text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Brazil’s truckers protest drags on regardless of dispatch of army Brazil’s truckers protest drags on regardless of dispatch of army Fatma Schwarz | May 26, 2018 |
SAO PAULO (Reuters) – A truckers protest over diesel costs in Brazil that’s hurting provides of gas, meals and medicines continued for the sixth day on Saturday regardless of President Michel Temer ordering the army to clear blocked roads the day earlier than. Police officers take place after they ordered truckers to clear the blocked SP-21 freeway in Sao Bernardo do Campo, Brazil May 26, 2018. REUTERS/Leonardo Benassatto
Major cities have declared a state of emergency as gasoline stations and airports ran out of gas, grocery store cabinets went naked and hospitals stated they have been operating out of provides. Public transport and trash assortment have been diminished or halted throughout the nation and costs for some meals gadgets jumped.
The authorities stated there have been fewer blockades on main highways throughout the nation on Saturday in comparison with Friday. However, the primary entity representing truckers, ABCAM, stated they haven’t modified their essential argument that they are going to name off protests solely when federal taxes over diesel are scrapped.
Later on Saturday, federal forces and police gave the impression to be gaining an edge on clearing some roads. They have been escorting convoys with gas and different merchandise in some areas within the nation, together with the airport within the capital Brasilia. Police officers take place after they ordered truckers to clear the blocked SP-21 freeway in Sao Bernardo do Campo, Brazil May 26, 2018. REUTERS/Leonardo Benassatto
Negotiators for a number of trucker teams initially agreed on Thursday to droop the protests as the federal government promised to subsidise and stabilise diesel costs, which can value 5 billion reais ($1.four billion) this 12 months. gtag('config', 'UA-114047264-2');
But truckers say they need a definitive answer, that they are going to finish the protest solely when a choice to get rid of federal diesel taxes is revealed within the official gazette. Slideshow (3 Images)
Local TV confirmed footage in a single day of federal forces being deployed to some essential areas to assist police take away vans from highways. There have been no studies of violence, however essential roads remained blocked within the morning.
Some enterprise sectors that rely on every day provides have been struggling.
Lack of animal feed could trigger the deaths of 1 billion birds and 20 million hogs, Brazilian meat group ABPA stated, including that greater than 150 poultry and pork processing crops had indefinitely suspended manufacturing.
Brazil’s sugar business, the world’s largest, is slowly halting cane harvest operations as machines ran out of gas.
Blockades proceed to forestall vans from coming into the port of Santos, Latin America’s largest, and oilseeds crushing group Abiove stated soy exports would halt on Saturday if truckers didn’t permit entry to main ports.
Auto manufacturing, which contributes a couple of quarter of Brazil’s industrial output, floor to a halt on Friday.
Authorities stated even after roads are utterly cleared, it will nonetheless take a number of days to normalise provides. Reporting by Flavia Bohone and Marcelo Teixeira; Editing by Chizu Nomiyama and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-transport/brazils-truckers-protest-drags-on-despite-dispatch-of-military-idUKKCN1IR0RC/ |
LONDON (Reuters) - Sterling fell on Wednesday back towards its lowest point of the year against the dollar amid fresh worries about Britain’s Brexit negotiations and relatively modest UK wage growth.
FILE PHOTO - An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo The British government said on Tuesday it would publish detailed plans for its future relationship with the European Union next month in an attempt to break the deadlock in Brexit negotiations.
Divisions within the government about what the relationship should look like, and repeated complaints from EU officials that Britain has not been clear on what it wants, has left investors convinced Brexit talks remain a real risk for the pound less than a year before Britain is due to leave the bloc.
“That illustrates once again: the clock is ticking loudly and rapidly, in less than a year a valid and realistic deal has to be reached. Things are not looking good on that front at present. And as a result nor are they for sterling,” Commerzbank analysts said in a note.
On Tuesday, UK data showed British employers hired many more workers than expected in early 2018, a tentative sign that the economy’s weak start to the year may be temporary.
However, wage growth data remained mixed, with annual growth in earnings, excluding bonuses, at 2.9 percent in the three months to March, as expected in the Reuters poll.
Sterling fell 0.1 percent to $1.3490, not far from the 2018 low reached on Tuesday of $1.3452.
A rally in the dollar and sliding expectations for British interest rate rises have caused what had been one of the best performing major currencies to give up all its 2018 gains.
Versus the euro, the pound declined 0.1 percent to 87.735 pence per euro.
Reporting by Tommy Wilkes, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/sterling-slips-back-towards-2018-lows-on-brexit-worries-idUSKCN1IH11L |
CNBC.com Patrick T. Fallon | Bloomberg | Getty Images An employee arranges Nike basketball shoes on display at the House Of Hoops by Foot Locker retail store at the Beverly Center in Los Angeles.
CNBC's Jim Cramer said Foot Locker 's stellar quarterly earnings report on Friday shows there's still some life left for brick-and-mortar retailers.
Cramer was particularly pleased with a comment by CEO Richard Johnson, who said in a statement, the "flow of premium product continues to improve" at the athletic apparel and footwear retailer.
Shares of Foot Locker, now with a market value of about $6.3 billion, soared about15 percent early Friday after the company reported first-quarter earnings and revenue that beat Wall Street forecasts. Same store sales fell by 2.8 percent, but that was a smaller than expected decline.
"The mall is still not dead," Cramer said on " Squawk on the Street ."
Cramer continued, "The read through here is not just good for Foot Locker, which is obviously going higher but for Nike which remains one of the strongest stocks in the Dow."
Before Friday's advance, Foot Locker had seen its shares fall 22 percent over the past year, as of Thursday's close. Foot Locker and other similar stocks have been under pressure as investors have been concerned that Amazon could expand its dominance into apparel.
There is also a concern in the retail industry about the future of malls as big department store chains such as Sears and J.C. Penney close locations .
Cramer, host of " Mad Money ," has previously made the case for investors to stay in retail, particularly in apparel retail. In April, Cramer made the argument that the U.S. is "undergoing an apparel renaissance."
"These stocks are worth picking at into any weakness that we might get ... because right now, they have the best fundamentals of any large group in the entire stock market," he said at the time. Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/cramer-foot-locker-earnings-show-the-mall-is-still-not-dead-yet.html |
SAINT JOHN, NB, May 25, 2018 /PRNewswire/ - Chelsea Handler will join cannabis industry leaders in business, research, politics and culture from around the world for the 2018 World Cannabis Congress in Saint John, New Brunswick next month.
Handler is an American comedian, actress, writer, television host and producer. She hosted the late-night talk show Chelsea Lately on the E! network, released a Netflix documentary series, Chelsea Does, and hosted the talk show, Chelsea, on Netflix. In 2018, Handler announced plans to launch a cannabis brand.
"This event will be unlike any other in the cannabis industry," says Derek Riedle, publisher of Civilized and Co-Chair of the World Cannabis Congress. "Having entrepreneurial and innovative leaders, policy-makers, consumers, supporters and celebrities together in one place is a perfect reflection of where we are right now, as an industry."
Handler joins Canada's Hon. Anne McLellan, Chair of the Canadian Task Force on Cannabis Legalization, and 350 of the brightest minds and biggest influencers in the industry for two days of expert talks, engaging panel discussions, and unparalleled networking opportunities.
The invitation-only World Cannabis Congress is presented by Civilized, a premium media and lifestyle brand that seeks to expand modern cannabis culture, reflecting the millions of adults who choose to enjoy cannabis as part of a balanced lifestyle.
View original content with multimedia: http://www.prnewswire.com/news-releases/chelsea-handler-joins-world-cannabis-congress-as-speaker-300655029.html
SOURCE Civilized Worldwide Inc. (Civilized) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-chelsea-handler-joins-world-cannabis-congress-as-speaker.html |
CHICAGO, May 11 (Reuters) - Chicago Mercantile Exchange lean hog futures finished lower on Friday, hit by the "roll" by funds into deferred months and uneasiness over North American Free Trade Agreement (NAFTA) talks, said traders. "NAFTA fears, Goldman roll and premiums to the cash prices. Everyone who bought futures this week decided to dump them all in one day," said independent livestock futures trader Dan Norcini. Friday was the last official day that CME livestock market funds that track the Standard & Poor's Goldman Sachs Commodity Index sold, or "rolled," June futures mainly into August. On Friday, Mexico's economy minister said his country would not be rushed into revamping NAFTA to get a deal, a day after U.S. House of Representatives Speaker Paul Ryan set a May 17 deadline for the end of negotiations. From January through March of 2018, Mexico was the top destination for U.S. pork at 203,656 tonnes valued at $371.3 million, according to the U.S. Meat Export Federation. CME hog futures were over valued, or premium, to the exchange's hog index for May 9 at 63.73 cents. The index is a barometer of slaughter-ready, or, cash hog prices. May hogs, which will expire at noon CDT (1700 GMT) on Monday, closed down 0.175 cent per pound at 65.300 cents. Most actively traded June ended 2.225 cents lower at 75.100 cents. CATTLE PARES EARLY LOSSES The exchange's live cattle contracts ended firmer after short-covering and future's discount to this week's cash prices lifted the market from morning lows, said traders. June live cattle closed up 0.100 cent per pound at 107.625 cents. August settled up 0.125 cent at 104.425 cents. Packers and feedlots in the U.S. Plains haggled over prices for the bulk of unsold cash cattle after a few head on Thursday fetched $120 to $122 per cwt. Last week's overall cash trade was $118 to $128. Even if remaining cash prices are lower, there may not be much of a futures response because of their steep discount to cash, said CattleHedging.com President Larry Hicks. Market bulls expect prices for unsold cattle in line with last week's trade given strong packer profits and seasonal increase in beef demand. Contrarians said cash prices have topped out seasonally in the face of increased supplies ahead. Profit-taking and initial technical selling pressured CME feeder cattle contracts. May closed down 0.175 cent per pound at 138.425 cents. (Reporting by Theopolis Waters Editing by Alistair Bell)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cme-hog-futures-slump-amid-fund-roll-nafta-worries-idUSL1N1SI1QY |
BEIJING—Foxconn Technology Group posted a worse-than-expected 15% drop in first-quarter net profit after Apple Inc., its biggest customer, reported modest growth in iPhone shipments.
Taiwan-based Foxconn said Monday that profit for its January through March period was NT$24.1 billion ($809 million), compared with the NT$25.4 billion average estimate of analysts polled by S&P Capital IQ. Its net profit in the year-earlier quarter was $28.2 billion.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/foxconns-profit-drops-as-iphone-shipment-growth-slows-1526306939 |
“HOW MUCH SHOULD a rosé cost?” That question appeared recently on a wine discussion board. It struck me as curious to suggest that a certain wine color should be worth a specific dollar amount. I couldn’t imagine anyone asking about the appropriate price of a red or white. But rosé is more like a seasonal commodity than a wine for many drinkers today.
The latest Nielsen figures show retail dollar sales of non-sparkling rosés have increased by an eye-popping 65% this year over last, while sparkling rosé sales rose by nearly... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-surprising-truth-about-the-price-of-rose-1527177071 |
Verizon CEO: 5G is a lot closer than people think 3 Hours Ago Lowell McAdam, Verizon chairman and CEO, speaks to CNBC's David Faber about 5G mobile technology development and deployment. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/verizon-ceo-5g-is-a-lot-closer-than-people-think.html |
BEIJING, May 9, 2018 /PRNewswire/ -- SINA Corporation (the "Company" or "SINA") (NASDAQ: SINA), a leading online media company serving China and the global Chinese communities, today announced its unaudited financial results for the first quarter ended March 31, 2018.
"We had a good start to the year 2018." said Charles Chao, Chairman and CEO of SINA. "Weibo delivered robust growth of revenues and profit on the back of greater user scale, stronger platform effect and improved monetization efficiency. Weibo continue to benefit from ad budget shift toward social, mobile and video features which the platform combines." said Mr. Chao. "SINA portal business demonstrated its recovery trend with progress achieved in mobile monetization of SINA media properties." Mr. Chao added.
Adoption of New Revenue Guidance
On January 1, 2018, the Company adopted new revenue guidance ASC Topic 606 , "Revenue from Contracts with Customers", using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 ('New Basis'), while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historic accounting method under Topic 605 ('Old Basis'). The New Basis requires the presentation of value added tax ('VAT') recognized in revenues from "gross" to "net", which results in equal decrease in revenues and cost of revenues, and recognition of revenues and expenses at fair value for advertising barter transactions ('Barter Transaction').
The Company recorded a net reduction to opening retained earnings of $0.3 million resulting from Barter Transaction as of January 1, 2018 due to the cumulative impact of adopting ASC 606.
Adoption of the standards related to revenue recognition which impacted the Company's current period reported results are as follows:
Three months ended March 31, 2018
Adjustments
Old Basis
ASC 605 1
VAT
Barter
Transaction
New Basis
ASC 606 2
($ In thousands, except for percentage)
Net revenues
456,101
(25,161)
9,812
440,752
- Portal
96,091
(5,267)
82
90,906
- Weibo
360,047
(19,894)
9,730
349,883
Cost of revenues
133,868
(25,161)
-
108,707
Operating expenses
246,006
-
12,750
258,756
- Sales and marketing
126,937
-
12,750
139,687
Income from operations
76,227
-
(2,938)
73,289
Gross margin
70.6%
75.3%
Operating margin
16.7%
16.6%
Note 1. This financial information for the three months ended March 31, 2018 is presented under ASC Topic 605.
Note 2. This financial information for the three months ended March 31, 2018 is presented under ASC Topic 606.
First Quarter 2018 Highlights
Both net revenues and non-GAAP net revenues increased 59% year-over-year to $440.8 million and $438.1 million, respectively. Advertising revenues increased 61% year-over-year to $367.1 million. Non-advertising revenues increased 47% year-over-year to $73.7 million. Non-GAAP non-advertising revenues increased 50% year-over-year to $71.1 million. Income from operations increased 63% year-over-year to $73.3 million. Non-GAAP income from operations increased 49% year-over-year to $94.6 million. Net income attributable to SINA was $28.7 million, or $0.38 for diluted net income per share attributable to SINA's ordinary shareholders. Non-GAAP net income attributable to SINA was $35.2 million, or $0.47 for non-GAAP diluted net income per share attributable to SINA's ordinary shareholders.
First Quarter 2018 Financial Results
For the first quarter of 2018, SINA reported net revenues of $440.8 million, an increase of 59% compared to $278.1 million for the same period last year. Non-GAAP net revenues for the first quarter of 2018 were $438.1 million, an increase of 59% compared to $275.5 million for the same period last year.
Advertising revenues for the first quarter of 2018 were $367.1 million, an increase of 61% compared to $228.0 million for the same period last year. The year-over-year growth in advertising revenues was mainly resulted from an increase of $133.7 million, or 79% growth in Weibo advertising and marketing revenues.
Non-advertising revenues for the first quarter of 2018 were $73.7 million, an increase of 47% compared to $50.1 million for the same period last year. Non-GAAP non-advertising revenues for the first quarter of 2018 were $71.1 million, an increase of 50% compared to $47.5 million for the same period last year. The year-over-year growth in non-advertising revenues was mainly driven by the increase of revenues from Weibo gaming and membership service, and revenues derived from SINA fin-tech businesses.
Gross margin for the first quarter of 2018 was 75%, compared to 69% for the same period last year. Advertising gross margin for the first quarter of 2018 was 77%, compared to 70% for the same period last year. Non-advertising gross margin for the first quarter of 2018 was 65%, compared to 62% for the same period last year. The increases in both advertising and non-advertising gross margin were a direct result of the adoption of ASC 606.
Operating expenses for the first quarter of 2018 totaled $258.8 million, compared to $146.5 million for the same period last year. Other than the inclusion of marketing expense related to Barter Transactions under ASC Topic 606 as illustrated above, the increase in operating expenses was primarily due to the increase in sales and marketing expenses incurred for marketing campaigns and step-up of user acquisition costs for Weibo and SINA News application, as well as the increase in product and development expenses in relations to personnel-related costs. Non-GAAP operating expenses for the first quarter of 2018 totaled $237.3 million, compared to $127.4 million for the same period last year.
Income from operations for the first quarter of 2018 was $73.3 million, an increase of 63% compared to $45.0 million for the same period last year. Operating margin was 17%, up from 16% for the same period last year. Non-GAAP income from operations for the first quarter of 2018 was $94.6 million, an increase of 49% compared to $63.7 million for the same period last year. Non-GAAP operating margin was 22%, slightly down from 23% for the same period last year.
Non-operating income for the first quarter of 2018 was $22.6 million, compared to a non-operating income of $30.3 million for the same period last year. Non-operating income for the first quarter of 2018 included (i) a $17.1 million net interest and other income; (ii) a $7.2 million net gain on sale of investments, fair value changes and impairment on investments, which is excluded under non-GAAP measure; and (iii) a $1.8 million loss pick-up from equity-method investments, which is reported one quarter in arrears and is mainly resulted from the loss pick-up related to the Company's investment in Leju Holding Limited ("Leju"). Non-operating income for the first quarter of 2017 included (i) a $15.9 million net gain on sale of and impairment on investments, which is excluded under non-GAAP measure; (ii) a $5.0 million of dividend income from certain investments and an interest income of $6.2 million; and (iii) a $3.1 million earnings pick-up from equity-method investments, which are accounted for under the equity-method and reported one quarter in arrears, and mainly resulted from earnings pick-up from the Company's investment in Tian Ge Interactive Holdings Limited.
Income tax expenses for the first quarter of 2018 were $18.8 million, compared to $13.8 million for the same period last year. The increase was primarily attributable to higher profitability with a relatively stable tax rates in our PRC operation.
Net income attributable to SINA's ordinary shareholders for the first quarter of 2018 was $28.7 million, compared to $38.5 million for the same period last year. Diluted net income per share attributable to SINA's ordinary shareholders for the first quarter of 2018 was $0.38, compared to $0.52 for the same period last year. Non-GAAP net income attributable to SINA's ordinary shareholders for the first quarter of 2018 was $35.2 million, compared to $37.6 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA's ordinary shareholders for the first quarter of 2018 was $0.47, compared to $0.50 for the same period last year.
As of March 31, 2018, SINA's cash, cash equivalents and short-term investments totaled $3.4 billion, at similar level compared to the cash balance as of December 31, 2017. For the first quarter of 2018, net cash provided by operating activities was $54.9 million, capital expenditures totaled $36.2 million, and depreciation and amortization expenses amounted to $9.5 million.
Non-GAAP Measures
This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP advertising and non-advertising gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income attributable to SINA's ordinary shareholders and non-GAAP diluted net income per share attributable to SINA's ordinary shareholders. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.
The Company's non-GAAP financial measures exclude recognition of deferred revenues related to the license granted to Leju, stock-based compensation, amortization of intangible assets, adjustment for non-GAAP to GAAP reconciling items on the share of equity method investments, gain (loss) on sale of investment, deemed disposal, fair value changes and impairment on investment, and income tax effects of above non-GAAP to GAAP reconciling items and adjustment for non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests and amortization of convertible debt issuance cost. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.
Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Management compensates for these limitations by also considering the Company's financial results prepared in accordance with U.S. GAAP. Reconciliations of the Company's non-GAAP measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."
Conference Call
SINA will host a conference call from 8:10 a.m. – 8:40 a.m. Eastern Time on May 9 , 2018 (or 8:10 p.m. – 8:40 p.m. Beijing Time on May 9 , 2018) to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://ir.sina.com . The conference call can be accessed as follows:
US:
+1 845 675 0438
Hong Kong:
+852 3018 6776
China:
400 120 0654
International:
+65 6713 5440
Passcode for all regions: 4788917
A replay of the conference call will be available through morning Eastern Time May 17, 2018. The dial-in number is +61 2 9003 4211. The passcode for the replay is 4788917.
About SINA
SINA is a leading online media company serving China and the global Chinese communities. Its digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile apps) and Weibo (social media) enables internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.
SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA mobile provides news information, professional and entertainment content customized for mobile users through mobile applications and mobile portal site SINA.cn.
Weibo is a leading social media platform for people to create, distribute and discover content. Based on an open platform architecture, Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world.
Through these properties and other product lines, SINA offer an array of online media and social media services to our users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described, without limitation, in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products, including portal, Weibo and fin-tech products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties, such as Alibaba; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; and failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA's 2017 annual reports on Form 20-F and other filings with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: [email protected]
SINA CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. Dollars in thousands, except per share data)
Three months ended
March 31,
December 31,
2018
2017
2017
Net revenues (1) :
Advertising
$ 367,081
$ 227,999
$ 424,756
Non-advertising
73,671
50,066
78,982
440,752
278,065
503,738
Cost of revenues (1)(2) :
Advertising
83,115
67,668
99,858
Non-advertising
25,592
18,904
26,812
108,707
86,572
126,670
Gross profit
332,045
191,493
377,068
Operating expenses:
Sales and marketing (1)(2)
139,687
68,083
143,020
Product development (2)
85,137
54,420
78,977
General and administrative (2)
33,932
24,023
26,421
258,756
146,526
248,418
Income from operations
73,289
44,967
128,650
Non-operating income :
Earning (Loss) from equity method investments, net
(1,772)
3,143
(2,843)
Gain on sale of investments, fair value changes and
impairment on investments, net (3)
7,226
15,883
(740)
Interest and other income, net
17,098
11,233
11,244
22,552
30,259
7,661
Income before income taxes
95,841
75,226
136,311
Income tax expense
(18,750)
(13,826)
(17,160)
Net income
77,091
61,400
119,151
Less: Net income attributable to non-controlling interests
48,397
22,876
73,787
Net income attributable to SINA's ordinary shareholders
$ 28,694
$ 38,524
$ 45,364
Basic net income per share
$ 0.40
$ 0.54
$ 0.63
Diluted net income per share (4)
$ 0.38
$ 0.52
$ 0.60
Shares used in computing basic net income per share
71,440
70,959
71,516
Shares used in computing diluted net income per share
74,036
73,409
74,213
(1) On January 1, 2018, the Company adopted ASC 606 Revenue from Contracts with Customers using the modified retrospective method,which means
that prior periods amount will be reported on a historical basis and amounts for 2018 are reported on the new basis. Under the new accounting standard,
the main impact to the Company is that it now reports revenue net of value added tax and recognizes revenues and expenses at fair value for advertising
barter transactions.
(2) Stock-based compensation in each category:
Cost of revenues
$ 2,541
$ 2,230
$ 2,145
Sales and marketing
4,880
4,583
5,370
Product development
7,487
6,990
6,432
General and administrative
7,408
7,387
8,237
(3) The Company adopted ASU 2016-1, Classification and Measurement of Financial Instrumentsbeginning the first quarter of fiscal year 2018. After
the adoption of this new accounting update, the Company will measure long-term investments other than equity method investments at fair value through
earnings. For those investments without readily determinable fair values, the Company will elect to record these investments at cost, less impairment, and
plus or minus subsequent adjustments for observable price changes. Changes in the basis of these investments will be reported in current earnings.
(4) Net income attributable to SINA's ordinary shareholders is adjusted for diluted shares issued by our subsidiary and equity method investments.
SINA CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$ 1,186,509
$ 1,990,552
Short-term investments
2,251,930
1,381,991
Restricted cash
197,819
216,151
Accounts receivable, net
321,864
285,681
Prepaid expenses and other current assets
240,915
228,238
Subtotal
4,199,037
4,102,613
Property and equipment, net
273,460
262,676
Goodwill and intangible assets, net
105,426
104,207
Long-term investments (1)
1,370,652
1,288,816
Other assets
70,892
57,082
Total assets
$ 6,019,467
$ 5,815,394
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
$ 153,884
$ 130,431
Amount due to customers
197,819
216,151
Accrued expenses and other current liabilities
438,358
446,779
Short-term bank loan
93,382
89,309
Convertible debt
153,085
153,092
Deferred revenues
151,857
134,580
Income taxes payable
123,727
102,458
Subtotal
1,312,112
1,272,800
Convertible debt
881,018
879,983
Long-term deferred revenues
51,668
54,372
Other long-term liabilities
8,811
8,510
Total liabilities
2,253,609
2,215,665
Shareholders' equity
SINA shareholders' equity (1)
2,937,920
2,846,842
Non-controlling interests
827,938
752,887
Total shareholders' equity
3,765,858
3,599,729
Total liabilities and shareholders' equity
$ 6,019,467
$ 5,815,394
(1) The Company adopted ASU 2016-1, Classification and Measurement of Financial Instruments beginning the first quarter of
fiscal year 2018. After the adoption of this new accounting update, the Company will measure long-term investments other than
equity method investments at fair value through earnings. For those investments without readily determinable fair values, the
Company will elect to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable
price changes. Changes in the basis of these investments will be reported in current earnings. The cumulative impact arising from
the adoption was a credit to retained earnings as of January 1, 2018 of $49.0 million.
SINA CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(U.S. Dollars in thousands)
Three months ended
March 31,
December 31,
2018
2017
2017
Net revenues
Portal:
Portal Advertising
$ 64,132
$ 59,791
$ 95,319
Other
26,774
20,162
33,842
Subtotal
90,906
79,953
129,161
Weibo:
Advertising and marketing
302,949
169,297
332,305
Weibo VAS
46,934
29,904
45,140
Subtotal
349,883
199,201
377,445
Elimination
(37)
(1,089)
(2,868)
$ 440,752
$ 278,065
$ 503,738
Cost of revenues
Portal:
Portal Advertising
$ 29,373
$ 27,482
$ 35,647
Other
16,469
12,702
19,180
Subtotal
45,842
40,184
54,827
Weibo
62,902
46,450
72,005
Elimination
(37)
(62)
(162)
$ 108,707
$ 86,572
$ 126,670
Gross margin
Portal
50%
50%
58%
Weibo
82%
77%
81%
75%
69%
75%
SINA CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(U.S. Dollars in thousands, except per share data)
Three months ended
March 31, 2018
March 31, 2017
December 31, 2017
Non-GAAP
Non-GAAP
Non-GAAP
Actual
Adjustments
Results
Actual
Adjustments
Results
Actual
Adjustments
Results
Advertising revenues
$ 367,081
$ 367,081
$ 227,999
$ 227,999
$ 424,756
$ 424,756
Non-advertising revenues
73,671
(2,609)
(a)
71,062
50,066
(2,609)
(a)
47,457
78,982
(2,609)
(a)
76,373
Net revenues
$ 440,752
$ (2,609)
$ 438,143
$ 278,065
$ (2,609)
$ 275,456
$ 503,738
$ (2,609)
$ 501,129
(2,609)
(a)
(2,609)
(a)
(2,609)
(a)
2,541
(b)
2,230
(b)
2,145
(b)
Gross profit
$ 332,045
$ (68)
$ 331,977
$ 191,493
$ (379)
$ 191,114
$ 377,068
$ (464)
$ 376,604
(19,775)
(b)
(18,960)
(b)
(20,039)
(b)
(1,635)
(c)
(155)
(c)
(1,535)
(c)
Operating expenses
$ 258,756
$ (21,410)
$ 237,346
$ 146,526
$ (19,115)
$ 127,411
$ 248,418
$ (21,574)
$ 226,844
(2,609)
(a)
(2,609)
(a)
(2,609)
(a)
22,316
(b)
21,190
(b)
22,184
(b)
1,635
(c)
155
(c)
1,535
(c)
Income from operations
$ 73,289
$ 21,342
$ 94,631
$ 44,967
$ 18,736
$ 63,703
$ 128,650
$ 21,110
$ 149,760
(2,609)
(a)
(2,609)
(a)
22,316
(b)
(2,609)
(a)
22,184
(b)
1,635
(c)
21,190
(b)
1,535
(c)
(451)
(d)
155
(c)
1,503
(d)
(7,226)
(e)
224
(d)
740
(e)
(8,183)
(f)
(15,883)
(e)
(9,197)
(f)
1,035
(g)
(5,494)
(f)
690
(g)
21
(h)
1,472
(h)
(253)
(h)
Net income attributable to SINA's ordinary shareholders
$ 28,694
$ 6,538
$ 35,232
$ 38,524
$ (945)
$ 37,579
$ 45,364
$ 14,593
$ 59,957
Diluted net income per share *
$ 0.38
$ 0.47
$ 0.52
$ 0.50
$ 0.60
$ 0.79
Shares used in computing diluted net income per share
74,036
-
74,036
73,409
-
73,409
74,213
-
74,213
Gross margin - advertising
77%
1%
78%
70%
1%
71%
76%
1%
77%
Gross margin - non-advertising
65%
-1%
64%
62%
-2%
60%
66%
-1%
65%
Operating margin
17%
5%
22%
16%
7%
23%
26%
4%
30%
(a) To exclude the recognition of deferred revenue related to the license granted to Leju.
(b) To exclude stock-based compensation.
(c) To adjust amortization of intangible assets.
(d) To exclude the non-GAAP to GAAP reconciling items on the share of equity method investments, net of share of amortization of intangibles not on their books.
(e) To exclude (gain) loss on sale of investments, (gain) loss on deemed disposal, fair value changes and impairment on investments, net.
(f) To exclude Non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests.
(g) To exclude the amortization of convertible debt issuance cost.
(h) To exclude the provision (benefit) for income tax related to item (c) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.**
*
Net income attributable to SINA's ordinary shareholders is adjusted for diluted shares issued by our subsidiary and equity method investments.
**
Most of the reconciliation items were recorded in entities in tax free jurisdictions hence no income tax implications. For impairment on investments, valuation allowances were
made for those differences the Company does not expect they can be realized in the foreseeable future.
UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS*
Three months ended
March 31, 2018
March 31, 2017
December 31, 2017
Actual
Adjustments
Non-GAAP Results
Actual
Adjustments
Non-GAAP Results
Actual
Adjustments
Non-GAAP Results
To exclude stock-based compensation
$ 584
$ 320
$ 881
To exclude amortization of intangible
assets resulting from business acquisitions
1,123
102
1,177
To exclude (gain) loss on disposal and impairment on investments, net
1,669
(321)
848
To exclude (gain) loss resulting from the fair value
changes in investments, net
(3,339)
39
(1,426)
To exclude tax impacts related
to amortization of intangible assets
(178)
(21)
(178)
Earning (Loss) from equity method investments, net
$ (2,082)
$ (141)
$ (2,223)
$ 3,248
$ 119
$ 3,367
$ (2,642)
$ 1,302
$ (1,340)
Share of amortization of equity investments'
intangibles not on their books
224
(224)
-
(125)
125
-
(253)
253
-
Share of tax impacts related to amortization of
equity investments' intangibles not on their books
86
(86)
-
20
(20)
-
52
(52)
-
$ (1,772)
$ (451)
$ (2,223)
$ 3,143
$ 224
$ 3,367
$ (2,843)
$ 1,503
$ (1,340)
* Earning (Loss) from equity method investments is recorded one quarter in arrears.
View original content: http://www.prnewswire.com/news-releases/sina-reports-first-quarter-2018-unaudited-financial-results-300645252.html
SOURCE SINA Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-sina-reports-first-quarter-2018-unaudited-financial-results.html |
PRAGUE (Reuters) - The Czech centrist ANO party on Friday approved a coalition agreement for a new government with the center-left Social Democrats, subject to a poll of Social Democrat party members.
The minority government would aim to boost spending on defense, wages and benefits as well as infrastructure, according to a policy agenda agreed by leaders of the two parties, which Reuters saw.
It would maintain a pro-Western policy course but keep the country outside the euro zone and resist any EU pressure to accept asylum-seekers transferred from other EU states.
“This is a solid base for the creation of a stable government,” Social Democrat chief Jan Hamacek said after a party leadership meeting.
But the deal still needs the approval of rank and file Social Democrats; the outcome of their poll, likely to be announced on June 15, is far from certain.
Prime Minister Andrej Babis’s ANO party was the clear winner of an election in October, but lacks a majority. The coalition will still be in a minority, with 93 of 200 lower house seats, and require ad hoc backing from the small Communist party.
Most parties, and also some prominent Social Democrats, have rejected joining a cabinet led by the billionaire businessman because he has been charged with fraudulently tapping a European Union subsidy a decade ago. He calls the investigation a plot.
As a condition of forming a coalition, the Social Democrats secured an agreement that Babis will step down if a court finds him guilty in the fraud case.
ANO’s other concessions to the Social Democrats include raising sick pay and child allowances and increasing salaries across the education sector by 50 percent by 2021.
COMMUNIST BACKING “I think Social Democrat members will respond positively ... we made an awful lot of compromises,” Babis said.
If the deal falls through, he said an early election could be held next spring.
The pro-Russia and anti-NATO Communist party has said it would lend the government its 15 votes in the formal confidence vote, which would mark its first involvement in national government since the end of Communist rule in 1989.
The Communists oppose some of the potential coalition’s foreign policy plans, such as more involvement in NATO military missions, but their voice will be limited.
On defense, the new government would plan to boost spending to 1.4 percent of GDP from 1.05 percent last year, still far below the NATO guideline of 2 percent.
It would also look to stabilize debt, which has dropped thanks to strong economic growth in the past three years to 34.6 percent of GDP in 2017.
Taxes should dip with a reduction in personal income tax and in value-added tax on some services, tap water and draught beer. The budget should remain broadly balanced.
ANO’s current one-party cabinet lost a vote of confidence in January and has since served in a caretaker capacity.
Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/us-czech-politics/planned-czech-government-to-boost-investments-defense-spending-draft-agenda-idUSKBN1IC12T |
WASHINGTON (Reuters) - The U.S. Treasury Department’s watchdog is probing whether private banking information linked to a consulting company run by President Donald Trump’s lawyer Michael Cohen was leaked, the Washington Post reported on Wednesday, citing a spokesman to the department’s inspector general.
The investigation comes a day after an attorney for porn star Stormy Daniels detailed various payments that several companies made through the firm to Cohen, who has come under scrutiny after an FBI raid over his business dealings last month. The companies later confirmed the transactions.
Reporting by Susan Heavey; Editing by Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-daniels-treasury/u-s-watchdog-probes-release-of-trump-lawyers-banking-details-report-idUSKBN1IA2VC |
May 9 (Reuters) - Partners Group Holding Ag:
* PARTNERS ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2018 * QTRLY FFO AND AFFO PER UNIT OF $0.07 AND $0.05 RESPECTIVELY
* Q1 REVENUES FROM INCOME PRODUCING PROPERTIES OF $13.0 MILLION, A REDUCTION OF $0.9 MILLION WHEN COMPARED TO Q1 OF 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-partners-announces-results-for-the/brief-partners-announces-results-for-the-first-quarter-of-2018-idUSASC0A19H |
LISBON, May 11 (Reuters) - China’s state-owned utility China Three Gorges on Friday launched a bid to take control of Portugal’s largest company EDP, in which it is the largest shareholder with a 23 percent stake, offering a premium of almost 5 percent on EDP’s closing price.
The company said it seeks to reach at least a 50 percent voting stake plus one share in the company. It offered 3.26 euros a share for EDP. It also offered 7.33 euros a share for EDP’s wind power unit, EDP Renovaveis, which is less than its closing price of 7.84 euros.
EDP’s market capitalisation was nearly 11.4 billion euros as of Friday. The company serves nearly 10 million electricity market clients and 1.6 million natural gas customers and has over 330,000 km of power transmission lines.
The Portuguese government has no objections to the bid, Prime Minister Antonio Costa told reporters earlier. (Reporting by Andrei Khalip Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/edp-ma-china-offer/china-three-gorges-launches-bid-for-portugal-edp-at-small-premium-idUSE8N1LU02O |
LOS ANGELES (AP) _ J2 Global Inc. (JCOM) on Monday reported first-quarter profit of $18.9 million.
The Los Angeles-based company said it had net income of 38 cents per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $1.22 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The internet and cloud services company posted revenue of $280.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $274.7 million.
J2 Global expects full-year earnings in the range of $5.95 to $6.25 per share, with revenue in the range of $1.2 billion to $1.25 billion.
J2 Global shares have climbed 14 percent since the beginning of the year. The stock has decreased 5.5 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on JCOM at https://www.zacks.com/ap/JCOM | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-j2-global-1q-earnings-snapshot.html |
May 18 (Reuters) - Treehouse Inc:
* TREEHOUSE, INC. FILES TO SAY HAS RAISED $7.5 MILLION IN EQUITY FINANCING FROM TOTAL OFFERING OF $15.7 MILLION - SEC FILING Source text: ( bit.ly/2LbIztj )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-treehouse-raised-75-mln-in-equity/brief-treehouse-raised-7-5-mln-in-equity-financing-from-total-offering-idUSFWN1SP0XR |
NASHVILLE, Tenn., May 7, 2018 /PRNewswire/ -- Cumberland Pharmaceuticals – today announced the appointment of pharmaceutical industry veteran Chris Bitterman as Cumberland's Hospital Sales Director. His responsibilities will include overseeing Cumberland's veteran Hospital Sales division and working with that team to support their activities, objectives, and continued development.
Mr. Bitterman joins Cumberland with a distinguished career in acute care sales management spanning over 25 years in the pharmaceutical industry. He brings industry experience and a successful track record in leading hospital sales teams and building hospital brands.
Highlights include his role in building a national hospital sales organization for Daiichi Sankyo where he led an organization that grew to 170 representatives and 19 district managers. Working with co-promotion partner Eli Lilly, he helped build their Effient ® product to over $500 million in annual gross revenues.
Prior to his 8 years at Daiichi, Bitterman was Regional Sales Director at Sanofi Aventis, where responsibilities included sales training, account management training, and sales management. During his tenure, his region significantly contributed to the institutional sales of both the Plavix ® and Lovenix ® brands.
"It's a pleasure to welcome Chris to our hospital division," said A.J. Kazimi, Cumberland's Chief Executive Officer. "He brings a wealth of experience and skills that will enhance our support for hospitals and healthcare systems across the country."
Prior to joining Cumberland, Bitterman was appointed by Lupin Pharmaceuticals as National Sales Director to build their hospital specialty sales division. He earned his bachelor's and master's degree in business administration from Central Michigan University.
About Cumberland Pharmaceuticals
Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company focused on the delivery of high-quality prescription brands to improve patient care. The Company develops, acquires, and commercializes brands for the hospital acute care, gastroenterology, and oncology market segments.
The Company's portfolio of FDA approved brands includes:
Acetadote ® (acetylcysteine) Injection, for the treatment of acetaminophen poisoning; Caldolor ® (ibuprofen) Injection, for the treatment of pain and fever; Kristalose ® (lactulose) for Oral Solution, a prescription laxative, for the treatment of chronic and acute constipation; Omeclamox ® -Pak , (omeprazole, clarithromycin, amoxicillin) for the treatment of Helicobacter pylori (H. pylori) infection and related duodenal ulcer disease; Vaprisol ® (conivaptan) Injection, to raise serum sodium levels in hospitalized patients with euvolemic and hypervolemic hyponatremia; Ethyol ® (amifostine) Injection, for the reduction of xerostomia (dry mouth) in patients undergoing post-operative radiation treatment for head and neck cancer and the renal toxicity associated with the administration of cisplatin in patients with advanced ovarian cancer; Totect ® (dexrazoxane hydrochloride) Injection, for emergency oncology intervention, to treat the toxic effects of anthracycline chemotherapy in case of extravasation (drug leakage from the bloodstream into the tissues).
Cumberland's pipeline of product candidates includes:
Hepatoren ® (ifetroban) Injection, a Phase II candidate for the treatment of critically ill patients suffering from liver and kidney failure associated with hepatorenal syndrome ("HRS"); Boxaban ® (ifetroban) Oral Capsules, a Phase II candidate for the treatment of asthma patients with aspirin-exacerbated respiratory disease ("AERD"); Vasculan ® (ifetroban) Oral Capsules, a Phase II candidate for the treatment of patients with the systemic sclerosis (SSc) form of autoimmune disease; Portaban ® (ifetroban) Injection and Oral Capsules, a Phase II candidate for the treatment of patients with portal hypertension associated with liver disease; RediTrex ™ (methotrexate) Injection, an approval submission candidate for the treatment of active rheumatoid, juvenile idiopathic and severe psoriatic arthritis.
For more information on Cumberland's approved products, including full prescribing instructions, please visit the individual product websites, links to which can be found on the Company's website www.cumberlandpharma.com .
Investor Contact:
Media Contact:
Erin Smith
Jeff Bradford
Corporate Relations
the Bradford Group
(615) 255-0068
(615) 515-4880
View original content with multimedia: http://www.prnewswire.com/news-releases/cumberland-pharmaceuticals-appoints-new-senior-executive-300643812.html
SOURCE Cumberland Pharmaceuticals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-cumberland-pharmaceuticals-appoints-new-senior-executive.html |
May 23 (Reuters) - Abercrombie & Fitch Co:
* ABERCROMBIE & FITCH CO. REPORTS DECLARATION OF QUARTERLY CASH DIVIDEND OF $0.20 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abercrombie-fitch-co-reports-decla/brief-abercrombie-fitch-co-reports-declaration-of-quarterly-cash-dividend-idUSFWN1SU0S9 |
Hardcover Nonfiction TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK Magnolia Table 1 New Joanna Gaines & Marah Stets/William Morrow & Company A Higher Loyalty 2 1 James B. Comey/Flatiron Books I’ll Be Gone in the Dark 3 — Michelle McNamara /Harper 12 Rules for Life 4 3 Jordan B. Peterson/Random House Canada War on Peace 5 New Ronan Farrow/W. W. Norton & Company Fascism: A Warning 6 2 Madeleine Albright/Harper The Light Within Me 7 New Ainsley Earhardt/Harper The Clean 20 8 4 Ian K. Smith/St. Martin’s Press The Subtle Art of Not Giving a F*ck 9 5 Mark Manson/Harper Suicide of the West 10 New Jonah Goldberg/Crown Forum Nonfiction E-Books TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK I’ll Be Gone in the Dark 1 — Michelle McNamara/HarperCollins Publishers A Higher Loyalty 2 1 James Comey/Flatiron Books Alton Brown: EveryDayCook 3 — Alton Brown/Random House Publishing Group Call the Midwife 4 — Jennifer Worth/Penguin Publishing Group Brain on Fire 5 — Susannah Cahalan/Free Press 12 Rules for Life 6 7 Jordan B. Peterson/Random House Canada Suicide of the West 7 New Jonah Goldberg/The Crown Publishing Group The Yoga Mind 8 New Rina Jakubowicz /Rina Jakubowicz Educated 9 2 Tara Westover/Random House Publishing Group Under the Tuscan Sun 10 — Frances Mayes/Crown/Archetype Nonfiction Combined TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK Magnolia Table 1 New Joanna Gaines & Marah Stets/William Morrow & Company A Higher Loyalty 2 1 James Comey/Flatiron Books I’ll Be Gone in the Dark 3 — Michelle McNamara/Harper 12 Rules for Life 4 4 Jordan B. Peterson/Random House Canada Fascism: A Warning 5 3 Madeleine Albright/Harper Suicide of the West 6 New Jonah Goldberg /Crown Forum The Subtle Art of Not Giving a F*ck 7 6 Mark Manson/HarperOne Killers of the Flower Moon 8 5 David Grann/Vintage Everybody, Always 9 2 Bob Goff/Thomas Nelson War on Peace 10 New Ronan Farrow/W.W. Norton & Company Hardcover Fiction TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK A Day in the Life of Marlon Bundo 1 1 Jill Twiss and Marlon Bundo/Chronicle Books The Fallen 2 2 David Baldacci/Grand Centra l Publishing Twisted Prey 3 New John Sandford/G.P. Putnam’s Sons Oh, the Places You’ll Go! 4 3 Dr. Seuss/Random House Books For Young Readers Dog Man and Cat Kid (Dog Man 4) 5 4 Dav Pilkey/Graphix The Giving Tree 6 5 Shel Silverstein/HarperCollins Marc’s Mission 7 New Jocko Willink /Feiwel & Friends The Hate U Give 8 — Angie Thomas/Balzer & Bray/HarperTeen Wonder 9 7 R. J. Palacio/Alfred A. Knopf Books For Young Readers Leah on the Offbeat 10 New Becky Albertalli/Balzer & Bray/HarperTeen Fiction E-Books TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK Twisted Prey 1 New John Sandford/Penguin Publishing Group The Fallen 2 1 David Baldacci/Grand Central Publishing Only a Millionaire 3 New J. S. Scott/Montlake Romance Iron Princess 4 New Meghan March/Meghan March Shattered Mirror 5 New Iris Johansen/St. Martin’s Press Wild In Love 6 New Bella Andre and Jennifer Skully/Bella Andre Savor You 7 New Kristen Proby/HarperCollins Publishers New York: The Novel 8 — Edward Rutherfurd/Random House Publishing Group One Last Breath 9 New Lisa Jackson/Kensington The Great Alone 10 7 Kristin Hannah/St. Martin’s Press Fiction Combined TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK A Day in the Life of Marlon Bundo 1 2 Jill Twiss and Marlon Bundo/Chronicle Books Twisted Prey 2 New John Sandford/G.P. Putnam’s Sons The Fallen 3 1 David Baldacci/Grand Central Publishing The Midnight Line 4 — Lee Child/Dell Oh, The Places You’ll Go! 5 8 Dr. Seuss/Random House Books for Young Readers One Last Breath 6 New Lisa Jackson/Zebra Shattered Mirror 7 New Iris Johansen/St. Martin’s Press Only a Millionaire 8 New J. S. Scott/Montlake Romance Iron Princess 9 New Meghan March/Red Dress Little Fires Everywhere 10 9 Celeste Ng/Penguin Press Hardcover Business TITLE
AUTHOR / PUBLISHER THIS WEEK LAST
WEEK StrengthsFinder 2.0 1 1 Tom Rath/Gallup Press Emotional Intelligence 2.0 2 2 Travis Bradberry & Jean Greaves/TalentSmart Extreme Ownership 3 4 Jocko Willink/St. Martin’s Press The Five Dysfunctions of a Team 4 3 Patrick Lencioni/Jossey-Bass Total Money Makeover 5 5 Dave Ramsey/Thomas Nelson Principles: Life and Work 6 6 Ray Dalio/Simon & Schuster New Power 7 – Jeremy Heimans &Henry Timms/Doubleday Books Radical Candor 8 8 Kim Scott/St. Martin’s Press Together Is Better 9 – Simon Sinek/Portfolio Who Moved My Cheese? 10 – Spencer Johnson/Penguin Putnam Methodology
NPD BookScan gathers point-of-sale book data from more than 16,000 locations across the U.S., representing about 85% of the nation’s book sales. Print-book data providers include all major booksellers (now inclusive of Walmart) and web retailers, and food stores. E-book data providers include all major e-book retailers. Free e-books and those sold for less than 99 cents are excluded. The fiction and nonfiction lists in all formats include adult, young adult, and juvenile titles; the business list includes only adult titles. The combined lists track sales by title across all print and e-book formats; audio books are excluded. Refer questions to [email protected]. | ashraq/financial-news-articles | https://www.wsj.com/articles/best-selling-books-week-ended-april-29-1525450204 |
Its hands full with restoring power, Puerto Rico’s beleaguered electric utility will not need to defend a contractor’s lawsuit seeking damages of more than $4.5 million, according to the judge in the island’s financial restructuring case.
U.S. District Court Judge Laura Taylor Swain in an opinion on Tuesday said Master Link Corp will not get relief from the stay of Puerto Rico’s restructuring case to pursue its lawsuit.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KyqaXl
Our | ashraq/financial-news-articles | https://www.reuters.com/article/bankruptcy-puertorico/restoring-power-in-puerto-rico-a-priority-over-litigation-judge-idUSL1N1SA0CH |
May 9, 2018 / 9:16 AM / Updated 9 minutes ago Libstar makes market debut on Johannesburg bourse Reuters Staff 1 Min Read
JOHANNESBURG, May 9 (Reuters) - Consumer food maker Libstar Holdings listed on the Johannesburg stock exchange on Wednesday, the market’s biggest listing so far in 2018, with the shares opening trade at its IPO price of 12.50 rand ($1) before slipping to 12.00 rand.
Libstar’s 27 business units offer consumer products that include specialised food such as gluten-free baked products and household goods.
The company, which also supplies the food services industry, with customers such as KFC and McDonald’s, said it had raised 3 billion rand ($235 million) via the listing, half from its primary raise and another 1.5 billion rand from a secondary sell-down from existing shareholders.
Chief Executive Andries van Rensburg said in a statement that the “new capital we have raised will allow us to invest more into the business and therefore grow our range of products and expand our operations.”
The company did its capital raising last week in a share sale last week which valued it at 8.5 billion rand. $1 = 12.6317 rand Reporting by Tanisha Heiberg Editing by Ed Stoddard and Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/libstar-listing/libstar-makes-market-debut-on-johannesburg-bourse-idUSL8N1SG2XY |
PARSIPPANY, N.J.--(BUSINESS WIRE)-- Zoetis Inc. (NYSE: ZTS), the global leader in animal health, today announced that it has been named one of America’s Best Midsize Employers by Forbes Magazine for the third year in a row.
“We are honored to once again be named one of America’s Best Employers by Forbes Magazine,” said Roxanne Lagano, Executive Vice President and Chief Human Resources Officer. “At Zoetis, we know our people drive our success. Our colleagues are proud of our company culture and the meaningful role we play in caring for animals. When it comes to our culture, our Core Beliefs are the foundation of our success. They have helped us create an award-winning workplace and become a leading partner of choice in animal health.”
Forbes determined its America’s Best Employers list based on an independent survey among a sample of 30,000 American employees working for companies with at least 1,000 people in their U.S. operations. The willingness to recommend one's own employer was used as the most important factor in the assessment. The employees were consulted anonymously through online access panels which allowed them to express their opinions. Visit Forbes.com to see the entire list of America’s Best Midsize Employers for 2018 .
Zoetis is committed to hiring and retaining the best and brightest employees from a variety of backgrounds. We take pride in a collaborative spirit and high-performing environment where every colleague is given room to learn and grow. We invest in our people and offer diverse and exciting opportunities to make a difference in the animal health industry.
The company has been recognized for creating a supportive and flexible culture where every colleague feels a sense of ownership and can achieve a fulfilling work-life balance. Zoetis has been named among the Top Companies for Working Mothers by Working Mother Magazine for the past four years. More information about company awards and recognitions can be found here . To explore career opportunities at Zoetis, visit https://www.zoetis.com/careers .
About Zoetis
Zoetis is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries. In 2017, the company generated annual revenue of $5.3 billion with approximately 9,000 employees. For more information, visit www.zoetis.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006230/en/
Zoetis Inc.
Media:
Elinore White, 1-973-443-2835 (o)
[email protected]
or
Kristen Seely, 1-973-443-2777 (o)
[email protected]
Source: Zoetis Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-forbes-names-zoetis-one-of-americaas-best-employers-for-third-year-in-a-row.html |
LONDON, May 2 (Reuters) - The Chief Executive of British challenger lender Shawbrook, Steve Pateman, will stand down in the coming months, the bank’s board said in a statement on Wednesday.
Pateman, who joined the bank in 2016, said it had been a privilege to lead Shawbrook through challenging times and lay the foundations for future growth.
The bank, which was briefly listed between April 2015 and July 2017, was taken over by private equity firms BC Partners and Pollen Street Partners last year.
“Given the change in ownership... Steve and the board felt it important that the bank’s leadership shared the time horizons of the investment case and will now work together to secure a successor who can lead the bank through that phase,” said Chairman John Callender.
Reporting by Emma Rumney, editing by Sinead Cruise
| ashraq/financial-news-articles | https://www.reuters.com/article/shawbrook-ceo/shawbrook-bank-chief-executive-steve-pateman-to-step-down-idUSL8N1S9313 |
May 4, 2018 / 4:12 PM / in 3 hours Swedish Academy to reform after controversy postpones Nobel prize Reuters Staff 6 Min Read
STOCKHOLM (Reuters) - The Swedish Academy which decides the Nobel Prize for Literature said it would not make an award in 2018 and instead focus on internal reforms to restore its reputation in the wake of allegations of sexual harassment and information leaks. FILE PHOTO: A general view of the Swedish Academy's annual meeting at the Old Stock Exchange building in Stockholm, Sweden December 20, 2017. TT News Agency/Jonas Ekstromer via REUTERS/File Photo
The scandals have threatened to undermine the credibility of the award and attracted unprecedented scrutiny of the Academy, a highly secretive body whose choices of prize winner fascinate and often baffle literature lovers the world over.
Below are key elements of the controversy and its consequences. WHAT SPARKED THE CRISIS?
At heart of the row are allegations of sexual assault and harassment made by several women against Jean-Claude Arnault, a photographer and well-known cultural figure in Sweden who is married to poet and Academy member Katarina Frostenson.
He is also accused of leaking prize-winners’ names ahead of their official announcement, a major cultural event which is covered each year by the world’s media.
Arnault denies all the allegations against him, including that of being the source of leaks, his lawyer said.
State prosecutors are conducting a preliminary investigation of assault allegations against Arnault. Another such investigation, regarding alleged assaults dating between March 2013 and April 2015, was dropped last month due to a lack of evidence and because for some the statute of limitations had passed.
The allegations made by 18 women against Arnault were first published in Swedish newspaper Dagens Nyheter in November. The same paper also reported that the Academy had carried out an internal investigation alleging that Arnault had leaked the closely-guarded names of Nobel prize winners on seven different occasions.
The paper said these included Bob Dylan in 2016 as well as French author Jean-Marie Gustave Le Clezio in 2008 and British playwright Harold Pinter in 2005.
The Swedish Academy last month acknowledged that names had been leaked though it did not specify which laureates this concerned nor who was the source of the leaks. WHY DID THE CONTROVERSY CAUSE A RIFT IN THE ACADEMY?
After cutting ties with Arnault, the Academy held a vote on whether to exclude Frostenson from the body for allegedly breaching conflict of interest rules and divulging names of prize winners to her husband, who could then leak them.
The motion failed, with Frostenson allowed to stay, prompting three of the Academy’s 18 members to resign in protest. In the following weeks another three, including the Permanent Secretary of the Academy, Sara Danius and Frostenson herself, also withdrew.
Eight Academy members said in an open letter to a newspaper that they had voted against excluding Frostenson on the grounds that the evidence, some of it from anonymous sources, was insufficient.
Frostenson has so far not commented publicly on the vote and accusations against her. She did not respond to a request for comment on Friday. WHAT REFORMS ARE UNDERWAY?
Sweden’s king has stepped in to drive reforms of the Swedish Academy, established in 1786 by his forebear Gustav III and of which he is the formal patron.
Appointments to the Academy have been for life and there has been no formal provision under the arcane rules for members to resign. That has meant those who withdrew could not be replaced.
This week, King Carl XVI Gustaf revised the Swedish Academy’s rules to allow members resign. The change also means that members who have not participated in the Academy’s work for two years will be considered to have resigned.
Other changes are likely in store. In connection with its decision to postpone the prize, the Swedish Academy said it had begun a wide-ranging project to alter the way it conducted its business while still seeking to respect its historic legacy.
Besides the right to resign, procedures for handling conflicts of interest and secret information would be strengthened while its external communication would also be modernized, it said in a statement.
“The active members of the Swedish Academy are of course fully aware that the present crisis of confidence places high demands on a long-term and robust work for change,” it said. WHAT ARE THE CONSEQUENCES?
The Academy took the rare decision to postpone the 2018 Nobel literature prize to next year, meaning it will award two prizes in 2019.
The prize has been postponed or canceled only a handful of times, for instance during World War Two. The most recent postponement was the award to American novelist William Faulkner, who received his 1949 prize a year late, in 1950.
The biggest risk by far is to the reputation of the prize, which has come to be seen as one of the most important international honors in the field of literature.
The Nobel Foundation, which administers the estate of dynamite inventor Alfred Nobel, said the crisis at the Academy had “adversely affected” the Nobel Prize.
“Their decision underscores the seriousness of the situation and will help safeguard the long-term reputation of the Nobel Prize,” the Foundation said in statement. Reporting by Niklas Pollard, Simon Johnson and Johan Sennero; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-nobel-prize-explainer/swedish-academy-to-reform-after-controversy-postpones-nobel-prize-idUSKBN1I5215 |
HOUSTON, TEXAS, May 14, 2018 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced its financial and operating results for the quarter ended March 31, 2018.
2018 HIGHLIGHTS
Revenues for Q1 2018 grew 594% over Q1 2017 to $17.8 million from $2.6 million; revenues declined by $2.0 million, or 11%, from Q4 2017 US Fleet #2 completed 238 stages in Q1 2018; set new Company record in April with 99 stages completed US Fleet #1 resumed operations in March in the spot market Gross margin losses in Argentina improved to $0.3 million in Q1 2018 from $1.4 million in Q4 2017 Have negotiated to terminate uneconomic Argentina contract following transition period Equipment added to US operations in May 2018; providing redundancy and expanding scope of operations Raised $10 million of capital in April 2018 from preferred stock issuance
J. Chris Boswell, President and Chief Executive Officer stated, “As we communicated in our last earnings call, our frac fleets were in the middle of transitioning from lower priced contracts to new work at improved rates. The first quarter results reflect the inactivity associated with that transition and we are happy to report significant improvements thus far in the second quarter.
In the US market, US fleet #2 completed 238 stages during 1Q 2018 as it suffered primarily from weather related downtime. The second quarter has seen meaningful improvement, as our US fleet #2 completed a Company record 99 stages in April. Our US fleet #1 remained idle during most of Q1 2018 while awaiting sand delivery and other equipment. That fleet is now back to work and we believe that the schedule over the coming months is looking positive. Gross margin losses for the first quarter in our US business of $4.0 million was driven by the low utilization experienced by Fleet #1.
Gross margin losses in our Argentina business of $0.3 million improved by $1.1 million as compared to Q4 2017. The main driver for that improvement was the removal of non-core third party services that we had previously provided to our customer at a substantial loss under our contract which started in early 2017.
In regards to the contract negotiation, we have held lengthy discussions with our Argentina customer to cancel or modify the contract as it was unfavorable and uneconomic. We have now been notified by our customer that its Board of Directors has approved the termination of the contract following a transition period. We now expect to be released from any further obligations under that contract within 90 days and to continue working for 60-90 days under different commercial terms which are currently under negotiation. Our customer has also expressed interest in continuing to work with us after the transition period under a more flexible agreement. This should enable us to work with additional customers and otherwise explore all alternatives for the profitable growth of our Argentina assets.
Once again, I would like to thank our entire team for their hard work and dedication. With all assets now expected to be working under improved pricing conditions, we feel Q2 2018 is an inflection point for the Company.”
Quarter Financial Results
Revenues
U.S. revenue for Q1 2018 was $12.7 million, compared to $0 for Q1 2017. The Company started its US operations during Q2 2017 and as such generated no revenue in Q1 2017.
Argentina revenue for Q1 2018 increased $2.5 million to $5.1 million, compared to $2.6 million for Q1 2017.
Cost of Sales
U.S. cost of services was $16.6 million for Q1 2018, compared to $0.5 for Q1 2017 and $15.1 million in 4Q 2017. The increase in costs compared to 4Q 2017 was a result of additional product costs due to significantly different completion designs. Now that the Company has a more established operating history it is actively working on a number of initiatives to reduce costs.
Argentina cost of services increased $2.0 million to $5.4 million for Q1 2018, compared to $3.4 million for Q1 2017. This increase was attributable to higher activity levels, offset by a reduction in costs incurred attributable to non-core third party services which our customer sourced directly from those providers beginning on February 1, 2018.
SG&A Expense
Selling, general, and administrative ("SG&A") expense increased $1.1 million to $2.6 million for Q1 2018, compared to $1.5 million for Q1 2017. This increase was a result of our expansion into the US market which did not occur until Q2 2017. These increases included non-cash stock compensation, increased headcount and salary increases, director compensation increases and certain increased legal and other professional expese.
Cash and Total Liquidity
On March 31, 2018, EcoStim had cash and cash equivalents of approximately $2.6 million, compared to $8.8 million at December 31, 2017 and $11.2 million on March 31, 2017. The Company raised $10 million in April 2018 to fund capital expenditures and working capital.
Capital Expenditures
Total cash capital expenditures made during Q1 2018 were approximately $1.5 million compared to $10.7 million in Q4 2017 and $3.7 million in Q1 2017, comprised mainly of additional pressure pumping equipment for the Company’s capacity expansion.
Forward Guidance
The Company has a limited operating history, with less than one full year working in the US and only three years of operations in Argentina in a difficult but improving market environment. While the market in both Argentina and the U.S. is now stronger, utilization of our frac fleets is difficult to accurately predict and therefore the Company does not plan to provide any earnings guidance for 2018 at this time. As the Company’s capacity additions made over the past year are deployed and the Company develops a longer operating history in the US, management may decide to provide guidance in the future. Factors that may influence our outlook and performance include the reliability and performance of our equipment, utilization of our assets in both the US and Argentina markets, the size of each job, pricing levels, and the service and product components of each job, as well as other factors discussed in our filings with the US Securities and Exchange Commission.
Conference Call
The Company will host a conference call on Tuesday, May 15th, 2018 at 8:30 AM EDT, 7:30 AM CDT. To participate in the call please dial 877-900-9524 from the United States and Canada, and 412-902-0029 internationally. Participants should dial in five to ten minutes before the scheduled time and must be on a touchtone telephone to ask questions. A replay of the call will be available through May 31, 2018, by dialing 877-660-6853 from the U.S and Canada, and 201-612-7415 internationally. The replay passcode is 13597819.
About the Company
EcoStim is an environmentally focused oilfield service and technology company providing well stimulation and completion services and field management technologies to oil and gas producers drilling in the U.S. and international unconventional shale markets. In addition to conventional pumping equipment, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint.
Forward-Looking Statements:
Certain statements and information in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” “offer to” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company is preparing for, plans, expects, believes or anticipates will or may occur in the future are forward-looking statements. Examples of forward-looking statements include, but are not limited to, the Company’s statements made relating to: (i) revenue, earnings, profitability, gross margin, and other financial results for future periods, (ii) future pricing and other conditions in the markets served by the Company, (iii) the future utilization and operating efficiency of the Company’s frac fleets, and (iv) the expected termination of the Company’s current contract in Argentina, the potential for the Company to enter into a new contract with its current Argentina customer, and the anticipated terms and timing thereof. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
For additional information regarding known material factors that could cause our actual results to differ materially from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Investors should carefully consider the risk factors included in our filings, and should keep in mind the cautionary statements in this press release and in our filings.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Financial Statements
ECO-STIM ENERGY SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 2,598,810 $ 8,826,076 Accounts receivable 7,640,496 10,167,044 Inventory 3,435,004 3,699,245 Prepaids 6,615,501 4,363,064 Other assets 1,822,731 787,846 Total current assets 22,112,542 27,843,275 Property, plant and equipment, net 76,912,042 75,825,539 Total assets $ 99,024,584 $ 103,668,814 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 24,651,857 $ 17,110,691 Accrued expenses 5,117,979 4,820,774 Short-term notes payable 6,146,160 6,130,567 Current portion of long-term notes payable 973,866 916,453 Current portion of capital lease payable 639,336 836,855 Total current liabilities 37,529,198 29,815,340 Non-current liabilities: Long-term notes payable 1,023,276 1,172,712 Total non-current liabilities 1,023,276 1,172,712 Stockholders’ equity Common stock 74,596 74,578 Additional paid-in capital 144,722,965 144,071,119 Treasury stock (57,469 ) (57,469 ) Accumulated deficit (84,267,982 ) (71,407,466 ) ) Total stockholders’ equity 60,472,110 72,680,762 Total liabilities and stockholders’ equity $ 99,024,584 $ 103,668,814
ECO-STIM ENERGY SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months
Ended March 31, 2018 2017 Revenues $ 17,778,844 $ 2,562,657 Operating cost and expenses: Cost of services 22,025,026 3,854,886 Selling, general, and administrative 2,612,883 1,529,558 Depreciation and amortization expense 5,127,863 1,341,792 Total operating costs and expenses 29,765,772 6,726,236 Operating loss (11,986,928 ) (4,163,579 ) Other income (expense): Interest expense (420,690 ) (1,590,458 ) Other income (expenses) (452,898 ) 91,752 Total other income (expense) (873,588 ) (1,498,706 ) Provision for income taxes - 633,260 Net loss $ (12,860,516 ) $ (5,029,025 ) Basic and diluted loss per share $ (0.17 ) $ (0.34 ) Weighted average number of common shares outstanding-basic and diluted
74,579,112
14,827,416
ECO-STIM ENERGY SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Quarter Ended
March 31, 2018 2017 Operating Activities Net loss $ (12,860,516 ) $ (5,029,025 ) Depreciation and amortization 5,127,863 1,341,792 Amortization of debt discount and loan origination cost 17,542 319,541 Stock based compensation 651,864 128,172 Changes in operating assets and liabilities: Accounts receivable 2,526,548 144,877 Inventory 264,241 (76,314 ) Prepaids and other assets (3,201,908 ) (1,039,737 ) Accounts payable and accrued expenses 3,204,394 (551,546 ) Net cash used in operating activities (4,269,972 ) (4,762,240 ) Investing Activities Purchase of equipment (1,535,887 ) (3,652,475 ) Net cash used in investing activities (1,535,887 ) (3,652,475 ) Financing Activities Proceeds from sale of common stock - 982,385 Proceeds from notes payable 2,150,602 19,565,983 Notes payables financing cost - (485,000 ) Payments on notes payable (2,356,948 ) (2,041,514 ) Payments on capital lease (215,061 ) (187,116 ) Net cash provided by (used in) financing activities (421,407 ) 17,834,738 Net increase (decrease) in cash and cash equivalents (6,227,266 ) 9,420,023 Cash and cash equivalents, beginning of period 8,826,076 1,731,364 Cash and cash equivalents, end of period $ 2,598,810 $ 11,151,387 Supplemental Disclosure of Cash Flow Information Cash paid during the year for interest $ 220,625 $ 175,282 Cash paid during the year for income taxes $ 178,738 $ 52,950 Non-cash transactions Property plant and equipment additions in accounts payable $ 4,633,973 $ 174,277 Notes payable cost in accrued and accounts payable $ - $ 106,065 Notes payable settled through recapitalization $ - $ 22,000,000 Equipment purchased with notes payable $ 44,503 $ -
Non-GAAP Financial Information:
Adjusted EBITDA, a non-GAAP term, is used by management to evaluate, assess and benchmark our operational results. The Company’s management uses adjusted EBITDA as a supplement measure to review the Company’s overall performance. Adjusted GAAP should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and operating income. The Company’s non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such other non-GAAP measures in the same manner.
Adjusted EBITDA is defined as net loss with adjustments for depreciation and amortization, interest expense, interest forgiven, income tax provision, foreign exchange, and other non-recurring expenses and non-cash stock-based compensation expense.
ECO-STIM ENERGY SOLUTIONS, INC.
RECONCILIATION NET LOSS TO ADJUSTED EBITDA
The following table presents a reconciliation of net loss to adjusted EBITDA, which is the most comparable non-GAAP performance measure, for each of the periods indicated:
Three Months Ended
March 31, 2018 2017
Net loss $ (12,860,516 ) $ (5,029,025 ) Depreciation and amortization 5,127,863 1,341,792 Interest income (54,164 ) (39,870 ) Interest expense 420,690 1,590,458 Provision for income taxes - (633,260 ) Foreign exchange 315,747 (60,322 ) Other non-recurring expenses 191,315 8,440 Stock based compensation 651,864 128,172 Adjusted EBITDA $ (6,207,201 ) $ (2,693,615 )
Reportable Segment Information:
Three Months
Ended March 31, 2018 2017 Revenues (1) : Argentina $ 5,095,618 $ 2,562,657 United States 12,683,226 ‒ Total Revenue $ 17,778,844 $ 2,562,657 Cost of services (1,2) : Argentina 5,386,845 3,371,992 United States 16,638,181 482,894 Total Cost of services $ 22,025,026 $ 3,854,886 Gross margin (1,2) : Argentina (291,227 ) (809,335 ) United States (3,954,955 ) (482,894 ) Total Gross margin $ (4,246,182 ) $ $ (1,292,229)
(1 ) U.S. activity began in February 2017 with start-up expenses being incurred. The Company began recognizing U.S. revenue in late May 2017. Intersegment transactions included in revenues were not significant for any of the periods presented. (2 ) Gross margin is defined as revenues less costs of services. Cost of services excludes selling, general and administrative expenses, research and development expenses and depreciation and amortization expense.
Contact: Jeffrey Freedman, Investor Relations [email protected] 281-531-7200
Source:Eco-Stim Energy Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-ecostim-energy-solutions-reports-first-quarter-2018-results.html |
Biggest Rollback of Bank Rules Since Dodd-Frank Clears House The Capitol building in Washington, DC Photograph by Brendan Hoffman—Getty Images By Bloomberg May 22, 2018
The U.S. House has approved a sweeping overhaul of bank regulations, sending to President Donald Trump a bill that will give him a chance to make good on his vow to “do a big number” on the Dodd-Frank Act.
Lawmakers voted 258-to-159 Tuesday to advance a measure that is the product of years of financial-industry lobbying to soften post-crisis rules and sensitive negotiations on Capitol Hill to attract bipartisan support needed to get it through the narrowly-divided Senate.
The legislation would be the most significant overhaul of banking oversight to become law since Dodd-Frank was enacted in 2010 and may represent Congress’s last shot at dialing back financial regulation before midterm elections in November.
House leaders agreed to vote on the compromise bill that Senate Republicans negotiated with moderate Democrats in exchange for a promise that a broader set of House-passed rollbacks will get a vote later this year. Senate Democrats who backed the plan sponsored by Banking Committee Chairman Mike Crapo, an Idaho Republican, have said they will oppose further changes. ‘Propelling Growth’
“This is a moment years in the making,” Crapo said in a statement after the bill’s passing. “This step toward right-sizing regulation will allow local banks and credit unions to focus more on lending, in turn propelling economic growth and creating jobs.”
Moderate Democrats’ support for the bill has sparked fights with progressives including Senator Elizabeth Warren of Massachusetts, who say the bill is a gift to bank lobbyists.
“The bill would raise the asset threshold at which banks would be subject to enhanced supervision by regulators, weaken stress tests and capital requirements for big banks, undermine critical mortgage protections, and exempt 85 percent of depository institutions from reporting important Home Mortgage Disclosure Act data,” Representative Maxine Waters of California, the top Democrat on the House Financial Services Committee, said in a statement before the vote. “I’m all for helping community banks and credit unions but this bill goes way beyond that and includes massive giveaways to Wall Street.”
The legislation gives smaller banks relief from post-crisis rules that they’ve decried as burdensome and costly. It raises to $250 billion in assets from $50 billion the threshold for banks to face stricter Federal Reserve oversight as systemically important financial institutions. That would free companies such as American Express Co. and SunTrust Banks Inc. from higher compliance costs associated with being considered too big to fail.
It could also spark a wave of dealmaking among regional firms that have been reluctant to cross that $50 billion threshold. ‘Bigger Deals’
“This gives us the ability to do more deals and bigger deals,” said Joe Ficalora, chief executive officer of New York Community Bancorp Inc., which has $49.6 billion in assets. “There are many opportunities, and we’ve just been waiting for the timing to be right.”
Even if the bill is signed into law, the Federal Reserve will ultimately determine how much relief regional firms get — and how soon. While losing the SIFI label frees them from some stricter oversight and annual stress tests mandated by Dodd-Frank, banks with more than $50 billion in assets are still subject to other rules including the Fed’s annual Comprehensive Capital Analysis and Review.
If the Fed does decide to make changes in response to the legislation, the process that could take months, even a year, according to Jared Seiberg, an analyst at Cowen Inc.
There are fewer gains in the legislation for Wall Street banks and investment firms, which will have to rely on regulators appointed by Trump to dial back hated constraints such as the Volcker Rule ban on proprietary trading. Bill’s Losers
Among the bill’s biggest losers are large regional banks such as Capital One Financial Corp. and PNC Financial Services Group Inc., which would keep their SIFI designations. Wall Street banks like Citigroup Inc. and JPMorgan Chase & Co. also lost out on getting relief on some capital requirements they lobbied to include.
The legislation lets big banks include municipal bonds in required stockpiles of assets that could be sold to provide funding in a crisis. That’s a modification JPMorgan and Citigroup have sought for years.
Custody banks such as State Street Corp. and Bank of New York Mellon Corp., which specialize in safeguarding assets as opposed to traditional commercial banking, are likely to see relief from some capital requirements. The bill frees small banks from the Volcker Rule and makes a technical fix that would let some investment firms like BlackRock continue trading with some funds.
House Financial Services Committee Chairman Jeb Hensarling and Senate Majority Leader Mitch McConnell have agreed to consider additional financial deregulation measures later this year. Hensarling, who is leaving Congress at the end of 2018, has identified more than two dozen House-passed measures that he would like to see considered. But there’s no sign that Senate Democrats — whose votes are needed for passage — will get on board. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/dodd-frank-rollback-clears-congress/ |
May 19, 2018 / 2:02 PM / Updated 22 minutes ago IPL Scoreboard Reuters Staff 3 Min Read May 19 (OPTA) - Scoreboard at close of play on the first day of match 53 between Rajasthan Royals and Royal Challengers Bangalore on Saturday at Jaipur, India Rajasthan Royals win by 30 runs Rajasthan Royals 1st innings Rahul Tripathi Not Out 80 Jofra Archer c Parthiv Patel b Umesh Yadav 0 Ajinkya Rahane lbw Umesh Yadav 33 Sanju Samson c Moeen Ali b Umesh Yadav 0 Heinrich Klaasen c Moeen Ali b Mohammed Siraj 32 Krishnappa Gowtham Run Out Parthiv Patel 14 Extras 0b 1lb 0nb 0pen 4w 5 Total (20.0 overs) 164-5 Fall of Wickets : 1-2 Archer, 2-101 Rahane, 3-101 Samson, 4-149 Klaasen, 5-164 Gowtham Did Not Bat : Binny, Laughlin, Gopal, Sodhi, Unadkat Bowling Ov Md Rn Wk Econ Ex Yuzvendra Chahal 4 0 26 0 6.50 Umesh Yadav 4 1 25 3 6.25 Moeen Ali 2 0 19 0 9.50 Tim Southee 4 0 37 0 9.25 1w Mohammed Siraj 4 0 33 1 8.25 Colin de Grandhomme 2 0 23 0 11.50 3w Royal Challengers Bangalore 1st innings Virat Kohli b Krishnappa Gowtham 4 Parthiv Patel st Heinrich Klaasen b Shreyas Gopal 33 AB de Villiers st Heinrich Klaasen b Shreyas Gopal 53 Moeen Ali c&b Shreyas Gopal 1 Mandeep Singh st Heinrich Klaasen b Shreyas Gopal 3 Colin de Grandhomme c Ajinkya Rahane b Ish Sodhi 2 Sarfaraz Khan c Heinrich Klaasen b Ben Laughlin 7 Tim Southee c Krishnappa Gowtham b Jaydev Unadkat 14 Umesh Yadav b Ben Laughlin 0 Mohammed Siraj c Krishnappa Gowtham b Jaydev Unadkat 14 Yuzvendra Chahal Not Out 0 Extras 1b 1lb 0nb 0pen 1w 3 Total (19.2 overs) 134 all out Fall of Wickets : 1-20 Kohli, 2-75 Patel, 3-77 Ali, 4-85 Singh, 5-96 de Grandhomme, 6-98 de Villiers, 7-108 Khan, 8-108 Yadav, 9-128 Southee, 10-134 Siraj Bowling Ov Md Rn Wk Econ Ex Krishnappa Gowtham 2 0 6 1 3.00 Jofra Archer 4 0 37 0 9.25 1w Ben Laughlin 2 0 15 2 7.50 Jaydev Unadkat 3.2 0 27 2 8.10 Shreyas Gopal 4 0 16 4 4.00 Ish Sodhi 4 0 31 1 7.75 Umpire Virender Sharma Umpire Bruce Oxenford Video Chettithody Shamsuddin Match Referee Andrew Pycroft | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idINMTZXEE5JZAWDB1 |
May 18 (Reuters) - Qliro Group AB (publ):
* HELSINKI ADMINISTRATIVE COURT HAS MAINLY REJECTED CDON ALANDIA’S CLAIMS IN FINNISH TAXATION CASE
* QLIRO GROUP’S RESULTS IN Q2 2018 WILL BE AFFECTED WITH AT MOST EUR 6.9 MILLION
* CDON ALANDIA AND ADVISORS ARE EVALUATING CONDITIONS FOR APPLYING FOR LEAVE FOR APPEAL FROM FINNISH SUPREME ADMINISTRATIVE COURT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-helsinki-administrative-court-has/brief-helsinki-administrative-court-has-mainly-rejected-cdon-alandias-claims-in-finnish-taxation-case-idUSFWN1SP0UE |
May 16, 2018 / 10:03 AM / Updated 27 minutes ago Meghan Markle's father overshadows wedding to Prince Harry Alex Fraser 4 Min Read
WINDSOR, England (Reuters) - Meghan Markle’s father overshadowed his daughter’s wedding to Prince Harry by sowing confusion about whether he would walk her down the aisle or snub the British royal family by pulling out of the intricately planned celebration at the last minute. A Union Flag decorated with images of Prince Harry and Meghan Markle hangs from a building outside Windsor Castle ahead of their wedding, in Windsor, Britain May 16, 2018. REUTERS/Marko Djurica
As royal fans convened on the genteel English town of Windsor where Harry is due to wed the American actress on Saturday, the role of her father, Thomas Markle, was still unclear after he issued a flurry of statements to an American news website.
On Monday he was reported by the Los Angeles-based celebrity website TMZ.com to be unable to attend due to a heart attack and embarrassment over whether he had staged pictures with a paparazzi photographer. But the same website said on Tuesday he had changed his mind and would go to be part of history.
TMZ later quoted him as saying the trip was off due to the need for immediate heart surgery.
Markle, who lives in Mexico, had been due to walk his daughter down the aisle on Saturday at St George’s Chapel in Windsor Castle in front of 600 guests including all the senior British royals and a smattering of celebrities.
Britain’s Sun newspaper, the country’s best selling, had to scramble to update its front page to reflect what it called the “Royal Sensation” of Thomas Markle’s absence under the headline: “I’ve got heart op today”. It offered four pages of analysis. School children in uniform wave Union Flags outside Windsor Castle ahead of Britain's Prince Harry and Meghan Markle's wedding, in Windsor, May 16, 2018. REUTERS/Damir Sagolj HEARTBREAKING
“It must be heartbreaking for them, because her father can’t come because he is in poor health,” said 46-year-old Maria Scott who had traveled from Newcastle to camp out in Windsor to get a glimpse of the couple on Saturday.
“It must be really upsetting but I’m sure her mum will do a fine job,” Scott told Reuters.
Harry, grandson of Queen Elizabeth and sixth-in-line to the throne, and Markle, a star in U.S. TV drama “Suits”, will tie the knot at Windsor Castle, home to the British royal family for nearly 1,000 years. Flags are seen for sale ahead of the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, on Oxford Street in London, Britain, May 11, 2018. REUTERS/Toby Melville
Harry, 33, a former army officer and one-time royal wild child, met his bride-to-be on a blind date in July 2016 after being set up through a mutual friend.
Beyond the pomp of a royal wedding which enthralls millions, the union marries the Hollywood glamour of Markle with one of the royal family’s most popular members.
As a divorcee, with a white father and an African-American mother, Markle’s background has provided a source of huge interest and comment, not all positive.
Details about the wedding have been closely controlled by Kensington Palace but reports of Thomas Markle’s intentions have thrown their intricate plans into flux. Kensington Palace declined to comment on Wednesday.
The bride-to-be’s parents are divorced and while Harry has been pictured with her mother Doria Ragland, 61, there had been speculation about the relationship with Thomas Markle, a former lighting director for TV soaps and sitcoms.
Thousands of journalists are descending on Windsor, and Thomas Markle told TMZ earlier this week that the media attention had taken its toll.
He said he had been offered up to $100,000 for interviews and been ambushed by paparazzi whose snaps had shown him buying beer and looking disheveled.
TMZ said he had agreed to the staged pictures, which showed him looking at images of the couple on a computer and being sized up for a suit, because he hoped they would improve his image.
In response to the initial reports on Monday, Kensington Palace said it was “a deeply personal moment for Ms Markle”, asking for respect and understanding for her father. Writing by Guy Faulconbridge and Michael Holden; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-royals-wedding/meghan-markles-father-overshadows-wedding-to-prince-harry-idUKKCN1IH14Z |
– Top-line results from the MEDALIST and BELIEVE Phase 3 trials of luspatercept expected in mid-2018 –
– ACE-083 advances into Part 2 of the ongoing Phase 2 trial in facioscapulohumeral muscular dystrophy –
– PULSAR Phase 2 trial with sotatercept in pulmonary arterial hypertension on track to initiate in Q2 2018 –
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Acceleron Pharma Inc. (NASDAQ:XLRN), a leading biopharmaceutical company in the discovery and development of TGF-beta therapeutics to treat serious and rare diseases, today provided a corporate update and reported financial results for the first quarter ended March 31, 2018.
“2018 is an important year for our Company, as we prepare for the upcoming top-line results from our MEDALIST and BELIEVE Phase 3 trials with luspatercept expected mid-year. We and Celgene continue to invest heavily in the overall luspatercept opportunity by targeting myelodysplastic syndromes, beta-thalassemia, and myelofibrosis,” said Habib Dable, Chief Executive Officer of Acceleron. “The joint collaboration teams recently kicked off strategic preparations for the anticipated regulatory and commercial activities planned to follow the luspatercept Phase 3 results.”
Added Mr. Dable: “Our team continues to make meaningful progress in the advancement of our wholly-owned clinical programs. In neuromuscular disease, we presented preliminary results from our Phase 2 trial of ACE-083 in FSHD for the first time and recently initiated Part 2 of the trial. In pulmonary, we expect to initiate our first Phase 2 trial with sotatercept in pulmonary arterial hypertension in the second quarter.”
Development Program Highlights
Hematology
Luspatercept :
Myelodysplastic Syndromes (MDS), Beta-Thalassemia, and Myelofibrosis (MF)
Luspatercept is a first-in-class erythroid maturation agent (EMA) designed to treat the late-stage red blood cell (RBC) maturation defect that results in chronic anemia and the need for regular RBC transfusions in adults with rare blood disorders. Luspatercept is being developed as part of the global collaboration between Acceleron and Celgene.
Top-line results from the MEDALIST and BELIEVE Phase 3 trials in MDS and beta-thalassemia, respectively, are expected in mid-2018. The initiation of the COMMANDS Phase 3 trial in first-line, lower-risk MDS patients is planned for the first half of 2018. Enrollment and treatment are ongoing in the BEYOND Phase 2 trial in non-transfusion-dependent beta-thalassemia and the Phase 2 trial in MF. The Company expects to provide updates from the ongoing long-term Phase 2 extension trials in MDS and beta-thalassemia at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting and 23 rd Congress of the European Hematology Association (EHA) in June.
Neuromuscular Disease
ACE-083 :
Facioscapulohumeral Muscular Dystrophy (FSHD) and Charcot-Marie-Tooth (CMT) Disease
ACE-083 is a locally-acting therapeutic designed to have a concentrated effect on muscle mass and strength in target muscles for diseases that cause focal muscle weakness. ACE-083 utilizes the "Myostatin+" approach to inhibit multiple TGF-beta ligands.
Preliminary results from dose cohorts 1 and 2 in Part 1 of the ACE-083 Phase 2 trial in patients with FSHD were highlighted in a “Best of Neuromuscular Disease” clinical session at the American Academy of Neurology (AAN) 70 th Annual Meeting on April 26, 2018. The Company plans to present additional preliminary results from all Part 1 dose cohorts during the second half of 2018. Part 2 of the Phase 2 trial was recently initiated and preliminary results are expected in the second half of 2019. ACE-083 received FDA Fast Track designation in FSHD. Enrollment and treatment are ongoing in Part 1 of the Phase 2 trial in patients with CMT disease. The Company plans to present preliminary Part 1 results in the second half of 2018 and to initiate Part 2 of the Phase 2 trial by the end of 2018.
ACE-2494 :
ACE-2494 is designed to have a systemic effect on muscle mass and strength for diseases that cause muscle weakness throughout the body. ACE-2494 utilizes the "Myostatin+" approach to inhibit multiple TGF-beta ligands.
Enrollment and treatment are ongoing in the Phase 1 healthy volunteer trial. Preliminary results from the Phase 1 trial are expected in the first half of 2019.
Pulmonary Disease
Sotatercept :
Pulmonary Arterial Hypertension (PAH)
Sotatercept is a ligand trap for members in the TGF-beta superfamily involved in remodeling a variety of different tissues, including the vasculature and fibrosis. In multiple preclinical studies in PAH, sotatercept decreased vessel muscularization, improved pulmonary arterial pressures, and decreased indicators of right heart failure.
The Company expects to initiate the PULSAR Phase 2 trial during the second quarter of 2018. Preliminary results from the PULSAR Phase 2 trial are expected in the first half of 2020.
Financial Results
Cash position – Cash, cash equivalents and investments as of March 31, 2018 were $353.3 million. As of December 31, 2017, the Company had cash, cash equivalents and investments of $372.9 million. The Company believes that existing cash, cash equivalents and investments will be sufficient to fund projected operating requirements into 2021. Revenue – Collaboration revenue for the first quarter was $3.2 million. The revenue is all from Acceleron’s partnership with Celgene and is primarily related to expenses incurred by the Company in support of luspatercept. Costs and expenses – Total costs and expenses for the first quarter were $30.8 million. This includes R&D expenses of $23.4 million and G&A expenses of $7.4 million. Net loss – The Company's net loss for the first quarter ended March 31, 2018 was $26.2 million.
Conference Call and Webcast
The Company will host a webcast and conference call to discuss its first quarter financial results for 2018 and provide an update on recent corporate activities on May 8, 2018, at 5:00 p.m. EDT.
The webcast will be accessible under "Events & Presentations" in the Investors/Media page of the Company’s website at www.acceleronpharma.com . Individuals can participate in the conference call by dialing 877-312-5848 (domestic) or 253-237-1155 (international) and referring to the “Acceleron First Quarter 2018 Earnings Call.”
The archived webcast will be available for replay on the Acceleron website approximately two hours after the event.
About Acceleron
Acceleron is a Cambridge-based, clinical-stage biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutics to treat serious and rare diseases. The Company's leadership in the understanding of TGF-beta biology and protein engineering generates innovative compounds that engage the body's ability to regulate cellular growth and repair.
Acceleron focuses its research and development efforts in hematologic, neuromuscular, and pulmonary diseases. In hematology, the Company and its global collaboration partner, Celgene, are developing luspatercept for the treatment of chronic anemia in myelodysplastic syndromes, beta-thalassemia, and myelofibrosis. Acceleron is also advancing its neuromuscular franchise with two distinct Myostatin+ agents, ACE-083 and ACE-2494, and a pulmonary program with an ongoing Phase 2 trial of sotatercept in pulmonary arterial hypertension.
For more information, please visit www.acceleronpharma.com . Follow Acceleron on Social Media: @AcceleronPharma and LinkedIn .
ACCELERON PHARMA INC. CONDENSED CONSOLIDATED BALANCE SHEET (Amounts in thousands) (unaudited) March 31, 2018 December 31, 2017 Cash and cash equivalents $ 69,736 $ 100,150 Short and long-term investments 283,607 272,800 Other assets 16,691 16,227 Total assets $ 370,034 $ 389,177 Deferred revenue $ — $ 3,702 Warrants to purchase common stock 1,320 2,236 Other liabilities 14,934 18,021 Total liabilities 16,254 23,960 Total stockholders’ equity 353,780 365,217 Total liabilities and stockholders’ equity $ 370,034 $ 389,177 ACCELERON PHARMA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands except per share data) (unaudited) Three Months Ended March 31, 2018 2017 Revenue: Collaboration revenue $ 3,232 $ 3,705 Costs and expenses: Research and development 23,431 21,727 General and administrative 7,441 7,836 Total costs and expenses 30,872 29,563 Loss from operations (27,640 ) (25,858 ) Total other income, net 1,431 457 Loss before income taxes (26,209 ) (25,401 ) Income tax provision (10 ) (6 ) Net loss applicable to common stockholders- basic and diluted $ (26,219 ) $ (25,407 ) Net loss per share applicable to common stockholders- basic and diluted $ (0.58 ) $ (0.66 ) Weighted-average number of common shares used in computing net loss per share applicable to common stockholders 45,516 38,404 Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements about the Company's strategy, future plans and prospects, including statements regarding the development of the Company's compounds, the timeline for clinical development and regulatory approval of the Company’s compounds and the expected timing for reporting of data from ongoing clinical trials. The words "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "project," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Actual results could differ materially from those included in the forward-looking statements due to various risks and uncertainties, including, but not limited to, that preclinical testing of the Company's compounds and data from clinical trials may not be predictive of the results or success of ongoing or later clinical trials, that the development of the Company's compounds will take longer and/or cost more than planned, that the Company or its collaboration partner, Celgene, will be unable to successfully complete the clinical development of the Company’s compounds, that the Company or Celgene may be delayed in initiating, enrolling or completing any clinical trials, and that the Company's compounds will not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 10-K, and other filings that the Company has made and may make with the SEC in the future.
The forward-looking statements contained in this press release are based on management’s current views, plans, estimates, assumptions and projections with respect to future events, and the Company does not undertake and specifically disclaims any obligation to update any forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006320/en/
Acceleron Pharma Inc.
Todd James, IRC, 617-649-9393
Vice President, Investor Relations and Corporate Communications
or
Candice Ellis, 617-649-9226
Manager, Investor Relations and Corporate Communications
or
Media:
BMC Communications
Brad Miles, 646-513-3125
Source: Acceleron Pharma | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-acceleron-reports-first-quarter-2018-operating-and-financial-results.html |
Otto Warmbier's parents say must "shame" North Korea Friday, May 04, 2018 - 01:55
As Washington presses for the release of three Americans imprisoned in North Korea, the parents of a U.S. college student who died last year soon after being released from captivity in North Korea have sued Pyongyang over their son's death, saying Otto Warmbier was ''brutally tortured and murdered.'' Rough Cut (no reporter narration).
As Washington presses for the release of three Americans imprisoned in North Korea, the parents of a U.S. college student who died last year soon after being released from captivity in North Korea have sued Pyongyang over their son's death, saying Otto Warmbier was "brutally tortured and murdered." Rough Cut (no reporter narration). //reut.rs/2KzN0gT | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/otto-warmbiers-parents-say-must-shame-no?videoId=423655762 |
May 27, 2018 / 3:57 PM / Updated 4 hours ago Germany's far-right supporters outnumbered by protesters in Berlin Reuters Staff 3 Min Read
BERLIN (Reuters) - Some 5,000 supporters of the far-right Alternative for Germany (AfD) marched through Berlin on Sunday, but they were heavily outnumbered by anti-AfD demonstrations, including one from the city’s club scene which blasted techno music across the capital. Supporters of the Anti-immigration party Alternative for Germany (AfD) hold German flags during a protest in Berlin, Germany May 27, 2018. REUTERS/Hannibal Hanschke
The AfD’s anti-immigration, anti-European Union and anti-Muslim messages helped it become the third largest party in the German Bundestag in last September’s vote but it has had little impact on parliamentary debate since then.
The AfD demonstrators, bussed in from around Germany, marched from Berlin’s main station, down the banks of the Spree river to the Brandenburg Gate near the German parliament.
But there were around 20,000 anti-AfD protesters - according to police estimates - most of them younger people, highlighting the divisions that have emerged in Germany since the 2015 refugee crisis.
“Our children, our country, our future: that is why we are here and we are the only party with this programme,” AfD leader Alexander Gauland, speaking to supporters at a rally near the Brandenburg Gate, where the march ended.
The party, founded as an anti-EU party in 2013, reinvented itself with an anti-immigration stance after Chancellor Angela Merkel’s decision to open the Germany’s borders to more than a million refugees in 2015.
The AfD supporters, mostly older, waved German and AfD flags and carried placards demanding “Democracy not Merkelatorship.” Supporters of the Anti-immigration party Alternative for Germany (AfD) attend a protest in Berlin, Germany May 27, 2018. REUTERS/Hannibal Hanschke
Berliners responded with at least 13 registered counter-demonstrations. These included one by the city’s club scene, which put on a techno music party, aiming to “Bass the AfD away” with music blasting from speakers on 20 public address trucks.
“We want to be loud enough to drown out the racist speeches,” an activist named Rosa told RBB public television. The thudding techno beat echoed across the city centre on Sunday afternoon.
Another group of anti-AfD protesters were on a boat on the Spree river holding up placards saying “You stink!”
The AfD is now the largest opposition party following the deal between Merkel’s conservatives and the Social Democrats to renew their grand coalition.
As a result, the AfD has a host of powerful committee chairmanships, but has so far failed to capitalise on them.
Sunday’s protests were broadly peaceful, with only one minor injury reported amid a heavy police presence. Reporting by Thomas Escritt. Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-protest-afd/germanys-far-right-supporters-outnumbered-by-protesters-in-berlin-idUKKCN1IS0KI |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Partners Value Investments Inc. (the “Company”) announced today its financial results for the three months ended March 31, 2018. All amounts are stated in US dollars.
The Company generated net income of $76 million ($1.03 per common share) for the three months ended March 31, 2018 compared to net income of $5 million ($0.07 per common share) in the prior year. The income is primarily driven by warrant liability valuation gains causing our net income to increase by $51 million. Adjusting for the warrant liability valuation gains, net income for the year was $25 million.
Consolidated Statements of Operations
For the three months ended March 31
(Thousands, US dollars) 2018 2017 Investment income Dividends $ 18,744 $ 18,216 Other investment income 764 1,394 19,508 19,610 Expenses Operating expenses (1,251 ) (1,118 ) Financing costs (1,210 ) (781 ) Retractable preferred share dividends (6,789 ) (6,358 ) 10,258 11,353 Other items Investment valuation (losses) gains (11,643 ) 12,582 Warrant liability valuation gains (losses) 51,310 (14,446 ) Amortization of deferred financing costs (501 ) (473 ) Income from equity accounted investment (488 ) (2,812 ) Income taxes 206 — Foreign currency gains (losses) 26,765 (1,421 ) Net income $ 75,907 $ 4,783
Financial Profile and Net Book Value
The Company’s principal investment is its interest in 86 million Class A Limited Voting Shares (“Brookfield shares”) of Brookfield Asset Management Inc. (“Brookfield”), representing a 9% fully-diluted interest as at March 31, 2018. In addition, the Company owns a diversified investment portfolio of marketable securities.
The information in the following table has been extracted from the Company’s Statement of Financial Position:
Consolidated Statement of Financial Position
As at
(Thousands, US dollars, except per share amounts) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 28,266 $ 29,794 Investment in Brookfield Asset Management Inc. 1 3,347,722 3,737,431 Other investments carried at fair value 643,909 750,467 Accounts receivable and other assets 7,046 6,443 Equity accounted investment 13,977 13,643 Goodwill 3,307 3,102 $ 4,044,227 $ 4,540,880 Liabilities and Equity Accounts payable and other liabilities $ 29,921 $ 103,096 Preferred shares 2 561,499 575,620 Warrant liability 176,735 233,958 Deferred taxes 3 406,193 468,040 1,174,348 1,380,714 Equity Common equity 2,869,879 3,160,166 $ 4,044,227 $ 4,540,880 The investment in Brookfield Asset Management Inc. consists of 86 million Brookfield shares with a Quote: d market value of $39.00 per share as at March 31, 2018 (December 31, 2017 – $43.54). Represents $570 million of retractable preferred shares, less $9 million of unamortized issue costs as at March 31, 2018 (December 31, 2017 – $585 million less $9 million). The deferred tax liability represents the potential future income tax liability of the Company recorded for accounting purposes based on the difference between the carrying values of the Company’s assets and liabilities and their respective tax values, as well as giving effect to estimated capital and non-capital losses.
For further information, contact Investor Relations at [email protected] or 647-503-6513.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Forward-looking information in this news release includes statements with regard to the Company’s potential future income taxes.
Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to those contemplated or implied by forward-looking statements and information include, but are not limited to: the financial performance of Brookfield Asset Management Inc., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.
The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source:Partners Value Investments Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-partners-value-investments-inc-announces-2018-first-quarter-results.html |
TORONTO--(BUSINESS WIRE)-- Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) provided a corporate update and announced today the filing of its unaudited interim condensed consolidated financial statements as at and for the three months ended March 31, 2018 (the “Q1 Financials”), and the Management’s Discussion & Analysis related thereto (the “Q1 MD&A”), which are available on SEDAR and at www.aldridgeminerals.ca . All dollar amounts, unless otherwise indicated, are reported in U.S. dollars.
Highlights
Capital Markets - Cap i tal markets for the junior mining sector continue to be challenging in 2018, as the Company pursues financing alternatives to address its liquidity needs, including refinancing or extending its $40,000,000 debt facility that matures in September 2018. The Company has initiated discussions with Banka Kombetare Tregtare sh.a. (“BKT”) with an objective of extending the maturity date. Metal Prices - Improved metal prices have reflected positively on the financial metrics of the project. Land Access - In January 2018, the Company successfully completed the private land acquisition process, resulting in ownership and/or treasury land access of 99.5% of the 9,495,649 m 2 project area. Pasture Land Approval Outstanding - The application to convert the remaining 48,338 m 2 of pasture land (0.5% of the project area) to treasury land awaits government approval. The Company continues to work with the applicable government departments to advance the application approval process. Working Capital Deficit - At March 31, 2018, the Company’s working capital deficit (non-GAAP measure equal to current assets less current liabilities) was approximately $48,042,323 primarily due to the September 16, 2018 maturity date of the debt facility ($38,049,985) from BKT and the due dates of deferred land payments ($11,081,095). Cash Resources – At March 31, 2018, available cash totaled $1,947,985. Cash resources include cash and cash equivalents, plus restricted cash of $200,000, which related to an unused foreign exchange credit facility that was cancelled on May 1, 2018, thereby releasing the cash security to the Company.
Strategy and Outlook
The Company’s short-term focus continues to be on obtaining additional financing to fund the Company’s working capital requirements, extending the maturity date of, or refinancing, the BKT Credit Facility, and/or completing a strategic transaction to address its near-term liquidity challenge and to maximize value for Aldridge shareholders.
The Board’s Independent Committee, which was formed in Q1 2018 to facilitate and lead the liquidity and strategic alternatives review, is exploring financing and other alternatives to address the Company’s liquidity challenges. The Independent Committee’s independent and disinterested directors will evaluate all potential transactions that may develop or are received by the Company. The Company does not intend to periodically or otherwise disclose developments with respect to the strategic alternatives review process unless the Board has approved a specific transaction or action plan, except as required by applicable law.
The measures taken by the Board to reduce the Company’s operating expenses have been implemented and will continue to be closely managed by the executive team.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that there can be no assurance that the strategic alternatives review will result in a transaction or, if a transaction is undertaken, as to its terms or timing or that it will be consummated. In particular, the Company estimates, that, without additional financing, its present cash resources will be depleted by the maturity date of the BKT Credit Facility in September 2018. The Company does not currently have any source of capital other than additional debt or potential equity financings and there can be no assurance that any such financing will be available, or that the Company will be successful in re-financing the indebtedness owing under, or extending the maturity date of, the BKT Credit Facility, on acceptable terms or at all. The Company’s obligations under the BKT Credit Facility are secured by conventional security, including a pledge of all of the shares of the Company’s subsidiary in Turkey that owns or has the right to use the land on which the Company’s Yenipazar Project is located and a mortgage of the subsidiary’s mining license for the Yenipazar Project.
Selected Financial Information
The following table provides selected consolidated financial information that should be read in conjunction with the Q1 2018 Financial Statements of the Company.
THREE MONTHS THREE MONTHS YEAR ENDED ENDED AND AS AT ENDED AND AS AT AND AS AT MARCH 31, MARCH 31, DECEMBER 31, 2018 2017 2017 Loss before income tax and discontinued operations $ (669,030) $ (622,024) $ (2,308,415) Net loss (669,030) (622,024) (2,308,415) Net loss per share (0.01) (0.01) (0.02) Cash and cash equivalents 1,747,985 1,581,296 2,551,079 Working capital (i) (48,042,323) 1,111,168 (45,107,450) Total assets 59,764,693 52,582,304 59,235,081 Total non-current liabilities (ii) 175,200 44,377,823 1,112,873 (i) Working capital equals current assets less current liabilities, and is a non-GAAP measure used by management.
(ii) Total non-current liabilities exclude deferred revenue and environmental rehabilitation provision
About Aldridge
Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar Optimization Study and filed the related NI 43-101 compliant technical report in May 2014, which updated the original May 2013 Feasibility Study. The Optimization Study demonstrated that the Yenipazar Project is highly robust with an after-tax NPV of US$330 million at a 7% discount rate and an after-tax IRR of approximately 32%. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition and financing.
Caution Regarding Forward-Looking Information
This news release includes certain within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such When used in this press release, words such as “proposed”, “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify Such risks, uncertainties and factors, include, but are not limited to, the ability of the Company to raise additional debt, equity or other financing on acceptable terms or at all; the ability of the Company to pay its outstanding debts when due, including its secured term credit facility, which matures on September 16, 2018; the risk that the Company’s failure to raise additional capital, re-finance its existing secured indebtedness and satisfy the Company’s obligations to its creditors when due will have a material adverse effect on the Company’s liquidity, capital resources, results of operations, assets, properties and prospects, and its ability to retain control of, and otherwise advance the development of, its Yenipazar Project in Turkey, including as a result of the possible acceleration of the Company’s secured indebtedness upon maturity and the exercise by the Company’s lenders of remedies under security granted by the Company for its obligations under that indebtedness; economic performance; mineral prices; the future plans and objectives of the Company; and the other factors discussed under the heading “Risk Factors” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2017 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com . Any number of important factors could cause actual results to differ materially from these as well as future results.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic, political and market conditions, mineral prices, and the accuracy of mineral resource estimates. Although Aldridge believes that the assumptions and factors used in making the are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005051/en/
Contact Information:
Han Ilhan, 90 312 468 7123
President & CEO
or
Jim O’Neill, (416) 477-6983
Chief Financial Officer
Source: Aldridge Minerals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-aldridge-reports-q1-2018-financial-results-and-provides-a-corporate-update.html |
May 9 (Reuters) - Cherry Hill Mortgage Investment Corp :
* CHERRY HILL MORTGAGE INVESTMENT CORP ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 GAAP EARNINGS PER SHARE $2.64 * Q1 EARNINGS PER SHARE VIEW $0.54 — THOMSON REUTERS I/B/E/S
* BOOK VALUE OF $20.15 PER SHARE AT MARCH 31, 2018, A 1.4% REDUCTION FROM $20.44 AT DECEMBER 31, 2017
* Q1 EARNINGS PER SHARE VIEW $0.54 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cherry-hill-mortgage-investment-q1/brief-cherry-hill-mortgage-investment-q1-gaap-earnings-per-share-2-64-idUSASC0A155 |
Firm that helped Harvey Weinstein targeted Obama officials over Iran 2 Hours Ago President Donald Trump is considering whether to withdraw from the deal that lifted international sanctions on Iran in exchange for limits on that nation's nuclear program. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/firm-that-helped-harvey-weinstein-targeted-obama-officials-over-iran.html |
May 7, 2018 / 5:19 AM / Updated 5 minutes ago Argentina peso closes down slightly despite rate hike Caroline Stauffer , Eliana Raszewski 4 Min Read
BUENOS AIRES (Reuters) - Argentina’s peso closed slightly weaker on Monday, though analysts remained optimistic the government and central bank had curbed a run on the currency with a massive rate hike and lower fiscal deficit target last week. Argentine Treasury Minister Nicolas Dujovne speaks next to Argentine Finance Minister Luis Caputo during a news conference in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci
The local currency opened stronger on Monday but closed down 0.41 percent, at 21.97 per U.S. dollar. The Merval stock index .MERV ended down 3.43 percent and traders said investors remained cautious.
Last week, the peso hit an all-time low of 23 per greenback, prompting the government to announce additional fiscal belt tightening and the central bank to hike its key interest rate to 40 percent on Friday. The peso closed up 5 percent on Friday but was still down 15 percent for the year.
The peso’s slump made Argentines nervous. Many still have strong memories of a 2001 bank run that led to years of hyperinflation, political instability and poverty.
“The peso may strengthen or weaken ... the idea is that there be little volatility,” Treasury Minister Nicolas Dujovne said on local television on Sunday night, reminding Argentines that the peso is a free-floating currency.
The 40 percent rate “can temporarily support an exchange rate of 21.6, but the heavy positioning, loss of credibility, and reputational cost make 22 [pesos] a new fair rate in our view,” BTG Pactual economists said in a note. Slideshow (7 Images)
The bank forecast an exchange rate of 24 per dollar for the year-end and raised its annual inflation forecast to 24 percent - far higher than the central bank’s target of 15 percent.
The issue of credibility is crucial to Argentina, which returned to international capital markets after settling a dispute with holdout creditors after center-right President Mauricio Macri took office in late 2015, ending 12 years of leftist governments.
Argentina even sold an oversubscribed century bond AR163761602= last year to investors who had praised his policies. Latin America’s No. 3 economy still lacks an investor credit rating and is classified as a frontier rather than an emerging market by Morgan Stanley.
Marco Lavagna, an opposition congressman from a moderate Peronist party, tweeted on Monday that the expected approval on Wednesday of a long-awaited capital markets reform could also help calm markets. Its passage is seen as an important step to attracting more investment and achieving emerging market status.
Portfolio Personal consultancy said investors would likely remain cautious in the near term. “Potential rebounds may be an exit opportunity for those who do not feel comfortable in a market that will not be clear in the near term,” it said in a report. ‘EXCESSIVE FINANCING COSTS’
The central bank, which is not technically independent from the government, had lowered rates earlier in the year, arguing inflation would start falling in May when a series of government mandated price hikes on energy and transportation were scheduled to end. But higher rates abroad and an exodus from emerging markets last week appeared to have caught it off guard.
Dujovne said on Sunday that inflation in May would be lower than 2 percent.
Before announcing three emergency rate hikes starting on April 27, the central bank tried to prop up the peso by selling nearly $8 billion in dollar reserves on the spot market since March. Traders said the bank had not intervened on Monday.
The central bank’s board has a scheduled twice-a-month meeting on Tuesday.
“While the interest rate will fall below the current levels, it is likely to do so slowly,” said Camilo Tiscornia, head of C&T consultancy, anticipating annual inflation between 20 and 25 percent. Additional reporting by Hugh Bronstein, Walter Bianchi and Miguel Lobianco; Editing by Phil Berlowitz and Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-rate/argentina-curbs-pesos-fall-though-risks-linger-idUSKBN1I80BU |
May 19, 2018 / 7:22 PM / Updated 30 minutes ago Lions tighten grip at top as Brumbies lose their discipline Reuters Staff 3 Min Read
JOHANNESBURG (Reuters) - The Lions strengthened their grip at the top of the South Africa Conference with a bonus-point 42-24 Super Rugby victory over an ill-disciplined ACT Brumbies side at Ellis Park on Saturday.
The Brumbies had lock Rory Arnold red-carded with 20 minutes remaining — having been sent to the sin bin in the first half — and also lost fellow second-rower Sam Carter to the sin bin minutes later as they played a portion of the final 20 minutes with 13 men.
The home side scored six tries, through Rohan Janse van Rensburg, Robbie Coetzee, Ruan Dreyer, Marnus Schoeman, Lourens Erasmus and Shaun Reynolds.
But it was only after the red card for Arnold that they were able to tame a game Brumbies side.
The visitors scored their tries through fullback Tom Banks (two) and centre Tevita Kuridrani, and will know that with better discipline they could have rekindled hopes of still making the playoffs.
The Brumbies hit the front inside five minutes as Banks burst down the right wing and crossed for an early try.
But the Lions hit back when, after winning a penalty at the scrum, they opted to kick to touch. Wing Sylvian Mahuza was held up over the line, but Rohan Janse van Rensburg beat two tackles to level the scores.
The visitors were back in front just before the midway point of the first half as Kuridrani showed his strength to power his way over the tryline and ground the ball.
After another penalty at the scrum in favour of the Lions, they set up an attacking lineout and once more it paid dividends as their first effort saw Arnold sent to the sin-bin for collapsing the maul and from the second, Coetzee was able to score as the home side’s powerful pack used their numerical advantage to good effect.
The Lions’ third try was mauled over by Dreyer to give the home side a 21-17 halftime lead.
The Brumbies hit the front again, though, when Banks scored his second try, breaking through some weak tackling from the hosts.
It was they who looked the most likely to go on and win the game at that point until Arnold’s moment of madness with 20 minutes remaining.
The Wallaby was sent from the field for a dangerously high tackle on Lions flyhalf Elton Jantjies, and looks likely to spend quite a few weeks on the sidelines for what was a dreadful piece of play.
Brumbies were down to 13 a minute later when Carter was sent to the sin bin for collapsing a maul.
Schoeman, Reynolds and Erasmus all then scored in the closing minutes as the Lions cantered home with superior numbers on the pitch. Reporting By Nick Said,; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-lions/lions-tighten-grip-at-top-as-brumbies-lose-their-discipline-idUKKCN1IK0SB |
May 9, 2018 / 8:07 PM / Updated 20 minutes ago U.S. consumer watchdog sidelines student loan office: memo Reuters Staff 2 Min Read
WASHINGTON (Reuters) - A top U.S. consumer finance watchdog will eliminate its office meant to field student loan complaints and fold it into a broader financial education office, according to an email to agency staff on Wednesday seen by Reuters.
The Consumer Financial Protection Bureau’s (CFPB) office of Students & Young Consumers has worked to educate young borrowers and respond to complaints involving exploitative student loans and other products.
The memo from Mick Mulvaney, acting chief of the CFPB since November and U.S. President Donald Trump’s budget chief, also laid out several other changes to the agency’s structure. The office of Financial Empowerment will be renamed the office of Community Affairs, for one.
Mulvaney said he will also pick a political appointee to monitor the work of the agency’s top lawyer, the memo said.
U.S. consumers are squeezed by a record $1.38 trillion in student debt, a total that has grown by about 40 percent in the last five years, according to data from the New York Federal Reserve.
Wednesday’s move prompted scorn from consumer advocates who have criticized Mulvaney’s tenure at the CFPB.
“Student loan debt is exploding, more students are getting scammed, and Mick Mulvaney wants to shut down the only federal office fully focused on protecting student borrowers,” Democratic Senator Elizabeth Warren said in a statement.
In recent months, Mulvaney has dropped cases against certain payday lenders and asked financial services companies what changes they would most like to see in the CFPB.
Lenders have been overburdened by the CFPB, Mulvaney has said and the former Republican congressman has promised to balance the needs of consumers and industry.
Mulvaney has also said he may shut the agency’s open database for complaints that has served as a public forum for consumers. Reporting By Patrick Rucker; Editing by Meredith Mazzilli | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-cfpb-student/u-s-consumer-watchdog-sidelines-student-loan-office-memo-idUSKBN1IA363 |
Veteran trader Art Cashin on what's moving markets 2 Hours Ago Art Cashin, UBS director of floor operations, discusses what's affecting the markets as stocks are having the worst day so far in the month of May. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/stocks-drop-market-decline.html |
A 91-year-old grandma has attained social media stardom as half of a comedy duo alongside her 25-year-old grandson.
Five years ago, Ross Smith was in college at the University of Dayton when he started filming six-second videos on Vine. He had amassed a sizable following, but for one of his clips, he asked his grandma Pauline "Granny" Kana to block one of his basketball shots. And from there everything skyrocketed.
"My brand just turned into me and Granny taking over the world," Smith said.
Today, Ross and Granny have 15 million followers on social media, including more than 4.6 million followers on Facebook and 2.1 million Instagram followers on Smith's official accounts alone. The two beat out more than 17,900 videos to win $100,000 through viral media website 9GAG's "Fun Off" contest , with almost 250,000 likes. The combo do everything from trick beer pong shots to trying out flamethrowers to making parody videos for rap songs .
"Our humor is universal," Smith said. "Everyone knows Granny is funny."
For the first three to four years, the clips were viral but not exactly profitable. Smith took some time off from his social accounts to pursue an MBA at the University of Dayton and play pro football in Europe in 2015. But he realized he enjoyed working with his grandmother, so he started pursuing it full time and was able to parlay it into a successful career for the both of them.
Part of the show's appeal lies in their genuine relationship, said Russell Schneider, 9GAG's head of sales and business development.
"Ross is like a young man next door," Schneider said. "It's very rare for us to see a grandmother and grandson grow close and have fun with each other like BFFs. It's this cross-generational BFF relationship that makes them so special."
Granny on Facebook: 'Some of the elderly love it.' Granny said there's a misconception elderly people don't like or use social media. She uses Facebook to keep in touch with family, and enjoys watching viral dog videos.
"Some of the elderly love it," Granny said of Facebook. "It's interesting. You see different parts of the space, the world and the people all around having a good time. Seeing people doing things, I like it!"
Courtesy of Ross Smith Courtesy of Ross Smith Granny gets the idea that their act is a big hit – though she calls every platform Facebook, Smith noted. However, she didn't really realize how big of a following the two of them had the first four years until Smith got her an iPad for Christmas. After that, he couldn't hide their videos from her.
"Even when I'm walking to the plaza, which I live about three blocks away, sometimes people going by with their cars they stop and say, 'You're Granny!'" Granny said. "When I get to the plaza, the people in the stores they come up to me. It's just a party at times."
Her favorite video she's done involves her raking a pile of leaves over a secret saucy message written in chalk on concrete . Or, it's the time she got to film with her celebrity crush Chuck Norris -- she appreciated his sincerity and generosity toward everyone who was filming with them.
"First time Chuck has been beaten in his whole life," Granny boasted.
Most important, she enjoys being around her grandson and learning about him throughout the process.
"He's easygoing, happy-go-lucky," she said. "He likes to try everything, and everything just seems to fall in place."
Smith is amazed by how much their act has taken off and that he could make a career out of hanging out with his grandma. The two are continuing to work on their social media videos and have a television show in development. They're also working on raising money for Alzheimer's research. By the end of this year, Granny hopes she'll be able to learn how to drive for the first time. (She failed driver's training in her youth.)
Most importantly, Smith has learned his grandmother can still teach him quite a bit. She won't throw away milk when they go on vacation, Smith explained. She'll put it in the freezer for three weeks because she grew up poor and "back in the day that was precious food and drink." It's taught him to value material things more.
"Honestly most people – and I was probably one of those people at the time – don't have respect for the elderly," Smith explained. "Once you're old, you kind of go away and go to a nursing home. Doing this opened my mind to how awesome old people are and how cool they live their lives. They appreciate the small things we don't appreciate in this fast-paced advertising industry-based life." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/ross-and-granny-comedy-duo-find-viral-success-shes-91-hes-25.html |
May 8, 2018 / 2:31 AM / Updated 3 hours ago Former party boss in China's Chongqing city jailed for life for graft Reuters Staff 3 Min Read
BEIJING (Reuters) - A Chinese court has sentenced Sun Zhengcai, the former Communist Party boss of the southwestern city of Chongqing, to life in prison for corruption, state media said on Tuesday. FILE PHOTO: Chongqing Municipality Communist Party Secretary Sun Zhengcai attends the opening session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, China, March 5, 2017. EUTERS/Jason Lee/File Photo
Sun is the latest former senior official taken down in President Xi Jinping’s war on graft. He admitted in April to an intermediate court in the city of Tianjin that he had taken bribes of more than 170 million yuan ($27 million).
“After the judgement was announced, Sun Zhengcai told the court he admitted his guilt, expressed repentance, accepted the decision, and said he would not appeal,” the official Xinhua news agency said, citing the Tianjin court.
Reuters has not been able to reach Sun or a representative for comment since he was put under investigation last year.
Sun, 54, was abruptly removed in July from his post as party chief of Chongqing, one of China’s most important cities. He was replaced by Chen Miner, who is close to Xi.
Until then, Sun, one of the youngest of the 25 members of the ruling party’s decision-making Politburo, had been considered a contender for top leadership.
Prosecutors charged Sun in February with accepting “huge sums” in bribes during various posts going back 15 years in Chongqing, Beijing, the northeastern province of Jilin, and during his term as minister of agriculture.
He was certain to be found guilty because China’s courts are controlled by the party and will not challenge its accusations.
Xi has presided over a sweeping corruption crackdown since coming to power in 2012, vowing to target both “tigers” and “flies” in a reference to elite officials and ordinary bureaucrats.
The campaign has led to the jailing or punishment of thousands of officials and also brought down dozens of senior party and military officials.
The anti-corruption effort has not just been focussed on issues like bribery and using public money to fund lavish lifestyles. It has also taken aim at those whose political loyalty is found lacking or who express doubt in public about party policies.
China has rebuffed criticism that the campaign is as much about settling political scores as about stamping out genuine criminal acts. Reporting by Michael Martina; Editing by Simon Cameron-Moore and Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-corruption/former-party-boss-in-chinas-chongqing-city-jailed-for-life-for-graft-idUKKBN1I907P |
May 24, 2018 / 2:20 AM / Updated 22 minutes ago Rusal CEO, board members quit as company warns on debt payments Reuters Staff 3 Min Read
HONG KONG (Reuters) - Russia’s largest aluminium producer, United Company Rusal Plc ( 0486.HK ), said on Thursday its chief executive and seven board members have quit, and warned it may have problems servicing its debt due to the impact of U.S. sanctions. FILE PHOTO: An exterior view shows an office of RUSAL company in Moscow, Russia March 19, 2012. REUTERS/Denis Sinyakov/File Photo
The United States announced sanctions on Rusal on April 6, preventing customers with U.S. exposure from continuing to buy Rusal’s metal and sending aluminium prices to their highest in almost seven years amid fears of a supply shortage.
Rusal said Alexandra Bouriko, who took over as CEO in March, had resigned with effect from May 23 and would be replaced by Evgeny Nikitin as acting CEO.
Executive directors Vladislav Soloviev and Siegfried Wolf, and non-executive directors Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina had also tendered their resignation as directors with effect from June 28, it said in a filing to the Hong Kong bourse.
The U.S. Treasury Department has given U.S. customers of the company until Oct. 23 to wind down business with Rusal, and said it would consider lifting the sanctions if Russian aluminium tycoon Oleg Deripaska ceded control of the company.
In a separate statement, Rusal said unless sanctions are lifted or the company is granted a new license by the U.S. Office of Foreign Assets Control (OFAC), international financial institutions are likely to stop dealing with the group and its metal production and sales would be hit.
“Opportunities to provide financing to the group on commercially reasonable terms will be very limited,” it said. “The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment.”
Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts under the U.S. sanctions, sources told Reuters. Rusal declined to comment.
Rusal’s controlling shareholder, En+, said on May 18 that Deripaska had resigned from its board of directors. Reporting by Donny Kwok; editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-russia-sanctions/rusal-ceo-board-members-quit-as-company-warns-on-debt-payments-idUKKCN1IP09L |
May 17 (Reuters) - Cheniere Energy Inc:
* CHENIERE ENERGY, INC. ANNOUNCES OFFER TO ACQUIRE OUTSTANDING SHARES OF CHENIERE ENERGY PARTNERS LP HOLDINGS, LLC
* CHENIERE ENERGY - CHENIERE IS PROPOSING CONSIDERATION OF 0.4500 CHENIERE SHARES FOR EACH OUTSTANDING PUBLICLY-HELD SHARE OF CHENIERE PARTNERS HOLDINGS
* CHENIERE ENERGY INC - PROPOSED DEAL CONSIDERATION REPRESENTS A VALUE OF $28.24 PER COMMON SHARE OF CHENIERE PARTNERS HOLDINGS
* CHENIERE ENERGY INC - TRANSACTION EXPECTED TO BE STRUCTURED AS A MERGER OF CHENIERE PARTNERS HOLDINGS WITH A WHOLLY-OWNED SUBSIDIARY OF CHENIERE
* CHENIERE ENERGY INC - PROPOSED TRANSACTION IS EXPECTED TO BE A TAX-FREE EXCHANGE TO CHENIERE PARTNERS HOLDINGS’ SHAREHOLDERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cheniere-energy-inc-offers-to-acqu/brief-cheniere-energy-inc-offers-to-acquire-outstanding-shares-of-cheniere-energy-partners-idUSASC0A2RE |
ENCARNACIÓN, Paraguay, Banco Regional S.A.E.C.A., a corporation incorporated under the laws of the Republic of Paraguay, announced today that it has terminated its previously announced tender offer (the "Tender Offer") to purchase for cash any and all of its 8.125% senior notes due 2019 (the "Notes"). All Notes tendered in the Tender Offer will be returned promptly to the respective holders thereof without any action required on the part of the holders. No consideration will be paid in the Tender Offer for any tendered Notes.
The Tender Offer was subject to the conditions set forth in the Offer to Purchase, dated April 24, 2018, including, among others, the Financing Condition, certain of which were not satisfied. This press release confirms the termination of the Tender Offer.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the dealer managers in the Tender Offer. Persons with questions regarding the Tender Offer should contact Citigroup Global Markets Inc. at Attn: Liability Management Group, (800) 558-3745 (U.S. toll-free), (212) 723-6106 (collect) and/or to J.P. Morgan Securities LLC at Attn: Latin America Debt Capital Markets, (866) 846-2874 (U.S. toll-free), (212) 834-7279 (collect). Questions can also be directed to Global Bondholder Services Corporation, the tender and information agent for the
Tender Offer, at (212) 430-3774 (collect) or at (866) 807-2200 (toll-free).
This press release is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities. This press release shall not constitute an offer, solicitation or sale in any jurisdiction.
releases/banco-regional-announces-cancellation-of-cash-tender-offer-for-outstanding-8-125-senior-notes-due-2019--300649309.html
SOURCE Banco Regional S.A.E.C.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-banco-regional-announces-cancellation-of-cash-tender-offer-for-outstanding-8-point-125-percent-senior-notes-due-2019.html |
April 30 (Reuters) - KUROS BIOSCIENCES AG:
* IN 2018, AIMS TO CAPITALIZE ON RESTRUCTURING AS IT EXECUTES ON ITS RENEWED FOCUS ON ORTHOBIOLOGICS
* FY LOSS 16.484 MILLION EUR VERSUS LOSS 19.744 MILLION EUR YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kuros-biosciences-fy-loss-at-eur-1/brief-kuros-biosciences-fy-loss-at-eur-16-5-mln-idUSFWN1S7014 |
ALPINE, Utah, May 15, 2018 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort technology company known for creating the "World's First No Pressure ™ Mattress," today announced financial results for the first quarter ended March 31, 2018.
First Quarter Financial Summary
Net revenue increased 102.4% to $61.0 million, compared to $30.1 million in the first quarter of 2017. Gross margin was 43.3% as compared to 47.5% in the first quarter of 2017. Operating loss was $(2.9) million as compared to operating loss of $(2.0) million in the first quarter of 2017. Adjusted operating loss was $(0.6) million compared to adjusted operating loss of $(1.9) million in the first quarter of 2017. Net loss was $(3.6) million for the first quarter 2018 compared to a net loss of $(2.0) million in the year ago period. EBITDA was $(2.5) million compared to $(1.9) million in the first quarter of 2017. Adjusted EBITDA was $(0.1) million compared to $(1.9) million in the first quarter of 2017.
"The strong top-line performance we delivered to start the year underscores our progress gaining share in the competitive direct-to-consumer mattress category," commented Terry Pearce, Co-Founder, Chairman and CEO. "We experienced continued strong demand for the original Purple mattress as well as a positive response to the newer, higher-priced models that we introduced on our website during the first quarter. At the same time, we are pleased with the results of our test with Mattress Firm. Following solid sell-through of our product in the initial 51 test stores, we have increased our presence to 117 locations including three new geographies and have an additional 73 store expansion planned for the third quarter."
First Quarter 2018 Review
First quarter 2018 net revenue increased 102.4% to $61.0 million, compared to $30.1 million in the first quarter of 2017. The increase in net revenue was driven primarily by higher direct-to-consumer demand for mattresses, including new higher-priced offerings launched online in February 2018, fueled by increased marketing investments and an improved manufacturing capacity to fulfill orders. The first quarter of 2018 also benefitted from contributions from mattress sales in the wholesale channel, which launched in the fourth quarter 2017.
Gross margin for the first quarter 2018 was 43.3% compared to 47.5% in the year ago period, and 43.7% for the full year 2017. The decrease was driven by inventory adjustments related to inefficiencies we experienced in quality control and the manufacturing process as we scaled the production of the new mattresses to meet higher than expected demand. In addition, we also experienced higher freight costs during the first quarter 2018 associated with the new model mattress launch as we initially flat-packed the new models as opposed to rolling them to achieve our February launch date. These additional costs were partially offset by the higher product margins of our new models.
Operating expenses were $29.3 million in the first quarter 2018 compared to $16.3 million in the prior year period. The increase in operating expenses is primarily attributable to higher marketing investments to expand brand awareness and drive direct-to-consumer demand for the Company's product portfolio as well as $2.4 million of one-time, non-recurring costs related to the business combination transaction with Global Partner Acquisition Corp and severance costs.
Operating loss was $(2.9) million, compared to a loss of $(2.0) million in the prior year. Adjusted operating loss was $(0.6) million compared to an adjusted operating loss of $(1.9) million in first quarter 2017. First quarter 2018 excludes the one-time business combination transaction and severance costs.
Net loss was $(3.6) million for the first quarter 2018 compared to a net loss of $(2.0) million in the year ago period.
EBITDA for the first quarter 2018 was $(2.5) million compared to $(1.9) million in the first quarter 2017. Adjusted EBITDA, which excludes one-time, non-recurring costs related to the business combination transaction with Global Partner Acquisition Corp and severance costs was $(0.1) million, compared to adjusted EBITDA of $(1.9) million last year.
Balance Sheet Highlights
As of March 31, 2018, the Company had cash and cash equivalents of $26.8 million compared to $3.6 million in cash and cash equivalents as of December 31, 2017. Inventories as of March 31, 2018 totaled $26.6 million compared with $13.3 million as of December 31, 2017.
2018 Outlook
For the second quarter of 2018, the Company expects net revenue to be between $70.0 million and $73.0 million and adjusted EBITDA to be in the range of $(3.0) million to $(1.0) million.
For 2018, the Company now expects net revenue to be between $290.0 million and $310.0 million, an increase of between 47% and 57% over annual 2017, and adjusted EBITDA of approximately breakeven.
Terry Pearce added, "We continue to be very optimistic about the long-term prospects for Purple. In the near-term, we have adopted a more conservative top-line outlook to reflect increased pressure from online competition, lower online conversion rates in conjunction with the higher-priced models, and a slower than expected rollout of our wholesale business. Our revised revenue guidance is also based on the rising costs of digital advertising and marketing activities combined with our commitment to managing the business to breakeven on an adjusted EBITDA basis for 2018."
Webcast and Conference Call Information
Purple Innovation, Inc. will host a live conference call to discuss financial results today, May 15, 2018, at 4:30 p.m. Eastern Time. The dial-in number for the conference call is (877) 425-9470. The dial-in number for international callers is (201) 389-0878. The call is also being webcast and can be accessed on the investor relations section of the Company's website, investors.purple.com . After the conference call, a webcast replay will remain available on the investor relations section of the Company's website for 30 days.
About Purple
Purple is a comfort technology company that designs and manufactures products to improve how people sleep, sit, and stand. It designs and manufactures a range of comfort technology products, including mattresses, pillows, and cushions, using its patented Hyper-Elastic Polymer technology designed to improve comfort. The Company markets and sells its products through its direct-to-consumer online channel, traditional retail partners, and third party online retailers. For more information on Purple, visit www.purple.com .
Forward Looking Statements
Certain statements made in this release that are not historical facts are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements include but are not limited to statements about our outlook and expectations for our financial results for the first quarter of 2018 and the fiscal year ended December 31, 2018, as well as our ability to create sustained profitability and shareholder value and our expectations with regard to our partnership with Mattress Firm. Statements based on historical data are not intended and should not be understood to indicate the Company's expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ discussed in the forward-looking statements. Factors that could influence the realization of forward-looking statements include the risk factors outlined in the "Risk Factors" section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2018 and in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 8, 2018, as amended February 14, 2018, March 15, 2018 and April 17, 2018. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
Adjusted Operating Loss and Adjusted EBITDA are non-GAAP financial measures that remove the impact of costs incurred due to the merger transaction with GPAC, as well as certain other nonrecurring legal fees and severance payments. Management believes that the use of such non-GAAP financial measures provides investors with additional useful information with respect to the impact of various adjustments, which we view as a better measure of our operating performance. Refer to the attached table for the reconciliation of such non-GAAP financial measures to the most comparable GAAP financial measure.
Investor Contact:
Brendon Frey, ICR
[email protected]
203-682-8200
Media Contact:
Alecia Pulman/Kate Kohlbrenner, ICR
[email protected]
646-277-1200
Purple Innovation, Inc.
For information regarding Purple products, please contact:
Savannah Turk
Director of Purple Communications
[email protected]
PURPLE INNOVATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March, 31
December, 31
2018
2017
Assets
Current assets:
Cash and cash equivalents
$ 26,843
$ 3,593
Accounts receivable, net
3,911
4,182
Inventories, net
26,579
13,345
Prepaid inventory
1,587
2,219
Other current assets
2,879
492
Total current assets
61,799
23,831
Property and equipment, net
16,127
13,464
Intangible assets, net
1,319
1,267
Other long-term assets
5
22
Total Assets
$ 79,250
$ 38,584
Liabilities and Equity
Current liabilities:
Accounts payable
$ 19,790
$ 21,131
Accrued sales returns
4,606
4,825
Accrued compensation
1,747
2,097
Customer prepayments
7,060
3,213
Accrued sales tax
7,311
8,466
Other accrued liabilities
2,973
1,451
Current portion of long-term obligations
30
29
Total current liabilities
43,517
41,212
Long-term debt
19,081
8,117
Other long term liabilities and obligations, net of current portion
2,646
2,251
Total liabilities
65,244
51,580
Commitments and contingencies
Stockholders' equity:
Class A common stock
1
—
Class B common stock
4
—
Additional paid-in capital
3,256
—
Accumulated deficit
(1,428)
—
Total stockholders' equity
1,833
—
Noncontrolling interest
12,173
—
Member deficit
—
(12,996)
Total equity
14,006
(12,996)
Total Liabilities and Equity
$ 79,250
$ 38,584
PURPLE INNOVATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Three Months Ended March 31,
2018
2017
Revenues, net
$ 60,980
$ 30,124
Cost of revenues
34,580
15,830
Gross profit
26,400
14,294
Operating expenses:
Marketing and sales
22,045
13,791
General and administrative
6,762
2,212
Research and development
511
277
Total operating expenses
29,318
16,280
Operating loss
(2,918)
(1,986)
Interest expense
702
—
Other income, net
(19)
(6)
Net loss
(3,601)
(1,980)
Net loss attributable to noncontrolling interest
(2,173)
—
Net loss attributable to Purple Innovation, Inc.
$ (1,428)
$ (1,980)
Net loss per common share—basic and diluted
$ (0.17)
$ (0.24)
Weighted average common shares outstanding—basic and diluted
8,389
8,389
PURPLE INNOVATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31,
2018
2017
Cash flows from operating activities:
Net loss
$ (3,601)
$ (1,980)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization
456
75
Amortization of debt issuance costs and discounts
154
—
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
271
(743)
Increase in inventories
(13,234)
(4,030)
Increase in prepaid inventory and other assets
(1,753)
(2,311)
(Decrease) increase in accounts payable
(1,246)
5,088
(Decrease) increase in accrued sales returns
(219)
836
(Decrease) increase in accrued compensation
(350)
480
Increase in customer prepayments
3,847
3,728
Increase in other accrued liabilities
100
1,529
Net cash (used in) provided by operating activities
(15,575)
2,672
Cash flows from investing activities:
Purchase of property and equipment
(2,645)
(2,613)
Investment in intangible assets
(68)
—
Net cash used in investing activities
(2,713)
(2,613)
Cash flows from financing activities:
Proceeds from the Transaction
25,912
—
Proceeds from credit agreement
24,000
—
Payments on line of credit
(8,000)
—
Payments for debt issuance costs
(367)
—
Principal payments on capital lease obligations
(7)
—
Payments on related party notes payable
—
(300)
Net cash provided by (used in) financing activities
41,538
(300)
Net increase (decrease) in cash
23,250
(241)
Cash, beginning of the period
3,593
4,013
Cash, end of the period
$ 26,843
$ 3,772
PURPLE INNOVATION, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands)
Management believes that the use of the following non-GAAP financial measures provides investors with additional useful information with respect to the impact of various adjustments, which we view as a better measure of our operating performance. These non-GAAP financial measures are EBITDA, adjusted EBITDA and adjusted operating loss. Other companies may calculate these non-GAAP measures differently than we do. These non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for our financial results prepared in accordance with GAAP.
Reconciliation of GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
A reconciliation of GAAP net loss to the non-GAAP measures of EBITDA and adjusted EBITDA is provided below. EBITDA represents net loss before interest expense, other income and depreciation and amortization. Adjusted EBITDA represents EBITDA excluding costs incurred due to the merger transaction with GPAC, nonrecurring legal fees and severance payments.
Three Months Ended March 31,
2018
2017
GAAP net loss
$ (3,601)
$ (1,980)
Interest expense
702
—
Other income, net
(19)
(6)
Depreciation and amortization
456
75
EBITDA
(2,462)
(1,911)
Adjustments:
Merger transaction costs
2,028
—
Legal fees
199
46
Severance
140
—
Adjusted EBITDA
$ (95)
$ (1,865)
Reconciliation of GAAP Operating Loss to Non-GAAP Adjusted Operating Loss
A reconciliation of GAAP operating loss to the non-GAAP measure of adjusted operating loss is provided below. Adjusted operating loss represents GAAP operating loss excluding costs incurred due to the merger transaction with GPAC, nonrecurring legal fees and severance payments.
Three Months Ended December 31,
2017
2016
GAAP operating loss
(2,918)
(1,986)
Adjustments:
Merger transaction costs
2,028
—
Legal fees
199
46
Severance
140
—
Adjusted operating loss
$ (551)
$ (1,940)
View original content with multimedia: http://www.prnewswire.com/news-releases/purple-innovation-reports-first-quarter-2018-results-300648711.html
SOURCE Purple Innovation, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-purple-innovation-reports-first-quarter-2018-results.html |
May 14 (Reuters) - Itron Inc:
* ITRON SIGNS AGREEMENT WITH MISSISSIPPI POWER TO DEPLOY AND MANAGE NEARLY 200,000 SMART METERS ACROSS THE MAGNOLIA STATE
* ITRON INC - NEW AGREEMENT WITH MISSISSIPPI POWER-A SUBSIDIARY OF SOUTHERN COMPANY Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-itron-signs-agreement-with-mississ/brief-itron-signs-agreement-with-mississippi-power-idUSFWN1SL14O |
May 3 (Reuters) - Del Taco Restaurants Inc:
* DEL TACO RESTAURANTS, INC. REPORTS FISCAL FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.08 * Q1 EARNINGS PER SHARE VIEW $0.10 — THOMSON REUTERS I/B/E/S
* COMPANY ALSO REAFFIRMED GUIDANCE FOR FISCAL YEAR 2018 * QTRLY SYSTEM-WIDE COMPARABLE RESTAURANT SALES GROWTH OF 3.7%
* QTRLY COMPANY-OPERATED COMPARABLE RESTAURANT SALES GROWTH OF 2.6 PCT
* QTRLY TOTAL REVENUE INCREASED 6.8% TO $112.6 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-del-taco-restaurants-reports-q1-ep/brief-del-taco-restaurants-reports-q1-eps-0-08-idUSASC09ZNT |
Roberto, the titular hero of Tom Epperson’s “Roberto to the Dark Tower Came” (Meerkat Press, 343 pages, $26.95), is a well-known journalist in an unnamed South American country said to be “one of the most violent places on the planet.” Politicians here are corrupt, the authorities are thuggish and “it’s not unheard of for the police to investigate crimes that they themselves have committed.” Roberto’s newspaper articles expose the country’s inherent corruption and danger—such as his recent story on street vendors menaced by an extortionate Committee to Protect the Nation, a front, it seems, for a notorious paramilitary... | ashraq/financial-news-articles | https://www.wsj.com/articles/news-you-can-lose-your-life-over-1527284862 |
May 31, 2018 / 6:25 AM / Updated 14 minutes ago Ireland's CRH to merge some European, Americas units to boost margins Reuters Staff 1 Min Read
(Reuters) - Irish building materials group CRH ( CRH.I ) said on Thursday it would streamline certain European and American businesses by combining them, in a move to improve profit margins.
CRH said it would combine its Europe Lightside, Europe Distribution and Americas Products divisions into a new Building Products division from Jan. 1, 2019.
The world’s third-largest building group said it was aiming to improve the group’s core earnings (EBITDA) margin by 300 basis points by 2021. Reporting by Rahul B in Bengaluru; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-crh-restructuring/irelands-crh-to-merge-some-european-americas-units-to-boost-margins-idUKKCN1IW0IY |
SEATTLE, Diego Pellicer Worldwide, Inc. (OTCQB: DPWW), the premium marijuana brand and retail development company, today announced its financial results for the fiscal 2018 first quarter ended March 31, 2018. The company reported net income of $1,860,646 or $0.01 per share compared to a loss of $1,308,811 or $0.03 per share for the same period last year.
"With new market opportunities in cannabis, Diego Pellicer Worldwide, Inc. is actively exploring the expansion of its brand, particularly into California," said Ron Throgmartin, chief executive officer of Diego Pellicer Worldwide, Inc. "Having a proven business model with premium branding – including Diego Pellicer retail tenants in Seattle and Denver – plus a wealth of operations experience, we expect a positive reception in that state and as we pursue additional opportunities in cannabis retail and real estate."
Diego Pellicer Worldwide, Inc.'s full 10-Q is available in digital form on the company's investor site at www.Diego-Pellicer.com .
About Diego Pellicer Worldwide, Inc. (OTCQB: DPWW)
Diego Pellicer Worldwide, Inc. is the premium marijuana brand and retail development company. The company actively seeks, develops and leases legally compliant real estate, including turnkey cultivation and processing facilities as well as high-end, branded retail stores to licensed marijuana operators. When federally legal, DPWW is positioned to become a national, vertically integrated marijuana company. To learn more about how to become a branded Diego Pellicer retailer, cultivator or investor visit www.Diego-Pellicer.com .
Safe Harbor Statement
Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
CONTACTS:
Suzanne Herrick, Fedoruk & Associates, Inc., 612-247-3079, [email protected]
Nello Gonfiantini, Diego Pellicer Worldwide, Inc., 775-690-2188, [email protected]
releases/diego-pellicer-worldwide-inc-announces-fiscal-2018-first-quarter-financial-results-300649042.html
SOURCE Diego Pellicer Worldwide, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-diego-pellicer-worldwide-inc-announces-fiscal-2018-first-quarter-financial-results.html |
BASEL, Switzerland and NEW YORK, May 16, 2018 /PRNewswire/ -- Roivant Sciences today announced the expansion of its senior leadership team through the appointment of Dr. Salomon Azoulay as Chief Medical Officer and Adele Gulfo as Chief of Commercial Development.
"I would like to extend a warm welcome to Sam and Adele," said Vivek Ramaswamy, Founder and Chief Executive Officer of Roivant Sciences. "As the scale and scope of our pipeline continue to grow and we approach commercialization for several therapies across the Vants, Sam and Adele will work to ensure that our medicines reach patients as quickly as possible."
Dr. Azoulay joins Roivant from Pfizer, where he most recently served as Senior Vice President and Chief Medical Officer for Pfizer Essential Health. In that role he oversaw clinical development and medical affairs for a portfolio that included over 600 branded products as well as biosimilars and sterile injectables. He has over 25 years of experience in the biopharmaceutical industry and has held senior leadership roles at Pfizer since 2001, including Head of Development in Japan and Senior Vice President for Medical and Development in Emerging Markets.
Dr. Azoulay joined Pfizer through the company's acquisition of Parke-Davis, a division of Warner-Lambert, where he was international Head of Cardiovascular Research. Before joining Parke Davis, Sam served as head of the cardiovascular division at Houde Labs, Hoechst Roussel, as well as head of the cardiovascular division and head of the development operations group at Pierre Fabre Labs in Paris, France. Dr. Azoulay received his medical degree with a specialization in cardiology from the University of Paris. He also holds a DESS in Business Administration and Management from the Sorbonne.
Ms. Gulfo previously served as President and General Manager of Pfizer's $12B+ US primary care business unit, comprised of over 5,000 employees across multiple therapeutic areas. She also ran Pfizer's Commercial Operations, and as US Country Chair led the Managed Care organization across all biopharmaceutical businesses, including Specialty, Oncology, and Vaccines. Ms. Gulfo was Pfizer's President of Latin America, where she led a team of over 4,000 colleagues across 24 countries. Most recently, she was Executive Vice President, Chief Strategy Officer, and Head of Global Commercial Development at Mylan. Prior to joining Pfizer, she spent 9 years at AstraZeneca where she held senior leadership roles in Business Development, Strategy and Healthcare Innovation, and ran the company's Cardiovascular business unit where she oversaw the successful launch of CRESTOR®.
Before joining AstraZeneca, Ms. Gulfo planned and executed the launch and commercial strategy for LIPITOR®, the world's most successful branded medicine which achieved market leadership within two years of launch. Trained as a scientist, she has been awarded six U.S. patents for novel medication packaging adherence tools and an allergy treatment. She holds a Bachelor of Science degree in biology from Seton Hall University and an MBA with highest honors from Fairleigh Dickinson University. She studied post-graduate Molecular Biology and began her career at the University of Medicine and Dentistry of New Jersey.
About Roivant
Roivant Sciences is a global biopharmaceutical company focused on reducing the time and cost of the drug development process to improve the lives of patients and their families. Roivant partners with innovative biopharmaceutical companies and academic institutions to ensure that important medicines are rapidly delivered to patients.
The Roivant family of companies includes Myovant (women's health and prostate cancer), Axovant (neurology), Urovant (urology), Enzyvant (rare diseases), Dermavant (dermatology), Genevant (RNA therapeutics), Metavant (cardiometabolic diseases), Datavant (healthcare data), and Arbutus (hepatitis B). Today there are 24 investigational drugs in 11 therapeutic areas being tested in over 50 clinical trials and over 300 nonclinical studies across the Roivant family of companies.
For more information, please visit www.roivant.com .
All trademarks are property of their respective owners.
Contact: Paul Davis, [email protected]
View original content: http://www.prnewswire.com/news-releases/roivant-expands-senior-leadership-with-key-hires-300649019.html
SOURCE Roivant Sciences | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-roivant-expands-senior-leadership-with-key-hires.html |
Cases of disease acquired from ticks, mosquitoes and fleas have more than tripled in the United States in the last 13 years, according to a new study by the Centers for Disease Control and Prevention .
The study, conducted by the CDC and released on Tuesday , looked at vector-borne diseases, or illnesses transmitted to humans by blood-sucking ticks and other insects, from 2004 through 2016. Of the 642,602 total cases reported to the CDC during the 13-year study, the number of cases rose most years, more than tripling from start to finish . In 2004, there were 27,388 total cases of vector-borne diseases reported, compared with 96,075 in 2016.
Dr. Lyle Petersen, director of the Division of Vector-Borne Diseases and one of the authors of the study, told CNBC on Wednesday that the rise in numbers was attributed to three things: increased global travel and trade, environmental changes and a lack of prevention efforts.
In the case of Lyme disease, which costs approximately $492 million annually in diagnostic testing and accounts for 82 percent of tick-borne diseases, Petersen said reforestation, or the process of replanting an area with trees, has contributed to the problem.
Reforestation "has allowed deer populations to explode, which has caused ticks to also explode in number, which has caused an increase in Lyme disease," Petersen said Wednesday on " Closing Bell ." "And more people live around these deer now, where they're at risk."
The number of actual bugs, specifically ticks, has also increased dramatically over the course of the study, Petersen said.
"Some of the increase is due to the fact that we've been able to identify and diagnose more of these diseases," he said.
Vector-borne diseases are passed to humans by way of pathogens — bacteria, viruses and parasites — which lead to illnesses. In the U.S. , the most common vector-borne pathogens are transmitted by ticks or mosquitoes. The number of mosquito-borne viruses was widely dispersed throughout the country, but tick-borne illnesses were found predominantly in the Eastern part of the U.S.
The CDC is expected to put $49.3 million toward fighting these diseases.
But business owners can also take steps to prevent illnesses, such as offering mosquito repellent to customers when dining outdoors, Petersen said. He also recommended companies work with local vector-control organizations to reduce risks.
"Our nation is not fully prepared to deal with this new onslaught of vector-borne diseases," Petersen said. "We need better tools to control them and we need to strengthen health departments and vector-control organizations to deal with them as well." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/cases-of-tick-and-mosquito-borne-diseases-more-than-triple-since-2004-cdc.html |
ZURICH, May 9 (Reuters) - Novartis has ended a contract with a U.S. firm linked to U.S. President Donald Trump’s lawyer, Michael Cohen, and has cooperated with a special counsel looking into potential meddling in the 2016 U.S. election, the Swiss drugmaker said.
It was responding to remarks by an attorney for porn star Stormy Daniels that Novartis was among companies that made payments to Cohen’s Essential Consultants outfit in late 2017 and early 2018.
“In February 2017, Novartis entered into a one-year agreement with Essential Consultants shortly after the election of President Trump focused on U.S. healthcare policy matters. The terms were consistent with the market. The agreement expired in February 2018,” Novartis said in a statement on Wednesday.
It reiterated that it engaged Essential Consultants before Vas Narasimhan became Novartis chief executive in February, adding: “Dr. Narasimhan had no involvement whatsoever with this arrangement.”
Novartis said it had been contacted in November 2017 by lawyers from Special Counsel Robert Mueller’s office regarding the agreement with Essential Consultants.
“Novartis cooperated fully with the Special Counsel’s office and provided all the information requested. Novartis considers this matter closed as to itself and is not aware of any outstanding questions regarding the agreement.”
Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016 to stay quiet about a 2006 sexual encounter she had with Trump.
Russia denies U.S. intelligence agencies’ accusations it meddled in the election, and Trump has denied any collusion. He also denies having had an affair with Daniels.
Reporting by John Miller and Michael Shields
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-daniels-novartis/novartis-says-ended-contract-with-firm-linked-to-trump-lawyer-idUSL8N1SG24D |
5 Hours Ago | 07:17
President Donald Trump canceled his historic nuclear summit with Kim Jong Un on Thursday, accusing North Korea of "tremendous anger and open hostility."
The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in Singapore.
"Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting," Trump wrote in a letter to Kim, which was released Thursday morning. The president dictated every word of the letter himself, a senior White House official told reporters.
The senior White House official also said that North Korea had suspended direct communication with the U.S. over the past week.
Stocks fell after news of the cancellation broke, although equities rebounded from lows somewhat later in the day.
Much of the letter was written in seemingly friendly terms, including praise for North Korea's recent release of three American prisoners . In contrast, Trump also appeared to issue a threat that conjured memories of his war of words with Kim last year.
"You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used," Trump wrote.
The Wall Street Journal , citing a White House official, reported that Trump, in a bid to avoid leaks, ordered the letter released without first telling U.S. allies. The cancellation took South Korea's government by surprise. The nation's president, Moon Jae-in, had played a pivotal role in setting up recent diplomatic developments.
A representative of Moon's office said the South Korean administration was "trying to figure out what President Trump's intention is and the exact meaning of it," according to the country's Yonhap News Agency . Moon and his aides convened emergency meetings to address the shock announcement, which broke shortly before midnight in Seoul.
Moon and the national security council met for an hour, starting a midnight, according to a statement from the South Korean presidency. The rest of the statement reads:
It is very regretful and disconcerting that the US-NK summit will not happen as planned. Denuclearization and the lasting peace on the Korean peninsula cannot be abandoned or delayed as they are the historical assignment. The sincerity of the affected parties who have been working to resolve the problem has not changed. It is hard to resolve sensitive and difficult diplomatic issues with the current way of communications. (We) hope that the leaders resolve problems through direct and close dialogue.
The news came as North Korea made a show of dismantling a nuclear test site, but also on the heels of some sharp words from the North Korean government about America denuclearization demands. Trump's decision also comes more than two weeks after he withdrew the U.S. from the Obama-era Iran nuclear deal , which had lifted sanctions on the Middle Eastern country as long as it limited its nuclear program.
Read more: Congress reacts to Trump's decision to cancel his summit with Kim Jong Un
Doubts had grown in recent days about whether Trump's summit with Kim would actually happen. North Korea abruptly canceled talks with South Korea last week out of anger over joint military tests with the U.S. in the Korean peninsula. While Trump had repeatedly played up the historic significance of his planned meeting, he also often leavened his optimism with a cautious "we'll see."
On Tuesday, Trump said there was a "substantial" chance that the meeting might not take place at the planned time and location.
Thursday's development marked yet another dramatic, sudden turnaround in the Trump-Kim saga. Without many details or diplomatic ties established, the president agreed on March 8 to the summit , when South Korean officials told Trump about the North Korean leader's Kim's eagerness to meet. "You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used." -President Donald Trump
North Korea took offense to remarks on Monday by Vice President Mike Pence that the communist country could end up like Libya if it doesn't make a nuclear deal with Washington.
Before Trump's cancellation, a top North Korean official, Choe Son Hui, lashed out at Pence's remarks.
"As a person involved in U.S. affairs, I cannot suppress my surprise at such ignorant and stupid remarks gushing from the mouth of the U.S. vice president," Choe said, according to KCNA. show chapters 11:22 AM ET Fri, 26 Jan 2018 | 01:33
The vice president's comments also echoed those of Trump's national security advisor, John Bolton , who had suggested the U.S. could pursue a Libya-style denuclearization plan with North Korea. Years after that nuclear deal, Libyan leader Moammar Gadhafi was overthrown and slain, a move the U.S. supported. North Korea's Kim is concerned about regime change.
Trump's cancellation earned quick praise from Republican lawmakers. Sen. Marco Rubio , R-Fla., said in a tweet that the president's move was "100% the right decision." RUBIO TWEET
House Speaker Paul Ryan also weighed in, but in more measured tones.
"The North Korean regime has long given ample reason to question its commitment to stability," Ryan said in a statement. "We must continue to work with our allies toward a peaceful resolution, but that will require a much greater degree of seriousness from the Kim regime."
Trump's critics also seized on the news, but as a way to hammer the White House.
"The art of diplomacy is a lot harder than the art of the deal. The reality is, is that it's pretty amazing that the administration might be shocked that North Korea is acting as North Korea might very well normally act," Sen. Bob Menendez , D-N.J., said in a hearing involving Secretary of State Mike Pompeo .
While he was still CIA director, Pompeo met with Kim over Easter weekend to establish diplomatic ties and work toward setting up the summit. Pompeo had also secured the release of the three American prisoners released by North Korea earlier this month.
In his letter to Kim, Trump thanked him for the release but referred to the prisoners in non-diplomatic language.
"I want to thank you for the release of the hostages who are now home with their families. That was a beautiful gesture and was very much appreciated," Trump said.
At the Senate Foreign Relations, Pompeo said Thursday that North Korea did not respond to preparation teams for the summit.
There were no immediate details about how the administration would continue to pursue diplomacy with North Korea, which is the only nation to conduct nuclear-weapons tests this century. Yet Trump left the door open for arranging a new meeting with Kim.
"If you change your mind having to do with this most important summit, please do not hesitate to call me or write," the president wrote. "This missed opportunity is a truly sad moment in history."
Read the full text of the letter here:
May 24, 2018 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/trump-says-singapore-summit-with-north-korea-leader-kim-is-cancelled-.html |
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) today announced its financial results for the quarter ended March 31, 2018.
Jay Monroe, Chairman and Chief Executive Officer of Globalstar, commented, “In late April, after our quarter ended, we announced a transformative transaction to merge Globalstar with FiberLight and almost $400 million of other assets to create a diversified telecom company with assets spanning satellite, spectrum and fiber. We expect that the combined company will have a fortified balance sheet, generate significant cash flow and will be well positioned for the evolution of next-generation networks. We look forward to closing the transaction in the third quarter."
Mr. Monroe continued, "We are pleased with continued growth in the core satellite business and to see this reflected in the first quarter financial results. Increased ARPU across all revenue streams drove a 17% increase in total revenue. We recorded net income during the quarter due to a non-cash derivative gain resulting primarily from changes in our stock price while producing strong Adjusted EBITDA growth of 39% over the prior year's first quarter.
In April, we released our highly anticipated Sat-Fi2 TM , the first Duplex product utilizing our next-generation ground infrastructure, providing reliable satellite communications via any Wi-Fi enabled smart device. In late March, we also released our latest Simplex device, SmartOne Solar TM , a solar-powered asset tracking device that expands the Simplex market by addressing operations in remote areas that would otherwise go unserved or underserved without solar capabilities. Our new two-way SPOT product is launching imminently and will allow users to communicate in remote areas like never before, further bolstering our product line up. We also continue to expand into other service offerings including the launch of Globalstar Automotive, which will serve the connected autonomous vehicle market. On the spectrum front, we achieved "working item" status at the 3GPP meeting in Chennai, India, keeping us on schedule for standardization."
FIRST QUARTER FINANCIAL REVIEW
Revenue
Total revenue for the first quarter of 2018 increased by $4.0 million, or 17%, from the first quarter of 2017. This increase resulted primarily from higher service revenue across all core revenue streams, driven by growth in ARPU. Partially offsetting this increase was a decrease in subscriber equipment sales.
Service revenue increased $4.5 million, or 21%, in the first quarter of 2018 compared to the first quarter of 2017. The majority of this increase resulted from higher SPOT and Duplex service revenue, which increased $2.6 million and $1.2 million, respectively. Higher SPOT and Duplex ARPU were the main drivers for this growth, increasing 18% and 23%, respectively, from the first quarter of 2017. Rate plan increases continue to be the primary driver for higher ARPU. Fluctuations in our average subscriber base also impacted service revenue this quarter, with SPOT subscribers increasing 5% and Duplex subscribers decreasing 6%. Also contributing to the increase in service revenue was a $0.7 million increase in Simplex service revenue, driven by increases in both ARPU and average subscribers.
Subscriber equipment sales revenue declined $0.5 million, or 16%, due primarily to a decrease in Duplex equipment revenue. Volume for our Duplex equipment was lower due to our continued management of remaining phone inventory anticipating the launch of Sat-Fi2 TM in April. Offsetting this decline was an increase in SPOT equipment revenue which is expected to accelerate after the release of the next generation product.
Loss from Operations
Loss from operations decreased $2.1 million, or 14%, from $15.1 million in the first quarter of 2017 to $13.0 million in the first quarter of 2018 due primarily to a $4.0 million increase in total revenue, for the reasons discussed above. Higher operating expenses partially offset this increase due primarily to a 20% increase in marketing, general and administrative (MG&A) costs; cost of services were flat and cost of subscriber equipment sales increased 5%. The increase in MG&A was driven by the addition of personnel, both internal and external, to support our strategic initiatives, including spectrum related activities and other technology opportunities, such as our IoT and connected car product development.
Net Income (Loss)
Net income (loss) fluctuated from a loss of $20.2 million in the first quarter of 2017 to income of $87.9 million in the first quarter of 2018. The primary reason for this change was a higher non-cash derivative gain, up from $3.2 million in the first quarter of 2017 to $108.9 million in the first quarter of 2018. The gain recorded during the first quarter of 2018 resulted from variations in several valuation inputs, including the decline in the Company's stock price from December 31, 2017 to March 31, 2018 as well as shorter remaining estimated term of the instruments.
Adjusted EBITDA
Adjusted EBITDA increased 39% to $7.5 million during the first quarter of 2018 driven primarily by a $4.0 million, or 17%, increase in total revenue, offset partially by a $1.9 million increase in total operating expenses (excluding EBITDA adjustments). The increase in operating expenses during the first quarter of 2018 resulted from higher MG&A expenses, as discussed above.
MERGER AGREEMENT
On April 25, 2018, Globalstar announced it signed a merger agreement with Thermo Acquisitions, Inc. (Thermo Acquisitions) pursuant to which the following assets will be combined with Globalstar: metro fiber provider FiberLight, LLC (FiberLight), 15.5 million shares of common stock of CenturyLink, Inc. (NYSE: CTL) (CenturyLink), $100 million of cash and minority investments in complementary businesses and assets of $25 million in exchange for Globalstar common stock valued at approximately $1.65 billion, subject to adjustments. Thermo Acquisition is controlled by Jay Monroe, Executive Chairman of the Board of Directors and Chief Executive Officer of Globalstar. At closing, we expect that the parent company will be renamed Thermo Companies, Inc., and its stock will continue to trade publicly. The transaction has been unanimously recommended by the Special Committee of the Board of Directors of Globalstar, consisting entirely of independent directors, and unanimously approved by the full Board of Directors. The merger is expected to close in the third quarter of 2018.
The merger is expected to create a fundamentally stronger company with significantly reduced leverage and diversified holdings serving the global telecommunications industry. The anticipated combined Adjusted EBITDA of the pro forma Company is projected to be at least 4x standalone Globalstar. The pro forma cash flow of the combined Company is expected to be derived from five principal sources including (i) satellite operations, (ii) leasing or other monetization revenue from spectrum, (iii) FiberLight operations, (iv) dividend income and (v) other Thermo Investments’ returns. The pro forma Company is expected to benefit from Globalstar’s $1.7 billion U.S. net operating losses allowing growth in a tax efficient manner. By materially improving the combined Company’s liquidity position, Globalstar believes the merger will best position the Company for monetizing its 2.4 GHz terrestrial spectrum in addition to maximizing the global use of its licensed spectrum.
Globalstar has reached an agreement in principle with its lenders on an amendment of its BPIFAE (formerly known as COFACE) senior debt facility, which is subject in all respects to lender and BPIFAE committee approvals as well as satisfactory final due diligence. Additionally, final amended terms will be subject to documentation in a binding agreement to be agreed among the parties that will be effective concurrent with the closing of the merger. The agreement in principle provides for annual deferrals of principal amortization up to $30 million and a fixed margin of 3.25% over 6 month LIBOR, both subject to liquidity tests performed over time.
Upon completion of the merger, the Company expects to initiate a rights offering of up to $100 million for minority shareholders on terms to be agreed. It is anticipated that the rights offering would be consummated approximately 45 days following closing, is expected to be available to holders of record on the date of closing and will include an over-subscription privilege allowing for the subscription of additional shares with allotments otherwise on a pro rata basis.
CONFERENCE CALL
The Company will conduct an investor conference call on May 10, 2018 at 8:30 a.m. ET to discuss its first quarter 2018 financial results.
Details are as follows: Conference Call: 8:30 a.m. ET
Investors and the media are encouraged to listen to the call through the Investor Relations section of the Company's website at www.globalstar.com/corporate . If you would like to participate in the live question and answer session following the Company's conference call, please dial 1 (800) 708-4540 (US and Canada), 1 (847) 619-6397 (International) and use the participant pass code 46617030.
Audio Replay: A replay of the earnings call will be available for a limited time and can be heard after 11:00 a.m. ET on May 10, 2018. Dial: 1 (888) 843-7419 (US and Canada), 1 (630) 652-3042 (International) and pass code 4661 7030#. About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Customers around the world in industries such as government, emergency management, marine, logging, oil & gas and outdoor recreation rely on Globalstar to conduct business smarter and faster, maintain peace of mind and access emergency personnel. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring, SCADA and IoT applications. The Company's products include mobile and fixed satellite telephones, the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite data modems, tracking devices and flexible service packages.
Note that all SPOT products described in this press release are the products of SPOT LLC, a subsidiary of Globalstar, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
For more information, visit www.globalstar.com .
Safe Harbor Language for Globalstar Releases
This press release contains certain statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our expectations with respect to the pursuit of terrestrial spectrum authorities globally, future increases in our revenue and profitability and other statements contained in this release regarding matters that are not historical facts, involve predictions. Any forward-looking statements made in this press release are believed to be accurate as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
In addition forward-looking statements related to the merger, such as the structure, timing and completion of the proposed transaction, future financial and operating results, benefits and synergies of the proposed transaction, future opportunities for the combined company, the ability of the parties to satisfy the conditions to closing contained in the Merger Agreement, the complete of the 2017 FiberLight audit and the results thereof, and any adjustments to the merger consideration based on the last twelve month Adjusted EBITDA of FiberLight and other statements contained in this release regarding matters that are not historical facts, involve predictions. Any such forward-looking statements made in this press release are believed to be accurate as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. These risks, as well as other risks associated with the transaction, will be more fully discussed in the proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that will be filed with the SEC in connection with the transaction.
GLOBALSTAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Revenue: Service revenue $ 26,010 $ 21,481 Subscriber equipment sales 2,739 3,171 Total revenue 28,749 24,652 Operating expenses: Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 9,029 8,974 Cost of subscriber equipment sales 2,172 2,096 Marketing, general and administrative 11,275 9,419 Depreciation, amortization, and accretion 19,231 19,294 Total operating expenses 41,707 39,783 Loss from operations (12,958 ) (15,131 ) Other income (expense): Gain on equity issuance — 706 Interest income and expense, net of amounts capitalized (7,353 ) (8,828 ) Derivative gain 108,944 3,223 Other (662 ) (95 ) Total other income (expense) 100,929 (4,994 ) Income (loss) before income taxes 87,971 (20,125 ) Income tax expense 41 36 Net income (loss) $ 87,930 $ (20,161 ) Net income (loss) per common share: Basic $ 0.07 $ (0.02 ) Diluted 0.06 (0.02 ) Weighted-average shares outstanding: Basic 1,262,336 1,113,968 Diluted 1,437,328 1,113,968 GLOBALSTAR, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Net income (loss) $ 87,930 $ (20,161 ) Interest income and expense, net 7,353 8,828 Derivative gain (108,944 ) (3,223 ) Income tax expense 41 36 Depreciation, amortization, and accretion 19,231 19,294 EBITDA 5,611 4,774 Non-cash compensation 1,276 1,318 Foreign exchange and other 595 24 Gain on equity issuance — (706 ) Adjusted EBITDA (1) $ 7,482 $ 5,410 (1) EBITDA represents earnings before interest, income taxes, depreciation, amortization, accretion and derivative (gains)/losses. Adjusted EBITDA excludes non-cash compensation expense, reduction in the value of assets, foreign exchange (gains)/losses and certain other non-recurring charges as applicable. Management uses Adjusted EBITDA in order to manage the Company's business and to compare its results more closely to the results of its peers. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to GAAP measurements, such as net income/ (loss). These terms, as defined by us, may not be comparable to similarly titled measures used by other companies. In connection with the adoption of Accounting Standards Updates ("ASU") No. 2017-07, Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the Company has recast Adjusted EBITDA in prior periods and in connection with the adoption of ASU No. 2014-09, Revenue from Contracts with Customers, the Company has not recast Adjusted EBITDA in prior periods.
The Company uses Adjusted EBITDA as a supplemental measurement of its operating performance. The Company believes it best reflects changes across time in the Company's performance, including the effects of pricing, cost control and other operational decisions. The Company's management uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget. The Company believes that Adjusted EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Adjusted EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the Company's operations. Because Adjusted EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the Company's management does not view Adjusted EBITDA in isolation and also uses other measurements, such as revenues and operating profit, to measure operating performance.
GLOBALSTAR, INC.
SCHEDULE OF SELECTED OPERATING METRICS
(In thousands, except subscriber and ARPU data)
(Unaudited)
Three Months Ended March 31, 2018 2017 Service Equipment Service Equipment Revenue Duplex $ 8,783 $ 431 $ 7,598 $ 899 SPOT 12,962 1,433 10,397 1,236 Simplex 3,089 804 2,416 907 IGO 209 70 211 139 Other 967 1 859 (10 ) $ 26,010 $ 2,739 $ 21,481 $ 3,171 Average Subscribers Duplex 69,033 73,444 SPOT 293,561 278,790 Simplex 332,813 295,576 IGO 31,200 37,768 ARPU (1) Duplex $ 42.41 $ 34.48 SPOT 14.72 12.43 Simplex 3.09 2.72 IGO 2.23 1.86 (1) Average monthly revenue per user (ARPU) measures service revenues per month divided by the average number of subscribers during that month. Average monthly revenue per user as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of operations. The Company believes that average monthly revenue per user provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers. In connection with the adoption of ASU No. 2014-09, Revenue from Contracts with Customers, the Company has not recast Adjusted EBITDA in prior periods.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005145/en/
Globalstar, Inc.
Samantha DeCastro
[email protected]
Source: Globalstar, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-globalstar-announces-first-quarter-2018-results.html |
ALBANY, N.Y., May 29, 2018 (GLOBE NEWSWIRE) -- Trans World Entertainment Corporation (Nasdaq:TWMC) today reported financial results for its first quarter ended May 5, 2018.
“We continue to see sales growth in the etailz segment as we enhance our proprietary technology to improve our predictive analytics, product identification and generate new vendor leads. We are aggressively investing in technology enhancements and initiatives to drive future growth. In the fye segment, although in the midst of continued structural and external challenges, we are focused on efforts to differentiate our entertainment merchandise towards creating a unique specialty retailing experience of choice for families and fans of popular culture and fun. As we work through the assortment changes needed to stabilize the fye business, we have maintained focus on the balance sheet, ending the quarter with cash and cash equivalents of $15 million and no debt. Consolidated inventory levels were reduced $17 million,” commented Mike Feurer, Chief Executive Officer.
First Quarter Overview - Consolidated
Total revenue decreased 5.3% to $96.6 million compared to $102.0 million in the first quarter of fiscal 2017.
Net loss was $8.1 million, or $0.22 per diluted share, for the 13 weeks ended May 5, 2018, compared to net income of $3.5 million, or $0.10 per diluted share, for the same period last year. During the first quarter last year, the Company recorded an $8.8 million or $0.24 per diluted share, gain on insurance proceeds for corporate owned life insurance policies on the former Chairman.
Loss from operations was $8.2 million compared to a loss of $5.2 million for the first quarter of fiscal 2017.
Adjusted EBITDA (a non-GAAP measure) was a loss of $4.8 million compared to a loss of $1.1 million for the first quarter of fiscal 2017 (see note 1).
Cash and cash equivalents as of May 5, 2018 was $14.5 million, compared to $15.8 million as of April 29, 2017.
Inventory, including $26.5 million from etailz, was $110.7 million at the end of first quarter of 2018. Inventory at the end of first quarter of 2017 was $127.5 million and included $23.3 million of inventory from etailz.
Segment Highlights
Thirteen Weeks Ended ($ in thousands) May 5,
2018 April 29,
2017 Total Revenue fye $ 54,063 $ 64,944 etailz 42,540 37,023 Total Company $ 96,603 $ 101,967 Gross Profit fye $ 22,271 $ 26,910 etailz 9,417 9,395 Total Company $ 31,688 $ 36,305 SG&A fye $ 26,489 $ 29,095 etailz 10,236 8,285 Total Company $ 36,725 $ 37,380 Loss From Operations fye $ (5,372 ) $ (4,386 ) etailz (2,786 ) (821 ) Total Company $ (8,158 ) $ (5,207 ) Reconciliation of etailz Loss From Operations to etailz Adjusted Income (Loss) From Operations (Note 1) etailz Loss From Operations $ (2,786 ) $ (821 ) Acquisition related amortization and compensation expenses 2,093 1,880 etailz Adjusted Income (Loss) From Operations $ (693 ) $ 1,059 First Quarter Overview - etailz
Revenue for the first quarter was $42.5 million, a 14.9% increase when compared to the same 13 week period in the prior fiscal year.
etailz revenue contributed 44% of total consolidated revenue during the quarter as compared to 36% for the same period last year.
Gross profit for the first quarter was $9.4 million, or 22.1% of revenue, as compared to $9.4 million, or 25.4% of revenue, for the same period last year. The decrease in gross profit as a percentage of sales was due to increased warehousing and fulfillment fees.
SG&A expenses for the first quarter were $10.2 million, or 24.1% of revenue, compared to $8.3 million, or 22.4% of revenue, for the same period last year. The increase in SG&A expenses was due to higher marketplace commissions on the higher sales and investments in product identification and sourcing, technology and diversification.
etailz loss from operations was $2.8 million for the first quarter versus a loss of $0.8 million for the same period last year. Included in the first quarter of fiscal 2018 loss from operations was income from its Joint Venture of $0.2 million.
etailz adjusted loss from operations (a non-GAAP measure) was $0.7 million for the first quarter of fiscal 2018 compared to income of $1.1 million for the first quarter of fiscal 2017 (see note 1).
First Quarter Overview - fye
Total revenue declined 16.8% for the fye segment. Comparable store sales declined 8.5% compared to the same quarter last year, as a comp increase of 2.8% in lifestyle and electronics categories was offset by a 16.8% decline in heritage media categories. The lifestyle and electronics categories represented 49.5% of revenue for the first quarter as compared to 42.6% in the same period last year.
Gross profit for the first quarter was $22.3 million, or 41.2% of revenue, compared to $26.9 million, or 41.4% of revenue, for the same period last year.
Selling, general and administrative (“SG&A”) expenses decreased $2.6 million, or 9.0%, for the first quarter to $26.5 million, or 49.0% of revenue, compared to $29.1 million, or 44.8% of revenue, for the same period last year. The decline in SG&A expenses was due to fewer stores in operation. The increase in SG&A as a percentage of revenue was due to the comp sales decline.
The fye segment recorded an operating loss of $5.4 million for the 13 weeks ended May 5, 2018, compared to an operating loss of $4.4 million for same period last year.
fye segment inventory was $60 per square foot as compared to $69 in the prior year.
Trans World will host a teleconference call Tuesday, May 29, 2018, at 10:00 AM ET to discuss its financial results. Interested parties can listen to the simultaneous webcast on the Company's corporate website, www.twec.com .
TRANS WORLD ENTERTAINMENT CORPORATION Condensed Consolidated Financial Results STATEMENTS OF OPERATIONS: (in thousands, except per share and store data) Fiscal Quarter Ended May 5, % to April 29, % to 2018 Revenue 2017 Revenue Net sales $ 95,232 $ 100,752 Other revenue 1,371 1,215 Total revenue $ 96,603 $ 101,967 Cost of sales 64,915 67.2 % 65,662 64.4 % Gross profit 31,688 32.8 % 36,305 35.6 % Selling, general and administrative expenses 36,725 38.0 % 37,380 36.7 % Income from joint venture (233 ) -0.2 % - 0.0 % Acquisition related compensation expenses 1,122 1.2 % 909 0.9 % Depreciation and amortization expenses 2,232 2.4 % 3,223 3.2 % Loss from operations (8,158 ) -8.4 % (5,207 ) -5.1 % Interest expense 64 0.1 % 56 0.1 % Other income (79 ) -0.1 % (8,850 ) -8.7 % Income (loss) before income taxes (8,143 ) -8.4 % 3,587 3.5 % Income tax expense 4 0.0 % 54 0.1 % Net income (loss) $ (8,147 ) -8.4 % $ 3,533 3.5 % Basic income (loss) per common share $ (0.22 ) $ 0.10 Weighted average number of common shares outstanding - basic 36,237 36,177 Diluted income (loss) per share $ (0.22 ) $ 0.10 Weighted average number of common shares outstanding - diluted 36,237 36,214 SELECTED BALANCE SHEET CAPTIONS: May 5, April 29, (in thousands, except store data) 2018 2017 Cash and cash equivalents $ 14,509 $ 15,803 Merchandise inventory 110,677 127,509 Fixed assets (net) 13,138 45,002 Accounts payable 36,891 40,778 Stores in operation, end of period 253 273 Notes:
1. Reconciliation of net income (loss) to adjusted EBITDA:
Adjusted EBITDA is defined as net income (loss), adjusted to exclude: (i) income tax expense; (ii) gain on insurance proceeds; (iii) other income (iv) interest expense; (v) depreciation expense; (vi) acquisition related amortization expense; and (vii) acquisition related compensation expenses, which include retention bonuses and restricted stock. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. We use adjusted EBITDA to evaluate our own operating performance and as an integral part of our planning process. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance. We believe this measure is a financial metric used by many investors to compare companies. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.
($ in thousands) Thirteen Weeks Ended May 5, April 29, 2018 2017 Net income (loss) $ (8,147 ) $ 3,533 Income tax expense 4 54 Gain on insurance proceeds - (8,835 ) Other income (79 ) (15 ) Interest expense 64 56 Operating loss (8,158 ) (5,207 ) Depreciation expense 1,261 2,252 Acquisition related amortization expense 971 971 Acquisition related compensation expense 1,122 909 Adjusted EBITDA $ (4,804 ) $ (1,075 ) The Company believes that etailz adjusted income from operations, per the segment disclosure, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with GAAP.
Trans World Entertainment is a leading multi-channel retail, blending a 40-year history of entertainment retail experience with digital marketplace expertise. Our brands seamlessly connect customers with the most comprehensive selection of music, movies, and pop culture products on the channel of their choice. For over 40 years, the Company has operated as a leading specialty retailer of entertainment and pop culture merchandise with stores in the United States and Puerto Rico, primarily under the name fye, for your entertainment, and on the web at www.fye.com and www.secondspin.com . In October 2016, the Company acquired etailz, Inc., a leading digital marketplace expert retailer, operating both domestically and internationally. etailz uses a data driven approach to digital marketplace retailing utilizing proprietary software and ecommerce insight coupled with a direct customer relationship engagement to identify new distributors and wholesalers, isolate emerging product trends, and optimize price positioning and inventory purchase decisions. Trans World Entertainment, which established itself as a public company in 1986, is traded on the Nasdaq National Market under the symbol “ TWMC ”.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
Contact :
Trans World Entertainment
John Anderson
Chief Financial Officer
(518) 452-1242
Contact:
Financial Relations Board
Marilynn Meek
( [email protected] )
(212) 827-3773
Source:Trans World Entertainment Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-trans-world-entertainment-announces-first-quarter-results.html |
May 7 (Reuters) - Fenwal Controls of Japan Ltd
* Says it will merge with Tokyo-based wholly owned fire fighting facility engineering unit, effective July 1
* Says Tokyo-based unit will be dissolved after merger
Source text in Japanese: goo.gl/MxXaTR
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fenwal-controls-of-japan-to-merge/brief-fenwal-controls-of-japan-to-merge-with-unit-idUSL3N1SE2FG |
May 3 (Reuters) - Royal Orchid Hotel Thailand PCL:
* QTRLY PROFIT ATTRIBUTABLE 52 MILLION BAHT VERSUS 51.8 MILLION BAHT
* QTRLY TOTAL REVENUE 269.5 MILLION BAHT VERSUS 254 MILLION BAHT Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-royal-orchid-hotel-thailand-posts/brief-royal-orchid-hotel-thailand-posts-qtrly-profit-attributable-52-mln-baht-idUSFWN1SA0TM |
(Reuters Health) - Middle-aged adults who feel stressed, powerless or overworked on the job may be more likely to develop mental health problems in the coming years than more contented coworkers, a recent study suggests.
For the study, researchers examined data from questionnaires completed by 6,870 workers in the UK who, at age 45, had never been diagnosed with depression, anxiety or other common mental illnesses. Overall, about one-third reported having little control over what they did at work and slightly more than one-fourth described their jobs as very demanding and stressful.
By age 50, workers who reported high levels of job strain five years earlier were more than twice as likely to be diagnosed with mental health disorders as the people who had low-stress jobs, researchers report in The Lancet Psychiatry.
With demanding jobs, workers were 70 percent more likely to develop a mental illness by age 50, the study also found. And people who reported having little control over their work were 89 percent more likely to be diagnosed with psychological disorders.
“Several studies published over the past decade have suggested a link between workplace stress and poor mental health outcomes amongst employees,” said lead study author Samuel Harvey, head of the workplace mental health research program at the Black Dog Institute at the University of New South Wales in Australia.
“However, it has always been difficult to work out which came first: difficult work situations or mental health problems - the classic chicken or egg situation,” Harvey said by email.
While the current study wasn’t a controlled experiment designed to prove that work problems directly cause mental health issues, the fact that none of the workers had any psychological issues at the start of the study period suggests that the job difficulties came first, Harvey said.
Even though the study focused on middle age, all of the participants had been followed since birth, allowing researchers to account for a variety of circumstances growing up that might influence the odds that a person would experience job strain or mental health problems.
“We were able to develop the most precise picture to date of the possible reasons an individual’s working conditions could impact their mental health,” Harvey said. “When accounting for non-workplace factors like stressful life events, illness, IQ and early life, the results indicate that people with higher job demands, lower job control and higher job strain were still more likely to develop mental illness by age 50, regardless of sex or occupational class.”
While the exact ways that job strain might cause mental illness aren’t clear, stress is a known risk factor for psychological problems as well as a wide range of other chronic health issues like heart disease, diabetes and obesity, said Dr. Sabir Giga, author of an accompanying editorial and a researcher at Lancaster University in the UK.
“For individual workers, it’s important to recognize that persistent and long-term stress could lead to physical and mental health conditions,” Giga said by email.
“Demanding jobs may be unavoidable,” Giga added. “But we can make changes in our lives that allow more control and flexibility in how much we work and the way we do it.”
SOURCE: bit.ly/2H7Kqfc and bit.ly/2GrijYl The Lancet Psychiatry, online May 10, 2018.
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-mental-job-strain/stressed-out-middle-aged-workers-have-higher-risk-of-mental-health-issues-idUSKCN1IV2W6 |
May 14 (Reuters) - Troilus Gold Corp:
* TROILUS GOLD CORPORATION ANNOUNCES C$10,012,200 BOUGHT DEAL PRIVATE PLACEMENT OF CHARITABLE FLOW-THROUGH SHARES AND C$7,007,000 BEST EFFORTS PRIVATE PLACEMENT OF FLOW-THROUGH SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-troilus-gold-corp-announces-bought/brief-troilus-gold-corp-announces-bought-deal-private-placement-of-charitable-shares-and-best-efforts-private-placement-of-shares-idUSASC0A23W |
TOKYO (Reuters) - Japanese women, long accustomed to enduring sexual harassment in silence, are speaking out after a high-profile scandal involving a top bureaucrat stirred debate and protests.
Social Democratic Party's lawmaker Mizuho Fukushima poses with the #MeToo banner during an interview with Reuters in Tokyo, Japan, April 24, 2018. REUTERS/Toru Hanai In interviews with Reuters, six prominent women said they hoped Japan was at a turning point in attitudes toward harassment, but urged steps to shrink social, political and economic gender gaps to get at the root causes of the problem.
Administrative Vice Finance Minister Junichi Fukuda resigned in April after accusations that he had sexually harassed a female reporter. Fukuda denied the allegations, and no lawsuits were filed, but the finance ministry later acknowledged the harassment and docked 20 percent of his pay for six months.
Fukuda could not be reached for comment on this article.
In the month since, harassment has remained a hot-button issue. Internal Affairs Minister Seiko Noda, who holds the portfolio for women’s empowerment in Prime Minister Shinzo Abe’s cabinet, told Reuters she planned to introduce steps soon to address the problem.
“I think women have put up with sexual harassment thinking it was inevitable while men thought it was OK,” she said.
“In my case ... it was a matter of the power relationship between myself and middle-aged or elderly men drinking until 8 or 9 at night,” said Noda, 57, recalling her experience as a 30-year-old candidate. “Comments like, ‘If you want a vote, let me touch your breasts,’ were a daily occurrence.”
Related Coverage Factbox: Prominent Japanese women speak out on sexual harassment Public attention to the topic in the wake of the Fukuda scandal, however, is helping change attitudes.
“A #MeToo movement of speaking out has begun,” said opposition lawmaker and former gender equality minister Mizuho Fukushima, referring to the global movement to share accounts of sexual harassment or assault. “What was kept private has become visible.”
Lawyers, activists and many women who have suffered sexual harassment in Japan say victims have long been reluctant to speak out for fear of being blamed.
That was what freelancer Shiori Ito said happened to her when she went public last year with allegations of rape by well-known journalist Noriyuki Yamaguchi.
Yamaguchi has denied the allegations and was not charged.
A protester raises a placard reading "#MeToo" during a rally against harassment at Shinjuku shopping and amusement district in Tokyo, Japan, April 28, 2018. REUTERS/Issei Kato In Japan, prosecutors by custom do not explain decisions to the public. A judicial panel rejected Ito’s appeal, saying it had found no grounds to overturn the prosecutors’ decision.
“I have been saying that there was no crime and in fact, there was no crime,” Yamaguchi told Reuters in a telephone interview.
Ito, who worked as an intern for Reuters during the time she says the rape occurred, is seeking compensation from Yamaguchi in a civil suit.
“Talking about rape and sexual harassment is taboo and some people think that if you talk about it ... you will be seen as a tarnished person,” Ito said. She added, though, that things might be changing for the better.
Well-known news anchor Yuko Ando echoed that view, noting that the reaction to the allegation against Fukuda gave her hope.
“Those in Japan who have shut out their memories of sexual harassment are likely to speak out. Because such memories never disappear,” Ando said.
Opposition lawmaker Renho said one challenge was to ensure victims in lower-profile cases are heard and protected.
Slideshow (13 Images) One of the reporters who accused Fukuda, a top bureaucrat, worked for broadcaster TV Asahi. Neither she nor her employer identified her.
“If it were a female reporter working part-time for a local station or those involved were not in the public eye, I wonder if their voices would be heard,” said Renho, who goes by her first name.
After the TV Asahi reporter told her story of being verbally harassed to a weekly magazine, TV Asahi protested to the finance ministry, which ultimately apologized.
“This sort of action is unacceptable since it damages the dignity and human rights of the victim,” Deputy Vice Finance Minister Koji Yano told a news conference last month.
TV Asahi demanded that the ministry continue its investigation and that Fukuda apologize in person. The broadcaster told Reuters it had received no further reply from the ministry.
The reporter could not be reached for comment. In a statement issued on her behalf by TV Asahi last month, the reporter, who was not identified, said that she regretted that Fukuda had not admitted to the allegations and added that she hoped it would become easier for victims to take action.
“I pray for a society in which all people’s dignity is respected,” she said in the statement.
Cabinet minister Noda, who plans to challenge Abe for leadership of his ruling party, called for a law to strengthen protection for sexual harassment victims.
Ultimately, however, resolving the problem requires narrowing social and economic gender inequality, some women said.
“The hotbed of sexual harassment won’t go away unless asymmetry between power held by men and women at the workplace is resolved,” said Chizuko Ueno, director of the non-profit Women’s Action Network and professor emeritus at the University of Tokyo.
Additional reporting by Megumi Lim; Editing by Gerry Doyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-women-harassment/japan-women-see-turning-point-on-sexual-harassment-after-scandal-idUSKCN1IP085 |
May 8 (Reuters) - ANI Pharmaceuticals Inc:
* ANI PHARMACEUTICALS REPORTS FIRST QUARTER 2018 RESULTS AND REAFFIRMS GUIDANCE
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.32
* Q1 REVENUE ROSE 27 PERCENT TO $46.5 MILLION * REAFFIRMS GUIDANCE FOR FULL YEAR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ani-pharmaceuticals-reports-q1-gaa/brief-ani-pharmaceuticals-reports-q1-gaap-earnings-per-share-0-19-idUSASC0A0HA |
By Sarah Gray May 29, 2018
Former Obama White House senior advisor Valerie Jarrett responded to a racist tweet by comedian Roseanne Barr and the subsequent cancellation of Barr’s television show on Tuesday, calling it a “teaching moment.”
“First of all, I think we have to turn it into a teaching moment,” Jarrett said during an MSNBC town hall called Everyday Racism in America that was scheduled to broadcast on Tuesday. “I’m fine. I’m worried about all the people out there who don’t have a circle of friends and followers coming to their defense.”
Jarrett continued by saying she was more concerned about “every black parent I know who has a boy, who has to sit down and have a conversation, ‘the talk,’ as we call it, and as you say, those ordinary examples of racism that happen every single day.” . @ValerieJarrett responds to Roseanne Barr's tweet, saying Disney’s chairman called her before announcing that ABC was canceling the show: "This should be a teaching moment.” #EverydayRacism pic.twitter.com/b0EvA8WAeY
— MSNBC (@MSNBC) May 29, 2018
ABC cancelled Barr’s show, Roseanne, on Tuesday after she a tweet she posted sparked outrage from both social media users and those involved with the show. Barr tweeted “muslim brotherhood & planet of the apes had a baby=vj,” Jarrett’s initials. From Channing Dungey, President of ABC Entertainment: "Roseanne's Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show."There was only one thing to do here, and that was the right thing.
— Robert Iger (@RobertIger) May 29, 2018 I will not be returning to @RoseanneOnABC .
— Wanda Sykes (@iamwandasykes) May 29, 2018 Roseanne’s recent comments about Valerie Jarrett, and so much more, are abhorrent and do not reflect the beliefs of our cast and crew or anyone associated with our show. I am disappointed in her actions to say the least.
— sara gilbert (@THEsaragilbert) May 29, 2018 This is incredibly sad and difficult for all of us, as we’ve created a show that we believe in, are proud of, and that audiences love— one that is separate and apart from the opinions and words of one cast member.
— sara gilbert (@THEsaragilbert) May 29, 2018
According to Jarrett, Disney’s CEO Robert Iger called her personally to apologize and to tell her that the show was being canceled. Disney owns ABC.
“He wanted me to know before he made it public that he was canceling the show,” Jarrett said, according to MSNBC.
The talent agency ICM also dropped Barr, following the tweet. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/valerie-jarrett-responds-roseanne-barr-tweet-teaching-moment/ |
May 28, 2018 / 7:59 PM / Updated 21 minutes ago Spain names Hernandez de Cos as new central bank chief Reuters Staff 2 Min Read
MADRID, May 28 (Reuters) - Spain’s government will put forward Pablo Hernandez de Cos as the next central bank governor to replace Luis Maria Linde whose six-year term will be coming to an end next month, the economy ministry said in a statement on Monday.
Hernandez de Cos, who now heads the Bank of Spain’s Economy and Statistics department, will serve as a member of the governing council of the European Central Bank, the body which sets the euro zone’s monetary policy.
Under Linde, who was named only two days before Spain requested a European bailout to prop up lenders crippled with bad property debts, the central bank came under fire for its handling of the banking crisis and has maintained a neutral stance on economic policy.
Hernandez de Cos, who is little known in Spain and has spent most of his career in the research department of the Bank of Spain, is not expected to substantially change this stance.
A former professor of Economics, Hernandez de Cos has been a member of several top Spanish and European fiscal and monetary bodies, including the Economic and Financial Committee which drafts decisions of ministers or heads of state and government of the euro zone’s 19 member countries.
He also served as an adviser to the European Central Bank, where former Spanish economy minister Luis de Guindos will become deputy chief next month.
The economy ministry said in a statement the choice of Hernandez de Cos reflected the government’s aim “to make a decision based on the professional experience, independence and merit of the candidate”.
Hernandez de Cos must now be formally put forward by the economy ministry to the Spanish parliament, likely on Tuesday, before being formally appointed by a decision of the cabinet on Friday and taking office on June 8. (Reporting by Julien Toyer Editing by Peter Graff) | ashraq/financial-news-articles | https://www.reuters.com/article/spain-cenbank-governor/spain-names-hernandez-de-cos-as-new-central-bank-chief-idUSL5N1SZ4CE |
May 4 (Reuters) - Australian shares are expected to rise for a sixth straight session on Friday, led by higher oil prices, on the back of a drop on Wall Street. Brent crude futures rose 26 cents to settle at $73.62 a barrel, a 0.35 percent gain, boosted by OPEC production cuts and the potential for new U.S. sanctions against Iran. The local share price index futures rose by 12 points to 6,092, a 6.3-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.8 percent on Thursday New Zealand's benchmark S&P/NZX 50 index rose by 5.31 points to 8,552.190 in early trade. (Reporting by Syed Saif Hussain Naqvi in Bengaluru Editing by Matthew Lewis)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australian-shares-poised-to-extend-gains-nz-up-idUSL3N1SA65K |
Housing finance giant Fannie Mae must face a proposed class action accusing it of violating California and federal law by falsely reporting that consumers’ homes were foreclosed on, a federal judge in San Francisco ruled.
In a decision on Friday, U.S. District Judge William Orrick said the consumers had plausibly alleged that Fannie Mae willfully violated the U.S. Fair Credit Reporting Act (FCRA) and a comparable California law by failing to assure the accuracy of reports it provided to lenders.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2khnr8p
| ashraq/financial-news-articles | https://www.reuters.com/article/fanniemae-foreclosures-reports/homeowners-may-sue-fannie-mae-over-foreclosure-reporting-ruling-idUSL2N1SS1H8 |
May 14, 2018 / 5:29 AccorHotels strikes deal to buy Chile hotel group Atton Reuters Staff 1 Min Read
PARIS (Reuters) - French group AccorHotels ( ACCP.PA ) has agreed to buy the management company behind Chile’s Atton Hoteles for around $105 million, in a deal which AccorHotels said would boost its earnings and strengthen its position in Latin America.
The Atton Hoteles deal marks the latest example of AccorHotels’ ambitious takeover plans, and follows last month’s acquisition by AccorHotels of Movenpick Hotels.
AccorHotels will acquire 100 percent of the management company that operates 11 Atton hotels across Chile, Peru, Colombia and Florida in the United States.
AccorHotels will also buy 20 percent of the property company that owns these assets, with the remaining 80 percent being bought by Chilean company Algeciras. AccorHotels will also have an option to sell its 20 percent in that property company to Algeciras after five years. Reporting by Sudip Kar-Gupta; Editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/us-accor-chile/accorhotels-strikes-deal-to-buy-chile-hotel-group-atton-idUKKCN1IF0ED |
WASHINGTON (Reuters) - The White House on Monday blamed the Palestinian militant group Hamas for deadly violence on Israel’s border with Gaza where Israeli troops fatally shot dozens of Palestinian protesters.
White House spokesman Raj Shah accused Hamas’ leaders of making a “gruesome and unfortunate propaganda attempt” that led to the clashes in Gaza at the same time the United States was opening its new embassy in Jerusalem, a move that has fueled Palestinian anger.
Speaking to reporters at a White House briefing, Shah also declined to join with other countries, including France and Britain, in calling for Israel to exercise restraint in its response to the protests.
The White House instead reiterated the Trump administration’s refrain, in response to weeks of violence on the Israel-Gaza border, that Israel had a right to defend itself.
“The responsibility for these tragic deaths rests squarely with Hamas,” Shah said. “Hamas is intentionally and cynically provoking this response.”
Monday was the bloodiest single day for Palestinians since the Gaza conflict in 2014. Palestinian Health Ministry officials said 55 protesters were killed and 2,700 injured either by live gunfire, tear gas or other means.
The Israeli military said it was responding to violence from the protesters to defend Israel’s border. Israeli Prime Minister Benjamin Netanyahu said Israel’s actions were self-defense against the enclave’s ruling Hamas group.
Despite the Gaza violence and Palestinian outrage over the embassy move from Tel Aviv, Shah insisted there was no reason to believe there would be any damage to the Trump administration’s Israeli-Palestinian peace efforts.
The White House has offered few details on a peace plan that is still being finalized and which has drawn widespread skepticism even before its unveiling. The Palestinians say they have lost faith in the Trump administration to act as a fair mediator and have boycotted the process since President Donald Trump’s Jerusalem announcement in December.
“I don’t think it hurts the peace plan,” Shah said. “The peace plan will be introduced at the appropriate time.”
In contrast to the scenes in Gaza, Israeli dignitaries and guests attended a ceremony in Jerusalem to open the U.S. Embassy following its relocation from Tel Aviv. The move to Jerusalem upended decades of U.S. policy toward Jerusalem. Palestinians want East Jerusalem as the capital of their future state.
Israel regards all of the city, including the eastern sector it captured in the 1967 Middle East war and annexed in a move that is not recognized internationally, as its “eternal and indivisible capital.”
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal.
A Palestinian demonstrator carries a tire as others take cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa Reporting by Steve Holland and Matt Spetalnick; Additional reporting by Doina Chiacu, David Alexander and Lisa Lambert; Editing by Jeffrey Benkoe and Peter Cooney
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-whitehouse-gaza/hamas-responsible-for-violence-deaths-in-gaza-white-house-says-idUSKCN1IF2MN |
GOTHENBURG, May 22 (Reuters) - Sweden’s SKF is seeing increasing demand for its bearings from China, where demand for electric cars means it is winning at least one new contract a month, as suppliers adapt to changing automobile technology.
SKF Automotive head Bernd Stephan said that while electric car sales were also rising in Europe, China was surging.
“We have a huge gain of new business in this area ... There are so many projects popping up, and we are in a permanent discussion with these customers,” Stephan told Reuters.
Electric cars are having a big impact on bearings manufacturers as they typically contain about half as many as a combustion engine car.
While SKF is focused on parts such as bearings and seals, rivals including Germany’s Schaeffler are developing full electric drive lines. But SKF is largely shielded because only 4 percent of its products go into combustion engines and wheel bearings are its biggest product.
“What we are losing on the combustion engine side, we are gaining on the electric motor side,” Stephan said, with the intermediate stage of more hybrid cars also a positive.
CHINESE RIVALS The automotive bearings market is intensely competitive and price sensitive and the rise of Chinese rivals has added to concerns over long-term profitability.
Stephan said he saw no reason why SKF should not be able to handle the Chinese rivals, saying it could use cheaper steel and different components to bring down manufacturing costs for bearings which were not top end products.
“Why should we be less competitive than they are? We have the same production as they do, we are not producing bearings only in Europe.”
SKF Automotive, which also competes with Japanese firms NTN , NSK and JTEKT and Chinese companies such as C&U Group, accounted for 31 percent of SKF’s 2017 sales.
Although the business has been a problem for the group, a 2015 turnaround plan has started to work and it nearly hit an elusive 8 percent margin target in the first quarter. Its primary focus is on highly customised bearings and seals.
But while the automotive unit also sells standard bearings, they are made at SKF’s industrial business plants, benefiting the group due to a high volume load.
Looking ahead to fully self-driving cars, Stephan said this would bring further changes, with wheel bearings likely to need longer lifetimes due to more intensive usage.
“People aren’t aware of what it means if we go to autonomous driving. In theory you can reduce your fleet to one third,” he said, adding that it was important to prepare for this. (Reporting by Johannes Hellstrom; editing by Niklas Pollard and Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/skf-automotive/swedens-skf-feels-power-of-chinas-electric-car-drive-idUSL5N1SS325 |
May 27, 2018 / 6:08 AM / Updated 7 hours ago Hansen defends timing of All Blacks' camps Reuters Staff 3 Min Read
WELLINGTON (Reuters) - All Blacks coach Steve Hansen has hit back at critics of the timing of his training camps as the world champions reassembled for their second within a week in Christchurch on Sunday. Rugby Union - Autumn Internationals - France vs New Zealand - Stade de France, Paris, France - November 11, 2017 New Zealand head coach Steve Hansen before the match REUTERS/Benoit Tessier
New Zealand have had at least two ‘foundation days’ around the country and organised two three-day training camps before next month’s three-match series with France, which starts on June 9.
All of the camps, however, conflicted with preparations for the players’ Super Rugby teams, with the Waikato Chiefs having several of their All Blacks leave South Africa early to attend last week’s camp in Auckland.
Some local rugby pundits have criticised the timing of the camps, while Wellington Hurricanes coach Chris Boyd said at the start of the season they would cause unnecessary disruption.
The Hurricanes, who had eight players at the Auckland camp, only trained properly once this week before Friday’s top-of-the table clash with the Canterbury Crusaders.
Only four of the Crusaders at the All Blacks’ camp played in their 24-13 victory. Seven of the Hurricanes’ All Blacks played.
Hansen and New Zealand Rugby, however, have defended the camps several times this season and they did so again on Sunday.
“Is it ideal for everybody? No,” Hansen told reporters in Christchurch. “But it is what it is and we have had plenty of time to plan for it, and plenty of time to understand.
“Everyone has to make a sacrifice. We have to be flexible and adaptable to the world that we live in.
“We can get all Sulky Sally about it or we can get on with it, you know? It is just the way it is.”
The Chiefs were undoubtedly the most affected, with their trip to South Africa coinciding with the first camp, and they were beaten 28-24 by the Sharks.
Four All Blacks — Damian McKenzie, Brodie Retallick, Nathan Harris and Anton Lienert-Brown — returned for the Chiefs’ 39-27 victory over the New South Wales Waratahs in Hamilton on Saturday.
Coach Colin Cooper, whose squad only returned to New Zealand on Tuesday, said the camp had actually been beneficial for his team when they returned to training on Wednesday.
“They rolled in and they were great, they picked everyone up,” said Cooper. “We were all a bit tired, we were getting over the jet lag, and they were really fresh.”
Hansen welcomed Cooper’s comments.
“We want the players to leave here invigorated and excited,” Hansen said. “You only have to see Coops’s comments - he was pretty positive about the whole thing.” Reporting by Greg Stutchbury; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-newzealand/hansen-defends-timing-of-all-blacks-camps-idUKKCN1IS041 |
Luis Ortega's serial killing "Angel" hits Cannes 4:04pm EDT - 01:04
The Argentinian director previewed the film which focuses on the real-life story of Carlos Robledo Puch. Rough cut (no reporter narration)
The Argentinian director previewed the film which focuses on the real-life story of Carlos Robledo Puch. Rough cut (no reporter narration) //reut.rs/2rAx7OT | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/luis-ortegas-serial-killing-angel-hits-c?videoId=425989697 |
May 5, 2018 / 2:58 PM / in an hour Turkish opposition candidate for president tells Erdogan 'let's race like men' Reuters Staff 3 Min Read
ANKARA (Reuters) - The presidential candidate for Turkey’s main opposition on Saturday called for the release of the pro-Kurdish opposition’s jailed candidate, challenging President Tayyip Erdogan to “let us race like men” in next month’s election. Muharrem Ince, Turkey's main opposition Republican People's Party (CHP) candidate for the upcoming snap presidential election, greets supporters as he starts his campaign in Ankara, Turkey, May 4, 2018. REUTERS/Umit Bektas
On Friday, the Republican People’s Party (CHP) nominated Muharrem Ince to challenge Erdogan in the June 24 presidential election. The pro-Kurdish Peoples Democratic Party (HDP) nominated its jailed former leader Selahattin Demirtas.
“The HDP are also children of this nation, the AKP are also children of this country ... Don’t keep Demirtas in jail. Come, let’s race like men,” Ince told crowds of flag-waving supporters in his hometown of Yalova, where he held his first rally.
In his first interview with international media since being nominated, Demirtas, who has been in jail on security charges for a year and a half, told Reuters a fair election was impossible under the state of emergency imposed after the July 2016 coup attempt.
Erdogan last month called snap parliamentary and presidential elections for June 24, more than a year early, in order to switch to the powerful executive presidency narrowly approved in a referendum last April.
Ahead of the elections, Erdogan’s ruling AK Party (AKP) formed an election alliance, the “People Alliance”, with the Nationalist Movement Party (MHP), which supported Erdogan in the referendum.
Ince called on CHP members to sign for other candidates seeking 100,000 signatures in order to run for the presidency, including former interior minister Meral Aksener from the Iyi (Good) Party.
On Saturday, the CHP, Iyi Party, Saadet Party and Democrat Party signed a declaration marking a four-way election alliance called the “Nation Alliance”, pledging to remove polarisation, instil independence for the judiciary and ensure basic rights and freedoms can be exercised.
Rights groups and Turkey’s Western allies have criticised Ankara for its deteriorating record on civil rights and have voiced concerns that the NATO member has been sliding further into authoritarianism under Erdogan.
Since the abortive putsch, authorities have carried out a sweeping crackdown on alleged supporters of the cleric Ankara blames for the coup attempt, detaining 160,000 people and dismissing nearly the same number of civil servants, the United Nations said in March.
The government says the measures are necessary due to the security threats it faces. Reporting by Tuvan Gumrukcu; Additional reporting by Gulsen Solaker; Editing by Janet Lawrence | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-turkey-election-opposition/turkish-opposition-candidate-for-president-tells-erdogan-lets-race-like-men-idUKKBN1I60KI |
Zuckerberg’s EU meeting is only the beginning, lawmaker says 2 Hours Ago Udo Bullmann, chair of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, discusses Facebook CEO Mark Zuckerberg's upcoming EU grilling. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/zuckerbergs-eu-meeting-is-only-the-beginning-lawmaker-says.html |
April 30 (Reuters) - Amax International Holdings Ltd :
* ENTERED AGREEMENT WITH BOLE INTERNATIONAL INVESTMENT CO TO DISPOSE MOBILE GAME APPS FOR HK$30 MILLION
* EXPECTS A GAIN ON DISPOSAL OF MOBILE GAME APPS OF ABOUT HK$1.7 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-amax-international-holdings-to-dis/brief-amax-international-holdings-to-dispose-mobile-game-apps-for-hk30-mln-idUSFWN1S70NW |
May 9, 2018 / 11:00 PM / Updated 15 hours ago Cruz and Bardem's Cannes kidnap movie - taut drama or telenovela? Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - A gripping whodunnit with barnstorming performances, or a “telenovela” melodrama: critical reactions were mixed on Wednesday for “Everybody Knows”, which opened the Cannes Film Festival.
Real-life couple Penelope Cruz and Javier Bardem star in the Spanish-language movie written and directed by the double-Oscar winner Iranian Asghar Farhadi, about a Spanish village hit by a terrible crime.
Cruz plays Laura, who leaves her husband behind in Argentina for a trip with their son and daughter to a family wedding in the village where she grew up. Paco, (Bardem), her former lover, is the life and soul of the party, until things take a shocking turn.
“It is, of course, a thriller,” Farhadi told a news conference, adding that the genre plot was more of an “excuse” - a way to investigate the behaviour of people thrust into unthinkable circumstances.
Perhaps because of sky-high expectations for a film with A-list actors and a director revered for critical hits “A Separation” and “The Salesman”, reviews were mixed.
“Farhadi’s weakest film yet is still better than the vast majority of commercially made dramas in Spain, France or the United States,” wrote Variety’s Chief Film Critic Peter Debruge. 71st Cannes Film Festival - Photocall for the film "Everybody Knows" (Todos lo saben) in competition – Cannes, France, May 9, 2018. Director Asghar Farhadi, cast members Penelope Cruz, Javier Bardem. REUTERS/Jean-Paul Pelissier
While it has strong echoes of Farhadi’s breakthrough film “About Elly” about a woman who disappears from a beach in Iran, “Everybody Knows” is, as Bardem said, “one of the most Spanish films a director could make”.
“For me what he has done is incredible, being Iranian and making a Spanish movie in Spanish language and there are no clichés, it’s just incredible,” Cruz told Reuters.
The Guardian’s Peter Bradshaw said: “the southern European setting has given Farhadi’s filmic language a new sanguine force”, while Variety’s Debruge took a dimmer view.
“Farhadi’s career is starting to look suspiciously like Woody Allen’s, as he jets off to make sunlit movies starring beautiful people in one European country after another. Globe-trotting is well and good, except one hopes the immensely talented auteur ... would use the opportunity of working abroad to be a bit more provocative.” Slideshow (14 Images)
IndieWire’s Eric Kohn said “Everybody Knows” veers towards the “soapy”, with a plot twist “that wouldn’t feel out of place in a telenovela”, but the film’s “explosive star power” help it make “remarkable observations about the impact of class and status under dire circumstances”.
The Cannes Film Festival runs from May 8 to May 19. Additional reporting by Hanna Rantala; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes-everybody-knows/cruz-and-bardems-cannes-kidnap-movie-taut-drama-or-telenovela-idUKKBN1IA3I5 |
ROME (Reuters) - A new government is expected to take office in Italy next week after one of the longest periods of post-election flux in its history, but the fraught gestation might prove child’s play by comparison with what comes next.
FILE PHOTO: Italy's newly appointed Prime Minister Giuseppe Conte leaves his house in Rome, Italy, May 24, 2018. REUTERS/Yara Nardi/File Photo President Sergio Mattarella gave political novice Giuseppe Conte a mandate on Wednesday to head a coalition comprising the anti-establishment 5-Star Movement and far-right League, ending 80 days of stalemate following an inconclusive vote on March 4.
The League and 5-Star have drawn up a 57-page government program, presenting it as an ambitious project designed to fill a full, five-year legislature. Few believe it will last anywhere near that long.
“Virtually no Italian government has survived five years, so that is not even an issue,” said Franco Pavoncello, a professor of political science and president of John Cabot University.
“The question is whether they can last one or two years, and whether they can make a dent in the political, institutional and economic life of the country.”
Even that might prove a stretch given the challenges ahead, including the fact that 5-Star and the League are political rivals with diverging priorities, and have only a wafer-thin majority in the upper house, leaving them vulnerable to ambush.
“This government has been born to lead an election campaign ... the next elections are much nearer than you might think,” outgoing industry minister Carlo Calenda said on Thursday.
Both parties made extravagant promises during their campaigns and have included elements of these in their pact, which is infused with euroscepticism and calls for an overhaul of EU treaties on monetary union and immigration.
Some of their program should be relatively easy to implement and give them swift domestic wins, such as an undertaking to strengthen laws on legitimate self-defense and to revise 2011 legislation that sharply raised retirement ages.
But many other issues, including some they will have to tackle from day one, are more problematic and could immediately strain their embryonic relationship.
FILE PHOTO: Newly appointed Italy Prime Minister Giuseppe Conte speaks to the media after a consultation with President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 23, 2018. REUTERS/Alessandro Bianchi/File Photo DIFFERENT PRIORITIES The fate of the southern Ilva steel plant, dogged by corruption scandals and environmental concerns, will be one of the most pressing issues awaiting the new industry ministry, who is likely to be 5-Star leader Luigi Di Maio.
5-Star says the highly polluting firm, which is due to be sold to the world’s largest steelmaker ArcelorMittal, should be shuttered and the site reconverted. The League says Ilva is vital to Italy’s economy and must be protected.
Likewise, while 5-Star wants to pull the plug on the Turin-Lyon high-speed rail link (TAV), the League fervently defends the multi-billion euro Franco-Italian project.
The next challenge will be deciding the priorities for the 2019 budget.
The League and 5-Star both inserted their costly flagship policies in their joint pact — slashing taxes and introducing a universal income for the poor respectively.
Critics argue that heavily indebted Italy can ill-afford either, and certainly not both at once, meaning that their introduction will have to be staggered.
“They are going to have to find resources to cover the imbalances and will have to decide which policies get precedence. That is a recipe for trouble,” said Andrea Goldstein, head of the Nomisma think-tank.
FILE PHOTO: Giuseppe Conte arrives before a consultation with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 23, 2018. REUTERS/Remo Casilli/File Photo The incompatibility of tax cuts and welfare hikes exemplifies the tension at the heart of the coalition: While the League will be looking to serve its core electorate in the wealthy north, 5-Star will be focused instead on its heartland, the deprived south.
With funds so scarce, it will be extremely hard to satisfy even one of these constituencies, let alone both.
Speaking on condition of anonymity, a senior figure in the League said his party faithful would battle to prevent “our tax money” being spent on “welfare giveaways” for the southern poor and predicted rocky ties with 5-Star lawmakers in parliament.
“We have seen how they work in local councils. They are crazies,” the League politician said.
INSTITUTIONAL CONTRAINTS But the two parties will need to work in lockstep if they are too get their bills through parliament, particularly in the upper house, where they have a majority of less than 10.
Centre-left leader Romano Prodi was similarly constrained after an election in 1996, and clung to power for only two years. And he had vastly more political and management experience than the new prime minister, Conte, who has no party machine behind him and no administrative background.
“Some people are saying he won’t get to Christmas,” League veteran and former interior minister Roberto Maroni said in an interview with La Stampa newspaper on Thursday.
Crucially, 5-Star’s Di Maio and League leader Matteo Salvini both lack any government experience and risk being tied in knots by Italy’s multiple institutional contraints and infamous bureaucratic intricacies.
This could neuter some of their more radical plans, including raising deficits to help fund a spending splurge.
President Mattarella has already signaled to both Di Maio and Salvini that he has the power to reject laws that he feels run counter to the constitution, including bills that violate international treaties or do not have adequate budget cover.
“My feeling is that, when you combine the scepticism that surrounds their policies and the contradictions that you see in their program, then life is going to be very difficult for this government,” said Nomisma’s Goldstein.
“It would be hard even if 5-Star and the League were natural partners — but, of course, they are not.”
Reporting by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-government-analysis/new-italian-government-has-little-chance-of-staying-the-course-idUSKCN1IP2SK |
EU's Tusk lashes out at Trump amid trade dispute, Iran split Wednesday, May 16, 2018 - 00:51
European Council President Donald Tusk says Trump has ''rid Europe of all illusions'' amid a trade dispute and the Iran nuclear program split. Rough cut (no reporter narration).
European Council President Donald Tusk says Trump has "rid Europe of all illusions" amid a trade dispute and the Iran nuclear program split. Rough cut (no reporter narration). //uk.reuters.com/video/2018/05/16/eus-tusk-lashes-out-at-trump-amid-trade?videoId=427447984&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/eus-tusk-lashes-out-at-trump-amid-trade?videoId=427447984 |
Pond snails could hold key to treating PTSD and dementia 11:59am BST - 01:39
The great pond snail could hold the key to preventing post traumatic stress disorder (PTSD) in soldiers and developing new treatment for dementia patients. Jim Drury reports.
The great pond snail could hold the key to preventing post traumatic stress disorder (PTSD) in soldiers and developing new treatment for dementia patients. Jim Drury reports. //reut.rs/2IA4NHH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/pond-snails-could-hold-key-to-treating-p?videoId=429296740 |
LONDON (Reuters) - At a time when the impending withdrawal of European Central Bank stimulus was expected to hurt southern European bond markets, so-called “peripheral” euro zone debt continues to outperform its higher-rated peers.
Italian, Spanish and Portuguese bonds have been among the bloc’s best performers over the past year, and yield premia — or spreads — over benchmark German debt have narrowed relentlessly.
Their outperformance has even defied data indicating Europe’s growth acceleration may be running out of steam.
And despite recent volatility in the wake of Italy’s inconclusive March 4 election, spreads remain near their tightest levels in months, or even years.
(Graphic: Strengthening economy underpins Italian spread - reut.rs/2KlBZQj )
“There has been a regime change in sovereign spreads, which are now reacting mostly to economic developments. As long as growth remains healthy, we can see spreads tighten further,” said Mizuho strategist Antoine Bouvet.
Reasons for the “regime change”?
First, the three Southern European countries are well and truly out of recession, helped by 2.55 trillion euros in ECB stimulus. The euro bloc posted its fastest economic growth in a decade last year at 2.7 percent.
Even if growth slows from there, it is a far cry way from 2010-2012, when Spain and Portugal required bailouts and Italy’s debt levels spiraled to record highs.
Second, unlike a year ago, anti-establishment parties such as Italy’s 5-Star Movement are not considered an existential threat to the single currency. Italy may not have a government yet, but the Italy/Germany 10-year bond yield spread is near the tightest since August 2016 at 110 bps.
So can it continue?
The Italy/Germany spread can go all the way to 90 basis points, Nick Gartside, chief investment officer at JP Morgan Asset Management, told Reuters in January when the spread was 145 bps.
That target now seems within reach, especially as U.S. Treasuries look expensive, once currency hedging costs are taken into account. That means many European investors who would have bought nominally higher-yielding Treasuries, may seek domestic alternatives.
“Ten-year Italian government bonds at nearly 1.8 percent, or even (German government bonds) at 0.6 percent, yield more than the near-zero yield on equivalent currency-hedged U.S. Treasury bonds,” said Andrew Bosomworth, head of portfolio management, Germany, for PIMCO, the world’s largest bond manager.
In addition, Italy’s “real” yield, a measure looked at by some investors that discounts the effect of inflation, is higher than that of the United States.
(Graphic: Cost of FX hedging cuts U.S. yield advantage for Europeans - reut.rs/2JGE0Fv )
(Graphic: Italy "real" yield higher than that of the U.S. - reut.rs/2rcVC5c )
PERIPHERY TO SEMI-CORE
Rabobank strategist Richard McGuire predicts Italy/Germany will reach 100 bps but reckons Spain will outperform.
Spanish spreads stand around 72 basis points, having tightened from around 150 bps a year ago ES10YT=RR.
“The Spanish spread (over Germany) has traditionally found resistance at the 100 basis-point mark ever since the crisis,” McGuire said. “But right now it is well below that level and we think it could go as low as 50 basis points.”
Spain may represent the best “regime change” example, in fact. With sovereign credit ratings back in “A” territory, many see Spain following Ireland’s example to transition out of the periphery into “semi-core” - market jargon for the debt of Belgium, France and Ireland.
Portuguese spreads meanwhile recently touched 109 bps, their tightest since 2010. It caps a remarkable comeback for a country until recently classed as junk by the big ratings agencies.
S&P Global and Fitch late last year raised their Portuguese ratings back to investment grade, helping push its 10-year borrowing costs below Italy’s.
In early 2017, they were 200 basis points higher.
For this reason, the Portugal/Germany spread is the one which may not have legs — investors do not see it sustainably trading tighter than Italy, a larger economy with a far more liquid bond market.
PERIPHERAL DANGER The periphery trade however faces the same danger as it always did - the end of ECB bond-buying. ING analysts for instance predict Italian and Spanish spreads will widen to 150 bps and 80 bps respectively by the end of 2018.
Some investors such as Eric Brard, head of fixed income at Amundi, may also switch back to higher-rated French and German debt should yields there rise. German 10-year yields hitting 1 percent would be the time to return to the euro zone “core”, Brard said.
“That would also mean the French (government bond) market would be above 1.20 percent on the 10-year, we would rather be in these better-rated names,” he added.
In February, when German 10-year yields rose above 0.80 percent, that day looked ominously close.
But with euro zone growth seemingly cooling — the economy grew just 0.4 percent in the first quarter — and the ECB sounding cautious on monetary policy, German yields are back at 0.6 percent. This suggests the gravy train will chug along for southern Europe in the foreseeable future.
(Graphic: Portugal goes from outlier to outperformer - reut.rs/2JGPEQN )
Reporting by Abhinav Ramnarayan and Fanny Potkin; Graphics by Abhinav Ramnarayan and Saikat Chatterjee; Editing by Sujata Rao and Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds-periphery/southern-europe-bond-spreads-defy-the-odds-even-as-ecb-pullback-looms-idUSKBN1I40LC |
May 4 (Reuters) - Bharti Airtel Ltd:
* BHARTI AIRTEL CLARIFIES ON NEWS ITEM ON PLANS TO RAISE $1.5 BILLION BY SELLING 25 PERCENT STAKE IN BHARTI AIRTEL INTERNATIONAL (NETHERLANDS)
* BHARTI AIRTEL - DISCUSSIONS AT PRELIMINARY STAGE; NO CERTAINTY ON FINAL OUTCOME Source text - bit.ly/2HNE2iy Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bharti-airtel-says-fund-raising-di/brief-bharti-airtel-says-fund-raising-discussions-in-preliminary-stage-idUSFWN1SB0Q1 |
May 8 (Reuters) - Futures for Canada’s main stock exchange were little changed on Tuesday, as investors awaited an announcement by U.S. President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.
Trump will announce whether he will pull out of the Iran nuclear deal or stay in and work with European allies who have struggled to persuade him that it has successfully halted Iran’s nuclear ambitions.
June futures on the S&P TSX index were up 0.1 percent at 7:15 a.m. ET.
Annualized housing starts data for April is due at 8:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX rose 79.23 points, or 0.50 percent, to 15,808.63.
Dow Jones Industrial Average e-mini futures were down 0.36 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.39 percent and Nasdaq 100 e-mini futures were down 0.46 percent.
(Morning News Call newsletter here ; The Day Ahead newsletter here )
TOP STORIES Valeant Pharmaceuticals International Inc, reported a first-quarter loss compared with a year-ago profit on Tuesday and said it would change its name to Bausch Health Companies Inc.
Canada’s WestJet Airlines Ltd reported a first-quarter profit that missed analysts’ estimates on Tuesday as expenses rose due to higher fuel prices.
Royal Dutch Shell Plc’s Shell Gas B.V. unit said on Monday it was selling its entire stake in Canadian Natural Resources Ltd for $3.3 billion.
ANALYST RESEARCH HIGHLIGHTS Inter Pipeline Ltd: CIBC cuts price target to C$31 from C$32
Morneau Shepell Inc: National Bank of Canada raises target to C$28 from C$26
Titan Mining Corp: National Bank of Canada starts with C$2 price target
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,310.1; -0.3 pct
U.S. crude: $69.79; -1.33 pct
Brent crude: $75.32; -1.12 pct
LME 3-month copper: $6,757.5; -1 pct
U.S. ECONOMIC DATA DUE ON TUESDAY 1000 JOLTS job openings for Mar: Prior 6.052 mln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory ($1= C$1.30) (Reporting by Nandi Kaul in Bengaluru; Editing by Maju Samuel)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-futures-little-changed-ahead-of-trumps-iran-decision-idUSL3N1SF4BZ |
SHANGHAI (Reuters) - U.S. retailer Gap Inc ( GPS.N ) apologised on Monday for selling a T-shirt which it said had an incorrect map of China, adding it would implement “rigorous reviews” to prevent a repeat mistake.
The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York June 16, 2015. Apparel retailer Gap Inc said it would close a quarter of Gap specialty stores in North America over the next few years, including 140 this year, potentially affecting thousands of jobs as the company struggles with a slump in sales at its namesake brand. REUTERS/Brendan McDermid The apology came after a person posted pictures of the T-shirt on Chinese social media network Weibo, saying that Chinese territories, including south Tibet, the island of Taiwan and the South China Sea, were omitted from the map. The user said the photo of the T-shirt was taken at an outlet store in Canada.
“Gap Inc. respects the sovereignty and territorial integrity of China. We’ve learned that a Gap brand T-shirt sold in some overseas markets failed to reflect the correct map of China. We sincerely apologise for this unintentional error,” it said in a statement posted on its Weibo account on Monday evening.
It added that the products had been pulled from the Chinese market and destroyed.
Gap’s apology comes as China has been ramping up efforts to police language used to describe Chinese-claimed territories such as Taiwan. Other U.S. companies which have issued apologies for similar incidents include Delta Air Lines ( DAL.N ) and Marriott International Inc ( MAR.O ).
Earlier this month, the White House sharply criticised China’s efforts to force foreign airlines to change how they described Taiwan, Hong Kong and Macau on their websites as “Orwellian nonsense.”
Reporting by Brenda Goh; Editing by Michael Perry
| ashraq/financial-news-articles | https://in.reuters.com/article/china-gap/gap-apologises-for-selling-t-shirt-with-incorrect-map-of-china-idINKCN1IG032 |
May 23, 2018 / 5:04 PM / Updated 42 minutes ago Bowing to Trump, NFL will require players to stand for anthem Daniel Trotta 3 Min Read
NEW YORK (Reuters) - The National Football League will fine teams if players on the field refuse to stand for the national anthem, the league said on Wednesday in a victory for U.S. President Donald Trump, who loudly demanded an end to such protests last year.
Some NFL players knelt during the anthem to protest police shootings of unarmed black men, sparking a controversy as Trump criticized the players for being unpatriotic.
NFL Commissioner Roger Goodell on Wednesday announced a new policy that will fine teams if players on the field fail to stand during the “Star-Spangled Banner.” Players who choose not to stand may now remain in the locker room until after the anthem is finished.
The NFL Players Association criticized the new policy, saying it was not consulted and that it may issue a challenge should it violate the collective bargaining agreement.
“The vote by the club CEOs today contradicts the statements made to our player leadership by Commissioner Roger Goodell and the chairman of the NFL’s Management Council John Mara about the principles, values and patriotism of the league,” the players’ union said.
The kneeling controversy rattled a $14 billion industry, and the new policy attempts to resolve a distraction for the owners, said Bob Dorfman, a sports marketing expert at Baker Street Advertising.
“For advertisers, football’s still a great buy, reaching a market - young males mostly. Ratings have dipped a little bit,” Dorfman said, adding the NFL is “still one of the strongest live events you can buy in television.”
The protests, in a league where African-Americans make up the majority of players, continued for much of the past season, with some players kneeling when the anthem was played and others standing arm-in-arm in solidarity. FILE PHOTO: Indianapolis Colts players kneel during the playing of the National Anthem before the game against the Cleveland Browns at Lucas Oil Stadium in Indianapolis, IN, U.S., September 24, 2017. Mandatory Credit: Brian Spurlock-USA TODAY Sports/File Photo
Former San Francisco 49ers quarterback Colin Kaepernick started the protests in 2016, and when he was shunned by all 32 teams in the league, going unsigned for the entire 2017 season, players and commentators questioned whether he was being blackballed by the owners.
He has filed a grievance against the league.
The protests started to fizzle late in the season when the NFL said it would donate $89 million over seven years to social justice causes.
The White House did not immediately respond to requests for comment on Wednesday.
The NFL last year rejected Trump’s calls to punish players who protest, but said the league’s players “should” stand during the anthem.
Goodell, in Wednesday’s statement, defended the patriotism of NFL players. Slideshow (4 Images)
“It was unfortunate that on-field protests created a false perception among many that thousands of NFL players were unpatriotic. This is not and was never the case,” the commissioner said.
The players’ union also said NFL players “have shown their patriotism through their social activism, their community service, in support of our military and law enforcement and yes, through their protests to raise awareness about the issues they care about.” Reporting by Daniel Trotta; additional reporting by Andrew Both; editing by G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-football-nfl-anthem/nfl-to-fine-teams-if-players-on-field-refuse-to-stand-for-anthem-idUKKCN1IO2O6 |
May 9, 2018 / 11:06 AM / Updated 8 minutes ago BRIEF-GlaxoSmithKline CFO Simon Dingemans To Retire From Company Reuters Staff 1 Min Read
May 9 (Reuters) - GlaxoSmithKline PLC:
* SIMON DINGEMANS, CHIEF FINANCIAL OFFICER (CFO), GSK, HAS INFORMED BOARD OF HIS INTENTION TO RETIRE FROM COMPANY
* BOARD WILL NOW CONDUCT A THOROUGH GLOBAL SEARCH BOTH INTERNALLY AND EXTERNALLY TO IDENTIFY A SUCCESSOR. Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-glaxosmithkline-cfo-simon-dingeman/brief-glaxosmithkline-cfo-simon-dingemans-to-retire-from-company-idUSFWN1SG0T9 |
ELMIRA, N.Y.--(BUSINESS WIRE)-- Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions and accessories, reported financial results for its first quarter ended March 31, 2018.
Sales, Orders and Backlog for First Quarter
Sales for the first quarter of 2018 increased 24% to $79.9 million driven by higher demand in all regions. Orders of $90.4 million were up 24%. Excluding favorable foreign currency translation of $4.2 million on sales and $5.0 million on orders, sales and orders both increased 17%.
Americas: Sales grew 10% to $21.5 million primarily from increased demand for workholding products. Orders for the region were $24.5 million, up 4% in the quarter, and have fluctuated from quarter to quarter as a result of changes being implemented with sales channel partners.
Europe: Sales in Europe of $21.2 million were up 20% from favorable mix of more complex grinding machines. Orders in the region were up 55% due to strengthening industrial conditions driving higher demand across all product lines. Excluding favorable foreign currency translation of $1.7 million on sales and $2.7 million on orders, sales increased 10% and orders increased 43%.
Asia: Sales of $37.2 million for the quarter were up 36% as strong demand in China was supplemented by high demand in other parts of Asia. Orders of $32.9 million increased 18%. Excluding favorable foreign currency impact of $2.5 million and $2.3 million on sales and orders, respectively, sales were up 27% and orders were up 9%.
Consolidated backlog: Backlog at March 31, 2018 was $144.3 million, up 14% from March 31, 2017.
First Quarter Operating Review
Gross profit was $28.1 million, an increase of $7.0 million, or 33% from higher sales volume and improved margins. As a percent of sales, gross profit was 35.2%, a 2.4 point improvement over the prior year quarter due to favorable mix. Excluding professional services fees of $0.9 million in the current year and $0.1 million of other unusual costs in the prior year, selling, general and administrative (SG&A) expenses increased $2.0 million in the quarter due to higher commissions of $1.0 million related to increased volume, and unfavorable foreign currency translation of $1.0 million. Operating income of $2.6 million increased $4.2 million as a result of higher volume partially offset by unusual costs in the current year. Operating margin expanded 5.6 points to 3.3% of sales. Adjusted Non-GAAP operating income (1) was $4.9 million in the quarter, up significantly from $0.1 million in the prior-year period. Adjusted operating margin was 6.2%, a 6.1 point expansion. Net income was $1.8 million, or $0.14 per diluted share, up from a $2.0 million loss, or $(0.16) per diluted share in the prior-year period. Adjusted Non-GAAP net income (1) was $4.1 million, or $0.31 per diluted share, a significant increase over last year’s adjusted net loss in the quarter.
(1) Management believes that the use of non-GAAP measures helps in the understanding of the Company's operating performance. See page 8 of this release for the reconciliation tables between reported amounts and non-GAAP measures discussed in this document.
Recent Merger Announcement
On February 12, 2018, Hardinge announced that it had entered into a definitive agreement with affiliates of Privet Fund Management LLC (“Privet”) under which Privet has agreed to acquire Hardinge for $18.50 per share in an all-cash transaction valued at approximately $245 million, subject to approval of Hardinge shareholders and other customary closing conditions.
In light of the announcement, Hardinge will not hold a conference call to discuss these financial results. There is a Special Meeting of Shareholders of Hardinge Inc., scheduled to be held on Tuesday, May 22, 2018, for shareholders to vote on the adoption of the agreement and plan of merger.
About Hardinge
Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard-to-machine metal parts, and of technologically advanced workholding accessories. The Company’s strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces. With approximately two-thirds of its sales outside of North America, Hardinge serves the worldwide metal working market. Hardinge’s machine tool and accessory solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology, and transportation.
Hardinge applies its engineering design and manufacturing expertise in high performance machining centers, high-end cylindrical and jig grinding machines, SUPER-PRECISION ® and precision CNC lathes, and technologically advanced workholding accessories. Hardinge has manufacturing operations in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom, and the United States.
The Company regularly posts information on its website: http://www.hardinge.com .
Safe Harbor Statement
This news 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). Such statements are based on management's current expectations that involve risks and uncertainties. Any statements that are not statements of historical fact or that are about future events may be deemed to be . For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify . The Company's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any .
Certain factors could cause actual results to differ from those anticipated in the in this release, including the possibility that the proposed transaction with Privet is delayed or does not close, including due to the failure to receive required shareholder approval, due to litigation in respect of the Merger ,due to alternative acquisition proposals, the taking of governmental action (including the passage of legislation) to block the transaction, the failure of Privet to obtain the equity and debt financing or other funds required to finance the transaction, or the failure of other closing conditions, disruptions of our business as a result of the announcement and pursuit of the Merger, the possibility that the expected financial impacts will not be realized, or will not be realized within the expected time period, including as a result of fluctuations in the machine tool business, the cyclical nature of our markets, changes in general economic conditions in the U.S. or internationally, the mix of products sold and the profit margins thereon, the relative success of our entry into new product and geographic markets, our ability to manage our operating costs and announced cost reduction initiatives, product liability claims, work stoppages or other labor issues, our ability to execute on our previously announced real estate sale and other restructuring activities, actions taken by customers such as order cancellations or reduced bookings by customers or distributors, competitors’ actions such as price discounting or new product introductions, governmental regulations and environmental matters, loss of key management or other personnel, failure of operating equipment or information technology infrastructure, changes in the availability and cost of materials and supplies, the implementation of new technologies and currency fluctuations, and other risks and factors described in our quarterly reports on Form 10-Q and annual reports on Form 10-K and in our other filings with the Securities and Exchange Commission or in materials incorporated therein by reference.
The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
FINANCIAL TABLES FOLLOW.
HARDINGE INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended
March 31, 2018 2017 (unaudited) Sales $ 79,882 $ 64,557 Cost of sales 51,744 43,388 Gross profit 28,138 21,169 Gross profit margin 35.2 % 32.8 % Selling, general and administrative expenses 20,361 17,574 Research & development 3,281 3,559 Restructuring 1,352 1,436 Other operating expense, net 509 155 Income (loss) from operations 2,635 (1,555 ) Operating margin 3.3 % (2.4 )% Other non-operating (income) expense, net (99 ) 230 Interest expense 49 105 Interest income (51 ) (40 ) Income (loss) before income taxes 2,736 (1,850 ) Income tax expense 917 198 Net Income (loss) $ 1,819 $ (2,048 ) Per share data: Basic earnings (loss) per share: $ 0.14 $ (0.16 ) Diluted earnings (loss) per share: $ 0.14 $ (0.16 ) Cash dividends declared per share: $ — $ 0.02 Weighted avg. shares outstanding: Basic 12,941 12,880 Weighted avg. shares outstanding: Diluted 13,066 12,880 HARDINGE INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31,
2018 December 31,
2017 (Unaudited) Assets Cash and cash equivalents $ 39,478 $ 44,958 Restricted cash 3,712 2,717 Accounts receivable, net 62,136 61,800 Inventories, net 109,445 104,502 Other current assets 9,313 9,076 Assets held for sale 5,770 5,647 Total current assets 229,854 228,700 Property, plant and equipment, net 51,673 50,790 Goodwill 6,646 6,677 Other intangible assets, net 26,340 26,386 Other non-current assets 6,621 6,396 Total non-current assets 91,280 90,249 Total assets $ 321,134 $ 318,949 Liabilities and shareholders’ equity Accounts payable 27,671 26,362 Accrued expenses 27,502 31,695 Customer deposits 24,623 23,852 Accrued income taxes 1,542 1,370 Total current liabilities 81,338 83,279 Pension and postretirement liabilities 46,255 49,122 Deferred income taxes 5,539 5,217 Other liabilities 2,366 2,405 Total non-current liabilities 54,160 56,744 Commitments and contingencies Common stock ($0.01 par value, 20,000,000 authorized; shares issued 12,966,148 and 12,963,164) 130 130 Additional paid-in capital 122,546 122,140 Retained earnings 96,702 94,882 Treasury shares (at cost, 2,000 and 0) (22 ) — Accumulated other comprehensive loss (33,720 ) (38,226 ) Total shareholders’ equity 185,636 178,926 Total liabilities and shareholders’ equity $ 321,134 $ 318,949 HARDINGE INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31, 2018 2017 (Unaudited) Operating activities Net income (loss) $ 1,819 $ (2,048 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Impairment — 1,401 Depreciation and amortization 2,131 2,157 Debt issuance costs amortization 15 32 Deferred income taxes 113 143 (Gain) loss on sale of assets (63 ) (2 ) Unrealized foreign currency transaction loss (gain) 137 (387 ) Changes in operating assets and liabilities: Accounts receivable 1,021 9,786 Inventories (2,963 ) (8,208 ) Other assets 323 (3,287 ) Accounts payable 734 1,056 Customer deposits 91 2,887 Accrued expenses (7,056 ) (4,823 ) Accrued pension and postretirement liabilities (124 ) (14 ) Net cash used in operating activities (3,822 ) (1,307 ) Investing activities Capital expenditures (1,417 ) (480 ) Proceeds from sales of assets 63 3 Net cash used in investing activities (1,354 ) (477 ) Financing activities Proceeds from short-term notes payable to bank 2,454 7,535 Repayments of short-term notes payable to bank (2,454 ) (7,463 ) Repayments of long-term debt — (762 ) Dividends paid — (258 ) Net cash used in financing activities — (948 ) Effect of exchange rate changes on cash 691 1,036 Net decrease in cash, cash equivalents, and restricted cash (4,485 ) (1,696 ) Cash, cash equivalents, and restricted cash at beginning of period 47,675 31,178 Cash, cash equivalents, and restricted cash at end of period (1) $ 43,190 $ 29,482 (1) Restricted cash is held at various banks to collateralize outstanding letters of credit, which are held by customers as performance, bid, or pre-payment guarantees.
Quarterly Sales by Region ($ in thousands)
Quarter Ended March 31, 2018 March 31, 2017 December 31, 2017 Sales to Customers in $ % of Total $ Year-over-Year
% Change
$ Sequential
% Change
North America 21,499 27% 19,583 10% 28,680 (25)% Europe 21,173 26% 17,702 20% 28,950 (27)% Asia 37,210 47% 27,272 36% 32,545 14% Total 79,882 64,557 24% 90,175 (11)% Quarterly Orders by Region ($ in thousands)
Quarter Ended March 31, 2018 March 31, 2017 December 31, 2017 Orders from Customers in $ % of Total $ Year-over-Year
% Change
$ Sequential
% Change
North America 24,503 27% 23,669 4% 23,568 4% Europe 33,021 37% 21,290 55% 26,745 23% Asia 32,915 36% 27,987 18% 33,525 (2)% Total 90,439 72,946 24% 83,838 8% Hardinge believes that providing non-GAAP financial measures such as adjusted loss from operations, adjusted net income, and adjusted earnings per diluted share is important for investors and other readers of Hardinge's financial statements, as they are used as an analytical indicator by Hardinge management to better understand its operating performance.
HARDINGE INC. AND SUBSIDIARIES
Reconciliation of GAAP Income (Loss) from Operations to Non-GAAP Adjusted Income from Operations
(in thousands)
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Amount % of Sales Amount % of Sales Income (loss) from operations as reported $ 2,635 3.3 % $ (1,555 ) (2.4 )% Adjustments to reported income from operations: Restructuring charges 1,352 1.7 % 1,436 2.2 % Professional fees for strategic review process 924 1.2 % — — % Other adjustments 14 — % 142 0.2 % Non-GAAP income from operations as adjusted $ 4,925 6.2 % $ 23 — % HARDINGE INC. AND SUBSIDIARIES
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income
(in thousands, except per share data)
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Amount EPS Amount EPS Net income (loss) as reported $ 1,819 $ 0.14 $ (2,048 ) $ (0.16 ) Adjustments to reported net income (loss), pre-tax: (1) Restructuring charges 1,318 0.10 1,436 0.11 Professional fees for strategic review process 924 0.07 — — Other adjustments 14 — 142 0.01 Non-GAAP net income (loss) as adjusted $ 4,075 $ 0.31 $ (470 ) $ (0.04 ) (1) Some items have no tax effect due to full tax valuation allowances in the related jurisdictions.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006205/en/
Hardinge Inc.
Douglas J. Malone, 607-378-4140
Chief Financial Officer
or
Investor Relations:
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Hardinge Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-hardinge-reports-first-quarter-2018-results.html |
VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Intrinsyc Technologies Corporation (“Intrinsyc” or the “Company”) (TSX:ITC) (OTC:ISYRF), a leading provider of solutions for the development of intelligent connected products, today announced that the nominees listed in the management information circular for the 2017 Annual and Special Meeting of Shareholders were elected as directors of the Company at the Annual and Special Meeting of Shareholders held in Toronto, Ontario today. Detailed results of the vote for the election of directors are set out below.
Name of Nominee
Votes For
% Votes For
Votes
Withheld
% Votes
Withheld Michael W. Bird 4,624,616 71.97 % 1,800,943 28.03 % Thomas Bitove 4,705,259 73.23 % 1,720,300 26.77 % George Duguay 6,265,259 97.51 % 160,300 2.49 % Daniel S. Marks 4,705,016 73.22 % 1,720,543 26.78 % Howard “Skip” Speaks 4,654,866 72.44 % 1,770,693 27.56 % Tracy Rees 6,418,074 99.88 % 7,485 0.12 % Jeff MacDonald 4,705,266 73.23 % 1,720,293 26.77 % About Intrinsyc Technologies Corporation
Intrinsyc Technologies Corporation is a product development company that provides hardware, software, and engineering and production services that enable rapid commercialization of IoT products. Solutions span the development life cycle from concept to production and help device makers and technology suppliers create compelling differentiated products with faster time-to-market. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology, and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market . Intrinsyc is publicly traded (TSX:ITC) (OTC:ISYRF) and is headquartered in Vancouver, BC, Canada. For more information, please refer to the Intrinsyc’s website at www.intrinsyc.com or contact:
George Reznik
Chief Financial Officer
Intrinsyc Technologies Corporation
Email: [email protected]
Phone: +1-604-678-3734
Source: Intrinsyc Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-intrinsyc-tsx-itc-and-otc-isyrf-announces-election-of-directors.html |
NINGBO, China, May 23, 2018 /PRNewswire/ -- Risen Energy Co., Ltd., a Chinese PV module producer, announced recently that following the acquisition in February of a 100% stake in the 121MW Yarranlea solar farm project located 50km southwest of Toowoomba, in Australia's Queensland state, construction of the project officially started this month. Queensland Parliament member Patrick Weir, Toowoomba Regional Council mayor Paul Antonio, Risen Energy Australia project development and investment director John Zhong, and other guests took part in the ground-breaking ceremony.
The Yarranlea project, which covers an area of some 250 hectares, features an installed capacity of 121MW. In addition to the engineering, procurement and construction (EPC), delivery of modules and the follow-up adjustment and calibration upon completion of the project, Risen Energy will own and operate the completed facility. Construction is scheduled to be completed at the earliest by the end of March of next year. Upon completion, the facility will be connected to the grid under the management of the National Electricity Market and provide clean electricity to Toowoomba and Darling Downs, with an average annual power capacity projected to reach 264GWh after being put into operation. In terms of energy saving and carbon reduction, the projects will reduce CO 2 use by 124,000 metric tonnes, resulting in significant benefits for both environmental protection and economic development.
Thanks to a generous subsidy plan, high electricity prices and soon-to-be-expired feed-in-tariff (FiT) subsidies, Australia has become the world's largest market of energy storage for home use, with market size tripling last year. Increasingly, non-Australian manufacturers and developers are targeting the market by speeding up their efforts in the country, including Chinese leader Risen Energy.
Mr. Zhong said: "We highly value joint development of the Yarranlea project with the Australian government. We are also proud of the fact that the Yarranlea project is our first large-scale EPC project in the country. The project has also received regulatory approval for the development of integrated energy storage. We have set up specific zones for energy storage onsite. The competence in energy storage means spare electricity in the daytime could be stored and used during peak periods and at night, further enhancing profitability and reducing power generation costs of the Yarranlea station. We look forward to close cooperation with leading suppliers to ensure successful completion and operation of the project, with the aim of providing regenerable energy to Toowoomba and Darling Downs."
Mr. Zhong added: "In addition to Queensland, we are targeting other states across Australia, most notably Victoria, New South Wales and Western Australia. To facilitate development of the project, we have assigned experienced experts to analyse our ongoing projects, while preparing for development of additional power stations that we will own and operate ourselves. We plan to expand further in Australia over the next five years, with a capacity goal of 1GW."
View original content with multimedia: http://www.prnewswire.com/news-releases/risen-energy-starts-construction-of-121mw-yarranlea-solar-project-in-australia-300653453.html
SOURCE Risen Energy Co., Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-risen-energy-starts-construction-of-121mw-yarranlea-solar-project-in-australia.html |
India South Korea, US to work closely on summit after Pyongyang's about-face South Korean President Moon Jae-in and U.S. President Donald Trump held discussions on Sunday to ensure that the North Korea-U.S. summit remains on track. Published 10 Hours Ago Updated 10 Hours Ago Reuters
South Korean President Moon Jae-in and U.S. President Donald Trump held discussions on Sunday to ensure that the North Korea-U.S. summit remains on track after North Korea threatened to pull out of the high-level talks.
Moon and Trump spoke over the phone for about 20 minutes, and exchanged their views on North Korea's recent reactions, South Korea's presidential office said without elaborating.
"The two leaders will work closely and unwaveringly for the successful hosting of the North Korea- U.S. summit set on June 12, including the upcoming South Korea-U.S. summit," the presidential official said. show chapters 10:40 AM ET Fri, 18 May 2018 | 00:25
Moon and Trump are set to meet on Tuesday in Washington before North Korean leader Kim Jong Un meets with Trump on June 12 in Singapore.
Although a historic inter-Korean summit in late April raised hopes of reconciliation, North Korea showed a dramatic change in tone in recent days.
North Korea's chief negotiator Ri Son Gwon said on Thursday it would not hold talks with South Korea unless their demands were met, taking issue with the U.S.-South Korean air combat drills known as Max Thunder. It came a day after it threatened to pull out of the summit with the United States.
Further dampening the mood, a spokesman for North Korea's Red Cross Society demanded on Saturday that South Korea's government should send North Korean female restaurant workers back to their home "without delay" to show the will to improve the inter-Korean ties, the North's Korea Central News agency said.
A dozen North Korean restaurant workers came to South Korea in 2016 from China, and North Korea had urged to send them back claiming they were abducted by the South, even though the South has said the 12 workers decided to defect of their own free will.
Lee Dong-bok, a researcher at New Asia Research Institution, said part of the reason for the North's demands of the repatriation is to divide South Korea's public opinion over the 12 workers.
"It is also to pressure the Moon government to agree to its demand so that South Korea can keep up the momentum for the North Korea-U.S. summit meeting," Lee said. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/south-korea-us-to-work-closely-on-summit-after-pyongyangs-about-face.html |
Facebook to unveil dating feature 8:05pm BST - 01:02
Facebook Inc. will add features around dating and building long-term relationships on its social platform, Chief Executive Officer Mark Zuckerberg said on Tuesday at the company's developers conference.
Facebook Inc. will add features around dating and building long-term relationships on its social platform, Chief Executive Officer Mark Zuckerberg said on Tuesday at the company's developers conference. //reut.rs/2KuTCNF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/facebook-to-unveil-dating-feature?videoId=423003148 |
May 23, 2018 / 2:29 PM / Updated an hour ago Swedes can spring a World Cup surprise in Russia Philip O'Connor 3 Min Read
STOCKHOLM (Reuters) - Drawn in a qualifying group with France and Netherlands and then pitted against Italy in a playoff, few would have tipped Sweden to make it to the World Cup finals but the Scandinavians are full of surprises and there may be more to come in Russia. FILE PHOTO: Football Soccer - Sweden v Belgium - EURO 2016 - Group E - Stade de Nice, Nice, France - 22/6/16 - Sweden coach Erik Hamren before the match. REUTERS/Yves Herman
Janne Andersson’s side pipped Netherlands to second spot in qualifying Group A and then ground out a 1-0 aggregate playoff win to knock out the Italians, and they will now face South Korea, Germany and Mexico in Group F at the finals.
Missing through all this was talismanic striker and all-time Swedish top scorer Zlatan Ibrahimovic, who retired from international football after the 2016 European Championship.
Though the Ibra era provided plenty of spectacular goals and outrageous sound bites, there was less in the way of World Cup success, and the Swedes missed out on both the 2010 and 2014 finals.
Following the departure of Ibra and coach Erik Hamren from the international stage, Andersson has refashioned the side according to fundamentals of the country’s footballing heritage.
He has emphasised the hard work and collective spirit that saw the nation of 10 million come second to Brazil when they hosted the World Cup in 1958, and third at USA ‘94. Related Coverage Factbox - Sweden World Cup
Andersson’s team conceded nine goals in their 10 qualifiers before the Italy playoff but scored 26, eight more than group winners France.
They are well-drilled in defence, quick to retreat and form a compact barrier in front of goal and, with the fleet-footed Emil Forsberg on the wing, they are capable of hitting teams rapidly on the break.
Though happy to knock the ball forward quickly, they are by no means a traditional long-ball team, and Andersson has no problem with his side holding possession and probing patiently for openings on the edge of the opposition penalty area.
Key for the Swedes will be the form of Forsberg and the return of rangy goalkeeper Robin Olsen, who has promised to sacrifice “blood, sweat and tears” to recover from a shoulder injury in time.
Though they will be without the towering figure of Ibrahimovic, there is enough guile both in the squad and in the dugout to ensure more than a few Swedish surprises in Russia. Reporting by Philip O'Connor; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-swe-prospects/swedes-can-spring-a-world-cup-surprise-in-russia-idUKKCN1IO269 |
Disney revenue up on 'Black Panther' Tuesday, May 08, 2018 - 01:48
Walt Disney reported a 9 percent rise in quarterly revenue, powered by the box-office success of superhero movie ''Black Panther'' as well as higher attendance and spending in its theme parks and resorts business. Aleksandra Michalska
Walt Disney reported a 9 percent rise in quarterly revenue, powered by the box-office success of superhero movie "Black Panther" as well as higher attendance and spending in its theme parks and resorts business. Aleksandra Michalska //reut.rs/2KKycwg | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/disney-revenue-up-on-black-panther?videoId=425073030 |
May 22 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
Britain's Marks and Spencer Group Plc has addressed the dearth of female representation on its board by appointing two women as independent directors. The retailer announced the appointments of Katie Bickerstaffe and Pip McCrostie as non-executives. bit.ly/2KIFQWV
Russian news channel RT is facing three new investigations from Britain's media regulator Ofcom amid increased scrutiny of the impartiality of its news coverage. bit.ly/2KHdDjs
The Guardian
Alphabet Inc's Google is being sued in the high court for as much as 3.2 billion pounds ($4.30 billion) for the alleged "clandestine tracking and collation" of personal information from 4.4 million iPhone users in the UK. bit.ly/2IBoScA
Former mayor of London Ken Livingstone has announced that he is resigning from the Labour party, saying the issues around his suspension for alleged anti-Semitism had become a distraction. bit.ly/2KLEICe
The Telegraph
Criminal charges against Barclays Plc over its 11.8 billion pounds emergency cash call at the height of the financial crisis have been dismissed in court. bit.ly/2KFGN2r
The government has boosted Comcast Corp in its battle with Twenty-First Century Fox Inc for control of Sky Plc by signalling it will not face the same close scrutiny that has delayed the Murdoch takeover. bit.ly/2KKiCQm
Sky News
Sky News has learnt that Alizeti Capital Ltd handed over roughly 20 million pounds to Betfred, the gambling group run by Fred Done, as an up-front payment on Monday in return for a minority stake in the Tote. bit.ly/2KKg056
($1 = 0.7445 pounds)
Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-22-idUSL3N1SS5O2 |
Estate auctions are a good place to find a bargain, but not if it’s the Peggy and David Rockefeller estate. This week’s Rockefeller auction at Christie’s has shattered records, with a Picasso painting fetching $115 million, a Matisse selling for $81 million and a Monet hammering down at $85 million. But it was at an […]
To Read the Full Story Subscribe Sign In Previous WSJ City PM: How Iranian Oil Squeeze Could Upset OPEC Deal, Barclays CEO Fined, Silverlake's £2.2 Billion Property Play | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/11/come-lets-bid-on-rockefeller-candlesticks/ |
Two days after domestic violence charges against him were dropped, San Francisco 49ers linebacker Reuben Foster got some more good news.
Aug 27, 2017; Minneapolis, MN, USA; San Francisco 49ers linebacker Reuben Foster (56) looks on following the game against the Minnesota Vikings at U.S. Bank Stadium. Mandatory Credit: Brace Hemmelgarn-USA TODAY Sports A pending misdemeanor marijuana case in Alabama was dropped on Friday after Foster completed a diversion program, according to 49ers beat writer Matt Barrows.
“Per Tuscaloosa district attorney’s office, Reuben Foster’s misdemeanor marijuana case there has been dismissed after he completed a diversion course there,” Barrow tweeted.
Foster joined the club’s voluntary organized team activities in Santa Clara, Calif. on Thursday, the first time he was with the team in an official capacity in more than a month.
On Wednesday, Santa Clara (Calif.) County Judge Nona L. Klippen dropped two felony domestic violence charges against Foster. A week earlier, Foster’s ex-girlfriend had recanted her Feb. 11 accusation that he hit her in the head eight to 10 times, causing facial bruises and a ruptured eardrum.
Elissa Ennis told that court that she lied about Foster after he broke up with her, trying to ruin his career and “end him.”
Ennis won’t face charges for making false statements. According to the Sacramento Bee, the Santa Clara County District Attorney’s office issued a statement that read: “We don’t charge domestic violence victims who falsely recant. We empathize with them, we support them, and we advocate for them.”
Foster’s legal troubles aren’t completely behind him. He still faces a pre-trial hearing in Santa Clara on June 6 for an assault-weapon change that was reduced to a misdemeanor from a felony.
In addition, the NFL could discipline Foster under its personal-conduct policy.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-sf-foster/report-marijuana-charge-against-49ers-foster-dismissed-idUSKCN1IQ2YI |
SOFIA, May 18 (Reuters) - Levski Sofia have been fined 37,500 levs ($22,566) after a child made a Nazi salute and another showed a swastika scrawling on his bare chest during the Bulgarian cup final last week, the domestic football union (BFU) said on Friday.
The images of the shirtless young boys standing on the athletics track at the Vasil Levski national stadium caused a public outcry after being posted online. The children appeared to be well under 10-years-old.
Levski were defeated on penalties in the final by Slavia Sofia after neither side could score in 120 minutes of play.
The fine is equal to 37 average monthly salaries in the poorest country in the European Union.
Bulgarian soccer authorities have long been criticised by anti-racism campaigners, local media and fans for not cracking down hard enough on discrimination.
Levski, one of the two most popular clubs in the Balkan country alongside bitter city rivals CSKA, have a history of fan violence and racism at their matches.
In 2012, The Blues were fined 30,000 euros ($35,331) by European soccer’s governing body UEFA for racist behaviour by fans during a Europa League match.
The BFU fined the club 37,500 levs after supporters displayed a banner showing a swastika and another marking Adolf Hitler’s birthday during a league game in 2013.
The 26-times Bulgarian champions were fined again in 2014 after fans displayed banners reading “Death to refugees” and “Blood will be shed for our land”.
Some 40 Levski fans were detained after a policewoman was injured by a small explosion during a match last month. ($1 = 1.6618 leva) ($1 = 0.8491 euros) (Reporting by Angel Krasimirov Editing by Christian Radnedge)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-bulgaria-levski/soccer-levski-sofia-fined-over-nazi-boys-case-at-cup-final-idUSL5N1SP5C5 |
Published: May 17, 2018 6:36 a.m. ET Share
Zuckerberg’s hearing won’t be open to the public, EU official says Andrew Harrer/Bloomberg Facebook CEO Mark Zuckerberg appeared at a joint hearing of the Senate Judiciary and Commerce Committees in Washington, D.C., in April.
By Natalia Drozdiak Sam Schechner
Facebook Inc. CEO Mark Zuckerberg will meet with French President Emmanuel Macron and other European officials next week, as the Silicon Valley giant tries to calm tension with regulators and policy makers on both sides of the Atlantic.
Zuckerberg will meet with top European lawmakers in Brussels to discuss the social FB, -0.61% handling of its users’ personal information, and its potential impact on European elections, said European Parliament President Antonio Tajani. The hearing won’t be open to the public, an EU official said.
In Paris, Mr. Zuckerberg will participate in a lunchtime meeting next Wednesday at France’s Elysee Palace called “Tech for Good” that will include such tech executives as Uber Technologies Inc. CEO Dara Khosrowshahi, a French official said. Mr. Zuckerberg will also have a private meeting directly with Mr. Macron, the official added.
“We are looking forward to meeting next week with the president of the French Republic Emmanuel Macron,” the company said, adding of its meetings with EU lawmakers: “We … appreciate the opportunity for dialogue, to listen to their views and show the steps we are taking to better protect people’s privacy.” | ashraq/financial-news-articles | https://www.wsj.com/articles/facebooks-zuckerberg-to-meet-with-european-lawmakers-1526485723?mod=mktw |
May 14, 2018 / 4:28 AM / Updated 14 minutes ago China, HK stocks aided by easing trade frictions, MSCI inclusion Reuters Staff
* SSEC +0.6 pct, CSI300 +1.1 pct, HSI +1.3 pct
* HK->Shanghai Connect daily quota used 4.7 pct
* Trumps says to help ZTE get back into business
SHANGHAI, May 14 (Reuters) - China and Hong Kong stocks rose on Monday morning on signs that the United States and China were toning down their trade war rhetoric, after U.S. President Donald Trump pledged to help ZTE Corp “get back into business,” potentially reversing earlier sanctions against the Chinese telecom company.
** Mainland stocks were also aided by excitement toward MSCI’s China A-share inclusion. MSCI will include about 230 Chinese companies into its emerging market benchmark on June 1 and a list of the new constituents will be announced soon.
** The CSI300 index rose 1.1 percent to 3,916.07 at the end of the morning session, while the Shanghai Composite Index gained 0.6 percent to 3,180.80.
** The Hang Seng index added 1.3 percent to 31,521.82, while the Hong Kong China Enterprises Index gained 1.5 percent to 12,524.95.
** China’s CSI300 financial sector sub-index was higher by 1.27 percent, the consumer staples sector up 2.2 percent, the real estate index up 0.64 percent and the healthcare sub-index up 0.08 percent.
** The smaller Shenzhen index was up 0.2 percent, while the start-up board ChiNext Composite index was unchanged. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.54 percent while Japan’s Nikkei index was up 0.39 percent. ** The yuan was quoted at 6.3389 per U.S. dollar, 0.1 percent weaker than the previous close of 6.3323. ** The largest percentage gainers in the main Shanghai Composite index were Henan Ancai Hi-tech Co Ltd up 10.04 percent, followed by Changzhou Shenli Electrical Machine Incorporated Co gaining 10.03 percent and Zhejiang Dibay Electric Co Ltd up by 10.02 percent. ** The largest percentage losses in the Shanghai index were Qingdao Copton Technology Co Ltd down 10.02 percent, followed by HangZhou Nbond Nonwovens Co Ltd falling 10.01 percent and Shanghai Wondertek Software Co Ltd down by 10.01 percent. ** The top gainers among H-shares were CITIC Securities Co Ltd up 4.53 percent, followed by Air China Ltd gaining 4.35 percent and Guangzhou Automobile Group Co Ltd up by 4.08 percent. ** The three biggest H-shares percentage decliners were Dongfeng Motor Group Co Ltd which has fallen 0.34 percent, Sinopharm Group Co Ltd which has lost 0.1 percent and CGN Power Co Ltd down by 0.0 percent. ** About 7.38 billion shares have traded so far on the Shanghai exchange, roughly 49.8 percent of the market’s 30-day moving average of 14.81 billion shares. The volume traded was 13.07 billion as of the last full trading day. ** As of 04:11 GMT, China’s A-shares were trading at a premium of 21.65 percent over the Hong Kong-listed H-shares. (Reporting by Samuel Shen and John Ruwitch; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/china-hk-stocks-aided-by-easing-trade-fr/china-hk-stocks-aided-by-easing-trade-frictions-msci-inclusion-idUSL3N1SL244 |
May 12, 2018 / 3:23 PM / Updated 14 minutes ago Exclusive - Malaysian police raid apartments linked to ousted PM Najib's family Tom Allard 5 Min Read
KUALA LUMPUR (Reuters) - Police on Saturday raided a deluxe Kuala Lumpur apartment block at which relatives of ousted Prime Minister Najib Razak had been staying as they searched for sensitive documents the new government fears may be taken out of the country, two senior police officers said.
The swoop came as Malaysia’s new Prime Minister, Mahathir Mohamad, said he had stopped his predecessor from leaving the country because of suspected wrongdoing in connection with a multi-billion-dollar scandal at state fund 1MDB.
Police said they were acting after a complaint that a government vehicle had delivered dozens of boxes made to carry designer handbags and other items to the apartment for Najib’s wife, Rosmah Mansor.
Public disgust over alleged corruption was widely seen as one of the reasons behind the unexpected defeat of Najib’s long-ruling Barisan Nasional coalition in Wednesday’s general election.
Najib has consistently denied any wrongdoing.
A spokesman for Najib could not be immediately reached for comment. Reuters was unable to reach Najib himself, his wife, or other family members and close associates on Saturday night.
Reuters saw about 20 police officers enter the marble-floored lobby of the Pavilion Residences apartment block in the Malaysian capital, just as Mahathir was holding a news conference to announce key members of his cabinet.
They were aided by at least a dozen other plainclothes law-enforcement officers. Security personnel from the building - which is owned by Desmond Lim, a wealthy Malaysian businessman and supporter of Najib - were cooperative.
“We are looking for government documents that may have been illegally taken,” said a senior police officer, who requested anonymity as he was not authorised to talk to the media.
“The government are worried they could be sensitive and important, and could be taken out of the country.”
He declined to say whether any documents had been found and described the operation as “ongoing”.
According to the police, members of Najib’s family had been staying at the apartments, but they declined to name them. ORANGE BOXES
The police action followed a complaint lodged by two leaders of the youth wing of Mahathir’s political party, Bersatu.
The police report of the complaint, reviewed by Reuters, alleges that vans emblazoned with the logo of the department of the prime minister and cabinet delivered boxes for 50 Birkin handbags to Pavilion Residences on Thursday evening.
The report alleged that the boxes showed the name of the consignee as Rosmah Mansor.
Two photos provided with the report and reviewed by Reuters showed a van with the department’s logo and a shopping trolley filled with orange boxes. The location, the date and the contents of the boxes - including whether there were any of the handbags inside - could not be ascertained from the photos.
The Birkin handbags concerned would cost $200,000 each, the complaint said.
The senior police officer only confirmed “family members” of Najib had stayed in the apartment complex when Reuters asked if Rosmah had stayed there.
Another officer involved in the operation described the persons of interest as “VVIPs”, or very, very important persons.
Both police officers said investigators were not primarily interested in the luxury items but were chasing documents that could be vital for investigations into Najib’s administration. ANNOUNCED OVERSEAS TRIP
Kuala Lumpur’s police chief and an official police spokeswoman did not respond to requests for comment.
Najib said earlier on Saturday that he was going abroad for a week to rest, but just minutes later the Department of Immigration announced that he and his wife had been barred from leaving the country.
Mahathir, who was sworn in as prime minister on Thursday, has vowed to probe the loss of billions of dollars from state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib.
U.S. Department of Justice documents allege that $681 million from 1MDB was transferred to the personal account of a person identified as Malaysian Official One, which U.S. and Malaysian sources have confirmed was Najib.
Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned. Reporting by Tom Allard; Editing by John Chalmers and Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-raid-exclusive/exclusive-malaysian-police-raid-apartments-linked-to-ousted-pm-najibs-family-idUKKCN1ID0LJ |
May 2 (Reuters) - SRC Energy Inc:
* REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS; ANNOUNCES AMENDED AND RESTATED CREDIT AGREEMENT WITH AN INCREASED BORROWING BASE
* Q1 EARNINGS PER SHARE $0.27 * Q1 REVENUE $147.2 MILLION VERSUS I/B/E/S VIEW $143.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.27 — THOMSON REUTERS I/B/E/S
* QTRLY AVERAGE DAILY PRODUCTION 45,397 BOE/DAY VERSUS 17,743 BOE/DAY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-src-energy-reports-q1-eps-of-027/brief-src-energy-reports-q1-eps-of-0-27-idUSASC09Z3K |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.