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Chart points to trouble for industrials 16 Hours Ago Industrials on a winning streak. Is a takedown coming? With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Dan Nathan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/chart-points-to-trouble-for-industrials.html |
Holman Jenkins’s “New York’s Green Energy Roulette” (Business World, May 16) rehashes old, 20th-century claims about high renewable-energy costs and unreliability. Gov. Andrew M. Cuomo pushed for change in energy policy out of his direct experience with New Yorkers who had lost power after superstorm Sandy and other increasingly frequent extreme-weather events. The current electric grid is very reliable, until it is not, and then it’s very unreliable. That’s why so many non-city dwellers, those who can afford it, have bought their own generators. Reliability problems come from the faulty distribution of power, not its... | ashraq/financial-news-articles | https://www.wsj.com/articles/albany-is-pursuing-rational-energy-policies-1526922859 |
The Oculus Go starts at $199 and gives you everything you need to experience virtual reality. You can sit in a movie theater, play games, watch 360-degree videos and more. It's great for $200 and something everyone should try. Todd Haselton | CNBC Me with the Oculus Go
Virtual reality, or VR, is the futuristic scenario you've seen in sci-fi movies where someone puts on a headset and then enters another environment: a digital world with movie-like scenes, immersive games, maybe a web browser.
The recent hit movie "Ready Player One" was all about virtual reality, and in fact Facebook reportedly gave the book on which it was based to all new employees on the team making its Oculus VR products.
VR is different from another term you may have heard: AR (augmented reality), also known as mixed reality, which still lets you see the real world when you use it. That's what Microsoft is doing with its HoloLens, and what Apple and other companies are already doing on phones.
While AR had one big hit -- Pokemon Go, which took the world by storm in 2016 -- virtual reality has been a nerdy hobby for the most part. That's because it's been expensive, clunky or both. You either needed to buy a headset in addition to a smartphone, or a whole big kit and a powerful computer to run it all.
Facebook saw this and addressed a new market with the Oculus Go , which started shipping earlier this month. It's a fully portable virtual reality experience that doesn't require anything more than what's in the box. Todd Haselton | CNBC The Oculus Go
No smartphone, no computer, no gaming system required.
Turn on the $200 Oculus Go, slide it over your eyes, and you're in virtual reality.
Here's what you should know before you take the plunge. What's good Todd Haselton | CNBC Everything you need is right here
Facebook nailed all the necessities with the Oculus Go, and the name is fitting: buy the box and you're good to go. You have everything you need for a good virtual reality experience.
It's really simple to use. Setup only requires the Oculus app on your Android phone or iPhone, which is where you can download and install games and other apps such as Netflix, Hulu and more. Then, place the Oculus Go on your head, slide the built-in speakers over your ears and lower the headset over your eyes.
The headset is comfortable to wear, though the display can get foggy sometimes as you wear it for longer intervals. I really like the included speakers -- something the Gear VR and Google Daydream don't have -- although that meant anyone in the same room as I was in could also hear the audio I did. There's a headphone jack if you want to use headphones, too. Todd Haselton | CNBC Speakers are hidden right here in the strap
Most folks will be blown away by the experience, especially at the $200 price.
Every time you lower the headset you'll start out in a lobby -- I made the background the ocean so I felt like I was sitting underwater -- with a menu in front of you that includes all of the apps and games at your disposal. On the right, you'll see a list of friends who are online (if any). Turn your head naturally and you'll see other parts of the room as if you're really standing in the space. With the remote, you can select an app and launch it. Todd Haselton | CNBC The Oculus Go remote is easy to use
If you open Netflix, you'll be ported to a 3D living room sitting in front of a big-screen TV ready to play anything in the Netflix library. I did this and watched a bit of an Indiana Jones movie. It's neat, sitting in this clean room with a big TV, but it's also a bit bizarre and uncomfortable not being able to see your hands or lay down without having to adjust the Oculus Go. CNN Floating in the dead sea .. but you can see the pixels
There are lots of other experiences to check out, including games which are just OK (I talk about them a bit more in the next section) and 360-degree videos that can be a bit scary -- like riding up a roller coaster and diving down the tracks, or floating in the middle of the Dead Sea on a boat. The videos can be pretty low-quality, which means you don't really feel like you're "there," but they're still engaging and fun. Oculus Oculus Rooms lets you watch movies and play games with friends... but I didn't have any
There are social experiences, too. Oculus Rooms lets you see other people's avatars and watch Hulu, Facebook videos or even game with them. I didn't have any friends who were ever online at the same time as me, so it wasn't very practical. Maybe as more people buy Oculus Go headsets that'll change. Oculus Oculus Go video puts you in this giant movie theater for watching movies
Finally, and this is my favorite experience: you can watch movies and really feel like you're sitting in a movie theater. The rendering is done really well, and when I watched a trailer of "Deadpool" I was a bowl of popcorn short of feeling like I'd be transported to a huge empty movie theater with a massive screen.
It's not as other-worldly as you might have seen in some recent movies like "Ready Player One," yet, but you can see the inspiration. What's bad Todd Haselton | CNBC Where am I?
The Oculus Go isn't perfect, though it is hard to complain too much at the $200 price point.
My biggest qualm is battery life. Oculus advertises about 2 hours, which was pretty accurate in my experience. I could watch the battery drain and, when it does, you need to place it back on the charger. I wish Oculus sold a long cord that let it stay powered on at all times while you're wearing it, too.
It only comes in 32GB and 64GB capacities ($199 and $249, respectively.) It's enough for most people but you can't just load it up with all of the VR videos and apps you find. I also expect apps to get much larger as VR advances, and kind of wish there was a memory slot to expand the available storage. Bit Planet Games Ultrawings on Oculus Go
Facebook says you should get about 3 HD movies, 10 games, and 20 apps, on average, with 32GB of storage. When you're full, you'll need to delete and remove those apps and games to keep going. Keep in mind 360-degree VR movies can be much larger than an HD film -- sometimes more than 10GB a pop.
Finally, Facebook has billed this as a social experience, but my 5 or so friends who have a Gear VR or Oculus Go were never online at the same time I was. And I'm not so sure I have a huge desire to sit and watch a movie with a virtual-reality friend. The Binary Mill The game Rush is fun but the graphics aren't incredible
I want a full-blown gaming experience where I can play a game with thousands of people and that's just not here yet. Instead, the games feel mostly like proof-of-concept demos. While impressive, none of the ones I've played -- Rush, Ultrawings, VR Carts Sprint and many others -- are so good that I need to come back for more. Good thing they only cost $0.99 to $10 or so instead of $50 like some of the Oculus Rift titles. Should you buy it? Oculus The Oculus Go
You need to experience the Oculus Go. It's not something that everyone needs to buy right now but it's true virtual reality and it's fun in small bursts. Watching other people use VR can be even funnier as they react with a world you can't see.
The games aren't amazing -- I'm still waiting for a multiplayer game where I can interact with millions of people, for example -- and 360-degree video quality still has a long way to go.
But if you've heard the hype about virtual reality and want to get a taste of it, give the Oculus Go a whirl. You'll be impressed by how far we've come, and you'll get a better idea of where we're going. If you like it, you might even be tempted to buy the more expensive, and more powerful, Oculus Vive. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/facebook-oculus-go-review.html |
* Financials push Aussie shares higher
* ANZ posts more than 1-mth high on rise in cash earnings
* Materials rise on firmer commodities prices
By Aditya Soni
May 1 (Reuters) - Australian shares ticked up on Tuesday, boosted by financials and real estate stocks, while the healthcare sector slid in line with U.S. peers.
The S&P/ASX 200 index rose 0.5 percent or 30.5 points to 6013.20 by 0254 GMT. The benchmark added 0.5 percent on Monday.
Banks were the biggest gainers on the benchmark, with the Australian financial index rising 1.1 percent to near its highest in three weeks.
The Australian Prudential Regulatory Authority slugged Commonwealth Bank of Australia (CBA) with an extra A$1 billion ($753 million) capital requirement as it released a scathing report into how the bank’s “complacent” governance allowed money-laundering to flourish.
“Its bit of a relief rally, people knew there was something coming, they expected it be potentially worse, and whilst the A$1 billion charge looks like a terrible headline, ultimately it’s not as bad as what people were thinking”, said Christopher Conway, head of research and trading at Australian Stock Report.
Shares of top lender CBA firmed 1.5 percent, while Australia and New Zealand Banking Group Ltd (ANZ) climbed as much as 2.1 percent, its biggest intraday percentage gain in about 19 weeks.
ANZ said on Tuesday its half-year cash earnings from continued operations rose 4 percent, helped by a sharp fall in bad debt charges and expenses declining marginally.
Real estate stocks also accumulated gains, with Dexus climbing 2.2 percent to its highest in almost 14 weeks.
The company confirmed on Tuesday its market guidance for a 4.5-5.0 percent rise in distributions per security for the 12 months ending June 30.
Materials were also firmer, underpinned by higher prices for copper and aluminium.
Global miner BHP rose about 1.2 percent to its highest in more than two months, while Alumina Ltd climbed 2.8 percent.
But Rio Tinto traded 0.4 percent lower after Australia’s corporate watchdog said on Tuesday it has expanded legal action against the miner and two former top executives, alleging a failure to recognise an impairment in its Mozambique coal assets in 2012 financial statements.
CSL Ltd, Ramsay Health Care Ltd, and Australia-listed shares of Resmed Inc, which form a substantial chunk of the Australian health sector, fell in a range of 0.4 percent and 4.6 percent, tracking a rout in U.S. health care shares.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index ticked up 0.01 percent or 0.88 points to 8,444.46.
The a2 Milk Company Ltd rose about 1 percent and agribusiness operator Scales Corporation Ltd strengthened 1.1 percent.
Countering those gains was a slump in materials, with Fletcher Building Ltd falling 2 percent after casino operator SkyCity Entertainment Group said the construction of a convention centre being built by Fletcher faced new delays.
SkyCity Entertainment flagged a likely 3 percent growth in full-year core earnings.
$1 = 1.3280 Australian dollars Reporting by Aditya Soni in Bengaluru; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-midday/australian-shares-edge-up-as-financials-firm-nz-flat-idUSL3N1S80LR |
Discussing the likely impact of China's A-share MSCI inclusion 1 Hour Ago Ronald Wan of Partners Financial Holdings says he expects the impact of China's A-share inclusion in the MSCI Emerging Markets index to be "just moderate" as many investors have been positioning gradually over the past few months. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/discussing-the-likely-impact-of-chinas-a-share-msci-inclusion.html |
Symantec executives hosted a conference call on Monday to "provide more information" on an internal investigation, which sent shares plunging when it was announced last week.
But the call did little more than acknowledge the investigation.
Symantec CEO Greg Clark explained on the call that executives "can't answer any questions about the investigation," and instructed investors to read a prepared statement, issued just before the call.
When Symantec announced on Thursday it would launch an internal audit, the cybersecurity company that makes Norton anti-virus software did not elaborate much about the nature of the audit. Shortly after the announcement, Rosen Law Firm, a firm that represents investors, put out a press release saying that it's investigating whether Symantec "may have issued materially misleading business information to the investing public."
show chapters Symantec loses a third of its value after news of internal audit 1:58 PM ET Fri, 11 May 2018 | 01:01 Monday's statement did shed some light on the announcement. The "employee concerns" that kicked off the audit involved Symantec's commentary on historical financial results, and certain reporting measures that could impact executive compensation programs, forward-looking statements, stock trading and retaliation, according to the statement.
"For anyone concerned about executive compensation at this time, all discretionary and performance-based compensation for named executives is on hold pending the outcome of the audit committee investigation. This is welcomed by management," Clark said.
The statement also said Symantec did not anticipate "a material adverse impact on its historical financial statements."
The call instead focused forward-looking statements, circled back on guidance for fiscal year 2019, which started on April 1, and shared previously undisclosed details about the company's outlook for fiscal 2020, which will begin in April 2019.
CFO Nicholas Noviello said the company anticipated revenue to grow in the mid to high single digits in fiscal 2020. EPS is anticipated to grow in the low double digits, and total company operating margins are expected to be in the mid 30s.
Symantec announced the audit alongside fourth quarter earnings. Despite beating on earnings and revenue, shares of Symantec closed last week down 37 percent . Symantec pared losses on Monday, gaining nearly 10 percent in the regular session and another 1.8 percent after the bell.
The full text of Symantec's prepared statement is below:
The Audit Committee of the Board of Directors has commenced an internal investigation in connection with concerns raised by a former employee regarding the Company's public disclosures including commentary on historical financial results, its reporting of certain Non-GAAP measures including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans and retaliation. The Audit Committee has retained independent counsel and other advisors to assist it in its investigation. The Company has voluntarily contacted the Securities and Exchange Commission to advise it that an internal investigation is underway, and the Audit Committee intends to provide additional information to theSEC as the investigation proceeds. The investigation is in its early stages and the Company cannot predict the duration or outcome of the investigation. The Company's financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation. It is unlikely that the investigation will be completed in time for the Company to file its annual report on Form 10-K for the fiscal year ended March 30, 2018 in a timely manner. At this time, the Company does not anticipate a material adverse impact on its historical financial statements. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/symantec-call-about-audit-committee-investigation-fails-to-address-questions-about-the-investigation.html |
Zaandam, the Netherlands, May 1, 2018 - Ahold Delhaize has repurchased 2,398,633 of Ahold Delhaize common shares in the period from April 23, 2018 up to and including April 27, 2018. The shares were repurchased at an average price of €19.81 per share for a total consideration of €47.5 million. These repurchases were made as part of the €2 billion share buyback program announced on November 8, 2017.
The total number of shares repurchased under this program to date is 33,221,151 common shares for a total consideration of €610 million.
Download the share buyback transactions excel sheet for detailed individual transaction information from www.aholddelhaize.com/en/investors/share-information/share-buy-back-programs/
This press release is issued in connection with the disclosure and reporting obligation set out in Article 2(2) of the EU Regulation that contains technical standards for buyback programs.
Source: Ahold Delhaize | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-ahold-delhaize-share-buyback-update.html |
May 11 (Reuters) - McDermott International Inc:
* MCDERMOTT INTERNATIONAL INC - ON MAY 10, CO ENTERED INTO CREDIT AGREEMENT - SEC FILING
* MCDERMOTT INTERNATIONAL - CREDIT AGREEMENT PROVIDES FOR BORROWINGS, LETTERS OF CREDIT OF $4.65 BILLION
* MCDERMOTT INTERNATIONAL - REVOLVING CREDIT FACILITY, LC FACILITY TO MATURE ON MAY 10, 2023; TERM FACILITY TO MATURE ON MAY 10, 2025 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mcdermott-international-enters-int/brief-mcdermott-international-enters-into-credit-agreement-idUSFWN1SI0X5 |
April 30 (Reuters) - ZASTAL SA:
* SAID ON FRIDAY THAT OMEGIA SA SOLD 20 MILLION OF ZASTAL’S SHARES
* OMEGIA REDUCES STAKE IN THE COMPANY TO 31.6 PCT FROM 55.95 PCT
* IT HAS ALSO INFORMED THAT AMIDA CAPITAL HAS ACQUIRED 24.39 PERCENT STAKE IN ZASTAL
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70QU |
DUBLIN--(BUSINESS WIRE)-- AerCap Holdings N.V. ("AerCap") (NYSE: AER) today announced it has filed an interim financial report including its unaudited condensed consolidated financial statements and notes for the first quarter ended March 31, 2018 with the U.S. Securities and Exchange Commission (the "SEC"). AerCap's Form 6-K can be accessed on the “Investors” section of the Company's website at www.aercap.com , as well as on the SEC's website at www.sec.gov .
About AerCap
AerCap is the global leader in aircraft leasing with, as of March 31, 2018, 1,519 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Fort Lauderdale, Shanghai, Abu Dhabi, Seattle and Toulouse.
Forward-Looking Statements
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006037/en/
AerCap Holdings N.V.
For Investors:
Joseph McGinley, +353 1 418 0428
Head of Investor Relations
[email protected]
or
For Media:
Gillian Culhane, +353 1 636 0945
Vice President Corporate Communications
[email protected]
Source: AerCap Holdings N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-aercap-holdings-n-v-announces-filing-of-interim-financial-report-for-the-first-quarter-of-2018.html |
Experimental vaccine could tackle Ebola outbreak 6:44am EDT - 01:02
The World Health Organization is waiting for the green light from Congo's government to use an experimental vaccine to tackle a new Ebola outbreak.
The World Health Organization is waiting for the green light from Congo's government to use an experimental vaccine to tackle a new Ebola outbreak. //reut.rs/2G9bESo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/experimental-vaccine-could-tackle-ebola?videoId=426176052 |
May 15, 2018 / 2:35 AM / Updated 5 hours ago Two Koreas to hold talks as North prepares to shut test site Christine Kim 5 Min Read
SEOUL (Reuters) - North Korea and South Korea will hold high-level talks on Wednesday to discuss steps needed to uphold the pledge to denuclearise the Korean peninsula, South Korea said. FILE PHOTO: North Korean leader Kim Jong Un provides guidance with Ri Hong Sop (3rd L) and Hong Sung Mu (L) on a nuclear weapons program in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang September 3, 2017. KCNA via REUTERS/File Photo
The meeting will focus on plans to implement a declaration that emerged from an April 27 inter-Korea summit, including promises to formally end the Koran War and pursue “complete denuclearisation”, the South’s unification ministry, which handles ties with the North, said on Tuesday.
North Korea has said it will dismantle its nuclear bomb test site some time between May 23 and May 25 in order to uphold its pledge to cease tests, its state media reported on Saturday, a month ahead of a planned North Korea-U.S. summit in Singapore.
U.S. President Donald Trump and North Korean leader Kim Jong Un will meet on June 12, a scenario that until recently looked impossible given the insults and threats the two leaders exchanged over the past year as tension rose over the North’s relentless work on its missile and nuclear programmes.
But North Korean leader Kim Jong Un called in a New Year’s speech for a reduction in military tension, beginning a rapid easing of tension.
North Koreans appeared optimistic about the summit, the chief of the U.N. World Food Programme (WFP), David Beasley, told reporters in Seoul after a trip to the North.
“I think they’re hopeful. I think everyone on the ground there was hopeful,” Beasley said when asked whether the North Koreans he met had mentioned anything about the summit.
Beasley, who visited the North from May 8 to May 11, said WFP officials had been granted “unprecedented access” to some areas and had held “open, candid and frank discussions” with officials there.
U.S. Secretary of State Mike Pompeo said on Sunday the United States would agree to lift sanctions on North Korea if it agreed to completely dismantle its nuclear weapons programme, a move that would create economic prosperity that “will rival” that of South Korea.
Last month, Pompeo became the first known U.S. official to meet North Korean leader Kim, where he helped lay the groundwork for the meeting with Trump.
He returned again to North Korea this month for a second meeting, after which Kim agreed to the release of three American prisoners. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-southkorea/north-korea-proposes-inter-korea-talks-on-may-16-south-korea-ministry-idUKKCN1IG07R |
LONDON (Thomson Reuters Foundation) - Thousands of children living in British care homes far from where they were brought up are at heightened risk of being trafficked, experts said on Tuesday, as figures showed increasing numbers are going missing.
The number of children removed from families and sent to live long distances away rose to almost 3,700 in 2017, up 64 percent from 2012, according to government data released by British lawmaker Ann Coffey.
The number going missing hit almost 10,000 in 2017, more than double the 2015 figure, she said.
“Record numbers of children are being sent away to places where they are more vulnerable to exploitation,” said Coffey, an MP with the opposition Labour Party who chairs a parliamentary group on runaway and missing children.
Anti-slavery groups warned that being far from their homes made such children easier prey for traffickers.
“Taking children far away from their home area – far from their support networks – can leave them in an isolated and vulnerable position,” said Chloe Setter of anti-child trafficking organization ECPAT UK.
Going missing from care put children at greater risk of physical abuse, grooming and sexual exploitation, said Harriet Jackson, a spokeswoman from the National Society for the Prevention of Cruelty to Children (NSPCC).
“Children go missing for many reasons including bullying, abuse or being unhappy about life at home or in care. Sometimes it can feel like their only option is to run away,” she said.
Local authorities often have little choice about where to place children as private care providers are expensive and care homes unevenly distributed throughout the country, Coffey said.
A spokesman said the Department for Education was working to improve responses to children going missing, and now required all care homes to have a clear policy for preventing this from happening.
At least 13,000 people across the country are estimated by the government to be living in modern slavery but police say the true figure is likely to be in the tens of thousands.
The number of British children referred as potential victims of trafficking more than doubled last year, said Jakub Sobik of anti-trafficking group Anti-Slavery International.
“It’s difficult to escape the conclusion that the UK is failing its most vulnerable children,” he said.
Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-trafficking-children/children-in-uk-care-homes-vulnerable-to-traffickers-experts-idUSKBN1I925U |
(Company corrects revenues forecast figure for 6 months to Feb 28, 2019 to "30.80" from "30.77". This table was released in April 16.) May 2 (Reuters) Japan Retail Fund Investment Corp FINANCIAL HIGHLIGHTS (in billions of yen unless specified) 6 months 6 months 6 months 6 months ended Feb 28, 2018 ended Aug 31, 2017 to Aug 31, 2018 to Feb 28, 2019 LATEST PRIOR COMPANY COMPANY RESULTS RESULTS FORECAST FORECAST Revenues 31.97 31.01 31.97 30.80 (+3.1 pct ) (-1.8 pct ) (0.0 pct ) (-3.7 pct ) Net 12.23 11.43 10.70 10.51 (+7.1 pct ) (-2.0 pct ) (-12.5 pct ) (-1.8 pct ) Div 4,410 yen 4,295 yen 4,430 yen 4,430 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=8953.T
| ashraq/financial-news-articles | https://www.reuters.com/article/corrected-table-japan-retail-fund-invest/corrected-table-japan-retail-fund-investment-6-mth-results-idUSL3N1S92TX |
PARIS, May 15 (Reuters) - French payments company Worldline will buy the payments unit of Swiss stock exchange operator SIX Group, in the latest example of consolidation within the sector, as credit card companies and banks are keen to lock in profit from the shift towards electronic and online payments.
The French company said its acquisition of SIX Payment Services would be a transaction mostly paid in shares with a cash component of 0.28 billion euros ($333.59 million), giving SIX Payment Services an enterprise value of 2.30 billion euros, or 2.75 billion Swiss francs.
Worldline said the deal would result in SIX Payment Services ending up with a 27 percent stake in the French company, while Atos would retain its majority 51 percent stake in Worldline.
Worldline said its offer to buy SIX Payment is composed of an offer of 49.1 million of new Worldline shares to be issued, representing 27 percent of the share capital, and 338 million Swiss francs ($337.53 million) in cash, subject to customary net debt and working capital adjustments.
The European payments industry has been consolidating quickly and other recent takeover targets have included Worldpay and Paysafe, while Nets also got taken over last year by U.S. firm Hellman & Friedman,
($1 = 0.8393 euros)
$1 = 1.0014 Swiss francs Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/worldline-ma/french-payments-firm-worldline-to-buy-six-payment-services-for-2-75-bln-idUSFWN1SL1D2 |
(Repeats to more subscribers)
* Ukraine said Arkady Babchenko had been shot dead in Kiev
* He had been fierce critic of Russian foreign policy
* Babchenko unexpectedly turns up alive on Wednesday
By Matthias Williams and Andrew Osborn
KIEV/MOSCOW, May 30 (Reuters) - A dissident Russian journalist who was reported murdered in Kiev dramatically reappeared alive on Wednesday in the middle of a briefing about his own killing by the Ukrainian state security service.
Ukrainian authorities had said on Tuesday that Babchenko, a 41-year-old critic of President Vladimir Putin and of Russian policy in Ukraine and Syria, had been shot dead at his flat and that his wife had found him in a pool of blood.
His reported murder had triggered a war of words between Ukraine and Russia and sent shivers through the journalistic communities in both countries.
But on Wednesday, an emotional Babchenko appeared before reporters saying he had been part of a special Ukrainian operation to thwart a Russian attempt on his life and said he was fine.
“I would like to apologise for what you have all had to go through,” Babchenko, who looked on the verge of tears at times, told reporters.
“I’m sorry, but there was no other way of doing it. Separately, I want to apologise to my wife for the Hell that she has been through.”
He went on to thank the Ukrainian Security Service, the SBU, for saving his life and said the most important thing was that what he called other big acts of terror had been thwarted. He did not specify what those planned acts were.
The SBU said it had received information about the plot and had managed to prevent it.
Babchenko, a Putin critic, lived in the Ukrainian capital after receiving threats at home for saying he did not mourn the victims of a Russian military plane crash.
Ukrainian Prime Minister Volodymyr Groysman said in a social media posting late on Tuesday he was convinced what he called “the Russian totalitarian machine” had not forgiven Babchenko for what Groysman called his honesty.
The Kremlin described such allegations as part of an anti-Russian smear campaign.
“This is the height of cynicism against the backdrop of such a brutal murder. It is anti-Russian bluster instead of talking about the need to conduct a thorough, objective investigation,” Kremlin spokesman Dmitry Peskov told reporters before it was revealed that Babchenko was alive and well.
Babchenko sparked a backlash in Russia for his comments in a 2016 Facebook post on a Russian military plane crash. He said his comments had resulted in thousands of threats, his home address being published online and calls for him to be deported.
The plane, carrying 92 people, including dozens of Red Army Choir singers, dancers and orchestra members, crashed into the Black Sea on its way to Syria in December 2016, killing everyone on board. (Additional reporting by Tom Balmforth and Maria Kiselyova in Moscow, Olena Vasina and Natalia Zinets in Kiev; Editing by Christian Lowe)
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JERUSALEM/GAZA (Reuters) - A rocket siren that sounded in southern Israel near the Gaza border on Tuesday was a false alarm, the Israeli military said.
It went went off on the day Palestinians mark the “Nakba”, or “Catastrophe” of their dispossession when Israel was founded 70 years ago, and the day after Israeli forces killed 60 Palestinians during protests at the border.
Writing by Maayan Lubell; Editing by Stephen Farrell
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-palestinians-nakba-sirens/rocket-warning-sirens-sound-in-southern-israel-near-gaza-border-idINKCN1IG0VZ |
in 10 minutes Koepka makes albatross, ties course record 63 at TPC Sawgrass Andrew Both 2 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - Brooks Koepka made the second albatross at the par-five 16th in the history of the Players Championship when he holed a “little” six-iron during the final round on Sunday. May 10, 2018; Ponte Vedra Beach, FL, USA; Brooks Koepka on the 15th green during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: John David Mercer-USA TODAY Sports
The feat helped the reigning U.S. Open champion match the course record of nine-under-par 63 at TPC Sawgrass.
Koepka found himself 206 yards from the 16th hole after a 300-yard drive.
With the hole located only six yards from a water hazard to the right, Koepka aimed slightly left and hit a big, high shot that landed softly, took one bounce and disappeared into the cup.
“It was just a three-quarter six-iron,” Koepka said, meaning he swung softly.
“We thought it was perfect. I was aiming 15 feet left and just kind of started it a little bit left and it faded with the wind right on line.” May 10, 2018; Ponte Vedra Beach, FL, USA; Brooks Koepka plays a shot from a bunker on the 18th hole during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: John David Mercer-USA TODAY Sports
The only previous albatross at the hole was by Spaniard Rafael Cabrera-Bello last year.
Koepka finished at 11-under 277, which gave him the clubhouse lead with the frontrunners early in their round.
He was delighted with his performance in his third event back after missing more than three months with a left wrist injury.
“I’ve been knocking on the door,” said the American.
“It’s just sometimes when you’re off for four months you come back, you need to play a little bit, get some rhythm and it’s nice to finally shoot a low one.
“There’s nobody more excited to be here than me. To get back out it felt like it took forever. The days were very long.” Reporting by Andrew Both; Editing by Toby Davis | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players-koepka/koepka-makes-albatross-ties-course-record-63-at-tpc-sawgrass-idUSKCN1IE113 |
May 2, 2018 / 9:02 PM / Updated 5 hours ago Gunmen kidnap German nurse from ICRC in Somali capital Abdi Sheikh 3 Min Read
MOGADISHU (Reuters) - Unidentified gunmen kidnapped a German nurse from the International Committee of the Red Cross in the Somali capital, Mogadishu, on Wednesday night, police and the ICRC said.
Abductions and killings of Somali aid workers are common in the Horn of Africa country, but targeting foreign workers has become less frequent in recent years as security has improved.
“We got the report minutes after she was abducted and now we are searching the whole area. We hope we shall find her,” Major Mohamed Hussein, a police officer, told Reuters.
The ICRC said in a statement the abduction occurred around 8 pm (1700 GMT) on Wednesday.
The nurse, Sonja Nientiet, has worked for the ICRC since 2014 in conflict zones, including Syria and the Democratic Republic of Congo.
This week in Mogadishu, she had been delivering first aid training for local responders, the IRCR said. She also cared for Somalis at hospitals, health clinics and places of detention, the ICRC said.
“She is a nurse who spends her days caring for vulnerable people in Somalia — the sick, the wounded. She’s a true humanitarian,” said Crystal Wells, ICRC’s spokeswoman in Nairobi.
There was no immediate claim of responsibility for the abduction.
The Swiss-based agency, which has provided humanitarian aid in Somalia for years, said it was in touch with a range of authorities.
Germany’s Foreign Minister Heiko Maas said at a news conference in the Ethiopian capital on Thursday that the government could not comment on the case.
The organization’s staff had earlier told Reuters that the kidnappers snatched their colleague from inside their compound in Mogadishu and took her out through a back door, avoiding security guards stationed at the main entrance.
Residents said the district where the abduction occurred was quickly sealed off by police and other security forces.
Somalia has suffered lawlessness since 1991, when warlords ousted dictator Siad Barre and then turned on each other. Major armed conflict has abated in recent years, but al Qaeda-linked al Shabaab militants still regularly launch attacks.
On Tuesday, unidentified gunmen shot dead a Somali World Health Organization employee in Mogadishu.
A relative of the victim identified her as Maryan Abdullahi and said she was targeted while visiting the Bakara market in the capital to buy items for her wedding next week. The motive for the shooting was not clear and the gunmen escaped. Reporting by Abdi Sheikh, writing by Omar Mohammed and Maggie Fick, editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-somalia-kidnapping/gunmen-kidnap-german-icrc-aid-worker-in-somali-capital-police-idUSKBN1I32X7 |
Ralph Lauren, which is getting ready to celebrate its 50th anniversary, has seen some turbulent times. Revenue has fallen as consumers stopped making trips to the mall. Stefan Larsson, the Swedish executive brought on in 2015 to revive the faltering fashion house, left after less than two years at the helm. (He reportedly clashed with Mr. Lauren over creative control). Then the company announced it was shuttering its Fifth Avenue store.
But Ralph Lauren’s management team, led by new CEO Patrice Louvet, appears to have righted... | ashraq/financial-news-articles | https://www.wsj.com/articles/ralph-lauren-refreshes-its-faded-jeans-1527154200 |
Senior leadership team re-appointed:
CEO James Blake; President & COO Joseph Casey; CFO Linda Simmons
BROCKTON, Mass.--(BUSINESS WIRE)-- HarborOne Bancorp, Inc. (the “Company,” NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”), today announced that Michael J. Sullivan was elected Chairman of the Board of Directors of the Company (the “Board”).
Mr. Sullivan, a former US Attorney and currently a partner with The Ashcroft Law Firm, joined the Board of Directors in 2015. He was also elected Chairman of the Bank and HarborOne Mutual Bancshares – succeeding Board member Dr. Timothy Lynch, who had served as Chairman of the Company, the Bank and HarborOne Mutual Bancshares since 2015.
Mr. Sullivan is a recognized expert in corporate compliance and ethics, corporate security, policy and regulatory matters, as well as government investigations. He was selected to serve on the Board for his extensive legal, policy and regulatory experience and service to the community. Prior to joining The Ashcroft Law Firm, LLC in 2009, Mr. Sullivan was a United States Attorney for the District of Massachusetts and also served as acting Director of the Bureau of Alcohol, Tobacco, Firearms and Explosives in Washington, DC. From 1995 to 2001 he served as the District Attorney for Plymouth County, Massachusetts. Mr. Sullivan currently serves as a member of the board of directors of Signature Healthcare and the Old Colony YMCA, and previously was on the boards of Consumer Credit Counseling Services and the Continuing Education Institute.
The Board also re-appointed the Company’s senior executive leadership team. James Blake will continue to lead the Company as Chief Executive Officer, a position he has held since 1995. In addition, Joseph Casey was appointed as President & COO of the Company, and Linda Simmons was named Chief Financial Officer of the Company. Mr. Casey joined the Bank in 2004 as Senior Vice President and Chief Financial Officer. He was appointed President and Chief Operating Officer of the Bank in February 2017. Ms. Simmons joined the Bank in July 2017 as Senior Vice President and Chief Financial Officer. She had previously worked for The Cooperative Bank of Cape Cod.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with 34 offices in Massachusetts, New Hampshire and Maine, and also does business in seven additional states.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005315/en/
HarborOne Bancorp, Inc.
Jennifer White, 508-895-1338
[email protected]
Source: HarborOne Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-harborone-bancorp-inc-elects-michael-j-sullivan-chairman-of-the-board.html |
PARIS, May 6 (Reuters) - The French government is not there to backstop losses at Air France, Finance Minister Bruno Le Maire said on Sunday, adding the carrier had not made enough efforts to stay competitive and was at risk of disappearing.
“If Air France does not make efforts to become more competitive, allowing this flagship to be at the same level at Lufthansa and other airline companies, Air France will disappear,” Le Maire told BFM television.
The French government has a 14 percent stake in Air France-KLM, in turmoil after its CEO said on Friday he was stepping down when staff rejected a pay deal, but Le Maire said the state was not there to bail out the carrier.
The finance minister said the impact of recent strike action in France, which includes rail workers and Air France staff, on gross domestic product (GDP) stood at around 0.1 percent.
Reporting by Sarah White and Sophie Louet; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-government/french-state-not-there-to-backstop-air-france-losses-minister-idUSE8N1QK004 |
BEIJING, May 10 (Reuters) - China’s annual consumer inflation cooled to 1.8 percent in April, slightly lower than economists’ forecasts, official data showed on Thursday.
The consumer price index (CPI) had been expected to rise 1.9 percent from a year earlier, compared with a 2.1 percent gain seen in March, according to a Reuters poll.
China’s producer price inflation picked up for the first time in seven months.
The producer price index (PPI) rose 3.4 percent from a year earlier, accelerating from the previous month’s rise of 3.1 percent, the National Bureau of Statistics (NBS) said on its website.
Analysts polled by Reuters had predicted producer inflation would pick up to 3.5 percent in April.
China has set its 2018 consumer inflation goal at “around 3 percent”, in line with last year’s target. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-inflation/china-april-consumer-inflation-slows-to-1-8-pct-y-y-ppi-up-3-4-pct-idUSZZN02AN5E |
May 10 (Reuters) - Portugal’s Navigator Company on Thursday reported a 50 percent increase in first quarter net profit, driven by the sale of its wood pellets business in the United States.
Navigator, which sells its pulp and paper products in 130 countries on five continents, saw a 67.6 million euro cash inflow from the operation, which also brought a capital gain of 15.8 million euros.
Earnings before interest, tax and amortisations (EBITDA) were up 23 percent from the same period last year, or 8 percent excluding the effect of the sale.
The company, which is controlled by the Portuguese conglomerate Semapa, said revenue had fallen 2 percent due to a series of maintenance shutdowns at pulp and paper mills.
The second quarter will also see an impact from maintenance, as the Figueira da Foz pulp mill undergoes efficiency and environmental performance updates.
Navigator’s results missed market estimates; analysts had anticipated a revenue decline of 0.9 percent and a profit jump of 59.5 percent.
Navigator, one of the market leaders in the European uncoated fine paper market, recently took a lead in raising the price of uncoated wood-free paper (UWF), used in offset printing.
Commenting on the 2018 outlook, the company said UWF paper orders remained strong.
“There are currently no foreseeable signs of a significant change in conditions in the pulp and paper market, and the main factors of uncertainty continue to be exchange rates and the costs of certain chemicals,” Navigator said in its statement. (Reporting by Joao Manuel Vicente Mauricio and Katarzyna Zajaczkowska in Gdynia; Editing by Kevin Liffey)
| ashraq/financial-news-articles | https://www.reuters.com/article/navigator-compan-results/navigator-q1-net-profit-up-50-percent-on-pellets-business-sale-idUSL8N1SF63D |
By Karl Plume CHICAGO, May 17 (Reuters) - Chicago Mercantile Exchange live cattle futures bounced on Thursday on technical buying and short-covering following three days of steep declines that had sliced prices by more than 5 percent, traders said. Optimism that a deal on a revamped North American Free Trade Agreement (NAFTA) could be reached by the end of the month gave livestock markets underlying support. But traders remained cautious amid ongoing trade talks between the United States and China in Washington this week. CME June live cattle ended up 1.225 cents at 103.050 cents per pound. Actively traded CME August live cattle futures added 0.050 cent at 99.100 cents per pound after earlier touching its lowest level since April 4. Ample cattle supplies and weakening cash cattle prices at U.S. Plains feedlot markets have dragged down futures this week, although nearby contracts remain at a large discount to cash prices, which was limiting further futures declines. Some U.S. Plains fed cattle have already traded from $112 to $118 per cwt this week, well below last week's sales of mostly $122 per cwt, traders said. "The futures have already built in a lot of the weakness in cash prices going forward and the (futures) market is technically oversold," said Doug Houghton, analyst with Brock Associates Inc. Although a beef price rally appeared to be reaching a top early this week, choice wholesale beef prices edged higher on Thursday, suggesting strong demand. Beef packer margins also continued to climb, reaching as estimated $181.95 per head on Thursday, up from $139.95 a week ago, according to livestock marketing advisory service HedgersEdge.com. Feeder cattle futures rose along with live cattle. The actively-traded August contract ended 2.000 cents higher at 138.725 cents per pound. Lean hog futures advanced on firm cash markets and good pork demand, including for export. The U.S. Department of Agriculture pegged net pork export sales last week at nearly 22,000 tons, up about 12 percent from the previous four-week average. CME June hogs gained 0.575 cent to 76.475 cents per pound while July hogs ended 0.525 cent higher at 78.200 cents. (Reporting by Karl Plume; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-live-cattle-rebound-on-technical-buying-short-covering-idUSL2N1SO27E |
May 30, 2018 / 8:34 PM / Updated 24 minutes ago Buffett proposed to invest $3 billion in Uber, but talks failed - Bloomberg Reuters Staff 4 Min Read
(Reuters) - Billionaire Warren Buffett had proposed to invest $3 billion (£2.2 billion) in Uber Technologies Inc [UBER.UL] earlier this year, but the talks failed following disagreements over the deal’s terms, Bloomberg reported on Wednesday, citing unidentified people familiar with the matter. FILE PHOTO - Investor Warren Buffet arrives for the premiere of the film "Wall Street: Money Never Sleeps" in New York, U.S. on September 20, 2010. REUTERS/Lucas Jackson/File Photo
Buffett's Berkshire Hathaway Inc ( BRKa.N ) would have provided a convertible loan to Uber that would have protected Buffett's investment should the Silicon Valley ride-hailing company hit financial crisis, the report said. ( bloom.bg/2kzUdlm )
Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source.
Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.
A representative for Buffett did not immediately respond to a request for comment. An Uber spokesman declined to comment.
Buffett, who had long shunned the technology sector, has become a top shareholder of Apple Inc ( AAPL.O ), and expressed regret about not investing in Alphabet Inc’s ( GOOGL.O ) Google and Amazon.com Inc ( AMZN.O ) before they became huge.
Berkshire has $108.6 billion in cash and equivalents as of the end of March that it is eager to invest.
Berkshire said much of the $14.8 billion it invested in equities during the first quarter went to Apple, and said it owned 239.6 million shares worth more than $40 billion.
That said, Buffett may view Apple and Uber less as technology companies than strong brands with loyal customers. Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, Dairy Queen ice cream, Fruit of the Loom underwear, See’s Candies and a variety of industrial, utility and chemical operations.
Larger stock investments are normally made by Buffett, but he has handed over more responsibility to his investment deputies Todd Combs and Ted Weschler in recent years.
Khosrowshahi has since his August appointment been trying to improve the image of Uber, which has been rocked by management turmoil and tarnished by revelations about an alleged sexist workplace culture tolerant of chauvinism. The Uber board of directors has committed to a 2019 initial public offering, and Khosrowshahi has not strayed from that timeline.
An investment by Buffett would likely have been viewed as a stamp of approval.
In the last decade, Buffett has invested billions of Berkshire dollars to support companies seeking a pick-me-up, including investments in Goldman Sachs Group Inc ( GS.N ), General Electric Co ( GE.N ) and Bank of America Corp ( BAC.N ) during or in the aftermath of the global financial crisis.
Many of these have carried favourable terms for Berkshire, giving it a reputation as a lender of last resort to companies in need.
In February, Uber was valued at $72 billion. Reporting by Shubham Kalia in Bengaluru, Trevor Hunnicutt and Jonathan Stempel in New York and Heather Somerville in San Francisco; Editing by Maju Samuel and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uber-investment-buffett/buffett-proposed-to-invest-3-billion-in-uber-but-talks-failed-bbg-idUKKCN1IV2QO |
May 14 (Reuters) - United Natural Foods Inc:
* UNITED NATURAL FOODS, INC. ANNOUNCES ORGANIZATIONAL CHANGES
* UNITED NATURAL FOODS-SEAN GRIFFIN, CHIEF OPERATING OFFICER, WILL TRANSITION FROM HIS CURRENT ROLE ON AUGUST 1, 2018 AND RETIRE FROM COMPANY ON OCT 1 Source text for Eikon: Further company coverage:
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(Repeats story to attach to headline, no change to text)
NEW DELHI, May 28 (Reuters) - India only abides by sanctions imposed by the United Nations and not those imposed by any other country, such as ones announced by the United States against Iran, India’s foreign minister said on Monday.
U.S. President Donald Trump this month withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions against Iran that were suspended under the 2015 accord.
But Indian foreign minister Sushma Swaraj said New Delhi’s position was independent of any other country.
“India follows only U.N. sanctions, and not unilateral sanctions by any country,” she said at a news conference in response at a question on India’s response to the U.S. decision.
India and Iran have long-standing political and economic ties, with Iran one of India’s top oil suppliers.
Later on Monday, Swaraj will meet Iranian Foreign Minister Javad Zarif who arrived in New Delhi to build support against the U.S. rejection of the nuclear accord. (Reporting by Nidhi Verma; Writing by Sanjeev Miglani)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-iran/india-says-it-only-follows-un-sanctions-not-unilateral-us-sanctions-on-iran-idUSI8N1RJ00P |
May 2, 2018 / 12:23 PM / in 14 minutes BRIEF-Apt Systems Inc's Glenda Dowie Provides Update Reuters Staff 1 Min Read
May 2 (Reuters) - APT Systems Inc:
* GLENDA DOWIE, FOUNDER AND CHIEF EXECUTIVE OFFICER OF APT SYSTEMS, INC., PROVIDES UPDATE AND INSIGHTS INTO RECENT NEWS IN A NEW AUDIO INTERVIEW WITH SMALLCAPVOICE.COM Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-apt-systems-incs-glenda-dowie-prov/brief-apt-systems-incs-glenda-dowie-provides-update-idUSASC09YZA |
Brings More Than Three Decades of Experience in Leading Telecom Innovation to the Software Leader
RICHARDSON, Texas--(BUSINESS WIRE)-- Mavenir , a leader in global 5G end-to-end software and focused on transforming mobile network economics for Communications Service Providers, today announced the appointment of Stefano Cantarelli as Executive Vice President and Chief Marketing Officer. Stefano joins an impressive roster of C-suite executives and bolsters the company’s leadership and expertise in wireless strategy and innovation.
“Stefano is a proven industry veteran and visionary technology leader that brings expertise and strategic insight into mobile and convergent communications,” said Pardeep Kohli, CEO of Mavenir. “His proven experience and reputation will further Mavenir’s position as a global leader in the wireless industry through our mission of transforming mobile network economics.”
Always focused on innovating and transforming businesses, he most recently led the Network and IT strategy for O2 UK by defining the Virtualization Strategy in the Telco Cloud project, which has had a direct impact on the technology and company transformation. Over his nearly three decades of industry experience, Stefano has worked for leading blue-chip telecommunications brands including Ericsson, Huawei, Lucent Technologies, Cable & Wireless, Telefonica UK O2, and Vodafone.
“Joining Mavenir has been a natural evolution for me, as Mavenir is leading the way by accelerating the software network revolution and transforming mobile network economics,” said Stefano. “It is thrilling to be part of a company that is leading innovation in the industry by offering a comprehensive 100% cloud-native software, end-to-end product portfolio across every layer of the network infrastructure. I look forward to helping Mavenir expand its market share as partner of choice for our global customer base, and ensuring that Mavenir continues to drive innovation that provides value to our customers and agility to their technology.”
About Mavenir
Mavenir is purpose-built to redefine mobile network economics for Communication Service Providers (CSPs). Our innovative solutions pave the way to 5G with 100% software-based, end-to-end, Cloud Native network solutions. Leveraging industry-leading firsts in VoLTE , VoWiFi , Advanced Messaging (RCS) , Multi-ID , vEPC and Cloud RAN , Mavenir accelerates network transformation for more than 250+ CSP customers in over 130 countries, serving over 50% of the world’s subscribers.
We embrace disruptive, innovative technology architectures and business models that drive service agility, flexibility, and velocity. With solutions that propel NFV evolution to achieve web-scale economics, Mavenir offers solutions to CSPs for revenue generation , cost reduction and revenue protection . www.mavenir.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005027/en/
Mavenir
Patrick Mendoza, 469-610-3858
[email protected]
or
Matter Now PR
[email protected]
Source: Mavenir | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-mavenir-appoints-a-new-chief-marketing-officer.html |
ROME (Reuters) - Italy may hold repeat elections as early as July after the man asked to be prime minister failed to secure support from major political parties for even a stop-gap government, sources said on Tuesday, as markets tumbled on the growing political turmoil.
Italy has searched for a new government since inconclusive elections in March, with the president finally designating former International Monetary Fund official Carlo Cottarelli as interim prime minister until a new vote is held between September and early 2019.
But sources close to some of Italy’s main parties said there was now a chance that President Sergio Mattarella could dissolve parliament in the coming days and send Italians back to the polls as early as July 29.
That prospect emerged immediately after Cottarelli met the president on Tuesday afternoon and left without making any statement. Cottarelli had been expected to announce his stopgap government’s cabinet after those talks.
A source close to the president said Cottarelli had made no mention in the meeting of an intention to give up his mandate and that he was simply finalising his cabinet lineup.
Major parties, though, sensed Cottarelli’s mission was all but dead and called for parliament to be dissolved immediately.
“It would be best to go to elections as quickly as possible, as early as July,” said Andrea Marcucci, senate leader for the centre-left Democratic Party.
Italy suffered its biggest market selloff in years amid investor fears the election would deliver an even stronger mandate for anti-establishment, eurosceptic politicians, casting doubt on Italy’s future in the euro zone.
MARKET ROUT Yields on Italy’s two-year bonds, the most sensitive to political upsets, suffered their biggest one-day jump since 1992. [GVD/EUR]
The euro also hit multi-month lows, as credit rating agency Moody’s signalled a possible downgrade for Italy if the next government failed to address its debt burden.
Central bank Governor Ignazio Visco said Italy “must never forget that we are only ever a few short steps away from the very serious risk of losing the irreplaceable asset of trust,” but there were “no justifications” for the market turmoil.
Saxo Bank currency strategist John Hardy said European Central Bank President Mario Draghi might soon be required to intervene to calm markets, as he did during the euro zone debt crisis in 2012 when he promised to do “whatever it takes”.
Euro zone money markets had been betting on the ECB raising interest rates from ultra-low levels mid-next year. But with economic growth slowing and worries about Italy, they are now pricing in just a 30 percent chance of a modest 10 basis point rise in June 2019.
“RESPECT THE VOTERS” President Mattarella had looked to Cottarelli as prime minister to calm political and market turmoil, which Italy’s two anti-establishment parties blame on the president himself after he vetoed their choice for economy minister in their would-be coalition government.
Mattarella blocked Paolo Savona as unsuitable on the grounds he had argued Italy should be prepared to quit the euro.
The 5-Star Movement and the far-right League, the biggest winners from the March election, declined to nominate an alternative candidate and abandoned plans to form a government, switching back into election mode, with 5-Star Movement calling for Mattarella to be impeached.
Other euro zone countries are concerned about the currency bloc’s third-largest economy. French President Emmanuel Macron defended what he called Mattarella’s courage and German Chancellor Angela Merkel spoke of the need to obey rules governing the euro.
But top EU officials were quick to play down a comment from Germany’s European commissioner, Guenther Oettinger, who said he hoped the market turmoil would be “a signal (to Italians) not to hand governing responsibilities to the populists”.
Commission President Jean-Claude Juncker released a statement saying: “Italy’s fate does not lie in the hands of the financial markets,” and Donald Tusk, the chairman of EU leaders’ summits, called on EU institutions to “respect the voters ... We are there to serve them, not to lecture them.”
Even if Cottarelli were able to form an interim government acceptable to the splintered Italian parliament, investors believe he would fail to pass the 2019 budget, triggering a snap election in the autumn.
The election campaign is likely to centre on Italy’s relationship with the European Union and in particular the budget restraints imposed on members of the euro zone.
A poll by SWG showed support for the League had jumped to 27.5 percent, up about 10 points from the March 4 elections. With support for 5-Star falling about three points to 29.5 percent, the two combined would have a majority in parliament if they decided to join forces again.
The podium where Carlo Cottarelli was waited to talk with reporters, after a meeting with Italian President Sergio Mattarella, is seen at the Quirinal palace in Rome, Italy, May 29, 2018. REUTERS/Alessandro Bianchi Additional reporting by Gavin Jones, Giselda Vagnoni, Steve Jewkes, Dhara Ranasinghe, Helen Reid, Sujata Rao, Marc Jones and Michael Nienaber; Editing by David Stamp and Robin Pomeroy
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/italy-may-return-to-polls-in-july-sources-say-amid-market-rout-idINKCN1IU26V |
May 2, 2018 / 9:03 AM / Updated 7 hours ago China reiterates call to continue upholding Iran nuclear deal Reuters Staff 2 Min Read
BEIJING (Reuters) - China’s foreign ministry on Wednesday reiterated that all sides should continue to uphold the Iran nuclear agreement, and that the International Atomic Energy Agency (IAEA) has said many times Iran is in compliance with the deal. FILE PHOTO - Hua Chunying, spokeswoman of China's Foreign Ministry, gestures at a regular news conference in Beijing, China, January 6, 2016. REUTERS/Jason Lee
Speaking at a daily news briefing, ministry spokeswoman Hua Chunying said China had noted reports about Israeli Prime Minister Benjamin Netanyahu unveiling what he called evidence of a secret Iranian nuclear weapons programme as well as the reaction sparked by the disclosure.
The IAEA is the only international body with the right to supervise the agreement and make judgements about it, and China has noted that the agency has said several times Iran is in compliance, Hua said. FILE PHOTO - Israeli Prime minister Benjamin Netanyahu speaks during a news conference at the Ministry of Defence in Tel Aviv, Israel, April 30, 2018. REUTERS/ Amir Cohen
All sides need to continue upholding the pact, she added.
Israel said on Tuesday it does not seek war with Iran and suggested U.S. President Donald Trump backed Israel’s latest attempt to kill the 2015 Iran nuclear deal by disclosing the purported evidence of past Iranian nuclear arms work.
China, a permanent member of the U.N. Security Council, was one of the architects of the agreement, and has said many times it should continue to be upheld by all the signatories. Reporting by Ben Blanchard; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-iran-china/china-reiterates-call-to-continue-upholding-iran-nuclear-deal-idUKKBN1I30ZZ |
MOSCOW/DUBAI (Reuters) - Dubai’s biggest lender Emirates NBD ENBD.DU has agreed to buy Turkey’s Denizbank from Russia’s state-owned Sberbank ( SBER.MM ) for $3.2 billion to help establish itself as a leading bank in the Middle East, North Africa and Turkey.
FILE PHOTO: The headquarters of Turkey's Denizbank is pictured in Istanbul, Turkey March 2, 2016. REUTERS/Murad Sezer/File Photo Denizbank is the fifth-largest private bank in Turkey and the biggest asset held by Sberbank outside Russia. The sale is part of a strategy by Russia’s top lender to divest overseas businesses to focus on its domestic market.
The deal is the biggest ever acquisition by Emirates NBD, which had said in January it was in talks to buy the Russian lender’s stake in Denizbank.
The transaction comes against a backdrop of Turkey’s strained relations with Gulf states since Ankara stood by Qatar after the United Arab Emirates (UAE), Saudi Arabia and others accused Doha of supporting terrorism, a charge it denies.
The deal will help Emirates NBD diversify its business and establish itself as a leading bank in the region, the company’s vice chairman, Hesham Abdulla Al Qassim, said in a statement.
Denizbank has assets of 169.4 billion lira ($37.25 billion)and operates 751 branches, including 43 outside Turkey, while Emirates NBD has banks in the UAE, Egypt, Saudi Arabia, India, Singapore, the United Kingdom, and offices in China and Indonesia.
Slideshow (2 Images) “By acquiring Deniz, Emirates NDB can diversify its credit risk as it has concentrated exposure to Dubai government,” said Shabbir Malik, a banking analyst at EFG Hermes in Dubai.
“Turkey is an important trading partner for the UAE, and Emirates NBD can serve UAE customers which have trade ties with Turkey. That said, the banking system is crowded and there is strong market share concentration in the top seven banks.”
Reuters reported in March that Denizbank’s chief executive Hakan Ates met with President Tayyip Erdogan and other senior officials in Ankara to try to convince them the deal would be positive for Turkey.
One source said at the time there was an acknowledgement in Ankara that Turkey’s tensions were with Abu Dhabi, not Dubai - meaning the UAE’s policy makers, not the region’s main commercial and financial hub.
The transaction is expected to be accretive to shareholders in the first year, said Emirates NBD Chief Executive Officer Shayne Nelson.
SBERBANK SHIFT Sberbank’s share price in Moscow was largely unchanged on news of the deal. Shares of Emirates NBD surged nearly 7 percent in early trading in Dubai.
“Earlier there was mass media speculation that the deal would be concluded at a price of over $5 billion,” Russia’s Aton brokerage said in a research note.
“The deal may limit Sberbank’s ability to materially increase dividends for 2018, but will still improve its capital ratios and ROE (Return on Equity). Nonetheless, we expect the stock to be under pressure today.”
Denizbank currently holds subordinated loans issued to it by Sberbank with a value of $1.2 billion, the Russian bank said in a reply to Reuters questions.
Besides its Turkish business, Sberbank has a network of eight subsidiary banks in central and eastern Europe. It has signaled it is interested in finding a buyer for some of those assets if it can get the right deal.
The closing of the deal is subject to regulatory approvals in Turkey, Russia, the UAE and other relevant jurisdictions, where Denizbank operates.
Reporting by Vladimir Soldatkin, Christian Lowe, Andrey Ostroukh and Tatiana Voronova in MOSCOW and Saeed Azhar in DUBAI; editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sberbank-denizbank-sale-emirates/sberbank-to-sell-stake-in-denizbank-to-emirates-nbd-for-3-2-billion-idUSKCN1IN0GC |
Booking Holdings (formerly Priceline) beats 2 Hours Ago 01:37 01:37 | 11:37 AM ET Tue, 8 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/booking-holdings-formerly-priceline-beats.html |
* Dollar breaks into positive territory for year
* Oil just under $75 a barrel amid Iran deal nerves
* Cautious cheer from stocks as Trump extends tariffs exemptions
* Pound hurt by softer UK data
* Apple results in focus after reports of weak iPhone demand
* Gold hits 6-week low, emerging markets knocked by strong dollar
By Marc Jones
LONDON, May 1 (Reuters) - The dollar broke into positive territory for the year and bond yields were creeping higher again on Tuesday, as the recent rise in oil prices fuelled bets that the U.S. Federal Reserve will flag more interest rate hikes this week.
May Day holidays across Asia and Europe meant trading was thinner than usual, though there was more than enough news flow to keep those that were open occupied.
There was some optimism after U.S. President Donald Trump extended steel and aluminium tariff exemptions for Europe, Canada and Mexico for another month.
But there was cause for caution too: Disappointing British manufacturing and consumer lending figures added to Europe’s recent run of poor data, worries about Iran’s nuclear deal simmered in oil markets, and Wall Street was waiting for Apple’s results following recent whispers of weak iPhone demand.
The dollar made most of the running, though, as it turned positive for 2018 just ahead of a two-day Fed meeting that is expected to pave the way for another two or even three U.S. rate hikes this year.
Dollar bulls in London took advantage of the holiday in most of the rest of Europe to push the currency to almost $1.20 per euro and helped it make good ground against the Swiss franc and the data-dented pound.
“Provided the Fed conveys a steady-as-she-goes approach and it isn’t seen to be back tracking - and there is no reason from the data why it should - the dollar should be consolidating and pushing on from this level,” said Bank of New York Mellon senior currency strategist Neil Mellor.
He added that the key change has been the move of the U.S. Treasury bond yield to 3 percent last week.
It was nudging up at 2.96 percent on Tuesday, which also left the gap between U.S. and German 10-year benchmark bond yields just off its widest level in nearly three decades. The dollar has surged over 3 percent in the last two weeks.
“It has been a bit like a dam bursting,” Mellor said of the Treasury move.
For Europe’s stocks followers, only London’s FTSE and Denmark’s bourse were open.
They were both higher though, thanks to the boost to exporters of lower domestic currencies, upbeat results from oil giant BP and relief that Trump hadn’t pushed ahead with his steel and aluminium tariffs for now at least.
U.S. stock futures were barely budged ahead of the New York open . Overnight in Asia, Japan’s Nikkei closed up 0.2 percent while Australian shares hit seven-week highs as its huge metals sector also breathed easier.
Apple’s quarterly results are due after Wall Street closes and will be a big focus after several weeks of speculation about ebbing smartphone demand based on selective reports from companies in its supply chain.
Technology sector results so far – at least from the likes of Amazon, Alphabet, Microsoft, Samsung and SAP – have broadly beaten forecasts for Q1 and the overall aggregate U.S. earnings growth is tracking seven-year highs of almost 25 percent.
“Earnings have been really strong so far, Microsoft and Amazon had a bumper quarter. The only concern has been Apple,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.
SUBMERGING MARKETS The strong dollar was felt widely across commodity markets and the emerging economies that are now borrowing record amounts of debt in the U.S. currency — $3.7 trillion according to the latest figures this week from the Bank for International Settlements.
MSCI’s emerging market share index fell 0.4 percent with Russian dollar-denominated stocks chalking up some of the biggest losses and currencies and bonds staying firmly under pressure too.
Brent oil prices eased off four-month highs of just over $75 a barrel set on Monday on worries that U.S. President Donald Trump may pull out of the 2015 Iran nuclear deal and thereby bring back sanctions on its oil output.
The White House had said on Monday that information provided by Israel on Iran’s nuclear programme had provided “new and compelling details”.
A high-level U.S. trade delegation will also be in Beijing for meetings later this week, amid lingering worries about a possible trade war between the world’s top two economies.
Copper, which is highly attuned to China’s economy, hit its lowest in three weeks at $6,752 a tonne, accelerating downwards after it broke below its 200-day moving average at $6,800.
Gold, meanwhile, hit a six-week low of $1,307.40 an ounce, as the dollar strength and bets on higher interest rates kept it on the slide having already gone dropped through its 100-day moving average.
“Investors are buying dollars and this is adding pressure,” ActivTrades analyst Carlo Alberto de Casa said. “Almost 50 percent of traders (are) expecting a fourth raise (in U.S. interest rates) by the end of the year.”
Additional report by Jan Harvey in London and Hideyuki Sano in, Tokyo Editing by Andrew Heavens and Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-dollar-goes-positive-for-year-before-fed-meeting-idUSL8N1S81FD |
ZURICH, May 29 (Reuters) - The Swiss blue-chip SMI was seen opening 0.2 percent lower at 8,761 points on Tuesday, according to premarket indications by bank Julius Baer .
Here are some of the main factors that may affect Swiss stocks:
ROCHE A combination of Roche’s Tecentriq immunotherapy with chemotherapy helped people with a form of lung cancer live significantly longer than patients on chemotherapy alone, a late-stage trial cited by the Swiss drugmaker showed.
SWATCH, RICHEMONT Swiss watch exports rise a nominal 13.8 percent year-on-year in April
COMPANY STATEMENTS * Sika AG details convertible bond allocation
* Private Equity Holding AG: decided to continue company’s distribution policy albeit at a lower level of CHF 2.00 per share; board member Hans Christoph Tanner will not be standing for re-election
* Burckhardt Compression Holding AG FY consolidated net income at CHF 29.0 mn, 10.6% less than in previous fiscal year
* Zehnder Group AG: optimises radiator production network in Europe
* Huegli Holding AG decides to file petition for de-listing of Hügli bearer shares
* SHL Telemedicine Ltd to record additional income of EUR 6.2 million in 2018 from 2016 contract in Germany
* Peach Property Group AG: issue of a hybrid warrant bond; issue volume of CHF 50m with a possibility to increase to a maximum of CHF 100m
* Ascom Holding AG: wins $800,000 U.S. order
ECONOMY Swiss trade suplus 2.29 billion Swiss francs in April (Reporting by Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-swiss-stocks/swiss-stocks-factors-to-watch-on-may-29-idUSL5N1SZ2DO |
May 13, 2018 / 10:03 AM / Updated 2 hours ago Zenit terminate Mancini's contract amid Italy interest Reuters Staff 2 Min Read
MOSCOW (Reuters) - Russian side Zenit St Petersburg terminated manager Roberto Mancini’s contract by mutual consent on Sunday after an Italian soccer official said the 53-year-old was willing to become the country’s next national coach. FILE PHOTO: Soccer Football - Europa League Round of 16 Second Leg - Zenit Saint Petersburg vs RB Leipzig - Stadium St. Petersburg, Saint Petersburg, Russia - March 15, 2018 Zenit St. Petersburg coach Roberto Mancini before the match REUTERS/Anton Vaganov/File Photo/File Photo
Mancini, one of the highest-profile foreign coaches to join the Russian Premier League in recent years, signed a three-year contract with Zenit in 2017.
However, the club said the contract, which will come to an end on Monday, had been severed through mutual consent and without any compensation payable.
This month, Italian soccer federation commissioner Roberto Fabbricini said Mancini had held talks with Italian soccer officials but that no deal had been reached.
Zenit, bankrolled by Russian energy giant Gazprom, have used their deep pockets to attract foreign managers in the past, including Dick Advocaat, Luciano Spalletti and Andre Villas-Boas.
Mancini, who has coached a number of elite sides including Inter Milan, Galatasaray and Manchester City, led the latter to a first English title in 44 years in 2012. Zenit are currently fifth in the Russian Premier League with one game remaining.
Italy have a managerial vacancy after Gian Piero Ventura was sacked when the four-times champions failed to qualify for this year’s World Cup finals taking place in Russia from June 14 to July 15. Reporting by Gabrielle Tétrault-Farber; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-russia-zsp-mancini/zenit-terminate-mancinis-contract-amid-italy-interest-idUKKCN1IE0FF |
CNBC Markets Now: May 01, 2018 32 Mins Ago CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/cnbc-markets-now-may-01-2018.html |
(Reuters) - Macy’s Inc raised its full-year profit forecast on Wednesday and reported better-than-expected quarterly and same-store sales, helped by strong international tourism spending, a new loyalty program and a greater assortment of products offered in stores.
The U.S. department store chain also issued comparable sales growth guidance that topped estimates, boosting its shares 10 percent to $32.92 by midday.
“Tax cuts, bonuses and good tax refunds have all been a windfall to consumers who have responded by increasing spending,” said Neil Saunders, managing director of GlobalData Retail. “This rising tide has floated most retail boats, Macy’s among them.”
Like its peers, the Cincinnati, Ohio-based department store chain faltered in the past few years as it struggled to adjust to a fiercely competitive retail landscape where shoppers buy more goods online. Macy’s closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted and customers defected to off-price and fast-fashion sellers.
Macy’s also said it would end a joint venture agreement with Fung Retailing Ltd in China but would remain active on Alibaba’s e-commerce platform TMall as well as social media channels.
Chief Executive Officer Jeff Gennette said on an earnings call the company saw double-digit growth in its digital business and continued healthy consumer spending. It also had significant improvements in international tourism, which was up 10 percent - its best numbers since 2014.
“We have the digital growth obviously percolating and we are driving that very successfully,” Gennette said. “Brick-and-mortar needed a lot of work.”
Macy’s changed its loyalty program by opening it up to more shoppers and by offering free shipping and discounts to its highest-spending customers.
Executives told investors the changes were paying off as planed, drawing more shoppers online and in stores and boosting sales overall.
The company said it has focused on selling a more curated assortment of trendier clothes.
First-quarter same-store sales rose 4.2 percent, easily beating Wall Street’s 1.4 percent average estimate, as sales rose at its Bloomingdale’s, Bluemercury and its own Macy’s stores. This was the second straight quarter of same-store sales growth.
Shares of rival department stores also rose. J.C. Penney was up 2.5 percent, Kohl’s rose 2 percent, Nordstrom, which reports its first-quarter earnings on Thursday, was up 1.5 percent and Target Corp was up 3.5 percent at around midday.
For fiscal year 2018, Macy’s intends to open approximately 100 Backstage stores, 18 of which the company opened in the first quarter, make it easier for shoppers to check out quickly using their mobile devices by improving its checkout technology and aims to maintain a healthy inventory position.
The quarter also benefited from a change in accounting that shifted its Friends & Family promotional program from the second quarter to the first, the company said.
The company said it now expects adjusted profit of $3.75 to $3.95 per share for the year, up from a prior forecast of $3.55 to $3.75.
It also forecast full-year comparable sales at its owned plus licensed stores to rise between 1 percent and 2 percent. Analysts on average were expecting 0.3 percent growth, according to Thomson Reuters I/B/E/S.
Net income attributable to Macy’s shareholders nearly doubled to $139 million, or 45 cents per share, in the first quarter ended May 5. Excluding one-time items, it earned 48 cents per share.
Net sales rose 3.6 percent to $5.54 billion in the quarter.
Analysts on average were expecting earnings of 37 cents per share and revenue of $5.36 billion.
“The quarter was good every month - in fact, every week,” Chief Financial Officer Karen Hoguet said on a call with analysts. “Spirits are up.”
FILE PHOTO: People gather at the Broadway entrance of Macy's Herald Square store ahead of early opening for the Black Friday sales in Manhattan, New York, U.S. November 23, 2017. REUTERS/Andrew Kelly/File Photo Reporting by Aishwarya Venugopal in Bengaluru and Melissa Fares in New York; Editing by Saumyadeb Chakrabarty, Phil Berlowitz and Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-macy-s-results/macys-same-store-sales-growth-trumps-estimates-shares-rise-idUSKCN1IH1KV |
PARIS, May 13 (Reuters) - Police on Sunday arrested and held for questioning a friend of the attacker who stabbed and killed a bystander in Paris on Saturday, a judicial source said.
The man, arrested in the eastern French city of Strasbourg, was born in 1997, the same year as the attacker.
Reporting by Emmanuel Jarry Writing by Ingrid Melander; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/france-security-arrest/friend-of-paris-knife-attacker-held-for-questioning-in-strasbourg-source-idUSL5N1SK0C3 |
BOSTON, May 07, 2018 (GLOBE NEWSWIRE) -- Keryx Biopharmaceuticals, Inc. (Nasdaq:KERX), a biopharmaceutical company focused on bringing innovative medicines to people with kidney disease, today announced that it will host a conference call and webcast on Thursday, May 10, 2018 at 8:00 a.m. ET to discuss its first quarter 2018 financial results and provide a business update.
To participate in the conference call, please dial (888) 584-2172, (774) 264-7578 (international) and refer to conference ID: 4076397. The call will be webcast live with slides and accessible through the Investors section of the company’s website at www.keryx.com for a period of 15 days after the call.
Keryx Biopharmaceuticals will announce its financial results for this period in a press release to be issued prior to the call.
About Keryx Biopharmaceuticals, Inc.
Keryx Biopharmaceuticals, Inc., with headquarters in Boston, Massachusetts, is focused on the development and commercialization of innovative medicines that provide unique and meaningful advantages to people with kidney disease. The Keryx team consists of approximately 200 committed people working with passion to advance the care of people with this complex disease. This dedication has resulted in two FDA-approved indications for Keryx’s first medicine. For more information about Keryx, please visit www.keryx.com .
Keryx Biopharmaceuticals Contact:
Amy Sullivan
SVP, Corporate Affairs
T: 617-466-3519
[email protected]
Source:Keryx Biopharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-keryx-biopharmaceuticals-to-host-conference-call-of-first-quarter-2018-financial-results-on-thursday-may-10-2018.html |
May 23 (Reuters) - Factbox on the South Korean national team ahead of the 2018 World Cup:
FIFA ranking: 61 (till June 7)
Previous tournaments:
South Korea will be playing at their 10th World Cup finals and the tournament in Russia will mark their ninth consecutive appearance. Their best performance was in 2002 when they co-hosted with Japan, reaching the semi-finals where they lost to Germany. They have not been past the last 16 since.
Coach:
Shin Tae-yong: Shin, 49, took over from Uli Stielike last June after the German was sacked during a woeful qualifying campaign that saw the Koreans beaten in Iran, China and Qatar. His appointment was not greeted with much enthusiasm by Korean fans but Shin has gradually won over the doubters and settled into the role. An attacking midfielder in his playing days, Shin, who won 23 caps, played his entire Korean club career with Seongnam Ilhwa. Forced to retire in 2005 after playing just one game for Queensland Roar in Australia, Shin then moved into a coaching role at the club. He went on to manage Seongnam before taking up youth coaching roles within the national team.
Key players:
Son Heung-min: The dynamic forward has enjoyed a fine season in the Premier League with Tottenham Hotspur, carving out a place for himself in one of England’s top sides. South Korea’s only true world-class player, Son can expect to be tightly marked in Russia and national team coach Shin must find a way to take some of the scoring burden off the 25-year-old, who has notched up 20 goals from 61 international appearances.
Ki Sung-yueng: The experienced defensive midfielder has finally returned to full fitness after a knee injury sustained on international duty last June, which sidelined him for several months. The 29-year-old plays a crucial role for both club Swansea City and country, sitting in front of the defence to break up opposition attacks and dictating the tempo with the ball at his feet. With 97 caps, Ki is the linchpin for a Korean side in need of leadership.
Kim Seung-gyu: Kim was thrust into the limelight at the 2014 World Cup where he took the gloves from the underperforming Jung Sung-ryong for the Koreans’ final group game against Belgium. A 1-0 defeat did nothing to tarnish his growing reputation and the 27-year-old has gone on to make the number one spot his own, earning 29 caps. After making more than 100 appearances for Ulsan Hyundai, Kim was signed by Japan’s Vissel Kobe in 2016. He was a wild-card player at the 2014 Asian Games, helping the South to a 1-0 win over North Korea in the gold-medal match and earning himself an exemption from two years of military service in the process.
Form guide:
South Korea lost back-to-back friendlies against Northern Ireland and Poland in March, conceding five goals as their porous backline was exposed time and time again. Shin has been experimenting with formations and players since the start of the year but has yet to find the right formula. They beat Moldova and Latvia and drew with Jamaica in friendlies earlier this year.
How they qualified:
The Koreans limped over the line with two 0-0 draws against Iran and Uzbekistan that saw them claim second place in their group in the final round of qualifying. They finished with only four wins from 10 games but it was enough to grab one of Asia’s four automatic berths.
Prospects:
South Korea will have to play out of their skins if they are to escape a group that also includes Germany, Mexico and Sweden. Facing the world champions last in Group F, they will need to make a fast start against Sweden in their opener. Korea have not been beaten in their first game at a World Cup since France 1998 so they will be expecting at least a point against the Swedes. Realistically, second spot is the best they can hope for, which would likely bring a second-round match against Brazil.
Compiled by Peter Rutherford Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-worldcup-kor-factbox/factbox-soccer-south-korea-world-cup-factbox-idUSL3N1RV39C |
May 29, 2018 / 4:33 PM / Updated 3 minutes ago Political storm threatens Italian bank recovery Valentina Za 6 Min Read
MILAN (Reuters) - Italy’s political crisis risks undoing years spent rebuilding the country’s banks, undermining the value of their assets, choking off access to funding and rekindling euro exit fears.
Renewed doubts over the single currency have chilled Italy’s bond markets and reawakened the spectre of capital flight that shook Italian banks during the 2011-2012 sovereign crisis.
As a result, Italy’s lenders .FTIT8300 have lost more than a fifth of their market value in just two weeks, tracking a fall in its bonds as an anti-establishment coalition sought, and failed, to form a government.
Before the political storm, Italy’s banks had been outperforming euro zone rivals after reducing a bad loan burden that had threatened to cripple them.
And encouraged by Italy’s economic upturn, hedge funds had even piled into the country’s mid-tier lenders, betting on them as the last European recovery play.
But the prospect of snap elections after Italy’s president on Sunday vetoed the coalition’s eurosceptic economy minister has deepened a sell-off on fears of a de facto referendum on the euro and a further boost to anti-establishment parties.
“Risks perceived by investors have risen sharply and that is why they are knocking down the value of Italian banks, which even before the latest turmoil traded below their book values,” said Andrea Resti, a professor at Milan’s Bocconi University and an adviser on banking supervision to the European Parliament.
A 2.3 trillion euro public debt pile, the world’s third-largest, poses a direct threat to the banks, which face steep losses on 352 billion euros of domestic bond holdings after Italy’s benchmark yield hit a four-year high.
(Graphic: Italian banks sovereign bond holdings - reut.rs/2L4hmrj ) PROPERTY HOPE
Rome’s turmoil could also lift returns demanded by buyers of the bad loans banks are desperately striving to rid themselves of, stalling sales and forcing them to offer bigger discounts.
The Bank of Italy forecast on Tuesday 65 billion euros in sales of impaired bank loans this year and urged lenders to press ahead with cutting soured debt.
Despite a 75 billion euro drop from their post-recession peak of 360 billion euros, problem loans in Italy still account for around 14 percent of total bank lending. Slideshow (3 Images)
That is twice the level of neighboring Spain where the clean-up process has been much faster thanks to European Union aid, solid economic growth and a rebound in real estate prices.
Claudio Scardovi a managing director at Alix Partners said a lagging property rebound was still likely to draw investors to Italy in the face of real estate bubbles in Britain, the Nordics and to some degree in France.
Italy’s real estate market has improved only in large cities such as Milan and Rome, and tourist areas and Francesco Castelli, head of fixed income at Banor Capital, said a continued and more uniform economic expansion was key for the rebound to take a wider grip.
“A property investment has an at least five-year horizon: just as the economy was growing again there are doubts about its mid-term prospects,” Castelli said.
MID-MARKET MAYHEM
Mid-sized lenders, such as Banco BPM ( BAMI.MI ), UBI Banca ( UBI.MI ) and BPER Banca ( EMII.MI ), are seen as more vulnerable to the turmoil because they lag big players like Intesa Sanpaolo ( ISP.MI ) and UniCredit ( CRDI.MI ) in cutting bad loans.
Italy’s 10th-largest bank Credito Valtellinese ( PCVI.MI ) has been among the worst hit, even though just ahead of the March election it managed to raise eight times its market value in a share sale and gain 35 percent in value in its aftermath.
Shares in Creval, which has one of the highest sovereign exposures relative to its capital and a high bad loan burden, are 11 percent below the 0.10 euros at which it sold new shares.
Analysts warn that smaller Italian lenders are also the most at risk from rising financing costs. Wholesale funding markets have effectively shut down for Italian banks and traders say they will take a long while to reopen.
Italy’s strongest bank Intesa SanPaolo ( ISP.MI ) placed a 10-year bond IT178534017= after the election at 77 basis points over the swap rate. This now trades with a 200 basis point spread, showing how conditions have worsened.
Although tight funding markets are not an immediate concern because most banks are awash with liquidity, they do raise a question mark over plans by state-owned Monte dei Paschi di Siena ( BMPS.MI ) and smaller rival Banca Carige ( CRGI.MI ) to rebuild their Tier 2 capital buffers with hybrid debt.
Carige CEO Paolo Fiorentino said on Tuesday that political risks had paralyzed markets when asked about the bank’s plan to issue a subordinated bond, a spokeswoman for the bank said.
Monte dei Paschi declined to comment. Additional reporting by Jesus Aguado in Madrid; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-italy-politics-banks-analysis/political-storm-threatens-italian-bank-recovery-idUKKCN1IU25F |
This Day in History, May 24, 2018 3 Hours Ago Among the events that happened on this day in history, in 1844 the first telegraph service is launched. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/this-day-in-history-may-24-2018.html |
May 24, 2018 / 9:49 PM / Updated an hour ago Uber disabled emergency braking in self-driving car - U.S. agency David Shepardson 6 Min Read
WASHINGTON (Reuters) - Uber had disabled an emergency braking system in a self-driving vehicle that struck and killed a woman in Arizona in March even though the car had identified the need to apply the brakes, the National Transportation Safety Board said in a preliminary report released on Thursday.
The report into the first fatal crash caused by a self-driving vehicle also disclosed that the modified 2017 Volvo XC90’s radar systems observed the pedestrian six seconds before impact but “the self-driving system software classified the pedestrian as an unknown object, as a vehicle, and then as a bicycle with varying expectations of future travel path.”
At 1.3 seconds before impact, the self-driving system determined emergency braking was needed. But Uber said, according to the NTSB, that automatic emergency braking manoeuvres in the Volvo XC90 were disabled while the car was under computer control in order to “reduce the potential for erratic vehicle behaviour.”
The report gives new fuel to opponents in Congress who have stalled a bill designed to speed the deployment of self-driving cars on U.S. roads and puts a spotlight on the fact that the National Highway Traffic Safety Administration, which is also investigating, does not test self-driving vehicles or certify them before they are deployed on U.S. roads.
Uber Technologies Inc, which voluntarily suspended testing after the crash in the city of Tempe, said on Wednesday it planned to end testing in Arizona and focus on limited testing in Pittsburgh and two cities in California. Uber aims to resume its self-driving operations this summer, likely with smaller routes and fewer cars, the company said.
The company did not directly comment on the NTSB findings but noted it recently named a former NTSB chairman, Christopher Hart, to advise on Uber’s safety culture.
“As their investigation continues, we’ve initiated our own safety review of our self-driving vehicles programme,” the company said on Thursday, adding it planned to announce changes in the coming weeks.
All aspects of the self-driving system were operating normally at the time of the crash, and there were no faults or diagnostic messages, the NTSB said.
Elaine Herzberg, 49, was walking her bicycle outside the crosswalk on a four-lane road when she was struck by the Uber vehicle travelling 39 miles per hour (63 kph).
A safety operator behind the wheel appeared to be looking down, and not at the road, moments before the crash, according to video from inside the car released by police. The operator told the NTSB she was not looking at a mobile phone but monitoring the vehicle’s self-driving systems.
Tempe police said on Wednesday it had completed its investigation and turned the findings over to prosecutors to review. Police did not release the results of the probe.
The NTSB said the Uber vehicle required the operator to intervene and take action, but the system was not designed to alert the operator. The report said the operator engaged the steering wheel less than a second before impact and began braking less than a second after impact. Slideshow (2 Images)
The report noted that Herzberg tested positive for methamphetamine and marijuana, and that she did not look in the direction of the vehicle until just before impact. ‘RECKLESS’
William Wallace, senior policy analyst for Consumers Union, the advocacy division of Consumer Reports, called Uber “reckless” and said the NTSB report “makes it clear that a self-driving car was tested on public roads when it wasn’t safe enough to be there, and it killed a pedestrian.” He added that the system “was far too dangerous to be tested off a closed track.”
Some cities expressed hesitation about immediately allowing Uber to return to testing.
Pittsburgh mayoral spokesman Timothy McNulty said the mayor still “wants a full federal investigation of the accident and for Uber to agree to his demands specific to Pittsburgh testing before he would welcome them back to the city.”
Sacramento, California, is interested in having Uber and other developers test in the city but wants to ensure the companies follow all regulations.
“The NTSB report really shines a light on the importance of safety and security of vehicles, so I think it hardens our stance a little bit on safety and security,” said Louis Stewart, Sacramento chief innovation officer.
A spokesman for Ontario’s Ministry of Transportation said on Thursday it would ensure it was satisfied with the steps Uber has taken to ensure the safety of its automated vehicles, before resuming testing in Toronto.
Arizona’s governor in March suspended Uber’s permit for the testing, citing safety concerns.
Uber has said it considers self-driving technology important to the future of its ride services, although it is not clear how it fits into the plans of new Chief Executive Dara Khosrowshahi. He has revamped the company structure and cut expenses as Uber prepares for an initial public offering next year.
The NTSB did not say when it would release its final report on the accident. The agency typically issues its final conclusions at least a year after an accident.
It is also investigating a series of crashes involving Tesla Inc’s ( TSLA.O ) semi-autonomous “Autopilot” system after faulting the system last year after a fatal crash in Florida. Reporting by David Shepardson; Heather Somerville in San Francisco and Jim Finkle in Toronto; Editing by Dan Grebler and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-uber-crash/uber-disabled-emergency-braking-in-self-driving-car-u-s-agency-idUKKCN1IP26P |
May 9 (Reuters) - Delivery Hero, a German online food delivery platform, said on Wednesday its first-quarter revenue rose 61 percent to 171 million euros, driven especially by strong order growth in Middle East and North Africa.
The company, which operates in more than 40 countries, said it expected revenues of between 740 million and 770 million euros and an adjusted EBITDA margin of between negative 8 percent and negative 5 percent for the full year 2018.
It added it was on track to reach its target to break even on an adjusted EBITDA basis on a monthly level by the end of 2018. (Reporting by Sylwia Lasek in Gdynia Editing by Clarence Fernandez)
| ashraq/financial-news-articles | https://www.reuters.com/article/delivery-hero-results/delivery-hero-q1-revenue-surges-61-pct-idUSL8N1SE4YB |
France: 9th round of rail strikes put reform on the line 8:57pm IST - 01:43
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme.
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme. //reut.rs/2rFIB3z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/france-9th-round-of-rail-strikes-put-ref?videoId=426857394 |
May 9, 2018 / 9:40 PM / Updated 2 hours ago Golf - Scott uses long putter again, Kim brimming with confidence Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - Adam Scott and Kim Si-woo, the youngest two players to win the Players Championship, will tee off in the same group in Thursday’s first round with contrasting levels of confidence. Adam Scott of Australia attends the final day of practice for the 2018 Masters golf tournament at Augusta National Golf Club in Augusta, Georgia, U.S. April 4, 2018. REUTERS/Brian Snyder
Scott, who was 23 when he won the event in 2004, is searching for a good result at a happy hunting ground and has reverted to a long putter in an effort to resurrect his game and extend his major championship streak to 68 consecutive starts.
Kim, on the other hand, is brimming with confidence after a playoff runner-up finish three weeks ago in nearby Hilton Head Island.
Scott is not setting his sights on becoming the best putter in the world. Rather, he reckons he needs only to become average on the greens to start contending again.
The 37-year-old, who in 2013 became the first Australian to win the U.S. Masters, is not currently exempt for next month’s U.S. Open at Shinnecock Hills.
If the worst comes to the worst, he can take his chances at sectional qualifying, but he can avoid that 36-hole lottery by jumping back into the top 60 in the world rankings.
A strong performance this week would be a huge step in the right direction for the ex world number one, who has slipped to 71st.
Scott was in an upbeat mood after a practice round with current world number one Dustin Johnson at TPC Sawgrass on Wednesday.
“I need to be average putting to be competing, which doesn’t sound that hard to do. I should be able to do that,” Scott, the 2004 champion, told reporters next to the 18th green.
“I feel I have got my best golf ahead of me. I just played with the best player in the world, and I know I can play at that level still. Apr 14, 2018; Hilton Head, SC, USA; Si Woo Kim tees off on the 9th hole during the third round of the RBC Heritage golf tournament at Harbour Town Golf Links. Mandatory Credit: Joshua S. Kelly-USA TODAY Sports
“I’m feeling really comfortable after last week. It’s interesting as soon as you put a bit better how much more freedom you feel everywhere else.
“So I’m excited about this week. I still feel I can have a good year.”
Scott has played every major since the 2001 British Open. He was one of the biggest sufferers from the 2016 ban that outlawed golfers from anchoring their putters against their chests.
Scott reverted to a regular putter, with limited success, and has now gone back to the one that he first used when he originally switched to the long putter in 2011.
To adhere with the rules, he no longer anchors the club against his chest.
South Korean Kim, meanwhile, shocked the golf world when he won the tournament last year at age 22 despite suffering from a back injury.
He is in fine fettle on his return.
“My body feels great. I’m in great condition heading into this week with no pain,” he said.
“I worked really hard to get my body into the best shape possible, so I think that has led to a lot of the consistency that you have seen this season.” Reporting by Andrew Both, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-players/golf-scott-uses-long-putter-again-kim-brimming-with-confidence-idUKKBN1IA3CU |
May 8, 2018 / 2:12 PM / Updated 15 minutes ago Seventeen deaths reported in Congo as Ebola outbreak confirmed Benoit Nyemba , Fiston Mahamba 4 Min Read
KINSHASA (Reuters) - At least 17 people have died in an area of northwestern Democratic Republic of Congo where health officials have now confirmed an outbreak of Ebola, the health ministry said on Tuesday. FILE PHOTO - A health worker sprays a colleague with disinfectant during a training session for Congolese health workers to deal with Ebola virus in Kinshasa October 21, 2014. REUTERS/Media Coulibaly
It is the ninth time Ebola has been recorded in the central African nation, whose eastern Ebola river gave the deadly virus its name when it was discovered there in the 1970s, and comes less than a year after its last outbreak which killed eight people.
“Our country is facing another epidemic of the Ebola virus, which constitutes an international public health emergency,” the ministry said in a statement.
“We still dispose of the well trained human resources that were able to rapidly control previous epidemics,” it said.
Ebola is believed to be spread over long distances by bats, which can host the virus without dying, as it infects other animals it shares trees with such as monkeys. It often spreads to humans via infected bushmeat.
Before the outbreak was confirmed, local health officials reported 21 patients showing signs of hemorrhagic fever around the village of Ikoko Impenge, near the town of Bikoro. Seventeen of those later died.
Medical teams supported by the World Health Organization and medical charity Medecins Sans Frontieres were dispatched to the zone on Saturday and took five samples from suspected active cases.
Two of those samples tested positive for the Zaire strain of the Ebola virus, the ministry said.
“Since notification of the cases on May 3, no deaths have been reported either among the hospitalised cases or the healthcare personnel,” the statement said.
After Congo’s last Ebola flare-up, authorities there approved the use of a new experimental vaccine but in the end did not deploy it owing to logistical challenges and the relatively minor nature of the outbreak.
The worst Ebola epidemic in history ended in West Africa just two years ago after killing more than 11,300 people and infected some 28,600 as it rolled through Guinea, Sierra Leone and Liberia.
Despite regular outbreaks every few years, death tolls in Congo have been significantly lower.
“Our top priority is to get to Bikoro to work alongside the Government of the Democratic Republic of the Congo and partners to reduce the loss of life and suffering related to this new Ebola virus disease outbreak,” said Dr Peter Salama, WHO Deputy Director-General, Emergency Preparedness and Response.
“Working with partners and responding early and in a coordinated way will be vital to containing this deadly disease.”
Health experts credit an awareness of the disease among the population and local medical staff’s experience treating for past successes containing its spread.
Congo’s vast, remote geography also gives it an advantage, as outbreaks are often localised and relatively easy to isolate.
Ikoko Impenge and Bikoro, however, lie not far from the banks of the Congo River, an essential waterway for transport and commerce.
Further downstream the river flows past Democratic Republic of Congo’s capital Kinshasa and Brazzaville, capital of neighbouring Congo Republic - two cities with a combined population of over 12 million people. Writing by Tim Cocks and Joe Bavier; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-health-ebola-congo/congo-confirms-two-ebola-cases-in-northwest-10-suspected-idUKKBN1I91W6 |
May 2 (Reuters) - New World Development Co Ltd:
* GETS CONTRACT FOR DESIGN, CONSTRUCTION, FINANCING,MANAGEMENT OF COMMERCIAL DEVELOPMENT AT HONG KONG INTERNATIONAL AIRPORT
* DEVELOPMENT COSTS TO BE BORNE BY ROXY IS ABOUT HK$20 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-world-development-gets-contrac/brief-new-world-development-gets-contract-for-commercial-development-at-hong-kong-international-airport-idUSFWN1S90O3 |
May 10, 2018 / 12:13 PM / in 7 minutes BRIEF-P&F Industries Reports Qtrly Earnings Per Share $0.02 Reuters Staff
May 10 (Reuters) - P&F Industries Inc:
* P&F INDUSTRIES, INC. REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 * QUARTERLY REVENUE $15.74 MILLION VERSUS $13.22 MILLION
* QTRLY EARNINGS PER SHARE $0.02 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pf-industries-reports-qtrly-earnin/brief-pf-industries-reports-qtrly-earnings-per-share-0-02-idUSASC0A1F6 |
NEW YORK (Reuters) - A former New York energy company executive on Friday pleaded guilty to hiring the wife of a former aide to New York Governor Andrew Cuomo in an effort to cultivate a relationship with the aide and lying to his company about it, two months after a jury could not reach a verdict.
Peter Galbraith Kelly, who was an executive at energy company Competitive Power Ventures, entered his plea to one count of conspiring to commit wire fraud before U.S. District Judge Valerie Caproni in Manhattan.
Kelly admitted that he gave a part-time job to Lisa Percoco, wife of former Cuomo aide Joseph Percoco in part “to further my relationship with Joe.” He said he lied to his company that he had an ethics opinion backing up the hire.
“I knew what I was doing was wrong,” Kelly said.
Percoco was found guilty in March by a Manhattan jury of accepting bribes from Kelly and from Steven Aiello and Joseph Gerardi, founders of the real estate company Cor Development.
Cuomo, a Democrat who faces re-election this year, has not been charged with wrongdoing.
Kelly, Aiello and Gerardi were tried alongside Percoco. Aiello was convicted of one count of conspiracy, while Gerardi was acquitted. The jury said it was deadlocked on the charges against Kelly.
Prosecutors said that Kelly bribed Percoco by giving his wife a mostly no-show job that paid $90,000 a year for three years in an ultimately unsuccessful effort to win favorable treatment from state officials for two power plant projects.
They said Aiello and Gerardi paid bribes through shell companies to get favorable treatment for development of a parking lot.
Aiello and Gerardi are expected to face a second trial later this year on charges that they took part in bid-rigging involving a billion-dollar development project in Buffalo, New York. Alain Kaloyeros, former president of the State University of New York’s Polytechnic Institute, also faces charges at that trial.
Kelly’s plea came just minutes after former New York Assembly Speaker Sheldon Silver was found guilty of corruption charges following a trial before Caproni.
The cases against Percoco and Silver were among a series of high-profile corruption prosecutions launched by former U.S. Attorney Preet Bharara.
Former state Senate leader Dean Skelos, a Republican, was also convicted of corruption charges, but like Silver, he had his verdict overturned on appeal. Prosecutors have said they plan to try him again.
(Corrects headline and paragraphs 1 and 3 to state that Kelly pleaded guilty to lying to his company, not to bribery.)
Reporting By Brendan Pierson in New York; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-corruption-kelly/former-energy-executive-pleads-guilty-to-bribing-n-y-governors-aide-idUSKBN1IC2NG |
May 3 (Reuters) - Comcast Corp:
* ZOLA - RAISED $100 MILLION IN SERIES D FINANCING LED BY EXISTING INVESTOR COMCAST VENTURES, NEW INVESTORS NBCUNIVERSAL, GOLDMAN SACHS INVESTMENT PARTNERS
* ZOLA, A WEDDING COMPANY IN THE U.S., SAYS TOTAL INVESTMENT NOW STANDS AT OVER $140 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-zola-raised-100-mln-in-series-d-fi/brief-zola-raised-100-mln-in-series-d-financing-idUSFWN1SA0UH |
BEIJING (Reuters) - China’s Foreign Ministry said on Thursday that no country, organization, company or individual can carry out oil and gas exploration or exploitation in Chinese waters without permission from Beijing.
Ministry spokesman Lu Kang made the comment at a regular news briefing when asked about recent drilling by Rosneft Vietnam BV, a unit of Russian state oil firm Rosneft ( ROSN.MM ), in an area of the South China Sea that is claimed by China.
“We urge relevant parties to earnestly respect China’s sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region’s peace and stability,” Lu said.
Reporting by Christian Shepherd; Writing by Michael Martina; Edited by Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-rosneft-vietnam-southchinasea-china/china-says-no-one-can-carry-out-oil-gas-activities-in-chinese-waters-without-beijings-permission-idUSKCN1II126 |
May 9, 2018 / 12:16 AM / Updated 15 hours ago Trump's pick for CIA director says will not restart detention program Reuters Staff 1 Min Read
WASHINGTON (Reuters) - President Donald Trump’s pick to lead the CIA says she will not restart a controversial detention and interrogation program begun after the Sept. 11 attacks, according to excerpts of congressional testimony released on Tuesday. Nominee to be Director of the Central Intelligence Agency Gina Haspel arrives for a meeting with Senator Dianne Feinstein (D-CA) on Capitol Hill in Washington, U.S., May 7, 2018. REUTERS/Joshua Roberts
“Having served in that tumultuous time, I can offer you my personal commitment, clearly and without reservation, that under my leadership CIA will not restart such a detention and interrogation program,” acting CIA Director Gina Haspel will tell the Senate Intelligence Committee at her confirmation hearing on Wednesday, according to the excerpts. Reporting by Eric Beech; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-haspel-testimony/trumps-pick-for-cia-director-says-will-not-restart-detention-program-idUSKBN1IA017 |
LONDON, May 24 (Reuters) - The Bank of England could pump more stimulus into Britain’s economy if this year’s Brexit negotiations result in a bad deal, BoE governor Mark Carney said on Thursday.
While the BoE expected a smooth transition, investors should look at its response to the shock referendum decision in 2016 - which included an interest rate cut and more bond-buying - for a sense of how it might react to a “disorderly” Brexit, he said.
Britain is due to leave the EU in March next year but the terms of its new relationship with its most important trading partner remain unclear. Prime Minister Theresa May’s ministers are divided on what kind of Brexit they should pursue.
“A more disorderly transition, or a materially different end state from our assumption, would have implications for monetary policy,” Carney said in a speech to the Society of Professional Economists in London.
Businesses, households and investors should look at how the BoE moved to support the economy, and allowed inflation to run above its 2 percent target, after the referendum “since exactly the same framework would apply,” he said.
The BoE cut borrowing costs to 0.25 percent after the 2016 Brexit vote and increased the size of its bond-buying programme by 60 billion pounds to 435 billion pounds. It also launched a plan to buy 10 billion pounds of corporate debt and a scheme to encourage banks to lend at low rates.
“Although the exact policy response cannot be predicted in advance, observers know from our track record that, in exceptional circumstances, we are both willing to tolerate some deviation of inflation from target for a limited period of time and that there are limits to that tolerance,” he said.
The BoE reversed its initial post-Brexit vote rate cut in November when it raised rates back to 0.50 percent.
It has said it plans to continue raising rates gradually but this month it held off while it waited to see if a slowdown in the economy in early 2018 was temporary due to an unusually cold winter in Britain.
In the event of a smooth Brexit, the speed of rate hikes would depend on the strength of demand in the economy and could prove faster than the recent assumption in financial markets — of three hikes over the next three years — if investment proves suprises to the upside, Carney said.
“From a monetary policy perspective, the Bank is ready for Brexit,” he said. “The MPC is well-prepared for whichever path the economy takes. We have the tools we need. We will be prudent not passive.” (Writing by William Schomberg, Editing by Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-boe-carney/bank-of-england-could-return-to-stimulus-if-needed-after-brexit-carney-idUSL9N1QV01U |
May 11, 2018 / 6:47 PM / Updated 22 minutes ago Israel to Assad: Get rid of your Iranian allies, they will harm you Reuters Staff 2 Min Read
JERUSALEM (Reuters) - Israel’s Defence Minister warned Syrian President Bashar al-Assad on Friday to renounce the Iranian military presence in his country, saying the activities of Assad’s staunchest regional ally would only cause “damage and problems”. Israeli Defence Minister Avigdor Lieberman gestures as he speaks during the Herzliya Conference, in Herzliya, Israel, May 10, 2018. REUTERS/Nir Elias
Speaking on a tour of the Golan Heights, the minister, Avigdor Lieberman, told Assad to beware especially of Qassem Soleimani, the head of Iran’s Quds Force, the branch of its Revolutionary Guards that oversees operations outside Iran’s borders.
“I have a message for Assad: Get rid of the Iranians, get rid of Qassem Soleimani and the Quds force, they are not helping you, they are only harming.”
“Their presence will only cause problems and damage. Get rid of the Iranians and we can, perhaps, change our mode of life here,” he said.
On Thursday, Israel accused Iran of firing rockets from Syria into the Israeli-occupied Golan Heights, the first time that Iran has attacked Israel with rockets.
Israel struck back with its heaviest air strikes in Syria since the start of the Syrian civil war in 2011, saying it had attacked nearly all of Iran’s military infrastructure. Editing by William Maclean and Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-lieberman/israel-to-assad-get-rid-of-your-iranian-allies-they-will-harm-you-idUSKBN1IC2DD |
May 22, 2018 / 6:00 PM / in 2 hours U.S. in contact with ex-foe Sadr after shock win in Iraq poll: aide Michael Georgy , Babak Dehghanpisheh 5 Min Read
BAGHDAD (Reuters) - The United States has contacted members of a political bloc headed by former foe Moqtada al-Sadr after his parliamentary election victory put the Shi’ite cleric in a strong position to influence the formation of a new government, a top aide said. FILE PHOTO: Iraqi Shi'ite cleric Moqtada al-Sadr speaks during a news conference with Iraqi politician Ammar al-Hakim, leader of the Hikma Current, in Najaf, Iraq May 17, 2018. REUTERS/Alaa al-Marjani/File Photo
Sadr’s surprise win puts Washington in an awkward position. His Mehdi Army militia staged violent uprisings against U.S. troops after Saddam Hussein was toppled in 2003.
If Sadr has a strong say in picking a new prime minister, the United States may have to work with him to safeguard its interests in Iraq, one of its most important Arab allies, which also has close ties to Iran.
Dhiaa al-Asadi, a top Sadr aide, said there had been no direct talks with the Americans but intermediaries had been used to open channels with members of his Sairoon alliance.
“They asked what the position of the Sadrist movement will be when they come to power. Are they going to reinvent or invoke the Mahdi Army or reemploy them? Are they going to attack American forces in Iraq,” he told Reuters.
“There’s no return to square one. We are not intending on having any military force other than the official military force, police forces and security forces.”
The United States is believed to have some 7,000 troops in Iraq now, though the Pentagon has only acknowledged 5,200 troops. They are mostly training and advising Iraqi forces.
Washington and Sadr, an Iraqi nationalist, are both opposed to Iran’s deep influence in Iraq, where it arms, trains and funds Shi’ite militias and nurtures close ties with many politicians.
Sadr made his surprise comeback by tapping popular resentment toward Iran and what some voters say is a corrupt political elite in Baghdad that it backs. IRAN UNDER U.S. PRESSURE
The United States has threatened “the strongest sanctions in history” against Iran unless it makes sweeping changes, including dropping its nuclear program and pulling out of the Syrian civil war.
That will likely prompt Tehran to defend its interests fiercely in Iraq, where it vies with Washington for influence.
Sairoon extended an invitation to the Iranian ambassador in Baghdad to attend a meeting of senior diplomats last week. The envoy apologized and said he could not make it, said Asadi.
Sadr has been meeting the leaders of several blocs and setting conditions on his support for candidates for prime minister. He says he wants someone who rejects sectarianism, foreign interference and corruption in Iraq.
Sadr will not become premier as he did not run in the election.
His attempts to shape any future government could be undermined by Iran, which has skillfully manipulated Iraqi politics in its favor in the past.
Just days after election results were announced, Qassem Soleimani, head of the foreign operations branch of Iran’s Revolutionary Guards, arrived in Baghdad to meet politicians.
“Soleimani came to weaken the blocs. He is working to break down the alliances,” said an adviser to Iraq’s government.
An Iraqi former senior official said Sadr would try to outfox Iran, but added that Tehran would not tolerate any threats to Shi’ite allies who have sidelined Sadr for years.
“There are limits on how far he can go. At the end they (the Iranians) can control him. They give him a lot of room to maneuver... But eventually, when he challenges the Shi’ites and their interests, I think they will be very tough. They (the Iranians) have very many tools to undermine him.”
Sadr’s bloc has not ruled out forming a coalition with the bloc headed by Iran’s strongest ally, paramilitary leader Hadi al-Amiri, as long as he abandons what Asadi says are sectarian policies and becomes an Iraqi nationalist.
“We did not have an official meeting with them (the Iranians). Sometimes we receive some calls that are related to what’s going on. But this cannot be considered a meeting or a discussion over any issue,” said Asadi.
The election dealt a blow to incumbent Prime Minister Haider al-Abadi, whose Victory Alliance came in third. But Western diplomats and analysts say Abadi, a British-educated engineer, still has cards to play.
He appears to be emerging as a compromise candidate palatable to all sides because he has managed the competing interests of the United States and Iran - inadvertent allies in the war against Islamic State - during his term in office.
“As of yet, no one has yet emerged as an alternative, not in a serious way,” said Ali al-Mawlawi, head of research at Baghdad-based Al-Bayan think-tank. Additional reporting by Raya Jalabi; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-sadr/u-s-in-contact-with-ex-foe-sadr-after-shock-win-in-iraq-poll-aide-idUSKCN1IN2KO |
HONG KONG (Reuters Breakingviews) - Xiaomi just won tech IPO bingo. On its way to a potential $100 billion Hong Kong market debut, the Chinese company that derives most of its revenue from smartphones insists that it is “more than a hardware company.” It also has packed its prospectus with all the buzziest of buzzwords, established super-voting stock and comes with its own internal venture-capital-style outfit. Bonus points accrue for “artisanal craftsmanship.”
A booth of Chinese smartphone maker Xiaomi is seen at an industrial design expo in Wuhan, Hubei province, China December 3, 2017. REUTERS/Stringer The highly anticipated initial public offering documents unveiled on Thursday contain all the greatest hits from Silicon Valley. Borrowing from Facebook’s mission to “make the world more open and connected”, Xiaomi founder Lei Jun pledges to “let everyone in the world enjoy a better life”. And stealing a page from camera-maker GoPro, which declared itself a media company when it went public in 2014, the Beijing-based company claims to be an “innovation-driven internet company”.
That sets the tone for Xiaomi’s “triathlon” business model of hardware, internet services and “new retail.” There are 108 references to “ecosystem,” 137 mentions of “IoT” – internet of things – and 156 uses of “platform.” Cloud, big data and artificial intelligence feature prominently. In a Chinese twist, Xiaomi extols a network of nearly 100 start-ups it has seeded and its dabbling in online games and videos, and the internet-based bank it co-founded. And for the rare Apple-meets-Etsy flourish, the company boasts of “artisanal craftsmanship” for suitcases and rice cookers while simultaneously highlighting its stores.
What’s more, Xiaomi is embracing the industry’s worst governance practices. Lei will be among the first tech bosses to retain control of his company using multiple share classes under new rules in Hong Kong.
The numbers don’t measure up to the hype. Revenue grew an impressive 67 percent last year, to $18 billion. Smartphone sales, mostly in China, accounted for 70 percent of the total. That market shrank by more than a fifth in the first quarter, though, according to shipment figures from research outfit Canalys, while cutthroat competition from local rivals like Huawei and Oppo means razor-thin margins. Unlike many other tech darlings, Xiaomi is at least profitable. After stripping out share-based compensation and other one-off items, it generated about $850 million in adjusted net profit.
At the $100 billion figure bandied around in recent media reports, it would mean valuing the company at over 100 times earnings. Even at something lower, like $75 billion, Xiaomi’s listing would really have it all.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-xiaomi-ipo-breakingviews/breakingviews-chinese-handset-maker-xiaomi-wins-tech-ipo-bingo-idUSKBN1I40JJ |
The U.S. is the best place for investors to put their money, according to Bessemer Trust's Rebecca Patterson .
In fact, she said the U.S. market has been overweight from a combination of added stimulus from tax reform, a February spending package that filters into government agencies and global turmoil that benefits the U.S. market.
"We've found over the last few decades, when you have market panic, even if the U.S. causes the panic, the U.S. tends to outperform," Patterson said Wednesday on " Fast Money ."
"Some of that is Americans bringing money home in times of stress, and we bring a lot of money home," said Patterson, who serves as managing director and chief investment officer at Bessemer, a privately owned wealth management firm. " And it's also that capital repatriation lifts the dollar," she said.
The U.S. market fell sharply Tuesday with all three major indices closing lower. Amid concerns about Italy, the Dow Jones Industrial Average was down around 500 points at its lows. But the market rallied Wednesday as the Dow jumped more than 300 points and banks rebounded. The S&P 500 also rose, adding 1.27 percent and closing at 2,724.01. Even the small-cap Russell 2000 index hit a record, adding 1.5 percent and closing at 1,647.99.
In the European markets, the Stoxx Europe 600 and Italy's FTSE MIB also rallied.
But Patterson pointed out that, in the last month, the FTSE MIB, the benchmark stock market index for the Borsa Italiana, the Italian National Stock Exchange, has been down about 10 percent.
"There's a decent probability you get a populist government [in Italy], " Patterson said. "If you get a populist government, it would be very hard for the ECB, the central bank, to continue buying Italian bonds as part of its quantitative easing program."
"I would prefer to put my money somewhere else right now," she said.
And it's not just Italy that Patterson expressed concerns about: The Japanese Nikkei 225 is down approximately 9 percent in the last month, and Brazil's Bovespa is down about 13 percent since February.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/the-us-is-the-hottest-market-for-trading-analyst-says.html |
May 15, 2018 / 3:02 PM / Updated 18 minutes ago London looking into more car-free days to cut pollution Reuters Staff 2 Min Read
LONDON (Reuters) - London Mayor Sadiq Khan has asked officials to look into introducing more days when cars are not allowed on certain roads or in specific areas as the city considers new ways to cut pollution. Taxi drivers block the road in Whitehall in central London June 11, 2014. Taxi drivers sowed traffic chaos in Europe's top cities on Wednesday by mounting one of the biggest ever protests against Uber, a U.S. car service which allows people to summon rides at the touch of a button. REUTERS/Luke MacGregor
Khan has already introduced an additional charge on the most gas-guzzling vehicles entering central London and has brought forward the introduction of an ultra-low emission zone.
“The Mayor already supports a number of car-restricted days for annual events in London, and he has asked City Hall officials to consider additional opportunities for car-free activities as part of his Healthy Streets vision,” his office said.
“The Mayor is determined to do everything in his power to protect the health of Londoners and prioritise walking, cycling and public transport and reduce Londoners’ dependency on polluting cars.”
Cities and nations around the world are planning to restrict or ban the use of diesel and petrol vehicles in the years ahead and promote greener technologies in a bid to improve air quality. Reporting by Costas Pitas; editing by James Davey | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-emissions-london/london-looking-into-more-car-free-days-to-cut-pollution-idINKCN1IG2AS |
HOUSTON, May 7 (Reuters) - ConocoPhillips is expected to renew an effort to temporarily take control of Venezuela’s PDVSA oil inventories at the 335,000-barrel-per-day Isla refinery in Curacao in the coming days, according to sources close to the state-run firm’s operations in the Caribbean.
The U.S. oil company last week took PDVSA oil inventories and assets in Bonaire and St. Eustatius to enforce a $2 billion arbitration award by the International Chamber of Commerce. It tried to do the same using an ICC April ruling in Curacao, but the orders were rejected on that island because of improper wording, sources said.
Conoco’s legal maneuvering temporarily retains assets - from oil inventories, to cargoes and facilities - and could give Conoco the ability to sell them. (Reporting by Marianna Parraga and Gary McWilliams Editing by Phil Berlowitz)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/conocophillips-pdvsa/new-attachment-order-by-conoco-expected-in-curacao-in-coming-days-sources-idUSL1N1SE138 |
May 23, 2018 / 10:34 PM / Updated 43 minutes ago Canada blocks China's takeover of Aecon Reuters Staff 1 Min Read
(Reuters) - Canada has blocked a proposed takeover of construction company Aecon Group Inc ( ARE.TO ) by a unit of China Communications Construction Company Ltd ( 601800.SS ), a Canadian government official told Reuters on Wednesday.
The decision was taken on national security grounds, Bloomberg reported, citing a statement from Canadian Innovation Minister Navdeep Bains. bloom.bg/2s4RQLD
CCCC International Holding Ltd, the overseas investment and financing arm of China Communications, had offered to buy Aecon for C$1.51 billion (£880.6 million) in October.
Prime Minister Justin Trudeau had earlier said his government will closely monitor security issues when it decides whether to allow the deal, examining the implications for intellectual property protections.
Aecon is known for building Canada’s iconic CN tower in Toronto. Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D'Silva | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-aecon-group-m-a-canada/canada-blocks-chinas-takeover-of-aecon-idUKKCN1IO3F4 |
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR US DISSEMINATION
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Diversified Royalty Corp. (TSX:DIV) (TSX:DIV.DB) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months ended March 31, 2018 (“Q1 2018”).
Highlights
Revenues of $6.0 million for Q1 2018. Mr. Lube royalty rate on non-tire sales at flagship locations increased from 6.95% to 7.45% on May 1, 2018. Mr. Lube royalty pool was adjusted on May 1, 2018 to include two new Mr. Lube locations and to remove one Mr. Lube location that was permanently closed.
First Quarter Results
In Q1 2018, DIV generated $6.0 million of royalty revenue and management fees compared to $4.1 million in the first quarter of 2017. Revenues of $3.3 million were generated from Mr. Lube Canada Limited Partnership (“Mr. Lube”), $1.0 million from Sutton Group Realty Services Ltd. (“Sutton”), and $1.7 million were generated from the AIR MILES ® licenses.
Same-store-sales-growth (“SSSG”) was 4.5% for the Mr. Lube stores in the royalty pool in Q1 2018, compared to SSSG of 1.5% in the first quarter of 2017. Sutton’s fixed royalty increases at a contractual rate of 2% per year, which effectively represents 2% SSSG. According to Alliance Data Systems Inc.’s (“ADS”) news release dated April 19, 2018, the number of AIR MILES ® reward miles issued decreased by 1% in Q1 2018 and is trending to growth over the remainder of 2018.
First Quarter Commentary
Sean Morrison, President and Chief Executive Officer of DIV stated, “We are confident that Mr. Lube will continue to deliver robust operating results as they execute on their growth strategy. The historical positive SSSG, the increase in the Mr. Lube royalty rate on non-tire sales by 0.5% and the net addition to the Mr. Lube royalty pool reaffirms the high quality royalty stream of the Mr. Lube business. With approximately $83M of cash on hand, we continue to actively pursue discussions with several potential business partners with the aim of acquiring trademarks and royalties from a diverse group of high-quality businesses.”
Distributable Cash
In Q1 2018, distributable cash was $4.6 million ($0.0427 per share) compared to $3.4 million ($0.0325 per share) in the same quarter last year. The increase was primarily due to the incremental royalty income driven by the acquisition of the AIR MILES ® licenses on August 25, 2017. The increase was partially offset by higher interest expense related to the convertible debentures issued on November 7, 2017 and the term loan facility drawn on September 6, 2017 associated with the acquisition of the AIR MILES ® licenses.
In Q1 2018, dividends declared were in excess of distributable cash by $1.4 million, which resulted in a payout ratio of 130.1%. However, the Corporation has a dividend reinvestment plan that allows the dividends to be settled through a reinvestment in the Corporation’s shares. As a result, the payout ratio on a cash basis was 114.3% in Q1 2018. The shortfall in distributable cash was funded by the proceeds received from the sale of the trademarks and rights related to the Franworks Franchise Corp. business (the “FW Rights”) in November 2016.
The Corporation expects the payout ratio for the 2018 fiscal year, excluding the impact of the dividend reinvestment plan, to be in the range of 110% - 115% (on a cash basis, in the range of 100% - 105%), after taking into account the Mr. Lube royalty rate increase, the net addition to the Mr. Lube royalty pool, and seasonal fluctuations.
The Corporation intends to use the remaining proceeds from the sale of the FW Rights as well as the proceeds from the convertible debenture offering to fund future royalty acquisitions, with the intention of achieving a payout ratio that approximate 100% over time. The Corporation expects the payout ratio to remain over 100% until such time as further royalty acquisitions are completed and excess cash has been deployed.
Net Income
Net income for Q1 2018 was $2.6 million, compared to net income of $2.3 million in the first quarter of 2017. The increase in net income was primarily due to higher income from operations related to the acquisition of the AIR MILES ® licenses, offset by higher interest expense and income taxes.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV currently owns the Sutton, Mr. Lube and AIR MILES ® trademarks in Canada. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada with over 200 offices across Canada. Mr. Lube is the leading quick lube service business in Canada with 174 locations across Canada and over $225 million of annual system sales. AIR MILES ® is Canada’s largest coalition loyalty program with over 200 leading brand-name sponsors; approximately two-thirds of Canadian households actively participate in the AIR MILES ® Program.
DIV expects to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV expects to pay a predictable and stable dividend to shareholders and increase the dividend as cash flow per share increases allow.
Forward-Looking Statements
Certain statements contained in this news release may constitute “ forward-looking information ” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook . The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information and financial outlook , although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release to, statements made in relation to: ADS’s expectation of growth in AIR MILES ® issued over the remainder of 2018; DIV management’s belief that Mr. Lube will continue to deliver robust operating results as they execute on their growth strategy; DIV’s active pursuit of business development and royalty acquisition opportunities to deploy its $83 million of cash on hand; DIV’s ability to pay a predictable and stable dividend to shareholders; DIV’s expected payout ratio for the 2018 fiscal year; DIV’s intention to use the remaining proceeds from the sale of the FW Rights as well as the proceeds from the convertible debenture offering to fund future royalty acquisitions, with the intention of achieving a payout ratio that approximates 100% over time; DIV’s expectation that the payout ratio will remain over 100% until such time as further royalty acquisitions are completed; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook . DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that : the number of AIR MILES ® issued will grow over the remainder of 2018; DIV will use the net proceeds of the convertible debenture offering and/or the remaining proceeds from the sale of the FW Rights to fund future royalty acquisitions, or the timing thereof; DIV will be successful in identifying or completing any royalty acquisition opportunities; DIV will be able to make monthly dividend payments to the holders of its common shares; Mr. Lube will be successful in deploying its growth strategy and deliver robust operating results; the payout ratio for the 2018 fiscal year will align with management’s current expectations; DIV will achieve a payout ratio that approximates 100% over time; DIV’s payout ratio will remain over 100% until such time as further royalty acquisitions are completed and all excess cash has been deployed; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 28, 2018, which is available under DIV’s profile on SEDAR at www.sedar.com .
In formulating the forward-looking information and financial outlook contained herein, management has assumed that business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
To the extent any forward-looking information or statements in this presentation constitute a “financial outlook” within the meaning of securities laws, such information is being provided investors with timely disclosure of material financial information with respect to the expected financial performance of the Corporation and its royalty partners prior to the completion of year end audits.
All of the forward-looking information and financial outlook disclosed in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information and financial outlook included in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
DIV notes that the financial results reported in this news release for the three months ended March 31, 2018 are consistent with the preliminary results for such period reported in DIV’s news release dated April 19, 2018.
Non-IFRS Financial Measures
Management believes that disclosing certain non-IFRS financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to cash flows from operating activities as determined in accordance with IFRS.
“Distributable Cash”, “Same Store Sales Growth” and “payout ratio” are used as non-IFRS measures in this press release. For further details, see the “Description of Non-IFRS and Additional IFRS Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2018, a copy of which is available on SEDAR at www.sedar.com .
Third Party Information
This news release includes information obtained from third party company filings and reports and other publicly available sources. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the Corporation and other public filings, is available on SEDAR at www.sedar.com .
Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(604) 235-3146
Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(604) 235-3146
Source: Diversified Royalty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-diversified-royalty-corp-announces-first-quarter-2018-results.html |
0 COMMENTS The recent tax overhaul repealed a deduction for investment-advisory fees that effectively will raise fees for millions of investors. There are a few steps investors can take to ease the impact, writes Laura Sanders.
Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management business and more.
PLANNING & INVESTING
New York Found a Fix for Some Hit by Tax Law. Employers Are Skeptical: Companies worry about costs and complexity of a payroll levy that would skirt federal cap on state-tax deductions.
Watch Out: Junk Bonds Are Getting Junkier: Increased demand has allowed high-yield issuers to get away with weaker covenants that would never have been accepted in the past.
MARKET TALK
Labor Dept data show the labor force participation rate dropping to 62.8% in April from 62.9% in March and 63.0% in February. But there’s reason to believe the declines are blips. The rate has dropped steadily since the recession and has bounced around the 62.0%-63.0% range since 2014. Analysts say the rate’s sideways movement signals a balance between the improving economy and retiring Americans. “As baby boomers move into retirement years, the percentage of the population above 65 is growing, and they are much less prone to work,” said Stephen Stanley, chief economist at Amherst Pierpont Securities. This is “being almost exactly offset by cyclical tightening in the labor market.” To be sure, the rate for prime-age workers, 25-54-year-olds, also declined, but the “employment to population ratio of prime aged workers between 25-54 held steady at 79.2 percent which is a cyclical high,” RSM’s Chief Economist Joseph Brusuelas noted. ([email protected])
A potential downturn in U.K. credit conditions means RBS is still the top choice among large British banks, says Exane BNP Paribas. The decision by RBS to abandon 0% credit cards in 2014, and the fact that the lender has shrunk overall consumer credit exposure by 15% in three years leaves it relatively well-positioned, says Exane. Analysts at Exane note that RBS’s major rivals, Lloyds Bank and Barclays, have increased their consumer-credit exposure by 25% over the same period, and have more than twice as much capital consumed by unsecured credit. ([email protected])
BUSINESS & PRACTICE
HNA Scuttles Deal for Scaramucci’s SkyBridge: U.S. panel had said it would approve only after major changes to proposal by Chinese conglomerate.
TALKING POINTS
The Problem With a Federal Jobs Guarantee : Proposed legislation guaranteeing a job to anyone who wants one , at $15 an hour plus benefits, aims to eradicate underemployment.
TRAVEL & LIFESTYLE
What Savvy Wine Buyers Should Know About the Points System: In the world of wine, a rating of 95-100 equals retail magic. But what do those points really mean? The WSJ’s wine columnist investigated, and tasted high-rated wines to determine which ones really make the grade.
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The WSJ Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. It’s delivered to subscribers by email each workday morning; you can sign up for email delivery here: http://on.wsj.com/WealthAdviserSignup.
Follow WSJ Personal Finance on Twitter: @WSJpersfinance
Share this: wealth adviser wealth newsletter wealth_newsletter Previous Warren Buffett Vs. Elon Musk: Who's Better at Selling Candy? Next Jitters About Iran Deal Boosts Crude Prices—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/07/wsj-wealth-adviser-briefing-taxes-mooch-wine/ |
May 7 (Reuters) - Guotai Junan Securities :
* SAYS APRIL NET PROFIT AT 352.3 MILLION YUAN ($55.37 million) Source text in Chinese: bit.ly/2rqJjS1 ($1 = 6.3631 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-guotai-junan-securities-april-net/brief-guotai-junan-securities-april-net-profit-at-352-3-million-yuan-idUSH9N1SA00C |
GREEK-TURKISH BORDER, Northern Greece (Reuters) - As dawn breaks over the waterlogged plain along the border Greece shares with Turkey, an all-too familiar outline of refugees emerges through the morning haze, picking their way through a road well traveled by thousands before them.
Syrian refugees who crossed the Evros river, the natural border between Greece and Turkey, board a police truck transferring them to a first reception centre, near the village of Nea Vyssa, Greece, May 2, 2018. REUTERS/Alkis Konstantinidis Young parents carrying infants and widowed women following railway tracks they hope will lead them to a town have become a common sight in the fields at Greece’s north-eastern border region with Turkey.
“Do not send us back because we ran away from a war,” pleaded Maya, 28, from the Syrian city of Aleppo. When a Reuters team caught up with her, she, her father, her sister and her six children had been walking for 13 hours.
Two years after a sea passage used in a mass migration wave from Turkey to Greece’s islands was effectively sealed, more and more refugees are re-discovering an old smugglers’ route through the watery land border splitting the two countries.
In April alone, at least 2,900 people arrived in Greece via Evros, the river border separating Greece from Turkey. That equals half the estimated arrivals for 2017 overall, United Nations refugee agency UNHCR said on April 27.
A Syrian refugee who crossed the Evros river, the natural border between Greece and Turkey, rests in a field as they wait for the police to arrive and transfer them to a first reception centre, near the village of Nea Vyssa, Greece, May 2, 2018. REUTERS/Alkis Konstantinidis NEW ROUTE, REVISITED Police and local government officials in the region are worried at the trend. A burst in arrivals, they say, more or less mirror an upsurge in hostilities in either Iraq or Syria.
Nearly a million refugees and migrants crossed from Turkey to Greece’s islands in 2015, but that route all but closed after the European Union and Ankara agreed to stop the flow in March 2016.
Under the deal, anyone who crosses to the Greek islands must qualify for asylum or face deportation to Turkey. The accord effectively turned five Aegean islands into cramped holding camps for more than 15,000 people unable to leave until their claims are processed.
The land border does not appear to fall under the agreement, but a UNHCR official cautioned at jumping to conclusions the exclusion actually diverted the migrant flow elsewhere.
Slideshow (30 Images) Aid workers and police officials told Reuters those who arrive via the Evros river are taken to be registered, and then given a three month resident permit. Theoretically, they are free to move around Greece - unlike those on the islands.
TREACHEROUS WATERS About thirty-five refugees from the besieged Syrian city of Afrin took a country road close to the community of Nea Vyssa early in the morning of May 2.
One man cradled a month old baby, Abdu, in a small blue swaddling blanket. A second man strode, a blank look in his eyes as a sleeping toddler bounced around in the pouch he had strapped to his front.
Beyond that, a small blonde girl in pigtails and pink rubber boots scowled as an adult pulled her along the road, clutching a pink ragdoll.
It can take about five to six minutes to paddle one’s way across the Evros river, compared to a harrowing journey in the open seas on overcrowded rafts. Yet the fast-moving waters are treacherous.
Before the sea corridor between Turkey and Greek islands became a grave for hundreds of refugees in 2015, Evros had claimed at least 1,500 lives over the past 18 years.
Twelve deaths in the first quarter of the year have outpaced all of 2017 put together, when 8 people drowned, said associate professor of forensic medicine Pavlos Pavlidis.
“I can only hope the number stays there ... but we expect the worst has yet to come because the influx has risen,” he told Reuters.
Writing By Michele Kambas; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-greece-evros-widerima/as-greek-islands-heave-under-influx-refugees-turn-to-old-river-route-idUSKBN1I41R7 |
* Dollar index near 4 1/2-month high
* U.S. inflation seen picking up
* Kiwi falls after RBNZ says rates could go both ways
* Malaysia ringgit tumbles after election upset
By Hideyuki Sano
TOKYO, May 10 (Reuters) - The dollar held firm on Thursday after the 10-year U.S. bond yield rose back to the psychologically important 3 percent mark and investors looked to U.S. consumer price data due later to show a acceleration in inflation.
The dollar index against a basket of six major currencies stood at 93.11 after hitting a 4 1/2-month high of 93.42, extending its gains from its April low to 4.7 percent.
“Rises in the U.S. interest rates are pushing the dollar higher,” said Ayako Sera, market economist at Sumitomo Mitsui Trust Bank, noting that investor sentiment is stronger now than in February when worries about higher interest rates hit stock prices.
“At the moment, inflation is higher and there’s no major risk-off factors, with even the U.S. exit from the Iran nuclear deal having a minor impact. In that kind of environment, interest rates differentials will end up being the main driver for the dollar,” she said.
U.S. consumer price data due at 1230 GMT is expected to show the annual core CPI inflation to have risen to 2.2 percent in April, which would be highest in more than a year, from 2.1 percent in March.
U.S. producer price inflation on Wednesday was slightly weaker than expected, however, this had little impact on market sentiment.
The 10-year U.S. bond yield rose above 3 percent on Wednesday, edging near its 2014 peak of 3.041 percent. It last stood at 2.990 percent.
The dollar stood little changed at 109.85 yen, but remained close to its three-month high of 110.05 yen touched on May 2.
The euro hit a 4-1/2 month low of $1.1823 on Wednesday, having fallen in six of the last seven sessions. It last traded at $1.1851. The British pound hovered above Monday’s four-month low as traders expect the Bank of England to keep rates on hold at its meeting later in the day.
A recent run of weak UK economic data and renewed worries about Brexit have led markets to price out the possibility of a rate hike this month.
The pound last stood flat at $1.3548, not far from $1.3485 touched on Monday.
The New Zealand dollar shed as much as 0.9 percent to a five-month low of $0.6929 after the Reserve Bank of New Zealand (RBNZ) held interest rates steady and said the next move in rates could just as easily be a cut as a hike.
“The RBNZ surprised markets with a slight dovish shift. It kept the OCR (official cash rate) on hold, as was widely expected, but notably allowed for the OCR to move ‘up or down’, rather than simply on hold – a slightly dovish development in our view,” said Imre Speizer, economist at Westpac in Auckland.
The Malaysian ringgit fell 2.4 percent in the non-deliverable forward market, its biggest daily fall in a year and a half, after Malaysia’s ruling coalition that has dominated the country for six decades was unexpectedly voted out of power.
An alliance of opposition parties led by former Prime Minister Mahathir Mohamad clinched the simple majority required to rule. (Additional reporting by Swati Pandey; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-firm-as-rate-advantages-come-under-spotlight-idUSL3N1SG77C |
May 3 (Reuters) - PAPOUTSANIS INDUSTRIAL AND COMMERCIAL OF CONSUMER GOODS SA:
* SAYS THE SHARE CAPITAL REDUCTION WAS APPROVED UNANIMOUSLY BY EUR 251,184.10
* SAYS PURPOSE IS TO RETURN CAPITAL THROUGH CASH PAYMENTS TO SHAREHOLDERS Source text : bit.ly/2HQdcSQ (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-papoutsanis-reduces-its-share-capi/brief-papoutsanis-reduces-its-share-capital-by-eur-251184-idUSFWN1SA0K9 |
7:55 PM ET Tue, 15 Nov 2016 | 01:13
When it comes to naming the best city in the United States, everyone has their own opinion and their own way to measure . "Ask ten people and you'll get ten different answers," says real estate website RENTCafé. So it set out to come up with its own metric for which US cities have improved most, since a city has to be "capable of progress," it says, "to be considered attractive in the long run."
To qualify what makes a city increasingly prosperous, RENTCafé looked at six indicators in cities with populations exceeding 100,000 to see how they've improved "between 2000 and 2016, according to U.S. Census data, and single out the ones that have made the most progress overall."
The indicators include shifts in median income, home values and the share of residents with higher-education, as well as changes in population, poverty and unemployment rate. The final ranking is based on the combined value of the individual ranks of the six main fields.
Based on that data, here are the top 5 most prosperous U.S. cities: Odessa, Texas | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/top-5-most-prosperous-us-cities-based-on-income-education-and-jobs.html |
PHNOM PENH, May 9 (Reuters) - As many as 13 foreign journalists have resigned en masse from a Cambodian newspaper, the Phnom Penh Post, in protest at what they called editorial interference following its sale to a Malaysian businessman.
The sale of the English-language newspaper, announced at the weekend, came amid increasing concern about a crackdown by long-serving Prime Minister Hun Sen against his critics ahead of a general election set for July 29.
The resignations followed the announcement of the sale of the paper by Australian mining magnate Bill Clough, who has owned it since 2008, to Malaysian investor Sivakumar Ganapathy, whose public relations firm lists Hun Sen as a client.
The resignations of as many as 13 editors and reporters leave no foreign journalists at the paper, which has built a reputation for independent reporting that can be critical of the government on issues such as illegal logging and corruption.
“We did what we felt we had to do to maintain our journalistic integrity,” one of the journalists who resigned, Andrew Nachemson, an American, told Reuters.
“It was a difficult and very personal decision, and I wish all my Cambodian colleagues the best.”
Ganapathy did not immediately respond to telephone calls from Reuters on Wednesday to seek comment.
Erin Handley, a sub-editor, said she was filled with admiration for the staff remaining at the paper.
“Can’t say how much admiration I have for Khmer reporters who are staying, despite everything,” Handley said on social network Twitter.
Representatives of Ganapathy ordered the removal from the newspaper’s website on Monday of an article critical of the sale, several reporters at the paper said.
The incident led to the firing of the editor-in-chief, Kay Kimsong, a Cambodian, after he refused to take down the article, Kimsong told Reuters.
In a statement on Monday, Ganapathy said the article, since removed from the website, was a “disgrace and an insult to the independence claim of the newspaper.”
International rights groups and journalism bodies have said they fear the sale of the paper, founded in 1992, could signal the end of independent media in Cambodia ahead of the July vote.
Another English-language paper, the Cambodia Daily, shut down last year after the government gave its a month to settle a $6.3-million tax bill.
A third English-language paper, the Khmer Times, is owned by another Malaysian. It takes a pro-government stance.
Ganapathy is the managing director of Asia Public Relations Consultants Sdn Bhd, headquartered in Kuala Lumpur, whose website referred to “Cambodia and Hun Sen’s entry into the government seat” as one of its projects.
When a Reuters journalist visited the firm’s office in Kuala Lumpur, the Malaysian capital, on Tuesday, the door was locked and nobody responded to several rings on the doorbell.
A representative for the firm declined on Tuesday to comment to Reuters on the sale, adding that Ganapathy was travelling abroad for the next two weeks. (Additional reporting by Rozanna Latiff in Kuala Lumpur Writing by Amy Sawitta Lefevre Editing by Clarence Fernandez)
| ashraq/financial-news-articles | https://www.reuters.com/article/cambodia-politics-media/foreign-reporters-quit-newspaper-in-cambodia-en-masse-after-sale-idUSL3N1SG1P8 |
Ireland gears up for abortion vote 01:49 Sun, 20 May, 2018 - (0:49) Follow Reuters: Advertise with Us | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/ireland-gears-up-for-abortion-vote?videoId=429512926 |
AT&T CEO: Media model has to change 52 Mins Ago AT&T CEO Randall Stephenson speaks onstage at the Code Conference about the merger with Time Warner. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-media-model.html |
Amazon is showing what it's like to have a home completely controlled by Alexa Todd Haselton Reblog Amazon is working with Lennar to demo model homes that can be controlled by Alexa. Customers who visit the new "Amazon Experience Centers" can see how Alexa can control thermostats, shades, lights and more. Apple has taken a similar approach, and Amazon is battling Google to get into your home, too. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/amazon-launches-amazon-experience-centers-controlled-by-alexa.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
HOUSTON, May 02, 2018 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) today announced its first quarter 2018 financial and operating results, provided an operational update and revised 2018 guidance.
Net production for the three months ended March 31, 2018 averaged 10,967 barrels of oil equivalent per day (Boe/d), which was a 75% increase from the fourth quarter of 2017 production level of 6,283 Boe/d. Additionally, the first quarter production rate is more than 100% higher than Halcón’s fourth quarter 2017 production rate pro forma for the Williston Non-Op asset sale. Production was comprised of 70% oil, 15% natural gas liquids (NGLs) and 15% natural gas for the first quarter.
Halcón generated total revenues of $49.3 million for the first quarter of 2018. The Company reported a net loss available to common stockholders of $(2.6) million or a net loss per basic and diluted share of $(0.02) for the same period. After adjusting for selected items (see Selected Item Review and Reconciliation table for additional information), the Company generated a net loss of $(8.7) million, or $(0.06) per diluted share for the first quarter of 2018. Adjusted EBITDA (see EBITDA Reconciliation table for additional information) totaled $18.1 million for the first quarter of 2018 as compared to $2.2 million for the fourth quarter of 2017.
Excluding the impact of hedges, Halcón realized 99% of the average NYMEX oil price, 41% of the average NYMEX oil price for NGLs and 87% of the average NYMEX natural gas price during the first quarter of 2018. Halcón realized hedge losses of approximately $5.2 million during the first quarter.
Liquidity and Capital Spending
The Company recently received approval on its senior secured revolving credit facility for a borrowing base of $200 million effective May 1, 2018. This represents a 100% increase in Halcón’s borrowing base vs. its previous level of $100 million. As of March 31, 2018, Halcón’s liquidity was $380 million pro forma for the closing of its West Quito Draw acquisition and the new borrowing base. This liquidity consisted of $182 million of pro forma cash on hand plus $200 million of undrawn revolver availability, less letters of credit outstanding.
During the first quarter of 2018, Halcón incurred capital costs of approximately $116 million on drilling and completions, $112 million on acquisitions and $38 million on infrastructure, seismic and other.
Hedging Update
As of May 2, 2018, Halcón had 10,673 barrels per day (bbl/d) of oil hedged for the last nine months of 2018 at an average price of $52.92 per barrel. For 2019, the Company has 14,000 bbl/d of oil hedged at an average price of $55.76 per barrel.
As of May 2, 2018, Halcón had 7,500 MMBtu/d of natural gas hedged for the last nine months of 2018 at an average price of $3.16 per MMBtu. For 2019, the Company has 5,000 MMBtu/d of gas hedged at an average price of $2.81 per MMBtu.
Operations Update
Halcón is currently producing in excess of 13,500 Boe/d net. The Company expects second quarter 2018 production to average between 13,000 and 14,000 Boe/d net. Halcón is currently running three operated rigs in the Delaware Basin with a fourth operated rig coming in the next few weeks. These four rigs will spend most of the remainder of 2018 in Monument Draw and West Quito Draw. The Company also has one full-time frac crew operating and plans to source a spot frac crew in the second half of 2018.
Halcón currently holds 22,479 net acres in its Monument Draw area. The Company has five horizontal lower Wolfcamp wells producing in this area. Additionally, Halcón has two wells waiting on completion and another three wells currently being drilled in this area. Halcon’s average 30 day peak IP rate for its first five operated horizontal wells in Monument Draw was 1,575 Boe/d (average completed lateral length of 8,706 feet). This area is currently producing approximately 3,850 Boe/d, net.
Halcón currently holds 10,622 net acres in its West Quito Draw area. The Company plans to spud its first operated horizontal Wolfcamp well in this area this summer. This area is currently producing approximately 1,350 Boe/d, net.
Halcón currently holds 27,115 net acres in its Hackberry Draw area. The Company has drilled and completed 14 horizontal wells (twelve Wolfcamp, one 2 nd Bone Spring and one 3 rd Bone Spring). Additionally, Halcón has three wells flowing back after frac, one well being drilled out and another well currently being frac’d in this area. Halcon’s average 30 day peak IP rate for its first 9 operated Wolfcamp horizontal wells with 30 day rates available in Hackberry Draw was 936 Boe/d. The Company’s first 2 nd Bone Spring horizontal well in Hackberry Draw, the Berkley State West 2H, is one of the three wells currently flowing back after frac. This area is currently producing approximately 8,250 Boe/d, net.
Revised 2018 Guidance
The guidance table below has been updated from previous 2018 guidance to reflect the addition of a fourth operated rig in May, 2018 as well as the inclusion of the Company’s recently acquired West Quito Draw properties. This guidance also assumes a second spot frac crew is operating from mid-August to October, 2018.
2Q 2018 4Q 2018 Full Year 2018 Production (Boe/d) Total 13,000 - 14,000 23,000 - 25,000 15,000 – 20,000 % Oil 68% - 72% % Gas 14% - 16% % NGL 14% - 16% Capex ($MM) D&C Capex (1) $425 - $475 Infrastructure, Seismic and Other Capex $70 - $90 Operating Costs and Expenses Lease Operating & Workover ($/Boe) $4.25 – $5.25 Gathering, Transportation & Other ($/Boe) $3.00 – $4.00 Cash G&A ($MM) $40 - $45 Production Taxes (% of Revenue) 6% – 7% (1) Excludes capitalized G&A. Floyd C. Wilson commented “Our revised 2018 guidance includes the impact of our recently acquired West Quito properties and the addition of a fourth rig in May. It’s important to note that our revised 2018 production guidance assumes we don’t bring a second spot frac crew in until Mid-August of 2018. This timing results in back-end weighted production growth for us in 2018 with a fourth quarter production rate expected to be around 24,000 boe/d. This sets us up nicely as we head into 2019. I also want to emphasize that our 2018 drilling plan consists of almost entirely long laterals in excess of 9,000 feet. Although long lateral development results in longer cycle times, long laterals are a more capital efficient way to develop assets over the long-run. We are well positioned to withstand any takeaway issues in the Permian through 2019 with takeaway contracts in place for oil and gas. We are evaluating ways to create value and have options available to us including joint venture and infrastructure divestiture opportunities. We continue to focus on execution and efforts to control costs while optimizing drilling and completion programs.”
Conference Call and Webcast Information
Halcón Resources Corporation (NYSE:HK) has scheduled a conference call for Thursday, May 3, 2018, at 11:00 a.m. EDT (10:00 a.m. CDT). To participate in the conference call, dial (800) 239-9838 for domestic callers, and (323) 794-2551 for international callers a few minutes before the call begins and reference Halcón Resources conference ID 9312036. The conference call will also be webcast live over the Internet on Halcón Resources’ website at http://www.halconresources.com in the Investors section under Events and Presentations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company focused on the acquisition, production, exploration and development of liquids-rich onshore oil and natural gas assets in the United States.
For more information contact Quentin Hicks, Executive Vice President of Finance, Capital Markets & Investor Relations, at 832-538-0557 or [email protected] .
Forward-Looking Statements
This release contains 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. Statements that are not strictly historical statements constitute . Forward-looking statements include, among others, statements about anticipated production, divestitures, liquidity, capital spending and drilling and completion plans. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", “projects”, "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and other filings submitted by the Company to the U.S. Securities and Exchange Commission (SEC), copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com . Readers should not place undue reliance on any such , which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update as a result of new information, future events or changes in the Company's expectations.
HALCÓN RESOURCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ 43,069 $ 122,521 Natural gas 2,319 6,219 Natural gas liquids 3,712 6,025 Total oil, natural gas and natural gas liquids sales 49,100 134,765 Other 155 833 Total operating revenues 49,255 135,598 Operating expenses: Production: Lease operating 4,915 20,644 Workover and other 1,361 11,441 Taxes other than income 3,029 11,576 Gathering and other 6,422 11,942 Restructuring 101 755 General and administrative 15,210 20,849 Depletion, depreciation and accretion 15,991 32,886 (Gain) loss on sale of oil and natural gas properties 3,679 (231,190 ) Total operating expenses 50,708 (121,097 ) Income (loss) from operations (1,453 ) 256,695 Other income (expenses): Net gain (loss) on derivative contracts 5,903 26,398 Interest expense and other (7,048 ) (24,843 ) Gain (loss) on extinguishment of debt - (56,898 ) Total other income (expenses) (1,145 ) (55,343 ) Income (loss) before income taxes (2,598 ) 201,352 Income tax benefit (provision) - (12,000 ) Net income (loss) (2,598 ) 189,352 Non-cash preferred dividend - (801 ) Net income (loss) available to common stockholders $ (2,598 ) $ 188,551 Net income (loss) per share of common stock: Basic $ (0.02 ) $ 2.07 Diluted $ (0.02 ) $ 1.69 Weighted average common shares outstanding: Basic 153,884 91,274 Diluted 153,884 112,084
HALCÓN RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) March 31, 2018 December 31, 2017 Current assets: Cash and cash equivalents $ 382,075 $ 424,071 Accounts receivable 41,608 36,416 Receivables from derivative contracts 13,465 677 Prepaids and other 10,520 10,628 Total current assets 447,668 471,792 Oil and natural gas properties (full cost method): Evaluated 984,861 877,316 Unevaluated 898,515 765,786 Gross oil and natural gas properties 1,883,376 1,643,102 Less - accumulated depletion (584,616 ) (570,155 ) Net oil and natural gas properties 1,298,760 1,072,947 Other operating property and equipment: Other operating property and equipment 130,820 101,282 Less - accumulated depreciation (5,424 ) (4,092 ) Net other operating property and equipment 125,396 97,190 Other noncurrent assets: Receivables from derivative contracts 4,590 - Funds in escrow and other 21,658 1,691 Total assets $ 1,898,072 $ 1,643,620 Current liabilities: Accounts payable and accrued liabilities $ 113,606 $ 131,087 Liabilities from derivative contracts 26,448 19,248 Total current liabilities 140,054 150,335 Long-term debt, net 612,055 409,168 Other noncurrent liabilities: Liabilities from derivative contracts 7,097 7,751 Asset retirement obligations 4,641 4,368 Commitments and contingencies Stockholders' equity: Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 160,468,799 and 149,379,491 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 16 15 Additional paid-in capital 1,081,105 1,016,281 Retained earnings (accumulated deficit) 53,104 55,702 Total stockholders' equity 1,134,225 1,071,998 Total liabilities and stockholders' equity $ 1,898,072 $ 1,643,620
HALCÓN RESOURCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ (2,598 ) $ 189,352 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depletion, depreciation and accretion 15,991 32,886 (Gain) loss on sale of oil and natural gas properties 3,679 (231,190 ) Stock-based compensation, net 3,581 8,347 Unrealized loss (gain) on derivative contracts (11,113 ) (24,214 ) Amortization of deferred loan costs 292 185 Amortization of discount and premium 132 1,644 Loss (gain) on extinguishment of debt - 56,898 Accrued settlements on derivative contracts 1,492 (1,265 ) Other income (expense) (1,386 ) (883 ) Cash flow from operations before changes in working capital 10,070 31,760 Changes in working capital (22,652 ) 13,800 Net cash provided by (used in) operating activities (12,582 ) 45,560 Cash flows from investing activities: Oil and natural gas capital expenditures (127,885 ) (43,803 ) Proceeds received from sale of oil and natural gas properties (4,034 ) 477,306 Acquisition of oil and natural gas properties (132,464 ) (707,304 ) Acquisition of other operating property and equipment - (25,538 ) Other operating property and equipment capital expenditures (30,721 ) (502 ) Proceeds received from sale of other operating property and equipment 1,899 10,286 Funds held in escrow and other 157 - Net cash provided by (used in) investing activities (293,048 ) (289,555 ) Cash flows from financing activities: Proceeds from borrowings 206,000 1,029,000 Repayments of borrowings - (1,065,000 ) Cash payments to Noteholders - (30,917 ) Debt issuance costs (3,371 ) (15,508 ) Preferred stock issued - 400,055 Common stock issued 63,480 - Offering costs and other (2,475 ) (11,502 ) Net cash provided by (used in) financing activities 263,634 306,128 Net increase (decrease) in cash and cash equivalents (41,996 ) 62,133 Cash and cash equivalents at beginning of period 424,071 24 Cash and cash equivalents at end of period $ 382,075 $ 62,157
HALCÓN RESOURCES CORPORATION SELECTED OPERATING DATA (Unaudited) Three Months Ended March 31,
2018 2017 Production volumes: Crude oil (MBbls) 693 2,631 Natural gas (MMcf) 886 2,439 Natural gas liquids (MBbls) 146 425 Total (MBoe) 987 3,463 Average daily production (Boe/d) 10,967 38,478 Average prices: Crude oil (per Bbl) $ 62.15 $ 46.57 Natural gas (per Mcf) 2.62 2.55 Natural gas liquids (per Bbl) 25.42 14.18 Total per Boe 49.75 38.92 Cash effect of derivative contracts: Crude oil (per Bbl) $ (7.63 ) $ 0.79 Natural gas (per Mcf) 0.09 0.05 Natural gas liquids (per Bbl) - - Total per Boe (5.28 ) 0.63 Average prices computed after cash effect of settlement of derivative contracts: Crude oil (per Bbl) $ 54.52 $ 47.36 Natural gas (per Mcf) 2.71 2.60 Natural gas liquids (per Bbl) 25.42 14.18 Total per Boe 44.47 39.55 Average cost per Boe: Production: Lease operating $ 4.98 $ 5.96 Workover and other 1.38 3.30 Taxes other than income 3.07 3.34 Gathering and other, as adjusted (1) 5.55 2.66 Restructuring 0.10 0.22 General and administrative, as adjusted (1) 11.35 3.44 Depletion 14.65 9.07 (1) Represents gathering and other and general and administrative costs per Boe, adjusted for items noted in the reconciliation below: General and administrative: General and administrative, as reported $ 15.41 $ 6.02 Stock-based compensation: Non-cash (3.63 ) (2.41 ) Transaction costs and other: Cash (0.43 ) (0.17 ) General and administrative, as adjusted (2) $ 11.35 $ 3.44 Gathering and other, as reported $ 6.51 $ 3.45 Rig stacking charges (0.96 ) (0.79 ) Gathering and other, as adjusted (3) $ 5.55 $ 2.66 Total operating costs, as reported $ 31.35 $ 22.07 Total adjusting items (5.02 ) (3.37 ) Total operating costs, as adjusted (4) $ 26.33 $ 18.70 (2) General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plans, as well as other cash charges associated with certain transactions. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
(3) Gathering and other, as adjusted, is a non-GAAP measure that excludes rig stacking charges incurred as a result of reductions in our drilling activities due to a dramatic decline in oil and natural gas prices beginning in 2014. The Company believes that it is useful to understand the effects that these charges have on gathering and other expense and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
(4) Represents lease operating, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in reconciliation above.
HALCÓN RESOURCES CORPORATION SELECTED ITEM REVIEW AND RECONCILIATION (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2018 2017 As Reported: Net income (loss) available to common stockholders, as reported $ (2,598 ) $ 188,551 Non-cash preferred dividend - 801 Net income (loss), as reported (2,598 ) 189,352 Impact of Selected Items: Unrealized loss (gain) on derivatives contracts: Crude oil $ (10,125 ) $ (23,560 ) Natural gas (988 ) (654 ) Total mark-to-market non-cash charge (11,113 ) (24,214 ) (Gain) loss on sale of oil and natural gas properties 3,679 (231,190 ) Loss (gain) on extinguishment of debt - 56,898 Restructuring 101 755 Rig stacking charges, transaction costs and other 1,219 3,330 Selected items, before income taxes (6,114 ) (194,421 ) Income tax effect of selected items (1) - 12,000 Selected items, net of tax (6,114 ) (182,421 ) As Adjusted: Net income (loss) available to common stockholders, excluding selected items (2) $ (8,712 ) $ 6,931 Basic net income (loss) per common share, as reported $ (0.02 ) $ 2.07 Impact of selected items (0.04 ) (1.99 ) Basic net income (loss) per common share, excluding selected items (2) $ (0.06 ) $ 0.08 Diluted net income (loss) per common share, as reported $ (0.02 ) $ 1.69 Impact of selected items (0.04 ) (1.63 ) Diluted net income (loss) per common share, excluding selected items (2)(3) $ (0.06 ) $ 0.06 Net cash provided by (used in) operating activities $ (12,582 ) $ 45,560 Changes in working capital 22,652 (13,800 ) Cash flow from operations before changes in working capital 10,070 31,760 Cash components of selected items (24 ) 5,271 Income tax effect of selected items (1) - 12,000 Cash flow from operations before changes in working capital, adjusted for selected items (2) $ 10,046 $ 49,031 (1) For the 2017 column, this represents the tax impact from the estimated alternative minimum tax generated primarily by the gain from the sale of the El Halcó n Assets.
(2) Net income (loss) and earnings per share excluding selected items and cash flow from operations before changes in working capital adjusted for selected ite ms are non-GAAP measures presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results. Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods. These financial measures are not measures of financial pe rformance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flow from operations, as defined by GAAP. These financial measur es may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to H alcón's performance.
(3) The impact of selected items for the three months ended March 31,2018 was calculated based upon weighted average diluted shares of 153.9 million due to the net loss available to common stockholders, excluding selected items. The impact of selected items for the three months ended March 31, 2017 was calculated based upon weighted average diluted shares of 112.1 million due to the net income available to common stockholders, excluding selected ite ms.
HALCÓN RESOURCES CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) Three Months Ended March 31, 2018 2017 Net income (loss), as reported $ (2,598 ) $ 189,352 Impact of adjusting items: Interest expense 9,602 25,190 Depletion, depreciation and accretion 15,991 32,886 Income tax provision (benefit) - 12,000 Stock-based compensation 3,581 8,347 Interest income (1,165 ) (99 ) (Gain) loss on sale of other assets (1,241 ) 68 Restructuring 101 755 Loss (gain) on extinguishment of debt - 56,898 (Gain) loss on sale of oil and natural gas properties 3,679 (231,190 ) Unrealized loss (gain) on derivatives contracts (11,113 ) (24,214 ) Rig stacking charges 945 2,743 Transaction costs and other 274 587 Adjusted EBITDA (1) $ 18,056 $ 73,323 (1) Adjusted EBITDA is a non-gaap measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods. This financ ial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Halcón's performance.
Source:Halcon Resources Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-halcan-resources-announces-first-quarter-2018-results-provides-an-operational-update-and-revised-2018-guidance.html |
Mueller said he could issue a Trump subpoena 5:38am EDT - 01:26
Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump's lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday.
Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump's lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday. //reut.rs/2reiOPL | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/mueller-said-he-could-issue-a-trump-subp?videoId=423161738 |
May 15, 2018 / 8:32 PM / Updated 5 minutes ago Berkshire Hathaway doubles Teva bet, confirms Apple purchases Reuters Staff 1 Min Read
(Reuters) - Warren Buffett’s Berkshire Hathaway Inc ( BRKa.N ) on Tuesday said it has more than doubled its investment in generic drugmaker Teva Pharmaceutical Industries Ltd ( TEVA.TA ), and confirmed it has become Apple Inc’s ( AAPL.O ) second-largest shareholder. FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo
Berkshire said it owned about 40.5 million Teva American depositary receipts (ADRs) worth about $693 million as of March 31, up from 18.9 million ADRs three months earlier.
The disclosure was made in a filing with the U.S. Securities and Exchange Commission detailing Berkshire’s U.S.-listed stock holdings as of March 31.
Berkshire also said it boosted its Apple stake to about 239.6 million shares worth more than $40 billion as of March 31, up from 165.3 million shares three months earlier. Reporting by Jonathan Stempel in New York, editing by G Crosse | ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-funds-berkshire-hatha/berkshire-hathaway-doubles-teva-bet-confirms-apple-purchases-idUSKCN1IG36Y |
May 27, 2018 / 5:29 PM / Updated 41 minutes ago Nadal begins title defence against Bolelli on second day Reuters Staff 2 Min Read
(Reuters) - World number one Rafa Nadal begins his French Open title defence on Monday with a clash against Italy’s Simone Bolelli on Court Philippe-Chatrier. Tennis - French Open - Roland Garros, Paris, France - May 26, 2018. Spain's Rafael Nadal attends an exhibition match. REUTERS/Pascal Rossignol
Novak Djokovic, looking to get back to winning ways on the biggest stage following elbow surgery, takes on unseeded Brazilian Rogerio Dutra Silva.
Dominic Thiem, one of the players capable of denying Spaniard Nadal a record-extending 11th title at Roland Garros, opens his campaign on Court One against Ilya Ivashka of Belarus.
Five-times grand slam champion Maria Sharapova is also in action, with the Russian taking on Richel Hogenkamp of the Netherlands on Court Suzanne-Lenglen.
Order of play on the main showcourts (all matches first round, times GMT, prefix numbers denote seeding):
Court Philippe-Chatrier (play starts at 0900)
8-Petra Kvitova (Czech Republic) v Veronica Cepede Royg (Paraguay)
Rogerio Dutra Silva (Brazil) v 20-Novak Djokovic (Serbia)
Danielle Collins (U.S.) v 2-Caroline Wozniacki (Denmark)
1-Rafa Nadal (Spain) v Simone Bolelli (Italy)
Court Suzanne-Lenglen (0900)
Guillermo Garcia-Lopez(Spain) v 23-Stan Wawrinka (Switzerland)
Andrea Petkovic (Germany) v 29-Kristina MLADENOVIC (France)
Andreas Seppi (Italy) v 27-Richard Gasquet (France)
28-Maria Sharapova (Russia) v Richel Hogenkamp (Netherlands)
Court 1 (0900)
Benoit Paire (France) v Roberto Carballes Baena (Spain)
7-Dominic Thiem (Austria) v Ilya Ivashka (Belarus)
Laura Siegemund (Germany) v 15-Coco Vandeweghe (U.S.)
Barbora Krejcikova (Czech Republic) v 6-Karolina Pliskova (Czech Republic) Reporting by Shrivathsa Sridhar in Bengaluru | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-order/nadal-begins-title-defence-against-bolelli-on-second-day-idUKKCN1IS0MS |
(Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd ( 005930.KS ) should pay $539 million to Apple Inc ( AAPL.O ) for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages.
The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury “agree that Samsung should pay for copying our products.”
“We believe deeply in the value of design,” Apple said in its statement. “This case has always been about more than money.”
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining “all options” to contest it.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favour of Samsung on the scope of design patent damages,” Samsung said in a statement. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.”
A Samsung logo and a logo of Apple are seen in this September 23, 2014 illustration photo. REUTERS/Dado Ruvic/File Photo TPX IMAGES OF THE DAY The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone’s design. The jury awarded Apple $533.3 million for Samsung’s violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone’s design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week’s trial.
Apple’s case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
The verdict appears to be a compromise between Apple and Samsung’s positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
“This decision just means we are going to have more uncertainty,” Burstein said. “Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test.”
Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/apple-samsung-elec/u-s-jury-awards-apple-539-million-in-samsung-patent-retrial-cnet-idINKCN1IP3RQ |
TOKYO (Reuters) - Japan’s Finance Ministry, Financial Services Agency and the Bank of Japan held a meeting to discuss global market developments on Friday, the central bank said.
Senior officials from the three agencies meet occasionally for exchanges on financial markets. Past meetings have frequently been held when markets were volatile.
Reporting by Leika Kihara; Editing by Richard Borsuk
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-boj/japans-finance-ministry-fsa-boj-hold-meeting-on-markets-boj-idUSKCN1IQ11N |
May 1, 2018 / 4:52 PM / Updated 19 minutes ago Debt funds lever up as fund financing grows Max Bower 6 Min Read
(LPC) - The size of fund financing loans is increasing along with banks’ exposure to the US$400bn (294 billion pounds) market as managers raise ever-larger funds, but the wall of cash pouring into the sector is also encouraging smaller debt funds to leverage portfolios to maintain returns. FILE PHOTO: A bronze sculpture of the New York Stock Exchange Bull is seen at the Museum of American Finance in New York October 2, 2008. REUTERS/Shannon Stapleton
Up to 50 banks are now competing to offer subscription lines of up to €2bn to support multi-billion dollar private equity funds, but fund financing specialists are also seeing rising demand for Net Asset Value (NAV) lines from smaller debt funds, including direct lenders, CLOs and real estate funds.
Fund financing is one of the fastest growing areas of the syndicated loan market as it supports the booming institutional buyside. Two thirds of managers now use fund lines, according to a recent eVestment report.
But the market is opaque and deal structures are becoming more sophisticated and complex as more banks compete aggressively for business.
“Structures have changed and become more complex as business have got more complex. This gives borrowers some power,” a banker said.
Subscription lines make up around 80% of the fund financing market and are typically used by private equity firms to cover the gap between calling for LP investors’ commitments and receiving funds. They are based on investors’ credit profiles and do not add leverage.
Net Asset Value lines are based on the value of assets in funds’ portfolios and do add leverage which helps to boost returns. General Partners (GP) lines are secured against fund management fees.
Hybrid lines, which combine subscription lines and NAV lines, are being hailed as the future of fund financing, but are growing slowly as they are complex and difficult to execute in practice.
“There’s been a lot of talk of hybrid lines,” said Ben Griffiths, global head of fund financing at MUFG, citing the mixture of expertise from banks and complex documentation as hindering its growth. ‘DEEP WATERS’
NAV lines are becoming more popular with smaller debt funds, according to Gavin Rees, head of global fund banking at Silicon Valley Bank. Funds are turning to leverage to maintain returns as yields have sunk across the capital markets.
Demand for NAV lines increased noticeably in the first quarter, according to Phil Lovett, head of leveraged finance UK at Silicon Valley Bank.
“There’s a need for leverage at the debt fund level because managers have over-promised on returns to their end investors.” Lovett said.
Using the facilities can increase returns to up to 10%, compared to 6%-8% on an unlevered funds, Brent Humphries, president at AB Private Credit Investors said.
Lenders are more comfortable giving additional leverage to debt funds, as the assets that they invest in are more liquid than private equity commitments, but not all market observers are sanguine.
“These are very deep waters,” a London-based head of leveraged finance said. “All signed deals look good on paper and no one goes into them thinking they’ll lose money, but there will be a lot of pain ahead.” NO DEFAULT
Although the fund financing market has had no defaults to date on subscription lines, the growing size of deals and more aggressive terms are requiring lenders to read the fine print of the legal documents more carefully, and look at the bigger picture.
Banks deal with fund financing in several different departments, which can make aggregating exposure difficult, and even potentially problematic in a severe downturn.
“Fund financing usually sits in the fund-related products division, but often the expertise required sits in different parts of the bank,” the first banker said.
As subscription lines effectively bridge LP investors’ commitments, any possible funding exceptions need also need increasingly careful consideration. Side letters can allow LP investors, including high net worth individuals, pension and insurance funds and sovereign wealth funds, to potentially avoid funding.
“There are more most favoured nation clauses today in side letters which can increase the risk of LPs being able to walk away from fund commitments in extreme circumstances – this increases the need to review and understand the side-letters which appear to be getting more complex,” said Lee Doyle, global head of bank industry at Ashurst in London.
Some sovereign wealth funds have sovereign immunity that could allow them not to be called on funding commitments which provide security for subscription lines and some US State public pension funds can also be exempt, which is prompting lenders to do more intensive due diligence.
“When you see funds with fewer LPs, and especially with single investor sovereign wealth funds, due to the lack of diversity there could inherently be more risk,” Doyle added. “In Europe there is certainly more due diligence done on LPs and the contractual arrangements than two years ago.”
Although there is a high reputation risk for LPs not to lend, some banks were burned in the last crisis and still will not lend against sovereign wealth fund commitments or high net worth individual commitments, the first banker said.
“I know of a few family offices that said to their GP ‘don’t hit me for my funding commitment now’ during the last financial crisis,” another banker said. Editing by Tessa Walsh | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-debt-funds/debt-funds-lever-up-as-fund-financing-grows-idUKKBN1I2414 |
MUMBAI/LONDON (Reuters) - Three directors of India’s Fortis Healthcare have quit ahead of a shareholder vote on Tuesday to decide their future, the company said, the latest twist in a prolonged takeover for one of the country’s largest hospital operators.
A Fortis hospital building is pictured in Gurgaon, May 11, 2018. REUTERS/Saumya Khandelwal/Files Harpal Singh, Tejinder Singh Shergill and Sabina Vaisoha cited personal reasons for their resignations, coming days after two major Fortis shareholders said the directors had not met their fiduciary duties.
Their departures raised fresh questions about the direction cash-strapped Fortis will take as it considers bids from five parties who have proposed to buy whole or part of the company.
Fortis has received more than a dozen competing offers since it first agreed in March to a proposal from a consortium led by rival Manipal Hospitals Enterprises.
Fortis then said in May it planned to accept an offer from Hero Enterprise Investment Office and Burman Family Office that valued the company at 90 billion rupees. Shareholders responded by pushing the company’s shares down 5 percent.
Eastbridge Capital and Jupiter India — two large investors who together control about 12 percent of the company — had called for Tuesday’s vote.
They said the directors had not satisfactorily exercised “their respective fiduciary duties towards shareholders and have failed to maintain expected levels of corporate governance,” according to a filing made by Fortis last week.
A fourth director, Brian Tempest, still faces a vote at Tuesday’s meeting.
Indian proxy advisory firms have previously questioned the independence of the Fortis board.
“Shareholders need a decision-making body that is objective, independent, and does have a historical association with the promoter group or their companies,” Institutional Investor Advisory Services said in a note last month.
Eastbridge and Jupiter believed that the four directors were not independent and had been appointed by Fortis’ founders, a source close to the two shareholders told Reuters last week.
Harpal Singh, one of the three directors who resigned, defended the board’s decisions.
In a letter made public by Fortis on Sunday, Singh said the selection of the Hero-Burman offer was based “on criteria of certainty, simplicity of structure, no walk away rights, an early infusion of funds, capacity to address strategic needs and the ability to traverse a challenging landscape”.
Fortis’ founders quit as directors of the company in February and have denied any wrongdoing.
Fortis itself is under investigation in India for financial fraud, though it said in April it expected the probes to be over in 12 months.
Recent developments in the healthcare industry have made the company a takeover target.
Private healthcare spending is rising, and the government is working on expanding insurance to hundreds of millions of people in a country that lacks adequate heath facilities. The insurance scheme is expected to benefit private hospitals such as those run by Manipal and Fortis, analysts say.
Days after Fortis said it planned to accept the Hero-Burman offer, Manipal Hospitals and private equity firm TPG Capital Management sweetened their bid to buy the company, sparking a rally in Fortis shares.
Reporting by Zeba Siddiqui in Mumbai and Alasdair Pal in London; Additional reporting by Subrat Patnaik; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://in.reuters.com/article/fortis-health-m-a/three-directors-quit-as-takeover-fight-for-fortis-drags-on-idINKCN1IM1W2 |
Harvey Weinstein leaves after court appearance 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/harvey-weinstein-court-appearance-arrest-rape.html |
EditorsNote: adds Palat Quote:
Alex Killorn scored the go-ahead goal with 8:03 remaining as the visiting Tampa Bay Lightning pulled even in the Eastern Conference finals by defeating the Washington Capitals 4-2 in Game 4 on Thursday night at Capital One Arena.
Killorn’s backhanded shot provided the winning goal off a pass from Ondrej Palat, who made the assist from behind the net. Killorn pushed the puck between goalie Braden Holtby’s pads.
The Lightning had gone more than 40 minutes without scoring since a first-period burst, often without strong scoring chances for extended stretches.
Game 5 will be Saturday night in Tampa, Fla. The road team has won each game in the series.
Tampa Bay goalie Andrei Vasilevskiy made 36 saves.
“He was amazing,” Lightning left winger Ondrej Palat said of Vasilevskiy. “The best player on the ice, for sure. He’s one of the best in the world, and he shows that every game, and especially tonight.”
Brayden Point and Steven Stamkos scored in the first period for Tampa Bay. Stamkos has scored in each game of the series. Anthony Cirelli added an empty-net goal with two seconds to play.
Dmitry Orlov and Evgeny Kuznetsov scored for the Capitals. Holtby stopped 16 shots.
“You don’t have to look at what happens in previous games,” Capitals left winger Alex Ovechkin said. “Right now, it’s the time of year you have to concentrate on the next game, the next shift.”
Vasilevskiy turned in a variety of top-notch saves, including a reaction to deny Brett Connolly, who had redirected an awkward-bouncing rebound in the third period.
“That’s why he’s one of the best goalies in the world,” Stamkos said. “He has given us a chance when we’re not playing our best, and tonight was another example of that.”
Both teams had the offense clicking early.
Orlov scored 4:28 into the game.
Point countered slightly more than a minute later, set up by Yanni Gourde’s nifty pass.
Then it was Stamkos’ turn, as the Tampa Bay center found the net at 8:32 of the opening period on a power play. That was Stamkos’ franchise-record 11th postseason power-play goal. Stamkos fired a shot from the left side before Holtby could move into position.
Tampa Bay led 2-1 after the opening period despite Washington’s 15-7 edge in shots.
Kuznetsov tallied 5:38 into the second period, pulling the Capitals even.
Washington kept up the pressure, registering nine of the first 10 shots of the second period. A similar type of activity took placed in the Capitals’ offensive zone for the first eight minutes of the third period.
Tyler Johnson assisted on Tampa Bay’s first goal, lifting his career playoff points total to 50 with the Lightning.
Capitals center Nicklas Backstrom made his series debut after sustaining an injury in the previous round. He finished with a minus-1 rating in 18:51 of ice time.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-wsh-tbl-recap/road-rules-lightning-even-series-with-capitals-idUSMTZEE5IWLTHLM |
U.S. to split families crossing border illegally Monday, May 07, 2018 - 01:18
Under a new U.S. immigration policy, parents caught crossing the border illegally will both be separated from their children and criminally prosecuted.
Under a new U.S. immigration policy, parents caught crossing the border illegally will both be separated from their children and criminally prosecuted. //reut.rs/2FQYU2A | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/us-to-split-families-crossing-border-ill?videoId=424789118 |
* Elior had issued profit warning on May 16
* H1 EBITDA margin 6.9 pct vs 7.9 pct year-ago
* Full year guidance confirmed
* Vows to be more disciplined on cash use and capex
* Shares fall
By Dominique Vidalon
PARIS, May 29 (Reuters) - Catering company Elior, which issued a profit warning earlier in May, said on Tuesday it would aim for more discipline on its use of cash, after it posted lower first-half earnings.
Chief Executive Officer Philippe Guillemot said its general outlook remained solid and that this would be reflected in a three-year plan Elior will present on June 26.
Elior’s contract arm, which provides catering to businesses, schools and hospitals, accounts for 76 percent of its overall business. It also has a concessions business, which serves airports, railways and motorways.
“Cash is king. We will be more disciplined on the use of our cash and more selective on projects. You can expect over the next three years a decrease in capital expenditures as a percentage of revenue versus the peak reached this year,” Guillemot told a conference call.
Elior, whose net debt reached 1.8 billion euros ($2.1 billion) at the end of March following recent acquisitions, is targeting capital expenditure of 300 million euros for its 2017/2018 full financial year.
Guillemot made the comments after Elior reported lower first-half earnings, in-line with preliminary results announced on May 16 when the company made its profit warning.
At the time, Elior had cut its full-year guidance due partly to tough competition in the French contract catering sector. .
Elior’s May profit warning came after rival Sodexo had also cut its full-year sales and profit margin outlook in March while Compass Group, the world’s biggest catering firm, missed first-half earnings expectations in May.
Elior reported on Tuesday an adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) margin of 6.9 percent, down from 7.9 percent a year-ago.
It reiterated a forecast for an adjusted EBITDA of 7.5-7.8 percent for 2017-18, down from 8.3 percent in 2016-17.
Elior’s shares, which had slumped on the day of its May 16 profit warning, were down 2 percent in early session trading on Tuesday. The stock has fallen around 15 percent so far in 2018.
$1 = 0.8672 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/elior-results/catering-group-elior-to-focus-on-cash-discipline-as-h1-earnings-fall-idUSL5N1SZ0ZT |
Harry Potter publisher Bloomsbury's revenue, shares hit 10-yr high 5:41pm IST - 00:53
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand.
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand. //reut.rs/2IDFuUW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/harry-potter-publisher-bloomsburys-reven?videoId=429307946 |
Drawing the Future of Supercars With Lamborghini’s Maurizio Reggiani Lamborghini CTO sketches his concept of the entirely electric Terzo Millennio By Wall Street Journal May 29, 2018 11:00 am A fully electric supercar without a traditional battery? Lamborghini CTO Maurizio Reggiani sketches his vision of the Third Millennium Lamborghini. Drawing the Future Visualizing the future is hard. So we've asked leading innovators and entrepreneurs to draw their vision of what's to come in business, technology and more. Up Next in Drawing the Future Ep.1 Drawing the Future of Work With Slack’s CEO Ep.2 Drawing the Future of Health and Beauty With Bobbi Brown Ep.3 Drawing the Future of Transportation With Flying Cars Ep.4 Drawing the Future of Shopping With Michael Rubin Ep.5 | ashraq/financial-news-articles | http://www.wsj.com/video/series/drawing-the-future/drawing-the-future-of-supercars-with-lamborghinis-maurizio-reggiani/58226AEC-D08E-4969-8029-3F67484F50DF?mod=rss |
May 15 (Reuters) - Auth0 :
* AUTH0 ANNOUNCES $55M IN SERIES D FUNDING * AUTH0 SAYS ANNOUNCED $55 MILLION IN SERIES D FUNDING LED BY SAPPHIRE VENTURES Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-auth0-announces-55-mln-in-series-d/brief-auth0-announces-55-mln-in-series-d-funding-idUSASC0A2CT |
HARRISBURG, Pa., May 23, 2018 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (Nasdaq:OLLI) announced today that it will release its financial results for the first quarter of fiscal 2018 on Tuesday, June 5, 2018 after the market closes. Following the release, at 4:30 p.m. Eastern Time the company’s management will host a conference call to discuss the results.
Investors and analysts can participate on the conference call by dialing (800) 219-7052 or (574) 990-1029 and using conference ID #8884629. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investors.ollies.us/ .
About Ollie’s
We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products, Real Brands! Real Bargains!®, in every department, including housewares, food, books and stationery, bed and bath, flooring, toys, hardware and other categories. We currently operate 277 stores in 21 states across the Eastern portion of the United States. For more information, visit www.ollies.us .
Investor Contact:
John Rouleau
ICR
203-682-8200
[email protected]
Media Contact:
Dan Haines
Vice President, Marketing & Advertising
(717) 657-2300
[email protected]
Source:Ollie's Bargain Outlet Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-ollieas-bargain-outlet-holdings-inc-announces-first-quarter-fiscal-2018-earnings-release-and-conference-call.html |
May 21 (Reuters) - Camsing International Holding Ltd :
* POW! ENTERTAINMENT’S LEGAL REPRESENTATIVES CONFIRMED FORMAL COMPLAINT FILED AGAINST POW! ENTERTAINMENT IN U.S.
* CO IS NOT AWARE THAT POW! ENTERTAINMENT HAS BEEN SERVED WITH ANY DOCUMENTS IN RELATION TO USA COMPLAINT
* INTENDS TO DEFEND U.S. COMPLAINT AGAINST POW! ENTERTAINMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-camsing-international-updates-on-l/brief-camsing-international-updates-on-litigation-in-the-united-states-idUSFWN1SP0Z3 |
May 2 (Reuters) - Ballard Power Systems Inc:
* BALLARD REPORTS Q1 2018 RESULTS * QTRLY TOTAL REVENUE WAS $20.1 MILLION IN QUARTER, A YEAR-OVER-YEAR DECREASE OF 11%
* QTRLY LOSS PER SHARE $0.03 * QTRLY ADJUSTED LOSS PER SHARE $0.03 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ballard-reports-q1-loss-per-share/brief-ballard-reports-q1-loss-per-share-of-0-03-idUSASC09YV2 |
May 13, 2018 / 2:58 PM / Updated 13 minutes ago Dominant Hamilton wins in Spain, Vettel fourth Alan Baldwin 4 Min Read
BARCELONA (Reuters) - Lewis Hamilton won the Spanish Grand Prix in a commanding Mercedes one-two on Sunday to stretch his Formula One lead over Ferrari’s Sebastian Vettel, who finished fourth, to 17 points. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Mercedes’ Lewis Hamilton in action during the race REUTERS/Albert Gea
The victory, in a race that stayed dry despite the threat of rain, was the Briton’s second of the season, 64th of his career and third at the Circuit de Catalunya.
It also set a record, one that Hamilton had previously shared with seven times champion Michael Schumacher, of 41 wins from pole position.
Finland’s Valtteri Bottas was second, a hefty 20.5 seconds behind, with Dutch 20-year-old Max Verstappen completing the podium for Red Bull — his first of an incident-filled season.
“This is more like it, let’s keep this up,” Hamilton told his celebrating team over the radio as he swept past the chequered flag.
“Today the car and myself, I felt that synergy which I hadn’t been feeling for the whole year,” he added in a pre-podium interview after parking up in pit lane. “It’s a good feeling.”
Hamilton’s win followed on from the lucky victory that fell into his lap in Azerbaijan two weekends ago, but Sunday had nothing to do with chance and all to do with the champions being back to their best. Related Coverage Motor racing - Grosjean gets three-place grid penalty for Monaco
He now has 95 points to Vettel’s 78 after five rounds of the 21-race championship.
Mercedes regained the lead in the constructors’ standings and are now 27 points clear of Ferrari who had 2007 world champion Kimi Raikkonen retire from the race.
Australian Daniel Ricciardo was fifth for Red Bull, ahead of Denmark’s Kevin Magnussen for Haas and Spaniards Carlos Sainz (Renault) and Fernando Alonso (eighth for McLaren).
Sainz’s points lifted Renault ahead of McLaren and into fourth place by a single point.
Mexican Sergio Perez was ninth for Force India and Monegasque rookie Charles Leclerc took the final point for Sauber. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Mercedes’ Lewis Hamilton leads Mercedes’ Valtteri Bottas and Ferrari’s Sebastian Vettel at the first corner during the race REUTERS/Albert Gea
While Hamilton pulled away cleanly at the start, and Vettel passed Bottas into the first corner for second place, there was carnage behind as Romain Grosjean spun his Haas in a cloud of smoke.
The Frenchman then collected the Renault of Nico Hulkenberg and Pierre Gasly’s Toro Rosso in a major smash, fortunately without injury, that brought out the safety car for the first six laps.
Stewards gave him two penalty points and imposed a three-place grid drop for the next race in Monaco.
When racing resumed Vettel was first of the leading group to pit but the Mercedes pair stayed out on what turned out to be a one-stop strategy, with Hamilton immediately smashing the lap record.
When Vettel made his second stop during a late virtual safety car period, after Esteban Ocon parked up his Force India by the side of the track, it backfired and he lost places instead of gaining anything.
“We couldn’t make the tyres last,” said Vettel. “I think it was the right thing to do.
“Even in the end, with the fresher set, I wasn’t able to attack,” he added.
Verstappen, whose season has been littered with collisions, also nearly wrecked his race when he hit the rear of Canadian Lance Stroll’s Williams and lost a front wing end-plate.
“Feels nice to be on the podium and nice to have a good clean race,” said Verstappen. Reporting by Alan Baldwin, editing by Pritha Sarkar and Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain/dominant-hamilton-wins-in-spain-vettel-fourth-idUKKCN1IE0P6 |
SUNNYVALE, Calif., May 15, 2018 /PRNewswire/ -- Cepheid today announced that it has received clearance from the U.S. Food and Drug Administration (FDA) for expanded claims for Xpert ® Carba-R, an on-demand molecular test for rapid and accurate detection of carbapenemase-producing Gram-negative bacteria. The additional claims extend use to analysis of perirectal swab specimens and allow use of Xpert Carba-R test results to guide therapeutic strategies for pure colonies.
"Controlling the spread of carbapenemase-producing organisms in healthcare settings requires rapid recognition, coordinated surveillance, effective infection prevention activities, and a strong commitment to antimicrobial stewardship," said Dr. Fred C. Tenover, Cepheid's Vice President for Scientific Affairs and former Director of CDC's Office of Antimicrobial Resistance. "The addition of perirectal swab specimens to the product label should facilitate active surveillance testing programs, while the ability to use Xpert Carba-R results for therapeutic strategies should enhance antimicrobial stewardship efforts, especially in hospitals struggling with the spread of multidrug-resistant organisms."
Carbapenemase-producing CRE are currently believed to be primarily responsible for the increasing spread of CRE in the United States and have been targeted by the CDC for aggressive prevention measures. 1 Detection and differentiation of high-risk patients with Xpert Carba-R can alert clinicians and infection preventionists quickly to the presence of gene sequences associated with carbapenem non-susceptibility in gram-negative bacteria, including Enterobacteriaceae, Pseudomonas aeruginosa, and Acinetobacter baumannii. Rapid detection and differentiation of the bla KPC , bla NDM , bla VIM , bla OXA-48 , and bla IMP gene sequences from pure colonies helps clinicians optimize patient management and direct therapeutic strategy. Perirectal and rectal swabs are not intended to direct therapeutic strategy.
About Cepheid
Based in Sunnyvale, Calif., Cepheid is a leading molecular diagnostics company dedicated to improving healthcare by developing, manufacturing, and marketing accurate yet easy-to-use molecular systems and tests. By automating highly complex and time-consuming manual procedures, the company's solutions deliver a better way for institutions of any size to perform sophisticated molecular testing in virtually any setting. Through a strong foundation in innovation, the company is focusing on those applications where accurate, rapid, and actionable test results are needed most, such as managing infectious diseases and cancer. For more information, visit http://www.cepheid.com .
Reference
1. http://www.cdc.gov/hai/organisms/cre/definition.html
For Cepheid Media Inquiries:
Darwa Peterson
[email protected]
View original content: http://www.prnewswire.com/news-releases/fda-clears-expanded-claims-for-superbug-test-300648262.html
SOURCE Cepheid | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-fda-clears-expanded-claims-for-superbug-test.html |
May 18, 2018 / 3:25 PM / Updated 30 minutes ago Cricket-England batsman Ballance taking a break for personal reasons Reuters Staff 1 Min Read
LONDON, May 18 (Reuters) - England batsman and Yorkshire captain Gary Ballance is taking a break from cricket for personal reasons, his county said on Friday.
“Captain Gary Ballance is set to miss several Royal London One-Day Cup fixtures after the Club, this week, granted him some time away from the game due to personal reasons,” Yorkshire said.
“We ask that his privacy be respected during this time.”
The 28-year-old, who has 23 test caps for England, missed Yorkshire’s most recent County Championship game against Surrey at the Oval, with Joe Root taking over the captaincy on that occasion.
Steven Patterson was named captain for Friday’s Royal London Cup opener against Durham at Chester-Le-Street. (Reporting by Alan Baldwin, editing by Christian Radnedge) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-ballance/cricket-england-batsman-ballance-taking-a-break-for-personal-reasons-idINL3N1SP4OC |
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Monday he would appoint a new chief of the country’s anti-graft agency and that faults of the previous government would be investigated.
FILE PHOTO: Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer Addressing a news conference, the 92-year-old Mahathir said
all government ministries had been instructed that no documents could be taken out or destroyed.
(This version of the story corrects to clarify Mahathir said faults of previous government would be investigated)
Reporting by Joseph Sipalan, Editing by Raju Gopalakrishnan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-mahathir-investigat/malaysias-mahathir-says-crimes-committed-by-previous-government-will-be-investigated-idUSKCN1IF0TX |
May 13 (Reuters) - Cadence Bancorp:
* ORATION ANNOUNCES MERGER WITH STATE BANK FINANCIAL CORPORATION, CREATING A LEADING COMMERCIAL LENDING FRANCHISE
* CO AND STATE BANK FINANCIAL CORP ANNOUNCED ENTRY INTO DEFINITIVE MERGER AGREEMENT IN A STOCK-FOR-STOCK TRANSACTION
* STATE BANK FINANCIAL SHAREHOLDERS TO RECEIVE 1.160 SHARES OF CO CLASS A COMMON STOCK FOR EACH SHARE OF STATE BANK COMMON STOCK
* TRANSACTION VALUED AT APPROXIMATELY $1.4 BILLION BASED ON CLOSING SHARE PRICE OF CADENCE OF $30.23 ON MAY 11, 2018
* AFTER CLOSING, LEGACY CADENCE AND STATE BANK SHAREHOLDERS TO COLLECTIVELY OWN ABOUT 65% AND 35% OF COMBINED COMPANY, RESPECTIVELY
* THREE STATE BANK DIRECTORS WILL JOIN BOARD OF CADENCE AND OF CADENCE BANK
* CADENCE EXPECTS ACQUISITION TO BE 7% ACCRETIVE TO EARNINGS PER COMMON SHARE IN 2020, EXCLUDING ONE-TIME CHARGES
* MERGER AGREEMENT HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF BOTH COMPANIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cadence-bancorp-announces-merger-w/brief-cadence-bancorp-announces-merger-with-state-bank-financial-corp-idUSFWN1SK00L |
May 31, 2018 / 6:20 PM / Updated 6 minutes ago Grand Slam, French Open Mixed Doubles Seeds Progress Reuters Staff 2 Min Read May 31 (OPTA) - Seeds Progress from the Grand Slam, French Open Mixed Doubles matches on Thursday .. Seeds .. Seed Round Rslt Opponent Score 1 Gabriela Dabrowski (CAN) and Mate Pavic (CRO) 1st to play Pauline Parmentier (FRA) and (start 15:00) Gregoire Barrere (FRA) 2 Latisha Chan (TPE) and Ivan Dodig (CRO) 1st to play Makoto Ninomiya (JPN) and (start 09:00) Ben McLachlan (JPN) 3 Yi-Fan Xu (CHN) and Oliver Marach (AUT) 1st to play Mihaela Buzarnescu (ROU) and (start 15:00) Henri Kontinen (FIN) 4 Katerina Siniakova (CZE) and Jamie Murray (GBR) 1st lost Maria Jose Martinez Sanchez 6-2 4-6 10-5 (ESP) and Marcelo Demoliner (BRA) 5 Andreja Klepac (SLO) and Jean-Julien Rojer (AHO) 2nd to play (start 08:00) 1st won Jelena Ostapenko (LAT) and 6-1 6-1 Max Mirnyi (BLR) 6 Hao-Ching Chan (TPE) and Michael Venus (NZL) 1st lost Demi Schuurs (NED) and Matwe 6-3 6-2 Middelkoop (NED) 7 Timea Babos (HUN) and Rohan Bopanna (IND) 1st to play Shuai Zhang (CHN) and John (start 13:00) Peers (AUS) 8 Anna-Lena Groenefeld (GER) and Robert Farah (COL) 2nd to play Alla Kudryavtseva (RUS) and (start 08:00) Nikola Mektic (CRO) 1st won Coco Vandeweghe (USA) and 6-2 5-7 10-4 Rajeev Ram (USA) (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-seeds-mixed-doubles/grand-slam-french-open-mixed-doubles-seeds-progress-idUKMTZXEE5VLUXHYJ |
Politics The Trump Tower Meeting Documents: What You Need to Know U.S. President Donald Trump speaks following a meeting on infrastructure at Trump Tower, August 15, 2017 in New York City. Drew Angerer—Getty Images By Bloomberg 3:56 PM EDT
A meeting two years ago between members of Donald Trump’s inner circle and a Kremlin-linked Russian lawyer has been the focus of multiple investigations into Russian meddling in the 2016 election.
Transcripts of Senate Judiciary Committee interviews with some of the participants released on Wednesday are shedding new light on the June 2016 sit-down, which took place at Trump Tower in the heat of the presidential campaign.
The meeting was attended by Donald Trump Jr., who agreed to attend the meeting after organizers dangled the promise of damaging information on his father’s opponent, Hillary Clinton. Other attendees included Paul Manafort, then the chairman of Trump’s presidential campaign; Trump’s son-in-law, Jared Kushner; and several Russians, including the lawyer, Natalia Veselnitskaya, and their representatives.
The committee released 2,500 pages of transcripts and other documents from interviews it conducted with some of those who were present. Here are highlights from the documents: Trump Jr. in ‘Charge’
Rinat Akhmetshin, a lobbyist and former Soviet counterintelligence officer, recalled that Trump Jr. led the meeting.
“He was definitely in charge,” he said. After small talk about the view and a recent win in the primaries, the younger Trump got down to business, Akhmetshin said. “Mr. Trump, Jr., said, ‘So I believe you have some information for us.’”
Akhmetshin said that Veselnitskaya, the Kremlin-linked Russian lawyer at the center of the meeting, began discussing some wealthy contributors to the Clinton Global Initiative.
Akhmetshin recalled, “So Mr. Trump, Jr., said, ‘So can you show us how does this money go to Hillary?’ Like specifically, do you have paperwork? Or just indicate how money goes to Hillary. And she kind of said, ‘No. I am just a Russian lawyer.” Trump Jr. on ‘Love’ for Russian Help
Senate investigators asked Trump Jr. about an email he sent to Rob Goldstone, the British music promoter who arranged the meeting, concerning the prospect of receiving damaging information about Clinton from the Russian lawyer. “I love it, especially later in the summer,” Trump Jr. had written.
In the interview, Trump Jr. deflected, saying he didn’t know how to gauge the credibility of the offer and dismissed the expression as colloquial.
But, he acknowledged, “I wanted to see if there was anything to it.”
Trump Jr. Says He Didn’t Tell His Dad Before Meeting Russians
Trump Jr. also testified that he had no reason to believe Russia supported Trump before getting a message from Goldstone that the promised information was “part of Russia and its government’s support for Mr. Trump.”
A Democratic Senate panel lawyer challenged him on the promise of Russian government help. “Did you also love that?” the lawyer asked.
Trump Jr. said he didn’t recall, and dismissed a followup question about whether such support from Russia would be “problematic.”
“I didn’t think that listening to someone with information relevant to the fitness and character of a presidential candidate would be an issue, no,” he said.
The president’s son said that, in the end, the information offered at the meeting didn’t amount to anything, it was apparent they weren’t representing the Russian government and he didn’t discuss it beforehand with his father. “My skepticism was justified,” Trump Jr. said. ‘Sizable Birthday Gift’ for Trump
The day after the Trump Tower meeting, Goldstone said that Aras Agalarov, the founder of Crocus Group, one of Russia’s largest real-estate companies, and his pop-singer son Emin wanted to send a “sizeable birthday gift” for the senior Trump to his offices.
In an email to Trump’s executive assistant Rhona Graff the next day, Goldstone said he ran into Trump’s bodyguard, who he identified as Keith. The bodyguard told Goldstone that any packages would have to go through “TSA-style scanning,” Goldstone wrote in a reference to the Transportation Security Administration. Keith Schiller was Trump’s longtime head of security.
Graff responded to Goldstone via email, saying any package would have to come through the building’s sub-cellar, where it would be screened by the Secret Service. Russia Talk ‘Eerily Weird’
On June 14, just days after the meeting, Goldstone wrote to Emin Agalarov and Ike Kaveladze, a California businessman who was born in Russia. Goldstone said he was concerned that the press seemed to be focusing on Trump’s close ties to Russia, pointing out a Bloomberg story, “Trump’s Long Romance with Russia.”
“Top Story right now” Goldstone wrote, apparently referring to another story related to a hacking attack on Democratic National Committee. “Seems eerily weird based on our Trump meeting last week with the Russian lawyers etc.” Goldstone Promising ‘Massive Exposure’
The publicist who set up the meeting offered to arrange for Russia’s largest social network to promote Trump’s candidacy to more than 1.6 million Russian-American members of the network, according to some of the documents.
“I can get massive exposure for Mr. Trump on the site for sure — and it will be covered in Russian media also — where I noticed your campaign is covered positively almost daily — which (sic) extremely gracious comments from President Putin etc.,” Goldstone wrote on Jan. 19, 2016, to Trump Jr. and his father’s assistant, Graff.
Graff replied hours later, calling the offer a “terrific opportunity” and referring Goldstone to Dan Scavino, the Trump campaign’s social media director.
About six months later, just after the Trump Tower meeting, Goldstone reiterated his offer in an email to Trump Jr., Scavino and Graff.
“It would merely require Mr. Trump to drop in a short message to Russian American voters — or a generic message depending on your choice — and the page can be up a running very quickly,” Goldstone wrote.
The email included a sample campaign page on the social network using the hashtag #MakeAmericaGreatAgain. Early Outreach to Trump
Five weeks after Trump launched his presidential campaign, he received an invitation to an oligarch’s birthday party in Moscow where the prospect of a meeting with Russian President Vladimir Putin was eventually dangled.
The invitation came in July 2015, in an email from Goldstone to Graff, Trump’s executive assistant, asking whether Trump would be able to attend Aras Aragalov’s 60th birthday party. Citing Trump’s busy schedule, Graff declined.
Goldstone then followed up with a suggestion of a meeting with Putin. “I totally understand re Moscow – unless maybe he would welcome a meeting with President Putin which Emin would set up,” he wrote on July 24, 2015.
Trump didn’t travel to Moscow, but the emails show focus on the part of people working on behalf of Russian interests to establish close ties with him shortly after he launched his campaign.
Trump Jr., said he was at the time not aware of this supposed offer, and that he was not aware of any other instances in which Goldstone sought to arrange meetings between Russian government officials and the Trump campaign. Attempts to Coordinate Response to Furor
The participants scrambled to square their stories in July 2017 after public scrutiny began of the Trump Tower meeting that had occurred a year earlier, according to various emails.
Goldstone, who instigated the meeting, messaged with key participants, Emin Agalarov, whom he had worked with on Trump’s Miss Universe pageant, and Kaveladze about how to respond to the media furor.
Though the early contacts described a meeting with a “Russian government attorney” and an “ultra sensitive” matter, Goldstone after the fact suggested the meeting was “in no way connected with the Russian Government or any of its officials.”
Then Trump Jr.’s lawyer sent a proposed statement for Goldstone to issue. In an apparent effort to keep their stories consistent, Goldstone then forwarded that proposal to Kaveladze, who worked for an Agalarov company.
The proposed statement read: ”As the person who arranged the meeting, I can definitely state that the statements I have read by Donald Trump Jr. are 100 percent accurate. The meeting was a complete waste of time and Don was never told Ms. Veselnitskaya’s name prior to the meeting.”
But Trump Jr.’s shifting explanations had complicated the task. The president’s son ultimately released a series of his emails that revealed the Trump team was seeking dirt on Hillary Clinton as reporters pieced together the story and pressed meeting participants for details. The attempt to quiet the controversy caused some consternation.
A subsequent email has the sender’s name redacted. “Why did he release this e-mail admitting to collusion?” the unidentified person wrote Kaveladze. The subject line was “dt jr.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/16/trump-tower-meeting-documents/ |
BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) Chief Executive Herbert Diess is hopeful that diplomacy can help defuse trade tensions with the United States which is exploring putting tariffs on auto imports.
FILE PHOTO: Herbert Diess, Volkswagen's new CEO, speaks during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt “I hope that one can ease the situation with the U.S. also by means of political dialogue,” Diess told German broadcaster ZDF.
The Volkswagen CEO, who was promoted to the top job only last month, is part of a German business delegation accompanying Chancellor Angela Merkel on a trip to China.
China and the U.S., the world’s two largest auto markets, are key to further global expansion by VW group which sold 43 percent of its global 3.6 million vehicle deliveries in the first four months to both regions.
“These are the biggest car nations in the world. They define the future of the automobile,” Diess said. “We are compelled to maintain good relations with both these economies.”
In the latest U.S. trade move that has alarmed Beijing and Berlin alike, the Trump administration announced on Wednesday a national security investigation into car and truck imports that could potentially lead to tariffs.
The imposition of a 25 percent tariff on cars imported from Europe and China would pretty much destroy the business case for German carmakers to ship cars from Germany, analysts at Evercore ISI said on Friday.
German manufacturers could face a burden of around 4.5 billion euros ($5.3 billion), while U.S. carmakers would only forfeit around $400 million in earnings.
“German carmakers would likely immediately lose money on every vehicle shipped from Europe to the U.S. under a 25 percent tariff scenario,” Evercore analyst Arndt Ellinghorst said, adding that around 20 billion euros in revenue was under threat.
Porsche lacks production in North America and, according to analysts, is more vulnerable to possible tariffs than other VW group brands.
“We are monitoring the developments,” a spokesman for Porsche said. ($1 = 0.8539 euros)
Reporting by Andreas Rinke; Writing by Andreas Cremer; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos-volkswagen/vw-ceo-counts-on-diplomacy-to-ease-trade-spat-with-u-s-zdf-idUSKCN1IQ155 |
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