make-majority-investment-in-milani-cosmetics-fast-growing-indie-brand.html |
Delivers Revenue of $913.4 Million, up 7% Y-o-Y GAAP Operating Margin 31.7%; Non-GAAP Operating Margin 36.3% GAAP Diluted EPS $1.50, up 25% Y-o-Y; Non-GAAP Diluted EPS $1.64, up 13% Y-o-Y Generates $434.2 Million in Cash Flow from Operations
IRVINE, Calif.--(BUSINESS WIRE)-- Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high performance analog semiconductors connecting people, places and things, today reported second fiscal quarter results for the period ending March 30, 2018. Revenue for the second fiscal quarter was $913.4 million, up 7 percent year-over-year and exceeding consensus estimates.
On a GAAP basis, operating income for the second fiscal quarter of 2018 was $289.4 million with diluted earnings per share of $1.50, up 25 percent year-over-year. On a non-GAAP basis, operating income was $331.1 million with non-GAAP diluted earnings per share of $1.64, up 13 percent year-over-year and $0.04 better than consensus estimates.
“Skyworks delivered record top and bottom line results for the March quarter driven by global demand for our high performance connectivity engines,” said Liam K. Griffin, president and chief executive officer of Skyworks. “We demonstrated continued strength in our financial fundamentals as improvements in profitability directly translated into cash flow growth. At the same time, our solutions are enabling an expanding and diversified set of end markets spanning the Internet of Things, automotive, home security and factory automation. With the launch of Sky5 ™ , Skyworks is well positioned to capitalize on the transformational applications ahead ─ powering 5G networks and facilitating instantaneous, reliable and secure wireless connectivity.”
Second Fiscal Quarter Business Highlights
Launched innovative Sky5 ™ platform enabling 5G communications Leveraged connectivity solutions at world’s largest automotive manufacturer Supported Honeywell’s LTE handheld enterprise hubs Ramped Wi-Fi, Zigbee ® and Thread products for Nest’s new video doorbells Captured strategic wins with leading mobile customers leveraging SkyOne ® , SkyBlue ™ , DRx modules and precision antenna tuners Expanded design wins at Belkin for high-speed mesh networks Powered connected home and virtual assistant systems at Amazon, AT&T/DIRECTV, Bosch, GE, Google, Netgear and Sonos Enabled Garmin’s Forerunner ® advanced fitness smartwatches Commenced volume production of SkyOne ® Ultra across high performance computing markets Deployed Massive MIMO solutions for India’s largest network carrier Partnered with premier European network infrastructure supplier for small cell deployments supporting AT&T, T-Mobile, Verizon and Vodafone
Third Fiscal Quarter 2018 Outlook
We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.
“Strong growth in our broad market portfolio is mitigating the near term softness at leading smartphone customers and the trade restrictions imposed by the U.S. government on a Chinese OEM,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “Specifically, for the third fiscal quarter we expect revenue in the range of $875 to $900 million, with non-GAAP diluted earnings per share of $1.59. Further, based on new program ramps heading into the second half of the calendar year, we anticipate a resumption of sequential revenue growth in the September quarter with sustained momentum into the December period.”
Dividend Payment
Skyworks’ Board of Directors has declared a cash dividend of $0.32 per share of the Company’s common stock, payable on June 12, 2018, to stockholders of record at the close of business on May 22, 2018.
Skyworks’ Second Fiscal Quarter 2018 Conference Call
Skyworks will host a conference call with analysts to discuss its second fiscal quarter 2018 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please visit the investor relations section of Skyworks’ website. To listen to the conference call via telephone, please call (800) 230-1059 (domestic) or (612) 234-9959 (international), confirmation code: 446921.
Playback of the conference call will begin at 9:00 p.m. Eastern time on May 3, and end at 9:00 p.m. Eastern time on May 10. The replay will be available on Skyworks’ website or by calling (800) 475-6701 (domestic) or (320) 365-3844 (international), access code: 446921.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Our highly innovative analog semiconductors are connecting people, places and things spanning a number of new and previously unimagined applications within the automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500 ® and Nasdaq-100 ® market indices (NASDAQ: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com .
Safe Harbor Statement
This news release includes “ ” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These include without limitation information relating to future results and expectations of Skyworks (e.g., certain projections and business trends, plans for dividend payments, the use of its stock repurchase program, and cash return rate to shareholders). Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will,” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected, and may affect our future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include, but are not limited to: the susceptibility of the semiconductor industry and the markets addressed by our, and our customers’, products to economic downturns; our reliance on several key customers for a large percentage of our sales; the volatility of our stock price; declining selling prices, decreased gross margins, and loss of market share as a result of increased competition; our ability to obtain design wins from customers; economic, social, military and geo-political conditions in the countries in which we, our customers or our suppliers operate, including security and health risks, imposition of trade protection measures (e.g., tariffs or taxes), increased import/export restrictions and controls, and possible disruptions in transportation networks and fluctuations in foreign currency exchange rates; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies, and achieve higher levels of design integration; the quality of our products and any defect remediation costs; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials and supplier components; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; our ability to prevent theft of our intellectual property, disclosure of confidential information, or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire, and/or enter into strategic alliances; and other risks and uncertainties, including, but not limited to, those detailed from time to time in our filings Commission.
The contained in this news release are made only as of the date hereof, and we undertake no obligation to update or revise the , whether as a result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc. or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only, and are the property of their respective owners.
SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (in millions, except per share amounts) 2018 2017 2018 2017 Net revenue $ 913.4 $ 851.7 $ 1,965.3 $ 1,766.0 Cost of goods sold 454.7 426.3 969.8 876.7 Gross profit 458.7 425.4 995.5 889.3 Operating expenses: Research and development 106.7 89.4 204.7 171.4 Selling, general and administrative 57.5 47.8 108.8 98.7 Amortization of acquisition-related intangibles 4.1 7.0 8.1 15.5 Restructuring and other charges 1.0 — 1.0 0.6 Total operating expenses 169.3 144.2 322.6 286.2 Operating income 289.4 281.2 672.9 603.1 Other income (expense), net 2.9 0.2 5.0 (0.6 ) Income before income taxes 292.3 281.4 677.9 602.5 Provision for income taxes 16.3 56.5 331.5 119.8 Net income $ 276.0 $ 224.9 $ 346.4 $ 482.7 Earnings per share: Basic $ 1.51 $ 1.22 $ 1.89 $ 2.61 Diluted $ 1.50 $ 1.20 $ 1.87 $ 2.58 Weighted average shares: Basic 182.5 184.8 182.8 184.8 Diluted 184.3 187.1 184.9 187.2 SKYWORKS SOLUTIONS, INC. UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (in millions) 2018 2017 2018 2017 GAAP gross profit $ 458.7 $ 425.4 $ 995.5 $ 889.3 Share-based compensation expense [a] 4.2 3.4 8.3 7.2 Non-GAAP gross profit $ 462.9 $ 428.8 $ 1,003.8 $ 896.5 GAAP gross margin % 50.2 % 49.9 % 50.7 % 50.4 % Non-GAAP gross margin % 50.7 % 50.4 % 51.1 % 50.8 % Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (in millions) 2018 2017 2018 2017 GAAP operating income $ 289.4 $ 281.2 $ 672.9 $ 603.1 Share-based compensation expense [a] 41.0 22.1 66.8 43.7 Acquisition-related expenses [b] (2.7 ) 2.2 (2.0 ) 3.9 Amortization of acquisition-related intangibles [c] 4.1 7.0 8.1 15.5 Restructuring and other charges [d] (0.7 ) — (0.7 ) 0.6 Non-GAAP operating income $ 331.1 $ 312.5 $ 745.1 $ 666.8 GAAP operating margin % 31.7 % 33.0 % 34.2 % 34.2 % Non-GAAP operating margin % 36.3 % 36.7 % 37.9 % 37.8 % Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (in millions) 2018 2017 2018 2017 GAAP net income $ 276.0 $ 224.9 $ 346.4 $ 482.7 Share-based compensation expense [a] 41.0 22.1 66.8 43.7 Acquisition-related expenses [b] (2.7 ) 2.2 (2.0 ) 3.9 Amortization of acquisition-related intangibles [c] 4.1 7.0 8.1 15.5 Restructuring and other charges [d] (0.7 ) — (0.7 ) 0.6 Tax adjustments [e] (15.4 ) 15.8 255.2 27.2 Non-GAAP net income $ 302.3 $ 272.0 $ 673.8 $ 573.6 Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, 2018 2017 2018 2017 GAAP net income per share, diluted $ 1.50 $ 1.20 $ 1.87 $ 2.58 Share-based compensation expense [a] 0.22 0.12 0.36 0.23 Acquisition-related expenses [b] (0.02 ) 0.01 (0.01 ) 0.02 Amortization of acquisition-related intangibles [c] 0.02 0.04 0.04 0.08 Tax adjustments [e] (0.08 ) 0.08 1.38 0.15 Non-GAAP net income per share, diluted $ 1.64 $ 1.45 $ 3.64 $ 3.06 SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following financial measures that have not been calculated in accordance with United States Generally Accepted Accounting Principles (“GAAP”): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net income, and (iv) non-GAAP diluted earnings per share. As set forth in the “Unaudited Reconciliations of Non-GAAP Financial Measures” table found above, we derive such non-GAAP financial measures by excluding certain expenses and other items from the respective GAAP financial measure that is most directly comparable to each non-GAAP financial measure. Management uses these non-GAAP financial measures to evaluate our operating performance and compare it against past periods, make operating decisions, forecast for future periods, compare our operating performance against peer companies and determine payments under certain compensation programs. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-recurring expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more difficult, obscure trends in ongoing operations or reduce management’s ability to make forecasts.
We provide investors with non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP net income and non-GAAP diluted earnings per share because we believe it is important for investors to be able to closely monitor and understand changes in our ability to generate income from ongoing business operations. We believe these non-GAAP financial measures give investors an additional method to evaluate historical operating performance and identify trends, an additional means of evaluating period-over-period operating performance and a method to facilitate certain comparisons of our operating results to those of our peer companies. We also believe that providing non-GAAP operating income and operating margin allows investors to assess the extent to which our ongoing operations impact our overall financial performance. We further believe that providing non-GAAP net income and non-GAAP diluted earnings per share allows investors to assess the overall financial performance of our ongoing operations by eliminating the impact of share-based compensation expense, acquisition-related expenses, amortization of intangibles, restructuring-related charges, litigation settlement gains, losses and expenses, and certain tax items which may not occur in each period presented and which may represent non-cash items unrelated to our ongoing operations. We believe that disclosing these non-GAAP financial measures contributes to enhanced financial reporting transparency and provides investors with added clarity about complex financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross profit, share-based compensation expense and acquisition-related expenses. We calculate non-GAAP operating income by excluding from GAAP operating income, share-based compensation expense, acquisition-related expenses, amortization of intangibles, restructuring-related charges, and litigation settlement gains, losses and expenses. We calculate non-GAAP net income and diluted earnings per share by excluding from GAAP net income and diluted earnings per share, share-based compensation expense, acquisition-related expenses, amortization of intangibles, restructuring-related charges, litigation settlement gains, losses and expenses, and certain tax items. We exclude the items identified above from the respective non-GAAP financial measure referenced above for the reasons set forth with respect to each such excluded item below:
Share-Based Compensation - because (1) the total amount of expense is partially outside of our control because it is based on factors such as stock price volatility and interest rates, which may be unrelated to our performance during the period in which the expense is incurred, (2) it is an expense based upon a valuation methodology premised on assumptions that vary over time, and (3) the amount of the expense can vary significantly between companies due to factors that can be outside of the control of such companies.
Acquisition-Related Expenses - including such items as, when applicable, amortization of acquired intangible assets, fair value adjustments to contingent consideration, fair value charges incurred upon the sale of acquired inventory, acquisition-related professional fees, deemed compensation expenses and interest expense on seller-financed debt, because they are not considered by management in making operating decisions and we believe that such expenses do not have a direct correlation to our future business operations and thereby including such charges does not necessarily reflect the performance of our ongoing operations for the period in which such charges are incurred.
Restructuring-Related Charges - because, to the extent such charges impact a period presented, we believe that they have no direct correlation to our future business operations and including such charges does not necessarily reflect the performance of our ongoing operations for the period in which such charges are incurred.
Litigation Settlement Gains, Losses and Expenses - including gains, losses and expenses related to the resolution of other-than-ordinary-course threatened and actually filed lawsuits and other-than-ordinary-course contractual disputes, because (1) they are not considered by management in making operating decisions, (2) such litigation has been infrequent in nature, (3) such gains, losses and expenses are generally not directly controlled by management, (4) we believe such gains, losses and expenses do not necessarily reflect the performance of our ongoing operations for the period in which such charges are recognized and (5) the amount of such gains or losses and expenses can vary significantly between companies and make comparisons less reliable.
Certain Income Tax Items - including certain deferred tax charges and benefits that do not result in a current tax payment or tax refund and other adjustments, including but not limited to, items unrelated to the current fiscal year or that are not indicative of our ongoing business operations.
The non-GAAP financial measures presented in the table above should not be considered in isolation and are not an alternative for the respective GAAP financial measure that is most directly comparable to each such non-GAAP financial measure. Investors are cautioned against placing undue reliance on these non-GAAP financial measures and are urged to review and consider carefully the adjustments made by management to the most directly comparable GAAP financial measures to arrive at these non-GAAP financial measures. Non-GAAP financial measures may have limited value as analytical tools because they may exclude certain expenses that some investors consider important in evaluating our operating performance or ongoing business performance. Further, non-GAAP financial measures are likely to have limited value for purposes of drawing comparisons between companies because different companies may calculate similarly titled non-GAAP financial measures in different ways because non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Our earnings release contains forward-looking estimates of non-GAAP diluted earnings per share for the third quarter of our 2018 fiscal year (“Q3 2018”). We provide this non-GAAP measure to investors on a prospective basis for the same reasons (set forth above) that we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of Q3 2018 GAAP diluted earnings per share to a forward-looking estimate of Q3 2018 non-GAAP diluted earnings per share because certain information needed to make a reasonable forward-looking estimate of GAAP diluted earnings per share for Q3 2018 (other than estimated share-based compensation expense of $0.12 to $0.20 per diluted share, certain tax items of $(0.05) to $0.05 per diluted share and estimated amortization of intangibles of $0.01 to $0.03 per diluted share) is difficult to predict and estimate and is often dependent on future events that may be uncertain or outside of our control. Such events may include unanticipated changes in our GAAP effective tax rate, unanticipated one-time charges related to asset impairments (fixed assets, inventory, intangibles or goodwill), unanticipated acquisition-related expenses, unanticipated litigation settlement gains, losses and expenses and other unanticipated non-recurring items not reflective of ongoing operations. The probable significance of these unknown items, in the aggregate, is estimated to be in the range of $0.00 to $0.05 in quarterly earnings per diluted share on a GAAP basis. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.
[a] These charges represent expense recognized in accordance with ASC 718 - Compensation, Stock Compensation. For the three months ended March 30, 2018, approximately $4.2 million, $14.5 million and $22.3 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively. For the six months ended March 30, 2018, approximately $8.3 million, $25.7 million and $32.8 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively. For the three months ended March 31, 2017, approximately $3.4 million, $8.5 million and $10.2 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively. For the six months ended March 31, 2017, approximately $7.2 million, $16.8 million and $19.7 million were included in cost of goods sold, research and development expense and selling, general and administrative expense, respectively. [b] The acquisition-related expenses recognized during the three months and six months ended March 30, 2018, include a $2.8 million credit for fair value adjustments to contingent considerations partially offset by a $0.1 million and a $0.8 million charge, respectively, to general and administrative expenses, primarily associated with acquisitions completed or contemplated during the period. The acquisition-related expenses recognized during the three months and six months ended March 31, 2017, include a $2.2 million and a $3.9 million charge, respectively, to general and administrative expenses, primarily associated with acquisitions completed or contemplated during the period. [c] During the three months and six months ended March 30, 2018, the Company incurred $4.1 million and $8.1 million, respectively, in amortization of acquisition-related intangibles. During the three months and six months ended March 31, 2017, the Company incurred $7.0 million and $15.5 million, respectively, in amortization of acquisition-related intangibles. [d] During the three months and six months ended March 30, 2018, the Company recognized a $1.0 million charge to revise an estimate related to a leased facility included in a previously announced restructuring plan offset by a $1.7 million benefit for a change in the estimated expense related to an executive agreement. During the six months ended March 31, 2017, the Company incurred a $0.6 million charge in employee severance costs primarily related to restructuring plans that were implemented during the period.
[e] During the three months and six months ended March 30, 2018, these amounts generally represent use of net operating loss and research and development tax credit carryforwards, deferred tax expense not affecting taxes payable, non-cash expense (benefit) related to uncertain tax positions and a one-time benefit of $16.9 million and one-time charge of $240.9 million related to the mandatory deemed repatriation tax on foreign earnings, respectively. Included in these amounts for the six months ended March 30, 2018, is a one-time charge of $18.5 million related to the revaluation of deferred tax assets and liabilities related to tax reform. During the three months and six months ended March 31, 2017, these amounts primarily represent the use of net operating loss and research and development tax credit carryforwards, deferred tax expense not affecting taxes payable, tax deductible share-based compensation expense in excess of GAAP share-based compensation expense, the release of previously reserved items that are no longer required as a result of IRS audits, and non-cash expense (benefit) related to uncertain tax positions. SKYWORKS SOLUTIONS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 30, September 29, (in millions) 2018 2017 Assets Current assets: Cash and cash equivalents $ 1,881.3 $ 1,616.8 Accounts receivable, net 367.2 454.7 Inventory 466.4 493.5 Other current assets 96.0 68.7 Property, plant and equipment, net 907.1 882.3 Goodwill and intangible assets, net 945.7 950.8 Other assets 81.4 106.8 Total assets $ 4,745.1 $ 4,573.6 Liabilities and Equity Current liabilities: Accounts payable $ 198.4 $ 258.4 Accrued and other current liabilities 120.1 129.5 Other long-term liabilities 356.4 120.0 Stockholders’ equity 4,070.2 4,065.7 Total liabilities and equity $ 4,745.1 $ 4,573.6 SKYWORKS SOLUTIONS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, (in millions) 2018 2017 2018 2017 Cash flow from operating activities Net income $ 276.0 $ 224.9 $ 346.4 $ 482.7 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 41.0 22.1 66.8 43.7 Depreciation 66.0 55.9 129.6 111.2 Amortization of intangible assets 5.6 7.0 11.1 15.5 Deferred income taxes 4.2 (0.3 ) 25.6 0.9 Excess tax benefit from share-based compensation — (6.7 ) — (28.2 ) Changes in operating assets: Receivables, net 91.6 (0.5 ) 87.5 48.8 Inventory (8.2 ) (21.9 ) 26.3 (21.3 ) Other current and long-term assets (6.5 ) (30.4 ) (27.1 ) (18.1 ) Accounts payable 23.2 2.3 (82.2 ) 53.2 Other current and long-term liabilities (58.7 ) (23.7 ) 211.0 36.2 Net cash provided by operations 434.2 228.7 795.0 724.6 Cash flow from investing activities Capital expenditures (90.3 ) (54.9 ) (118.5 ) (105.0 ) Payments for acquisitions, net of cash acquired — — — (13.7 ) Purchased intangibles — — (6.0 ) — Maturity of investments — — — 3.2 Net cash used in investing activities (90.3 ) (54.9 ) (124.5 ) (115.5 ) Cash flow from financing activities Excess tax benefit from share-based compensation — 6.7 — 28.2 Repurchase of common stock — payroll tax withholdings on equity awards (1.8 ) (0.2 ) (46.5 ) (44.6 ) Repurchase of common stock — stock repurchase program (111.7 ) (95.2 ) (284.2 ) (201.7 ) Dividends paid (58.4 ) (51.9 ) (117.5 ) (104.1 ) Net proceeds from exercise of stock options 17.9 17.2 32.3 31.9 Contribution of common shares to employee savings plan 9.9 7.2 9.9 7.2 Payments of contingent consideration — (1.2 ) — (2.9 ) Net cash used in financing activities (144.1 ) (117.4 ) (406.0 ) (286.0 ) Net increase in cash and cash equivalents 199.8 56.4 264.5 323.1 Cash and cash equivalents at beginning of period 1,681.5 1,350.5 1,616.8 1,083.8 Cash and cash equivalents at end of period $ 1,881.3 $ 1,406.9 $ 1,881.3 $ 1,406.9
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006664/en/
Skyworks Solutions, Inc.
Media Relations:
Pilar Barrigas
(949) 231-3061
or
Investor Relations:
Mitch Haws
(949) 231-3223
Source: Skyworks Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-skyworks-exceeds-q2-fy18-expectations.html |
Crypto insider believes regulation is bullish for bitcoin 21 Hours Ago CNBC's Seema Mody on the crypto crackdown. And Ran Neu Ner, ONchain Capital, discusses what regulation means for cryptocurrencies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/crypto-insider-believes-regulation-is-bullish-for-bitcoin.html |
Amazon rolls out model 'smart' homes with Alexa Wednesday, May 09, 2018 - 01:42
Amazon.com Inc on Wednesday said it has set up model ''smart'' homes across the U.S. for shoppers to experience what it's like for voice aide Alexa to dim the lights, turn on the TV or order more laundry detergent. ▲ Hide Transcript ▶ View Transcript
Amazon.com Inc on Wednesday said it has set up model "smart" homes across the U.S. for shoppers to experience what it's like for voice aide Alexa to dim the lights, turn on the TV or order more laundry detergent. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rx7kXx | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/amazon-rolls-out-model-smart-homes-with?videoId=425257092 |
EditorsNote: rewords last two grafs
Yanni Gourde, Tyler Johnson, Ondrej Palat and Brayden Point each scored one goal, and the Tampa Bay Lightning defeated the visiting Boston Bruins 4-2 Monday night at Amalie Arena.
Point had an empty-net goal and three assists for the Lightning, who evened the best-of-seven series at a game apiece. Game 3 will be played in Boston on Wednesday.
Tampa Bay goaltender Andrei Vasilevskiy stopped 18 shots.
Charlie McAvoy and Torey Krug scored one goal apiece and Brad Marchand had two assists for the Bruins.
Boston goaltender Tuukka Rask made 27 saves in the loss.
With Tampa Bay up 2-1, David Pastrnak was whistled for a double minor for high sticking in the third period, giving the Lightning a four-minute power play. The Bruins killed off the double minor and still trailed by a goal with 8:30 remaining in the game.
The Lightning surged ahead 3-1 when Palat scored at 14:08. Point registered his third assist on the huge goal, which helped to secure the victory.
Krug got the Bruins within one goal at 15:58 — his third tally of the playoffs.
Tampa Bay went ahead 2-1 when Johnson flipped the puck over Rask’s shoulder and into the back of the net at 10:14 of the second.
The Bruins received a power play when Tampa Bay’s Victor Hedman was called for holding, but they couldn’t capitalize for the third time on the man advantage.
The Lightning dominated most of the first, outshooting Boston 9-0 to open the game. On an early power play, Steven Stamkos skated in and fired a shot from a tough angle that was saved by Rask.
Tampa Bay kept up the offensive pressure on another power play and struck first for a 1-0 lead when Gourde scored at 11:47 on the team’s 10th shot.
The Bruins finally responded and were awarded a two-man advantage for 1:45 after penalties to Johnson and Ryan McDonagh late in the first period. Pastrnak immediately clanged a wrist shot off the post. Bruins center David Krejci then ripped a slap shot and saw the laser ricochet off both posts and out of the crease.
McAvoy then tied the game at 1 for Boston at 18:30 of the opening period, shortly after the power play ended.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-tbl-bos-recap/point-lightning-hold-off-bruins-to-even-series-idUSMTZEE5111VGH5 |
SHENZHEN, China, May 29, 2018 (GLOBE NEWSWIRE) -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, announced that it has changed its name from “China Information Technology, Inc.” to “Taoping Inc.”
The trading symbol of the company's ordinary shares will be changed to “TAOP” with a new CUSIP number G8675V101. It is expected that the company’s ordinary shares will begin trading on the NASDAQ Capital Market under the new company name at market open on June 1, 2018.
“We are thrilled to announce our name change. This strategic branding decision comes at a natural inflection point for our brand,” said Mr. Jianghuai Lin, Chairman and CEO of CNIT, “We believe that the new company name will more accurately reflect our current business operations. Since entering the public market in 2007 we have continued to execute exceptionally on our roadmap and are excited to introduce the Taoping Inc. to Wall Street, as we have done successfully amongst our peers in the new-media industry.”
About Taoping Inc.
Taoping Inc. (formerly known as China Information Technology, Inc.) is a leading cloud-based ad terminal and service provider of digital advertising distribution network and new media resource sharing platform in the Out-of-Home advertising market of China. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on the ad display terminals. Connecting cloud-based ad terminal owners, advertisers and consumers, it builds up a resource sharing “Smart IoT Terminal - Taoping Net/App – Taoping Selection” media ecosystem to ultimately achieve the mission “our technology makes advertising and branding affordable and effective for everyone.” To learn more, please visit http://www.chinacnit.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: [email protected]
http://www.chinacnit.com
or
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: [email protected]
Source:China Information Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-cnit-announces-company-name-change-to-taoping-inc.html |
May 10, 2018 / 10:43 AM / in 11 minutes BRIEF-Sanchez Midstream Partners Reports Qtrly Net Loss Per Basic Unit Of $0.53 Reuters Staff
May 10 (Reuters) - Sanchez Midstream Partners LP:
* SANCHEZ MIDSTREAM PARTNERS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS; PROVIDES FULL YEAR 2018 FORECAST * QTRLY TOTAL REVENUE $18.5 MILLION VERSUS $25.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.36 — THOMSON REUTERS I/B/E/S
* SEES FULL YEAR 2018 WESTERN CATARINA MIDSTREAM VOLUMES WILL RANGE BETWEEN 170 MMCF/D TO 180 MMCF/D OF NATURAL GAS
* SEES FULL YEAR 2018 WESTERN CATARINA MIDSTREAM VOLUMES WILL RANGE BETWEEN 13.1 MBBLS/D TO 13.9 MBBLS/D OF OIL
* SANCHEZ MIDSTREAM PARTNERS - SECO PIPELINE EXPECTED TO FLOW BETWEEN 80 MMCF/D TO 90 MMCF/D OF DRY GAS IN FULL YEAR 2018
* ON PRODUCTION SIDE, CURRENTLY PROJECT TOTAL VOLUME FOR 2018 OF ABOUT 475 MBOE TO 535 MBOE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sanchez-midstream-partners-reports/brief-sanchez-midstream-partners-reports-qtrly-net-loss-per-basic-unit-of-0-53-idUSASC0A1BJ |
May 16 (Reuters) - Arbor Realty Trust Inc:
* ARBOR REALTY TRUST ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* ARBOR REALTY TRUST INC - PRICED OFFERING OF 5.5 MILLION SHARES OF COMMON STOCK FOR TOTAL EXPECTED GROSS PROCEEDS OF ABOUT $48.7 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arbor-realty-trust-announces-prici/brief-arbor-realty-trust-announces-pricing-of-public-offering-of-common-stock-idUSASC0A2LX |
(Repeats without change. John Kemp is a Reuters market analyst. The views expressed are his own)
* Chart 1: https://tmsnrt.rs/2LkQO6q
* Chart 2: https://tmsnrt.rs/2Ln8DBI
LONDON, May 22 (Reuters) - Hedge funds are rolling forward long positions in the Brent futures contract, and in the absence of offsetting factors this is depressing the value of expiring contracts, pushing futures prices into contango.
Since the end of June 2017 hedge funds and other money managers have built up a near-record net long position in Brent in the expectation that prices will continue to rise.
Hedge funds held long futures and options positions equivalent to almost 615 million barrels on May 15, according to position reports published by the Intercontinental Exchange.
These were partially offset by short positions amounting to 66 million barrels, giving a net long of almost 549 million barrels.
Fund managers also held 374 million barrels of positions in the calendar spreads, offsetting long and short positions in different contract months.
Some positions were held in the form of options, but most were futures, with a net long position in futures alone amounting to 519 million barrels.
For the Brent contract as a whole, the total number of open positions in futures across all maturities and all market participants was equivalent to 2,704 million barrels.
Of all the open positions, almost 44 percent were concentrated in the first three contracts expiring in July 2018 (437 million barrels), August 2018 (463 million barrels) and September 2018 (281 million barrels).
Unless the hedge fund positions were distributed very differently to other market participants, a substantial number must have been held in the first three months (https://tmsnrt.rs/2LkQO6q).
In fact, many fund managers, especially those following momentum-based strategies, have a strong preference for liquidity, so they tend to hold their position in the closest and most liquid contract months.
But as those contracts approach expiry, positions must be rolled forward or allowed to terminate automatically with the passage of time (https://tmsnrt.rs/2Ln8DBI).
Chart 1: https://tmsnrt.rs/2LkQO6q
Chart 2: https://tmsnrt.rs/2Ln8DBI
The rolling forward of long positions tends to push the front end of the futures curve from backwardation towards contango because they involve the simultaneous sale of a near-term contract and purchase of one further forward.
Of course, for every long position there is a short, and the rolling of short positions tends to have the opposite effect, pushing the market from contango towards backwardation.
In theory, the impact of rolling forward long and short positions should be neutral. In practice, different groups of market participants employ different strategies and have a different impact on price formation.
Hedge funds and other money managers tend to be dynamic price-makers rather than passive price-takers because they trade on expectations of where prices will move in future.
The sheer number of hedge fund long positions already established in the market and needing to be rolled forward each month is now weighing on prices at the front end of the curve.
While fund managers were still accumulating net longs between June 2017 and March 2018, the negative impact on near-term calendar spreads was masked by the amount of new buying each month.
But hedge funds have been reducing their net position in Brent since the middle of April. The net position has been cut by 84 million barrels, or 13 percent, since April 10.
If the problem of rolled longs persists, many more hedge funds are likely to try to escape it by shifting positions further along the curve towards contracts expiring in 2019 or 2020.
Related columns:
- Hedge funds take profits after oil rally, Reuters, May 15
- Hedge funds hold fire as oil prices hit multi-year highs, Reuters, May 8
- Hedge funds trim positions in crude but boost fuels, Reuters, April 30
- Hedge funds build record bullish position in Brent, Reuters, April 16
(Editing by David Goodman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-rpt-column-hedge-funds-trapped-in-near-term-brent-futures-kemp.html |
Coinbase has unveiled a spate of products and services aimed at major players in the financial industry. Tuesday’s announcement , which included a new “white glove” offering called Coinbase Prime, comes as the San Francisco digital currency exchange seeks to entrench its dominant position in an increasingly competitive U.S. cryptocurrency market.
In addition to the new Prime service—which offers sophisticated trading and data tools to institutional investors—the company also announced “Coinbase Markets,” which will draw on its new Chicago office to create a souped-version of its existing exchange service.
“In the past few months, over 100 hedge funds announced plans to trade and invest in cryptocurrency, signaling heightened interest from institutional clients and financial services professionals for a source of liquidity and custody for their digital assets,” said the company in a statement.
Meanwhile, Coinbase confirmed the imminent launch of a Custody service in partnership with ETC, an SEC-regulated broker-dealer. The custody offering, which has been in the works since last year, provides extra security measures and complies with a series of regulations required by banks and investment companies.
All of this comes at a time when big banking names, including Goldman Sachs , are preparing to wade into the cryptocurrency markets. In response, companies like Coinbase are scrambling to build the sort of trading and security infrastructure to which they are accustomed. Hence, services like Prime.
“[Prime] will fill a missing piece of critical infrastructure needed for institutions… Coinbase intends to offer lending and margin financing products to qualified clients, high touch and low touch execution services like over-the-counter (OTC) trading and algorithmic orders and new market data and research products,” the company explained.
As for Coinbase’s Markets tool, it will see the company take its existing trading platform (known as GDAX) and create a version exclusively for sophisticated institutional investors. Many of the new offerings—including “latency performance, on-premise datacenter colocation services and institutional connectivity”—will be built up in the new Chicago office, whose opening was reported earlier this month.
Battle for a New Era of Crypto Customers Unlike past investment trends, big banks and hedge funds were late to discover the growing popularity of digital assets like Bitcoin and Ethereum. But in recent months, they’ve started to make up for lost time.
This has set off a fight to lure these large order books. The competition has pit Coinbase against Boston-based Circle , which is smaller but offers products like so-called block trading, a tool that helps institutions make large transactions without tipping the market about impending trades. The suite of products announced by Coinbase on Tuesday appear intended to challenge Circle for business as institutional trading expands.
Care about crypto news? Sign up for The Ledger’s weekly newsletter .
Meanwhile, the stock-picking app Robinhood , which is popular with many millennials, recently announced a major foray into cryptocurrency, albeit on the consumer side.
The competition also comes at a time of uncertainty over when exchanges will increase the number of cryptocurrencies that are available for sale. While a listing on a big exchange typically triggers a price spike, regulators are warning that many digital assets are in fact securities that must be registered before they can be traded.
Coinbase has so far taken a very conservative approach, listing only four currencies so far (Bitcoin, Bitcoin Cash, Litecoin and Ethereum), and raising questions about when it will add more.
In an interview, Adam White, vice president and general manager of Coinbase Institutional, said the company is “absolutely committed” to adding new assets, but referred Fortune to a blog post about how and when Coinbase will do so.
White added that he believes Coinbase’s history of staying on the right side of regulators, coupled with its rapidly expanding suite of products and services, will put the company in a strong position to maintain its lead as more major financial players rush into crypto.
“We’re seeing the growth of institutional trading happening before our eyes. It’s a good thing. It means more capital and better infrastructure,” said White. “I think Coinbase is incredibly well positioned to win this space.”
| ashraq/financial-news-articles | http://fortune.com/2018/05/15/coinbase-institutional-investors/ |
CNBC.com Andrew Harrer | Bloomberg | Getty Images Rod Rosenstein, deputy attorney general, speaks during a news conference at the Department of Justice in Washington, D.C., on Friday, Feb. 16, 2018.
Deputy Attorney General Rod Rosenstein on Tuesday hit back against Trump-allied Republican lawmakers who drafted articles of impeachment against him, saying "the Department of Justice is not going to be extorted."
"They can't even resist leaking their own drafts," Rosenstein joked. C-SPAN tweet
Rosenstein said that the reported articles of impeachment are only the latest threats against him.
"They've been making threats, privately and publicly, against me, for quite some time," he said, "and I think they should understand by now, the Department of Justice is not going to be extorted."
He added: "Any kind of threats that anybody makes are not going to affect the way we do our job."
Rosenstein's remarks came during an event at the Newseum in Washington, less than a day after news reports revealed that Republicans in the conservative House Freedom Caucus drafted articles of impeachment as a "last resort" against the Justice Department second-in-command.
Rosenstein appointed special counsel Robert Mueller to conduct the probe into potential collusion between the Trump campaign and the Kremlin. President Donald Trump has repeatedly called the investigation a "witch hunt."
At the Tuesday event, Rosenstein defended his department's practices against the threat from Congress, using the example of Foreign Intelligence Surveillance Act, or FISA, warrants as an example. Some Republicans, including members of the House Intelligence Committee's Republican majority, have accused the Justice Department of seeking warrants against Trump-connected figures based on political bias.
Rosenstein contrasted the measures of personal accountability involved in submitting a FISA warrant with the articles of impeachment that leaked against him this week.
"I just don't have anything to say about documents like that, that nobody has the courage to put their name on, and that they leak in that way," Rosenstein said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/rod-rosenstein-the-department-of-justice-is-not-going-to-be-extorted.html |
May 17 (Reuters) - Macerich Co:
* MACERICH CO SAYS CEO ARTHUR COPPOLA'S TOTAL COMPENSATION FOR 2017 WAS $12.8 MILLION VERSUS $13.5 MILLION IN 2016 - SEC FILING Source text: ( bit.ly/2GsffuY ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-macerich-co-says-ceo-arthur-coppol/brief-macerich-co-says-ceo-arthur-coppolas-total-compensation-for-2017-was-12-8-mln-vs-13-5-mln-in-2016-idUSFWN1SO10Y |
May 10 (Reuters) - U.S. stock index futures climbed on Thursday after a weaker-than-expected rise in U.S. consumer prices cooled inflation fears.
The Labor Department said consumer prices rebounded less than expected in April as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices, pointing to a steady buildup of inflation.
At 8:42 a.m. ET, Dow e-minis were up 33 points, or 0.13 percent. S&P 500 e-minis were up 6.75 points, or 0.25 percent and Nasdaq 100 e-minis were up 17.5 points, or 0.25 percent. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-futures-jump-after-cpi-data-idUSL3N1SH5H7 |
Italy's new government has some 'maneuver room' on policies 5 Hours Ago Cedomir Nestorovic of the ESSEC Business School says the new Italian coalition government has a clean slate with the public to pursue policy changes. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/italys-new-government-has-some-maneuver-room-on-policies.html |
SoulCycle Ends Ride Towards an IPO Photograph by Alli Harvey 2015 Getty Images May 25, 2018
Fitness studio SoulCycle is no longer peddling towards an initial public offering.
The company on Friday said in a regulatory filing that it was canceling its long delayed IPO , citing “market conditions.” In fact, the withdrawal appears to have more to do with SoulCycle than the broader market, which seems to have a huge appetite for IPOs—both by money losing companies and profitable ones.
SoulCycle, which has dozens of spinning studios across the country, filed for an IPO in 2015. But a year later, the company paused the process amid and underwent a shakeup in its executive ranks.
Co-founders Elizabeth Cutler and Julie Rice, who served as co-chief creative officers, both left to pursue “other projects.” A third, co-founder, Ruth Zukerman, had left earlier to found rival Flywheel.
Melanie Whelan, who had served as SoulCycle’s operations chief, became CEO that year. She’s expanded the company from its roots in spinning classes to creating custom-designed fitness bikes—an effort to challenge Peloton, which sells exercise bikes and subscriptions to classes via video—and a fitness classes other than spinning .
| ashraq/financial-news-articles | http://fortune.com/2018/05/25/soulcycle-withdraws-ipo/ |
May 17, 2018 / 1:31 PM / Updated 31 minutes ago Royal wedding boosts flight bookings from the U.S. to Britain Reuters Staff 2 Min Read
LONDON (Reuters) - The marriage of U.S. actress Meghan Markle to Britain’s Prince Harry has prompted more U.S. visitors to fly to the UK, with data showing that bookings from the U.S. for this week are 12 percent ahead of last year. Souvenirs themed on the forthcoming royal wedding between Markle are seen for sale in Windsor, Britain, May 8, 2018. REUTERS/Toby Melville
Americans will be among the royal fans convening on the town of Windsor before Saturday’s wedding, suggested data provided by Travelport website on Thursday.
It showed that before the wedding date was announced last December, bookings for arrival into Britain from the U.S. for this week were down around 7 percent, but following the news of the wedding date, they are now up 12 percent compared to the same week in 2017.
“We know that important events like a Royal Wedding encourage people to travel and it’s great to see we’re welcoming so many visitors from the U.S. this week,” said Paul Broughton, Travelport’s country manager for the UK and Ireland.
One of those Americans to have made the journey across the pond is self-confessed “royal super-fan” Donna Werner, who is planning to camp out on the streets in the hope of catching a glimpse of the couple.
Travelport data also showed that once the royal wedding date had been announced, more people chose to stay in the UK for that week than travel abroad.
Before the date was known, bookings for Brits to travel abroad on the week of the wedding were up 10 percent. After the date was announced, the rate of bookings for foreign trips slowed, meaning that now, trips abroad for the week are up only 4 percent compared with last year. Reporting by Sarah Young, additional reporting by Victoria Bryan; editing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding-travel/royal-wedding-boosts-flight-bookings-from-the-u-s-to-britain-idINKCN1II1XP |
LONDON (Reuters) - Food prices are likely to rise after Brexit if no trade agreement with the EU is reached, a parliamentary report said on Thursday, and there could be shortages of some products.
A woman prepares food in a restaurant, in central London January 18, 2011. REUTERS/Stefan Wermuth The report, by the House of Lords European Union Committee, urges the government to develop a comprehensive food security policy for Britain.
Half of Britain’s food is imported and 30 percent comes from the EU, with another 11 percent coming from non-EU countries under trade deals negotiated by the EU, the report noted.
“It is inconceivable that Brexit will have no impact on EU food imports to the UK,” it added.
If a trade agreement cannot be negotiated, Brexit is likely to result in an average tariff on food imports of 22 percent, the report said.
“While this would not mean a 22 percent increase in food prices for consumers, there can be no doubt that prices paid at the checkout would rise,” it added.
To counteract this, the government could cut tariffs on all food imports, EU and non-EU, but this would pose a serious risk of undermining British food producers who could not compete on price.
“EU food imports cannot easily be replaced by either producing more in the UK or importing more from non-EU countries,” the report said.
Prime Minister Theresa May has insisted Britain will not stay in a customs union with the EU after it leaves but the committee said it was unclear how “frictionless” imports of food from the EU would be able to continue without a deal.
“If no agreement is reached, and food imports from the EU are subject to the same customs and border checks as non-EU imports, the UK does not have the staff, IT systems or physical infrastructure to meet that increased demand,” it said.
“Any resulting delays could choke the UK’s ports and threaten the availability of some food products for UK consumers.”
The report called for a food security policy to be introduced urgently.
“A long-term view is needed on whether to prioritise food standards or food prices, whether to reverse the UK’s declining self-sufficiency or increase imports,” it said.
Other factors should include workforce shortages, priorities for investment, and bigger, global issues such as the impact of climate change on food production worldwide.
“This would be needed regardless of Brexit, but we urge the government to use the challenges and opportunities that leaving the EU will pose to the UK’s food supply as a spur to develop its strategy as a matter of priority,” the report concluded.
Reporting by Stephen Addison; editing by Estelle Shirbon
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-food/uk-food-prices-likely-to-rise-without-a-brexit-deal-report-idUSKBN1IA3JH |
SAO PAULO, May 25 (Reuters) - Brazil's Bovespa equities index fell over half a percent on Friday, as a truckers' protest entered its fifth day, hobbling a wide range of industries from aviation to agribusiness. Negotiators for several truckers groups protesting high fuel prices had agreed on Thursday to suspend a nationwide highway blockade after the government vowed to subsidize and stabilize diesel prices, which may cost the state some 5 billion reais ($1.37 billion) this year. But adhesion to the agreement has been spotty at best, with police saying on Friday that there were still blockades in 24 of the nation's 26 states, including 74 just in the state of Rio Grande do Sul, a key trade route with Argentina. The key automaking sector ground to a halt on Friday, as did Santos, Latin America's largest port, while grocers' aisles went understocked and long queues formed outside gas stations. In the early afternoon, the federal government authorized the military to clear highways by force, while Sao Paulo, South America's largest city, declared a state of emergency. "Everyone is focused on the truckers," said a Rio de Janeiro-based trader. "The government has little or no negotiating room." The Bovespa had fallen 0.6 percent by the afternoon. That fall would have been worse if it were not for a 2.1 percent rise by state-run oil major Petroleo Brasileiro SA , whose shares had previously tanked after the company cut diesel prices 10 percent, presumably to assuage truckers. The announcement of subsidies by the government on Thursday made clear that the state, not Petrobras alone, would bear the brunt of the losses. Chilean equities posted the biggest gains across the region on Friday, after some heavily weighted stocks bounced back from a tough Thursday. That included lithium producer SQM and related holding company Sociedad de Inversiones Oro Blanco SA, which climbed 2 percent and 1.9 percent, respectively. Latam Airlines Group SA, Latin America's largest airline, climbed 2.4 percent after posting a decline on Thursday as the Brazilian truckers' protest caused cancellations. Chile's IPSA equities index had climbed 0.86 percent by mid-day. Key Latin American stock indexes and currencies at 1610 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1138.39 0.29 -2.02 MSCI LatAm 2680.76 -0.02 -5.19 Brazil Bovespa 79640.81 -0.6 4.24 Mexico IPC 45454.44 0.05 -7.90 Chile IPSA 5625.24 0.86 1.09 Chile IGPA 28398.53 0.82 1.49 Argentina MerVal 29664.90 -1.88 -1.33 Colombia IGBC 12023.16 -0.8 5.74 Venezuela IBC 28317.19 3.96 2141.81 Currencies daily % YTD % change change Latest Brazil real 3.6584 -0.30 -9.43 Mexico peso 19.5340 0.24 0.84 Chile peso 624.51 0.09 -1.58 Colombia peso 2884.2 -1.12 3.39 Peru sol 3.27 -0.12 -1.01 Argentina peso 24.5750 -0.35 -24.31 (interbank) Argentina peso 25.5 -0.39 -24.59 (parallel) (Reporting by Gram Slattery; additional reporting by Paula Arend Laier Editing by Phil Berlowitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazilian-equities-down-amid-crippling-truckers-strike-idUSL2N1SW18E |
PORTLAND, Ore. and SAN JOSE, Calif., May 8, 2018 /PRNewswire/ -- inDinero and tempCFO are joining forces in a conjunction that brings the biggest benefits of fintech and accessible expertise to the SMB financial services market.
"The accounting industry has historically been divided into thousands of small, regionally based firms," says Keddrick Stuart, COO of inDinero. "By bringing complementary strengths from inDinero and tempCFO together, we can provide a solution from inception to IPO that gives businesses real value from financials."
inDinero is the industry-leading financial technology provider for tech business and tempCFO is a pioneer in outsourced accounting expertise for startups and growth businesses. "tempCFO has mastered the process side and for us, the next step is technology/AI and that's what inDinero does very well," says David Johnson, founder of tempCFO and now president of inDinero + tempCFO.
AI and automation are freeing accounting professionals from the burdens of basic bookkeeping so they can add more value for clients. Startups and other high-growth businesses are hungry for outsourced solutions to manage the back office at an affordable cost. Combining forces and resources means faster, more widespread innovation to modernize the B2B fintech industry so that we can serve more of the market we want to help.
Adapt and Excel — Modern Accounting is Here
"In 1999, outsourced accounting was a taboo, but just like with the cloud, people began to adapt and see the benefits over time," says Johnson. And as he's looked to grow tempCFO's team, Johnson recognizes that it's not just today's markets demanding automation, but also job seekers. "The new generation of accountants want to focus on being accountants, not data-entry bookkeeping."
Jessica Mah, co-founder and CEO of inDinero, shares the same mentality. In a 2015 interview with Forbes , Mah explained the vision for accounting technology. "Really good accountants are embracing automation as a way to move themselves up the value chain to do what they love — consult with the business owner on ways to save money and bring more products to market."
Today, that vision is something Mah says the market understands. She says, "In 2018, if a business is paying someone to do its bookkeeping, it's wasting money on what technology has already automated away."
Innovation Takes a Village
inDinero and tempCFO have built strong businesses as individual entities over the last decade, but the next phase of this growth will be a partnership. It's a journey Johnson and Mah hope other like-minded leaders will join. "Collective resources means we can be a major player in the fintech revolution and that we can help more businesses," said Johnson. Both leaders are excited to see what the next 10-plus years have in store.
inDinero continues to seek partners like tempCFO. To learn more about inDinero's acquisition program, contact Josh Boyd ( [email protected] ).
Media Contact:
Emily Goetz 971-599-3543 [email protected] www.indinero.com
About inDinero
Founded in 2009, inDinero is the leading financial solution for growing startups or small businesses. By automating bookkeeping, accounting and tax prep, they are unleashing accounting and tax professionals to add more expertise-based value to the businesses they work with and making it easy and effortless for entrepreneurs to track their business' financial performance and file taxes. Headquartered in Portland, Oregon, inDinero has over 150 global employees at offices across the United States and in the Philippines. Visit inDinero.com or call 855-463-4637 for more information.
About tempCFO
Established in 1999, tempCFO provides outsourced accounting, financial and tax solutions for technology companies and small to medium-size businesses. Headquartered in the heart of Silicon Valley — San Jose, California — tempCFO specializes in SaaS accounting, venture capital, venture debt and angel round accounting, CFO-level consulting, and entity and individual tax consulting. With a team approach that includes an accountant, controller and CFO, as well as tax professionals, tempCFO performs the essential accounting and tax functions for companies at every stage. Visit tempCFO.com or call 408-600-2300 for more information.
View original content with multimedia: http://www.prnewswire.com/news-releases/indinero-acquires-tempcfo-to-create-an-outsourced-seed-to-exit-financial-solution-for-high-growth-startups-300644605.html
SOURCE inDinero | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-indinero-acquires-tempcfo-to-create-an-outsourced-seed-to-exit-financial-solution-for-high-growth-startups.html |
May 4 (Reuters) - Shunten International (Holdings) Ltd :
* EXPECTED TO RECORD A LOSS FOR YEAR ENDED 31 MARCH 2018 * EXPECTED RESULT DUE TO INCREASE IN ONE OFF LEGAL AND PROFESSIONAL FEES MAINLY IN RELATION TO NEW ACQUISITIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shunten-international-sees-fy-loss/brief-shunten-international-sees-fy-loss-idUSFWN1SB0AZ |
May 15, 2018 / 12:32 PM / Updated 2 hours ago Bournemouth's new stadium key for long-term benefits says Howe Reuters Staff 2 Min Read
(Reuters) - Bournemouth’s new stadium and training ground are vital to the south-coast club reaping the long-term benefits of playing in the Premier League, according to manager Eddie Howe. Soccer Football - Premier League - Burnley vs AFC Bournemouth - Turf Moor, Burnley, Britain - May 13, 2018 Bournemouth manager Eddie Howe applauds their fans after the match Action Images via Reuters/Craig Brough
Bournemouth, who currently play at the Vitality Stadium, announced in March that they would submit a planning application later this year to build a new ground within Kings Park, an area that currently hosts the club’s training pitches.
The Cherries also got the go-ahead from local councillors in January to build a new multi-million pound training ground.
“For me that’s the only way we can go now,” Howe told BBC Radio Solent. “We must have a tangible, long-term thing to look back at and go, ‘That was what the Premier League did for us’.
“The training ground, the new stadium - that’s where this club has to go for the long-term benefits, otherwise we will never see the benefits of the Premier League era.”
The Vitality Stadium, formerly known as Dean Court, has been Bournemouth’s home since 1910 and has a capacity of only 11,464, well below the Premier League’s biggest ground - Manchester United’s Old Trafford, which boasts 75,600 seats.
Wembley is the biggest stadium in England with a capacity of 90,000 seats and was home to Tottenham Hotspur on a temporary basis during the most recent league campaign.
“It’s tough to recruit players when we’re playing in the stadium that we are,” Howe added. “The training ground, as beautiful as it is, the size, the lack of space - again that’s a difficulty for us.
Howe believes the much-needed infrastructure upgrade will attract quality players to Bournemouth in the transfer window.
“We’ve focused a lot on the team and on what you see out on the pitch, but I think the infrastructure of the club is a must.
“That will serve us so well in 10, 15, 20, 30 years, and that’s what I really believe the club must focus on.”
Bournemouth secured a 12th-placed league finish this season with a 2-1 win at Burnley on Sunday. Reporting by Aditi Prakash in Bengaluru; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-bur-bou-howe/bournemouths-new-stadium-key-for-long-term-benefits-says-howe-idUKKCN1IG1S6 |
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