text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
(Adds futures, company news item)
May 21 (Reuters) - Britain’s FTSE 100 index is seen opening up 52 points on Monday, according to financial bookmakers, with futures up 0.5 percent ahead of the cash market open.
* BGEO: Bank of Georgia Group Plc on Monday posted an 18.8 percent rise in first-quarter profit, driven by its banking and investment businesses, on the back of strong macroeconomic performance and business outlook in Georgia.
* BRITAIN ECONOMY: British households became much cheerier about their financial situation this month, according to a survey on Monday that will hearten Bank of England officials who think the economy’s weak start to the year was temporary.
* DRAX: British power company Drax will start work this month on a pilot bioenergy carbon capture and storage (CCS) project at its plant in Yorkshire, northern England, it said on Monday.
* GLENCORE: Glencore on Friday said it could not comment on a report by Bloomberg that it may face an enquiry from Britain’s Serious Fraud Office into allegations of bribery linked to its operations in Democratic Republic of Congo.
* RYANAIR: Ryanair posted a record annual profit on Monday as it brushed off a rostering mess-up that forced it to cancel flights and sparked a dispute with pilots, but warned profits would fall back in the coming year due to higher costs and no fare growth.
* MARKS & SPENCER: The outgoing UK and Ireland chief executive of retailer Dixons Carphone is in discussion with Marks & Spencer about joining the firm’s board, Sky News reported on Saturday.
* GSK: U.S. and European regulators said they were assessing evidence that GlaxoSmithKline’s HIV drug dolutegravir might be linked to serious birth defects, casting a shadow over a medicine that has been a key profit driver in recent years.
* ASTRAZENECA: More than a third of AstraZeneca shareholders staged a revolt over bonuses at the pharmaceutical company on Friday, following concerns about levels of disclosures and outcomes under the company’s incentive scheme.
* BMW RECALL: BMW is expanding a recall of vehicles in Britain, which it launched last week, by 88,000 cars to a total of 390,000, in the wake of a BBC investigation which found that some vehicles could cut out completely while being driven.
* OIL: Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world’s two biggest economies “on hold”.
* The UK blue chip index closed 0.1 percent lower at 7,778.79 on Friday.
* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets
TODAY’S UK PAPERS > Financial Times
> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-may-21-idUSL3N1SS2LR |
Bilfinger CEO: Entering into new contracts in the Middle East 1:42 AM ET Tue, 15 May 2018 Thomas Blades discusses Bilfinger's latest earnings. 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/bilfinger-ceo-entering-into-new-contracts-in-the-middle-east.html |
At NRA meeting a strong show of gun startups 12:19pm EDT - 02:09
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void. ▲ Hide Transcript ▶ View Transcript
While much of corporate America has turned its back on firearms-related business following mass shootings such as the Feb. 14 massacre at a high school in Parkland, Florida, that killed 17 people, pro-gun entrepreneurs are creating their own start-ups to fill the void. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KCUhN6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/at-nra-meeting-a-strong-show-of-gun-star?videoId=424205625 |
May 9 (Reuters) - Franco-Nevada Corp:
* FRANCO-NEVADA REPORTS RECORD Q1 RESULTS
* Q1 REVENUE $173.1 MILLION VERSUS I/B/E/S VIEW $169.9 MILLION
* QTRLY ADJUSTED EARNINGS PER SHARE $0.34 * QUARTERLY DIVIDEND INCREASED FROM $0.23 TO $0.24 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-franco-nevada-qtrly-earnings-per-s/brief-franco-nevada-qtrly-earnings-per-share-0-35-idUSASC0A13G |
May 23 (Reuters) - Communications Systems Inc:
* COMMUNICATIONS SYSTEMS, INC. DECLARES QUARTERLY DIVIDEND OF $0.04 PER SHARE AND ESTABLISHES SPECIAL COMMITTEE TO EXPLORE STRATEGIC OPTIONS
* COMMUNICATIONS SYSTEMS INC - INITIATED STRATEGIC REVIEW OF CO’S BUSINESSES & ASSETS
* COMMUNICATIONS SYSTEMS INC - SPECIAL COMMITTEE EXPECTS TO RETAIN INVESTMENT BANKING FIRM TO ADVISE IT IN STRATEGIC REVIEW PROCESS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-communications-systems-establishes/brief-communications-systems-establishes-special-committee-to-explore-strategic-options-idUSASC0A3ET |
LONDON (Reuters) - Worsening government finances, a fragile currency, rising interest rates and heightened political uncertainty? U.S. Treasury bonds’ status as the world’s ‘risk-free’ asset looks shaky and euro zone debt may offer an alternative.
Global investors looking to minimize risk — particularly those in Europe — have been steering clear of U.S. Treasuries in recent months, even while the interest rate gap between the United States and Europe has ballooned further.
U.S. debt levels, expressed as a percentage of gross domestic product, are on track to rise above those of Italy — long one of the world’s most indebted states — in five years, the International Monetary Fund warned last month.
With some $1.5 trillion in tax cuts and $300 billion in new spending planned by the Trump administration, the U.S. fiscal deficit is expected to widen sharply, possibly topping $800 billion next year, up from $665 billion in 2017.
And as the Federal Reserve’s balance sheet shrinks, rising supply of new bonds and higher interest rates risk making the U.S. government bond market more volatile.
In the euro zone, by contrast, debt levels and bond issuance are falling steadily, and once crisis-hit states such as Spain and Portugal are enjoying credit ratings upgrades.
Ebbing existential threats to the euro, steady economic growth and continued low borrowing costs are luring more foreign buyers to European bonds — year-to-date inflows are around $15 billion versus a fall of around $4 billion a year ago, according to EPFR Global data.
Japanese investors bought a record $2.57 billion of Spanish bonds in March.
“The world still needs havens, and if U.S. Treasuries are not doing what they say on the tin, the world will look for alternatives, and that plays into euro debt having a better ‘haven’ status,” said Barnaby Martin, credit strategist at Bank of America Merrill Lynch (BAML).
“For reasons of depth and liquidity, you still won’t be able to beat the U.S. Treasury market but it’s not the haven that it used to be.”
The $21 trillion U.S. government bond market is the world’s biggest and most liquid. The euro zone’s three biggest states, Germany, France and Italy, meanwhile, have a combined $8 trillion outstanding in government bonds.
But with all the additional borrowing being mooted, the United States is the only developed economy where the debt-to-GDP ratio will rise over the next five years, the IMF predicts.
To view a graphic of U.S. debt dynamics weaken, click: reut.rs/2rvE0lp
It projects U.S. debt levels to almost reach 117 percent of GDP by end-2023, from 108 percent at the end of 2018.
That brings the risk of credit rating downgrades — S&P Global has already warned of negative action unless Washington addresses its budgetary issues.
“U.S. debt dynamics are moving toward dangerous levels over the next several years,” said Said Haidar, chief executive officer of macro hedge fund Haidar Capital Management.
“As the U.S debt rises, we are likely to see crowding-out of private investment as well as foreign interest in funding the U.S. deficit begin to wane.”
Italy’s debt-to-GDP ratio meanwhile is forecast to fall to just below 117 percent by end-2023 from around 130 percent now.
Fiscal discipline there may be loosened by parties set to form the next government, but even that pales in comparison to what’s just happened in Washington, and the broader euro zone is structurally on a much sounder footing.
What’s more, the euro zone’s quarterly current account surplus averaged 1 percent of GDP for the three quarters ending in December, the highest of the euro era. That effectively means an excess of savings is flowing out of the bloc, a slight reversal of which could further boost flows into bonds.
To view a graphic of Bond safe havens but not as you know them, click: reut.rs/2rrhklU
CHANGE Foreign demand for euro zone debt has been supported recently by its appeal on a currency-hedged basis, but investors are also reassessing their view due to ratings upgrades and stronger growth.
This suggests that during times of market turmoil, foreign investors have a wider choice of safe-havens than before.
Analysis by BAML may help explain this.
A decade ago, during the 2008 financial crisis, the correlation between Treasury and stock returns was significantly negative, at minus 60 percent, they calculate. Then, Treasuries acted as an effective safe harbor, with prices rising as equities fell.
Now though, that negative correlation is minus 28 percent, implying that Treasuries and equities are less likely to move in opposite directions.
But in the euro zone, bond markets such as Italy’s, typically viewed as risky, not only held their ground through the first quarter’s market turmoil but rallied in price — in other words, they behaved like “safe” assets should.
“You could argue that investors are more likely to look at (Italian) BTPs than USTs, which sounds extraordinary,” said Mizuho’s head of rates strategy Peter Chatwell. “That’s because of the low volatility environment the ECB has created through quantitative easing.”
U.S Treasuries are one of the poorest performing major bonds of 2018, with 10-year yields up 60 basis points US10YT=RR. Spain and Italy are among the best performing.
Craig Veysey, fund manager of the Sanlam Strategic Bond Fund, sees Italian debt as appealing, because ECB buying and high ownership by domestic investors makes it less volatile.
“That low volatility in some ways makes them less risky,” he said.
To view a graphic of World bond market returns, click: reut.rs/2wHo4Bm
Reporting by Dhara Ranasinghe; Additional reporting by Saikat Chatterjee; Graphics by Ritvik Carvalho; Editing by Mike Dolan and Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds-safe-haven-analysis/analysis-as-u-s-debt-levels-soar-euro-zone-bonds-act-as-alternative-idUSKCN1IG1ID |
(Reuters) - Amazon.com Inc on Monday said it is adopting a new policy to promote diversity in its board of directors, saying that women and minorities are to be among the company’s board nominees.
FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. Picture taken April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo “The Amazon Board of Directors has adopted a policy that the Nominating and Corporate Governance Committee include a slate of diverse candidates, including women and minorities, for all director openings,” Amazon said in a filing with the Securities and Exchange Commission.
“We reached this decision after listening to your feedback as well as that from Amazon employees, shareholders, and other stakeholders about the Board diversity proposal,” Amazon’s vice president of public policy, Brian Huseman, wrote in a letter to the Congressional Black Caucus.
Technology news website Recode first reported the development.
Amazon’s board has 10 board members, all of whom are white, including three women.
The new policy follows a shareholder proposal jointly submitted by the Master Trust of the Service Employees International Union and CtW Investment Group, which works with pension funds affiliated with a federation of unions, which said Amazon’s board has failed to convert verbal support for diversity to practical action.
“Shareholders have long believed that embracing diversity will benefit companies by providing greater access to talent, harnessing existing talent more effectively, and improving decision making by reducing groupthink and similar psychological biases,” the proposal, dated April 27, read.
(This story has been refiled to add dropped word in first sentence)
Reporting by Munsif Vengattil and Karan Nagarkatti in Bengaluru; Editing by Leslie Adler
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-amazon-diversity/amazon-adopts-new-policy-to-promote-board-diversity-idUSKCN1IG006 |
VANCOUVER, May 2, 2018 /PRNewswire/ - Tahoe Resources Inc. ("Tahoe" or the "Company") (TSX: THO, NYSE: TAHO) today announced financial and operating results for the first quarter ended March 31, 2018. The Company produced 90,900 ounces of gold during the quarter at total cash costs and AISC of $793 and $1,158 per ounce, respectively. The Company ended the quarter with approximately $254 million in total availability including cash and cash equivalents of $54 million, a $175 million undrawn credit facility plus $25 million accordion, and no bank debt.
Ron Clayton, President and CEO of Tahoe: "Earnings this quarter continued to be impacted by the Escobal mine suspension and our ongoing care and maintenance costs to maintain readiness for restart. However, we are encouraged by the constructive public statements made by the new Constitutional Court President in Guatemala and we have had productive dialogue at the Casillas roadblock. We believe we are well-positioned to resume operations at Escobal once a positive court ruling is received. On the gold side of the business, we produced 90.9 thousand ounces during the quarter. And as previously guided, 2018 production is expected to be weighted to the second half of the year with lower costs and we remain on track to achieve our 2018 production and cost guidance. In the first quarter, we also successfully refinanced our revolving credit facility and repaid $35 million in debt, leaving us with zero bank debt on the balance sheet. Conservative capital management remains a hallmark of Tahoe's management philosophy and it will allow us to comfortably complete the construction of the Bell Creek shaft and the Shahuindo Expansion this year, positioning us to achieve our target of approximately 500,000 ounces of gold production in 2019."
Key Financial and Operating Results
$ millions unless otherwise indicated
Q1 2018
Q1 2017
Revenue
$
139.9
$
251.0
Earnings (loss) and total comprehensive income (loss)
$
(6.9)
$
74.7
Earnings (loss) per share
$
(0.02)
$
0.24
Adjusted earnings (loss) (1)
$
(7.2)
$
75.1
Cash provided by operating activities
$
30.5
$
97.2
Cash provided by operating activities before changes in working capital (1)
$
38.5
$
132.9
Silver Production (moz) (3)
—
5.7
Gold production (koz)
91
119
Total cash cost per silver oz produced ($/oz) (1)(2)
$
—
$
5.73
AISC per silver oz produced ($/oz) (1)(2)
$
—
$
8.11
Total cash cost per gold oz produced ($/oz) (1)(2)
$
793
$
574
AISC per gold oz produced ($/oz) (1)(2)
$
1,158
$
860
Sustaining capital
$
22.6
$
17.3
Project capital
$
36.5
$
15.5
Exploration expense
$
2.7
$
4.2
Corporate G&A (4)
$
11.8
$
11.7
Weighted average shares outstanding (basic, in millions)
313.19
311.95
(1)
See "Cautionary Note on " at the end of this press release.
(2)
Total cash costs and AISC are presented net of by-product credits.
(3)
No silver was produced from Escobal during Q1 2018 while the mine remained on care and maintenance.
(4)
Corporate G&A includes non-cash, stock-based compensation.
Q1 2018 Summary & Highlights:
Production on track at La Arena, Shahuindo, and Bell Creek; Costs higher during Q1 2018 – Q1 2018 gold production totaled 90.9 thousand ounces at total cash costs and AISC of $793 and $1,158 per ounce, respectively. Production at the La Arena, Shahuindo and Bell Creek mines met plan during the quarter. Unfortunately, production at Timmins West was 76,000 tonnes less than planned due to paste fill delays associated with extreme cold weather in January and mechanical issues in February (issues that have both subsequently been resolved). These conditions resulted in changes to the mining sequence that included lower ore tonnage mined from lower grade stopes. Overall, total cash costs for the gold operations were slightly higher than full-year guidance costs of $725 to $775 per ounce due to the issues encountered at the Timmins West and slightly higher cost ounces produced in Peru as we continue with the Shahuindo Expansion. Production is weighted to the second half of the year with lower costs and the Company remains on track to meet the 2018 full-year cost and production guidance.
Earnings impacted by Escobal suspension – Loss of $6.9 million ($0.02 per share) was negatively impacted by the ongoing suspension of mining activities at Escobal which resulted in no material revenue for the quarter, compounded by care and maintenance costs of $10.4 million ($0.03 per share).
Positive cash flow of $38.5 million before changes in working capital – Cash flow provided by operating activities before changes in working capital totaled $38.5 million for the quarter, despite the ongoing suspension at Escobal.
Liquidity position of $253.6 million and zero debt – Tahoe ended the quarter with $53.6 million in cash and cash equivalents. In addition, during the quarter, the Company revised its revolving credit facility for access to $175 million plus a $25 million accordion, structured on the gold operations alone, for total availability of $200 million. The Company also repaid $35 million in debt in Peru during the quarter, leaving the Company with no bank debt outstanding and less than $8 million in capital leases.
Shahuindo Expansion on track for 36,000 tpd ramp-up by year-end – Commissioning of the 12,000 tpd crushing and agglomeration ("C&A") circuit was substantially completed and construction ramp-up was initiated during the quarter, although a number of typical commissioning issues were experienced during start-up operations. Engineering and procurement for the 24,000 tpd circuit is significantly advanced with initial construction starting during the quarter. The construction of the primary projects for the full 36,000 tpd expansion is now scheduled to be completed in early Q4 2018, with ramp-up and commissioning to be completed by year-end. This schedule is not expected to impact annual production guidance. Secondary projects required to support the expanded mine and leach pad footprint are expected to be completed throughout 2019.
In terms of costs, the expansion project remains on track with the original guidance. The Shahuindo Expansion includes the 36,000 tpd C&A circuit (with estimated capital guidance of $80 million) as well as the expansion of the adsorption, desorption and refining ("ADR") plant to 36,000 tpd, the installation of a 220kv transmission line and substation, leach pad 2B and other associated secondary projects such as the water treatment facilities. Total estimated cost for the Shahuindo Expansion (including the $80 million C&A circuit) is $170 to $180 million, which is in line with the original guidance. $86.5 million has been spent through March 31, 2018 ($20.3 million in Q1 2018), with an additional $35 million committed. Approximately $30 to $35 million of the total Shahuindo Expansion budget is expected to be spent for the secondary projects in 2019.
Bell Creek shaft progressing towards completion in early Q4 2018 – The Bell Creek shaft project continues to make significant progress. While the Company reiterates its annual production guidance, the schedule has shifted marginally and construction is now expected to be completed in early Q4 2018, with final commissioning and full ramp-up by year-end. All lateral development and sinking of the lower portion of the shaft project has been completed. Excavation of the third and final pilot raise from the shaft bottom is also complete and enlarging of this pilot raise is all that remains to be completed for the vertical development of the shaft. Surface construction activities increased during the quarter with multiple tasks in the hoist room and headframe. The shaft project is now expected to be within 5% of the original $80 million guidance. Approximately $60.5 million has been spent through March 31, 2018 ($8.9 million spent in Q1 2018). Of the remaining amount, the Company has approximately $12 million committed.
Timmins West optimization is a priority during in 2018 – The Company is focused on optimizing operations at Timmins West in 2018. Costs were negatively impacted during the quarter by lower production than planned which was primarily driven by paste fill delays, mechanical issues and lower grade. The February mechanical issues have been resolved and March production showed improvements. Efforts to rework the mine plan are underway in order to enhance flexibility in the stoping sequence and to maximize the development of stopes in ore rather than in waste. In addition, various cost efficiency measures are underway which will be completed throughout the year.
Mineral Resources and Mineral Reserves updated – On February 15, 2018, the Company released updated Mineral Resources and Mineral Reserves effective January 1, 2018, including updated Mineral Resources for the La Arena II project and increased Mineral Resources and Mineral Reserves at Shahuindo from discoveries proximal to the Shahuindo pit. The Company's gold Mineral Reserves increased 12% year-over-year net of 2017 production and Measured and Indicated gold Mineral Resources increased 33% year-over-year.
Joined UN Global Compact & Developing an Indigenous Peoples Policy – Tahoe announced that it has joined the United Nations Global Compact (UNGC), the world's largest corporate sustainability initiative during Q1 2018. As an official participant of the UNGC, Tahoe joins other international businesses, including a number of industry-leading mining companies, in committing to align its strategies and operations with the ten principles of the UNGC on human rights, labor, environment and anti-corruption. Tahoe also announced its intention to develop a comprehensive Indigenous Peoples Policy during 2018 which is currently underway.
La Arena Strike Update:
The Company first reported on the ongoing labor strike at its La Arena mine in Peru on April 22nd. As a reminder, Tahoe Peru is currently in an active collective bargaining period with the La Arena Union which occurs annually. The Union represents approximately 65% of an almost 700 person workforce at La Arena. The Company recently paid the workers its annual profit sharing as defined by Peruvian Labor Law. Profit sharing is not part of the collective bargaining agreement, but is applicable to all mines in Peru as defined by regulatory requirements. However, the La Arena Union has delayed the collective bargaining process by requesting that they be provided a guarantee payment rather than actual profit sharing as established in the Labor Law.
The Ministry of Labor has formally declared the strike illegal. As a result, the Company is not paying employees who do not report for work, and the Company believes it is now legally within its rights to terminate those employees on strike.
Subsequent to the Union strike, certain community members of Caserio La Arena also voiced complaints and temporarily obstructed the primary access gate to the mine. These community members have made additional demands above the increased profit sharing issue raised by the La Arena Union.
Specifically, these La Arena community members are seeking additional work for their general contractor, Golden. The current scope of work was agreed to after a joint review by Tahoe Peru and the community in Q4 2017 which resulted in Tahoe Peru awarding Golden a unique civil works agreement that directly, and significantly, benefits the La Arena community. There are limited additional opportunities for work that have not already been assigned to other contractors.
The Company has taken appropriate steps to minimize the impact of the strike on operations. Leaching and processing operations have been maintained at capacity throughout the strike while mining operations have been intermittent.
The Company is in active dialogue with the La Arena Union and the applicable Caserio La Arena community members, and is looking forward to achieving a solution in the near-term. However, the Company is prepared to take the time necessary to ensure continued, long-term viability of operations for the benefit of all of our stakeholders, including our employees and the communities in which we operate. The Company will provide notice once an agreement is reached.
Guatemala Update:
Update on Escobal Mining License and Export Credential – On July 5, 2017, the Company was notified that the Supreme Court of Guatemala issued a provisional decision in respect of the action against the Guatemalan Ministry of Energy and Mines ("MEM") that suspended the Escobal mining license of the local subsidiary, Minera San Rafael ("MSR"), until the underlying civil claim was fully heard on the merits. On September 10, 2017, the Supreme Court issued a definitive decision on the merits of the underlying claim and reinstated Escobal's mining license. The ruling allowed Escobal to restart operations immediately and to continue to operate during consultation. The ruling also ordered MEM to consult with the Xinka indigenous communities within a certain geographic area within 12 months. CALAS, a Guatemalan anti-development group, and other interested parties appealed the Supreme Court's decision reinstating the Escobal license to the Constitutional Court, which heard the matter on October 25th, 2017. The Constitutional Court was expected to rule on the appeals before the end of 2017, but has not yet ruled. Given the delay, we cannot predict when the Constitutional Court will rule on the issue of the Escobal license suspension.
However, on March 8, 2018, the Constitutional Court requested that additional information in the case be provided by certain third parties, including original copies of documents submitted in July 2017, as well as an anthropological study of the surrounding communities to establish the current populations of indigenous people in San Rafael las Flores and several surrounding communities, a third-party review of the Escobal Environmental Impact Study and the mitigation measures required by the study, and a third-party review of the Ministry of Energy and Mines' consultation process that led to the initial mining license being granted in 2013. All requested information was provided to the Constitutional Court by the third parties on April 10th.
On April 14, 2018, Dina Ochoa was appointed as the new Constitutional Court President, an appointment which changes annually. Since her appointment, Magistrate Ochoa has publicly stated it is her priority to expedite unresolved cases, including the Escobal license appeal.
In June 2017, the Company filed its annual request to renew the export credential with MEM. However, MEM did not renew the credential because its renewal had become contingent on the Supreme Court's reinstatement of the Escobal mining license, since a mining license is required in order for an export credential to be issued. The credential therefore expired in August 2017. The Company expects that MEM will renew the export credential in the event of a positive ruling from the Constitutional Court reinstating the mining license.
Update on Guatemala Road Block – Since June 7, 2017, a group of protesters near the town of Casillas has blocked the primary highway that connects Guatemala City to San Rafael Las Flores and the Escobal mine. Operations were reduced between June 8 and June 19, 2017 and were ultimately ceased on July 5, 2017, following the Supreme Court's provisional decision to suspend the Escobal mining license while the case against MEM was heard on the merits.
The roadblock has limited the transport of necessary supplies and fuel for the purpose of mine maintenance and environmental mitigation measures while the mine remains closed. While some of the protestors are residents of Casillas, which is approximately 16 kilometers from the mine, many more are from outside the municipality. The Company has reason to believe the blockade is politically motivated and substantially funded by anti-mining groups.
MSR representatives have continued to engage with community leaders, indigenous groups, government agencies, and international mediation experts to positive effect. The Company's efforts aimed at peacefully resolving the roadblock have made significant headway in recent weeks and constructive dialogue continues today.
Conference Call
Tahoe's senior management will host a conference call and webcast to discuss the Q1 2018 results on Thursday, May 3, 2018 at 10:00 a.m. ET (7:00 a.m. PT). To join the call, please dial:
1-800-319-4610 (toll free from Canada and the U.S.)
+1-604-638-5340 (from outside Canada and the U.S.)
The webcast will be available on the Company's website at http://www.tahoeresources.com/investor-relations/ , as will a recording of the call later in the day. Complete financial results for Q1 2018 including the Company's Management Discussion & Analysis and other filings will be posted on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov ) and on the Company's website.
About Tahoe Resources Inc.
Tahoe's strategy is to responsibly operate mines to world standards and to develop high quality precious metals assets in the Americas. Tahoe is a member of the S&P/TSX Composite and TSX Global Mining indices and the Russell 3000 on the NYSE. The Company is listed on the TSX as THO and on the NYSE as TAHO.
Qualified Person Statement
Technical information in this press release has been approved by Charlie Muerhoff, Vice President Technical Services, Tahoe Resources Inc., a Qualified Person as defined by NI 43-101.
SELECTED OPERATIONAL RESULTS
Selected quarterly segmented operational information from continuing operations for Q1 2018 and Q1 2017 was as follows:
Q1 2018/ Q1 2017
Escobal
La Arena
Shahuindo
Timmins
mines
Total
Revenues ($ 000's)
$
(7)
$
64,466
$
25,124
$
50,359
$
139,942
$
113,106
$
59,035
$
19,448
$
59,457
$
251,046
Silver produced (000's ozs)
—
6
24
4
34
5,614
8
34
—
5,656
Gold produced (000's ozs)
—
42
18
30
91
3
53
20
44
119
Silver sold (000's ozs)
—
11
25
4
39
5,526
8
27
—
5,561
Gold sold (000's ozs)
—
49
19
38
105
2
49
16
49
116
Average realized price (per oz)
Silver
$
—
$
—
$
—
$
—
$
—
$
19.22
$
—
$
—
$
—
$
19.22
Gold
$
—
$
1,319
$
1,328
$
1,326
$
1,323
$
—
$
1,197
$
1,208
$
1,204
$
1,201
Costs per ounce produced (1)
Total cash costs net of by-product credits silver
$
—
$
—
$
—
$
—
$
—
$
5.72
$
—
$
—
$
—
$
5.72
Total cash costs net of by-product credits gold
$
—
$
619
$
743
$
1,068
$
793
$
—
$
513
$
582
$
645
$
574
All-in sustaining costs net of by-product credits silver
$
—
$
—
$
—
$
—
$
—
$
8.11
$
—
$
—
$
—
$
8.11
All-in sustaining costs net of by-product credits gold
$
—
$
857
$
1,192
$
1,562
$
1,158
$
—
$
683
$
870
$
1,070
$
860
Capital Expenditures
Sustaining Capital ($ 000's)
$
1,464
$
6,201
$
5,077
$
11,290
$
22,569
$
9,916
$
5,905
$
2,652
$
14,586
$
17,254
Non-Sustaining Capital ($ 000's)
$
—
$
—
$
20,258
$
16,202
$
36,460
$
—
$
—
$
5,667
$
9,829
$
15,496
(1)
Non- are described in the "Cautionary Note on " section of this press release.
(2)
Numbers may not calculate due to rounding.
CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURES
The Company has included certain non- throughout this document which include total cash costs, all-in sustaining costs per silver and per gold ounce ("all-in sustaining costs"), adjusted earnings, adjusted earnings per share, and cash provided by operating activities before changes in working capital. These measures are not defined under IFRS and should not be considered in isolation. The Company's La Arena, Shahuindo and Timmins mines primarily produce gold with other metals (primarily silver), produced simultaneously in the mining process, the value of which represents a small percentage of the Company's revenue from these mines and is therefore considered "by-product". The Company's Escobal mine primarily produces silver in concentrates with other metals (gold, lead and zinc), produced simultaneously in the mining process, the value of which represents a small percentage of the Company's revenue from Escobal and is therefore considered "by-product". The Company believes these measures may provide investors and analysts with useful information about the Company's underlying earnings, cash costs of operations, the impact of by-product credits on the Company's cost structure and its ability to generate cash flow, as well as providing a meaningful comparison to other mining companies. Accordingly, these measures are intended to provide additional information and should not be substituted for GAAP measures. These non- may be calculated differently by other companies depending on the underlying accounting principles and policies applied.
The Company also reports total operating costs (cost of sales) per ounce. The Company believes that this metric is important in assessing the performance of each of the Company's sold metals and as a meaningful GAAP-based comparison to other mining companies. Total operating costs (cost of sales) per ounce sold is calculated by dividing the total operating costs by gold ounces sold. Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties. The reconciliation of total operating costs (cost of sales) to total cash costs is included in the total cash cost and total production cost tables below.
Consolidated adjusted earnings and consolidated adjusted earnings per share
The Company has adopted the reporting of consolidated adjusted earnings ("adjusted earnings") and consolidated adjusted earnings per share ("adjusted earnings per share") as non-GAAP measures of a precious metals mining company's operating performance. These measures have no standardized meaning and the Company's presentation of adjusted measures are not meant to be substituted for GAAP measures of consolidated earnings or consolidated earnings per share and should be read in conjunction with such GAAP measures. Adjusted earnings and adjusted earnings per share are calculated as earnings excluding i) non-cash impairment losses and reversals on mineral interests and other assets, ii) unrealized foreign exchange gains or losses related to the revaluation of deferred income tax assets and liabilities on non-monetary items, iii) unrealized foreign exchange gains or losses related to other items, iv) unrealized gains or losses on derivatives other than provisionally priced trade receivables, v) gains or losses on sale of assets and the related tax impact of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment. Non-recurring adjustments from unusual events or circumstances are reviewed periodically based on materiality and the nature of the event or circumstance.
The Company calculates adjusted earnings and adjusted earnings per share on a consolidated basis.
$ thousands unless otherwise indicated
Q1 2018
Q1 2017
Earnings (loss)
$
(6,862)
$
74,697
Unrealized foreign exchange loss (gain)
(346)
372
Adjusted earnings (loss)
$
(7,208)
$
75,069
Weighted average common shares outstanding
Basic (000's)
313,193
311,948
Diluted (000's)
313,193
312,025
Adjusted earnings (loss) per share
Basic
$
(0.02)
$
0.24
Diluted
$
(0.02)
$
0.24
Total cash costs before and net of by-product credits
The Company reports total cash costs on a silver ounce and a gold ounce produced basis for the Escobal mine and the La Arena, Shahuindo and Timmins mines, respectively. The Company follows the recommendation of the cost standard as endorsed by the Silver Institute ("The Institute") for the reporting of total cash costs (silver) and the generally accepted standard of reporting total cash costs (gold) by precious metal mining companies. The Institute is a nonprofit international association with membership from across the silver industry and serves as the industry's voice in increasing public understanding of the many uses and values of silver. This remains the generally accepted standard for reporting cash costs of silver production by silver mining companies. The Company believes that these generally accepted industry measures are realistic indicators of operating performance and are useful in performing year over year comparisons. However, these non-GAAP measures should be considered together with other data prepared in accordance with IFRS, and these measures, taken alone, are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Total cash costs are divided by the number of silver ounces contained in concentrate or gold ounces recovered from the leach pads to calculate per ounce figures. When deriving the total cash costs associated with an ounce of silver or gold, the Company deducts by-product credits from sales which are incidental to producing silver and gold.
Total cash costs per ounce of produced silver net of by-product credits incorporate all production costs, including adjustments to inventory carrying values, adjusted for changes in estimates in reclamation which are non-cash in nature, and include by-product gold, lead and zinc credits, and treatment and refining charges included within revenue.
In addition to conventional measures, the Company assesses this per ounce measure in a manner that isolates the impacts of silver production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total cash costs per ounce of produced silver net of by-product credits to monitor its operating performance internally, including operating cash costs, as well as in its assessment of potential development projects and acquisition targets. The Company believes this measure provides investors and analysts with useful information about the Company's underlying cash costs of operations and the impact of by-product credits on the Company's cost structure and is a relevant metric used to understand the Company's operating profitability and ability to generate cash flow. When deriving the production costs associated with an ounce of silver, the Company includes by-product credits as the Company considers that the cost to produce the silver is reduced as a result of the by-product sales incidental to the silver production process, thereby allowing the Company's management and other stakeholders to assess the net costs of silver production.
Total cash costs (silver)
Total cash costs per ounce of produced silver, net of by-product credits
$ thousands unless otherwise indicated
Q1 2018
Q1 2017
Total operating costs (cost of sales) (1)
$
—
$
53,487
Depreciation and depletion
—
(14,601)
Change in product inventory
—
140
Treatment and refining charges
—
9,271
Total cash costs before by-product credits
$
—
$
48,297
By-product credits (2)
(16,151)
Total cash costs net of by-product credits
$
—
$
32,146
Silver ounces sold in concentrate (000's)
—
5,526
Silver ounces produced in concentrate (000's)
—
5,614
Total operating costs (cost of sales) per ounce sold
$
—
$
9.68
Total cash costs per ounce produced before by-product credits
$
—
$
8.60
Total cash costs per ounce produced net of by-product credits
$
—
$
5.73
(1)
Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties.
(2)
Gold, lead and zinc by-product credits are calculated as follows:
Q1 2018
Q1 2017
Quantity
Unit
Price
Total
Credit
Credit per
ounce
Quantity
Unit Price
Total Credit
Credit per
ounce
Gold Ounces
—
—
—
—
1,935
$1,309
$2,534
$0.45
Lead Tonnes
—
—
—
—
2,059
$2,588
$5,328
$0.95
Zinc Tonnes
—
—
—
—
2,801
$2,960
$8,289
$1.48
(3) Numbers in tables may not calculate due to rounding.
Total cash costs (gold)
Total cash costs per ounce of produced gold, net of by-product credits
$ thousands unless otherwise indicated
Q1 2018
La Arena
Shahuindo
Timmins
mines
Total
Total operating costs (cost of sales) (1)
$
43,571
$
20,453
$
50,794
$
114,818
Depreciation and depletion
(14,406)
(5,858)
(15,996)
(36,260)
Change in product inventory
(2,937)
(687)
(2,535)
(6,159)
Smelting and refining charges
206
82
29
317
Total cash costs before by-product credits
26,434
13,990
32,292
72,716
Silver credit (2)
(178)
(410)
(84)
(672)
Total cash costs net of by-product credits
26,256
13,580
32,208
72,044
Gold ounces sold (000's)
48.8
18.6
38.0
105.4
Gold ounces produced (000's)
42.4
18.3
30.2
90.9
Total operating costs (cost of sales) per ounce sold
$
893
$
1,099
$
1,337
$
1,089
Total cash costs per ounce produced before by-product credits
$
623
$
766
$
1,071
$
800
Total cash costs per ounce produced net of by-product credits (3)
$
619
$
743
$
1,068
$
793
(1)
Total operating costs (cost of sales) includes production costs, depreciation and depletion and royalties
(2)
Consolidated silver by-product credits are calculated as follows:
Q1 2018
Quantity
Unit Price
Total
Credit
Credit per
ounce
Silver Ounces (000's)
39,244
$16.72
$656
$7.22
(3)
Numbers in table may not calculate due to rounding.
$ thousands unless otherwise indicated
Q1 2017
La Arena
Shahuindo
Timmins
mines
Total
Total operating costs (cost of sales) (1)
$
31,575
$
17,395
$
44,421
$
93,391
Depreciation and depletion
(5,968)
(6,104)
(15,168)
(27,240)
Change in product inventory
1,374
553
(904)
1,023
Smelting and refining charges
317
89
58
464
Total cash costs before by-product credits
27,298
11,933
28,407
67,638
Silver credit (2)
(131)
(469)
(103)
(703)
Total cash costs net of by-product credits
27,167
11,464
28,304
66,935
Gold ounces sold (000's)
48.9
15.7
49.4
114.0
Gold ounces produced (000's)
53.0
19.7
43.9
116.6
Total operating costs (cost of sales) per ounce sold
$
646
$
1,108
$
899
$
819
Total cash costs per ounce produced before by-product credits
$
515
$
606
$
647
$
580
Total cash costs per ounce produced net of by-product credits
$
513
$
582
$
645
$
574
(1)
Total operating costs (cost of sales) includes production costs, depreciation and depletion, royalties and smelting and refining charges.
(2)
Silver by-product credits are calculated as follows:
Q1 2017
Quantity
Unit Price
Total
Credit
Credit per
ounce
Silver Ounces
$34,196
$20.57
$703
$6.04
(3)
Numbers in table may not calculate due to rounding.
All-in sustaining costs
The Company has also adopted the reporting of all-in sustaining costs as a non-GAAP measure of a precious metals mining company's ability to generate cash flow from operations. This measure has no standardized meaning and the Company has utilized an adapted version of the guidance released by the World Gold Council ("WGC"), the market development organization for the gold industry. The WGC is not a regulatory industry organization and does not have the authority to develop accounting standards or disclosure requirements.
All-in sustaining costs include total cash costs incurred at the Company's mining operations, sustaining capital expenditures, corporate administrative expense, exploration and evaluations costs, and reclamation and closure accretion. The Company believes that this measure represents the total costs of producing silver and gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows the Company to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
All-in sustaining costs (silver)
Total all-in sustaining costs per ounce of produced silver, net of by-product credits
The following tables reconciling total all-in sustaining costs per ounce of produced silver, net of by-product credits to the consolidated financial statements should be read in conjunction with the prior tables which reconcile total cash costs net of by-product credits to total operating costs.
$ thousands unless otherwise indicated
Q1 2018
Q1 2017
Total cash costs net of by-product credits
$
—
$
32,146
Sustaining capital (1)
—
9,916
Exploration
—
255
Reclamation cost accretion
—
61
General and administrative expenses
—
3,137
All-in sustaining costs
$
—
$
45,515
Silver ounces produced in concentrate (000's)
—
5,614
All-in sustaining costs per ounce produced net of by-product credits
$
—
$
8.11
(1)
Sustaining capital includes underground development and surface sustaining capital expenditures.
(2)
Numbers in table may not calculate due to rounding.
All-in sustaining costs (gold)
Total all-in sustaining costs per ounce of produced gold, net of by-product credits
$ thousands unless otherwise indicated
Q1 2018
La Arena
Shahuindo
Timmins
mines
Total
Total cash costs net of by-product credits
$
26,256
$
13,580
$
32,208
$
72,044
Sustaining capital
6,201
5,077
11,290
22,568
Exploration
313
802
1,148
2,263
Reclamation cost accretion
345
104
48
497
General and administrative expenses
3,242
2,207
2,405
7,854
All-in sustaining costs
$
36,357
$
21,770
$
47,099
$
105,226
Gold ounces produced (000's)
42.4
18.3
30.2
90.9
All-in sustaining costs per ounce produced net of by-product credits
$
857
$
1,192
$
1,562
$
1,158
(1)
Numbers in table may not calculate due to rounding.
$ thousands unless otherwise indicated
Q1 2017
La Arena
Shahuindo
Timmins
mines
Total
Total cash costs net of by-product credits
$
27,167
$
11,464
$
28,304
$
66,935
Sustaining capital
5,905
2,652
14,586
23,143
Exploration
74
1,001
2,026
3,101
Reclamation cost accretion
351
210
23
584
General and administrative expenses
2,679
1,819
2,031
6,529
All-in sustaining costs
$
36,176
$
17,146
$
46,970
$
100,292
Gold ounces produced in doré (000's)
53.0
19.7
43.9
116.6
All-in sustaining costs per ounce produced net of by-product credits
$
683
$
870
$
1,070
$
860
(1)
Numbers in table may not calculate due to rounding.
The reconciliation which formed the basis for the ranges in the 2018 total cash cost and all-in sustaining cost guidance is as follows:
Total cash costs
La Arena
Shahuindo
Timmins
Mines
Gold
Production costs
$
115,000
$
70,000
$
140,000
$
325,000
Treatment and refining charges
—
—
—
—
Total cash costs before by-product credits
$
115,000
$
70,000
$
140,000
$
325,000
By-product credits
—
—
—
—
Total cash costs net of by-product credits
$
115,000
$
70,000
$
140,000
$
325,000
Gold ounces produced in doré (000's)
170
90
175
435
Total cash costs per ounce before by-product credits
$
676
$
778
$
800
$
747
Total cash costs per ounce net of by-product credits
$
676
$
778
$
800
$
747
All-in sustaining costs
La Arena
Shahuindo
Timmins
Gold
Total cash costs net of by-product credits
$
115,000
$
70,000
$
140,000
$
325,000
Sustaining capital
35,000
15,000
45,000
95,000
Exploration
—
—
4,500
4,500
Reclamation cost accretion
1,000
1,000
1,000
3,000
General and administrative expenses
12,000
9,000
9,000
30,000
All-in sustaining costs
$
163,000
$
95,000
$
199,500
$
457,500
Gold ounces produced in doré (000's)
170
90
175
435
All-in sustaining costs per ounce produced
net of by-product credits
$
959
$
1,056
$
1,140
$
1,052
Cash provided by operating activities before changes in working capital
Cash provided by operating activities before changes in working capital represents the cash flows generated by operating activities after adjusting for interest expense, income tax expense and financing fees as well as items not involving cash but before changes in working capital. Net cash provided by operating activities represents the cash flows generating by operating activities after changes in working capital and income taxes paid. Management believes that these measures provide useful information to investors to evaluate the Company's ability to generate cash flows from its mining operations.
The non-GAAP measures described above do not have standardized meanings prescribed by IFRS. As such, there are likely to be differences in the method of computation when compared to similar measures presented by other reporting issuers.
$ thousands unless otherwise indicated
Q1 2018
Q1 2017
Cash provided by operating activities before changes in working capital (1)
$
38,509
$
132,851
Net cash provided by operating activities (1)
$
22,147
$
78,575
Basic weighted average common shares outstanding
313,193
311,948
(1)
Refer to the condensed interim consolidated statements of cash flows in the Company's interim financial statements for a detailed reconciliation from earnings and total comprehensive income to cash provided by operating activities before changes in working capital and net cash provided by operating activities.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the US Exchange Act, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, and "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements, other than statements of historical fact, are forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "guidance", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Forward-looking statements include, but are not limited to, statements related to the following: in regards to the status of the appeals to the Guatemalan Constitutional Court (i) of the decision by the Supreme Court of Guatemala ordering MEM to conduct consultation with indigenous populations in certain designated locations in and around the Escobal Mine, (ii) of the decision by the Supreme Court of Guatemala reinstating the Company's mining license in respect of the Escobal mine, and (iii) relating to Escobal's export credential, the timing for such appeals to be decided and the likelihood of adverse decisions by the Constitutional Court; the timing and results of other court proceedings; the timing and likelihood of resolving the road blockage affecting the Escobal mine; the timing and likelihood of resolving the La Arena strike; timing and possible outcome of pending litigation; the future price of gold, silver, copper, lead and zinc, the estimation of Mineral Reserves and Mineral Resources, the realization of Mineral Reserve estimates; production and cost targets for the Company's gold operations in 2018; the expectation of meeting production targets; growing gold production to approximately one half million ounces in 2019; the timing and cost of the overall expansion at Shahuindo, including the expansion of the adsorption, desorption and refining (ADR) plant, the power transmission line and substation, leach pad 2B and associated ancillary projects, the design, procurement, construction and commissioning of the 24,000 tpd crushing and agglomeration circuit at Shahuindo, as well as the expansion of the Shahuindo mine to a production capacity of 36,000 tpd, with construction expected to be completed early in Q4 2018 and commissioning to be completed by year-end; the estimated cost and timing of completion of the Bell Creek shaft project and tailings pond expansion, with construction expected to be completed in early Q4 2018; care and maintenance plans at Escobal; providing further updates to guidance when additional information regarding the Escobal license is available; expected working capital requirements; and the expected development of a comprehensive Indigenous Peoples Policy during 2018.
Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the Company's performance and ability to operate and implement operational improvements at the Escobal, La Arena, Shahuindo and Timmins Mines; studies and development efforts on the La Arena II deposit; the Company's ability to carry on exploration and development activities, including land acquisition and construction; the availability and sufficiency of power and water for operations; the timely receipt and renewal of permits and other approvals; the successful outcomes of consultations with indigenous populations; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with the Company's current expectations; production meeting expectations and being consistent with estimates; plant, equipment and processes operating as anticipated; there being no material variations in the current tax and regulatory environment; the Company's ability to operate in a safe, efficient and effective manner; the exchange rates among the Canadian dollar, Guatemalan quetzal, Peruvian sol and the USD remaining consistent with current levels; the ability to resolve the protests and road blockages of the Escobal Mine; the timing and amount of foregone taxes and royalties; the timing and likelihood of further workforce reductions; the timing and possible outcome of the pending appeal with the Constitutional Court; the timing and ability of the Company to resume operations in the event the suspension of the mining license to Minera San Rafael for the Escobal Mine is lifted and all licenses, permits and credentials affecting the operation of the Company's mines, including the Escobal Mine, are renewed or re-issued and all roadblocks are resolved, and relationships with the Company's partners, including employees, vendors and community populations are maintained or effectively managed; the Company's ability to obtain financing as and when required and on reasonable terms; and the Company's ability to continue to comply with the terms of the credit agreements with its lenders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include but are not limited to: the fluctuation of the price of silver and gold; opposition to development and mining operations by one or more groups of indigenous people; actions that impede or prevent the operations of the Company's mines; the inability to develop and operate the Company's mines; social unrest and political or economic instability and uncertainties in the jurisdictions in which the Company operates; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; changes in national and local government legislation, taxation and controls or regulations; environmental and other governmental regulation compliance; un-appealable judicial decisions; the uncertainty in the estimation of Mineral Resources and Mineral Reserves; fluctuations in currency exchange rates; infrastructure risks, including access to roads, water and power; and the timing and possible outcome of pending or threatened litigation and the risk of unexpected litigation. For a more detailed discussion of risks relevant to the Company, see "Description of Tahoe's Business - Risk Factors Relating to Tahoe's Business" and "- Risk Factors Relating to Tahoe's Shares" in the Company's Annual Information Form and Form 40-F, available on SEDAR at www.sedar.com , on EDGAR at www.sec.gov or on the Company's website at www.tahoeresources.com .
Although management has attempted to identify important factors that could cause actual results to those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Except as otherwise indicated by the Company, these statements do not reflect the potential impact of any non-recurring or other special items or of any disposition, monetization, merger, acquisition, other business combination or other transaction that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. The Company does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except as, and to the extent required by, applicable securities laws.
CAUTIONARY NOTE TO INVESTORS IN THE UNITED STATES REGARDING RESERVES AND RESOURCES
The Mineral Resource and Mineral Reserve estimates contained in this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws and use terms that are not recognized by the United States Securities and Exchange Commission ("SEC"). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards"). U.S. reporting requirements are governed by the SEC Industry Guide 7 ("Industry Guide 7") under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody difference approaches and definitions. For example, the terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" are Canadian mining terms as defined in in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.
While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
Accordingly, information contained in this press release containing descriptions of the Tahoe's mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
SELECTED QUARTERLY CONSOLIDATED FINANCIAL RESULTS
Selected quarterly consolidated financial information from continuing operations is as follows:
$ thousands unless otherwise indicated
Q1 2018
Q1 2017
Metal Sold
Silver (000's ozs)
39.2
5,561
Gold (000's ozs)
105.4
115.9
Lead (000's t)
—
2.2
Zinc (000's t)
—
2.8
Realized Price
Silver in concentrate (per oz)
$
—
$
19.22
Gold in doré (per oz)
$
1,323
$
1,201
Lead (per t)
$
—
$
2,588
Zinc (per t)
$
—
$
2,960
LBMA/LME Price (1)
Silver (per oz)
$
16.77
$
17.42
Gold (per oz)
$
1,330
$
1,219
Lead (per t)
$
2,523
$
2,278
Zinc (per t)
$
3,421
$
2,780
Revenues
$
139,942
$
251,046
Total operating costs
$
125,946
$
146,878
Earnings from operations
$
13,996
$
88,283
Earnings (loss)
$
(6,862)
$
74,697
Earnings (loss) per common share
Basic
$
(0.02)
$
0.24
Diluted
$
(0.02)
$
0.24
Adjusted earnings (loss) (2)
$
(7,208)
$
75,069
Adjusted earnings (loss) per common share (2)
Basic
$
(0.02)
$
0.24
Diluted
$
(0.02)
$
0.24
Weighted average shares outstanding - Basic
313,193
311,948
Weighted average shares outstanding - Diluted
313,193
312,025
Dividends paid
$
—
$
18,695
Cash flow provided by operating activities
$
22,147
$
78,575
Cash flow provided by operating activities before changes in working capital
$
38,509
$
132,851
Cash and cash equivalents
$
53,632
$
175,397
Total assets
$
3,036,318
$
3,092,942
Total long-term liabilities
$
293,241
$
340,202
Costs per silver ounce produced (2)
Total cash costs net of by-product credits
$
—
$
5.72
All-in sustaining costs per silver ounce net of by-product credits
$
—
$
8.11
Costs per gold ounce produced (2)
Total cash costs net of by-product credits
$
793
$
574
All-in sustaining costs per gold ounce net of by-product credits
$
1,158
$
860
(1)
London Bullion Market Association (LBMA)/London Metal Exchange (LME) average closing prices for each quarter presented.
(2)
Non- are described in the "Cautionary Note on " section of this press release and include a reconciliation to total operating costs from the Company's interim financial statements.
(3)
Numbers may not calculate due to rounding.
View original content: http://www.prnewswire.com/news-releases/tahoe-reports-q1-2018-financial-results-and-provides-update-on-2018-growth-projects-300641473.html
SOURCE Tahoe Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-tahoe-reports-q1-2018-financial-results-and-provides-update-on-2018-growth-projects.html |
May 29, 2018 / 12:35 PM / Updated 26 minutes ago Canada government to give briefing on pipeline expansion aid Reuters Staff 1 Min Read
OTTAWA, May 29 (Reuters) - The Canadian government will give a 9 am ET (1300 GMT) briefing on Tuesday on how it has decided to aid a Kinder Morgan Canada Ltd crude oil pipeline project, an official said.
Ottawa says it is prepared to financially backstop the planned expansion of the company’s Trans Mountain pipeline, which has run into fierce opposition. Reporting by David Ljunggren | ashraq/financial-news-articles | https://www.reuters.com/article/kindermorgan-cn-pipeline/canada-government-to-give-briefing-on-pipeline-expansion-aid-idUSO8N1DB00U |
May 16, 2018 / 10:57 PM / Updated 4 hours ago Ex-Trump aide Bannon promoted 'culture war' - Cambridge Analytica whistleblower Mark Hosenball 3 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump’s former aide Steve Bannon sought to use personal information collected online to promote “a culture war,” a whistleblower on now-defunct political data firm Cambridge Analytica told U.S. senators on Wednesday.
Bannon, a former Cambridge Analytica vice president, “saw cultural warfare as a means to create enduring change in American politics,” testified Christopher Wylie, who says information about tens of millions of Facebook users ended up in Cambridge Analytica’s hands.
Bannon’s attorney William Burck did not immediately respond to an email request for comment on Wylie’s testimony.
Wylie, who worked for SCL, the British-based parent of Cambridge Analytica, told the Senate Judiciary Committee that Cambridge Analytica hired hackers to collect data it then used against opponents of its political clients.
Allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by Trump’s 2016 election campaign, have led to investigations in the United States and Europe.
Bannon worked on Trump’s campaign and became a White House aide when Trump took office in January 2017. Bannon left in August 2017. Christopher Wylie, former Cambridge Analytica research director, testifies before a Senate Judiciary Committee hearing titled, "Cambridge Analytica and the Future of Data Privacy" on Capitol Hill in Washington, U.S., May 16, 2018. REUTERS/Al Drago
Wylie, who has provided reports about how the firm used data Facebook collected, on Wednesday described discussions at the company about suppressing the vote, exploiting racial tensions, and testing campaign slogans in 2014 for use in the 2016 election.
“One of the things that did provoke me to leave was the beginnings of discussions of voter disengagement, I have seen documents reference and I recall conversations that it was intended to focus on African-American voters,” Wylie said.
“The company learned that there were segments of the population that responded to messages like ‘drain the swamp’ or images of border walls or indeed paranoia about the ‘deep state’ that weren’t necessarily reflected in mainstream polling or mainstream political discourse that Steve Bannon was interested in to help build his movement,” Wylie said.
Another witness who testified to the judiciary committee, Tufts University associate professor Eitan Hersh, said he was “sceptical” of the effectiveness that such political messaging and targeting. “No person is persuadable all the time,” he said. Slideshow (2 Images)
As part of an investigation into U.S. allegations of Russian meddling in the 2016 U.S. election, Special Counsel Robert Mueller is looking into how Russian intelligence agencies timed and targeted emails hacked from Democratic candidate Hillary Clinton and others. The Kremlin denies interfering in the U.S. election. Reporting by Mark Hosenball; Editing by John Walcott and Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-cambridge-analytica/ex-trump-aide-bannon-promoted-culture-war-cambridge-analytica-whistleblower-idUKKCN1IH370 |
We're probably close to an upside breakout on S&P 500, says technician 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/were-probably-close-to-an-upside-breakout-on-sp-500-says-technician.html |
Fifty years on, French protests echo May 1968 3:17pm BST - 01:59
When millions of workers and student demonstrators brought French society to its knees in 1968 it was a revolution for their politics, culture, and economy. Now, as the country marks the event's 50th anniversary, modern day activists see parallels in 2018's crises. Richard Lough reports.
When millions of workers and student demonstrators brought French society to its knees in 1968 it was a revolution for their politics, culture, and economy. Now, as the country marks the event's 50th anniversary, modern day activists see parallels in 2018's crises. Richard Lough reports. //uk.reuters.com/video/2018/05/01/fifty-years-on-french-protests-echo-may?videoId=422948741&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/fifty-years-on-french-protests-echo-may?videoId=422948741 |
May 20, 2018 / 5:57 AM / Updated 6 hours ago China central bank adviser calls for two-track financial opening Elias Glenn 2 Min Read
BEIJING (Reuters) - China’s financial services market should be opened further to foreign competition, but liberalization of cross-border capital flows should be done more cautiously, an adviser to China’s central bank said at a forum on Sunday. FILE PHOTO: Huang Yiping, Peking University professor and China's central bank policy adviser, speaks at the financial forum Caixin Summit in Beijing, China November 15, 2017. CAIXIN MEDIA via REUTERS
Financial opening also should an orderly process to control any risks that could arise, said Huang Yiping, a member of a member of the People’s Bank of China’s monetary policy committee.
Beijing has promised to reduce or remove market entry barriers to foreign firms in its financial market, and the United States has pushed China to allow greater foreign access to its domestic market as part of broader trade negotiations.
“I think our financial services market should open further. But we should be more cautious with the capital account, with capital flows,” said Huang.
China has pledged to open its capital account further, but has proceeded cautiously due to concerns capital outflows could increase, putting downward pressure on the yuan.
Commenting on the fintech industry at the same forum, the head of Beijing’s financial office Huo Xuewen said that China needed more competition from foreign financial institutions in order to make China’s financial technology industry stronger. Reporting By Elias Glenn; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-financial-services/china-central-bank-adviser-calls-for-two-track-financial-opening-idUSKCN1IL05I |
DALLAS--(BUSINESS WIRE)-- Lucid Energy Group II (“Lucid II”) announced today that Joe Davis has joined the company’s leadership team as general counsel.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180515005191/en/
Joe Davis has joined the Lucid Energy Group II as general counsel. (Photo: Business Wire)
The announcement follows Lucid II’s recent $1.6 billion recapitalization through strategic investments from Riverstone Holdings LLC and the Merchant Banking Division of The Goldman Sachs Group, Inc., which positions Lucid II for continued growth in the Delaware Basin. Lucid II is expanding its leadership and operating teams to meet these growth opportunities by continuing to deliver best-in-class service to its high-quality and growing customer base.
“We are fortunate to have Joe join our team,” said Lucid II CEO Mike Latchem. “Joe brings a wide range of experience that is of immediate value to Lucid II, and he will play a central role in our long-term strategy. His public company experience and M&A background will be key to Lucid II’s continued growth in the Delaware Basin and the midstream marketplace.”
“I am honored to join the Lucid II team and look forward to helping build and expand the business,” Mr. Davis said. “Lucid II’s assets sit on top of some of the most prolific production areas in the Delaware Basin, the Lucid II team serves some of the best oil and gas producers in the business, and the company is supported by outstanding financial partners.”
Before he joined Lucid II, Mr. Davis was general counsel and an adviser to the Kayne Anderson Special Acquisition Corporation. Prior to Kayne Anderson, Mr. Davis served for 10 years as general counsel for the EnLink Midstream companies and their predecessors. He has served on various boards, including Matador Resources Company and Howard Energy Partners, LLC, and was in private practice as a partner with Hunton & Williams LLP and its predecessor, focusing heavily on energy projects and energy mergers and acquisitions.
About Lucid Energy Group II
Lucid Energy Group II serves the industry’s leading oil and gas producers as they develop North America’s premier basin. Lucid is the largest natural gas processor in the northern Delaware Basin and the largest privately held natural gas processor in the greater Permian Basin. Visit www.lucid-energy.com for more information.
About Riverstone Holdings LLC
Riverstone Holdings LLC is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $38 billion of capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, Riverstone has committed over $37 billion to more than 150 investments in North America, Latin America, Europe, Africa, Asia and Australia. Visit www.riverstonellc.com for more information.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, Goldman Sachs MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005191/en/
TEN|10 Group
Casey Nikoloric, 303-433-4397, x101
Mobile: 303-507-0510
[email protected]
Source: Lucid Energy Group II | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-joe-davis-joins-lucid-energy-group-ii-as-general-counsel.html |
May 10 (Reuters) - Firm Capital American Realty Partners Corp:
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - FOR THREE MONTHS ENDED MARCH 31, 2018, BASIC NET INCOME WAS $0.03 PER SHARE
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - FOR THREE MONTHS ENDED MARCH 31, 2018, DILUTED NET INCOME WAS $0.02 PER SHARE
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - $8.00 NET ASSET VALUE PER SHARE IN QUARTER
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - QTRLY ADJUSTED AFFO PER SHARE $ 0.06
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - QTRLY ADJUSTED FFO PER SHARE $ 0.05
* FIRM CAPITAL AMERICAN REALTY PARTNERS CORP - QTRLY FFO PER SHARE $ 0.05 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-firm-capital-american-realty-partn/brief-firm-capital-american-realty-partners-corp-qtrly-adjusted-ffo-per-share-0-05-idUSFWN1SH1NP |
May 18, 2018 / 11:27 AM / Updated 6 hours ago Meghan Markle to follow in thousand years of UK royal history at wedding Michael Holden 4 Min Read
WINDSOR, England (Reuters) - When Meghan Markle walks down the aisle at St George’s Chapel in Windsor to marry Prince Harry, she will be following in the footsteps trod by England’s royals for nearly a thousand years. Prince Harry poses with Meghan Markle in the Sunken Garden of Kensington Palace, London, November 27, 2017. REUTERS/Toby Melville
The American actress and Queen Elizabeth’s grandson marry on Saturday at the chapel at Windsor Castle, the oldest and largest inhabited fortress in the world.
Dripping with historical connections to the royals, the chapel at the castle contains the remains of 10 British monarchs, including the queen’s father George VI along with those of her mother and sister Princess Margaret.
Harry himself was baptised there in December 1984 while his father, heir-to-the-throne Prince Charles, had a blessing after his marriage to second wife Camilla in 2005.
“It is in a sense the chapel where the (royal) family go on very special family occasions, sometimes happy ones, sometimes sad ones,” royal historian Hugo Vickers said.
“As she (Markle) walks down from the altar, she will walk over the tomb of Henry VIII and Charles I and (Henry VIII’s third wife) Jane Seymour.” FILE PHOTO: Statues are seen on the roof of St George's Chapel at Windsor Castle, the location for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, at sunrise in Windsor, Britain, May 16, 2018. REUTERS/Toby Melville/File Photo
The chapel was commissioned by Edward IV in 1475 and completed 53 later in the reign of Henry VIII. Throughout the building, its royal links are clear from vaults and tombs of long-dead monarchs to the 6ft 8inch long sword King Edward III was believed to have wielded in battle.
It is also the spiritual home of the Order of the Garter, the oldest chivalric order still in existence which dates back to 1348 and the reign of Edward III whose select group of members have included the likes of Britain’s World War Two leader Winston Churchill.
To this day, the banners and helmets of the knights of the order hang over the quire’s wooden stalls where each knight ever appointed has a small brass plaque.
“It’s a very beautiful place, it’s one of the finest examples of perpendicular architecture you will ever see,” Vickers said. “It’s very glorious with the banners of the knights of the garter which are very colourful in the quire all around them.” FILE PHOTO: St George's Chapel and the Round Tower of Windsor Castle, the location for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, are seen at sunrise in Windsor, Britain, May 16, 2018. REUTERS/Toby Melville/File Photo
The castle itself, on a huge site occupying the equivalent of 268 tennis courts, dominates Windsor and is just a short distance from the exclusive Eton College where Prince Harry and his elder brother William went to school.
It has been a royal residence since 1066 when William the Conqueror, the Norman king who invaded England and from whom all subsequent monarchs trace their lineage, built a castle. Forty monarchs since then have called it home.
In latter years, it has been a residence rather than a fortress, but remains close to the hearts of royals. Elizabeth’s great grandmother Queen Victoria, who ruled for 64 years, proposed to her husband Albert at the castle and they spent their honeymoon there.
The current 92-year-old queen and her husband still spend most of her weekends there.
Inside its thick walls, where the couple will hold their wedding reception, are grand state rooms where portraits of past monarchs and famous British war leaders adorn the walls along with large displays of weaponry and armour.
Part of the castle was badly damaged by fire on Nov. 20, 1992, the queen’s wedding anniversary.
It was part of a “annus horribilis” (horrible year) for the 92-year-old monarch, which saw the breakdown of three of her four children’s marriages and growing disapproval of what detractors called a royal soap opera.
But, similar to the reputation of the royals, which sank its lowest level in the aftermath of death of Harry’s mother Princess Diana in 1997, the castle has been restored to much of its former glory.
The reception will take place in the castle’s huge and impressive St George’s Hall, one of the rooms that was badly damaged by the fire and which traditionally plays host to state banquets. Reporting by Michael Holden; Editing by Guy Faulconbridge and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-windsor/meghan-markle-to-follow-in-thousand-years-of-uk-royal-history-at-wedding-idUKKCN1IJ1ED |
LONDON (Reuters) - Chelsea manager Antonio Conte said their 1-0 win over Liverpool on Sunday gave him hope of a top-four Premier league finish that he did not think was possible a month ago.
Soccer Football - Premier League - Chelsea vs Liverpool - Stamford Bridge, London, Britain - May 6, 2018 Chelsea manager Antonio Conte REUTERS/Eddie Keogh Olivier Giroud’s first-half header at Stamford Bridge saw Chelsea close the gap on fourth-placed London rivals Tottenham Hotspur to two points and on Liverpool in third to three points, with a game in hand over the Merseysiders.
Chelsea’s inferior goal difference means they need Liverpool to slip up, or Spurs, and if they do, two wins from the Blues last two games at home to Huddersfield Town and at Newcastle United will secure Champions League soccer for next season.
“I think that we must be pleased,” Conte said. “The players played a really good game. Usually when you have to play a must-win game, it is not easy. It is normal to be a bit nervous.
“Today, it was a must-win game but not against a simple opponent. They have just reached the final of the Champions League.
“I don’t know if this will be enough, but we have to try. Now we have to prepare for Huddersfield - - another tough game.
“One month ago, it was impossible to imagine we could fight for a place in the Champions League. Now there is hope,” he added.
“We are getting three points every game. Our opponents are dropping points, but our vision is not in our hands. We have to try and get three points to apply pressure.”
There was no Alvaro Morata in the Chelsea squad, with Conte saying the Spanish striker picked up an injury before the match though not one that will definitely end his season.
“The injury is not serious,” Conte said. “In my mind he will be in contention for the game against Huddersfield. It is not serious and I hope he recovers. It is difficult to prepare for the match when I have only one striker.
“Probably I will make rotations on Wednesday as today we expended a lot of energy against Liverpool. We showed a great will to fight to show that we were still alive.”
Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-england-che-liv-conte/chelsea-win-gives-conte-late-hope-of-top-four-finish-idUSKBN1I70TL |
May 30, 2018 / 6:51 AM / Updated 43 minutes ago British inter-dealer broker TP ICAP's chairman to retire Reuters Staff 1 Min Read
May 30 (Reuters) - The world’s biggest interdealer broker, TP ICAP said its Chairman Rupert Robson will leave the group at the end of the year, nearly six years after he assumed the role.
The company, which changed its name from Tullett Prebon after its acquiry of London-based ICAP’s voice broking business three years ago, said it would undertake a comprehensive search for a new chairman. (Reporting by Rahul B in Bengaluru; editing by Patrick Graham) | ashraq/financial-news-articles | https://www.reuters.com/article/tp-icap-chairman/british-inter-dealer-broker-tp-icaps-chairman-to-retire-idUSL3N1T12R9 |
May 16, 2018 / 3:52 PM / Updated 41 minutes ago Michigan State to pay $500 million to Nassar sex abuse victims Reuters Staff 3 Min Read
(Reuters) - Hundreds of women sexually abused by disgraced gymnastics doctor Larry Nassar have tentatively agreed to a $500 million settlement with Michigan State University, Nassar’s former employer, attorneys for both sides said on Wednesday.
The deal calls for the school to pay $425 million to the 332 victims represented in current litigation, with another $75 million set aside in a trust fund that could go to future plaintiffs who allege they were abused by Nassar, the attorneys said in a joint statement.
The sexual abuse settlement appears to be one of the largest of its kind, reflecting the sheer number of victims, including well-known athletes such as 2012 Olympic gold medalist McKayla Maroney. Many of them gave emotional testimony during Nassar’s sentencing hearings.
Nassar, who had worked as a doctor for the USA Gymnastics federation and also served at an on-campus clinic at Michigan State, earlier this year received a prison sentence of up to 175 years after pleading guilty last year to criminal sexual conduct.
Many victims testified that Nassar, 54, sexually abused them under the guise of medical treatment while on his examination table, sometimes hiding it from view of parents waiting nearby.
The revelations of the long-running abuses sparked investigations into possible abuse at U.S. athletic federations and schools by Congress and the U.S. Department of Education, and led to the resignation of the entire USA Gymnastics board. The head of the U.S. Olympic Committee also resigned, citing medical reasons.
“This historic settlement came about through the bravery of more than 300 women and girls who had the courage to stand up and refuse to be silenced,” plaintiffs’ attorney John Manly said.
Brian Breslin, chairman of the university’s board of trustees, released a statement welcoming the end of the litigation and apologizing to Nassar’s victims and their families.
The attorneys stressed that the settlement, which was agreed to by the university’s board of trustees late on Tuesday, was still not final.
It applies only to plaintiffs who have sued the university, and not those who have filed claims against the U.S. Olympic Committee, USA Gymnastics, gymnastics coaches Bela and Martha Karolyi or anyone else, the attorneys said.
The dollar amount is on a similar scale to settlements paid by some U.S. Roman Catholic dioceses as a result of its clergy sex abuse scandal. The Los Angeles archdiocese in 2007 paid $660 million to 508 victims.
Michigan State is a publicly funded school with an annual budget of about $1.3 billion. Interim President John Engler last month told state lawmakers that settlements should not lead to an increase in tuition fees, the university newspaper State News reported. FILE PHOTO: Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, stands in court during his sentencing hearing in the Eaton County Court in Charlotte, Michigan, U.S., February 5, 2018. REUTERS/Rebecca Cook Reporting by Peter Szekely and Jonathan Allen in New York; editing by Scott Malone, Jonathan Oatis and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-gymnastics-usa/nassar-sex-abuse-victims-university-reach-500-million-settlement-attorneys-idUSKCN1IH27X |
Every band knows, it pays to play the song everyone wants to hear.
For a new public company like Spotify, that tune is called the “Beat & Raise”—Wall Street parlance for beating stated goals and setting up even better new ones. But Spotify’s first quarterly report as a public company on Wednesday afternoon didn’t quite hit that note.
Key... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/spotify-hits-a-flat-note-1525299539 |
Headlines on trade these days are like leftover pea soup—sometimes hot, sometimes chilly, always unsatisfying.
Saturday’s joint Sino-U.S. statement following talks in Washington—essentially a vague call for larger Chinese purchases of U.S. goods and better intellectual property protection—was thin gruel. Still, Asian stocks rose Monday, with China’s main benchmark up 0.5%. U.S. stocks may follow suit, after Treasury Secretary Steven Mnuchin’s statement that the U.S. is “putting the trade war on hold.” Just in case the complete... RELATED VIDEO What the U.S.-China Trade War Means for Workers on the Ground Trade pressure on farmers has helped fuel the latest talks between U.S. and China aimed at lifting tariffs on soybeans, hogs and more. Here, an American farmer and a steelworker explain how tariffs are impacting their livelihoods. | ashraq/financial-news-articles | https://www.wsj.com/articles/welcome-to-the-u-s-china-cold-soup-war-1526910712 |
WASHINGTON (Reuters) - The Trump administration will soon begin fingerprinting parents claiming custody of children who entered the United States illegally without an adult relative, officials said on Tuesday, prompting criticism that children may be abandoned by those who fear being identified and deported.
Children traveling with a caravan of migrants from Central America stand on the beach and near the border fence between Mexico and the U.S., prior to preparations for an asylum request in the U.S., in Tijuana, Mexico April 29, 2018. REUTERS/Edgard Garrido Currently, most parents are not required to be fingerprinted to get custody of their children.
U.S. laws and legal precedent limit the time juveniles can be detained, so those caught crossing the border alone are often released to adult sponsors in the United States. The children are then expected to show up to immigration court to fight their deportation cases.
“We’re going to more thoroughly vet sponsors,” said Steven Wagner, acting assistant secretary of the Department of Health and Human Services’ (HHS) Administration for Children and Families, in a telephone briefing with reporters. “With DHS’ cooperation we will conduct a fingerprint-based background check on every sponsor.”
HHS is ultimately responsible for finding housing for migrant children, and the Department of Homeland Security (DHS) enforces immigration policy. Under a new memorandum, DHS would help HHS fingerprint every individual claiming custody of a child, senior officials said.
A DHS official who declined to be named said they expect implementation in a few weeks.
Immigrant advocates said the new policy would discourage parents from claiming their children.
“This policy will undoubtedly make it more likely that qualified sponsors will hide in the shadows, leaving vulnerable young children to languish in immigration jail,” said Rich Leimsider, executive director of the Safe Passage Project, which represents immigrant children in New York, in an email to Reuters.
Wagner, during the briefing, dismissed such concerns.
“If somebody is unwilling to claim their child from custody because they’re concerned about their own immigration status, I think that de facto calls into question whether they’re an adequate sponsor and whether we should be releasing the child to that person,” Wagner said.
In March and April, more than 50,000 people were detained per month trying to cross the southwest border illegally, levels similar to those during the administration of Barack Obama, according to U.S. government figures. During those two months a total of about 8,400 unaccompanied minors were caught on the southwest border.
Soon after President Donald Trump’s inauguration in January 2017, border crossings briefly dropped to record lows before creeping back up again at the end of last year. The increase has frustrated Trump, who has repeatedly called for more action.
A controversy erupted after Wagner testified in April before a Senate committee that the agency in 2016 conducted a limited “safety and well-being” call to around 7,600 children that had been in its care but was unable to locate around 1,500 children and their sponsors.
On Tuesday, Wagner said many children are with people who are in the country illegally and that “there’s no reason to believe that anything has happened to those kids.”
Currently, all sponsors of unaccompanied children undergo an interview and a background check, and non-parental sponsors undergo fingerprint checks of a Federal Bureau of Investigation database. In special cases, such as when there is a “documented risk” to the safety of the child, parents will undergo fingerprint checks as well, according to the HHS website.
Background checks and interviews may turn up immigration information, which is entered into an HHS web portal, but immigration status is not used to disqualify sponsors. HHS cannot “deny placement” based on immigration status, Wagner said.
From January 2014 to April 2015, 60 percent of unaccompanied children from El Salvador, Guatemala and Honduras were released to a parent, about a third were released to other relatives, 8 percent to family friends and less than 1 percent was released to unrelated sponsors, according to a 2018 Government Accountability Office report.
During the Obama administration, officials at U.S. Immigration and Customs Enforcement proposed that anyone claiming custody of unaccompanied alien children be fingerprinted. HHS officials at the time pushed back, arguing that it would delay family reunions and infringe upon the parent-child relationship.
Additional reporting by Mica Rosenberg in New York; Editing by Richard Chang
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-children/trump-administration-will-fingerprint-child-migrants-parents-idUSKCN1IU2VF |
* Poland’s No.1 bank Q1 net profit at 757 mln zloty, above f’cast
* The result was improved thanks to higher margin
* The difference between analysts forecasts and the result caused by one-offs
WARSAW, May 22 (Reuters) - Poland’s largest lender, PKO BP , reported a 44 percent rise in first-quarter net profit on Tuesday, as increased demand for mortgages allowed lenders to hike margins, while cost of deposits fell amid stable interest rates, analysts said.
The state-run bank reported a net profit of 757 million zlotys ($207.9 million) in the first three months of the year, 7 percent above the 705 million zlotys expected by analysts in a Reuters poll.
“The net result is better than consensus, because the bank earned more in its trading business. It booked 29 million zlotys on a bond sale. It also booked a 21 million zloty antimonopoly office fine return after a positive court decision,” Kamil Stolarski, an analyst with Pekao Investment Banking said.
“It seems that the share price reaction will be slightly positive, but the structure of the net profit rise won’t prompt analysts to significantly increase their forecasts, Stolarski said.
PKO’s share price fell 6.5 percent so far this year, while Warsaw bourse’s main index lost almost 7.8 percent.
“It would be positively perceived if the management board declares that the present cost of risk is maintained for a longer period,” Stolarski added.
The bank said net provisions fell 14 percent to 336 million zlotys in the first quarter.
$1 = 3.6416 zlotys Reporting by Marcin Goclowski, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/pko-bp-results/update-1-one-offs-help-polish-lender-pko-beat-forecasts-idUSL5N1ST0UL |
May 3 (Reuters) - Branding China Group Ltd:
* LO KEN BON APPOINTED AS CHIEF EXECUTIVE OFFICER * FAN YOUYUAN, PATRICK ZHENG, HUANG WEI AND SONG YIJUN HAVE RESIGNED AS EXECUTIVE DIRECTORS
* FANG BIN HAS RESIGNED AS CHAIRMAN OF CO Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-branding-china-group-appoints-lo-k/brief-branding-china-group-appoints-lo-ken-bon-as-ceo-idUSFWN1SA170 |
* Brent just under $75/b, WTI at almost $70/b
* U.S. deadline over Iran looms on May 12
* Highest U.S. oil drilling since 2015 holds market back
SINGAPORE, May 7 (Reuters) - Oil markets held firm on Monday, with prices near late-2014 highs as a decision looms on whether the United States walks away from a deal with Iran and instead re-imposes sanctions on Tehran.
Brent crude oil futures were at $74.94 per barrel at 0035 GMT, up 7 cents, or 0.1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were also up 7 cents, or 0.1 percent, at $69.79 per barrel.
The slightly rise in prices came after WTI on Friday hit its highest level since November 2014.
"Crude oil prices pushed higher as concerns over the impact of the U.S. pulling out of the Iran nuclear deal continue to drive investor sentiment," ANZ bank said on Monday.
"The big story this week is going to be about oil and the Iran Nuclear deal. We know President Trump doesn't like it," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
"All in all, the bets are based on the price action in oil that President Trump does withdraw from the deal," he added.
Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran's nuclear program.
The United States has since then, however, expressed doubts over Iran's sincerity in implementing those curbs.
Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran's oil exports.
Some traders, however, are becoming cautious about ever higher oil prices.
Hedge funds cut their net long U.S. crude futures and options positions in the week to May 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday, reducing their exposure to positions that would profit from further crude price rises by 11,825 contracts to 444,060.
Looming over markets is surging output from the United States, where crude production <C-OUT-T-EIA> has soared by more than a quarter in the last two years, to 10.62 million barrels per day. Only Russia produces more, at around 11 million bpd.
U.S. output will likely rise further this year, towards or past Russia's levels, as its energy firms keep drilling for more.
U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.
(Reporting by Henning Gloystein; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/reuters-america-oil-prices-near-2014-highs-as-iran-tensions-keep-market-on-edge.html |
Disney dominates opening weekend box office in U.S. 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/disney-dominates-opening-weekend-box-office-in-u-s.html |
ROLLING HILLS ESTATES, Calif. (AP) _ Natural Health Trends Corp. (NHTC) on Wednesday reported first-quarter earnings of $8.8 million.
On a per-share basis, the Rolling Hills Estates, California-based company said it had net income of 78 cents.
The direct selling company posted revenue of $52.4 million in the period.
Natural Health Trends shares have increased 26 percent since the beginning of the year. The stock has fallen 35 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 NHTC at https://www.zacks.com/ap/NHTC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-natural-health-trends-1q-earnings-snapshot.html |
ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/reuters-america-walmart-says-flipkart-could-go-public-in-as-early-as-four-years--filing.html |
|
May 16, 2018 / 8:39 PM / Updated 16 hours ago UPDATE 2-ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Singles Results Reuters Staff 2 Min Read May 17 (OPTA) - Results from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Men's Singles matches on Wednesday .. 2nd Round .. 1-Rafael Nadal (ESP) beat Damir Dzumhur (BIH) 6-1 6-0 Denis Shapovalov (CAN) beat Robin Haase (NED) 7-6(3) 6-7(5) 6-3 Fabio Fognini (ITA) beat 6-Dominic Thiem (AUT) 6-4 1-6 6-3 Kei Nishikori (JPN) beat 3-Grigor Dimitrov (BUL) 6-7(4) 7-5 6-4 11-Novak Djokovic (SRB) beat Nikoloz Basilashvili (GEO) 6-4 6-2 Albert Ramos-Vinolas (ESP) beat 8-John Isner (USA) 6-7(5) 7-6(2) 7-6(5) Aljaz Bedene (SLO) beat 7-Kevin Anderson (RSA) 6-4 (Retired) 10-Pablo Carreno Busta beat Steve Johnson (USA) 6-4 2-6 6-4 (ESP) Benoit Paire (FRA) beat 14-Diego Schwartzman (ARG) 2-6 6-4 6-2 4-Marin Cilic (CRO) beat Ryan Harrison (USA) 6-7(3) 6-1 7-6(1) 5-Juan Martin del Potro beat Stefanos Tsitsipas (GRE) 7-5 6-3 (ARG) Kyle Edmund (GBR) beat 16-Lucas Pouille (FRA) 6-2 7-6(3) 2-Alexander Zverev (GER) beat Matteo Berrettini (ITA) 7-5 6-2 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-masters-1000-wta-premier-rome-masters-mens-singles-results-idUKMTZXEE5GU985VY |
ZEELAND, Mich., May 24, 2018 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ:GNTX), the Zeeland, Michigan-based manufacturer of automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows and fire protection products, today announced that its Board of Directors recently declared a quarterly cash dividend of $0.11 (11 cents) per share that will be payable July 18, 2018, to shareholders of record of the common stock at the close of business on July 6, 2018.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market:GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market. Visit the Company’s web site at www.gentex.com .
Contact Information
Gentex Investor Relations
616-772-1590 x5814
Source:Gentex Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-gentex-announces-second-quarter-2018-quarterly-cash-dividend.html |
May 4, 2018 / 1:10 PM / Updated 34 minutes ago Meghan Markle's father to walk her down aisle at wedding to Prince Harry Michael Holden 4 Min Read
LONDON (Reuters) - Meghan Markle’s father will walk her down the aisle when the American actress marries Britain’s Prince Harry this month and both her parents will meet Queen Elizabeth and senior royals in the run-up to the ceremony, Kensington Palace said on Friday. Britain's Prince Harry and his fiancee Meghan Markle attend the Dawn Service at Wellington Arch to commemorate Anzac Day in London, Britain. REUTERS/Toby Melville/Pool
Both the bride-to-be’s divorced parents, Thomas Markle and Doria Ragland, would have “important roles” in the wedding at Windsor Castle on May 19, Jason Knauf, Harry’s Communications Secretary told reporters.
“On the morning of the wedding, Ms Ragland will travel with Ms Markle by car to Windsor Castle,” Knauf said. “Mr Markle will walk his daughter down the aisle of St George’s Chapel. Ms Markle is delighted to have her parents by her side on this important and happy occasion.”
There had been speculation about what role Markle’s parents, who divorced when she was six, would play in the wedding ceremony. Thomas Markle, 73, a former lighting director for TV soaps and sitcoms had said he had wanted to give his daughter away.
Knauf said they would fly over from the United States the week before the wedding and both would for the first time meet their new in-laws including the 92-year-old queen, her husband Prince Philip, Harry’s father Prince Charles, Harry’s elder brother William and his wife Kate.
The detail about Markle’s parents was part of a slew of information released by Knauf ahead about the wedding which is attracting massive global media attention.
The three siblings of Harry’s late mother Princess Diana, who was killed in a Paris car crash in 1997 when he was 12, will be at the wedding with her sister Lady Jane Fellowes giving the reading.
“Prince Harry and Ms. Markle both feel honoured that Lady Jane will be representing her family and helping to celebrate the memory of the late princess on the wedding day,” Knauf said.
Harry and William, who is his best man, are expected to arrive on foot at the castle’s St George’s Chapel where the ceremony will be held. Markle will meet her father at the church after arriving by car with her mother.
No details were given of the guests but it has already been confirmed that no political figures would be present who were not personal friends of the couple.
Knauf also revealed that Markle would not be having a maid of honour, and that the bridesmaids and page boys would all be children.
“She has a very close knit group of friends and she did not want to choose one over the other,” Knauf said. “They have also been actively involved in helping her prepare for the day and are going to be there at Windsor on the day before in London and she’s very pleased to have their support on the day.”
One royal who will not be attending is William and Kate’s new son Louis who was born on April 23, although his mother and two older siblings, George, 4, and Charlotte, 3, will be there.
The queen’s 96-year-old husband Philip is expected to be there having undergone a hip replacement operation last month.
Knauf said the newlyweds would not immediately be heading off on honeymoon and would carry out their first public engagement as a married couple the week after the wedding.
One tradition of recent British royal weddings has been for the newlyweds to share a kiss on the balcony of Buckingham Palace after the ceremony, something that will not be possible with the marriage taking place at Windsor.
Asked if the world would see something similar, Knauf said: “I have no comments on the kissing today.” Editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding/meghan-markles-father-to-walk-her-down-aisle-at-wedding-to-uks-prince-harry-idUKKBN1I51IV |
May 22, 2018 / 12:26 PM / Updated an hour ago Al Shabaab suicide bomber hits Somalia military convoy - police Reuters Staff 2 Min Read
MOGADISHU (Reuters) - A suicide car bomber from Somalia’s Islamist group al Shabaab hit a military convoy outside Mogadishu on Tuesday, causing an unknown number of deaths, a police officer and the group’s spokesman told Reuters.
The attack targeting a passing military convoy occurred in Afgoye, a district about 30 km northwest of Mogadishu, police officer Major Abdiqadir Ali said.
“What we are sure (of) is a military vehicle was hit,” Ali said, adding there were casualties but the death toll had not yet been determined.
Al Shabaab’s military operations spokesman Abdiasis Abu Musab told Reuters they were responsible for the attack.
The group, an ally of Al Qaeda, is fighting to topple the country’s western-backed central government and impose its rule based on its own interpretation of sharia law.
Al Shabaab also wants to force out an African Union-mandated AMISOM peacekeeping force that is helping defend the government of President Mohamed Abdullahi Mohamed.
“One of our mujahideen (was) martyred after he rammed his car into a Somali military convoy,” Abu Musab said.
One military pick-up truck was destroyed while 12 soldiers were killed by the blast, he said and added that a second vehicle in the convoy was also damaged.
The soldiers in the convoy were U.S.-trained Somali military commandoes. Al Shabaab have targeted them on the same road several times in the past. Reporting by Feisal Omar and Abdi Sheikh; writing by Elias Biryabarema; editing by | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-somalia-security/al-shabaab-suicide-bomber-hits-somalia-military-convoy-police-idUKKCN1IN1JN |
May 3, 2018 / 8:42 AM / Updated 11 hours ago World food price index little changed in April versus March: U.N. FAO Reuters Staff 1 Min Read
ROME (Reuters) - World food prices edged marginally higher in April from March, with the prices of most cereals and dairy products continuing to rise while sugar fell further, the United Nations food agency said on Thursday. An employee collects lentils from a container inside a grocery store at a residential area in Mumbai, India, May 11, 2016. REUTERS/Shailesh Andrade/File Photo
The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 173.5 points last month against 172.8 March.
From a year earlier, food prices on international markets rose 2.7 percent in April, FAO said.
FAO predicted wheat output of 746.6 million tonnes for 2018, down 11.3 million tonnes from the near-record 2017 level.
FAO said early prospects for global cereal markets in 2018/19 were favorable.
“According to FAO’s first forecasts for the 2018/19 marketing season, cereal supplies should be sufficient to meet consumption requirements. While global cereal reserves are forecast to decline, the decrease is likely to mostly concern maize,” it said. Reporting by Crispian Balmer | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-economy-food/world-food-price-index-little-changed-in-april-versus-march-u-n-fao-idUKKBN1I40R7 |
April 30 (Reuters) - Allegheny Technologies Inc:
* ALLEGHENY TECHNOLOGIES INC FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED- SEC FILING Source text ( bit.ly/2w5Rhpw ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-allegheny-technologies-inc-files-f/brief-allegheny-technologies-inc-files-for-potential-mixed-shelf-offering-idUSFWN1S71CR |
May 18, 2018 / 6:56 AM / Updated an hour ago Indonesia prosecutors seek death for cleric accused of planning attacks from jail Reuters Staff 3 Min Read
JAKARTA (Reuters) - Indonesian prosecutors on Friday sought the death penalty for radical Islamic cleric Aman Abdurrahman who is on trial accused of masterminding a series of attacks, including a deadly 2016 gun and suicide bomb assault in Jakarta, from his jail cell. Islamic cleric Aman Abdurrahman is seen inside a courtroom in Jakarta, Indonesia May 18, 2018 in this photo taken by Antara Foto. Antara Foto/Galih Pradipta/via REUTERS
Abdurrahman is on trial for “planning and/or mobilising others to carry out terrorist acts ... to create an atmosphere of terror among the public”.
Prosecutor Anita Dewayani told the court that under Indonesia’s anti-terrorism laws the defendant, if found guilty, should face the death sentence.
“In view of the law, we demand the South Jakarta Court judges sentence the defendant who has been found legally and convincingly to have carried out terrorism,” said Dewayani. Islamic cleric Aman Abdurrahman is seen inside a courtroom in Jakarta, Indonesia May 18, 2018 in this photo taken by Antara Foto. Antara Foto/Galih Pradipta/via REUTERS
Prosecutors have linked him to an alleged plot for a “Paris-style attack” targeting foreigners, as well as the January 2016 attacks in which eight people were killed, including four attackers, when suicide bombers and gunmen attacked the heart of the Indonesian capital.
They also say he was behind a suicide attack last year that killed three police officers at a Jakarta bus station and the bombing of a church in Samarinda on Borneo island that wounded four children. Policemen guard Islamic cleric Aman Abdurrahman inside a courtroom in Jakarta, Indonesia May 18, 2018 in this photo taken by Antara Foto. Antara Foto/Galih Pradipta/via REUTERS
Abdurrahman’s lawyer said in court on Friday that there was no evidence to link the defendant to the attacks.
“He believed in establishing a caliphate, but he never proposed bombing,” said lawyer Asrudin, adding that his client had only ever talked about carrying out jihad in Syria.
The cleric was re-arrested by police last year after serving time in prison for setting up a militant training camp in the Indonesian province of Aceh.
Authorities believe Abdurrahman is the ideological leader of Islamic State-linked Jamaah Ansharut Daulah (JAD), a militant group in the world’s most populous Muslim-majority country that the United States has designated as a terrorist organization.
Police linked a series of suicide bombings on churches and outside a police station in Surabaya this week to JAD.
In all, around 30 people were killed in the attacks, including 13 of the suspected suicide bombers. Reporting by Jessica Damiana; Writing by Ed Davies; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-security-court/indonesia-prosecutors-seek-death-for-cleric-accused-of-planning-attacks-from-jail-idUKKCN1IJ0KE |
ATLANTA, May 09, 2018 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the “Company”) today announced financial results for the first quarter ended March 31, 2018.
Q1 2018 financial highlights:
Gross profit increases to $3.3 million versus $2.7 million for the first quarter of 2017 Gross margin increases 480 basis points to 26.2% Reports net income attributable to common stockholders of $136,000 or $0.01 per share versus net loss of $727,000 or ($0.06) per share, for the same period in 2017 Waste treatment backlog increases 34% versus the same period last year Achieves Adjusted EBITDA (defined below) of $789,000
Mark Duff, President and CEO of the Company, commented, “I am pleased to report we achieved profitability for the first quarter of 2018, which reflects the success of our efforts to streamline operations while broadening our market base in both segments. Our revenue remained unchanged over Q1 2017 due to stability in our Services Segment, and strong backlog at our treatment facilities as we entered the first quarter. We continue to see our backlog grow within the Treatment Segment, which we believe provides us good visibility into the second quarter and second half of the year. We are further encouraged by the improved budget within the Department of Energy as well as defense clients that are beginning to move more waste while initiating remediation activities. As a result, we expect a solid year in our Treatment Segment. Within the Services Segment, this was an active quarter for project bids with several new proposal submittals, which we believe will provide potential for increased field projects this summer. Recent initiatives to increase efficiency at our treatment facilities coupled with reduced costs from closure of the M&EC facility, resulted in an improvement in both gross profit, and an increase in gross margin of more than 480 basis points. Accordingly, we generated $789,000 of adjusted EBITDA and achieved positive net income attributable to common shareholders.”
“Looking ahead, we continue to expand our offering, and are actively pursuing new opportunities that we believe will help drive growth and further diversify our revenues. The expansion initiatives at each of our treatment facilities should come on line in the third quarter, which we expect will help to further enhance our offering to clients and increase the addressable market.”
Financial Results
Revenue was $12.7 million for the first quarter of 2017 and 2018. Revenue from the Services Segment increased $1.0 million to $3.7 million for the first quarter of 2018 from $2.7 million for the same period in 2017. Revenue for the Treatment Segment decreased to $9.0 million for the first quarter of 2018 from $10.0 million for the same period in 2017 primarily from decreased waste volume.
Gross profit for the first quarter of 2018 was $3.3 million versus $2.7 million for the first quarter of 2017 primarily due to higher revenue in the Services Segment. Gross margin increased to 26.2% from 21.4% for the same period last year primarily due to higher revenue achieved within our Services Segment and the reduction in our fixed costs in our Treatment Segment.
Operating income for the first quarter of 2018 was $317,000 versus operating loss of $520,000 for the first quarter of 2017. Net income attributable to common stockholders for the first quarter of 2018 was $136,000 or $0.01 per share versus net loss of $727,000 or ($0.06) per share, for the same period in 2017.
The Company reported Adjusted EBITDA of $789,000 from continuing operations at March 31, 2018, as compared to Adjusted EBITDA of $835,000 from continuing operations during the corresponding period of 2017. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before research and development costs related to the Medical Isotope project. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA and Adjusted EBITDA is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s management utilizes EBITDA and Adjusted EBITDA as means to measure performance. The Company’s measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP numbers for income (loss) from continuing operations for the three months ended March 31, 2018 and 2017.
Quarter Ended March 31, (In thousands) 2018 2017 Income (loss) from continuing operations $ 253 $ (675 ) Adjustments: Depreciation & amortization 372 1,155 Interest income (49 ) (35 ) Interest expense 53 100 Interest expense - financing fees 9 9 Income tax expense 51 81 EBITDA $ 689 $ 635 Research and development costs related to Medical Isotope project 100 200 Adjusted EBITDA $ 789 $ 835 The tables below present certain unaudited financial information for the business segments, which excludes allocation of corporate expenses:
Quarter Ended Quarter Ended March 31, 2018 March 31, 2017 (Unaudited) (Unaudited) (In thousands) Treatment Services Medical Treatment Services Medical Revenues $ 8,959 $ 3,699 $ — $ 10,034 $ 2,673 $ — Gross profit 2,780 541 — 2,687 32 — Segment profit (loss) 1,693 (86 ) (100 ) 1,522 (707 ) (200 ) Conference Call
Perma-Fix will host a conference call at 11:00 a.m. ET on Wednesday, May 9, 2018. The call will be available on the Company’s website at www.perma-fix.com , or by calling 877-407-0778 for U.S. callers, or +1 201-689-8565 for international callers. The conference call will be led by Mark J. Duff, Chief Executive Officer, Dr. Louis F. Centofanti, Executive Vice President of Strategic Initiatives, and Ben Naccarato, Vice President and Chief Financial Officer of Perma-Fix Environmental Services, Inc.
A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through 11:00 p.m. May 15, 2018, and can be accessed by calling: 877-481-4010 (U.S. callers) or +1 919-882-2331 (international callers) and entering conference ID: 29065.
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the DOE, the Department of Defense ("DOD"), and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates three nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.
Please visit us at http://www.perma-fix.com .
This press release contains “forward‑looking statements” which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements generally are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”, “plan to”, “estimates”, “projects”, and similar expressions. Forward‑looking statements include, but are not limited to: good visibility into the second quarter and second half of the year; potential for increased field projects this summer; continue growth of backlog at our treatment facilities; encouraged by the improved budget within the Department of Energy as well as defense clients; expect a solid year in our Treatment Segment; expand our offering and pursuing new opportunities that will help drive growth and further diversify our revenues; expansion initiatives at each our treatment facilities should come on line in the third quarter; and reduced overhead.These forward‑looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures; our ability to apply, commercialize, and market our new technologies; the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract or terminates existing contracts; Our Medical Segment obtains necessary financing or capital to complete its development; regulatory approvals; that Congress provides continuing funding for the DOD’s and DOE’s remediation projects; ability to obtain new foreign and domestic remediation contracts; and the additional factors referred to under “Risk Factors” and "Special Note Regarding Forward-Looking Statements" of our 2017 Form 10-K and Form 10-Q for quarter ended March 31, 2018. The Company makes no commitment to disclose any revisions to forward‑looking statements, or any facts, events or circumstances after the date hereof that bear upon forward‑looking statements.
Please visit us on the World Wide Web at http://www.perma-fix.com .
FINANCIAL TABLES FOLLOW
Contacts:
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss-European Investor Relations
[email protected]
+43 316 296 316
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, (Amounts in Thousands, Except for Per Share Amounts) 2018 2017 Revenues $ 12,658 $ 12,707 Cost of goods sold 9,337 9,988 Gross profit 3,321 2,719 Selling, general and administrative expenses 2,780 2,850 Research and development 232 389 Gain on disposal of property and equipment (8 ) — Income (loss) from operations 317 (520 ) Other income (expense): Interest income 49 35 Interest expense (53 ) (100 ) Interest expense-financing fees (9 ) (9 ) Income (loss) from continuing operations before taxes 304 (594 ) Income tax expense (51 ) (81 ) Income (loss) from continuing operations, net of taxes 253 (675 ) Loss from discontinued operations, net of taxes of $0 (157 ) (131 ) Net income (loss) 96 (806 ) Net loss attributable to non-controlling interest (40 ) (79 ) Net Income (loss) attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 136 $ (727 ) Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: Continuing operations $ .02 $ (.05 ) Discontinued operations (.01 ) (.01 ) Net income (loss) per common share $ .01 $ (.06 ) Number of common shares used in computing net income (loss) per share: Basic 11,747 11,681 Diluted 11,773 11,681 PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited) (Audited) March 31, December 31, (Amounts in Thousands, Except for Share and Per Share Amounts) 2017 2017 ASSETS Current assets: Cash and equivalents $ 2,916 $ 1,063 Account receivable, net of allowance for doubtful accounts of $725 and $720, respectively 4,762 7,940 Unbilled receivables 4,574 4,547 Other current assets 3,621 3,674 Assets of discontinued operations included in current assets, net of allowance for doubtful accounts of $0 for each period presented 94 89 Total current assets 15,967 17,313 Net property and equipment 14,830 14,870 Property and equipment of discontinued operations, net of accumulated depreciation of $10 for each period presented 81 81 Intangibles and other assets 26,928 27,079 Other assets related to discontinued operations 176 195 Total assets $ 57,982 $ 59,538 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $ 17,547 $ 18,676 Current liabilities related to discontinued operations 892 905 Total current liabilities 18,439 19,581 Long-term liabilities 10,869 11,152 Long-term liabilities related to discontinued operations 351 359 Total liabilities 29,659 31,092 Commitments and Contingencies Series B Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized, 1,284,730 shares issued and outstanding, liquidation value $1.00 per share plus accrued and unpaid dividends of $1,011 and $955, respectively 1,285 1,285 Stockholders’ equity: Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding — — Common Stock, $.001 par value; 30,000,000 shares authorized, 11,754,697 and 11,738,623 shares issued, respectively; 11,747,055 and 11,730,981 shares outstanding, respectively 12 12 Additional paid-in capital 106,523 106,417 Accumulated deficit (78,074 ) (77,893 ) Accumulated other comprehensive loss (120 ) (112 ) Less Common Stock held in treasury, at cost: 7,642 shares (88 ) (88 ) Total Perma-Fix Environmental Services, Inc. stockholders' equity 28,253 28,336 Non-controlling interest in subsidiary (1,215 ) (1,175 ) Total stockholders' equity 27,038 27,161 Total liabilities and stockholders' equity $ 57,982 $ 59,538
Source:Perma-Fix Environmental Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-perma-fix-achieves-profitability-for-the-first-quarter-of-2018.html |
This Day in History, May 22, 2018 27 Mins Ago Among the events that happened on his day in history, in 1939 Hitler and Mussolini sign a military alliance called "Pact of Steel." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/this-day-in-history-may-22-2018.html |
03:00 03:00 | 9:52 AM ET Mon, 7 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/facebook-announces-major-reorganization.html |
DALLAS--(BUSINESS WIRE)-- Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended April 30, 2018.
For the three months ended April 30, 2018, revenue, gross profit, and net income were $478.2 million, $219.1 million, and $127.3 million, respectively. These represent an increase in revenue of $104.3 million, or 27.9%; an increase in gross profit of $46.6 million, or 27.0%; and an increase in net income of $36.8 million, or 40.6%, respectively, from the same quarter last year. Fully diluted earnings per share for the three months were $0.52 compared to $0.38 last year, an increase of 36.8%.
For the nine months ended April 30, 2018, revenue, gross profit, and net income were $1.4 billion, $573.9 million, and $308.1 million, respectively. These represent an increase in revenue of $287.1 million, or 26.8%; an increase in gross profit of $109.4 million, or 23.5%; and a decrease in net income of $15.8 million, or 4.9%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.28 compared to $1.37 last year, a decrease of 6.6%.
The operating results for the three and nine months ended April 30, 2018 were adversely affected by abnormal costs of $7.4 million and $79.7 million, respectively, incurred as a result of Hurricane Harvey. These costs included temporary storage facilities; premiums for subhaulers; labor costs incurred from overtime; travel and lodging due to the reassignment of employees to the affected region; and equipment lease expenses to handle the increased volume, as well as cost of vehicle sales. These costs, net of the associated revenues of $3.5 million and $66.9 million, respectively, generated pre-tax loss for the three months ended April 30, 2018 of $3.9 million, and a pre-tax loss of $12.8 million for the nine month period. The operating results for the nine months ended April 30, 2018 were also adversely impacted by a charge of $11.0 million to income tax expense for the deemed repatriation of foreign earnings and profits under the Tax Cuts and Jobs Act of 2017, net of deferred tax changes, and was offset by the Act’s reduction of the federal corporate income tax rate. Because Copart’s fiscal year includes periods before and after the effective date of the Act, during which the U.S. federal corporate tax rate was 35% and 21%, respectively, our U.S. federal corporate tax rate for fiscal year 2018 will be 26.9%. The operating results for the nine months ended April 30, 2018, include the benefit of this rate reduction.
Excluding the impact of income taxes on the deemed repatriation of foreign earnings, net of deferred tax changes, disposals of non-operating assets, foreign currency-related losses and gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, non-GAAP fully diluted earnings per share for the three months ended April 30, 2018 and 2017, were $0.52 and $0.37, respectively. Non-GAAP fully diluted earnings per share for the nine months ended April 30, 2018 and 2017, were $1.31 and $0.94, respectively. A reconciliation of non-GAAP financial measures to the most directly comparable financial measures computed in accordance with U.S. generally accepted accounting principles (GAAP) can be found in the tables attached to this press release.
On Thursday, May 24, 2018, at 11 a.m. Eastern time, Copart will conduct a conference call to discuss the results for the quarter. The call will be webcast live and can be accessed at http://stream.conferenceamerica.com/copart052418 . A replay of the call will be available through July 23, 2018 by calling (877) 919-4059. Use confirmation code # 12253443.
About Copart
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. Copart offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters, and in some cases, to end users. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers and also sells vehicles sourced from individual owners. With operations at over 200 locations in 11 countries, Copart has more than 125,000 vehicles available online every day. Copart currently operates in the United States ( Copart.com ), Canada (Copart.ca), the United Kingdom (Copart.co.uk), the Republic of Ireland (Copart.ie), Brazil ( Copart.com .br), Germany (Copart.de), the United Arab Emirates, Oman and Bahrain ( Copartmea.com ), Spain (Copart.es), and Finland (AVK.fi). For more information, or to become a Member, visit Copart.com/Register .
Use of Non-GAAP Financial Measures
Included in this release are certain non-GAAP financial measures, including non-GAAP net income per diluted share, which exclude the impact of income taxes on the deemed repatriation of foreign earnings, net of deferred tax changes, disposals of non-operating assets, foreign currency-related losses and gains, and certain income tax benefits and payroll taxes related to accounting for stock option exercises. These non-GAAP financial measures do not represent alternative financial measures under GAAP. In addition, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Furthermore, these non-GAAP financial measures do not reflect a comprehensive view of Copart’s operations in accordance with GAAP and should only be read in conjunction with the corresponding GAAP financial measures. This information constitutes non-GAAP financial measures within the meaning of Regulation G adopted by the U.S. Securities and Exchange Commission. Accordingly, Copart has presented herein, and will present in other information it publishes that contains these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.
Copart believes the presentation of non-GAAP net income per diluted share included in this release in conjunction with the corresponding GAAP financial measures provides meaningful information for investors, analysts and management in assessing Copart’s business trends and financial performance. From a financial planning and analysis perspective, Copart management analyzes its operating results with and without the impact of income taxes on the deemed repatriation of foreign earnings, net of deferred tax changes, disposals of non-operating assets, foreign currency-related losses and gains, and certain income tax benefits and payroll taxes related to accounting for stock option exercises.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, and these forward-looking statements are subject to substantial risks and uncertainties. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected or implied by our statements and comments. For a more complete discussion of the risks that could affect our business, please review the “Management’s Discussion and Analysis” and the other risks identified in Copart’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. We encourage investors to review these disclosures carefully. We do not undertake to update any forward-looking statement that may be made from time to time on our behalf.
Copart, Inc. Consolidated Statements of Income (In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended April 30, April 30, 2018 2017 2018 2017 Service revenues and vehicle sales: Service revenues $ 410,762 $ 332,346 $ 1,186,841 $ 949,457 Vehicle sales 67,436 41,516 169,631 119,928 Total service revenues and vehicle sales 478,198 373,862 1,356,472 1,069,385 Operating expenses: Yard operations 189,346 155,793 599,854 471,711 Cost of vehicle sales 57,538 34,785 146,148 101,558 Yard depreciation and amortization 11,188 9,951 33,617 29,116 Yard stock-based payment compensation 1,058 828 2,912 2,437 Gross profit 219,068 172,505 573,941 464,563 General and administrative 34,181 28,280 93,377 86,879 General and administrative depreciation and amortization 5,385 3,257 16,729 14,016 General and administrative stock-based payment compensation 4,883 4,180 14,327 13,176 Total operating expenses 303,579 237,074 906,964 718,893 Operating income 174,619 136,788 449,508 350,492 Other (expense) income: Interest expense, net (4,134 ) (5,506 ) (15,093 ) (16,888 ) Other income (expense), net 731 (194 ) (4,633 ) 117 Total other expenses (3,403 ) (5,700 ) (19,726 ) (16,771 ) Income before income taxes 171,216 131,088 429,782 333,721 Income tax expense 43,811 40,542 121,516 9,829 Net income 127,405 90,546 308,266 323,892 Net income attributable to noncontrolling interest 57 — 147 — Net income attributable to Copart, Inc. $ 127,348 $ 90,546 $ 308,119 $ 323,892 Basic net income per common share $ 0.55 $ 0.39 $ 1.33 $ 1.42 Weighted average common shares outstanding 232,010 229,920 231,387 228,146 Diluted net income per common share $ 0.52 $ 0.38 $ 1.28 $ 1.37 Diluted weighted average common shares outstanding 242,960 237,135 241,030 236,808 Copart, Inc. Consolidated Balance Sheets (In thousands)
(Unaudited)
April 30, 2018 July 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 204,275 $ 210,100 Accounts receivable, net 356,125 311,846 Vehicle pooling costs and inventories 52,523 41,281 Income taxes receivable 1,363 6,418 Prepaid expenses and other assets 16,616 17,616 Total current assets 630,902 587,261 Property and equipment, net 1,087,910 944,056 Intangibles, net 69,382 75,938 Goodwill 342,459 340,243 Deferred income taxes 1,239 1,287 Other assets 33,301 33,716 Total assets $ 2,165,193 $ 1,982,501 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 245,473 $ 208,415 Deferred revenue 5,906 5,019 Income taxes payable 18,048 6,472 Deferred income taxes — 92 Current portion of revolving loan facility and capital lease obligations 1,151 82,155 Total current liabilities 270,578 302,153 Deferred income taxes 3,927 3,192 Income taxes payable 27,303 24,573 Long-term debt, revolving loan facility and capital lease obligations, net of discount 398,914 550,883 Other liabilities 3,659 3,100 Total liabilities 704,381 883,901 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 23 23 Additional paid-in capital 497,010 453,349 Accumulated other comprehensive loss (90,412 ) (100,676 ) Retained earnings 1,053,510 745,370 Noncontrolling interest 681 534 Total stockholders' equity 1,460,812 1,098,600 Total liabilities and stockholders' equity $ 2,165,193 $ 1,982,501 Copart, Inc. Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Nine Months Ended April 30, 2018 2017 Cash flows from operating activities: Net income $ 308,266 $ 323,892 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization, including debt cost 50,678 43,951 Allowance for doubtful accounts 1,096 (542 ) Equity in losses of unconsolidated affiliates 679 584 Stock-based payment compensation 17,239 15,613 Loss (gain) on sale of property and equipment 4,044 (125 ) Deferred income taxes (17 ) 21,791 Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (43,361 ) (35,668 ) Vehicle pooling costs and inventories (8,290 ) (2,262 ) Prepaid expenses and other current assets (371 ) 1,440 Other assets (413 ) (1,185 ) Accounts payable and accrued liabilities 27,981 1,140 Deferred revenue 849 1,532 Income taxes receivable 5,043 (23,909 ) Income taxes payable 14,025 2,619 Other liabilities (251 ) (1,044 ) Net cash provided by operating activities 377,197 347,827 Cash flows from investing activities: Purchases of property and equipment, including acquisitions (188,482 ) (134,710 ) Proceeds from sale of property and equipment 3,368 554 Investment in unconsolidated affiliate — (3,566 ) Net cash used in investing activities (185,114 ) (137,722 ) Cash flows from financing activities: Proceeds from the exercise of stock options 23,816 30,171 Proceeds from the issuance of Employee Stock Purchase Plan shares 2,723 1,908 Payments for employee stock-based tax withholdings (3 ) (134,638 ) Net repayments on revolving loan facility (231,000 ) (73,000 ) Distributions to noncontrolling interest (55 ) — Net cash used in financing activities (204,519 ) (175,559 ) Effect of foreign currency translation 6,611 (774 ) Net (decrease) increase in cash and cash equivalents (5,825 ) 33,772 Cash and cash equivalents at beginning of period 210,100 155,849 Cash and cash equivalents at end of period $ 204,275 $ 189,621 Supplemental disclosure of cash flow information: Interest paid $ 15,406 $ 17,681 Income taxes paid, net of refunds $ 102,762 $ 9,452 Copart, Inc. Additional Financial Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended April 30, April 30, 2018 2017 2018 2017 GAAP net income attributable to Copart, Inc. $ 127,348 $ 90,546 $ 308,119 $ 323,892 Effect of deemed repatriation of foreign earnings, net of deferred tax changes 1,000 — 11,000 — Effect of disposal of non-operating assets, net of tax — — 2,994 — Effect of foreign currency-related losses (gains), net of tax (261 ) (167 ) 777 (295 ) Effect of income tax benefit of ASU 2016-09 adoption, net of tax (1) (3,085 ) (4,007 ) (9,448 ) (106,749 ) Effect of payroll taxes on certain executive stock compensation, net of tax — — — 3,307 Non-GAAP net income attributable to Copart, Inc. $ 125,002 $ 86,372 $ 313,442 $ 220,155 GAAP diluted net income per common share $ 0.52 $ 0.38 $ 1.28 $ 1.37 Non-GAAP diluted net income per common share $ 0.52 $ 0.37 $ 1.31 $ 0.94 GAAP diluted weighted average common shares outstanding 242,960 237,135 241,030 236,808 Effect on common equivalent shares from ASU 2016-09 adoption (1) (3,090 ) (1,692 ) (1,030 ) (2,065 ) Non-GAAP diluted weighted average common shares outstanding 239,870 235,443 240,000 234,743 (1) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. Under this standard, all excess tax benefits and tax deficiencies related to exercises of stock options are recognized as income tax expense or benefit in the income statement as discrete items in the reporting period in which they occur. Additionally, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. The Company adopted ASU 2016-09 during the fourth quarter of fiscal 2016 on a modified retrospective basis. For a more complete discussion, please review the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on September 27, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006496/en/
Copart, Inc.
Melissa Perry, 972-391-5090
Executive Support Manager, Office of the Chief Financial Officer
[email protected]
Source: Copart, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-copart-reports-third-quarter-fiscal-2018-financial-results.html |
Morgan Freeman apologizes, denies accusations 2:10am IST - 01:28
Actor Morgan Freeman said on Friday any suggestion he assaulted women or created an unsafe workplace is false, and apologized to anyone he may have upset after media reported that women have accused him of inappropriate behavior or harassment.
Actor Morgan Freeman said on Friday any suggestion he assaulted women or created an unsafe workplace is false, and apologized to anyone he may have upset after media reported that women have accused him of inappropriate behavior or harassment. //reut.rs/2KXIDM2 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/morgan-freeman-apologizes-denies-accusat?videoId=430611365 |
Bitcoin could soar as high as $64,000 in 2019 11 Hours Ago Bitcoin prices could soar as high as $64,000 in 2019, according to investment research firm Fundstrat. Fundstrat co-founder Tom Lee, says the economics of bitcoin mining could help propel bitcoin prices | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/bitcoin-prices-could-surge-to-64000.html |
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9Hv
LONDON, May 23 (Reuters) - Sterling fell to a fresh five-month low on Wednesday as investors awaited key inflation data that could help decide if the Bank of England raises interest rates this year.
Sterling slumped half a percent to $1.3372, its lowest since Dec. 27, before trimming some of its losses.
A broad rally by the dollar and dwindling expectations that interest rates will rise have caused what had been one of the best-performing major currencies to give up all its 2018 gains.
BoE policymaker Gertjan Vlieghe told the Treasury Committee of parliament on Tuesday that policy rates are set to rise 25 to 50 basis points every year over three years, a comment initially interpreted by markets as supportive for the pound.
But recent weak economic data means markets are now not even pricing in a full 25-basis-point hike by the end of 2018.
The inflation data due out at GMT 0830 will be scrutinised by investors to gauge whether the BoE might tighten monetary policy as early as August.
Concerns over Brexit meanwhile continue to hurt the pound.
Foreign minister Boris Johnson said Britain must ditch the European Union’s tariff rules as quickly as possible and run its own trade policy, Bloomberg reported on Tuesday. (Reporting by Tom Finn Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-sterling-open/sterling-falls-ahead-of-key-inflation-data-idUSL5N1SU1Y0 |
(Corrects margin of percentage increase to 3 percent not 4 percent)
JOHANNESBURG, May 24 (Reuters) - South African private hospital group Mediclinic reported a 3 percent rise in annual core profit on Thursday, boosted by a recovery in its Middle Eastern operations.
Mediclinic, which also owns Switzerland’s largest private hospital group Hirslanden, said core earnings - or adjusted earnings before tax, interest, depreciation and amortisation (EBITDA) - totalled 522 million pounds ($698 million) in the year ended March compared with 509 million pounds a year earlier.
$1 = 0.7483 pounds Reporting by Tiisetso Motsoeneng; Editing by MarkPotter
| ashraq/financial-news-articles | https://www.reuters.com/article/mediclinic-intl-results/corrected-south-africas-mediclinic-full-year-core-earnings-up-3-percent-idUSL5N1SU52V |
May 7 (Reuters) - Cerved Group SpA:
* Q1 REVENUE EUR 105.3 MILLION VERSUS EUR 97.2 MILLION YEAR AGO
* Q1 ADJUSTED NET PROFIT EUR 23.1 MILLION VERSUS EUR 22.4 MILLION YEAR AGO
* Q1 NET PROFIT EUR 16.0 MILLION VERSUS EUR 13.2 MILLION YEAR AGO
* CONFIRMS STRATEGIC OUTLOOK TO 2018 * IT IS FORESEEABLE THAT FINANCIAL YEAR 2018 WILL REGISTER GROWTH IN REVENUES AND ADJUSTED EBITDA Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cerved-group-q1-net-profit-up-at-e/brief-cerved-group-q1-net-profit-up-at-eur-16-0-mln-idUSFWN1SE105 |
GENEVA (Reuters) - Syria’s war rages unabated despite a fall in the number of besieged civilians, a senior U.N. official said on Thursday, warning of a potential worsening of the conflict in the rebel-controlled governorate of Idlib.
Soldiers loyal to Syria's President Bashar al Assad gesture outside Yarmouk Palestinian camp in Damascus, Syria May 2, 2018. SANA/Handout via REUTERS U.N. humanitarian adviser Jan Egeland said millions of civilians were still caught up in the seven-year-old conflict and many who escaped battle zones had to seek shelter in overcrowded camps for the displaced in Idlib in the northwest.
Insurgent officials say they fear an offensive against Idlib by Syria’s military and its allies Russia and Iran, something humanitarian agencies say could produce civilian suffering on a greater scale than during the siege of Aleppo last year.
“We cannot have a war in Idlib. I keep saying that now to Russia, to Iran, to Turkey, to the United States, to anyone that can have an influence,” Egeland told reporters.
He called for negotiations to protect the civilians, and said recent air raids in Idlib were a bad omen.
The war has been going President Bashar al-Assad’s way since Russia intervened on his side in 2015. From holding less than a fifth of Syria in 2015, Assad has recovered to control the largest chunk of the country with Russian and Iranian help.
The Idlib region remains the largest populated area of Syria in the hands of insurgents fighting the Damascus government. Syrians have poured into Idlib at an accelerating rate over the last two years from areas recaptured by the army.
Egeland said about 11,000 Syrians are still under siege and two million are hard to reach with humanitarian aid, compared to 625,000 under siege and 4.6 million who were hard to reach a year ago.
Soldiers loyal to Syria's President Bashar hold their weapons as they take positions outside Yarmouk Palestinian camp in Damascus, Syria May 2, 2018. SANA/Handout via REUTERS “FULL TO THE BRIM” “The notion that it is ebbing, this war, is completely wrong. This war is on and it’s still in the midst of the civilian population,” Egeland told reporters.
Egeland added there were reports of deals to evacuate people from some of the remaining sieges including from the former Palestinian refugee camp of Yarmouk south of Damascus.
Those evacuees were likely to go to Idlib, Egeland said, under what he said were deals done without U.N. or other humanitarian involvement. Under such agreements between rebels and the government, insurgents facing military defeat are permitted to withdraw to opposition-held areas.
It would have been better to protect them where they were, since Idlib was already “full to the brim” with displaced civilians living in the open and in congested camps, or crammed into collective centres, he said.
“They arrive at 2 a.m. every night now, just to find they can hardly get a bed,” he said.
Not all siege survivors go to Idlib. In eastern Ghouta, 40,000 were still in camps, with reports that men aged 16-65 were barred from leaving, Egeland said, adding U.N. aid access was severely restricted.
A rare positive development was a system of “deconfliction” - providing the warring parties with information about the locations of hospitals and other humanitarian sites. This year 500 sites had been added to 160 already in the system.
Slideshow (2 Images) But there had been four air raids on deconflicted sites this year. Russia had given the U.N. reports on air strikes on two hospitals in March, Egeland said, adding that he also wanted reports on strikes on hospitals in northern Homs last week.
“If there is no accountability, the system doesn’t work. I’m refusing to give up,” he said.
Reporting by Tom Miles, Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-egeland/syrias-war-grinds-on-no-respite-for-civilians-u-n-says-idINKBN1I42MK |
Appointed Mike Mutchler as President and CEO Engaged Whittle Consulting for an Optimization Study on the Mara Rosa Gold Project Extended the maturity of gold-linked credit facility to June 30, 2022 Closed a private placement for $5.2M with insiders subscribing for $1M Initiated a drilling program at Mara Rosa
TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSX-V:AGC) today announces its financial results for the first quarter (“Q1”) ended March 31, 2018. This press release should be read in conjunction with the Company’s condensed interim consolidated financial statements and Management’s Discussion & Analysis (“MD&A”) for the three months ended March 31, 2018, available on the Company’s website at www.amarillogold.com and under the Company’s name on SEDAR at www.sedar.com . All monetary amounts are expressed in Canadian dollars unless otherwise specified.
Mike Mutchler, CEO of Amarillo commented “With the successful closing of the private placement, the Company is well positioned to apply for the Installation License of the Mara Rosa Project next year. After already having received the Environmental License, the Installation License is the second major milestone prior to commencement of construction. Importantly, we have just started a 10K meter drilling program, which we believe would convert the 310K of inferred resources into indicated and extend the mine life to at least 10 years. We will also be doing some step-out drilling to explore for additional resources along trend and down dip from the current resource. Our work with Whittle Consulting on the Optimization Study of the deposit is ongoing. We expect a new resource by year end to provide the optimized case for mining the deposit that is timed to coincide with the beginning of the Feasibility Study in early 2019.”
FINANCIAL RESULTS
Expenses and Loss Three Months ended March 31 2018 2017 Management and consulting fees 166,295 280,549 General and administrative 117,768 106,070 Stock-based compensation 788,131 64,671 Professional fees 93,828 66,842 Other expenses (recoveries) (54,553) 90,323 Subtotal before other items 1,111,469 608,455 Accretion on gold loans 346,519 313,416 Subtotal of expenses before Fx and FV changes 1,457,988 921,871 Foreign exchange and FV of derivatives losses 500,285 695,012 Loss before taxes 1,958,273 1,616,883 Deferred tax 110,000 - Net loss 2,068,273 1,616,883 Loss per share (0.02) (0.02) The Company’s loss is mostly attributable to non-cash items related to the gold-linked loan consisting of accretion, mark to market adjustments for gold price increase and foreign exchange loss which aggregate $846,804 (Q1 2017: $1,008,428); and to non-cash stock-based compensation of $788,131 (Q1 2017: $64,671).
ABOUT AMARILLO
Amarillo is developing a highly economic, open pit gold resource at its Mara Rosa Project in the mining friendly jurisdiction of Goias State in Brazil. An Updated Pre-Feasibility Study (NI 43-101 technical report) for the Mara Rosa Project was filed on SEDAR on May 4, 2017. In addition, Amarillo has an advanced exploration project with excellent grades at Lavras do Sul, also in Brazil. A Mineral Resource Estimate Study (NI 43-101 technical report) for Lavras do Sul was filed on SEDAR on October 4, 2010. Both projects have excellent nearby infrastructure. The Mara Rosa Project was awarded the main permit (LP) that gives social and environment permission to mine. This has allowed Amarillo to move forward and work on the installation permit (LI) for the Mara Rosa Project.
For further information, please contact: Mike Mutchler or Karen Mate President & CEO External Communications 416-294-0736 416-230-6454 [email protected] [email protected] 32 Richmond St. East Suite 201 Toronto, ON Canada, M5C 1P1 Website: www.amarillogold.com 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 release.
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking Statements regarding the Company’s current expectations regarding future events, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions. Various factors may prevent or delay our plans, including but not limited to, the trading price of the Common Shares, certain lenders not advancing funds as required, contractor availability and performance, weather, access, mineral prices, and success and failure of the exploration and development carried out at various stages of the program. Permission from the Government and community is also required to proceed with future mining production. Readers should review the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. Readers should also review the risk factors applicable to junior mining exploration companies generally to better understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any Forward Looking Statements whether as a result of new information or future events or otherwise, except as me be required by law.
Source: Amarillo Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-amarillo-provides-business-update-and-announces-first-quarter-2018-financial-results.html |
IRVINE, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”), a vertically integrated, cannabis-focused agriculture company, today announced that it will release its First Quarter 2018 results on Thursday, May 10, 2018 after U.S. markets close.
The company will also host a conference call on Thursday, May 10, 2018 at 4:30 PM Eastern.
Dial-In Number: 1-857-232-0157 Access Code : 422095 Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to [email protected] with TRTC Question in the subject line. Mr. Peterson will answer as many questions as time will allow.
For those unable to participate in the live conference call, a replay will be available at http://smallcapvoice.com/blog/trtc/ . An archived version of the webcast will also be available on the investor relations section of the company's website.
To be added to the Terra Tech email distribution list, please email [email protected] with TRTC in the subject line.
About Terra Tech
Terra Tech Corp. (OTCQX:TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. The Company’s wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
For more information about Terra Tech Corp visit: http://www.terratechcorp.com/
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm Nevada visit: http://letsblum.com
For more information about Blüm Oakland visit: http://blumoak.com/
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Twitter @terratechcorp
For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts
Contact
Philip Carlson
KCSA Strategic Communications
[email protected]
212-896-1238
Source:Terra Tech Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-terra-tech-corp-aschedules-first-quarter-2018-earnings-release-for-thursday-may-10-2018.html |
NEW YORK (Thomson Reuters Foundation) - Scientists are hunting for the mysterious source of surging levels of a gas that is outlawed for depleting the planet’s protective ozone layer, United Nations officials said on Friday.
Production of the banned gas should be near zero but recent findings showed an increase in the atmosphere of 25 percent since 2012, according to a report published this week in the academic journal Nature.
Research points to it originating in East Asia, experts said.
The gas, trichlorofluoromethane, or CFC-11, was once commonly used in refrigerators and spray cans and has industrial uses.
U.N. experts want to “tighten down” the source of the gas emissions by fall, said Paul Newman, co-chairman of a panel helping enforce the agency’s Montreal Protocol that bans ozone-depleting chemicals.
The planet’s ozone layer shields life from cancer-causing solar rays.
CFC-11 is undetectable using common infrared techniques so scientists plan to utilize monitoring stations and aircraft observations, Newman said.
But pinpointing the exact location will be difficult, he told the Thomson Reuters Foundation.
“You really have to get nearby the production facilities themselves and find the stuff,” he said.
No country has been known to violate the Montreal Protocol in its 30 years of existence, said David Fahey, also a member of the treaty’s assessment panel.
“There’s certainly somebody who is responsible in that part of the world, but it could be inadvertent,” he told the Foundation.
In addition to damaging to the ozone layer, CFC-11 is also a planet-warming greenhouse gas thousands of time more potent than carbon dioxide, scientists say.
Reporting by Sebastien Malo @sebastienmalo, Editing by Ellen Wulfhorst Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-un-environment-ozone/signs-of-gas-banned-for-harming-climate-prompt-global-hunt-for-source-idUSKCN1IJ2QX |
FRANKFURT (Reuters) - Bayer’s potential synergies from buying U.S. rival Monsanto will be lower than $1.5 billion because of anti-trust divestments, the German company’s Chief Financial Officer told Germany’s Boersen-Zeitung.
Johannes Dietsch, CFO of German drugmaker Bayer AG, is addressing the media during the annual results news conference in Leverkusen, Germany February 22, 2017. REUTERS/Wolfgang Rattay The $1.5 billion savings targeted within three years are a “pro forma” synergy goal, which excluded the impact of divestments, Johannes Dietsch told the newspaper.
“The basis for revenue synergies is now lower. We will give an update on the topic of synergies,” Dietsch told the paper.
Last month Bayer said it had agreed to sell crop science businesses to German rival BASF to help win regulatory approval for the takeover of Monsanto.
Dietsch also said Bayer still plans to go ahead with a capital increase, declining to speculate about the size. The capital hike will happen around the time of the closing of the Monsanto deal, and will not come before May 25, he told Boersen-Zeitung.
Bayer will be preoccupied with reducing its debt levels in the immediate aftermath of a successful Monsanto acquisition, Dietsch told the paper.
When asked whether Bayer faces a “patent cliff” in its pharmaceuticals business once licenses for blockbuster drugs Xarelto and Eylea expire, Dietsch said, “The question is how do you strengthen the pharma pipeline. Do you need a large acquisition or are there other opportunities like cooperations, partnerships licensing deals and perhaps smaller acquisitions?”
“Nobody should expect that when two of our successful products become generic, that we can just replace them in the year after. In the medium term Pharma will be a growing business,” the paper Quote: d him as saying.
Reporting by Edward Taylor; Editing by Ros Russell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-monsanto-m-a-bayer/bayer-cfo-sees-lower-monsanto-synergies-after-divestments-boersen-zeitung-idUSKCN1ID0E5 |
(Adds details from statements)
May 2 (Reuters) - Prudential Financial Inc posted a better-than-expected quarterly adjusted profit on Wednesday as the insurer earned more fees from its annuities business.
Prudential, the largest U.S. life insurer by assets, earned $1.34 billion, or $3.08 per share, in adjusted operating profit after-tax for the first quarter ended March 31, up from $1.24 billion, or $2.79 per share, a year earlier.
Analysts had expected $2.98 per share, according to Thomson Reuters I/B/E/S.
The company, which has already returned about $760 million to shareholders through share repurchases and dividends, said it sees “strong return prospects” in the future.
Prudential managed $1.4 trillion in assets as of March 31, 2018, compared to $1.3 trillion a year earlier.
Adjusted operating earnings in Prudential’s U.S. individual annuities division rose about 10.9 percent to $519 million.
The results cap off a period in which investors and analysts have been trying to navigate how a variety of economic conditions are affecting the U.S. life insurance industry.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/prudential-finl-results/update-1-prudential-tops-profit-estimates-on-strength-in-annuities-business-idUSL3N1S95HS |
EMERGING MARKETS-Brazil's real climbs again after central bank defends rate decision Published 11:22 AM ET Tue, 22 May 2018 Reuters
decision@
SAO PAULO, May 22 (Reuters) - Brazil's real jumped almost 1 percent on Tuesday after the central bank released meeting minutes that many traders interpreted as hawkish, while a rally in commodities prices pushed up currencies in other major Latin American economies. Last Wednesday, Brazil's central bank unexpectedly kept the benchmark Selic rate at 6.50 percent, defying market expectations of a 25-basis-point cut. In the minutes of that meeting released early on Tuesday, the bank said it had considered a rate cut and acknowledged that the decision came as a surprise to the market. But the bank also indicated that the recent strength of the U.S. dollar had reduced the likelihood of Brazilian inflation remaining below the official target for the foreseeable future. The body also indicated it would likely keep the rate steady in the near future and called Wednesday's rate hold "the best possible decision." "In the central bank's argument, they say that inflation expectations have become unanchored toward the upside, which is to say that it's no longer necessary to cut the Selic rate," said José Francisco Gonçalves, head economist at Banco Fator in Sao Paulo. The real had climbed 0.98 percent by late morning, following a 1.35 percent gain on Monday, after the central bank almost quadrupled the value of its currency swap program. That followed a rough streak for the real, which reached its lowest level in two years on Friday. Elsewhere in Latin America, Chile's peso shot up some 1.27 percent, following global copper prices, which had jumped 1.45 percent by mid-day. Colombia's peso jumped 0.78 percent, boosted by prices for oil, which climbed back over $80 per barrel amid supply constraints.
Equities markets were relatively flat across the region. Among the major winners on Brazil's benchmark Bovespa index was state electricity utility Cia Energetica de Minas Gerais SA. Its shares rose 4 percent after the nation's electricity regulator approved a power tariff hike.
Key Latin American stock indexes and currencies at 1446 GMT:
Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1143.56 0.62 -1.9 MSCI LatAm 2721.91 1.22 -4.92 Brazil Bovespa 81972.79 0.19 7.29 Mexico IPC 45231.07 -0.16 -8.35 Chile IPSA 5664.87 -0.05 1.80 Chile IGPA 28671.63 -0.03 2.47 Argentina MerVal 31588.50 -0.14 5.07 Colombia IGBC 12109.14 0.2 6.49 Venezuela IBC 22940.52 0.63 1716.15 Currencies daily % YTD % change change
Latest
Brazil real 3.6525 0.98 -9.29 Mexico peso 19.7655 0.25 -0.34 Chile peso 628.5 1.27 -2.20 Colombia peso 2852.75 0.78 4.53 Peru sol 3.274 0.27 -1.13 Argentina peso 24.3200 0.29 -23.52
(interbank)
Argentina peso 25.3 0.40 -23.99
(parallel) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-emerging-markets-brazils-real-climbs-again-after-central-bank-defends-rate-decision.html |
LONDON, May 21, 2018 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) has been advised that IGT's majority shareholder, De Agostini S.p.A. ("De Agostini"), proposes to enter into a variable forward transaction (the "Forward Transaction") with Credit Suisse International ("Credit Suisse") relating to up to 18,000,000 IGT ordinary shares.
IGT is not a party to the Forward Transaction, which is described in greater detail below and in the related prospectus supplement, and is not issuing or selling any IGT ordinary shares in connection with the Forward Transaction. As such, IGT will not receive any proceeds from the sale of the IGT ordinary shares in the Forward Transaction. There is no impact to IGT's income statement, balance sheet, cash flows, share count, or dividends as a result of the Forward Transaction.
Lorenzo Pellicioli, CEO of De Agostini, stated: "With the Forward Transaction, De Agostini's objective is to rebalance the profile of its portfolio of assets. We remain fully committed to continue supporting IGT's long-term development. In this context, for the foreseeable future, it is our intention to remain IGT's controlling shareholder and we are not contemplating any additional transaction involving IGT shares."
IGT has also been advised that, to hedge the exposure under the Forward Transaction, Credit Suisse or its affiliates will borrow approximately 13,200,000 IGT ordinary shares from third-party stock lenders and will sell such IGT ordinary shares in an underwritten public offering through Credit Suisse Securities (USA) LLC, acting as the underwriter, pursuant to an automatically effective registration statement on Form F-3 (including a base prospectus) that has been filed by IGT with the U.S. Securities and Exchange Commission (the "SEC").
IGT has also been advised that Credit Suisse or its affiliates will borrow an additional, approximately 4,800,000 IGT ordinary shares from third-party stock lenders and that Credit Suisse or its affiliates expect to sell these additional IGT ordinary shares, from time to time after the offering, in block sales, on the NYSE, in the over-the-counter market or in negotiated transactions. These additional IGT ordinary shares will not be included in the public offering described above. IGT has been advised by Credit Suisse that it expects that, over the period during which it sells these additional IGT ordinary shares, Credit Suisse or its affiliates will purchase an approximately equal number of IGT ordinary shares in the open market.
Description of the Forward Transaction
The Forward Transaction has economic characteristics similar to a collar with respect to the underlying IGT ordinary shares (i.e., it effectively consists of De Agostini purchasing a put option with a certain strike price and simultaneously selling a call option with a higher strike price). The Forward Transaction provides De Agostini with a pre-defined minimum value for the underlying IGT ordinary shares while retaining any meaningful benefits from any appreciation in the value of the underlying IGT ordinary shares. The Forward Transaction is divided into multiple tranches that are scheduled to mature over a period commencing on or about four years from May 2018. The Forward Transaction will be settled for any tranche at De Agostini's election either (i) in cash (in which case De Agostini will retain the underlying IGT ordinary shares), or (ii) by physical delivery of IGT ordinary shares, if certain gaming-related conditions and other conditions are met. De Agostini has agreed that it will not, prior to the satisfaction during the first year of certain collateral requirements, sell, pledge, or otherwise transfer any of its IGT ordinary shares.
In connection with the Forward Transaction, and subject to satisfying certain conditions, including the pledge of the 18,000,000 IGT ordinary shares to Credit Suisse, De Agostini may elect to obtain a prepayment from Credit Suisse in an amount based on the put option strike price at maturity. Following such prepayment, the Forward Transaction will have economic characteristics similar to a collar together with a loan. De Agostini has indicated to IGT that the proceeds of any prepayment may be used by De Agostini for investments and general corporate purposes. De Agostini will retain the right to vote the pledged IGT ordinary shares (but will lose the right to direct the voting of any related special voting shares).
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2017 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com . Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in its entirety by this cautionary statement.
Contact:
Robert K. Vincent, Corporate Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
James Hurley, Investor Relations, +1 (401) 392-7190
Simone Cantagallo, +39 06 51899030; for Italian media inquiries
View original content with multimedia: http://www.prnewswire.com/news-releases/international-game-technology-plc-announces-variable-forward-transaction-by-de-agostini-spa-and-related-registered-public-offering-of-igt-ordinary-shares-300652174.html
SOURCE International Game Technology PLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-international-game-technology-plc-announces-variable-forward-transaction-by-de-agostini-s-p-a-and-related-registered-public.html |
* Oil prices slide ahead of Trump decision at 2 p.m. ET
* CNN reports U.S. to stay in deal; NY Times reports pull out
* Indexes down: Dow 0.32 pct, S&P 0.31 pct, Nasdaq 0.25 pct
* Citigroup rises after ValueAct investment
* Comcast drops on news it will crash Disney-Fox deal (Changes comments, adds details, updates prices)
By Medha Singh and Sruthi Shankar
May 8 (Reuters) - Wall Street was lower in choppy trading on Tuesday afternoon, as oil prices slid on uncertainty over whether President Donald Trump would withdraw the United States from the Iran nuclear deal.
Stocks were lower for most part of the morning before sharply paring losses after CNN reported Trump was expected to impose sanctions on Iran, but may also allow for “a grace period that may offer the deal’s proponents an opening to negotiate.”
But those moves evaporated just as quickly after the New York Times reported that Trump told French President Emmanuel Macron the United States was going to pull out.
Macron’s office later said Trump had not given the French leader any indication of his decision. The announcement will be made at 2 p.m. ET (1800 GMT).
“We’re getting conflicting reports about the Iran deal. The market will struggle until we get clarity on this,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
Crude prices were down more than 2 percent, easing from steeper losses after the CNN report. The S&P energy sector, which led a rally on Wall Street in the past two days, was down 0.7 percent.
“There’s just a lot of uncertainty right now with respect to what the announcement will be and what the effect on oil prices could be as a result, so people are trading every which way,” said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston.
At 12:36 a.m. EDT the Dow Jones Industrial Average was down 77.12 points, or 0.32 percent, at 24,280.20, the S&P 500 was down 8.27 points, or 0.31 percent, at 2,664.36 and the Nasdaq Composite was down 18.18 points, or 0.25 percent, at 7,247.03.
The CBOE Volatility Index rose 0.28 points to 15.03, gaining for the first time in four sessions.
The S&P financial sector was up 0.6 percent, and along with the industrials group, was the only other gainer among the 11 major S&P sectors.
Citigroup rose 3.4 percent after activist investor ValueAct invested $1.2 billion in the bank, citing its low risk and reliable revenue.
Comcast fell 4.8 percent after Reuters reported the cable operator is preparing to make an all-cash offer for media assets that Twenty-First Century Fox has agreed to sell to Disney for $52 billion.
Disney, which is due to report its results after markets close, was down 1.4 percent. Fox’s shares rose 0.1 percent.
The Dow Jones Transport Index jumped 0.8 percent on boost from logistics company Expeditors, which jumped 7.8 percent after reporting strong first-quarter earnings.
Declining issues outnumbered advancers for a 1.54-to-1 ratio on the NYSE and a 1.05-to-1 ratio on the Nasdaq.
The S&P index recorded 15 new 52-week highs and seven new lows, while the Nasdaq recorded 96 new highs and 32 new lows. (Reporting by Medha Singh and Sruthi Shankar in Bengaluru; Additional reporting by Savio D’Souza, Sinead Carew and Caroline Valetkevitch; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-drops-in-choppy-session-on-uncertainty-over-iran-deal-idUSL3N1SF5O1 |
WASHINGTON (Reuters) - Goldman Sachs Group Inc ( GS.N ) agreed on Tuesday to pay $110 million to resolve allegations by two U.S. regulators that its foreign exchange traders shared information about investment positions.
The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid Half the $110 million fine will be paid to the Federal Reserve and the rest will go to the New York Department of Financial Services (NYDFS).
Related Coverage UK territories ordered to open up about secretive companies “The firm failed to detect and address its traders’ use of electronic chatrooms to communicate with competitors about trading positions,” the Fed said in a statement.
Goldman Sachs said it was pleased it had resolved the Fed’s and the NYDFS’ “respective reviews and appreciate their recognition that we have already taken significant steps to enhance our policies and procedures.”
Regulators examined investments going back to 2008 and involved traders’ use of chatrooms as they took positions in the currency market through 2013.
As part of the settlement, Goldman agreed to hire a third-party to monitor future trades and meet new compliance standards.
Reporting by Patrick Rucker and Katanga Johnson; Editing by James Dalgleish and Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-goldman-sachs-forex/goldman-sachs-agrees-to-pay-55-million-to-settle-forex-claims-by-fed-idUSKBN1I23YJ |
Denver Broncos running back De’Angelo Henderson was briefly hospitalized after an auto accident on Saturday night, he disclosed on his Instagram account.
Dec 31, 2017; Denver, CO, USA; Denver Broncos running back De'Angelo Henderson (33) runs through the tackle of Kansas City Chiefs linebacker Ramik Wilson (53) and defensive back Eric Murray (21) for a touchdown in the second quarter at Sports Authority Field at Mile High. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports Henderson’s Jeep was one of several vehicles struck by a driver attempting to elude police after the vehicle was reported as stolen earlier in the day.
Henderson was transported to a hospital and was treated and released. He suffered scrapes and bruises.
Henderson expressed thanks to rescue personnel, police and others in his social media post on Monday.
“With OTAs a week a way and a season that I’m competing for a significant roll, the most traumatic event I’ve probably ever had to deal with occurs,” he wrote. “T-boned, airborne, flipped, and rolled. I plowed through my jammed door and exit my Jeep on my own. I’m truly blessed that God protected me through this accident. Without his favor I don’t know if I would’ve survived.
“I’m thankful to only came out with minor injuries and a few scrapes and bruises. Thank you to the Parker Police and South Metro Fire Rescue in Parker for getting to me asap, attending all my needs and transporting me to the hospital safely. Thank you to the doctors at Parker Adventist for treating me as a first class patient also. I’m very grateful and humbled to be alive.
“My family and I thanks everyone who has prayed for me over the last few days. My thoughts and prayers are with the other victims and I hope they all are safe and doing well. In the mean time I’m rehabbing and getting my body ready to participate in OTAs next week. Thanks everyone again!!! Jeremiah 29:11”
According to police in Parker, Colo., the stolen vehicle was driven by a 36-year-old woman, Rainbow Sunset Espinoza.
Espinoza was booked on multiple charges, including reckless driving, DUI, aggravated motor vehicle theft, vehicular eluding and assault with a deadly weapon.
Espinoza hit multiple cars during the pursuit, causing four people to be transported to hospitals.
Henderson had seven carries for 13 yards as a rookie last season. He played in five games.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-den-henderson-accident/broncos-running-back-henderson-ok-after-scary-accident-idUSKCN1IG0H1 |
SINGAPORE, May 24 (Reuters) - Singapore’s first quarter economic growth was revised higher, with firm expansion in the city-state’s manufacturing sector, data showed on Thursday.
The economy grew 1.7 percent in the January-March quarter from the previous three months on an annualised and seasonally adjusted basis, revised final figures from the Ministry of Trade and Industry showed.
The government’s initial estimate, released on April 13, had showed the economy grew 1.4 percent.
Gross domestic product grew 4.4 percent in the first quarter from a year earlier, faster than the advance estimate of 4.3 percent growth.
The MTI also revised its GDP forecast range for 2018 to 2.5 to 3.5 percent, from 1.5 to 3.5 percent previously.
The median forecast of 11 analysts in a Reuters poll predicted 1.4 percent quarter-on-quarter growth and a 4.3 percent annual expansion.
The city-state’s economy grew 3.6 percent in 2017, the ministry said, the fastest pace in 3 years. (Reporting by Fathin Ungku; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/singapore-economy-gdp/singapore-q1-gdp-growth-revised-up-to-1-7-pct-q-q-idUSS7N1HJ029 |
* Creates multinational engineering and construction group
* M&R to early redeem Aveng’s outstanding convertible bonds
* No firm offer made yet
* M&R biggest shareholder ATON will not support deal (Adds shareholder ATON saying does not support proposed deal)
By Nqobile Dludla
JOHANNESBURG, May 18 (Reuters) - South African-based Murray & Roberts has agreed to buy construction firm Aveng Limited, although its biggest shareholder ATON said it will not support the one billion rand ($78.5 million) takeover.
The proposed deal announced by both firms on Friday would give additional scale in Murray & Roberts’ (M&R) key markets such as Australasia and Africa, while shoring up liquidity in loss-making Aveng in the near-term.
The deal comes after a month after Murray & Roberts (M&R) rejected a takeover bid by German investor and biggest shareholder ATON.
M&R said in a statement if a formal offer is made, it will buy out Aveng’s stock worth 1 billion rand by issuing new shares, assuming that Aveng separately raises at least 300 million rand in new capital through its proposed rights offer.
Should Aveng not be able to raise 300 million rand, the transaction value will be reduced, it added.
M&R spent billions of rand transforming itself from a local builder to a multinational firm with operations in Southern Africa, North America and Australasia regions.
But has been under pressure for nearly a decade as its order book has been hit by a weak South African economy and reduced spending by clients in oil, gas and mining industries.
The merger would see Aveng integrate its Moolmans and McConnell Dowell businesses with Murray & Roberts’ underground mining and oil and gas portfolios.
“The primary objective of the potential transaction is to establish a large multinational engineering and construction group with the scale necessary to compete more effectively in relevant markets,” Murray & Roberts’ Chief Executive Henry Laas said.
Aveng’s Australia-based business, McConnell Dowell, is a major engineering, construction, and maintenance contractor, focused on the building, infrastructure and oil & gas sectors in Australia, New Zealand, the Pacific Islands, Southeast Asia, and the Middle East.
Its mining business, Moolmans, is one of the largest surface mining contractors in Africa, involved in all aspects across the mining value chain.
But M&R’s biggest shareholder ATON said in a statement it will not support the proposed transaction, saying “it clearly demonstrates that M&R’s management is putting its interest ahead of those of shareholders and other stakeholders.”
In ATON’s view the deal will negatively impact shareholders due to what it said was the high premium paid to Aveng shareholders, substantial dilution of existing M&R shareholders and significantly heightened debt burden, integration and restructuring risks are likely to hinder its growth.
“There is no basis for the proposed general meeting in relation to the proposed transaction at this stage neither will the proposed transaction be supported by ATON,” it said.
Aveng has been making losses after being hit by a slump in South Africa’s construction industry and struggling with a debt-burden of 3.25 billion rand but has embarked on a shakeup of its business. Its shares shot up nearly 30 percent at one point on news of the deal, before it pared gains.
In addition to the potential merger, M&R proposed to redeem Aveng’s outstanding convertible bonds maturing in 2019 early by amending the terms and conditions. If implemented, settlement of the bonds will be at par value 2 billion rand plus accrued interest.
This will be funded from a combination of new financing facilities of 1.8 billion rand and available cash resources.
Shares in Aveng had reversed earlier gains and closed down 1.10 percent to 90 cents, while Murray & Roberts’ shares reversed losses and closed 4.03 percent higher to 16.01 rand. ($1 = 12.6876 rand) (Reporting by Nqobile Dludla Editing by Keith Weir and Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/murray-roberts-ma-aveng/rpt-update-2-south-africas-murray-roberts-agrees-deal-for-aveng-idUSL5N1SP549 |
Startup culture emerges from Greek economy woes 6:51am EDT - 01:56
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports.
Greece is a place where roughly one-in-five people are unemployed. It's left many with few options: think outside the box to pay the bills, or immigrate to richer shores. Matthew Larotonda reports. //reut.rs/2FGhIBF | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/startup-culture-emerges-from-greek-econo?videoId=423793398 |
SEOUL (Reuters) - South Korea’s President Moon Jae-in said on Monday there could be more impromptu talks with North Korea including summits between pre-arranged dialogue.
South Korean President Moon Jae-in speaks during a news conference at the Presidential Blue House in Seoul, South Korea, May 27, 2018. REUTERS/Kim Hong-Ji Moon and North Korean leader Kim Jong Un held a surprise meeting on Saturday at the border village of Panmunjom, during which they agreed that a North Korea-U.S. summit must be held.
U.S. President Donald Trump last week pulled out of a meeting with Kim, planned for June 12 in Singapore, before floating its reinstatement.
“What’s more important than anything from the latest inter-Korean summit was that the leaders easily got in contact, easily made an appointment and easily met to discuss urgent matters, without complicated procedures and formalities, just like a casual meeting,” Moon told a meeting with senior secretaries.
“If we could hold working-level, back-to-back talks on both sides of Panmunjom if urgently necessary in addition to formal summits, it would expedite faster advancement of inter-Korean relations.”
Reporting by Hyonhee Shin; Editing by Lincoln Feast
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles-southkorea-moon/south-koreas-moon-calls-for-more-impromptu-talks-with-north-korea-idINKCN1IT0EW |
April 30 (Reuters) - Asia Plus Group Holdings PCL:
* Q1 NET PROFIT 228.2 MILLION BAHT VERSUS 192.4 MILLION BAHT
* Q1 TOTAL REVENUE 795.3 MILLION BAHT VERSUS 634.7 MILLION BAHT Source text: ( bit.ly/2HDfHvA ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-asia-plus-group-holdings-pcl-says/brief-asia-plus-group-holdings-pcl-says-q1-net-profit-228-2-mln-baht-idUSFWN1S70GJ |
BENGALURU, May 22 (Reuters) - Gold prices were largely steady on Tuesday, after posting a fresh low for the year-to-date in the previous session, as the U.S. dollar took a breather from its recent rally to trade below a five-month high. FUNDAMENTALS * Spot gold was nearly unchanged at $1,292.66 per ounce, as of 0044 GMT. In the previous session, it slid to $1,281.76, its lowest since Dec. 27. * U.S. gold futures for June delivery climbed 0.1 percent to $1,292.50 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, was 0.2 percent lower at 93.478. The dollar had advanced to a five-month high against a basket of currencies on Monday, as news of a truce between the United States and China on trade tariffs prompted investors to pare back short positions on the greenback. * Asian shares extended gains on Tuesday on renewed optimism about global growth as the United States and China agreed to drop their tariff threats, while oil climbed to multi-year peaks over political uncertainty and potential sanctions in Venezuela. * Washington and Beijing both claimed victory on Monday as the world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China. * U.S. President Donald Trump said China had pledged to buy "massive amounts" of American agricultural products but gave no other details about planned commitments from Beijing following U.S.-China trade talks last week. * Critics at home and abroad on Monday denounced the re-election of Venezuela's socialist President Nicolas Maduro as a farce cementing autocracy, while the U.S. government imposed new sanctions on the crisis-stricken oil-producing country. * The United States on Monday demanded Iran make sweeping changes - from dropping its nuclear programme to pulling out of the Syrian civil war - or face severe economic sanctions as the Trump administration hardened its approach to Tehran. * Rising inflation means the U.S. Federal Reserve should hike interest rates two or possibly three more times this year, and could move as soon as next month, Philadelphia Fed President Patrick Harker said on Monday. * The Bank of Japan on Monday won approval from influential members of the government's leading advisory panel for its decision to abandon the time frame it had set for meeting its inflation target. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.38 percent to 852.04 tonnes on Monday from 855.28 tonnes on Friday. DATA/EVENT AHEAD (GMT) 1400 U.S. Richmond Fed composite index May (Reporting by Karen Rodrigues in Bengaluru, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-prices-steady-on-weaker-dollar-idUSL3N1ST03N |
May 1 (Reuters) - Johnston Press Plc, which publishes The Scotsman and The Yorkshire Post, said Ashley Highfield resigned as its chief executive and that it promoted CFO David King as its new CEO.
King will assume the role at its annual general meeting on June 5, the company said, adding that a new CFO will be appointed in due course. (Reporting By Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier)
| ashraq/financial-news-articles | https://www.reuters.com/article/johnston-press-ceo/johnston-press-says-ceo-highfield-resigns-idUSL3N1S81DS |
DALLAS, May 21, 2018 /PRNewswire/ -- BP Energy Partners, LLC ("BPEP") is pleased to announce an existing portfolio company of BPEP, Thigpen Solutions LLC ("Thigpen Solutions") has acquired substantially all of the assets of Thigpen Energy, LLC and TRF Energy Solutions, LLC (collectively "Thigpen Energy") for an undisclosed amount. The new entity will continue to operate under the Thigpen Energy name.
Thigpen Energy is a leader in the engineering, design, implementation and execution of turnkey projects to deliver liquefied natural gas ("LNG"), compressed natural gas ("CNG") and field gas to pipeline operators and other industrial customers. In addition to serving and expanding the footprint with Thigpen Energy's existing clients, the new entity will focus on other industrial end-users and markets including the oil and gas sector.
"I am very excited about the addition of Thigpen Energy's team and assets to our organization," said Sam Thigpen, Founder and CEO of Thigpen Solutions. "The hard work and dedication of the people at Thigpen Energy have produced a reputation for customer service that is second to none. The fleet of assets and the team's experience provides us a strong foundation from which to grow in the natural gas solutions space. The ability to provide LNG, CNG, field gas, and other natural gas services, makes ours one of the most comprehensive service offerings in the market today."
Michael Watzky, Managing Partner at BPEP, said, "We are excited about adding the Thigpen Energy assets and people to the BPEP platform. Thigpen Energy delivers cost savings and operational efficiencies to its customers by providing cheap, abundant natural gas to those not connected to pipelines or where pipeline service is not available. BPEP continues to capitalize on the growing demand of natural gas by providing growth capital to businesses like Thigpen Energy which operate within the natural gas value chain."
About Thigpen Energy
Thigpen Energy was founded in October 2005, on the principle of providing the energy industry with the most effective and comprehensive integrated solutions in North America. Thigpen Energy's natural gas turnkey solutions include providing LNG and CNG fueling for pipeline integrity projects, utilities, winter peak-shaving operations, and supplemental gas supply for industrial and commercial customers. Thigpen Energy offers cost savings on energy supply to customers not connected to natural gas pipelines and flexibility for those who are connected to pipelines when the unexpected occurs – whether that be supply shortages, inaccessible pipeline gas supply, or facility outages.
About BP Energy Partners
BP Energy Partners, LLC is a middle market private equity firm focused on the energy industry that brings operating experience, knowledge, relationships and executional know-how, in addition to capital, to partner with entrepreneurs, family-run businesses and management teams with the goal of growing investments in the energy space. BPEP invest growth capital across a wide range of energy dependent industries and sectors along the natural gas value chain, including oil field services, midstream, power, logistics / transportation and basic industry.
Contact: Loren Soetenga
214-265-8473
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/bp-energy-partners-portfolio-company-purchases-assets-of-thigpen-energy-300652013.html
SOURCE BP Energy Partners, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-bp-energy-partners-portfolio-company-purchases-assets-of-thigpen-energy.html |
MONTRÉAL, May 22, 2018 /PRNewswire/ - Caisse de dépôt et placement du Québec (CDPQ) and Invenergy today announced an increase of CDPQ's stake in Invenergy Renewables LLC (Invenergy Renewables), North America's largest privately held renewable energy company. With this transaction, CDPQ will have a 52.4% economic ownership in Invenergy Renewables, while Invenergy will continue to be the managing member of the company.
As part of Invenergy's diversified development and operations platform, Invenergy Renewables is a global leader in wind and solar power generation and advanced energy storage projects, having developed projects totalling approximately 14,000 megawatts. Present in the Americas, Europe and Asia, Invenergy has built an extensive expertise in the various stages of the industry's value chain, including the development, construction, operations and maintenance of renewable projects.
This additional investment by CDPQ marks an important chapter in its partnership with Invenergy. Having initially invested in 2013 in wind farms operated by the company, CDPQ acquired the following year a direct stake in Invenergy Renewables, gaining exposure to the development and construction of greenfield renewables projects, alongside a partner recognized in the market for delivering high-quality projects on time and on budget. Since then, CDPQ has gradually increased its investment in the company.
"Invenergy is a true renewable energy leader. Over the years, we have seen the company's impressive know-how, particularly in developing and operating projects, and its capacity to continuously innovate," said Rana Ghorayeb, Senior Vice-President, Investment, Infrastructure at CDPQ. "The wind and solar energy sector is a promising one for CDPQ, and this investment is in line with our strategy announced last fall to increase our exposure to low-carbon assets."
"CDPQ is leading the way as investors recognize the tremendous potential of renewable energy," said Jim Murphy, President & Chief Operating Officer at Invenergy. "Invenergy has created a world class platform for the development and operations of clean energy projects, and our partnership with CDPQ strengthens that platform."
In October 2017, CDPQ presented its investment strategy to address climate change, which sets out targets and means for making a constructive contribution, as an investor, to the transition toward a low carbon global economy. To learn more about the strategy, visit:
http://www.cdpq.com/en/investments/responsible-investment
The transaction is subject to certain regulatory approvals.
ABOUT INVENERGY
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own and operate large-scale renewables and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe. For more information, please visit www.invenergyllc.com .
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2017, it held CA$298.5 billion (US$238.2 billion) in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com , follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
View original content: http://www.prnewswire.com/news-releases/cdpq-acquires-significant-additional-stake-in-invenergy-renewables-llc-300652610.html
SOURCE Caisse de dépôt et placement du Québec | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-cdpq-acquires-significant-additional-stake-in-invenergy-renewables-llc.html |
China's Xiaomi lifts lid on Hong Kong I.P.O. 8:12am EDT - 01:22
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could raise about $10 billion in the largest listing globally in almost four years. Ed Giles
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could raise about $10 billion in the largest listing globally in almost four years. Ed Giles //reut.rs/2rjlrja | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/chinas-xiaomi-lifts-lid-on-hong-kong-ipo?videoId=423479204 |
A deadly E.coli outbreak tied to romaine lettuce has shaken consumers’ faith in the nation’s favorite salad green, resulting in millions of dollars in losses for growers, retailers and restaurants.
More than six weeks into the outbreak, prices for romaine, historically the most-sold salad green, have dropped by more than half. Grocers nationwide have been clearing it from shelves in hundreds of stores. Several restaurants that served romaine are facing lawsuits from customers, and wholesalers have had to quickly round up kale... | ashraq/financial-news-articles | https://www.wsj.com/articles/effects-of-e-coli-outbreak-in-lettuce-ripple-through-u-s-food-supply-chain-1527681604 |
May 6, 2018 / 4:23 PM / Updated 21 minutes ago Rights group asks UAE for whereabouts of Dubai princess Reuters Staff 3 Min Read
DUBAI (Reuters) - Human Rights Watch (HRW) has called on United Arab Emirates authorities to disclose the whereabouts and condition of a daughter of Dubai’s ruler, following reports that she was forcibly returned after fleeing the Gulf Arab state.
The rights group identified the daughter as Sheikha Latifa bin Mohammad al-Maktoum, 32, and said that failure to disclose her status could “qualify as an enforced disappearance, given the evidence suggesting that she was last seen as UAE authorities were detaining her”.
UAE officials did not immediately respond to a Reuters request for comment. A source close to the government of Dubai told Reuters that “Latifa is safe and sound with her family” but declined further comment, citing legal considerations.
The UAE has also yet to comment on recent media reports that Sheikha Latifa, a daughter of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, announced in a video that she was fleeing the emirate due to restrictions imposed on her by her family.
The reports said she escaped with the help of friends on a yacht owned by a Frenchman which was later intercepted off the coast of India.
“A witness told Human Rights Watch that UAE authorities intercepted Sheikha Latifa on March 4, 2018, as she tried to flee by sea to a third country, and returned her to the UAE,” the rights group said in its statement.
HRW quoted two friends of Sheikha Latifa as saying she had not been seen or heard from for two months. “If she is detained she needs to be given the rights all detainees should have, including being taken before an independent judge,” it said.
The rights group quoted Finnish national Tiina Jauhiainen, described as a friend of Sheikha Latifa who was one of several foreigners on the boat, as saying the Indian Coast Guard participated in the raid on the vessel in coordination with UAE authorities.
Jauhiainen said that on March 22 UAE authorities allowed her to return to Finland, and they allowed the yacht’s owner Herve Jaubert, who holds French and American citizenship, to leave the UAE along with the boat’s crew around the same time.
Rights groups have criticized the UAE, a key U.S. ally and the Gulf’s trading and tourism hub, of clamping down on dissent. Like most Gulf states, the UAE brooks little public criticism of ruling family members, senior officials or policy. Reporting By Aziz El Yaakoubi; Editing by Ghaida Ghantous/Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-emirates-rights-princess/rights-group-asks-uae-for-whereabouts-of-dubai-princess-idUKKBN1I70NU |
JOHANNESBURG, May 22 (Reuters) - South Africa’s ruling party aims to test clauses in the constitution to see if they allow for land to be expropriated without compensation to address racial disparities in ownership that persist more than two decades after apartheid’s demise.
Such a move could mean the African National Congress (ANC) will not need to stick to a policy pledge to change the constitution to allow for expropriation, which has unsettled investors concerned about the implications for broader property rights.
The following explains some of the issues surrounding land rights.
“TESTING THE ARGUMENT” Following a land summit at the weekend, the ANC said it would test the argument that the existing constitution permits expropriation of land without compensation under certain circumstances.
Some legal experts have argued that there is no need to amend the constitution, because Section 25 states that if land is taken from a property owner, “compensation ... must be just and equitable.”
The argument has been made that “just and equitable” could be zero - meaning no compensation - depending on the historical circumstances in which previous occupants or owners were deprived of or removed from the land.
The ANC also said after the summit that if “current legal formulations” such as Section 25 impede or slow effective land redistribution, it will look at reviewing or changing the constitution.
WHAT NEEDS TO BE ADDRESSED? South Africa has a history of colonial conquest and dispossession that pushed the black majority into crowded urban townships and rural reserves.
The 1913 Native Lands Act made it illegal for Africans to acquire land outside of these reserves, which became known as “Homelands”. While blacks account for 80 percent of South Africa’s population, the homelands comprise just 13 percent of the land. They are largely controlled by tribal authorities rather than ordinary residents and farmers.
WHAT HAS BEEN DONE? Since the end of white minority rule in 1994, the ANC has followed a “willing-seller, willing-buyer” model whereby the government buys white-owned farms for redistribution to blacks. Progress has been slow.
Based on a survey of title deeds, the government says blacks own 4 percent of private land, and only 8 percent of farmland has been transferred to black hands, well short of a target of 30 percent that was meant to have been reached in 2014.
AgriSA, a farm industry group, says 27 percent of farmland is in black hands. Its figure includes state land and plots tilled by black subsistence farmers in the old homelands.
Ben Cousins, a professor in Agrarian Studies at the University of the Western Cape, has noted there are no estimates on private transactions involving black farmers who have purchased land themselves, so the data is incomplete.
There has been a parallel process of “land claims” by individuals or communities dispossessed under white rule, but most of the settlements have involved cash paid by the state instead of people reoccupying their land, and 87 percent of the claims have been urban.
POLITICS The 17 million people who reside in the former homelands, a third of the population, are mostly subsistence farmers working tiny plots on communal land and subject to customary law. Critics of ANC land policy say that instead of seizing farmland from whites, such households should be given title deeds, turning millions into property owners. David Masondo, a member of the ANC’s Economic Transformation Committee, has said the party was considering this, but it would face resistance from traditional leaders, a key ANC political base cultivated by former president Jacob Zuma.
A proposal by a panel headed by former president Kgalema Motlanthe to dissolve the Ingonyama Trust, which controls the land in the former Zulu homeland, was condemned by Zulu King Goodwill Zwelithini. Zwelithini is the custodian of the Trust, giving him wide powers to allocate land use.
RISKS Analysts say South Africa is unlikely to follow the route of Zimbabwe, where the seizure of white-owned farms under former president Robert Mugabe triggered economic collapse, in large part because most of the new farmers lacked capital for investment or experience with large-scale commercial agriculture.
Agriculture was the backbone of the economy and so there were ripple effects, with the undermining of property rights also shattering investor confidence.
President Cyril Ramaphosa has said the policy will be undertaken in a way that does not threaten food security or economic growth and the ANC’s Masondo has said unused land will be the main target. Still, the risks are substantial. South Africa feeds itself and is the continent’s largest maize producer and the world’s second-biggest exporter of citrus fruits.
Agriculture accounts for less than 3 percent of national output but employs around 850,000 people accounting for 5 percent of the workforce. Threats to production would also fan food inflation, hurting lower-income households.
Wandile Sihlobo, an economist with the Agricultural Business Chamber, says the farm loan book is around 160 billion rand ($12.75 billion), and if farmers could not repay loans there would be ripple effects across the economy.
$1 = 12.5225 rand Editing by Mike Collett-White
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-land/explainer-south-africas-anc-to-test-constitution-on-land-expropriation-idUSL5N1ST1D9 |
May 10, 2018 / 6:01 PM / Updated an hour ago Tax cut helping turn U.S. small caps into unlikely source of safety David Randall 4 Min Read
NEW YORK (Reuters) - The Republican-led corporate tax cut is helping turn the shares of smaller publicly-traded companies in the United States into an unexpected source of stability as the broader stock market wobbles. A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid
Typically, the shares of small and mid cap companies in the Russell 2000 index are more volatile than the large cap S&P 500, in part due to their concentration on the U.S. economy and smaller financial cushions.
Yet since concerns about rising inflation and an escalating trade war stopped the broad U.S. stock market in its tracks after the S&P 500 hit record highs in January, the Russell 2000 has held on to more of its gains. It dropped 0.4 percent from its high of the year, compared with a 5.5 percent decline in the S&P 500.
“When you look at the remainder of 2018 and especially going into 2019, the forward expectations are that the small cap universe is going to see accelerating earnings growth, whereas the large caps in general are still going to be growing but they won’t see a benefit as magnified,” said Martin Jarzebowski, a portfolio manager at the Federated Clover Small Cap Value fund.
Fund managers and analysts say that small companies are benefiting in part from December’s tax cut, which slashed the average tax rate among small cap companies from 35 percent to 21 percent.
Large cap companies, which earn a greater percentage of their revenues abroad, saw their effective tax rates fall from roughly 27.5 percent to 22.5 percent, according to estimates from Credit Suisse.
So far, companies in the Russell 2000 have paid $9.2 billion less in taxes this quarter compared with the last quarter of 2017, before the tax bill passed, according to estimates from Sandy Villere, a fund manager at New Orleans-based Villere Funds.
Jarzebowski said he has been focusing more of his portfolio on small cap financial companies seeing the greatest benefit from lower taxes and low unemployment, such as First Midwest Bancorp Inc and Chemical Financial Corp, both of which are up approximately 3 percent for the year to date.
Small companies are also improving their margins by an average of 0.5 percent as they spend less on buybacks and more on reinvesting, said Venu Krishna, a strategist at Barclays. That, in turn, should provide a cushion for small caps even if wider volatility continues, he said.
“You are going to see more respectable earnings throughout the year, even after the benefits of the tax cut are factored away,” he said.
The volatility has shrunk trailing price-to-earnings valuations by 6 percent since the Russell 2000 hit a record high in January, Krishna added, leaving small caps both cheaper and less risky at a time when companies are growing their pre-tax earnings by an average of 14 percent year-on-year.
Eric Marshall, a fund manager at Dallas-based Hodges Capital, is moving more of his portfolio into small cap retail companies that are trading at depressed multiples. The retail sector is expected to see a significant benefit from the tax cut because the majority of revenues are domestic.
“For the most part the tax cuts are already factored in by the market and if you see a company beat estimates by just a penny or two they’re not getting rewarded for that,” he said. “We’re looking for areas where there’s top-line growth and increased consumption in places you haven’t seen that for a while.”
Portfolio holding American Eagle Outfitters Inc, for instance, recently hit a five-year high, thanks in large part to the growth of its Aerie lingerie brand that is taking market share away from L Brands’ Victoria’s Secret.
“You had the market pretty much leaving retail for dead, and that’s one place where we are seeing a lot of value,” Marshall said. Reporting by David Randall, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/usa-stocks-smallcaps/tax-cut-helping-turn-u-s-small-caps-into-unlikely-source-of-safety-idINKBN1IB2MN |
(Corrects "us" to "is" in paragraph 4) By David Ljunggren OTTAWA, May 3 (Reuters) - Canada's trade deficit in goods jumped to a record high in March on a surge in imports, but analysts took heart in data showing healthy export growth, a sign the economy is performing well. Statistics Canada said on Thursday that the deficit hit C$4.14 billion ($3.21 billion) in March, much higher than the C$2.24 billion shortfall predicted by analysts in a Reuters poll. The previous record was C$4.13 billion in September 2016. After two weak months, exports posted a 3.7 percent gain to C$47.58 billion on exports of aircraft and other transportation equipment, in part due to a contract to supply armored vehicles to Saudi Arabia. "This is a tremendous rebound which is very comforting. We are very happy to see that," said Peter Hall, chief economist at Export Development Canada. Wheat shipments jumped by 51.9 percent after a sharp fall in February amid rail transportation disruptions. Imports grew by 6.0 percent to a record C$51.72 billion on increased shipments of motor vehicles and parts - in particular, passenger cars and light trucks - as well as consumer goods. In volume terms, imports rose 5.3 percent. The Canadian dollar slipped to C$1.2870 to the U.S. dollar, or 77.70 U.S. cents, from C$1.2840, or 77.88 U.S. cents before the data were released. Royce Mendes of CIBC Economics said the data though should not be written off as bad news. "This report actually seems like good news from a GDP perspective given what it implies for domestic demand," he said in a note to clients. The Bank of Canada, which has long fretted about the sluggish performance of Canadian exporters, says the sector could be hit by uncertainty over the future of the North American Free Trade Agreement. Canada sent 73.4 percent of all goods exports to the United States in March. The central bank, which has raised interest rates three times since last July, says it will look closely at domestic data before deciding when to hike again. "I would say on balance they would see the strength in imports and exports as being more important than the deterioration in trade," said Doug Porter, chief economist at BMO Capital Markets. Exports to the United States rose 1.2 percent while imports increased by 3.1 percent. As a result, the trade surplus with the United States shrank to C$1.68 billion from C$2.28 billion in February. ($1=$1.29 Canadian) (Additional reporting by Fergal Smith in Toronto; Editing by Nick Zieminski)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-trade/update-1-canada-racks-up-record-trade-deficit-in-march-as-imports-jump-idUSL1N1S91U9 |
May 2(Reuters) - Kirin Holdings Co Ltd
* Says it bought back 3.3 million shares for 10.22 billion yen in total from April 1 to April 30
* Says this was part of the share repurchase plan announced on Feb. 14
* Says it accumulatively repurchased 3.3 million shares for 10.22 billion yen in total as of April 30
Source text in Japanese: goo.gl/Q6XmWa
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kirin-holdings-buys-back-33-mln-sh/brief-kirin-holdings-buys-back-3-3-mln-shares-for-10-22-bln-yen-in-april-idUSL3N1S922Q |
May 2, 2018 / 7:52 PM / in 11 minutes Libyan commander Haftar faces torture allegation in French lawsuit Reuters Staff 2 Min Read
PARIS (Reuters) - A lawsuit has been filed in France against Libyan army commander Khalifa Haftar alleging torture and barbarism, the plaintiff’s lawyer in France, Rachel Lindon, said on Wednesday. FILE PHOTO: Libya's eastern-based commander Khalifa Haftar attends General Security conference, in Benghazi, Libya, October 14, 2017. REUTERS/Esam Omran Al-Fetori
The suit, which aims to get the French government to open an investigation into operations by Haftar’s Libyan National Army (LNA), was filed last month on behalf of a Canadian-Libyan living in Canada.
Several members of the plaintiff’s family were killed during a three-year LNA campaign to take control of Benghazi, Libya’s second city.
The complaint was filed as Haftar, 75, was receiving medical treatment in Paris after falling ill during a foreign tour.
Haftar’s LNA is aligned with a government based in eastern Libya which has opposed a rival, internationally backed government in the capital, Tripoli.
A former commander in long-time ruler Muammar Gaddafi’s army, Haftar has gradually extended his grip on Libya’s east and parts of the south.
A separate war crimes complaint was filed last October in the United States by independent activist Emadeddin Muntasser, who said on Wednesday that that case was “in progress”. Reporting by Simon Carraud and Leigh Thomas, additional reporting Aidan Lewis in Tunis; editing by John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-libya/libyan-commander-haftar-faces-torture-allegation-in-french-lawsuit-idUSKBN1I32S1 |
Detroit auto makers on Tuesday reported mixed U.S. auto sales for April as demand for conventional passenger cars, such as sedans, continues to wither.
After an unexpectedly strong March, vehicle sales are expected to show a drop in April when more auto makers report later Tuesday, partly because of two fewer selling days than last year. But analysts say April results also will reflect a number of factors keeping sales from their highs of recent years, including higher monthly payments and a proliferation of late-model used... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/slacking-demand-for-traditional-cars-hurts-auto-makers-1525183735 |
* World shares steady but set for second weekly loss
* Italian assets stay under pressure from political risk
* Turkey lira resumes slide, dollar resumes rise (Updates throughout, releads, changes dateline to LONDON)
By Sujata Rao
LONDON, May 25 (Reuters) - World shares steadied and the dollar resumed its rise on Friday after a wobble caused by U.S. President Donald Trump’s decision to cancel a summit with North Korea, though political risk put Italian markets on track for heavy weekly losses.
Markets were soothed somewhat by the Pyongyang’s measured response to Trump’s announcement, with Vice Foreign Minister Kim Kye Gwan expressing hope for a “Trump formula” to resolve the standoff over its nuclear programme
North Korea tensions aside, markets’ appetite for risk was kept in check by concern over Italy’s president opposing the incoming coalition government’s plan to appoint a politically inexperienced eurosceptic as economy minister.
MSCI’s all-country equity index was flat after three days of losses which put it on track for its second straight week in the red, while non-Japanese Asian equities also eked out 0.1 percent gains.
The Seoul index pared falls of almost one percent to trade down 0.2 percent and the Korean won also firmed 0.3 percent to the dollar.
But despite Thursday’s Wall Street declines, there were no immediate signs of a broad sell-off with Wall Street’s volatility index ending at a four-month low.
“Market reaction to heightened political risk remains reasonably muted. If they are not global events affecting large swathes of countries in a major way, the calculation is that the impact will be limited,” Indosuez Wealth Management global head of economic research Marie Owens Thomsen said.
She cited the example of Turkey and Italy where a stock and bond sell-off has not spilled much into other emerging economies or peripheral euro zone states such as Spain or Portugal.
European shares opened firmer but looked set for their first weekly drop since March, pressured by the Italy worries and signs the euro bloc’s economic recovery continues to run out of steam.
Italian stocks, which saw record outflows in the past week, fell 0.3 percent and were set for their third straight week of losses
European carmakers’ shares which fell heavily after Trump mooted possible tariff increases on imported cars, bounced after the comments drew criticism from U.S. business groups and members of his own party.
However, worry about Italy kept the euro under pressure. It fell 0.15 percent against the dollar, putting it on track for the sixth straight week of losses, while the Swiss franc, traditionally seen as a safe-haven, is set for a fourth consecutive weekly gain against the single currency.
Also on the upside, the dollar rebounded 0.25 percent after touching two-week lows versus a basket of currencies on Thursday. However, it held under this week’s five-month highs.
The yen, another currency deemed to be a safe-haven asset, slipped 0.2 percent against the dollar, reversing gains seen after the summit cancellation.
“The euro continues to be under pressure especially against the franc as Italian/German spreads are widening but markets are taking a wait-and-see approach for now,” Societe Generale strategist Alvin Tan said, referring to the premium investors demand to hold Italian bonds compared with safer German Bunds.
The spread on 10-year respective bonds widened on Friday to 200 basis points (bps), having widened 30 bps this week.
German 10-year fell about 2 bps, tracking U.S. Treasuries where yields touched near two-week lows on Thursday.
For Europe, another potential headache are signs its growth recovery is running out of steam. Some relief on this front was provided by Germany’s Ifo business confidence index which held steady this month after falling for five straight months.
However, this week’s PMI business surveys indicated growth was slowing, with expansion at a 20-month low in Germany. UK data meanwhile confirmed first quarter growth at a lacklustre 0.1 percent.
With U.S. capital goods orders data due later in the day, Treasury yields stayed well off this month’s seven-year highs.
“For many Asian markets, rises in U.S. bond yields would have been a bigger problem (than cancellation of the meeting between Trump and Kim),” Daiwa Securities senior strategist Yukino Yamada said.
Worries that investors could shift assets from emerging markets to higher-yielding U.S. bonds have been a major headwind for emerging markets this year.
Among them, Turkey has been the worst hit over concerns about the central bank’s ability to tame double-digit inflation because of political pressure from President Tayyip Erdogan, a self-described “enemy of interest rates”.
The Turkish lira has given up most of the gains made after the central bank’s emergency 300 bps rate rise on Wednesday and stood at flat against the dollar. It has fallen almost 15 percent this month.?
Additional reporting by Swati Pandey in Sydney Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-shares-and-dollar-recover-italy-markets-set-for-big-weekly-loss-idUSL3N1SW2XB |
May 11, 2018 / 3:40 PM / Updated 18 minutes ago Vivendi tells Italian market regulator it does not control Telecom Italia - source
MILAN (Reuters) - French media group Vivendi ( VIV.PA ) has notified Italian market regulator Consob that it does not control Telecom Italia (TIM) after it lost the majority of the phone group’s board seats following a May 4 shareholder vote, a source close to the matter said on Friday. FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau
Consob and Vivendi could not immediately be reached for comment.
U.S. hedge fund Elliott pulled off a boardroom coup at TIM ( TLIT.MI ) last week, wresting control away from top investor Vivendi, following a two-month campaign to shake-up the way the French company has been running TIM.
Since becoming a shareholder in 2015, Vivendi had gradually tightened its grip on TIM, appointed the majority of its board last year and its own CEO as TIM’s executive chairman.
Italy’s government eventually used the so-called “golden power” last year to ensure it had a say in some strategic decisions at TIM, a move widely seen as a bid to rein in Vivendi’s influence over the former state phone monopoly.
Vivendi has always denied controlling TIM.
On Friday, the regulator said Vivendi’s stake in towers group INWIT INWIT.MI, majority controlled by TIM, was reduced to zero from 60 percent after the May 4 shareholder meeting. Reporting by Stefano Rebaudo; editing by Luca Trogni | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-vivendi-telecomitalia/vivendi-tells-italian-market-regulator-it-does-not-control-telecom-italia-source-idUKKBN1IC1XV |
- Osram acquires one of the world’s leading suppliers of smart grow lighting
- US-based Fluence expands Osram’s portfolio of horticultural systems
- Osram is pioneering the digital automation of smart farming solutions by combining intelligent lighting, sensors and smart software
WILMINGTON, Mass. & MUNICH--(BUSINESS WIRE)-- Osram is taking the next step in its quest to become the leading provider of intelligent plant growth solutions by acquiring Fluence Bioengineering, Inc. of Austin, Texas. Fluence was founded in 2013, has approximately 95 employees and its 2017 sales were in the mid-double-digit millions of dollars (USD). The company specializes in LED-based horticultural systems, using Osram LED chips, for a wide variety of applications including vertical farming, especially in urban areas. Potential crops range from salad greens and herbs to medicinal plants. Osram and Fluence have agreed not to disclose the purchase price.
“Fluence is opening the floodgates to a huge future market,” said Stefan Kampmann, CTO of OSRAM Licht AG. “Its extensive knowledge of the horticulture market and possible applications, combined with Osram’s expertise in lighting technologies, sensors and connectivity, will position us as a leading horticultural solutions provider.” Associated smart farming software can be integrated into Osram’s Internet of Things (IoT) platform Lightelligence , which brings the digitalization of lighting control to a new level. By combining and analyzing sensor data, Lightelligence enables significant progress in automation and intelligent applications far beyond lighting.
Increasing population and continued urbanization are intensifying the demand for fresh food, especially in densely populated cities around the world. To meet the needs of these areas, growers must tap the potential of greenhouses and vertical cultivation systems, utilizing smart lighting, sensor systems and artificial intelligence. In addition to growing healthy and flavorful food, vertical farms reduce the need for long-distance transportation routes. They also lessen the need for pesticides, fertilizers and excessive water use, and ultimately reduce spoilage. These technologies, which also can be used for growers of medicinal plants, contribute to the goal of sustainable agriculture.
LED-based solutions from Fluence help growers meet their yield and sustainability goals by increasing harvests up to 25 percent, reducing energy costs by as much as 50 percent and, through the targeted use of light, improving the quality and nutritional content of plants. Considering also that approximately 40 percent of food is spoiled between the producer and the supermarket shelf, there is an additional ecological aspect to benefit the smart farming approach.
“In the future, self-learning software algorithms will create and optimize digital plant models in order to cultivate tailor-made salads and herbs for platform partners such as supermarkets, online grocery shops and pharmaceutical companies,” Kampmann said.
Osram has increased its involvement in the horticulture sector over the last several years. The company has developed research and specialty luminaires that enable tailor-made light recipes to be controlled for specific plant types. In 2017, Osram invested in the Munich-based startup Agrilution which develops grow boxes with LED lighting for home use.
Fluence Bioengineering, upon closing, will be positioned within Osram’s Professional and Industrial Applications segment in the Specialty Lighting business unit. “We are excited to be teaming up with Osram to drive forward this global expansion and expand our digital product portfolio. Our new and existing customers will benefit from our partnership with Osram in all matters relating to light and sensors”, said Fluence CEO Nick Klase.
ABOUT OSRAM
OSRAM, based in Munich, is a leading global high-tech company with a history dating back more than 110 years. Primarily focused on semiconductor-based technologies, our products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smartphones to smart and connected lighting solutions in buildings and cities. OSRAM uses the endless possibilities of light to improve the quality of life for individuals and communities. OSRAM’s innovations enable people all over the world not only to see better, but also to communicate, travel, work and live better. OSRAM has approximately 26,400 employees worldwide as of end of fiscal 2017 (September 30) and generated revenue of more than €4.1 billion. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED 400; trading symbol: OSR). Further information can be found at www.osram.com .
ABOUT FLUENCE
Fluence specializes in LED-based horticultural systems for a wide variety of applications including vertical farming. Its customers are agricultural producers in indoor locations such as high-rise buildings. Potential applications range from salad vegetables and herbs to medicinal plants. For more information go to https://fluence.science/ .
Disclaimer
This document contains forward-looking statements and information, i.e. statements about events that lie in the future rather than the past. These forward-looking statements can be identified by words such as 'expect', 'want', 'anticipate', 'intend', 'plan', 'believe', 'seek', 'estimate', 'will', and 'predict'. Such statements are based on current expectations and certain assumptions made by OSRAM's management, so they are subject to various risks and uncertainties. A wide range of factors, many of which are beyond OSRAM's control, have an influence on the business activities, success, business strategy, and results of OSRAM. These factors may cause the actual results, success, and performance of OSRAM to differ significantly from those expressly or implicitly communicated in the forward-looking statements or from those that are expected on the basis of past trends. In particular, these factors include, but are not limited to, the circumstances described in the report on risks and opportunities contained in the annual report of the OSRAM Licht Group. If one or more of these risks or uncertainties materializes, or should the underlying assumptions prove incorrect, the actual results, performance, and success of OSRAM may differ significantly from those described in forward-looking statements as being expected, anticipated, intended, planned, believed, sought, estimated, or projected. OSRAM assumes no obligation, nor does it intend, to update these forward-looking statements above and beyond the legal requirements or to adjust them in light of unexpected developments. Due to rounding, numbers presented in this and other reports may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures to which they relate.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005901/en/
Osram
For U.S. Media Inquiries
Ellen Miller, 978-570-3755
[email protected]
or
For International Media Inquiries:
Nadine Schian, +49 89 6213-3769
[email protected]
Source: Osram | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-osram-advances-to-become-a-leader-in-digital-farming-solutions-with-acquisition-of-texas-based-fluence-bioengineering.html |
Google accused of 'illegal' search practices 55 Mins Ago Kara Swisher, Recode executive editor, and Walter Isaacson, Aspen Institute CEO, discuss Google's alleged monopolizing behavior and whether big tech needs regulation. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/google-accused-of-illegal-search-practices.html |
HOUSTON, May 14, 2018 /PRNewswire/ -- Gastar Exploration Inc. (NYSE American: GST) ("Gastar") today announced that its board of directors (the "Board") has appointed Harry Quarls to the Board effective today.
Mr. Quarls currently serves as an independent director for Rosehill Resources Inc., a publicly traded independent oil and natural gas company, a position he has held since April 2017. He also currently serves as chairman of the board of SH 130 Concessions Company LLC and as a director of Opal Resources LLC, privately-held companies. Mr. Quarls served as chairman of the board for Penn Virginia Corporation, a publicly traded exploration and production company, from September 2016 until his retirement in February 2018. He also previously served as chairman of the board of US Oil Sands Corporation and of Trident Resources Corporation, and was a director for Fairway Resources LLC.
Mr. Quarls served as managing director at Global Infrastructure Partners., a leading global, independent infrastructure investor from January 2009 until December 2017. Additionally, Mr. Quarls served as managing director and practice leader for global energy as well as a member of the board of directors at Booz & Company, a leading international management consulting firm, from 1982 to 2007.
Mr. Quarls earned an MBA from Stanford University and also holds ScM. and Bachelors of Science degrees, both in chemical engineering, from M.I.T. and Tulane University, respectively.
Jerry Schuyler, Gastar's Chairman of the board of directors and interim CEO, said, "On behalf of the Board of Gastar Exploration, we are very pleased to welcome Harry Quarls to the Board and look forward to benefitting from his substantial knowledge. His outstanding qualifications include considerable financial and energy investing expertise, as well as experience on the boards of numerous public and private energy companies. This level of experience will be a tremendous asset as Gastar develops its quality acreage position in the STACK Play and works to build shareholder value."
About Gastar Exploration
Gastar Exploration Inc. is a pure-play Mid-Continent independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids in the United States. Gastar's principal business activities include the identification, acquisition and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar holds a concentrated acreage position in the normally pressured oil window of the STACK Play, an area of central Oklahoma which is home to multiple oil and natural gas-rich reservoirs including the Meramec, Oswego, Osage, Woodford and Hunton formations. For more information, visit Gastar's website at www.gastar.com .
Forward Looking Statements
This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements express our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "will," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These include risks described in Gastar's Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission ("SEC"), available at the SEC's website at www.sec.gov . By issuing forward looking statements based on current expectations, opinions, views or beliefs, Gastar has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.
Contacts:
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial Officer
713-739-1800 / [email protected]
Investor Relations Counsel:
Lisa Elliott / [email protected]
Dennard-Lascar Investor Relations: 713-529-6600
View original content: http://www.prnewswire.com/news-releases/gastar-exploration-announces-new-independent-director-300647403.html
SOURCE Gastar Exploration Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-gastar-exploration-announces-new-independent-director.html |
Houston Rockets guard James Harden, Cleveland Cavaliers forward LeBron James and New Orleans Pelicans forward Anthony Davis were named finalists for the NBA’s Most Valuable Player award, the league announced Wednesday.
May 8, 2018; Oakland, CA, USA; Golden State Warriors forward Draymond Green (23) and New Orleans Pelicans forward Anthony Davis (23) fight for a rebound during the second half in game five of the second round of the 2018 NBA Playoffs at Oracle Arena. The Warriors defeated the Pelicans 113-104. Mandatory Credit: Kyle Terada-USA TODAY Sports The winner will be announced during the awards show on June 25, four days after the NBA draft.
Harden, who finished second in last year’s voting behind Russell Westbrook, and Davis are looking to win the award for the first time. Harden also finished second in 2014-15 behind Stephen Curry, three spots ahead of Davis.
Harden, 28, averaged a career-high and league-leading 30.4 points per game. He also contributed 8.8 assists and 5.4 rebounds per game while leading Houston to the league’s best record.
May 14, 2018; Houston, TX, USA; Houston Rockets guard James Harden (13) and Golden State Warriors forward Draymond Green (23) battle for a ball during the fourth quarter in game one of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Troy Taormina-USA TODAY Sports Davis, 25, averaged a career-high 28.1 points, 11.1 boards and 2.6 blocks, along with a personal-best 2.3 assists per game.
At 33, James would be the oldest player to win the award since a 35-year-old Karl Malone did so in 1998-99. Only one player in his 30s has won the award since then: Steve Nash did so at 30 and 31.
A four-time winner of the award (‘08-09, ‘09-10, ‘11-12, ‘12-13), James will finish in the top five of MVP voting for the 13th consecutive season. He has finished second twice and third three times in that span, and he finished fourth last season. He finished the regular season with averages of 27.5 points, 9.1 assists and 8.6 rebounds per game, with the latter two figures equaling or exceeding career highs.
May 15, 2018; Boston, MA, USA; Cleveland Cavaliers forward LeBron James (23) watches the end of the fourth quarter against the Boston Celtics in game two of the Eastern conference finals of the 2018 NBA Playoffs at TD Garden. Mandatory Credit: Greg M. Cooper-USA TODAY Sports Davis was also named a finalist for Defensive Player of the Year, alongside Utah Jazz center Rudy Gobert and Philadelphia 76ers center Joel Embiid. Gobert finished second last year to Draymond Green.
The Sixers and Jazz also have representatives in the Rookie of the Year race, guards Ben Simmons and Donovan Mitchell, respectively. Boston Celtics forward Jayson Tatum is the third finalist in that category.
Dwane Casey, who was voted as the league’s coach of the year by his peers before being fired by the Toronto Raptors last week, was named a finalist for the official award voted on by sportswriters and broadcasters. He is joined by Utah’s Quin Snyder and Boston’s Brad Stevens.
Rockets guard Eric Gordon, Raptors guard Fred VanVleet and Los Angeles Clippers guard Lou Williams are finalists for Sixth Man of the Year, which Gordon won last year as Williams finished third. Williams won the award in 2014-15.
Houston’s Clint Capela, the Brooklyn Nets’ Spencer Dinwiddie and the Indiana Pacers’ Victor Oladipo are finalists for Most Improved Player.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-award-finalists/harden-james-anthony-davis-named-mvp-finalists-idUSKCN1II0J1 |
The spread of Ebola to a major city in Democratic Republic of Congo is worrying but the outlook is much more optimistic than when a major outbreak was reported in West Africa in 2014, the head of the World Health Organization said on Monday.
Cases of the deadly virus have been confirmed in Mbandaka, a port city on the Congo river, raising concerns that Ebola could spread downstream to the capital Kinshasa, which has a population of 10 million.
"It's concerning that we now have cases of Ebola in an urban center, but we are much better placed to deal with this outbreak than we were in 2014," WHO Director General Tedros Adhanom told health ministers at the start of the WHO's annual assembly.
The WHO's previous leadership was heavily criticized for its slow response to the outbreak that was declared in March 2014 and continued until January 2016, killing over 11,300 people. It was later found to have begun in late 2013, but WHO did not call an emergency meeting until August 2014.
This time the WHO has moved rapidly to mobilize the response, convening an Emergency Committee and sending a vaccine to ring-fence the outbreak and stop it spreading further.
"I'm pleased to say that vaccination is starting as we speak today," Tedros said.
WHO spokesman Tarik Jasarevic said the vaccination of health workers would start on Monday, and people who had contact with Ebola victims would come later.
The latest outbreak is Congo's ninth since the disease made its first known appearance near the vast central African country's northern Ebola river in the 1970s.
Tedros said WHO staff and health workers were working around the clock to stop the outbreak, and said he had been impressed by seeing health workers "risking their own lives" in the remote town of Bikoro a week ago, just after the outbreak was declared.
"The outbreak in Bikoro illustrates again that health security and universal health coverage are two sides of the same coin. The best thing we can do to prevent future outbreaks is to strengthen health systems everywhere," Tedros said.
The outbreak has so far killed 26 of the 46 people thought to have been infected, Jasarevic said. Of that caseload, 21 have been confirmed in a laboratory, 21 are regarded as probable Ebola cases, and four patients are suspected of having Ebola. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/ebola-preparedness-much-better-now-than-for-2014-outbreak-who.html |
ISTANBUL (Reuters) - President Tayyip Erdogan is driving Turkey “to the cliff” through ideological politics and a determination to control the central bank, the main opposition party’s presidential candidate said on Wednesday as the lira hit new record lows.
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 Muharrem Ince, who seeks to end Erdogan’s 15-year hold on power in next month’s elections, said the central bank and other economic institutions must be able to operate independently.
Erdogan said this week he plans to take greater control of the economy after the June 24 presidential and parliamentary polls, comments which drove the lira to fresh record lows. It is down 15 percent against the dollar this year.
“He’s taking the country to the cliff. The central bank needs to be independent, and the other economic bodies need to be autonomous. The rules need to operate,” Ince told Reuters in an interview.
The victor in next month’s election, held under a state of emergency imposed after a failed coup in 2016, will exercise sweeping new executive powers after Turks narrowly approved a constitutional overhaul in a referendum last year. The changes come into effect after the June vote.
Polls show Erdogan is comfortably the strongest candidate, though he could face a challenge if the presidential vote goes to a second round in July and his opponents rally around the other remaining candidate.
Ince, 54, a combative parliamentarian and former physics teacher, has energised his secularist opposition Republican People’s Party (CHP) since he started campaigning and may emerge as the leading opposition candidate - although he faces competition from former interior minister Meral Aksener.
Aksener’s nationalist Iyi (Good) Party and the CHP have joined with two other smaller parties in an opposition alliance for the parliamentary election. She and Ince are competing separately in the presidential vote.
“WIND OF CHANGE” Ince said the president was driven by “ideological obsessions” and pushing Turkey in the wrong direction.
Erdogan, a self-described “enemy of interest rates”, wants lower borrowing costs to boost credit and new construction, and has said the central bank will not be able to ignore the president’s wishes. That has fuelled concerns about the bank’s ability to fight double-digit inflation.
Since his Islamist-rooted AK Party swept to power in 2002, Erdogan has dominated Turkish politics. His power is reinforced by a near-monopoly of broadcast media coverage. Most TV channels show nearly all his campaign rallies, but rarely offer a platform to his opponents.
“The state of the media is heartbreaking. They have surrendered, they have kneeled,” Ince said, adding he had told broadcasters that unless they started to cover his speeches, he would hold a rally directly outside their offices to shame them.
If elected, Ince pledged to reverse some of the powers granted to the new presidency, saying it handed total control of the budget, judiciary and executive to one person.
Several European Union countries have expressed alarm that those changes are pushing Turkey deeper into authoritarian rule. Turkey is still a candidate for EU membership, though negotiations have stalled over rights concerns and other issues.
Erdogan says the increased powers are necessary to tackle security threats following the failed coup and conflict on Turkey’s southern borders with Syria and Iraq.
“No mortal should be given such authority,” Ince said. “It shouldn’t be given to me either.”
Against Erdogan, a skilled campaigner, the CHP has struggled to win support beyond its core base of secular-minded voters. In the last parliamentary election in November 2015 it took 25.3 percent of the vote.
Ince has pledged to be a non-partisan leader if elected, styling himself as “everyone’s president” and promising not to live in the 1,000-room palace built by Erdogan in Ankara.
“I see that a wind of change is blowing,” he said, pointing to what he described as a new atmosphere at his political rallies compared to last year’s referendum campaign.
“The momentum I have garnered is very different - there is a strong wind and people feel excitement,” he said.
Additional reporting by Ali Kucukgocmen and Gulsen Solaker in Ankara; Editing by David Dolan and Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/turkey-election-chp/erdogans-policies-driving-turkey-to-the-edge-challenger-says-idINKCN1IH2DI |
May 22, 2018 / 9:28 AM / Updated 8 hours ago Ten die in India outbreak of brain-damaging virus, spurring rush to hospitals Munsif Vengattil , D. Jose 3 Min Read
BENGALURU/KOCHI (Reuters) - A rare virus spread by fruit bats, which can cause flu-like symptoms and brain damage, has killed 10 people in southern India, health officials said on Tuesday, with at least nine more being treated. Medics wearing protective gear examine a patient at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer
Infectious disease outbreaks can be a challenge in India, the world’s second most populous country, where infection control and surveillance systems are weak, leading to hundreds of deaths annually from diseases such as mosquito-borne dengue.
There is no vaccine for the Nipah virus, which is spread through body fluids and can cause encephalitis, or inflammation of the brain, the World Health Organization (WHO) says. The usual treatment is to provide supportive care.
The first death in the outbreak in Kerala took place on Friday, the state’s health minister, K.K. Shailaja, said.
“This is a new situation for us. We have no prior experience in dealing with the Nipah virus,” she said. “We are hopeful we can put a stop to the outbreak.”
Of 18 people screened for the virus, 12 proved positive, Shailaja told a news conference, adding that 10 of the sufferers had died and the other two were being closely monitored.
The Indian government dispatched a team of officials from the National Centre for Disease Control (NCDC) to investigate the outbreak, it said in a statement.
“Since all the contacts are under observation and steps to avoid exposure through animal vectors have been taken, there is no reason for people to panic,” it added.
The WHO is in contact with government officials in the affected areas, Henk Bekedam, its India representative, said in a statement. Medics wearing protective gear examine a patient at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer
Health experts stressed the need for early detection and infection control to arrest the virus’s spread.
“It will not spread like wildfire because it is not airborne, but it can be risky if they don’t follow proper infection control procedures,” said Dr D Himanshu, of King George’s Medical University in the northern city of Lucknow.
While the cause of the outbreak is still being investigated, visiting national health officials tied the initial deaths to “many bats” in a well in Kerala from which the victims drew water, the government said.
Samples from those bats were among the 60 sent to laboratories to be screened for the virus, it added.
The cases provoked concern among residents, a local government official said.
“A large number of people affected by fever, and even minor ailments, are swarming to hospitals, fearing they have contracted the disease,” said U.V. Jose.
Health officials in Kerala, which attracts many tourists, aims to soon issue a travel advisory, tourism official P Bala Kiran said. People wearing masks are seen at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer
The Nipah virus was first detected in Malaysia in 1998, and India has suffered two outbreaks in the last decade, killing 50 people, according to the WHO. Reporting by Munsif Vengattil in Bengaluru and D. Jose in Kochi; Additional reporting and writing by Zeba Siddiqui; Editing by Euan Rocha and Clarence Fernandez | ashraq/financial-news-articles | https://in.reuters.com/article/us-india-virus/rare-brain-damaging-virus-kills-10-in-india-prompts-rush-to-hospitals-idINKCN1IN117 |
SEOUL (Reuters) - Stability off the field and consistency on it have both been elusive for South Korea and while coach Shin Tae-yong says they will show their “true power” during the World Cup, another early exit would come as no surprise.
South Korea seem to have lost their way in the three years since they reached the Asian Cup final in Australia, where the disappointment of an extra-time defeat to the hosts was softened by optimism over the side’s potential.
German Uli Stielike, who guided them to that 2015 Sydney final, was sacked last June after defeats in Iran, China and Qatar left South Korea’s hopes of reaching the World Cup finals hanging by a thread.
Shin took over for the final two qualifiers and while he cajoled the side over the line with a pair of nervy 0-0 draws, the Koreans grabbed an automatic spot only as other results went their way, raising fears they would be embarrassed at the World Cup.
Listless defeats to Russia and Morocco in October friendlies heightened the sense of panic in Korea to such an extent that 2002 coach Guus Hiddink was even being touted as a possible savior.
But just as the demands that the popular Dutchman take the reins for Russia were building into a groundswell, everything changed in the blink of an eye.
Related Coverage South Korea's favorite Son looks to light up World Cup Soccer: South Korea World Cup factbox South Korea were a team transformed.
In November, Korea played Colombia off the park in a 2-1 win in Suwon and Serbia were fortunate to escape with a 1-1 draw in Ulsan days later.
South Korea then went through a regional tournament involving North Korea, China and Japan unbeaten at the end of last year before beating Moldova and Latvia, and drawing with Jamaica, in friendlies early in 2018.
Like all good things, however, Korea’s good run had to come to an end, and after back-to-back defeats in Northern Ireland and Poland in March, questions are again being raised about their form heading into the World Cup.
If South Korea are to have any chance of escaping a group that also contains world champions Germany, Sweden and Mexico, they must find a way to get the best out of Tottenham Hotspur forward Son Heung-min.
The 25-year-old has the pace and ability to unlock any defense but too often lacks support on international duty and one of Shin’s main tasks as coach will be to find someone to share the goalscoring burden in Russia.
Editing by Pritha Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-kor-prospects/south-korea-seeking-consistency-as-world-cup-nears-idUSKCN1IO2B1 |
May 7 (Reuters) - Fiserv Inc:
* FISERV INTRODUCES INNOVATION IN EARLY BREACH DETECTION WITH RIPPLESHOT PARTNERSHIP
* FISERV INC - PARTNERED WITH RIPPLESHOT, TO OFFER CARD RISK OFFICE FRAUD WARNING Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fiserv-says-partnered-with-ripples/brief-fiserv-says-partnered-with-rippleshot-to-offer-card-risk-office-fraud-warning-idUSFWN1SE0Q6 |
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who held shares of Shanda Games Limited (“Shanda”) (formerly NASDAQ:GAME) on November 18, 2015 or sold such shares between May 5, 2015 and November 18, 2015 . You are hereby notified that Levi & Korsinsky filed a securities class action lawsuit in the Southern District of New York, Case No. 1:18-cv-02463. To get more information go to:
http://www.zlk.com/pslra-d/shanda-games-limited?wire=2
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that Shanda issued materially false and misleading statements in Proxy Statements and other materials related to the proposed merger of Shanda with Capitalhold, thus inducing shareholders to sell their shares of Shanda common stock at artificially deflated prices or to refrain from exercising their appraisal rights.
If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2018 . Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005948/en/
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Tel: 212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com
Source: Levi & Korsinsky, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-equity-alert-levi-korsinsky-llp-reminds-former-shareholders-of-shanda-games-limited-of-a-class-action-complaint-and-a-lead.html |
Tesla posts quarterly loss 3:43am IST - 02:02
Tesla reported its worst-ever quarterly loss and said its Model 3 production target remains on track. Aleksandra Michalska reports.
Tesla reported its worst-ever quarterly loss and said its Model 3 production target remains on track. Aleksandra Michalska reports. //reut.rs/2Kvc4pi | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/tesla-posts-quarterly-loss?videoId=423331195 |
(Corrects source to Walmart Inc from Flipkart Online Services Pvt Ltd)
May 11 (Reuters) - Walmart Inc:
* WALMART - NO TERMINATION FEE WOULD BE PAYABLE BY ANY PARTY IF SHARE ISSUANCE AGREEMENT OR SHARE PURCHASE AGREEMENT WITH FLIPKART WERE TERMINATED
* WALMART - FLIPKART BOARD WILL INITIALLY HAVE 8 DIRECTORS: 5 WALMART-APPOINTED DIRECTORS; 2 DIRECTORS APPOINTED BY MINORITY SHAREHOLDERS AS PER DEAL
* WALMART SAYS AS PER DEAL WITH FLIPKART, CO MAY APPOINT OR REPLACE CEO AND OTHER PRINCIPAL EXECUTIVES OF FLIPKART GROUP OF COMPANIES
* WALMART - FLIPKART’S BOARD MAY BE INCREASED TO 9, WHICH ADDITIONAL DIRECTOR WOULD BE APPOINTED BY WALMART WITH APPROVAL OF MAJORITY OF FLIPKART DIRECTORS
* WALMART - SHAREHOLDERS AGREEMENT WOULD EXPIRE UPON THE CONSUMMATION OF FLIPKART IPO
* WALMART SAYS AT CLOSING OF DEALS, WALMART, FLIPKART, SOME OTHER SHAREHOLDERS OF FLIPKART WILL ENTER INTO A SHAREHOLDERS AGREEMENT - SEC FILING
* WALMART - HOLDERS OF 60% OF FLIPKART SHARES HELD BY MINORITY SHAREHOLDERS MAY REQUIRE FLIPKART TO EFFECT AN IPO FOLLOWING FOURTH ANNIVERSARY POST DEAL
* WALMART - MAY APPOINT OR REPLACE CEO, OTHER PRINCIPAL EXECUTIVES OF FLIPKART GROUP OF COMPANIES, SUBJECT TO SOME CONSULTATION RIGHTS OF BOARD, FOUNDER
* WALMART - ON OR BEFORE FIRST ANNIVERSARY OF DEAL CLOSING, WALMART MAY REQUEST FLIPKART ISSUE MORE ORDINARY SHARES WITH PURCHASE PRICE OF UP TO $3 BILLION
* WALMART - FLIPKART'S INITIAL BOARD OF EIGHT DIRECTORS WILL ALSO INCLUDE ONE FOUNDER AS PER DEAL Source text: bit.ly/2jQEJcj Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSFWN1SI1GE |
Presented final data from its Phase 2 study of BC-819 for early stage bladder cancer at the 2018 ASCO Genitourinary Cancers Symposium
Announced two key hires in clinical development and clinical operations
Raised $23 million in a PIPE financing
CAMBRIDGE, Mass., May 15, 2018 (GLOBE NEWSWIRE) -- BioCanCell Ltd. (TASE:BICL), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapies to treat cancer, today announced operating and financial results for the first quarter ending March 31, 2018 and provided a corporate update.
“The first quarter was marked by meaningful activity for the company. We presented our final data from the Phase 2 study of BC-819 in early stage bladder cancer and are preparing now to initiate our Phase 2 pivotal study,” stated Frank Haluska, M.D., Ph.D., chief executive officer of BioCanCell. “Our balance sheet is strong as we prepare to close a private equity offering, and we are well-positioned to advance our first-in-class gene therapy into the first of two registrational trials in the second half of this year.”
Recent Milestones:
Presented final data from the Phase 2 study of BC-819 for early stage bladder cancer at the 2018 ASCO Genitourinary Cancers Symposium demonstrating meaningful activity Announced two new key hires to the clinical team: Ronald Knickerbocker, Ph.D. named Senior Vice President of Clinical Development and Data Sciences, and Sean Daly named Vice President of Clinical Operations Raised $22.8 million in a private equity investment (PIPE) financing, led by Shavit Capital and included new and existing U.S. and Israeli investors. Net proceeds of the PIPE are earmarked to advance the Company’s drug development programs, including the initiation of a pivotal trial of its first-in-class and first-of-its-kind gene therapy for bladder cancer
Upcoming Milestones:
Anticipate initiating enrollment of patients into the first of two registrational clinical trials of BC-819 in early-stage bladder cancer in the second half of 2018
2018 First Quarter Results and Financial Highlights:
Cash Position: Cash and cash equivalents were $0.67 million as of March 31, 2018 prior to receiving the PIPE funding, compared to cash and cash equivalents of $3.56 million as of March 31, 2017. Net cash used in operating activities for the three months ended March 31, 2018 was $2.65 million, compared to $1.18 million for the same period in 2017. BioCanCell anticipates that once the PIPE is closed, its cash and cash equivalents will enable it to fund its operating expenses and capital expenditure requirements into the second quarter of 2019. Operating Expenses: Total operating expenses for the three months ended March 31, 2018 were $3.36 million, which consisted of $2.45 million of research and development (R&D) expenses and $0.91 million of general and administrative (G&A) expenses. Net Loss: The Company’s net loss for the three months ended March 31, 2018 was $3.50 million, or $0.13 per share, compared to $2.41 million for the three months ended March 31, 2017, or $0.11 per share.
This press release is neither an offer to sell, nor a solicitation of an offer to buy, any securities, and shall not constitute an offer to buy or a sale of securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
About BioCanCell
BioCanCell is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapies to treat cancer, with offices in Cambridge, MA, and Jerusalem, Israel. The Company’s most advanced product candidate, BC-819, is in development as a treatment for early stage, NMIBC. For additional information please go to www.biocancell.com .
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of clinical trials, the anticipated effects of receiving Fast Track designation, the anticipated timeframe for conducting additional clinical trials and making regulatory submissions, and other strategic and business plans and objectives. These forward-looking statements are based on information BioCanCell has when those statements are made or its management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to: the success of the approach to discover and develop prospective therapeutic products, which is new and may never lead to marketable products; a lack of history of commercial sales; a dependence on the success of BC-819, the development of which will require significant additional clinical testing before regulatory approval can be sought and commercial sales launched; a need to raise substantial additional funds to complete R&D activities; an ability to overcome scientific or technological difficulties that may be encountered and that may impede R&D activities; and an ability to obtain and maintain intellectual property protection for product candidates, including pursuant to licensed patents.
Company Contact:
Frank Haluska, M.D., Ph.D.
President and Chief Executive Officer
857-259-4622
[email protected]
Investor Contact:
Ashley R. Robinson
Managing Director
LifeSci Advisors, LLC
617-535-7742
[email protected]
Source:BioCanCell, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-biocancell-reports-first-quarter-2018-financial-and-operational-results-and-provides-corporate-update.html |
May 1 (Reuters) -
* LLOYD'S OF LONDON SAYS CFO JOHN PARRY TO LEAVE LLOYD'S IN EARLY 2019, AFTER 17 YEARS Source text: bit.ly/2HHU6Cs
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lloyds-of-london-says-cfo-john-par/brief-lloyds-of-london-says-cfo-john-parry-to-leave-lloyds-in-early-2019-after-17-years-idUSFWN1S80KH |
May 1 (Reuters) - Sabre Corp:
* SABRE CORP - CO, ALASKA AIRLINES HAVE MIGRATED VIRGIN AMERICA TO ALASKA’S PASSENGER SERVICES SYSTEM (PSS), HOSTED BY CO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sabre-corp-alaska-airlines-migrate/brief-sabre-corp-alaska-airlines-migrate-virgin-america-to-alaskas-passenger-services-system-idUSFWN1S8080 |
LONDON, May 16 (Reuters) - Italian 10-year bond yields pulled back from 2-month highs on Wednesday, tightening the gap over German peers after Italy’s far-right League said a request for a cancellation of 250 billion euros of debt was not in a draft government programme.
Italian bond yields had jumped at the open after a report that Italy’s 5-Star and League planned to ask the European Central Bank to forgive 250 billion euros of Italian debt.
But the comments on Wednesday from the League’s economic spokesman brought some comfort to markets.
Italy’s 10-year bond yield was up 5 basis points at 1.98 percent, off earlier 2-month highs just above 2 percent . The Italian/German 10-year bond yield gap tightened to 136 basis points from 139 basis points at the open.
Italy’s FTSE MIB rose from earlier lows but remained in negative territory, down 0.5 percent on the day, while the country’s banking index fell 0.8 percent, also reducing losses. (Reporting by Dhara Ranasinghe and Danilo Masoni in MILAN; Editing by Saikat Chatterjee)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/italian-german-10-year-bond-yield-gap-tightens-after-league-comments-on-debt-forgiveness-idUSL5N1SN1Y9 |
May 1, 2018 / 2:41 PM / Updated 2 minutes ago BRIEF-Net Element Says Payonline Partners With Bank Sputnik Reuters Staff 1 Min Read
May 1 (Reuters) - Net Element Inc:
* NET ELEMENT’S PAYONLINE PARTNERS WITH BANK SPUTNIK TO OFFER COMPREHENSIVE PAYMENT FACILITATOR SOLUTION FOR SMB
* NET ELEMENT INC - BANK SPUTNIK HAS ENTERED INTO AN EXCLUSIVE PARTNERSHIP WITH PAYONLINE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-net-element-says-payonline-partner/brief-net-element-says-payonline-partners-with-bank-sputnik-idUSFWN1S80A8 |
May 2 (Reuters) - DURECT Corp:
* DURECT CORPORATION ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 REVENUE $3.5 MILLION * QTRLY LOSS PER SHARE $0.05 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-durect-corporation-q1-loss-per-sha/brief-durect-corporation-q1-loss-per-share-0-05-idUSASC09Z4M |
May 10, 2018 / 1:03 PM / Updated 11 minutes ago BRIEF-Aptevo Therapeutics Q1 Loss Per Share $0.63 Reuters Staff
* APTEVO THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 LOSS PER SHARE $0.63
* QUARTERLY TOTAL REVENUES $4.1 MILLION VERSUS $2.1 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptevo-therapeutics-q1-loss-per-sh/brief-aptevo-therapeutics-q1-loss-per-share-0-63-idUSASC0A1GS |
SACRAMENTO, Calif. and VISALIA, Calif., May 23, 2018 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) ("Suncrest") today announced that it has completed its merger with CBBC ("Community Business Bank"). In addition, Suncrest Bank also announced that it has completed a private placement of $25.0 million of the bank's common stock. Both the merger and the private placement were completed per the terms first announced on November 7, 2017.
"We are delighted to have completed our third deal in under three years and are excited about the opportunities to grow our business in the Greater Sacramento and Lodi market," said Ciaran McMullan, President and CEO of Suncrest Bank. "We are on schedule to complete the back office and core systems integration by the end of June," added McMullan.
MJC Partners, LLC (1) served as the sole placement agent for the offering by Suncrest Bank.
About Suncrest Bank
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 was named to the 2017 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com
About the Placement Agent
MJC Partners, LLC is a Los Angeles-based boutique investment banking, wealth management, and advisory firm. Whether companies need assistance executing on their M&A strategy, meeting their capital needs, or resolving other strategic issues, MJC Partners has the expertise and ability to execute for our clients efficiently and effectively by working alongside executive teams and Boards of Directors.
(1) All securities offered through MJ Capital Partners, a wholly owned subsidiary of MJC Partners, LLC
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, that the all requirements to consummate the merger will be met or if the merger is consummated, that it will be completed during the second quarter of 2018. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.
View original content: http://www.prnewswire.com/news-releases/suncrest-bank-completes-merger-with-cbbc-300653410.html
SOURCE Suncrest Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-suncrest-bank-completes-merger-with-cbbc.html |
May 1, 2018 / 12:46 PM / Updated 11 minutes ago BRIEF-Standex Reports Q3 Earnings Per Share $1 From Continuing Operations Reuters Staff
May 1 (Reuters) - Standex International Corp:
* STANDEX REPORTS THIRD-QUARTER 2018 FINANCIAL RESULTS * Q3 EARNINGS PER SHARE $1.00 FROM CONTINUING OPERATIONS
* Q3 EARNINGS PER SHARE VIEW $1.20 — THOMSON REUTERS I/B/E/S
* Q3 SALES $216.7 MILLION VERSUS I/B/E/S VIEW $207.6 MILLION
* Q3 NON-GAAP EARNINGS PER SHARE $1.11 FROM CONTINUING OPERATIONS EXCLUDING ITEMS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-standex-reports-q3-earnings-per-sh/brief-standex-reports-q3-earnings-per-share-1-from-continuing-operations-idUSASC09YLT |
* April nonfarm payrolls miss estimates
* Tepid wage growth eases inflation fears
* Apple hits record after Berkshire raises stake
* Indexes up: Dow 1.03 pct, S&P 0.89 pct, Nasdaq 1.29 pct
* Market had opened lower, before reversing course (Changes comment, adds details, updates prices)
By Sruthi Shankar
May 4 (Reuters) - Apple and other technology shares led a rally on Wall Street on Friday morning, helping it shrug off a choppy start following the April jobs report.
Apple jumped 3.8 percent to a record high of $183.65 after Warren Buffett’s Berkshire Hathaway raised its stake in the iPhone maker.
The technology sector was up 1.47 percent, giving the biggest boost to the S&P 500.
The markets were off to a choppy start after data showed the U.S. economy added 164,000 jobs in April, but missed expectations, while the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent.
However, the Labor Department’s closely watched report showed wage growth of only 0.1 percent, also coming in below estimates, easing concerns that inflation pressures were increasing.
“It’s kind of a muted reaction in general to that piece of economic data,” said Art Hogan, chief market strategist at B. Riley FBR in Boston.
“The amount of the headline miss that we saw was made up in last month’s revision — so if we missed by 30,000 we revised last month up by 30,000. And earnings went up just a bit, so there’s no pressure of wage prices from the data.”
After choppy futures trading following the payroll numbers, the market opened lower, before reversing course. The Dow Jones Industrial Average and the S&P 500 bounced off their 200-day moving averages, a technical level that indicates long-term momentum.
At 11:29 a.m. ET, the Dow Jones Industrial Average was up 245.29 points, or 1.03 percent, at 24,175.44, the S&P 500 was up 23.39 points, or 0.89 percent, at 2,653.12 and the Nasdaq Composite was up 91.39 points, or 1.29 percent, at 7,179.54.
Ten of the 11 major S&P sectors were higher, with only the energy index posting a loss of 0.08 percent.
After a two-day meeting in Beijing, China and the United States reached a consensus on some aspects of their trade row, though some “relatively big” disagreements on other issues remained, China said.
Among stocks, Fluor Corp sank 21.2 percent, the most on the S&P, after the engineering and construction company posted a surprise quarterly loss due to issues with a gas-fired power project.
Pandora Media jumped 24.2 percent after the music streaming service provider reported a smaller-than-expected quarterly loss.
Advancing issues outnumbered decliners for a 2.41-to-1 ratio on the Nasdaq and for a 2.67-to-1 ratio on the NYSE.
The S&P index recorded 10 new 52-week highs and six new lows, while the Nasdaq recorded 59 new highs and 36 new lows. (Reporting by Sruthi Shankar and Savio D’Souza in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-apple-leads-wall-st-rally-after-choppy-start-on-jobs-report-idUSL3N1SB4KP |
MINNEAPOLIS--(BUSINESS WIRE)-- Capella Education Company (NASDAQ: CPLA), a leading educational services company, today announced that its board of directors has approved a quarterly cash dividend of $0.43 per outstanding share of common stock. The cash dividend is payable on June 29, 2018 to shareholders of record as of the close of business on May 24, 2018.
About Capella Education Company
Capella Education Company ( http://www.capellaeducation.com ) is an educational services company that provides access to high-quality education through online postsecondary degree programs and job-ready skills offerings needed in today’s market. Capella’s portfolio of companies is dedicated to closing the skills gap by providing the most direct path between learning and employment.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006508/en/
Capella Education Company
Investor Contact:
Heide Erickson, 612.977.5172
[email protected]
Source: Capella Education Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-capella-education-company-announces-quarterly-cash-dividend.html |
NEW YORK (Reuters) - Federal investigators on Thursday said the engine fan blade that broke apart during a Southwest Airlines flight last month showed signs consistent with metal fatigue, as inspectors probe the first passenger fatality on a U.S. airline in nearly a decade.
FILE PHOTO: A U.S. NTSB investigator is on scene examining damage to the engine of the Southwest Airlines plane in this image released from Philadelphia, Pennsylvania, U.S., April 17, 2018. NTSB/Handout via REUTERS/File Photo The accident touched off a scramble to inspect similar equipment. U.S. regulators this week broadened a directive to check the fan blades in hundreds of engines similar to the one that blew apart.
The identification of metal fatigue, the degradation of a metal’s structural integrity over repeated use, could necessitate more frequent and more comprehensive inspections of these parts.
The National Transportation Safety Board (NTSB) said it found six crack lines on the fan blade that separated and tore through the engine’s cowling during Southwest Flight 1380.
The NTSB’s investigation is ongoing to determine how long it takes for fan blades begin to show signs of fatigue and whether current inspection measures can effectively detect cracks.
“We continue to cooperate fully with the National Transportation Safety Board’s ongoing investigation into flight 1380. Safety is our top priority at Southwest, and we appreciate the efforts of the NTSB Investigators in developing today’s Preliminary Report,” Southwest said in a statement.
Southwest has been under intense scrutiny since April 17, when a fan blade on the Boeing 737’s CFM56 jet engine broke apart mid-flight, shattering a window and nearly sucking a woman out of the plane. The woman died of her injuries, marking the first U.S. airline passenger fatality since 2009.
The Federal Aviation Administration on Tuesday ordered additional inspections of fan blades in hundreds of additional engines similar to the one that failed in the Southwest incident. [nL1N1S80FH]
Southwest has said it planned to complete ultrasonic inspections on all fan blades on the some 700 planes in its fleet with CFM56-7B engines over the next two weeks, meeting the FAA’s August deadline by mid-May.
The CFM engine is made by a joint venture of General Electric Co and France’s Safran.
Southwest said it has not found any cracks on fan blades inspected since the accident.
Reporting by Alana Wise and David Shepardson; Editing by Dan Grebler
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-pennsylvania-airplane/southwest-engine-fan-blade-showed-signs-consistent-with-metal-fatigue-ntsb-idUSKBN1I42S8 |
May 10 (Reuters) - Magicjack Vocaltec Ltd:
* Q1 GAAP EARNINGS PER SHARE $0.12 * Q1 NON-GAAP EARNINGS PER SHARE $0.25 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-magicjack-reports-q1-non-gaap-earn/brief-magicjack-reports-q1-non-gaap-earnings-per-share-0-25-idUSASC0A1L1 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.