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WASHINGTON (Reuters) - The White House on Thursday defended President Donald Trump’s description of some illegal immigrants who are members of the MS-13 gang and who commit brutal crimes as “animals.”
U.S. President Donald Trump arrives to visit first lady Melania Trump at Walter Reed National Military Medical Center, where she is recovering from kidney surgery, in Bethesda, Maryland, U.S., May 16, 2018. REUTERS/Jonathan Ernst “Frankly, I think that the term animal doesn’t go far enough,” White House spokeswoman Sarah Sanders told reporters a day after Trump drew criticism for his comments during a meeting with law enforcement officials. “I think that the president should continue to use his platform and anything he can do to stop these kinds of horrible, horrible, disgusting people.”
Reporting by Jeff Mason; Writing by Justin Mitchell; Editing by Eric Walsh
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-trump/white-house-defends-trumps-use-of-animals-to-portray-gang-members-idUSKCN1II2LT |
Mobile wallets can make paying by credit or debit card seamless: Tap your phone at checkout and you're on your way. But mobile wallets are just the beginning. Payment networks and manufacturers are building payment functions into more devices — expanding your options as well as freeing up your hands.
You could find yourself buying gas from the dashboard of your car, groceries from your refrigerator door or dinner by flashing a smile. And you won't even need your phone with you to make purchases on the go.
MORE DEVICES ADD PAYMENT CAPABILITY
Payment options already available or on the horizon include:
— Wearables. Connected "smart" accessories such as watches, bands and rings travel lighter than a phone. To use, the wearer holds a wrist or hand up to a contactless payment terminal. Visa tested these devices at the 2016 Rio Olympics to demonstrate possibilities, says Mark Jamison, global head of innovation and design at Visa.
The market will determine, he says, if fashion designers want to "embed payments into a ring or any other device." One company privately testing similar tech is Token, whose smart ring — which performs a variety of functions, from opening doors to paying for purchases — has a waiting list.
In 2017, payment capabilities branched out from Apple and Android smartwatches to some Fitbit and Garmin fitness devices, meaning more people could leave their phone behind while working out.
By the end of this year, Visa expects merchants to have tap-to-pay capability at 50 percent of U.S. locations where face-to-face transactions take place.
— Virtual assistants. When voice payments are enabled on virtual assistants like Amazon Echo and Google Home, you can multitask and take care of "errands" in the moment with verbal commands.
CONNECTED DEVICES WILL BE THE NORM
Consider the number of mobile applications with saved payment information on your mobile device. In the future, you could free up some data and save a little battery life by using other connected devices:
— Cars. Visa and Mastercard are working with manufacturers to embed options in car models. Manufacturers are also testing ways to pay for gas, groceries, takeout, metered parking and other things from screens on vehicle dashboards.
"It's still early, but we are focused on bringing that to life this year, to have the ability for you, as the driver, to not just order from one type of merchant," says Stephane Wyper, senior vice president of new commerce partnerships and commercialization at Mastercard.
— Appliances. Appliances will get smarter in the future. A glimpse of what's possible: Samsung's Family Hub refrigerator, which lets you order groceries from the Groceries by Mastercard app; Whirlpool's Smart Dishwasher, which, when synced with an Amazon account, can estimate when you're low on detergent and order it automatically.
— Your body. Going totally device-free could also become an option. Biometric payments make it possible to pay by voice, face, iris scan or fingerprint. It's not a big stretch from the biometric authentication currently used by some phones or applications.
"The technology itself has been around for a while, but consumers were skeptical of it," Jamison says. They've since become accustomed to authenticating using a fingerprint via phone, and their preference has shifted from user ID and password to biometrics, he says.
In January 2018, CaliBurger restaurants launched a pay-by-face pilot program in Pasadena, California. Customers pay for their order by smiling for the camera and entering the three-digit number from the back of a credit card.
MORE OPTIONS, FEWER PASSWORDS
Current devices, apps and websites generally each require a separate profile with payment details. In the future, you could keep payment information in one place and sync it to all devices.
In 2017, Mastercard launched Consumer Control to offer consumers a central view of their cards across different channels. With access through their issuer, cardholders can add their cards to their favorite shopping sites and devices from one location.
The forecast for the future includes more convenient payment options. Visa estimates that 50 billion smart devices will be connected to the internet by 2020.
Merchants won't begin accepting payments from everything overnight; for certain devices it may take a few years. For now, you can start exploring the options outside of your mobile wallet.
This article was provided to The Associated Press by the personal finance website NerdWallet. Melissa Lambarena is a writer at NerdWallet. Email: [email protected] . Twitter: @LissaLambarena.
RELATED LINKS:
Apple Pay, Android Pay and Samsung Pay: What to know
https://nerd.me/mobile-payments-roundup
The gold standard: Visa introduces the future of digital transactions to the world
https://usa.visa.com/visa-everywhere/innovation/visa-payment-innovations.html
Mastercard Consumer Control
https://newsroom.mastercard.com/videos/mastercard-consumer-control/ | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-credit-card-payments-evolve-beyond-the-mobile-wallet.html |
May 8 (Reuters) - Alpha Pro Tech Ltd:
* ALPHA PRO TECH, LTD. ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 EARNINGS PER SHARE $0.04 * Q1 SALES ROSE 6.4 PERCENT TO $11.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alpha-pro-tech-q1-earnings-per-sha/brief-alpha-pro-tech-q1-earnings-per-share-0-04-idUSASC0A0PL |
Zhang Peng | Getty Images Unilever's Dove bath foam, seen in a Chinese supermarket
Denise Morrison's sudden retirement as CEO of Campbell Soup highlighted the struggles that all consumer packaged goods (CPG) companies are having in today's rapidly changing markets.
Except one: Unilever .
Since Paul Polman assumed the helm as CEO in January 2009, Unilever has risen above the pack with a long-term vision and consistently strong performance. In many ways, Unilever is the epitome of PepsiCo CEO Indra Nooyi's model of "Performance with Purpose." As consistently strong as its performance has been the past five years under Nooyi's leadership, even PepsiCo's stock price has struggled in the last two years.
The chart below illustrates the dramatic difference in stock price performance for the consumer packaged goods giants:
In recent years CPG companies have struggled to keep pace with dramatic changes in both consumer preferences and the retail environment. On the consumer side, millennials have asserted themselves with their rejection of traditional brands in favor on smaller new brands featuring healthy and sustainable ingredients. Meanwhile, retailers have also struggled with millennials' preference for buying online as Amazon takes an ever-greater share of consumer wallets, triggering price wars and a shift to private label merchandise among big box retailers like Wal-Mart, Kroger, Safeway and Target.
What has enabled venerable Unilever to avoid these pitfalls, and come out on top? Turnaround
When Polman took over in early 2009, he inherited a moribund company with declining revenues and declining profits. Unilever then was beset with internal politics, endless reorganizations, and an aging portfolio of brands. In short, the Anglo-Dutch company had focused more on internal tug-of-wars between its British and Dutch leaders than on its customers. Polman moved quickly to globalize Unilever, setting bold goals of doubling its revenues from 40 billion Euros to 80 billion by 2020 and increasing its share of business from emerging markets to a stunning 70 percent.
In his first year, Polman introduced The Compass as Unilever's strategy for sustainable growth. It gave Unilever a clear vision, focused on winning, and elevated performance standards for its leaders. It also became a unifying force for Unilever's 175,000 employees spread across 150 countries. The following year he established Unilever Sustainable Living Plan (USLP) as Unilever's True North, driving it through its supply chain and its products with detailed metrics. To simplify Unilever's complex organization structure and reduce internal politics, Polman simplified Unilever's complex organization structure, with four product groups and eight regions. Saumya Khandelwal | Hindustan Times | Getty Images Unilever Global CEO Paul Polman.
Polman is a strong believer in building Unilever's global leadership team. As he says, "The only true differentiation between companies is the quality of leadership." Most importantly, he raised the bar for Unilever leaders to be authentic and high-performing, requiring high intellectual intelligence with even higher emotional intelligence. He created the Unilever Leadership Development Plan (ULDP), putting its top 900 executives globally through a customized leadership program in cohorts of twenty leaders.
To some outsiders, Polman is an enigma. One day he is preaching the gospel of sustainability and long-term focus to CEOs at Davos. The next day he is tough-minded, demanding closed loop performance from his leaders to improve earnings. All the while, he insists on high values and ethical behavior. Better record than Buffett
Shortly after taking over Unilever, Polman met with investors in London and withdrew guidance to security analysts and quarterly earnings, telling them, "My job is not to serve shareholders, but to serve consumers and our customers." Of course, he believes that in doing so, Unilever will indeed serve its shareholders better over the long-term. Unilever's results in nine years back up Polman's contention: Unilever's stock value has grown 155 percent during his tenure. As he jokingly told CNBC's Jim Cramer, "Our record is better than Warren Buffett's in this time frame."
The joke, however, is also true.
Under Polman, Unilever has eschewed big acquisitions, the largest being the purchase of Alberto Culver. But the company has transformed its portfolio by acquiring a series of small companies that strengthened its sustainability offerings, e-commerce business, and attractiveness to the millennials. Included among them are Dollar Shave Club, Seventh Generation, Sir Kensington's, Talenti, Sundial, Living Proof, and Schmidt's Naturals.
Polman's toughest test came in February, 2017, when Brazilian investment fund 3G Capital attempted a hostile takeover through its Kraft-Heinz Company (KHC), offering $143 billion for Unilever. 3G had the backing of Warren Buffett, and had established itself as a fierce, unyielding acquirer. KHC offered a modest premium of only 18 percent and planned to shift Unilever from its growth posture to 3G's trademark "lean and mean" mode, employing zero-based budgeting to cut costs 30 to 40 percent to increase earnings and cash flow. As Polman noted wryly, "You can't cut your way into prosperity or growth."
Many analysts thought Unilever was a goner. Yet, Polman immediately swung into action, firmly rejecting the 3G offer, not even leaving the door open to negotiation for higher offers. Polman's rebuttal was so fierce that within 48 hours KHC withdrew its offer, and has shown no further signs of renewing its attack. Nevertheless, Polman committed to a complete review of ways Unilever could improve shareholder value. Six weeks later he announced a 7-point plan to enhance value that include spinning off Unilever's legacy spreads business, improving operating margins from 16 percent to 20 percent, buying back 5 billion euros of stock, cutting costs by an additional 2 billion euros, and consolidating its foods and refreshments business units into one. More recently, Unilever announced it will move its corporate headquarters from London to Rotterdam. Shareholder Beware
As attractive as takeover attempts are to short-term traders, shareholders need to be confident in the stock they are trading for. Since KHC's takeover attempt began, Unilever stock has climbed by 38 percent, while KHC's stock dropped 32 percent, as it no longer has cost cutting opportunities remaining. Had Unilever shareholders swapped their shares for KHC's, today they would be worth 50 percent less.
Why has Unilever fared so much better than its competitors? One could sight its clear vision, long-term approach, consistent performance, and a host of other factors. Instead of debating endlessly the shareholder model versus stakeholder model, it is time to recognize that shareholders are best served by companies that have a clear sense of purpose and strategy, practice consistent values, and motivate their employees to peak performance with authentic leaders at all levels – just as Unilever does.
In my opinion, everything traces to the leadership of Paul Polman for the past decade. He has succeeded in turning a moribund company into a powerhouse by staying true to his mission and his principles.
As he tweeted this week, "A multi-stakeholder, long term responsible business model drives not only long-term value for society but equally importantly for shareholders. Focusing myopically on one or other does not get you there."
C ommentary by Bill George, a senior fellow at Harvard Business School, former Chairman & CEO of Medtronic, and the author of "Discover Your True North." He has taught in Unilever education programs in the past decade. Follow him on Twitter @Bill_George .
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. Bill George Senior Fellow, Harvard Business School and Former Chairman and Chief Executive Officer, Medtronic, Inc. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/bill-george-as-consumer-giants-struggle-unilever-rises-above-the-pack.html |
BENGHAZI, Libya (Reuters) - Forces loyal to Libyan commander Khalifa Haftar engaged in fierce clashes around the city of Derna on Tuesday, as two soldiers were killed in a car bomb and another was abducted from a checkpoint elsewhere in the east.
The fighting south-west of Derna was the most intense since Haftar’s Libyan National Army (LNA) stepped up its campaign to take control of Derna, said Milad al-Zwai, spokesman for the LNA’s special forces.
One commander was killed and two soldiers wounded, he said.
Derna is controlled by a coalition of Islamist militants and rebel veterans known as the Derna Mujahideen Shura Council (DMSC).
The LNA, which has been trying to consolidate its grip on eastern Libya after taking Benghazi last year, has encircled Derna and launched occasional air raids over the city.
Haftar announced he would “liberate” the city early this month.
According to medical sources and statements, LNA forces have lost about nine men and 14 DMSC members have been killed during recent clashes around Derna.
The car bombing took place south-west of the city of Ajdabiya, while a soldier was abducted from a checkpoint south of Benghazi, a security source said.
It was not immediately clear who carried out the attacks. Islamic State militants have previously targeted checkpoints in the area.
Reporting by Ayman al-Warfalli; Writing by Aidan Lewis; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-libya-security-east/clashes-intensify-in-east-libya-as-car-bomb-kills-two-idUSKCN1IN2BK |
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Traffic backs up on snowbound Interstate 25 in Denver in April 2017. AP Photo/David Zalubowski Good morning. Automobile companies are headed to the White House for talks Friday with the Trump administration on fuel-economy standards.
President Donald Trump wants to roll back rules that car makers have complained are too severe. But the companies fear the changes being pushed by the administration go too far and may cause more problems than they solve, the WSJ’s Timothy Puko and Chester Dawson report .
The Trump administration wants to dramatically cut back on Obama-era emissions regulations supported by California and other states. While the president and his senior advisers expressed a willingness to confront California they are frustrated by what they describe as tepid support from the auto companies.
California has its own powers over fuel-efficiency standards and is already suing to stop the administration’s overhaul. That has escalated a power struggle between Washington and Sacramento that some fear will force auto makers to start meeting two different fuel standards.
Ford Motor Co. Chief Executive Jim Hackett and Chairman William Clay Ford Jr. this week expressed their desire for a compromise. “We’re not asking the administration for a roll back,” Mr. Ford told shareholders at the company’s annual meeting Thursday. “We want California at the table, and we want one national standard that includes California.”
Statements like this have confused and irritated some in the administration who see this as the best way to help car makers lower costs and stay in tune with consumer demand.
Some in both the auto industry and the Trump administration consider reluctance from auto makers to be a public-relations ploy. Industry critics note Detroit, despite calls for compromise with environmentalists, is shifting away from sedans to less-efficient SUVs and pickup trucks.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
State Street presses for board diversity. Rakhi Kumar, head of environmental, social and governance investments and asset stewardship for State Street Global Advisors, discusses sustainability as part of corporate strategy for long-term returns and how that translates into engagement across the world.
COMPLIANCE
U.S. sanctions Iran currency-exchange network. The U.S. took a step toward cutting Iran off from the global economy on Thursday, levying sanctions on a financing network and accusing the country’s central bank of helping funnel U.S. dollars to the blacklisted elite military unit known as the Quds Force, the WSJ reports.
Quotas make a comeback in trade. The Trump administration’s efforts to block imports are bringing back a long-forgotten headache for manufacturers: the quota. The U.S. has so far largely relied on tariffs in seeking to reduce imports of steel, aluminum and Chinese goods. But some countries are accepting hard limits on their shipments to avoid the tariffs, the WSJ reports.
South Korea. the world’s fifth-biggest steelmaker by output, accepted a quota capping its U.S. steel exports at 70% of the average export total over the past three years. PHOTO: RYU SEUNG-IL/ZUMA PRESS Nafta deal hopes focus on autos. The U.S., Canada and Mexico are focusing on rewriting the auto rules at the center of the North American Free Trade Agreement as negotiators face hard deadlines, raising the possibility of less drastic changes to Nafta, the WSJ reports.
U.S. weighs rollback of education rules. The Trump administration is signaling that it plans to undo several rules governing higher education and student aid during the next year, a move the officials say will lead to more innovation but that consumer advocates warn could harm students, the WSJ reports.
Symantec discloses internal probe. Cybersecurity company Symantec is looking into unspecified financial issues and warned it may have to amend financial results and guidance and will likely miss a regulatory deadline, the WSJ reports. The stock fell 19% in after-hours trading Thursday.
Barclays chief is fined in whistleblower case. U.K. regulators fined Barclays PLC Chief Executive Jes Staley £642,430 ($868,501) over his efforts to unmask a whistleblower. Mr. Staley “made serious errors of judgment” by repeatedly asking for the identity of a whistleblower who criticized a hire he made, the regulators said Friday, the WSJ reports.
Sanctions force Deripaska to returns jets. Sanctions on the Russian tycoon Oleg Deripaska have forced him to return three jets he was leasing, Reuters reports. The news highlights how the sanctions’ impact reaches beyond United Co. Rusal , the Russian aluminum company that Mr. Deripaska controls.
DATA SECURITY
Privacy fight on the cards for Europe. A battle is looming in Europe over what information Facebook , Alphabet Inc. ’s Google and other companies can demand from the public. The debate could end up in courts for years with the potential to weaken either the European Union’s new data-privacy law or the business models of ad-reliant giants like Facebook and Google, the WSJ reports.
RISK
Skechers sues Adidas. The athletic footwear company Skechers sued Adidas , claiming Adidas executives paid high-school athletes to go to universities with basketball programs sponsored by the company, giving Adidas an unfair marketing advantage. The suit Wednesday came almost a year after U.S. authorities charged two Adidas executives with bribing athletes. Adidas said the suit is meritless, Adweek reports.
Philippines ousts top judge. Chief Justice Maria Lourdes Sereno, the Philippines’ top judge and a critic of President Rodrigo Duterte’s deadly anti-drugs campaign, was removed from her position on Friday, becoming the latest of the leader’s detractors to be sanctioned or ousted from ostensibly independent institutions, the WSJ reports.
OPERATIONS
Customers examine ties to ZTE. Customers of ZTE Corp. are reassessing their ties with the Chinese telecommunications firm, concerned that supplies of phones and networking gear will fall short. Assembly lines at the company were shut down as a result of a U.S. ban on sales of parts to the firm.
ZTE said Wednesday it had halted major operations, though employees at its Shenzhen, China, factory showed up to work as usual Thursday. PHOTO: © BOBBY YIP / REUTERS/REUTERS
The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Adidas Barclays education rules Ford fuel economy Iran Sanctions Nafta nafta autos Quds Force skechers skinny nafta State Street trade quotas ZTE Previous State Street's 'Fearless' Advocacy for Board Diversity Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Fintechs and Regulatory Compliance: Understanding Risks and Rewards From a regulatory perspective, the lines between fintech and traditional financial institutions are starting to blur, bringing greater regulatory expectations, along with potential penalties and legal actions for noncompliance. Regardless of whether fintech companies decide to become a bank chartered institution, they can increase their potential for success by having solid risk management controls in place. That differentiation might open doors to market share and revenue growth, as well as provide a level of comfort to a variety of stakeholders.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/11/the-morning-risk-report-auto-makers-work-to-avoid-fuel-economy-confrontation/ |
GARDEN CITY, Kansas (Reuters) - In his first whirlwind weeks in the United States, Wimber Htoo, 23, racked up a list of accomplishments. He learned to use the bus, applied for a social security card and obtained a state ID, all new experiences for Htoo, a member of the Karen minority who fled Myanmar as a teenager for a refugee camp in Thailand.
But the most daunting challenge facing Htoo as a resettled refugee in Garden City, Kansas still loomed: finding work.
Through all the confusing experiences since they arrived in February, Htoo, his wife Htoo Say and their 2-year-old child had been guided by a refugee center run by the non-profit International Rescue Committee (IRC), one of nine designated resettlement agencies in the country. Now, on an overcast March morning, staff members were eager to help him land a job quickly.
They were up against a deadline: in September the office will close, leaving Htoo and other recent refugees in the area without a key source of support as they start their new lives.
Across the United States this year, two dozen resettlement offices, which are partially funded by the federal government, will be shuttered. Dozens more are being downsized.
The closing of offices receiving fewer than 100 refugees per year, first reported by Reuters, were directed by the U.S. State Department in response to sharp cutbacks in the number of refugees accepted by the United States under President Donald Trump.
The closure of the offices will make it more difficult for recently arrived refugees to become productive members of their new communities, refugee advocates say. This runs counter to the Trump administration’s stated desire for refugees to assimilate quickly, both to promote national security and to hasten self-sufficiency.
Generally, refugees are eligible for at least a month of intense case management and about $1,000 in cash assistance from the government. After that, they can receive up to five more years of services at the centers, including help navigating immigration matters, healthcare, and school enrollment. Half-a-dozen Garden City refugees interviewed by Reuters said the assistance made their transitions far smoother.
Critics of the U.S. refugee program, including Trump, say government resources are better spent helping refugees abroad, nearer their original homes.
The closure of the center will remove support for more than 250 people the IRC has resettled in Garden City since opening in 2014, as well as for hundreds of refugees who initially landed in other states and moved to the region.
Amy Longa, the center’s director has been scrambling to quickly assist new refugees like Htoo and his family, organizing their important records in three-ring binders for them to keep when the center closes, helping them spend their cash assistance as quickly as possible so they don’t lose it and scrambling to make sure job placements are completed.
“I am trying to get the message across that we are not going to be here, so you better get your act together fast,” she said.
RISKS, COSTS Trump campaigned on a promise to reduce the number of refugees, citing security risks. Soon after his inauguration in January 2017, he temporarily suspended refugee admissions.
The program was restarted in October with new guidelines and a sharply reduced cap of 45,000 refugees, the lowest level since 1980.
A State Department official said the agency said closing about 15 percent of the nation’s resettlement centers was appropriate given the lower number of refugees.
“We are really trying hard to be good stewards of taxpayer dollars,” the official said. “Our responsibility here is to continue to manage program that remains nationwide in scope even if that doesn’t necessarily mean in every state and every town.”
Slideshow (8 Images) Between 2015 and 2017, the Garden City office resettled about 90 people per year. In the first months of the 2018 fiscal year, the number dwindled to 12.
In late March, just five weeks after Htoo’s arrival, Longa helped him fill out an application for work at the nearby Tyson ( TSN.N ) meatpacking plant, where many area refugees have found their first jobs.
When she asked about his work history, he shyly explained that his only experience was as a volunteer runner in his refugee camp, delivering messages and recruiting other volunteers.
Speaking through an interpreter, Longa was encouraging. She told him she, too, had been a refugee after fleeing Uganda and understood the work he described.
“Those skills are transferable,” she said. “You can put it down as your past work history.”
PITCHING IN Employers, local businesses and government offices in the area say one reason the refugee program has worked in the town of 26,000 residents is that the center pitches in when problems arise.
When a Somali woman become inexplicably upset during a gynecological examination, her doctor called Longa, who learned from the woman that she was concerned about revealing she had undergone female genital mutilation in her home country.
Officials at the Department of Motor Vehicles have called Longa to confirm that identity documents refugees provide are valid. A local pastor said he called her for advice about comforting grieving refugees in his congregation. Teachers call for help communicating with refugee parents about their children.
“I don’t know what we are going to do without them here,” said Kayte Fulton, director of community health at St. Catherine Hospital, echoing concerns also voiced by the police chief and the superintendent of schools. “No one has the skill set that the IRC does.”
Even with the center in place, tensions over the refugee influx in the town have occasionally boiled over.
In 2016, the Justice Department uncovered a plot by an anti-Muslim militia group to blow up a Garden City apartment complex where many Somali refugees lived.
After news of the plot broke, Longa said she fielded calls from nearly a dozen anxious refugees, many of whom had fled their home countries because of violence directed at them. Longa participated with police and local leaders at a community forum for refugees and other town residents to calm tensions.
Janette Uwimana, 28, who fled the Democratic Republic of Congo with her family when she was 14 and grew up in a camp in Uganda, has leaned heavily on the center.
Uwimana said she comes to the office at least four times a month, getting help with confusing forms or picking up donated clothing and furniture for her and her new baby.
“They have helped me with everything,” Uwimana said through an interpreter. “It’s like losing my own parents.”
Htoo, meanwhile, is pushing ahead, grateful for the help he has gotten from the center since his arrival. On April 20, he started a job butchering beef at the Tyson meatpacking plant where the starting salary is $16.30 per hour.
Reporting by Mica Rosenberg; Editing by Sue Horton and Ross Colvin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-refugees/as-u-s-shrinks-refugee-operations-new-arrivals-in-kansas-town-lose-a-lifeline-idUSKCN1IN1CY |
May 11, 2018 / 12:56 AM / Updated 17 minutes ago Dollar eases, stocks climb amid benign U.S. inflation Herbert Lash 4 Min Read
NEW YORK (Reuters) - The U.S. dollar eased on Friday while an index of global stock performance gained and was poised for its best week since early March, as moderate inflation eased worries about a faster pace of U.S. interest rate hikes and boosted risk appetite.
The dollar fell for a third day against a basket of major currencies as traders booked recent gains, which were tied to widening interest rate gaps in favor of the United States and signs of slower growth elsewhere in the world.
Gold posted its first weekly gain in four weeks after soft U.S. inflation data on Thursday suggested the Federal Reserve would show caution as it tightens monetary policy by raising rates.
Oil prices slipped but remained near 3-1/2 year highs as the prospect of new U.S. sanctions against Iran might reduce Middle East supply at a time when global crude production is just keeping pace with rising demand.
U.S. stocks gained as healthcare shares rallied even after President Donald Trump blasted drugmakers and healthcare “middlemen” for making prescription drugs unaffordable for Americans. Trump also said the pharmaceutical industry makes an “absolute fortune” at the expense of taxpayers.
The S&P healthcare index rose 1.47 percent as it became clear the Trump administration had avoided taking aggressive and direct measures to cut drug prices.
The market is responding to exceptionally strong earnings growth and benign inflation, said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York.
The Cboe Volatility Index, a barometer of expected near-term volatility for the S&P 500 that often is referred to as Wall Street’s fear gauge, has fallen to levels last seen before the February market correction, he said.
“Not only has the market returned handsomely, but risk has also taken a breather,” Grohowski said.
MSCI’s gauge of stock markets across the globe rose 0.42 percent to advance 2.1 percent for the week, its best weekly gain since early March.
European shares edged higher. The pan-regional STOXX 600 index of companies in 17 countries closed up 0.11 percent for a seventh straight week of gains, the longest string of weekly advances since March 2015.
Shares in Daily Mail and General Trust (DMGT) rose 1.3 percent, having jumped as much as 9.4 percent, after U.S. private equity firm Silver Lake Management Co agreed to buy ZPG, the owner of British property websites Zoopla and PrimeLocation, for $3 billion.
On Wall Street, the Dow Jones Industrial Average rose 91.64 points, or 0.37 percent, to 24,831.17. The S&P 500 gained 4.65 points, or 0.17 percent, to 2,727.72 and the Nasdaq Composite dropped 2.09 points, or 0.03 percent, to 7,402.88.
For the week, the S&P 500 rose 2.4 percent, the Dow gained 2.3 percent and Nasdaq added 2.7 percent.
U.S. plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world’s oil, have buoyed crude prices.
U.S. crude fell 66 cents to settle at $70.70 per barrel and Brent settled down 45 cents at $77.12.
The dollar index fell 0.11 percent, with the euro up 0.23 percent to $1.194. The Japanese yen firmed 0.06 percent versus the greenback at 109.32 per dollar.
Central bankers around the world have turned more cautious as inflation and world trade concerns cloud the global economy.
On Thursday, the Bank of England held rates steady and New Zealand’s Reserve Bank said the official cash rate will remain at 1.75 percent for “some time.”
That leaves the Fed as the only major central bank committed to rate increases, but Thursday’s moderate inflation reading cast doubt over the pace of any hikes.
Benchmark 10-year U.S. Treasury notes were little changed in price to yield 2.9695 percent.
U.S. gold futures for June delivery settled down $1.60 at $1,320.70 per ounce. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer Reporting by Herbert Lash; Editing by Chizu Nomiyama and Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asian-stocks-near-three-week-top-dollar-eases-after-u-s-inflation-idUSKBN1IC02K |
COLUMBUS, Ohio, Washington Prime Group Inc. (NYSE:WPG) today announced that the Company’s Board of Directors declared a quarterly cash dividend on its common shares and operating partnership units. A cash dividend of $0.25 per common share and operating partnership unit was declared. The dividend is payable on June 15, 2018 to shareholders and operating partnership unit holders of record on June 1, 2018.
In addition, the Board of Directors declared quarterly cash dividends of $0.4688 per Series H preferred share of beneficial interest, $0.4297 per Series I preferred share of beneficial interest, and $0.4563 per Series I-1 preferred unit of Preferred Limited Partnership Interest. Each of the cash dividends on these preferred shares and preferred units is payable on July 16, 2018 to shareholders and operating partnership unit holders of record on June 29, 2018.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with an investment grade balance sheet, leveraging its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com .
Contact
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or [email protected]
Source: Washington Prime Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-washington-prime-group-board-of-directors-declares-quarterly-dividend.html |
SAN ANTONIO, Texas, May 02, 2018 (GLOBE NEWSWIRE) -- Digerati Technologies, Inc. (OTCQB:DTGI) ("Digerati" or the "Company") announced today that it has completed the acquisition of T3 Communications, Inc. (“T3”), a leading provider of cloud communications and broadband solutions in Southwest Florida. The acquisition positions Digerati for hyper-growth in two of the fastest growing sectors of the telecommunications industry, UCaaS (Unified Communications as a Service) and SD-WAN (Software-Defined Wide-Area Network).
Based in Fort Myers, T3 is Southwest Florida’s local provider of quality communication services and solutions that maintains a 99% customer satisfaction rating. As an established provider, T3 has been exceeding the needs of a growing business community, enabling its customers to communicate and compete in the global market. T3’s robust offering of communication solutions is backed by cutting-edge technology, superior reliability and unrivaled support. For more information about T3 Communications, please visit www.t3com.com .
The addition of T3 to Digerati’s Texas-based operation through its wholly-owned subsidiary, Synergy Telecom (“Synergy”), brings together two emerging cloud communication providers serving a broad range of customers in various industries including banking, healthcare, financial services, automotive, legal, real estate, staffing, government and more. The transaction results in a profitable cloud telephony operator serving nearly 10,000 business users in Texas and Florida and generating over $6 million in annual revenue. Digerati will consolidate the revenues and profits derived from this transaction due to its ownership structure of the combined entities. Anticipated cost synergies include consolidation of telecommunications infrastructure and integration of cloud PBX platforms and back-office systems.
As an established provider of UCaaS solutions in Southwest Florida, the acquisition of T3 accelerates Digerati’s growth plan for this key product line that is in high demand as businesses migrate from traditional phone systems to cloud-based telephony systems. An astounding 75% of small-to-medium-sized-businesses (“SMBs”) or approximately twenty (20) million SMBs in the U.S. have not yet migrated to a voice over Internet or VoIP solution. In the coming years, SMBs will need to migrate to a UCaaS or enterprise VoIP solution due to its convenience and a mandate from the FCC to migrate away from outdated copper wire systems. UCaaS allows organizations to eliminate capital spending and adopt an operational cost model for which they pay for only their required capacity needs. Although its initial market is in the U.S., the Company is ideally positioned to deliver UCaaS solutions to a global market forecasted to reach $96 billion in value by 2023.
The acquisition of T3 enhances the current product portfolio for the Company by introducing leading-edge network solutions like SD-WAN. SD - WAN , a software approach to managing wide-area networks for businesses, offers ease of deployment, central manageability and reduced costs, and can improve connectivity to remote or branch locations. SD-WAN solutions are also highly appealing for their flexibility and security benefits. Market estimates indicate that SD-WAN has less than 5% market share today, but within two years is predicted to climb to 25% of enterprise users who will manage their WAN through software. Revenue from SD-WAN service providers is growing at 69.6% annually and it is estimated to reach $8.05 billion worldwide by 2021.
Arthur L. Smith, CEO of Digerati, commented, "The acquisition of T3 Communications has created a solid foundation for our continued roll-up of other profitable cloud communication providers that have excelled at that ‘local touch’ and displaced the national and incumbent providers who are not adequately serving the small-to-medium-sized-business. T3 aligned perfectly with our strategic plan, our technology, and our acquisition criteria. We look forward to expanding in the Florida market with a respected brand and quality team of committed employees who make customer support a priority.”
Josh Reel, CEO of T3, stated, “It is exciting to be a part of a plan that places high value on customer service and retention. Although we are eager to meet some lofty expectations for driving shareholder value on Wall Street, fundamentally, it comes down to a very basic value proposition on main street, serving our customers better than our larger competitors. We believe that executing on this basic principle and acquiring other profitable operators, who are also delivering on this same principle, will generate a great deal of value for all stakeholders.”
Digerati is a publicly-traded holding company, with a track record of launching and managing successful subsidiary operations and is a multi-year recipient of Deloitte’s Fast500 and Fast50 Awards, for recognition as one of the fastest growing technology companies in North America. Through its subsidiaries, Synergy Telecom and T3 Communications, the Company is meeting the global needs of businesses seeking simple, flexible, efficient, and cost-effective communication and network solutions, including cloud PBX, Internet broadband, SD-WAN, SIP trunking, and customized VoIP services, all delivered on its carrier-grade network. Former subsidiaries have included ATSI Communications, Inc., an international telecommunications operator serving emerging markets throughout Mexico and Latin America, as well as GlobalSCAPE, Inc., an Internet software company trading on the NYSE that specializes in secure file transfer through its popular utility, CuteFTP. For more information about Digerati Technologies, please visit www.digerati-inc.com .
FORWARD-LOOKING STATEMENTS
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
Contact:
Jack Eversull
The Eversull Group
(972) 571-1624
(214) 469-2361 fax
[email protected]
Source:Digerati Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-digerati-technologies-acquires-t3-communications-inc.html |
May 4 (Reuters) - Australia’s Ainsworth Game Technology slashed its expected pre-tax profit for the second half of the financial year on Friday and now expects profit without currency movements to be around A$20 million ($15.06 million).
Domestic sales expectations for the period were hit by factors such as competition and regulatory approval delays for its products, the company said in a statement.
Ainsworth had previously forecast profit before tax of slightly more than A$42.2 million.
$1 = 1.3280 Australian dollars Reporting by Devika Syamnath in Bengaluru Editing by Paul Tait
Our | ashraq/financial-news-articles | https://www.reuters.com/article/ainsworth-game-results/australias-ainsworth-game-technology-halves-h2-profit-estimate-idUSL3N1SB047 |
May 7 (Reuters) - Hainan Yedao Group Co Ltd:
* SAYS BOARD APPOINTS FENG BIAO AS GENERAL MANAGER, REPLACING LEI LI WHO RESIGNED AS HE HAS REACHED RETIREMENT AGE Source text in Chinese: bit.ly/2FRgcN5 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hainan-yedao-appoints-general-mana/brief-hainan-yedao-appoints-general-manager-idUSH9N1S901C |
HONG KONG (Reuters) - Hong Kong’s securities regulator said it has fined Citigroup’s Asian business HK$57 million ($7.26 million) for failings related to its discharge of duties as sponsor for the 2009 IPO of Real Gold Mining Ltd ( 0246.HK ).
The Securities and Futures Commission (SFC) said on Thursday that Citigroup Global Markets Asia had failed to conduct adequate and reasonable due diligence on Real Gold’s customers.
It also failed to properly supervise its staff when carrying out the sponsor work on the listing application, SFC said.
The resolution of this issue does not involve any license suspension and “does not place any constraints on Citi’s business activities or on any individual in Hong Kong or elsewhere”, Citi said in a statement.
“Citi cooperated fully with the SFC’s investigation and has already taken appropriate action to ensure that it meets its legal and regulatory obligations at all times,” the bank added.
Reporting by Alun David John; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-citi-fine/hk-regulator-fines-citi-7-million-for-failings-as-real-gold-ipo-sponsor-idUSKCN1II142 |
* U.S. crude inventories rise to 2018 high of 436 mln barrels
* U.S. crude oil production hits record high of 10.62 mln bpd
* Analysts expect U.S. oil production to rise further still
* OPEC output broadly inline with production cut targets (Adds OPEC figures, updates prices)
SINGAPORE, May 3 (Reuters) - Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.
Brent crude oil futures were at $73.21 per barrel at 0150 GMT, down 15 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.1 percent, at $67.85 per barrel.
Prices were pulled down by a report from the U.S. Energy Information Administration (EIA) on Wednesday showing U.S. crude inventories jumped by 6.2 million barrels to 435.96 million barrels <C-STK-T-EIA> in the week to April 27, marking a 2018 high.
"The (EIA) report showed a much larger than expected crude build for last week as well as an unexpected build in gasoline inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
U.S. oil production also hit a fresh record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016.
The United States now produces more crude oil than top exporter and OPEC-kingpin Saudi Arabia.
Only Russia currently pumps more oil, at around 11 million bpd.
O'Loughlin said that relatively high oil prices, supported by healthy demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, "are encouraging U.S. shale producers to continue ramping up production."
OPEC produced around 32 million bpd of crude oil in April, according to a Reuters survey, implying that its production is slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.
BMI Research said it expects OPEC's output to remain stable around or slightly above 32 million bpd for the rest of the year.
(Reporting by Henning Gloystein; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/reuters-america-update-1-oil-prices-fall-on-rising-u-s-crude-inventories-record-production.html |
Bitcoin's influence over cryptocurrency prices could end soon, says Ripple CEO Cryptocurrency prices have been highly correlated with bitcoin, falling in lockstep for the first half of 2018. That could be coming to an end as markets begin to understand the major differences between cryptocurrencies and their use cases, says Ripple CEO Brad Garlinghouse. "It's early, over time you'll see a more rational market and behaviors that reflect that," Garlinghouse says. 2 Hours Ago | 02:17
Cryptocurrency prices have been highly correlated with bitcoin , the first and most famous out of thousands that exist. But that could end soon as markets start to acknowledge the differences between these assets, according to Ripple CEO Brad Garlinghouse.
"There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies," Garlinghouse told CNBC's " Power Lunch " Wednesday. "It's early, over time you'll see a more rational market and behaviors that reflect that."
Ripple is the name of the San Francisco-based company developing a network for faster global financial payments, while XRP is the name of the digital token that financial institutions on the network can use to transact quickly.
The company itself had a record first quarter, signing 20 production contracts with new firms, Garlinghouse said. Ripple announced a deal with the largest bank in Kuwait on Wednesday, adding to companies like MoneyGram that are already testing XRP for cross-border payments.
Yet in that same time period, XRP lost 70 percent of its value and was the worst performer among the top digital currencies. The entire sector took a beating in the first quarter, and the market capitalization for cryptocurrencies fell by more than 50 percent, according to CoinMarketCap. Bitcoin lost roughly 50 percent in those three months.
"It's still a nascent industry, the speculation in the market dominates the trading activity," Garlinghouse said. "I think it's a matter of time until people better understand the different use cases."
There are more than 1,500 cryptocurrencies in circulation, according to CoinMarketCap.com. The CEO predicted that 99 percent of those digital assets won't exist in 10 years.
"There's gonna be a bit of a correction along the way here where a lot of the players in the space that don't actually solve a real problem are going to get washed out," he said.
Not only do some cryptocurrencies have no proven use case, they have been accused of fleecing investors through a fundraising process known as an initial coin offering, or ICO. The Securities and Exchange Commission has warned of pump-and-dump schemes, shut multiple down, and recently charged one backed by Floyd Mayweather and DJ Khalid with fraud.
"The SEC is getting involved as they should because there have been frauds committed," Garlinghouse said. "We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there's also examples of real utility.
The issue of whether or not a cryptocurrency is a security has been a major focus for the financial watchdog. SEC Chairman Jay Clayton made it clear in March that all ICOs constitute securities. But Ripple has maintained that the XRP cryptocurrency should be categorized differently. Garlinghouse pointed out a few differences between XRP and classic securities, like stocks.
"If you own XRP, you don't own rights to the profits or any dividends to the company," he said. "XRP has real utility." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/bitcoins-influence-over-cryptocurrency-prices-could-end-soon-says-ripple-ceo.html |
Commodities tomorrow: Inventories, OPEC rumors push oil lower 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/commodities-tomorrow-inventories-opec-rumors-push-oil-lower.html |
ATLANTA, May 2, 2018 /PRNewswire/ -- Southern Company today reported first-quarter 2018 earnings of $938 million, or 93 cents per share, compared with earnings of $658 million, or 66 cents per share, in the first quarter of 2017.
Excluding the items described in the "Net Income – Excluding Items" table below, Southern Company earned $893 million, or 88 cents per share, during the first quarter of 2018, compared with $652 million, or 66 cents per share, during the first quarter of 2017.
Non-GAAP Financial Measures
Three Months Ended March
Net Income - Excluding Items (in millions)
2018
2017
Net Income - As Reported
$938
$658
Estimated Loss on Kemper IGCC
44
108
Tax Impact
(11)
(41)
Loss on Plant Scherer Unit 3
-
33
Tax Impact
-
(13)
Acquisition, Integration, and Disposition Costs
62
4
Tax Impact
(5)
(1)
Wholesale Gas Services
(139)
(114)
Tax Impact
35
46
Earnings Guidance Comparability Items:
Equity Return Related to Kemper IGCC
Schedule Extension
-
(23)
Tax Impact
-
(5)
Adoption of Tax Reform
(31)
-
Net Income – Excluding Items
$893
$652
Average Shares Outstanding – (in millions)
1,011
993
Basic Earnings Per Share – Excluding Items
$0.88
$0.66
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Earnings drivers year-over-year for the first quarter of 2018 were positively influenced by revenue effects primarily driven by weather at our state-regulated electric utilities and by infrastructure investments at Southern Company Gas, as well as the optimization of Southern Power's state tax positions. These impacts were partially offset by increased depreciation and amortization.
"Each of our major business units had a tremendous start to the year," said Chairman, President and CEO Thomas A. Fanning. "Our premier, state-regulated electric and gas utilities, as well as our other businesses, have performed exceptionally well and are on track to deliver on their targets for 2018."
First quarter 2018 operating revenues were $6.37 billion, compared with $5.77 billion for the first quarter of 2017, an increase of 10.4 percent.
Southern Company's first quarter earnings slides with supplemental financial information are available at http://investor.southerncompany.com .
Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/webcasts . A replay of the webcast will be available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are creating new products and services for the benefit of customers. We are building the future of energy by developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity and the number one Company for Progress by DiversityInc, and designated as one of America's Best Employers by Forbes magazine. Visit our website at www.southerncompany.com .
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning performance targets. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, including environmental laws and regulations governing air, water, land, and protection of other natural resources, and also changes in tax and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; the uncertainty surrounding the federal tax reform legislation, including implementing regulations and Internal Revenue Service interpretations, actions that may be taken in response by regulatory authorities, and its impact, if any, on the credit ratings of Southern Company and its subsidiaries; current and future litigation or regulatory investigations, proceedings, or inquiries; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate; variations in demand for electricity and natural gas, including those relating to weather, the general economy, population and business growth (and declines), the effects of energy conservation and efficiency measures, including from the development and deployment of alternative energy sources such as self-generation and distributed generation technologies, and any potential economic impacts resulting from federal fiscal decisions; available sources and costs of natural gas and other fuels; limits on pipeline capacity; transmission constraints; effects of inflation; the ability to control costs and avoid cost overruns during the development, construction, and operation of facilities, which include the development and construction of generating facilities with designs that have not been previously constructed, including changes in labor costs and productivity, adverse weather conditions, shortages, increased costs or inconsistent quality of equipment, materials, and labor, including any changes related to imposition of import tariffs, contractor or supplier delay, non-performance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, unforeseen engineering or design problems, start-up activities (including major equipment failure and system integration), and/or operational performance; the ability to construct facilities in accordance with the requirements of permits and licenses (including satisfaction of U.S. Nuclear Regulatory Commission ("NRC") requirements), to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of the Southern Company system's employee and retiree benefit plans and nuclear decommissioning trust funds; advances in technology; ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and NRC actions; if certain adverse events were to occur, a decision by more than 10% of the owners of Plant Vogtle Units 3 and 4 not to proceed with construction upon the occurrence of certain adverse events; litigation related to the Kemper County energy facility; the inherent risks involved in operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; the inherent risks involved in transporting and storing natural gas; the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, including the proposed disposition by a wholly-owned subsidiary of Southern Company Gas of Elizabethtown Gas and Elkton Gas, the proposed disposition by Southern Company Gas of Pivotal Home Solutions, and the potential sale of a 33% equity interest in substantially all of Southern Power's solar assets, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the possibility that the anticipated benefits from the acquisition of Southern Company Gas cannot be fully realized or may take longer to realize than expected and the possibility that costs related to the integration of Southern Company and Southern Company Gas will be greater than expected; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of physical attacks; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in Southern Company's and any of its subsidiaries' credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of the U.S. Department of Energy loan guarantees; the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources; impairments of goodwill or long-lived assets; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forward‐looking information.
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
Three Months Ended
March
Net Income–As Reported (See Notes)
2018
2017
Traditional Electric Operating Companies
$
612
$
432
Southern Power
121
70
Southern Company Gas
279
239
Total
1,012
741
Parent Company and Other
(74)
(83)
Net Income–As Reported
$
938
$
658
Basic Earnings Per Share 1
$
0.93
$
0.66
Average Shares Outstanding (in millions)
1,011
993
End of Period Shares Outstanding (in millions)
1,012
995
Non-GAAP Financial Measures
Three Months Ended
March
Net Income–Excluding Items (See Notes)
2018
2017
Net Income–As Reported
$
938
$
658
Estimated Loss on Kemper IGCC 2
44
108
Tax Impact
(11)
(41)
Loss on Plant Scherer Unit 3 3
—
33
Tax Impact
—
(13)
Acquisition, Integration, and Disposition Costs 4
62
4
Tax Impact
(5)
(1)
Wholesale Gas Services 5
(139)
(114)
Tax Impact
35
46
Earnings Guidance Comparability Items:
Equity Return Related to Kemper IGCC Schedule Extension 6
—
(23)
Tax Impact
—
(5)
Adoption of Tax Reform 7
(31)
—
Net Income–Excluding Items
$
893
$
652
Basic Earnings Per Share–Excluding Items
$
0.88
$
0.66
-See Notes on the following page.
Southern Company
Financial Highlights
Notes
(1) For the three months ended March 31, 2018 and 2017, dilution does not change basic earnings per share by more than 1 cent and is not material.
(2) Earnings for the three months ended March 31, 2018 and 2017 include charges related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC) that significantly impacted the presentation of earnings and earnings per share. Additional pre-tax cancellation costs of up to $50 million are expected to occur during the remainder of 2018 and 2019.
(3) Earnings for the three months ended March 31, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of its 2017 retail rate case settlement. Further charges are not expected to occur.
(4) Earnings for the three months ended March 31, 2018 and 2017 include costs related to the acquisition and integration of Southern Company Gas and earnings for the three months ended March 31, 2018 include costs related to the pending dispositions of Elizabethtown Gas, Elkton Gas, and Pivotal Home Solutions. The costs associated with the Pivotal Home Solutions transaction include a goodwill impairment charge of $42 million. Further costs are expected to continue to occur in connection with integration activities and closing the dispositions; however, the amount and duration of such expenditures is uncertain.
(5) Earnings for the three months ended March 31, 2018 and 2017 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.
(6) Earnings for the three months ended March 31, 2017 include allowance for funds used during construction (AFUDC) equity as a result of extending the Kemper IGCC construction schedule beyond November 30, 2016, as assumed when Southern Company issued its 2017 guidance. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also used such measures to evaluate Southern Company's 2017 performance. AFUDC equity ceased in connection with the project's suspension in June 2017.
(7) Earnings for the three months ended March 31, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law on December 22, 2017. During the current period, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are expected until Southern Company's 2017 federal income tax return is complete and provisional estimates are actualized during the measurement period ending December 31, 2018. Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.
Southern Company
Significant Factors Impacting EPS
Three Months Ended
March
2018
2017
Change
Earnings Per Share–
As Reported 1 (See Notes)
$
0.93
$
0.66
$
0.27
Significant Factors:
Traditional Electric Operating Companies
$
0.18
Southern Power
0.05
Southern Company Gas
0.04
Parent Company and Other
0.01
Increase in Shares
(0.01)
Total–As Reported
$
0.27
Three Months Ended
March
Non-GAAP Financial Measures
2018
2017
Change
Earnings Per Share–
Excluding Items (See Notes)
$
0.88
$
0.66
$
0.22
Total–As Reported
$
0.27
Kemper IGCC Impacts 2
(0.02)
Loss on Plant Scherer Unit 3 3
(0.02)
Acquisition, Integration, and Disposition Costs 4
0.05
Wholesale Gas Services 5
(0.03)
Adoption of Tax Reform 6
(0.03)
Total–Excluding Items
$
0.22
- See Notes on the following page.
Southern Company
Significant Factors Impacting EPS
Notes
(1) For the three months ended March 31, 2018 and 2017, dilution does not change basic earnings per share by more than 1 cent and is not material.
(2) Earnings for the three months ended March 31, 2018 and 2017 include charges related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC) that significantly impacted the presentation of earnings and earnings per share. Additional pre-tax cancellation costs of up to $50 million are expected to occur during the remainder of 2018 and 2019.
Earnings for the three months ended March 31, 2017 include allowance for funds used during construction (AFUDC) equity as a result of extending the Kemper IGCC construction schedule beyond November 30, 2016, as assumed when Southern Company issued its 2017 guidance. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also used such measures to evaluate Southern Company's 2017 performance. AFUDC equity ceased in connection with the project's suspension in June 2017.
(3) Earnings for the three months ended March 31, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of its 2017 retail rate case settlement. Further charges are not expected to occur.
(4) Earnings for the three months ended March 31, 2018 and 2017 include costs related to the acquisition and integration of Southern Company Gas and earnings for the three months ended March 31, 2018 include costs related to the pending dispositions of Elizabethtown Gas, Elkton Gas, and Pivotal Home Solutions. The costs associated with the Pivotal Home Solutions transaction include a goodwill impairment charge of $42 million. Further costs are expected to continue to occur in connection with integration activities and closing the dispositions; however, the amount and duration of such expenditures is uncertain.
(5) Earnings for the three months ended March 31, 2018 and 2017 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.
(6) Earnings for the three months ended March 31, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law on December 22, 2017. During the current period, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are expected until Southern Company's 2017 federal income tax return is complete and provisional estimates are actualized during the measurement period ending December 31, 2018. Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.
Southern Company
EPS Earnings Analysis
Three Months Ended March 2018 vs. March 2017
Cents
Description
2¢
Retail Sales
1¢
Retail Revenue Impacts, Excluding Tax Reform Changes
9¢
Weather
(1)¢
Non-Fuel O&M
(3)¢
Depreciation and Amortization
(1)¢
Taxes Other Than Income Taxes
1¢
Dividends on Preferred and Preference Stock
3¢
Impacts of Tax Reform (Ongoing Basis), Net of Amounts to be Returned to Customers
1¢
Income Taxes, Excluding Tax Reform
12¢
Total Traditional Electric Operating Companies
5¢
Southern Power
6¢
Southern Company Gas
(1)¢
Increase in Shares
22¢
Total Change in EPS (Excluding Items)
2¢
Kemper IGCC Impacts 1
2¢
Loss on Plant Scherer Unit 3 2
(5)¢
Acquisition, Integration, and Disposition Costs 3
3¢
Wholesale Gas Services 4
3¢
Adoption of Tax Reform 5
27¢
Total Change in EPS (As Reported)
- See Notes on the following page.
Southern Company
EPS Earnings Analysis
Three Months Ended March 2018 vs. March 2017
Notes
(1) Earnings for the three months ended March 31, 2018 and 2017 include charges related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC) that significantly impacted the presentation of earnings and earnings per share. Additional pre-tax cancellation costs of up to $50 million are expected to occur during the remainder of 2018 and 2019.
Earnings for the three months ended March 31, 2017 include allowance for funds used during construction (AFUDC) equity as a result of extending the Kemper IGCC construction schedule beyond November 30, 2016, as assumed when Southern Company issued its 2017 guidance. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also used such measures to evaluate Southern Company's 2017 performance. AFUDC equity ceased in connection with the project's suspension in June 2017.
(2) Earnings for the three months ended March 31, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of its 2017 retail rate case settlement. Further charges are not expected to occur.
(3) Earnings for the three months ended March 31, 2018 and 2017 include costs related to the acquisition and integration of Southern Company Gas and earnings for the three months ended March 31, 2018 include costs related to the pending dispositions of Elizabethtown Gas, Elkton Gas, and Pivotal Home Solutions. The costs associated with the Pivotal Home Solutions transaction include a goodwill impairment charge of $42 million. Further costs are expected to continue to occur in connection with integration activities and closing the dispositions; however, the amount and duration of such expenditures is uncertain.
(4) Earnings for the three months ended March 31, 2018 and 2017 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.
(5) Earnings for the three months ended March 31, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law on December 22, 2017. During the current period, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are expected until Southern Company's 2017 federal income tax return is complete and provisional estimates are actualized during the measurement period ending December 31, 2018. Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended
March
2018
2017
Change
Income Account-
Retail Electric Revenues-
Fuel
$
1,027
$
928
$
99
Non-Fuel
2,541
2,466
75
Wholesale Electric Revenues
619
531
88
Other Electric Revenues
165
175
(10)
Natural Gas Revenues
1,607
1,530
77
Other Revenues
413
141
272
Total Revenues
6,372
5,771
601
Fuel and Purchased Power
1,368
1,175
193
Cost of Natural Gas
720
719
1
Cost of Other Sales
289
88
201
Non-Fuel O & M
1,451
1,383
68
Depreciation and Amortization
769
716
53
Taxes Other Than Income Taxes
355
330
25
Estimated Loss on Kemper IGCC
44
108
(64)
Total Operating Expenses
4,996
4,519
477
Operating Income
1,376
1,252
124
Allowance for Equity Funds Used During Construction
30
57
(27)
Earnings from Equity Method Investments
41
39
2
Interest Expense, Net of Amounts Capitalized
458
416
42
Other Income (Expense), net
60
48
12
Income Taxes
113
315
(202)
Net Income
936
665
271
Less:
Dividends on Preferred and Preference Stock of Subsidiaries
4
11
(7)
Net Income Attributable to Noncontrolling Interests
(6)
(4)
(2)
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY
$
938
$
658
$
280
Notes
- Certain prior year data may have been reclassified to conform with current year presentation.
Southern Company
Kilowatt-Hour Sales and Customers
(In Millions of KWHs)
Three Months Ended March
As Reported
2018
2017
Change
Weather
Adjusted
Change
Kilowatt-Hour Sales-
Total Sales
50,844
46,198
10.1
%
Total Retail Sales-
38,390
35,504
8.1
%
1.6
%
Residential
12,967
10,916
18.8
%
1.1
%
Commercial
12,287
11,768
4.4
%
1.2
%
Industrial
12,931
12,606
2.6
%
2.6
%
Other
205
214
(4.3)
%
(4.7)
%
Total Wholesale Sales
12,454
10,694
16.5
%
N/A
(In Thousands of Customers)
Period Ended March
2018
2017
Change
Regulated Utility Customers-
Total Utility Customers-
9,306
9,226
0.9
%
Total Traditional Electric
4,652
4,608
1.0
%
Southern Company Gas
4,654
4,618
0.8
%
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended
March
2018
2017
% Change
Southern Company –
Operating Revenues
$
6,372
$
5,771
10.4
%
Earnings Before Income Taxes
1,049
980
7.0
%
Net Income Available to Common
938
658
42.6
%
Alabama Power –
Operating Revenues
$
1,473
$
1,382
6.6
%
Earnings Before Income Taxes
311
304
2.3
%
Net Income Available to Common
225
174
29.3
%
Georgia Power –
Operating Revenues
$
1,961
$
1,832
7.0
%
Earnings Before Income Taxes
445
420
6.0
%
Net Income Available to Common
352
260
35.4
%
Gulf Power –
Operating Revenues
$
348
$
350
(0.6)
%
Earnings Before Income Taxes
55
34
61.8
%
Net Income Available to Common
42
18
133.3
%
Mississippi Power –
Operating Revenues
$
302
$
272
11.0
%
Earnings (Loss) Before Income Taxes
(11)
(47)
N/M
Net Income (Loss) Available to Common
(7)
(20)
N/M
Southern Power –
Operating Revenues
$
509
$
450
13.1
%
Earnings Before Income Taxes
16
14
14.3
%
Net Income Available to Common
121
70
72.9
%
Southern Company Gas –
Operating Revenues
$
1,639
$
1,560
5.1
%
Earnings Before Income Taxes
383
389
(1.5)
%
Net Income Available to Common
279
239
16.7
%
N/M - not meaningful
Notes
- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented.
View original content with multimedia: http://www.prnewswire.com/news-releases/southern-company-reports-first-quarter-2018-earnings-300640849.html
SOURCE Southern Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-southern-company-reports-first-quarter-2018-earnings.html |
CRANBURY, N.J., May 10, 2018 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN) will announce its third quarter, fiscal year 2018 operating results on Tuesday, May 15, 2018 before the open of the U.S. financial markets.
Palatin will also conduct a conference call and live audio webcast hosted by its executive management team on May 15, 2018 at 11:00 a.m. ET. The conference call will include a review of the company's operating results and an update on programs under development.
Schedule for the Operating Results Press Release, Conference Call / Audio Webcast
Q3 Fiscal Year 2018 Financial Results Press Release
5/15/2018 at 7:30 a.m. ET
Q3 Fiscal Year 2018 Conference Call-Live
5/15/2018 at 11:00 a.m. ET
US/Canada Dial-In Number:
1-800-263-0877
International Dial-In Number:
1-323-794-2094
Conference ID:
1551025
Q3 Fiscal Year 2018 Conference Call-Replay
5/15/2018-5/22/2018
US/Canada Dial-In Number:
1-888-203-1112
International Dial-In Number:
1-719-457-0820
Replay Passcode:
1551025
Audio Webcast Live and Replay Access
http://www.palatin.com
The audio webcast and replay can be accessed by logging on to the "Investors-Webcasts" section of Palatin's website at http://www.palatin.com .
About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information, please visit http://www.palatin.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/palatin-technologies-inc-to-report-third-quarter-fiscal-year-2018-results-teleconference-and-webcast-to-be-held-on-may-15-2018-300646692.html
SOURCE Palatin Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-palatin-technologies-inc-to-report-third-quarter-fiscal-year-2018-results-teleconference-and-webcast-to-be-held-on-may-15-2018.html |
April 30 (Reuters) - Taiwan Mobile Co Ltd
* Says it will use undistributed profit to pay cash dividend of T$5 per share to shareholders for 2017
* Says it will use additional paid-in capital to distribute T$0.6 per share
* Says it will pay cash dividend of T$15.24 billion in total
Source text in Chinese: goo.gl/HKSw17
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-taiwan-mobile-announces-2017-divid/brief-taiwan-mobile-announces-2017-dividend-payment-idUSL3N1S72K4 |
May 31, 2018 / 4:45 PM / Updated an hour ago UPDATE 1-Tennis-Pouille leads French charge into Roland Garros third round Reuters Staff
(Adds details on other French players)
By Richard Lough
PARIS, May 31 (Reuters) - French number one Lucas Pouille put down a spirited comeback by unseeded Briton Cameron Norrie on Thursday to lead home hopes going into the third round at Roland Garros.
France has waited 35 years since Yannick Noah lifted the Musketeers Cup for one of its own to win the men’s championship at Roland Garros.
While that wait will almost certainly continue this year barring a major upset, Pouille leads a group dreaming the unlikely that includes Richard Gasquet, Gilles Simon, Gael Monfils.
Pouille looked tight throughout the match, making 49 unforced errors and barely getting half his first serves in on his way to a 6-2 6-4 5-7 7-6(3) victory.
“I started much better today than yesterday and the first round, Pouille told a news conference. “It’s still not perfect, but the more you move on in the tournament, the better you play. I hope that I’ll play better tennis tomorrow.”
He faces Russia’s Karen Khachanov, ranked 38th in the world, on Friday.
Asked if playing the Norrie match over two days would disrupt his preparations, Pouille said: “Physically, it doesn’t disrupt much. It’s just ... your nerves, because you have extra tension (on a match day). The stress builds up.”
Richard Gasquet, seeded 27th, eased past Tunisia’s Malek Jaziri 6-2 3-6 6-3 6-0, dominating with his first serve and leading his opponent into making 40 forced errors, more than double his own count.
Gasquet reached the third round for the eighth straight year. Next up is tournament favourite Rafael Nadal - and harbours few illusions.
“Unless there is a disaster, he has a good chance of winning,” Gasquet told reporters. “He’s extraordinary. We all know he is.”
In the women’s tournament, wildcard Pauline Parmentier downed French compatriot and 32nd seed Alize Cornet in a three-hour marathon 6-7 6-4 6-2.
Parmentier too faces tough odds in the third round against number two seed Caroline Wozniacki, who dropped just one game against big-serving Spanish qualifier Georgina Garcia Perez. Reporting by Richard Lough, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-pouille/update-1-tennis-pouille-leads-french-charge-into-roland-garros-third-round-idUKL5N1T253O |
May 9 (Reuters) - 3M Co:
* 3M CO - STOCKHOLDERS DID NOT APPROVE STOCKHOLDER PROPOSAL ON SETTING TARGET AMOUNTS FOR CEO COMPENSATION - SEC FILING
* 3M CO - STOCKHOLDERS ELECTED EACH OF TWELVE NOMINEES TO BOARD FOR A ONE-YEAR TERM Source text: ( bit.ly/2Iuhu5Z ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-3m-says-each-of-12-nominees-electe/brief-3m-says-each-of-12-nominees-elected-to-board-for-one-year-term-sec-filing-idUSFWN1SG1L6 |
May 8, 2018 / 11:17 AM / Updated 38 minutes ago Hungarian parliament reconvenes to elect Orban PM for new term Reuters Staff 2 Min Read
BUDAPEST (Reuters) - Hungary’s parliament convened on Tuesday for an inaugural session after an election landslide gave Prime Minister Viktor Orban a third straight term, as around 1,000 people protested outside against what they call his authoritarian rule. Hungarian Prime Minister Viktor Orban attends the opening session after the recent election in Budapest, Hungary May 8, 2018. REUTERS/Bernadett Szabo
Right-wing nationalist Orban has increased his control over the media and placed allies in charge of formerly independent institutions, while his refusal to accept large numbers of migrants into Hungary has put him in conflict with the European Union.
His anti-immigration stance brought him an overwhelming victory in the April vote, particularly in rural areas. Orban’s election by parliament was expected to be a formality on Tuesday afternoon.
The protesters in Budapest, waving national and EU flags, said Orban had stifled the media and manipulated election rules unfairly.
“I regard this government as illegitimate,” said demonstrator Edit Glasz. “By modifying the election law he secured another two-thirds majority in parliament.”
Election rules have been amended by Orban’s ruling Fidesz party since he took power in 2010.
The total number of seats was reduced from 386 to 199 and the ratio of constituency seats increased to 60 percent from less than 50.
District boundaries have been redrawn in ways critics say favour Fidesz, and the government has granted the right to citizenship and the right to vote to ethnic Hungarians in neighbouring countries, who tend to support the party.
Protesters chanted “Democracy, democracy!” and put up a banner outside parliament reading “The Constitution is Illegitimate”.
Orban’s economic policies have put the central European country on track for economic growth of four percent.
His Fidesz party holds 133 of 199 parliamentary seats. Orban is the longest-serving premier in post-communist Hungary. Reporting by Marton Dunai; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hungary-parliament-protests/hungarian-parliament-reconvenes-to-elect-orban-pm-for-new-term-idUKKBN1I91B6 |
May 4 (Reuters) - Hong Kong stock exchange filing shows
* GEELY AUTOMOBILE HOLDINGS LTD’S CHAIRMAN LI SHU FU HAS ADDED 20.15 MILLION SHARES IN THE COMPANY AT AN AVERAGE HK$21.479 ($2.74) PER SHARE ON MAY 2
* LI SHU FU'S LONG POSITION IN THE COMPANY HAS INCREASED TO 8.88 PERCENT FROM 8.65 PERCENT AFTER THE TRANSACTION Source text in Chinese: bit.ly/2FGSHWX Further company coverage: ($1 = 7.8496 Hong Kong dollars) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-geely-automobiles-chairman-buys-20/brief-geely-automobiles-chairman-buys-20-15-mln-company-shares-on-may-2-idUSH9N1S404C |
KABUL (Reuters) - Ten journalists were killed in Afghanistan on Monday, including nine reporters and photographers who died in a suicide bomb attack in the capital Kabul and a journalist working for the Afghan language service of the BBC who was shot dead in the eastern city of Khost.
It was the deadliest day for the country’s media since a U.S.-led campaign ousted the hardline Islamic Taliban regime in 2001.
In Kabul, journalists covering a bomb blast during the morning rush hour were standing in a loose group near the site of the explosion when the suicide bomber struck, killing seven people outright and wounding several, two of whom later died.
The bomber appeared to have deliberately targeted journalists, presenting a press card to police before joining the group standing near the first blast site, interior ministry spokesman Najib Danesh said.
In all, 26 people died in the two Kabul blasts, which were claimed by Islamic State.
Among the dead were Shah Marai, veteran chief photographer for Agence France-Presse in Afghanistan, who had worked for the agency for 22 years. Also killed was Maharam Durani, a young female producer who had joined Radio Azadi, a local station, only a week earlier.
Reuters photographer Omar Sobhani, an old friend and colleague of Shah Marai, was standing next to him when the bomb exploded.
“We were standing on a slight rise to get a better shot when I heard a bang and saw him on the ground. I was stunned, I couldn’t believe it,” said Sobhani, who suffered minor wounds.
“He was a very good photographer - the best - but he was also a very good man.”
In Khost, Ahmad Shah, who worked for the BBC’s Pashto language service as well as for Reuters, was killed on the outskirts of the city, according to Talib Mangal, spokesman for Khost’s provincial governor. The BBC confirmed the death in a statement on Twitter.
There was no indication of any direct link between the attacks in Kabul and Khost.
Among a litany of setbacks since the Taliban were ousted in 2001 and tens of thousands of deaths, Afghanistan’s lively and independent media sector has stood out as a success but it has suffered heavy losses.
According to the Afghanistan Journalists Safety Committee, at least 80 journalists and media workers have been killed working in the country since 2001.
But there had never been a day when so many were killed in the same attack. As well as AFP and Radio Azadi, which lost two employees in the Kabul attack, local stations Tolo News, 1TV and Mashal TV also lost staff.
Shah Marai’s career stretched back to the days of the Taliban when he joined AFP as a driver before becoming a full time photographer in 2002, chronicling Afghanistan’s long and uncertain struggle to find peace.
By contrast, Maharam Durani’s career was just beginning. A final year student who had joined Radio Azadi as a producer on a women’s program just a week earlier, she had stopped off at the site on her way to work in case she could help, said Hameed Momand, head of Radio Azadi in Kabul.
It was the worst attack on journalists since 2016, when seven Tolo TV employees were killed by a Taliban suicide attacker who rammed a car bomb into a bus driving them home from the station. The Taliban had warned earlier that they considered journalists legitimate targets.
Globally, it was the worst attack on journalists in a single incident since 31 reporters and photographers were killed in a massacre in the southern Philippines in 2009.
Shah Marai, Agence-France-Presse's (AFP) chief photographer in Kabul was killed in a secondary explosion following a suicide blast in Kabul, Afghanistan, April 30, 2018. Picture taken April 17, 2012. AFP/Johannes Eisele/Handout via Reuters Additional reporting by Rupam Jain, Editing by Kay Johnson and Raju Gopalakrishnan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-blast-media/kabul-suicide-attack-deadliest-day-for-afghan-journalists-idUSKBN1I117V |
May 4, 2018 / 12:10 PM / Updated 8 hours ago India considers surcharge on sugar to subsidise farmers Manoj Kumar 3 Min Read
NEW DELHI (Reuters) - Finance Minister Arun Jaitley said on Friday that five state ministers would consider ways to subsidise sugarcane growers suffering from weak prices, including possibly making consumers pay a surcharge in addition to the Goods and Services Tax (GST). A trader speaks on his mobile phone as he waits for customers at a sugarcane wholesale market in Kolkata, May 2, 2018. REUTERS/Rupak De Chowdhuri
Expectations of a bumper sugarcane crop this year have led to falling prices and caused financial losses for sugar mills, which are seeking federal and state government support to cover what they owe farmers.
India is the second largest sugar producer after Brazil, and Prime Minister Narendra Modi is keen to placate the country’s 50 million cane growers, who have an influential political lobby.
Karnataka, among the largest cane growers, holds state elections next week, while a national election is due by early next year.Earlier this week, the Modi government decided to offer a subsidy of 55 rupees per tonne to sugarcane farmers and it is now considering ways to raise funds through an additional levy on retail sugar prices.
India had abolished a surcharge on sugar, or cess, after the introduction of the nationwide GST last year, but the central government has proposed reintroducing it in response to requests by some states.
Speaking to reporters after meeting state and central finance ministry officials attending a GST council, Jaitley said five ministers were expected to deliver other recommendations in the next two weeks, including “the imposition of a cess or temporarily increasing the tax.”
Wholesale sugar prices fell by more than 10 percent in March from a year ago.
Industry officials last month said the amount owed by sugar mills to farmers could leap to a record 250 billion rupees ($3.8 billion) in the 2017/18 season.
Analysts said a proposed additional levy of 2-5 percent would undermine the goal of the GST, which had been hailed as a landmark reform that would create for the first time a single market for India’s 29 states.
Atul Gupta, a senior director at Deloitte India, said that reintroducing a surcharge would send a wrong signal, and urged the council to focus on steps to reduce evasion of GST in order to raise funds. Labourers lift a sack filled with sugar to load it onto a handcart at a wholesale market in Kolkata, February 1, 2018. REUTERS/Rupak De Chowdhuri/Files Reporting by Manoj Kumar | ashraq/financial-news-articles | https://in.reuters.com/article/india-tax/india-considers-surcharge-on-sugar-to-subsidise-farmers-idINKBN1I51CX |
JAB buys majority stake in UK's Pret a Manger 2:09pm BST - 01:33
Luxembourg-based JAB Holdings is set to buy British food chain Pret a Manger for $2 billion from its private equity owners. Laura Frykberg reports. ▲ Hide Transcript ▶ View Transcript
Luxembourg-based JAB Holdings is set to buy British food chain Pret a Manger for $2 billion from its private equity owners. Laura Frykberg reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IUXVEK | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/jab-buys-majority-stake-in-uks-pret-a-ma?videoId=431409726 |
LONDON (Reuters) - Italy’s 10-year bond yield rose on Friday to its highest since October last year at 2.194 percent IT10YT=RR as unease over the plans of a coalition government taking shape in Rome kept upward pressure on borrowing costs.
FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang The common government policy agenda of Italy’s two anti-establishment parties includes the issuance of short-term government bonds to pay companies owed money by the state, the economics chief of far-right League, Claudio Borghi, said early on Friday.
Ten-year bond yields rose 8 basis points on the day and are set for their biggest weekly jump in over a year, Thomson Reuters data shows.
Reporting by Sujata Rao; editing by Dhara Ranasinghe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds/italy-10-year-bond-yields-at-highest-since-october-on-coalition-economic-plans-idUSKCN1IJ12H |
May 9 (Reuters) - Caribbean Utilities Company Ltd:
* ANNOUNCES INCREASE IN DIVIDEND ON CLASS A ORDINARY SHARES
* DECLARED INCREASE IN REGULAR QUARTERLY DIVIDEND FROM US$0.17 TO US$0.175 PER CLASS A ORDINARY SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caribbean-utilities-company-announ/brief-caribbean-utilities-company-announces-increase-in-dividend-on-class-a-ordinary-shares-idUSASC0A189 |
CNBC.com Adam Jeffery | CNBC A woman looks at real estate listings outside a Berkshire Hathaway Home Services office in Montclair, N.J.
Borrowers may have missed an opportunity to get the last of the low rates, as it now appears interest rates are moving decidedly higher.Mortgage application volume fell 2.7 percent last week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume was 4.5 percent lower than a year ago.The weakness was most pronounced in applications to refinance a home loan. That volume fell 4 percent to its lowest level since August 2008. Refinance volume is off nearly 17 percent from a year ago, when interest rates were lower. Most borrowers today have little incentive to refinance after a boom a few years ago, when interest rates hit record lows. Rates fell slightly last week, but that was temporary. show chapters 9:45 AM ET Mon, 23 April 2018 | 01:45
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.77 percent last week from 4.78 percent the previous week, with points remaining unchanged at 0.50 (including the origination fee) for 80 percent loan-to-value ratio loans.Interest rates then moved to a seven-year high on Tuesday, after a major sell-off in the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. The sell-off came after a stronger-than-expected retail sales report, but the real momentum began when interest rates broke through a recent high, resulting in one of the heaviest selling days of the year to date.Mortgage applications to purchase a home, which are less rate-sensitive week to week, also fell, down 2 percent for the week. Volume was just 4 percent higher than one year ago. Volume should be considerably higher, given the strong demand for housing in an improving economy, but low supply and high competition is holding buyers back. Cash is currently ruling the market, as more investors come back, looking to cash in on fast-rising prices.Buyers struggling to afford today's steep prices are increasingly turning to adjustable-rate mortgages (ARMs) because they offer lower rates, but unfortunately those rates are rising now as well."Jumbo and 5/1 ARM rates increased, with the 5/1 ARM rate increasing to its highest in our survey at 4.09 percent," said Joel Kan, an MBA economist.Higher interest rates usually slow growth in home prices, but because supply and demand are so out of whack right now, usual trends may not apply. With so many investors competing in cash, prices could continue to rise sharply, leaving fewer and fewer regular buyers able to become homeowners. WATCH: How to use your home as a source of cash show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/us-mortgage-refinancing-hits-the-lowest-level-since-aug-2008-mba.html |
SAN FRANCISCO, May 29 (Reuters) - San Francisco’s city attorney has subpoenaed Uber Technologies Inc and Lyft Inc to turn over records relating to how the ride-hailing firms classify drivers, as well as driver wages, health care and other benefits in the latest probe in the city’s year-long investigation into the companies.
City Attorney Dennis Herrera said on Tuesday he was seeking evidence that Uber and Lyft are in compliance with a recent California Supreme Court decision that makes it much easier for workers to prove that they are employees entitled to benefits and protections, rather than independent contractors. (Reporting by Heather Somerville Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/ridehailing-sanfrancisco/san-francisco-subpoenas-uber-lyft-on-driver-classification-idUSL2N1T01IK |
Flu fighters: electric guitar made from doctors' tongue depressors 10:32am EDT - 01:01
Amateur musician Maciej Walaszek built a working electric guitar from wooden tongue depressors, normally used by doctors to examine patients' mouths and throats. Edward Baran reports.
Amateur musician Maciej Walaszek built a working electric guitar from wooden tongue depressors, normally used by doctors to examine patients' mouths and throats. Edward Baran reports. //reut.rs/2IWUBcB | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/flu-fighters-electric-guitar-made-from-d?videoId=431432015 |
PORT STANLEY, Falkland Islands, May 19 (Reuters) - As far afield as the windswept Falkland Islands, battered by the South Atlantic and home to colonies of penguins, the glittering royal wedding was a cause for celebration on Saturday.
Many residents of the Falklands, one of Britain’s remote outposts left over from imperial days, are fiercely patriotic and were looking forward to flying the Union Jack flag in honour of Prince Harry and his American bride Meghan Markle.
“As a Falkland Islander I definitely feel a bond with the royal family as a symbol of Britishness. I am a staunch royalist,” said Arlette Betts, speaking in her home on the waterfront in Port Stanley, the tiny capital and home to most of the archipelago’s 4,000 inhabitants.
Argentina disputes Britain’s sovereignty over the Falklands, which lie 300 miles (500 km) from the Argentine coast, and the two countries fought a war in 1982 over the islands. As a result, the British military are popular with the islanders.
“I think we can all relate to them here in the islands, particularly since the young lads served in the military,” said Leona Roberts, a member of the archipelago’s Legislative Assembly.
She was referring to Prince Harry and his older brother Prince William, who both had military careers before dedicating themselves full-time to royal duties.
Roberts was one of the organisers of a royal wedding party due to take place at the Falkland Islands Defence Force headquarters, where children were expected to dress up as princes and princesses and receive special gifts.
Betts, however, intended to spend the day at home in front of the television so she could give her full attention to events in faraway Windsor.
“I think some people are having a party but I would not want that. I like to be able to take it all in without being disturbed,” she said.
The Falklands were just one of the locations many worlds away from Windsor Castle where people were celebrating the royal nuptials.
In India, a group of Mumbai’s famed dabbawalas, or lunch delivery men, chose a traditional sari dress and kurta jacket as wedding gifts for Harry and his bride, while at the Gurukul School of Art children painted posters of the royal couple and Queen Elizabeth.
In Australia, where the British monarch remains the head of state, some pubs were planning wedding parties, while a cinema chain was screening the event live across its network. Viewers were encouraged to come dressed in fun finery, with prizes for the most creative outfits.
In Melbourne, fashion designer Nadia Foti was planning to attend an “English high tea” where guests would wear plastic crowns and enjoy traditional British treats such as scones and the popular summer drink Pimm’s.
“It’s exciting for the fashion and the spectacular,” said Foti. “It’s a joyous occasion and I’ve made a plum cake to celebrate in classic English style.”
Reporting by Marcos Brindicci in Port Stanley, Rajendra Jadhav and Sankalp Phartiyal in Mumbai, Alana Schetzer in Melbourne and Jane Wardell in Sydney Writing by Estelle Shirbon Editing by Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-world/worlds-away-from-windsor-people-celebrate-harry-and-meghans-big-day-idUSL5N1SQ08H |
May 4 (Reuters) - SPAREBANK 1 BV:
* Q1 NET INTEREST INCOME NOK 140.4 MILLION VERSUS NOK 133.1 MILLION YEAR AGO
* Q1 NET PROFIT NOK 164.4 MILLION VERSUS NOK 182.9 MILLION YEAR AGO
* Q1 LOAN LOSSES NOK 6.8 MILLION VERSUS LOAN LOSSES NOK 4.5 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sparebank-1-bv-q1-net-interest-inc/brief-sparebank-1-bv-q1-net-interest-income-rises-to-nok-140-4-million-idUSFWN1SB12Z |
Europe higher as trade war concerns ease; Italy sinks 1.8%; Ryanair down 1.3% 7 Hours Ago French and U.K. stocks started the week on a higher note with investors digesting weekend developments in U.S.-China trade talks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/europe-higher-as-trade-war-concerns-ease-italy-sinks-1-point-8-percent-ryanair-down-1-point-3-percent.html |
Venezuela seizes Kellogg plant 11:48am EDT - 01:03
Kellogg says Venezuela's government seized its manufacturing plant after it became the latest multinational to pull out of the oil-rich country. Fred Katayama reports.
Kellogg says Venezuela's government seized its manufacturing plant after it became the latest multinational to pull out of the oil-rich country. Fred Katayama reports. //reut.rs/2rSFuFJ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/venezuela-seizes-kellogg-plant?videoId=427454945 |
AUBURN, Ala., May 08, 2018 (GLOBE NEWSWIRE) -- On May 8, 2018, the Board of Directors of Auburn National Bancorporation, Inc. (Nasdaq: AUBN) declared a second quarter $0.24 per share cash dividend, payable June 25, 2018 to shareholders of record as of June 8, 2018.
About Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $831 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates 8 full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com .
For additional information, contact:
Robert W. Dumas
President and CEO
(334) 821-9200
Source:Auburn National Bancorporation, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-auburn-national-bancorporation-inc-declares-quarterly-dividend.html |
* China mainland stocks tumble more than 2.5% on trade war fears
* Turkey’s lira at firmest in two weeks ahead of new rate regime
* Indonesia hikes interest rates for second time in two weeks
By Karin Strohecker
LONDON, May 30 (Reuters) - Italy’s political crisis and rekindled fears of a trade war between Beijing and Washington knocked emerging stocks to a 5-1/2 month low on Wednesday though currencies coasted higher against a struggling dollar.
MSCI’s emerging market equity index lost 1 percent in its second straight day in the red.
This followed hefty losses in Asia where stocks were playing catch-up after Tuesday’s global sell-off amid fears that repeat elections in the euro zone’s third-largest economy could become a de-facto referendum on Italian membership of the currency bloc and its role in the European Union.
Adding to the woes were fears of fresh tensions between the United States and China after the White House pledged to continue trade actions against Beijing which retorted it did not want a trade war, but equally was not scared of one.
Hong Kong suffered a 1.4 percent fall to hit its lowest in more than three weeks while some China mainland stocks indexes suffered a more than 2 percent tumble – its steepest decline in more than two months.
Gains in Russia , Turkey and parts of central Europe failed to stem the broader decline.
“The mood is pretty subdued, partly because of Italy – that would have a dampening effect on growth in Europe, and that is weighing on market sentiment,” said Per Hammarlund, chief emerging markets strategist at SEB.
“The other factor is the announcement by Trump that they are planning to put tariffs on some Chinese goods - that came as a surprise too given that the last sign from the administration was that they are negotiating with China.”
However, emerging currencies enjoyed a respite after the dollar index found itself on the backfoot despite U.S. Treasury yields edging higher.
Turkey’s lira chalked up some of the biggest gains, soaring 1.2 percent higher in its third straight session in the black as investors gear up for the new interest rate regime coming into force on Friday and after policy-makers met with investors in London earlier this week.
Trading at its firmest in two weeks, the lira shrugged off ratings agency Moody’s slashing its growth forecast to 2.5 percent from 4 percent and a warning that President Tayyip Erdogan’s statement on tightening his grip on monetary policy in the wake of the June 24 elections had weakened the central bank’s independence.
With investors worried about Turkey’s economy an overheating against a backdrop of rampant inflation, the update from Moody’s provided a more realistic reading, said Hammarlund.
“There are two things that will need to hold back growth – the rate hike, which will subdue credit growth - financial conditions have tightened markedly in Turkey, and that will have a dampening effect on growth,” he said.
South Africa’s rand nearly matched the lira’s gains, strengthening 1 percent despite data showing growth in private sector credit demand slowed to just over 5 percent in April from nearly 6 percent in March. Mexico’s peso and Russia’s rouble strengthened 0.5 percent.
Meanwhile in Indonesia, the rupiah barely budged after the central bank raised its benchmark interest rate for the second time in two weeks and flagged more possible hikes as it escalated a battle to boost the fragile currency and contain capital outflows.
For GRAPHIC on emerging market FX performance 2018, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2018, see tmsnrt.rs/2dZbdP5
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
Reporting by Karin Strohecker, additional reporting and graphic by Claire Milhench Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets/emerging-markets-trade-fears-italy-troubles-hit-emerging-stocks-idUSL5N1T11YM |
Sears Holdings is taking its relationship with Amazon one step further.
The department store chain announced Wednesday at its annual shareholders meeting in Hoffman Estates, Illinois, that it will offer full-service tire installation for orders from all tire brands on Amazon, including its own DieHard.
News of the partnership sent Sears' stock soaring as much as 22 percent in early trading. The shares were last up 24 percent.
CNBC The rollout will begin in the coming weeks for those customers who live within range of 47 Sears Auto Centers in eight metropolitan areas: Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The service will eventually go live at Sears' more than 400 Auto Centers across the U.S., to reach more of Amazon's customers.
The checkout process will look something like this, a Sears spokesman explained to CNBC:
A customer selects the tires he or she wants, from any brand, on Amazon. He or she selects "Yes, I want these tires shipped to and installed at Sears Auto Center." (The shipment of the tires to the Sears Auto Center would be handled by Amazon, not Sears.) The customer then provides three appointment times that are convenient for the installation. The chosen Sears Auto Center will then match the customer's schedule preferences with its appointment openings. Sears Auto Center then emails a confirmation through Amazon to the customer ahead of the appointment, which can still be altered. With any appointment, there will be a "standard installation fee" paid to Sears that covers installation, balancing, under hood/under car evaluation, a road safety test and other precautionary steps, the spokesman said.
Sears kicked off its relationship with Amazon last summer when it announced it would begin selling Kenmore-branded appliances on Amazon, some of which are integrated with Amazon's Alexa platform. Shares of the department store chain had surged more than 25 percent on the news.
Then, in December, Sears said it would begin selling merchandise from its DieHard brand on Amazon, including car batteries and now tires.
"Kenmore is now distributed nationally on Amazon with over 250 products and we are exceeding customer service level expectations," Tom Park, president of Kenmore, Craftsman and DieHard brands at Sears Holdings, said in a statement.
The company said it has about 2,100 technicians at its Auto Centers across the country to perform tire installations.
Sears is meanwhile looking for ways to monetize other assets, as its sales are in a steep decline overall and the company has more than $1 billion of debt coming due within the year, according to financial statements.
Sears CEO Eddie Lampert 's hedge fund, ESL Investments, has made a proposal to buy Kenmore, Sears' home improvement business, its PartsDirect division and some of the chain's real estate. Lampert has said he's been shopping some of those assets for years, but hasn't been able to find a serious buyer.
In a blog post Wednesday, prior to Sears' shareholders meeting, Lampert said: "We're still not where we need to be, and Sears continues to face significant challenges in a tough retail environment. ... The reality is transformation is an ongoing process and we are not done. I still firmly believe that, together, we can transform this company."
Sears Holdings shares are down nearly 70 percent from a year ago.
WATCH: Amazon is so much more than online shopping — here's how big its become show chapters Amazon is so much more than online shopping — here's how big its become 9:00 AM ET Sat, 14 April 2018 | 03:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/sears-is-working-with-amazon-to-deliver-and-install-car-tires.html?utm_source=dlvr.it&utm_medium=twitter |
LONDON, May 4 (Reuters) - Long-term borrowing costs in Germany, the euro zone’s biggest economy and its benchmark bond issuer, fell to 2-1/2 week lows on Friday after weaker-than-expected U.S. jobs data.
European bond yields followed U.S. Treasury yields lower after the closely-watched data was released, with Germany’s 10-year Bund yield dipping to as low as 0.52 percent .
Non-farm payrolls increased by 164,000 jobs last month, less than analysts had forecast.
The data also showed wages barely rising last month, which could ease concerns that inflation pressures were rapidly building and may keep the Federal Reserve on a gradual path of monetary policy tightening.
European shares hit a fresh session low but remained in positive territory with the STOXX 600 up 0.1 percent. Rate-sensitive banks deepened losses to trade down 1.2 percent. (Reporting by Dhara Ranasinghe and Danilo Masoni Editing by Tommy Wilkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds-payrolls/germanys-bond-yields-hit-2-1-2-week-low-on-u-s-payrolls-data-idUSL8N1SB4H2 |
EditorsNote: Editors: corrects throughout
Jorge Soler slugged a tiebreaking three-run homer in the top of the 13th inning to give the Kansas City Royals a 7-6 victory over the Boston Red Sox on Tuesday night at Fenway Park.
Soler hit a 1-0 curveball from left-hander Brian Johnson (1-1) just barely over the Green Monster to snap a 4-4 tie. The blast was Soler’s third of the season.
Alex Gordon hit a tying homer in the ninth inning and Jon Jay went 4-for-5 with one RBI for the Royals.
Kansas City won for just the fifth time in its past 21 games.
Mitch Moreland and Eduardo Nunez homered for the Red Sox. Moreland and Andrew Benintendi each had three hits for Boston.
Gordon and Whit Merrifield recorded back-to-back singles off Johnson in the 13th prior to Soler’s decisive blast.
The Red Sox pushed across two runs in the bottom of the 13th on an infield out by Jackie Bradley Jr. and Christian Vazquez’s single before left-hander Brian
Flynn retired Nunez on a liner to center for his first career save.
Boston was two outs away from a victory when right-hander Craig Kimbrel served up the ninth-inning homer to Gordon. The blast was Gordon’s first of the season and represented Kimbrel’s first blown save in eight opportunities.
Kansas City moved ahead 4-3 in the 12th inning when Drew Butera doubled off right-hander Heath Hembree, moved to third on a bunt single by Ryan Goins and scored on Jay’s sacrifice fly to left.
Royals right-hander Kelvin Herrera (1-0) was unable to hold the lead as he served up a tying one-out shot to Nunez in the bottom of the 12th.
Boston ace Chris Sale allowed two runs — one earned — and five hits over seven innings. The left-hander struck out six and walked two.
Kansas City right-hander Jakob Junis allowed two runs and seven hits over six innings. He struck out five and walked one.
Royals third baseman Mike Moustakas didn’t start due to a bruised right forearm suffered Monday when he was plunked in the arm by Red Sox left-hander Eduardo Rodriguez. He was utilized as a pinch hitter in the 10th inning and grounded out.
Boston took a 3-2 lead in the seventh inning when Benintendi reached on a one-out double against left-hander Tim Hill and came around to score on two wild pitches from Royals right-hander Brad Keller.
Boston trailed 2-0 before Moreland drilled a one-out homer to right in the sixth inning. Bradley had a run-scoring single later in the frame to tie it.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bos-kc-recap/solers-hr-in-13th-sparks-royals-past-red-sox-idUSMTZEE5231F1E5 |
May 15, 2018 / 10:41 AM / Updated 25 minutes ago Ukraine detains local director of Russian state news agency Reuters Staff 2 Min Read
KIEV (Reuters) - Ukrainian state security agents searched the offices of Russian state news agency RIA Novosti and detained the director of its Kiev office on Tuesday, accusing RIA of being used in an “information war” by Russia against Ukraine.
Relations between Kiev and Moscow nose-dived after Moscow annexed Crimea from Ukraine in 2014 and backed a separatist insurgency in Ukraine’s eastern Donbass region that has killed more than 10,000 people.
Ukraine says Russia is fighting a “hybrid war” with Kiev, spreading propaganda while supporting the separatists with troops and sophisticated weaponry and launching cyber attacks on Ukrainian infrastructure, which Moscow denies.
The Kiev authorities have previously detained or deported several journalists for spreading anti-Ukrainian propaganda and supporting the separatist cause.
“Law enforcers established that they were used by the aggressor country in the context of a hybrid information war against Ukraine,” the state security service (SBU) said in a statement.
RIA Novosti Ukraine confirmed the search of its premises and the detention of journalist Kirill Vyshinsky.
“We have a sound evidence base, which will be made public after the completion of the investigation,” SBU press secretary Olena Gitlyanska wrote in Facebook.
The Kremlin condemned Kiev’s actions and promised to protect the interests of Russian media.
“For now, we only know that there are forceful actions against the Russian media. This is enough for tough condemnation,” Kremlin spokesman Dmitry Peskov said.
“We will act aggressively and protect the interests of Russian media to the fullest extent.” Reporting by Natalia Zinets; editing by Matthias Williams and Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-russia-journalist/ukraine-detains-local-director-of-russian-state-news-agency-idUKKCN1IG1FQ |
Addition of Chris W. Bergstrom is a testament to Bank’s commitment to community and financial strength
RESTON, Va.--(BUSINESS WIRE)-- Today John Marshall Bank welcomed Christopher “Chris” W. Bergstrom as President and Chief Executive Officer of the Bank. Mr. Bergstrom held a variety of executive positions during his 19 years with Cardinal Financial and Cardinal Bank, serving as President and Chief Executive Officer before United Bank’s acquisition of Cardinal Bank in April 2017. Bergstrom was United Bank’s President for the past year before joining John Marshall Bank.
John R. Maxwell, who previously was John Marshall Bank’s Chairman and CEO and will now serve as the Executive Chairman of the Board, said “To say I am delighted to have someone of Chris’s talent assume the critical position of CEO is an understatement. Chris’s banking experience of nearly 36 years, much of which has been executive leadership, coupled with his reputation as a man of integrity and his success helping to grow Cardinal Bank makes Chris the perfect leader to step into the role as CEO at John Marshall Bank.”
John Marshall Bancorp, Inc. (OTCQB: JMSB) reported total assets of $1.23 billion during the first quarter of 2018 ending March 31st. Year-over-year asset growth, from March 31, 2017, to March 31, 2018, was $151.3 million, or an increase of 14%.
"I am excited about taking the reins as CEO of this tremendous community bank,” said Bergstrom. “In a short time span of 10 years, John Marshall Bank has grown its assets from $48 million to $1.23 billion organically, during a time when many of the other local community banks have grown through mergers and acquisitions. John Marshall Bank is one of the few remaining original community banks in the Northern Virginia D.C. metro market and a force with which to be reckoned. It's going to be an exciting time for our customers and employees."
“The Washington Metropolitan area is one of the best financial services markets in the United States,” Bergstrom said. “Recent local bank consolidations present a significant opportunity for John Marshall Bank to distinguish itself from larger institutions.
“I have spent most of my banking career serving the diverse communities in the Washington, D.C. area. I know what they want from a bank, and I am delighted to play a part in the next stage of John Marshall Bank’s growth as we continue to meet the needs of those we serve,” continued Bergstrom.
“John Marshall Bank represents the best of community banking. The company has caring and talented professionals and offers the latest technology in its products and services. We are committed to serving the community and are accessible and loyal to our customers. Also, with the bank’s tremendous growth and capital position, we have the muscle to work with larger banking relationships,” Bergstrom concluded.
Bergstrom’s decision to join as CEO is seen as a demonstration of John Marshall Bank’s strength and commitment to its investors and the communities it serves. The company has banking centers in Reston, Alexandria, Arlington, Leesburg, Rockville, Washington, D.C., and a seventh Tysons Corner branch scheduled to open late summer. The Bank is headquartered in Reston.
John Marshall Bank first opened to the public in Falls Church, Virginia in May 2006. Since that time, the bank has become one of the areas most respected, fastest growing and well-capitalized banks.
Please visit http://www.johnmarshallbank.com
For more information or to schedule an interview with a John Marshall Bank spokesperson, please contact Bruce Gemmill of John Marshall Bank at 703-584-0870 or [email protected]
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006263/en/
John Marshall Bank
Bruce Gemmill, 703-584-0870
[email protected]
Source: John Marshall Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-john-marshall-bank-taps-former-cardinal-bank-top-executive-as-president-and-ceo.html |
May 22, 2018 / 9:04 AM / Updated an hour ago Malaysia's previous government deceived parliament over finances - minister Reuters Staff 1 Min Read
KUALA LUMPUR, May 22 (Reuters) - Malaysia’s new finance minister on Tuesday said the previous government has “conducted an exercise of deception”, not just over state fund 1Malaysia Development Berhad, and misrepresented the financial situation in parliament.
Lim Guan Eng, who was sworn in as finance minister on Monday, also said treasury officials and the country’s auditor general were not able to access certain accounts and reports.
“A thorough investigation and discovery is still ongoing to uncover the necessary financial information and data,” Lim said in a statement. Reporting by A. Ananthalakshmi; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-finances/malaysias-previous-government-deceived-parliament-over-finances-minister-idUSL3N1ST324 |
May 15, 2018 / 11:46 AM / Updated 30 minutes ago TSX futures higher as oil prices climb Reuters Staff 1 Min Read
(Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday, as oil prices hit a 3-1/2-year high, buoyed by tight supply and looming U.S. sanctions against Iran. FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector. REUTERS/Mark Blinch
June futures on the S&P TSX index were up 0.23 percent at 7:15 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX rose 102.29 points, or 0.64 percent, to 16,085.61. [nL5N1SL7RP]
Dow Jones Industrial Average e-mini futures were down 0.23 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.14 percent and Nasdaq 100 e-mini futures were 0.2 percent lower. [.N] Reporting by Benny Thomas in Bengaluru; Editing by Bernard Orr | ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-stocks/tsx-futures-higher-as-oil-prices-climb-idUSKCN1IG1NR |
LONDON The Roman Catholic Church rarely responds speedily to anything. By its standards, the decade that passed between the 2008 financial crisis and last week’s publication of an official study of finance is the mere blink of an eye. Unfortunately, so little has changed in the interim that the Vatican’s advice, approved by Pope Francis, is as pertinent as ever.
Pope Francis waves as he conducts his weekly general audience at St. Peter's Square at the Vatican November 27, 2013 Little about “Oeconomicae et pecuniariae quaestiones” (“Economic and Financial Issues”) is explicitly Christian. That approach is intentional. The Church’s Dicastery for Promoting Integral Human Development wants to help “all men and women of goodwill” create “a new economy, more attentive to ethical principles, and a new regulation of financial activities that would neutralise predatory and speculative tendencies and acknowledge the value of the actual economy”.
That hard-to-digest mouthful is sadly typical of the style of this often awkward and poorly translated document. Much of the initial attention focused on the Vatican’s criticism of trading in derivatives. However, the ethical agenda is both clear and helpful. There are three major themes – society, reality and history.
First, society. Something crucial is missing in the financial world when every investor thinks only about maximising their own returns and bankers strive solely to capture the highest possible income for themselves. Even if all these individuals forswear instant gratification in favour of long-term greed, a collection of selfish agendas cannot sustain a healthy society.
On the contrary, shared flourishing requires a conscious commitment to the “common good”. That little phrase appears 20 times in the 18-page document. That dedication is often lacking, as the Catholic Church’s own record makes clear. The Vatican’s banks could have avoided a series of scandals if its bankers were less rapacious. However, advice can still be good even if the giver does not always take it.
The document dismisses the argument, much loved by some economists, that amoral market mechanisms will somehow do the necessary ethical work automatically. To start, markets cannot exist without a great deal of mutual trust from everyone involved.
In finance, there is another problem. Even when participants are “animated by good and right intentions”, they too often end up in “forms of oligarchy” or “asymmetrical situations”. In other words, the strong end up taking unjust advantage of the weak.
Such exploitative arrangements do not promote a “world that is more equitable and united”. On the contrary, the finance business is diverted from its virtuous vocation of helping investment into what economists call rent-seeking. In the Catholic vocabulary, greed is allowed to flourish.
The moral problem of an inadequate commitment to the common good often takes the form of products and practices which are detached from economic reality. The Vatican sets a high standard: financial arrangements should always be based on “a real value, not one which is imputed or difficult to verify”.
Without such an anchor to the real world and without moral guidance, immorality inevitably creeps in. Take complex derivatives. “Questiones” presents them as instruments which exist at an inherently dangerous distance from anything that can be evaluated ethically.
Speculative transactions both distract business people from their true work and subtract money from the “virtuous cycle of the real economy”. It is a “bad financialisation”, which often takes the form of financial instruments that amount to unfair gambling. The document singles out credit default swaps, for enabling investors to bet on bankruptcy regardless of their exposure to the underlying borrower. The ultimate loser is the common good.
Financial workers themselves may struggle to understand what they are doing to the economy and society. Outsiders – regulators – are better placed. However, the authorities can only succeed with the whole financial system’s active and full cooperation. “Quaestiones” plausibly claims that offshore arrangements, tax minimisation and regulatory arbitrage tend to undermine the needed commitments.
Finally, there is history. Christians believe that forgiveness is the only way to get over past sins. That moral insight is relevant to the discussion of the “untenable financial burdens” created by years of unjust and corrupt sovereign borrowing. “From an ethical point of view”, the right policy for these debts is often a “politically mediated … reasonable and agreed reduction”.
In other words, the morally best way forward can be a rewriting of the faulty financial past. That thought is as relevant in Rome as in its Vatican City enclave. At 132 percent of gross domestic product, the Italian government’s debt burden is the second-highest in the euro zone. Forgiveness, though, is not on offer. The two political parties trying to form a new government had to abandon their proposal to eliminate some of the nation’s debt.
The hard-hearted creditors are certainly in the right legally, and in accord with current European politics. The moral and practical case may be more doubtful, especially when there is widespread resentment against entrenched elites. A thorough examination of financial consciences might help restrain the destructive forces of political populism. Even a decade after the financial crisis, the Catholic Church’s guide is a good place to start.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-globalization-religion-breakingviews/breakingviews-hadas-vatican-asks-the-right-financial-questions-idUSKCN1IM17B |
in 7 minutes BRIEF-Neonode Reports Q1 Loss Per Share $0.01 Reuters Staff
May 8 (Reuters) - Neonode Inc:
* NEONODE REPORTS FIRST QUARTER ENDED MARCH 31, 2018 FINANCIAL RESULTS * Q1 REVENUE $2.4 MILLION VERSUS I/B/E/S VIEW $2.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.02 — THOMSON REUTERS I/B/E/S
* ON JAN 1, 2018, NEONODE ADOPTED THE NEW REVENUE RECOGNITION STANDARD ASC 606
* NEONODE - NET IMPACT OF ADOPTION OF ASC 606 IS A $0.2 MILLION REDUCTION IN TOTAL LICENSE FEE REVENUES REPORTED IN QUARTER VERSUS USING THE OLD ACCOUNTING STANDARD Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-neonode-reports-q1-loss-per-share/brief-neonode-reports-q1-loss-per-share-0-01-idUSASC0A0II |
May 14, 2018 / 1:25 PM / Updated 31 minutes ago Costa looking for closure in Europa League final Rik Sharma 3 Min Read
BARCELONA (Reuters) - Diego Costa’s return to Atletico Madrid has not been plain sailing, but it rarely is with the former Chelsea striker who has helped his Spanish club within reach of their third Europa League trophy. FILE PHOTO: Soccer Football - Europa League Semi Final Second Leg - Atletico Madrid v Arsenal - Wanda Metropolitano, Madrid, Spain - May 3, 2018 Atletico Madrid's Diego Costa celebrates scoring their first goal REUTERS/Juan Medina/File Photo
Since rejoining his former side in September, and after sitting out three months because of Atletico Madrid’s ban on registering players, Costa has only three league goals in 14 appearances.
One of them came on his return to La Liga action, netting in a 2-0 win against Getafe on Jan. 6 before earning himself a red card for celebrating too wildly.
However, he also scored in the 1-0 victory in the second leg of the Europa League semi-final against Arsenal, earning Atletico a place in Wednesday’s final and ending Arsene Wenger’s last hopes of European glory with the Gunners.
Now the striker is looking to fire Atletico to victory against Olympique de Marseille in Lyon, with a personal score to settle, too. His previous appearance in a European final was abruptly ended by injury as Atletico lost 4-1 to Real Madrid in the 2014 Champions League final.
Costa went into that derby clash in Lisbon carrying a hamstring injury and even used horse placenta as part of his treatment before the game, but it didn’t work and he was substituted after nine minutes.
After helping to eliminate Arsenal, Costa was hailed by coach Diego Simeone, who said these performances were the reason Atletico shelled out 57 million euros (50.2 million pounds) to bring the combative player back from Stamford Bridge.
“Costa came back here for nights like this; to be important, to lead from the front,” said Simeone.
“This side needs an aggressive striker, a striker with anger — and that’s exactly what he is.”
Even though Costa’s form has varied over the past four months, he forms an undeniably dangerous attacking partnership with Antoine Griezmann, who set up Costa’s goal against Arsenal.
Costa might be able to return the favour by helping the Frenchman to win his first major trophy at Atletico before a potential summer move to Barcelona. Rumours have been swirling for some time that Griezmann will sign for Barca.
“I love working with him and with the team.” said Costa.
“He’s thinking about winning the trophy. All the forwards have won something with this club over the past few seasons and he wants to leave his mark here, too.” Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europa-olm-atm-costa/costa-looking-for-closure-in-europa-league-final-idUKKCN1IF1QU |
For sugar, there’s no sweet ending in sight after a long period of declining prices. And analysts forecast another surplus next season, which begins in October, suggesting a recovery in sugar prices is a long way off. “Pretty much every bit of news coming out right now is bearish,” said Nick Penney a senior trader at Sucden Volatile Stock Market Rolls Into the ‘Sell in May’ Stretch Next Stocks to Watch: Apple, Boeing, Pfizer, Hasbro, Tapestry | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/01/sugar-low-commodity-plummets-on-surplus/ |
May 18, 2018 / 4:13 PM / Updated 19 minutes ago 2018 worst year in Syria's humanitarian crisis - U.N. official Reuters Staff 3 Min Read
BEIRUT (Reuters) - The humanitarian crisis in Syria is worse this year than ever before in the country’s seven-year-old civil war, a United Nations official said on Friday. Women walk past rubble of damaged buildings in Raqqa, Syria May 14, 2018. REUTERS/Aboud Hamam
“We see in 2018 the humanitarian situation inside Syria being the worst we have seen since the war started: a very dramatic deterioration, massive displacement, disrespect of protection of civilians and people’s lives still being turned upside down,” Panos Moumtzis, U.N. Humanitarian Coordinator for the Syria crisis, said in Beirut.
Syria is the worst place in modern history in terms of attacks on healthcare workers and facilities, accounting for 70 percent of all such attacks worldwide, he said.
U.N. data shows 89 healthcare workers died in 92 confirmed military attacks on healthcare facilities between Jan 1 and May 4, compared to 73 killed in 112 attacks in the whole of 2017, U.N. Humanitarian Coordinator for the Syria crisis.
The two areas which saw the most healthcare attacks in 2018 were Eastern Ghouta and Idlib.
Eastern Ghouta had been the largest rebel-held pocket near the capital Damascus, but came back under government control in mid-April after a fierce offensive.
Idlib, in northwest Syria, is the largest remaining area under opposition control, containing around 2.5 million people.
Idlib’s population has ballooned over the course of the conflict, with people there from fighting inn other areas. The government has also transferred a large number of rebel fighters and their families to Idlib as part of surrender deals elsewhere in Syria.
Syrian President Bashar al-Assad has vowed to take back every inch of Syria.
Moumtzis said the U.N. does not want to see a repeat of what happened in Ghouta happen in Idlib. He urged the warring sides to come to a peaceful solution.
Moumtzis also said he was concerned about poor aid access in Syria.
In 2017, 27 percent of requests made by the U.N. to Syrian authorities for permission to deliver aid were granted. In the first four months of 2018 only seven percent were granted, Moumtzis said.
The number of people designated by the U.N. as living in besieged areas has fallen dramatically this year to stand at 11,100, after the Syrian government took back control of almost all rebel-held pockets around the capital Damascus.
But 2.05 million people in need of humanitarian assistance still live in hard-to-reach areas, the U.N. said. Reporting by Lisa Barrington; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-humanitarian/2018-worst-year-in-syrias-humanitarian-crisis-u-n-official-idUKKCN1IJ264 |
May 12, 2018 / 12:30 AM / Updated 12 hours ago 'Solo' lands in 'Star Wars' galaxy and cast puts drama behind Rollo Ross 3 Min Read
LOS ANGELES (Reuters) - The latest “Star Wars” movie did not have a smooth flight to the screen, but the director and cast of “Solo” say the scramble to remake the movie ultimately paid off, with early reaction ahead of the May 25 launch largely positive.
Original directors Phil Lord and Chris Miller were fired from “Solo: A Star Wars Story” midway through production, and Walt Disney Co asked Ron Howard to come in to oversee extensive reshoots.
The film, which tells the origin story of Han Solo, premiered in Hollywood on Thursday and drew cheers and applause throughout from the crowds in two historic theatres, the first large audiences to see the finished product.
“We went so fast to get the movie ready,” Howard said in an interview with Reuters on Friday. “I was really on pins and needles, and I was so gratified to hear laughs and hear cheers in all the places I hoped and I dreamed that they would be. It was a good night. I slept well last night.”
Alden Ehrenreich, 28, stepped into the role of cowboy smuggler Han Solo, made famous by Harrison Ford in the original “Star Wars” trilogy that began in 1977. Ehrenreich plays a younger Solo just beginning his pilot training and seeking his own spaceship when he becomes involved in a dangerous mission in the galaxy far, far away. Alden Ehrenreich. REUTERS/David McNew
“Game of Thrones” star Emilia Clarke, who portrays Solo’s childhood friend Qi’ra, said the change of directors produced less drama than people may think.
“Something that on paper sounds horrific was not in reality at all for someone who was in it and experienced and was living through it,” Clarke said. “Everyone who handled it was seamless and graceful.”
Fans around the world have debated how Ehrenreich, little known beyond a well-received performance in quirky 2016 comedy “Hail, Caesar,” would handle one of cinema’s most loved characters. Slideshow (7 Images)
Ehrenreich confirmed he had signed a contract to play Solo in three movies and said he was anxious to step into the role again in future instalments.
“By the end of the movie, he’s more like the guy we know, and that’s fun,” Ehrenreich said. Reporting by Rollo Ross, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-film-starwars-solo/solo-lands-in-star-wars-galaxy-and-cast-puts-drama-behind-idUKKBN1IC2Q8 |
NEW YORK (Reuters) - The dollar broke into positive territory for the year and U.S. bond yields inched higher again on Tuesday as the recent rise in oil prices fueled expectations the Federal Reserve could flag more interest rate hikes at its policy meeting this week.
An investor looks at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer U.S. stocks fell in late morning trading as the latest batch of earnings from companies such as Pfizer and Tapestry, formerly Coach, disappointed investors, and as energy shares fell.
Apple’s quarterly results are due after Wall Street closes and will be a big focus after several weeks of speculation about ebbing smartphone demand based on selective reports from companies in its supply chain.
Technology sector results so far – at least from the likes of Amazon, Alphabet, Microsoft, Samsung and SAP – have broadly beaten forecasts for Q1 and the overall aggregate U.S. earnings growth is tracking seven-year highs of almost 25 percent.
The dollar attracted attention as it turned positive for 2018 just ahead of a two-day Fed meeting that is expected to pave the way for another two or even three U.S. rate hikes this year.
A divergence between growth and the rate outlook versus those of other countries prompted investors to push the currency higher.
The dollar index rose 0.65 percent, with the euro down 0.65 percent to $1.1998.
“We’re pretty much back to where we were at the beginning of the year, so a lot of the dollar weakness has been pretty much wiped out,” said Sireen Harajli, foreign exchange strategist at Mizuho in New York.
The Dow Jones Industrial Average fell 258.77 points, or 1.07 percent, to 23,904.38, the S&P 500 lost 13.31 points, or 0.50 percent, to 2,634.74 and the Nasdaq Composite dropped 7.74 points, or 0.11 percent, to 7,058.52.
MSCI’s gauge of stocks across the globe shed 0.54 percent.
FILE PHOTO: A worker walks through an aluminium ingots depot in Wuxi, Jiangsu province, China September 26, 2012. REUTERS/Aly Song/File Photo May Day holidays across Asia and Europe meant trading was thinner than usual.
For Europe’s stocks followers, only London’s FTSE and Denmark’s bourse were open. [.EU]
U.S. Treasury yields rose, with prices pressured ahead of a quarterly refunding announcement. The U.S. Treasury is scheduled to announce its findings on a refunding survey on Wednesday, with analysts projecting an increase in auction sizes, or new issuance at different points on the yield curve.
Benchmark 10-year notes last fell 10/32 in price to yield 2.9718 percent, from 2.936 percent late on Monday.
Brent oil prices eased off four-month highs of just over $75 a barrel set on Monday on worries that U.S. President Donald Trump may pull out of the 2015 Iran nuclear deal and thereby bring back sanctions on its oil output.
The White House had said on Monday that information provided by Israel on Iran’s nuclear program had provided “new and compelling details”.
A high-level U.S. trade delegation will also be in Beijing for meetings later this week, amid lingering worries about a possible trade war between the world’s top two economies.
U.S. crude fell 1.23 percent to $67.73 per barrel and Brent was last at $73.72, down 1.3 percent on the day.
FILE PHOTO: Aluminium bar stock is seen inside a factory in Dongguan, China April 10, 2018. REUTERS/Bobby Yip/File Photo Gold slid to a two-month low as the dollar strengthened. Spot gold was down 0.7 percent at $1,306.26 an ounce, off an earlier low of $1,305.36, its weakest since March 1.
Additional report by Karen Brettell in New York, Marc Jones and Jan Harvey in London and Hideyuki Sano in, Tokyo; Editing by Hugh Lawson and Chizu Nomiyama
| ashraq/financial-news-articles | https://in.reuters.com/article/us-global-markets/u-s-stock-futures-pare-losses-after-u-s-extends-tariff-exemptions-idINKBN1I22JH |
May 9 (Reuters) - Ceridian HCM Holding Inc:
* Q1 CLOUD REVENUE ROSE 38 PERCENT TO $125.2 MILLION * CERIDIAN ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR FIRST QUARTER 2018
* QTRLY TOTAL REVENUE INCREASED 11.7 PERCENT TO $208.9 MILLION FROM $187.0 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ceridian-hcm-holdings-q1-revenue-u/brief-ceridian-hcm-holdings-q1-revenue-up-11-7-pct-to-208-9-mln-idUSL8N1SGAAO |
May 23 (Reuters) - Synopsys Inc:
* SYNOPSYS POSTS FINANCIAL RESULTS FOR SECOND QUARTER FISCAL YEAR 2018
* Q2 NON-GAAP EARNINGS PER SHARE $1.08
* Q2 GAAP EARNINGS PER SHARE $0.67 * Q2 REVENUE $776.8 MILLION VERSUS I/B/E/S VIEW $775.6 MILLION
* Q2 EARNINGS PER SHARE VIEW $1.08 — THOMSON REUTERS I/B/E/S
* SEES Q3 2018 NON-GAAP EARNINGS PER SHARE $0.89 TO $0.93
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $3.76 TO $3.83
* SEES Q3 2018 REVENUE $760 MILLION TO $785 MILLION * Q3 EARNINGS PER SHARE VIEW $0.78, REVENUE VIEW $700.6 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $3.72, REVENUE VIEW $2.94 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synopsys-posts-q2-earnings-per-sha/brief-synopsys-posts-q2-earnings-per-share-0-67-idUSASC0A3FW |
ALPHARETTA, Ga., May 1, 2018 /PRNewswire/ -- Halyard Health, Inc. (NYSE: HYH) today announced the completion of the previously disclosed divestiture of its S&IP business to Owens and Minor, Inc. (NYSE: OMI) for $710 million, subject to certain adjustments as provided in the Amended and Restated Purchase Agreement. Halyard intends to use the approximately $600 million in net proceeds from the sale to pay off its existing Term Loan B credit facility and to fund internal investment and M&A.
"The divestiture of S&IP transforms us into a focused, pure-play medical devices business with a clear playbook for solid revenue and earnings growth," said Joe Woody, Halyard chief executive officer. "The additional financial capacity will fund our dual-track growth strategy, focused on product innovation and strategic M&A and underpinned by a commitment to commercial excellence."
About Halyard Health
Halyard Health (NYSE: HYH) is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients' quality of life. Headquartered in Alpharetta, Georgia, Halyard is committed to addressing some of today's most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Halyard develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit www.halyardhealth.com .
Forward-Looking Statements
This press release contains information that includes or is based on "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current plans and expectations of management and are subject to various risks and uncertainties that could cause our actual those expressed or implied in such statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may", "believe", "will", "expect", "project", "estimate", "anticipate", "plan", or "continue" and similar expressions, among others. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; S&IP separation execution; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the impact of investigative and legal proceedings and compliance risks; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors that may impact future results is contained in our filings with the U.S. Securities and Exchange Commission, including our most recent Form 10-K and Quarterly Reports on Form 10-Q.
View original content with multimedia: http://www.prnewswire.com/news-releases/halyard-health-inc-completes-divestiture-of-its-sip-business-300639405.html
SOURCE Halyard Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-halyard-health-inc-completes-divestiture-of-its-sip-business.html |
May 4 (Reuters) - IntroMedic Co Ltd :
* Says it completed issuance of 1st tranche unregistered and unsecured bonds with warrants worth 10 billion won
Source text in Korean : goo.gl/bU3rPP
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-intromedic-issues-1st-tranche-bond/brief-intromedic-issues-1st-tranche-bonds-with-warrants-worth-10-bln-won-idUSL3N1SB18Y |
The London Metal Exchange will begin offering contracts in metals used in batteries within 18 months to capture the huge opportunities created by the rise of the electric car, according to its chief.
Demand for metals including lithium, cobalt, nickel, graphite and manganese has surged with the growth in electric vehicles, particularly in China, which has become the largest electric car market worldwide as the government aggressively pushed development to deal with serious pollution problems.
"The battery industry is a big part of metal contracts now trading, as a result of the increasing popularity of electric cars," LME chief executive Matthew Chamberlain told the annual LME Asia Week forum in Hong Kong on Thursday.
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New futures contracts to be launched may include lithium, graphite and manganese, while additional contracts for the already tradeable nickel, copper, cobalt and aluminium will be explored, he said.
Chamberlain also said that alongside the battery sector, other new products in the pipeline included gold and silver options.
"The LME will introduce a new platform by the end of this year to make it quicker and easier to launch new products. The range of new products should be launched over the next 18 months," he said.
The LME is the world's largest metals exchange and is owned by Hong Kong stock market operator Hong Kong Exchanges and Clearing (HKEX). Some 900 people attended the annual conference, including representatives of electric vehicle makers.
Brokerage industry officials said the LME's plans for new contracts were well timed, given the growth of the electric vehicle industry.
"Manufacturers of electric vehicle batteries would need to trade these metals and hence want to have futures or options contracts to hedge their risks," said Gary Cheung, chairman of the Hong Kong Securities Association, the industry body for local brokers.
"With electric cars getting more popular in mainland China and other parts of the world, it is the right timing for the LME to launch related products for these manufacturers to do risk management. If end users could create a good liquidity pool, other investors would also like to trade," Cheung said.
The LME saw first quarter overall trading volume rise 3 per cent year on year, partly as a result of a discount on trading costs introduced since October. Chamberlain said that aluminium trading doubled in April as concerns over a trade war between China and the US rose, and that while that may have been a one-time occurrence, turnover in other products would continue to grow due to the discount.
Speaking at the same forum, Joseph Chan Ho-lim, Hong Kong's undersecretary for financial services and the treasury, noted that China's grand strategy to create a global trading network, known as the "Belt and Road Initiative", would increase demand for commodity trading.
Follow CNBC International on Twitter and Facebook . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/lme-takes-aim-at-electric-car-market-new-contracts-for-battery-metals.html |
NEW YORK--(BUSINESS WIRE)-- Denihan Hospitality (“Denihan” or the “Company”), a premier operator of upscale luxury, boutique and lifestyle hotels, is pleased to announce the expansion of its senior team with the appointment of seasoned digital marketing and ecommerce executive Michael Goldrich as Vice President of Marketing. Mr. Goldrich will report to Garine Ferejian-Mayo, Denihan’s Senior Vice President of Market Strategy and Revenue Management.
At Denihan, Mr. Goldrich, will be responsible for the development of brand strategy, positioning and digital marketing for all of the Company’s flagships, including The James, The Surrey, Affinia Hotels and Suites and The Benjamin. He will also oversee brand and field marketing, public relations, advertising, and social media campaigns, and reservations and distribution.
“Throughout his over 20 year career, Michael has proven adept at successfully driving brand awareness and sales through the creation and implementation of innovative marketing campaigns,” said Ms. Ferejian-Mayo. “We are excited to welcome Michael to our team and believe that our Company will positively benefit from his creativity and experience.”
Mr. Goldrich commented, “I am delighted to be a part of the highly talented senior team at Denihan and I look forward to leveraging my understanding of the dynamics of business and leisure travelers to drive new and repeat sales. I am very excited for the opportunity to work with and promote a portfolio of brands that offer a truly differentiated experience.”
Prior to joining Denihan, Mr. Goldrich served in a Senior Marketing position for Wyndham Hotel Group and Dolce Hotels & Resorts, which Wyndham acquired in 2015. Earlier in his career, he was a Digital Program Management Director at Starwood Hotels & Resorts Worldwide. He has also held positions with Monster, Natwell Technology Partners, LLC and Accenture. He holds a Bachelor of Arts Degree in Literature from University of Michigan, and a Master of Arts in Business Communications, Science, Management and Policy from Northwestern University.
About Denihan Hospitality
Denihan is a privately-held, full service hotel management and development company. The Company owns and/or operates boutique hotels in major urban markets throughout the U.S. For over 50 years, Denihan has been creating value by acquiring, repositioning and managing independent assets. The Denihan portfolio includes properties operating under The James and Affinia Hotel Collection brands, as well as Manhattan independent boutique hotels, The Benjamin, and The Surrey, voted #1 hotel in New York City in Travel + Leisure's 'World's Best Awards' in 2016 and 2017. The portfolio also includes an impressive list of chef-driven restaurants and bars. Denihan’s uniquely guest-centric approach, refined through three generations of Denihan leadership, has made it an industry leader in hospitality, property and restaurant development, as well as hotel operations, management and marketing. More details can be found at www.denihan.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005254/en/
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Source: Denihan Hospitality | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-denihan-hospitality-appoints-michael-goldrich-vice-president-of-marketing.html |
ANKARA, May 3 (Reuters) - Turkish champions Besiktas failed to turn up on Thursday for the replay of their Cup semi-final against Fenerbahce which was abandoned last month due to crowd violence.
Fenerbahce will be declared winners by default while Besiktas will not be able to play in the Cup next season and will pay back the 4 million Turkish lira ($950,000) they earned from the competition this year.
“Besiktas made a difficult decision. I would have preferred to lose instead of winning this way,” Fenerbahce coach Aykut Kocaman told reporters.
The April 19 second-leg game between the long-time Istanbul rivals had started in a tense atmosphere at Fenerbahce’s ground and Besiktas were reduced to 10 men after former Real Madrid defender Pepe was sent off for a reckless tackle.
The teams were locked at 0-0 when the match was halted in the 57th minute after Besiktas coach Senol Gunes was struck by an object thrown from the stands. He needed five stitches in his head after he was taken to hospital.
The sides were level on aggregate at 2-2 after a tense first leg at Besiktas during which three players were sent off.
The Turkish Football Federation (TFF) ruled last week that the match should resume behind closed doors from the time when it was stopped. Fenerbahce were fined one million lira and their ground closed to supporters for three matches.
Besiktas reacted to the decision with “sorrow and regret” and tried to overturn it in court but their appeal was rejected on Wednesday.
Fenerbahce will play Akhisarspor in the Cup final. (Reporting by Ece Toksabay and Tuvan Gumrukcu, editing by Ed Osmond)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/soccer-turkey-besiktas-fenerbahce/soccer-besiktas-dont-turn-up-for-replay-of-abandoned-cup-match-idUSL8N1SA6NQ |
One month ago, Facebook seemed to be on the brink of demise, with CEO Mark Zuckerberg testifying before Congress about a data-harvesting scandal that affected millions of users.
"Facebook seemed like it was running amok and was about to be leveled by the government," CNBC's Jim Cramer, the host of "Mad Money," recalled on Wednesday. "No wonder the stock traded down to 18 times earnings."
But since the scandal — which on Wednesday spurred the shutdown of the data-harvester, Cambridge Analytica — four things have brought Facebook back from near-death, Cramer said.
Cramer argued that Facebook's comeback is symptomatic of a broader problem in the stock market: the negativity that gets directed at seemingly countless stocks and situations.
Take President Trump's trade tiff with China . Plenty of investors think the president has met his match and that the People's Republic could retaliate if U.S. lawmakers go too far.
But when he interviewed Apple CEO Tim Cook with CNBC's Josh Lipton ahead of the tech giant's second-quarter earnings report , Cramer liked what he heard .
When asked about the impact of potential trade war escalation, Cook seemed surprisingly sanguine about the state of U.S.-China relations.
"I am pretty optimistic there," Cook told CNBC. "I think that China and the U.S. have this unavoidable mutuality where the U.S. can only win if China wins, China can only win if U.S. wins and the world can only win if both win."
"So if you look at what history tells us — that countries that are the most open and most diverse do the best, and the folks that are closed and least diverse, their citizens do the worst — ... it tells us that again and again and again," Cook continued. "And I think both countries know that."
The new Apple Getty Images Apple employees cheer as the doors are opened for customers at the Fifth Avenue Apple Store, September 22, 2017 in New York City. Apple's service stream revenue has never been quite as important as it became in the second quarter of 2018, Cramer argued on Wednesday.
"[It] simply didn't have enough critical mass to make a difference until, well, now," the "Mad Money" host said. "With last night's blowout quarter , which had huge China sales and fabulously better than expected numbers for even the much derided iPhone X, that narrative is now gone."
" The key takeaway was that the service business has finally arrived," Cramer said.
Apple grew its subscriber count to 270 million people in the second quarter, up by 100 million year over year. Its services revenue was more than $9 billion.
Baby got buyback? Patrick T. Fallon | Bloomberg | Getty Images An employee works inside the cockpit of a C-17 Globemaster III military cargo jet being manufactured for the Indian Air Force. When Apple's Tuesday evening earnings report brought the idea of huge stock buybacks back into Wall Street's good graces, Cramer was thrilled.
"I've been wondering: what exactly does it take for a company to get Wall Street to appreciate its fabulous earnings and its numbers for revenues?" Cramer said on Wednesday. "It's not just Apple that's buying back stock like there's no tomorrow."
The iPhone maker's plan to return up to $100 billion to its shareholders marks the largest share repurchase program announced this year.
But Cramer pointed to five other companies — Amgen , Oracle , Microsoft , Boeing and UnitedHealth Group — that have also announced huge buyback programs, only to be brushed off by market-watchers.
"It's like people don't even notice, which is why I feel compelled ... to point out some of the best ones," Cramer said. "So let's talk about the biggest, most impactful buybacks we've seen."
Coupa Software CEO on key opportunity: Optimizing spending Scott Mlyn | CNBC Rob Bernshteyn, CEO, Coupa Software Coupa Software Chairman and CEO Rob Bernshteyn finds it "unbelievable" how many companies are behind in his cloud play's flagship service: spending optimization, he told Cramer on Wednesday .
"It's unbelievable how much of this stuff is being done with paper, how much of this is being done in a way where companies just don't understand where they're spending their money," the CEO said in a "Mad Money" interview.
Tesla, Snap and Uber are among Coupa Software's roster of high-profile customers. Even Salesforce.com, a leader in digitization and automation, has been Coupa's customer for more than seven years.
"We're building our way into this huge market opportunity," Bernshteyn told Cramer. "We're helping companies get their arms around hundreds of billions of dollars in spend, optimize it, save money, get smarter about the way they interact with suppliers – everything that has to do with spending money on the goods and services companies need, we help them apply best-in-class cloud platform technology to get it done."
Dominion Energy CEO: Top tech clients pushing for renewables Dominion Energy Chairman and CEO Tom Farrell's utility giant serves top-tier tech companies in a very different way.
More than half of the internet traffic in the United States runs through Dominion's electric service territory, and the company powers data centers for the likes of Facebook, Amazon and Microsoft.
Farrell told Cramer in a Wednesday interview that lately, "we've had a lot of negotiations with large customers like that to provide them all solar for their needs. [There's] going to be a new, very large Facebook data center here in Virginia. Microsoft we have contracts with, Amazon we have contracts with, all for data centers to provide renewable power as their source of power."
Farrell added that the shift is fairly broad-based. Dominion added over 2,000 megawatts of solar capabilities across the country in the last four years.
Lightning round: Don't discount TXN In Cramer's lightning round , he flew through his take on callers' favorite stocks:
Texas Instruments : "Texas Instruments had a great quarter. It was mostly internet of things. One day, the negativity among the semiconductors will stop when they're delinked from the cellphones and then you're going to say, 'Why didn't I buy at $102?'"
Limelight Networks, Inc. : "A few years ago, I gave a seminar for The Street about undervalued stocks. It was around $2. It has doubled and I think it goes higher because it's about streaming. It's a poor man's Akamai , I admit, but I like it."
Disclosure: Cramer's charitable trust owns shares of Facebook, Apple, Microsoft and UnitedHealth.
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| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/cramer-remix-apple-could-have-just-signaled-a-trump-china-trade-deal.html?utm_source=dlvr.it&utm_medium=twitter |
EditorsNote: Adds Quote: s, photo
Mark Scheifele and Dustin Byfuglien each had a goal and an assist, and the host Winnipeg Jets held on for a 4-2 win over the Vegas Golden Knights in Game 1 of the Western Conference finals on Saturday night at Bell MTS Place.
Patrik Laine and Joel Armia also scored for Winnipeg, which improved to 5-2 on home ice during the playoffs. Blake Wheeler tallied three assists for the Jets.
“It was huge,” Wheeler said postgame of the home-ice atmosphere. “The last two games against Nashville here, we didn’t get off to a good start. That was more of our team tonight to start the game. I thought we did a good job.”
Brayden McNabb and William Karlsson scored in a losing effort for the Golden Knights. The expansion franchise lost for only the third time in 11 playoff games in its inaugural season.
Game 2 is set for Monday night in Winnipeg.
Jets goaltender Connor Hellebuyck stopped 19 of 21 shots in the win. On the opposite side of the rink, Vegas goaltender Marc-Andre Fleury allowed four goals on 26 shots.
“Nobody’s panicking,” Fleury said. “It’s one game.”
Winnipeg seized a 1-0 lead only 65 seconds after the opening faceoff. Scheifele slipped a drop pass to Byfuglien, who unloaded a one-timer from the high slot for his fifth goal of the playoffs. The quick strike beat Fleury on his stick side and seemed to demoralize some Vegas players who lowered their heads on the bench.
The Jets increased their advantage to 2-0 with a power-play goal at 6:49 of the first period. Wheeler flipped a cross-ice pass to Laine, who buried a one-timer for his fourth goal of the playoffs.
Less than a minute later, Winnipeg made it 3-0. Armia crashed toward the net and redirected a puck across the goal line for his second playoff goal. The play initially was called goaltender interference before being overruled after a video review.
Vegas netted its first goal with 11:50 to go in the first period. Jonathan Marchessault fed McNabb, who ripped a wrist shot from the left circle for his second goal of the postseason.
Winnipeg regained a three-goal lead on the power play midway through the second period. Scheifele deflected Byfuglien’s wrist shot into the net for his team-leading 12th playoff goal in 13 games.
Karlsson scored on the man advantage with 4:05 remaining in the second period to pull Vegas within 4-2.
“They’re a great team,” Wheeler said of the Golden Knights. “They have so much speed, a lot of big-time players on that team. It’s going to be a long, tough series. We’ve got our work cut out for us.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-wpg-vgk-recap/three-goal-first-leads-jets-past-golden-knights-in-game-1-idUSMTZEE5DN9YJO9 |
LONDON (Reuters) - Cut-price copies of expensive biotech drugs promise to slash the cost of treating serious diseases, including cancer, in rich and poor countries alike - but uneven regulation has created a lopsided market.
FILE PHOTO: The World Health Organization (WHO) headquarters are pictured in Geneva November 9, 2009. REUTERS/Denis Balibouse/File Photo Now the World Health Organization (WHO) is stepping in to assess the quality of such so-called biosimilars, offering a global stamp of approval that could make them more widely available, while also raising the quality bar.
After a nine-month delay, the UN agency plans to invite drugmakers in June to submit dossiers on biosimilar versions of two cancer drugs on its essential medicines list, Roche’s Rituxan and Herceptin.
The two drugs each had sales of around $7 billion in 2017 but are now off patent, sparking a rush by rival companies to make cheaper copies.
“Biosimilars are becoming a very important part of the treatment armamentarium for many countries, including low- and middle-income countries,” said WHO head of medicines regulation Emer Cooke.
Outside strictly regulated markets like Europe and the United States, however, there are varying standards for assessing these complex biological drugs, which are made inside living cells and can never be exact copies of the original medicine.
“What is happening is that suppliers are going directly to countries and saying ‘buy my product’ and there is no method to check whether these have been manufactured or controlled according to internationally accepted standards,” Cooke told Reuters.
While biosimilars must show the same therapeutic effect as the original product to win European or U.S. approval, in markets such as India, China and Latin America, intended copies can be approved without being validated against the original.
Whether that is a problem when it comes to the health of patients with diseases like rheumatoid arthritis or breast cancer is a subject of debate.
BUILDING CONFIDENCE Researchers at Pfizer, a leading Western maker of biosimilars, reported in a scientific journal in November that batches of seven intended copies of its arthritis and psoriasis drug Enbrel from China, India, Colombia, Mexico and Iran fell short of specifications set by Western regulators.
“We want to make sure that patients around the world get access to true biosimilars of proper quality because if you have products called biosimilars that really aren’t at all then you are going to undermine public confidence in the entire class,” said Pfizer regulatory expert Judith Macdonald.
Other studies involving limited patient numbers have found intended copies from emerging markets are just as good, although a copy of Rituxan marked in Mexico had its license revoked in 2014 after four hospitals found a high level of adverse effects.
“That is the kind of thing we are concerned about,” said the WHO’s Cooke.
She hopes the WHO intervention will build confidence in biosimilars by ensuring they are comparable to originals in terms of quality, safety and efficacy.
Those up to standard will win so-called prequalification status, which means drugs are eligible for procurement by UN and other aid agencies. Prequalification is also increasingly used by countries to guide bulk purchases of medicines.
Indian biotech drugmaker Biocon said the WHO move was a positive development that would enable better access to biosimilars. But others said it could make securing marketing approval in emerging markets harder in future.
Differences between Europe, where biosimilars account for a growing proportion of treatments, and the United States, where uptake has lagged, shows the need for a balance between setting sufficiently high standards and not blocking cheap competitors.
“There’s a stand-off between too much and too little regulation,” said Jayasree Iyer, executive director of the non-profit Access to Medicine Foundation in Amsterdam.
Additional reporting by Zeba Siddiqui in Mumbai; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pharmaceuticals-biosimilars/gap-in-regulating-biotech-drug-copies-prompts-who-to-step-in-idUSKCN1IV24F |
(Reuters) - Some employees in a Wells Fargo & Co ( WFC.N ) unit that handles business banking improperly changed information on documents related to corporate customers, the Wall street Journal reported on Thursday, citing people familiar with the matter.
FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada, October 19, 2017. REUTERS/Chris Helgren/File Photo Wells Fargo’s shares were down 1.4 percent in early trading.
The employees in Wells Fargo’s so-called wholesale unit, which is separate from its retail bank, added or altered information without customers’ knowledge, the Journal reported.
The information added varied from social security numbers to addresses to dates of birth for people associated with business-banking clients, the WSJ reported.
The incident happened in 2017 and early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank’s anti-money-laundering controls, the report said.
Wells Fargo became aware of the behavior in recent months from employees, according to the Journal.
The bank has reported the problem to the Office of the Comptroller of the Currency and the agency is probing the problem, the WSJ said, citing a person familiar with the matter.
The bank, smarting from a prolonged sales scandal in its retail banking business, is still leading to probes by regulators.
Wells Fargo did not immediately comment on the matter.
Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-wells-fargo-accounts/wells-fargo-employees-altered-business-customers-information-wsj-idUSKCN1II1ZY |
NEW YORK--(BUSINESS WIRE)-- Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Solid Biosciences, Inc. (NASDAQ: SLDB) securities issued in connection with the Company’s January 25, 2018 initial public offering (“IPO”), or on the open market between January 25, 2018 and March 14, 2018 (the “Class Period”). Investors have until May 29, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that Defendants failed to disclose: (1) that Solid Biosciences’ lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; (2) that Solid Biosciences misled investors regarding the toxicity of SGT-001; and (3) that, as a result of the foregoing, Defendants statements in the Registration Statement regarding Solid Biosciences’ business, operations, and prospects, were materially false and/or misleading.
If you purchased or otherwise acquired Solid Biosciences securities in connection with the IPO or in the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected] , or telephone at (212) 355-4648, or by filling out this contact form . There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Solid Biosciences, Inc. lawsuit, please go to http://www.bespc.com/solid . For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006215/en/
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
212-355-4648
[email protected]
www.bespc.com
Source: Bragar Eagel & Squire, P.C. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-bragar-eagel-squire-p-c-remind-investors-that-a-class-action-lawsuit-has-been-filed-against-solid-biosciences-inc-sldb-and.html |
May 21, 2018 / 10:08 AM / Updated 19 minutes ago SE Asia Stocks-Most end lower; Indonesia posts 11-month closing low Reuters Staff 3 Min Read * Vietnam down for a third session in four * Philippines, Malaysia erase early gains to close lower * Thai Q1 GDP grew fastest in 5 years By Karthika Suresh Namboothiri May 21 (Reuters) - Most Southeast Asian stock markets reversed early gains to end lower on Monday with Indonesia marking its lowest close in more than 11 months while Vietnam shed 2.5 percent. Jakarta's main index closed at its lowest since June 2017, with banking stocks bearing the brunt. Bank Rakyat Indonesia ended 6.1 percent lower, while Bank Negara Indonesia lost 3.6 percent. Bank Indonesia said it would conduct three foreign exchange swap auctions this week to ensure there is enough currency liquidity in the market after it hiked its benchmark interest rate last week to support the rupiah and plug capital outflows. "As the U.S. continuously raises interest rates, it's impacting a lot of emerging markets, such as Indonesia. Hence, the central bank has to raise interest rates to stamp out capital outflows," said Joel Ng, analyst at KGI Securities. The index of the country's most liquid stocks shed 1.3 percent. Vietnam ended 2.5 percent lower, with real estate and financials leading the fall. Vingroup Joint Stock was the biggest drag on the index, closing 7 percent lower. "Foreign selling recently has hit Vietnam harder. We went up a lot in the first quarter, so the impact of profit-taking is greater now," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Singapore nudged up 0.54 percent to end at a one-week high, while Thai stocks gained for a third straight session. Petroleum explorer PTT Exploration and Production closed 3.4 percent higher, while Kasikornbank gained 2.4 percent. Thailand saw its fastest economic growth in five years in the first quarter, boosted by strong exports and tourism, plus a slight firming in private consumption For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3548.23 3529.27 0.54 Bangkok 1768.31 1754.17 0.81 Manila 7658.05 7672.28 -0.19 Jakarta 5733.854 5783.31 -0.86 Kuala Lumpur 1853.58 1854.5 -0.05 Ho Chi Minh 1014.98 1040.54 -2.46 Change on year Market Current End 2017 Pct Move Singapore 3548.23 3402.92 4.27 Bangkok 1768.31 1753.71 0.83 Manila 7658.05 8558.42 -10.52 Jakarta 5733.854 6355.654 -9.78 Kuala Lumpur 1853.58 1796.81 3.16 Ho Chi Minh 1014.98 984.24 3.12 (Reporting by Karthika Suresh Namboothiri; additional reporting by Binisha H. Ben; Editing by Sunil Nair) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-end-lower-indonesia-posts-11-month-closing-low-idUSL3N1SS3I0 |
BRUSSELS (Reuters) - The European Union on Wednesday proposed a 26 percent rise in its foreign aid budget to 123 billion euros ($148 billion) and far larger defense spending for 2021-2027, as the bloc seeks to deepen its global influence while the United States pulls back.
European Union foreign policy chief Federica Mogherini speaks during an international conference on the future of Syria and the region, in Brussels, Belgium, April 25, 2018. REUTERS/Francois Walschaerts From Mexico to Myanmar, the economically powerful bloc’s foreign aid and development budget is a large part of the “soft power” which supports its international diplomacy, especially as it lacks a unified military.
As the European Commission, the EU executive, set out its total common budget proposal for the 2021-2027 period of some 1.28 trillion euros, a proposed leap in defense spending appeared to signal the growing importance occupied by security in policymakers’ priorities.
In its most ambitious defense plan for decades, the European Commission seeks to spend 22 times more than in the previous period - some 13 billion euros - on a joint weapons fund, defense research, shared financing for battlegroups and allowing a coalition of the willing to conduct more missions abroad.
Overall, the next EU budget sets aside 27.5 billion euros for security and defense over the seven-year period. That includes 2.5 billion euros for an internal security fund to fight extremism and cybercrime.
The aid proposal amounts to a substantial increase on the 2014-2020 external financing budget, which is split between 19 EU “instruments”, each with separate geographical and administrative procedures.
The EU, the world’s biggest aid donor, holds its money for grants and loans through a host of different funds, known as “external action financing instruments”, often making its response to global crises slow and confused.
EU foreign policy chief Federica Mogherini proposed a single fund responsible for managing most of the 123 billion euros planned for foreign and development aid.
A few separate EU funds would still remain, for instance for funding Syrian refugees in Turkey.
Seeking to support Ukraine after its 2014 pro-EU uprising, stem a migrant crisis in Syria and deal with failing states on its borders, the Union wants to reduce reliance on the United States as President Donald Trump pushes the bloc to pay for its own security.
AID GROUPS SKEPTICAL The United States spends about $50 billion a year in foreign aid, but that includes running diplomatic missions and giving academic grants. Trump has withheld aid in the Middle East and at a recent Syria donor conference, questioning its value and calling on others to pay.
The EU’s proposed “Neighborhood and International Cooperation Instrument” would have a 10.5-billion-euro reserve for the first time to respond to new crises around the world, rather than the current system of negotiating a reallocation of funds from other parts of the budget.
The proposal must still be approved by EU lawmakers and EU governments as part of arduous common budget negotiations.
The EU has been criticized for a lack of strategy in its global development role as France pushes for money for its former colonies in Africa, Spain in Latin America and Britain for the Commonwealth. But the EU money is separate from spending by individual governments.
Finding extra money and slimming the EU funds into a single instrument will not be easy, in part because Britain is set to leave the bloc next year, removing a large contributor.
Politicians and aid groups are expected to resist the change, fearing a loss of money for their causes, officials say.
“By diluting development aid in a broader external instrument framework, the EU will not only allow, but bolster the use of overseas development aid for EU domestic priorities,” said CONCORD Europe, the European confederation of relief and development non-governmental organizations.
($1 = 0.83 euros)
Additional reporting by Alissa de Carbonnel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-budget-foreignpolicy/eu-proposes-jump-in-crisis-funding-as-u-s-steps-back-document-idUSKBN1I24LA |
VANCOUVER, British Columbia, May 04, 2018 (GLOBE NEWSWIRE) -- Broadway Gold Mining Ltd. (TSX-V:BRD) (OTCQB:BDWYF) (“Broadway” or the “Company”) is pleased to announce the appointment of Mr. Thomas A. Smeenk, BA, as President and Chief Executive Officer (“CEO”) of the Company, effective May 1, 2018. Mr. Duane Parnham will continue to serve as a director of the Company, providing strategic guidance and oversight.
Mr. Smeenk is a project finance, mineral exploration and business development executive with a proven track record of bringing new discoveries to market. He has been investing in the mining industry since 1996, serving as President and CEO of Tyranex Gold Inc. (“Tyranex”) and as President and CEO of IBI Corporation (“IBI”). During his tenure at Tyranex, Mr. Smeenk successfully financed and completed three exploration programs at the Tyranite Mine. At IBI, his accomplishments included financing the discovery of a world-class vermiculite mine in Uganda, which was subsequently sold to Rio Tinto.
Additionally, Mr. Smeenk’s background includes extensive experience in financing and business development as Vice President and President of e-Manufacturing Networks Inc. He also spent five years as President and Director of TheraVitae Inc. (now Hemostemix), a private stem cell therapy company where he successfully completed multiple financings, and took Astrix Networks Inc. (now Memex Inc.) public as its Vice President, Business Development.
“On behalf of the Board of Directors, I am pleased to welcome Thomas to the Broadway team. His experience in the mining industry, finance and business development will be instrumental in moving the company forward at a key time in our development. With the recent porphyry discovery at the Madison Project, Broadway is well positioned to pursue mineral resources, additional capital and potential partnerships under Thomas’s guidance,” said Steve Hanson, Chairman of Broadway Gold Mining Ltd. “We would also like to thank Duane for his contributions to date and look forward to his continued support and guidance as a key member of our Board.”
Broadway’s Board of Directors has granted Mr. Smeenk options to acquire 300,000 common shares for a period of five years at the closing price of May 2, 2018 (C$0.195). These options vest on the date that is the earlier of August 1, 2018 and the date that the Company completes a financing of C$1,500,000. Upon the close of a financing of C$1,500,000, the Board of Directors has also granted Mr. Smeenk options to acquire an additional 500,000 shares for a period of 10 years at the closing price of the Company’s common shares one day before the announcement of the completion of the financing. These options will vest according to a schedule determined by the Board of Directors at the time of such additional grant.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is a resource company focused on development-stage projects with advanced exploration potential. The company owns a 100% interest in the Madison copper-gold project located in the Butte-Anaconda mining region of Montana, USA. The Madison project is permitted for exploration and contains a past-producing underground mine that Broadway has refurbished. While actively expanding known copper and gold zones that remain open for development in the mine's perimeter, the company's exploration program has identified new anomalies across its extensive land package that provide compelling drill targets that are believed to be associated with large-scale porphyry mineralization.
For more information:
Thomas A. Smeenk
President and CEO
Broadway Gold Mining
1-800-680-0661
[email protected]
www.broadwaymining.com
Media:
Adam Bello
Primoris Group Inc.
+1 416.489.0092
[email protected]
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Broadway are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Broadway's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Broadway with securities regulators. Broadway expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. 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.
Source:Broadway Gold Mining Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-broadway-announces-new-president-and-ceo.html |
May 24, 2018 / 7:18 AM / Updated 36 minutes ago UPDATE 1-Elliott eyes operational improvements after taking Thyssenkrupp stake Reuters Staff
* Elliott seeks talks with supervisory, management boards
* Elliott stake below 3 pct disclosure threshold
* Thyssenkrupp shares indicated 0.5 pct higher (Adds Thyssen no comment, details on Elliott’s investments)
BERLIN, May 24 (Reuters) - Hedge fund Elliott said on Thursday it saw room for significant improvement at Thyssenkrupp , confirming it had taken a stake in the German industrial group.
Shareholders in the German firm have been growing about the time it is taking CEO Heinrich Hiesinger to sell a legacy steel business into a joint venture, a move aimed at revealing the value of Thyssenkrupp’s higher-tech businesses.
“Elliott believes Thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders and looks forward to engaging in a constructive dialogue with them in the near future, including with the supervisory and management boards,” it said in a statement.
It confirmed it had taken a stake in Thyssenkrupp, but said that as of Thursday this did not exceed the 3 percent threshold for mandatory disclosure.
Activist investor Cevian also holds about 18 percent in Thyssenkrupp, which makes everything from chemical plants and car parts to submarines and steel.
Elliott has stepped up its activities in Europe this year, a Reuters review of data showed, with sources saying it sees a chance in a region where activist funds are less present.
In Germany, it has also taken a stake in energy company Uniper and machinery maker GEA Group .
Thyssenkrupp, which is due to give a strategy update in July, declined to comment on Thursday. Reporting by Victoria Bryan Additional reporting by Tom Kaeckenhoff Editing by Caroline Copley | ashraq/financial-news-articles | https://www.reuters.com/article/thyssenkrupp-elliott/update-1-elliott-eyes-operational-improvements-after-taking-thyssenkrupp-stake-idUSL5N1SV1LF |
Home / NEWS / Olympics: Taxi! Tokyo tackles tourist boom with accessible cab Olympics: Taxi! Tokyo tackles tourist boom with accessible cab 7 hours ago NEWS , tokyo
TOKYO (Reuters) – Tokyo’s taxi industry is undergoing some radical changes as Japan, already dealing with unprecedented levels of tourism, gears up to host two major sporting events in the next 26 months. A Toyota Motor Co.’s ‘JPN Taxi’ car is parked at a service branch of Hinomaru Kotsu Co. in Tokyo, Japan May 14, 2018. Picture taken May 14, 2018. REUTERS/Issei Kato
More than 28 million tourists visited Japan in 2017 and the government has set a goal of 40 million foreign visitors by 2020, loading more and more pressure on Tokyo’s already stressed transport system.
Toyota, the world’s largest car manufacturer, believes it has at least part of the answer to this problem.
Anyone who has hailed a cab in the Japanese capital is likely to have enjoyed a ride in one of the company’s iconic Comfort sedans, which make up over 70 percent of Tokyo’s taxi fleet.
The car, which famously features an automatic opening door, has been in production for 22 years but in October last year Toyota launched a new model, the ‘JPN Taxi’.
Adoption of the ‘JPN Taxi’, which has a liquid petroleum gas hybrid engine aimed at lowering carbon emissions, has been gradual but Toyota say 10 percent of all Tokyo’s taxi drivers have made the switch.
By the start of the Olympic Games in July 2020, the aim is for the new model to make up over a third of the fleet as Tokyo looks to make itself more accessible for those with disabilities as well as the country’s ageing population.
Japan has the world’s highest proportion of elderly people with 27 percent of the population over the age of 65 and Toyota’s new car reflects this changing demographic.
“The very reason why we selected the universal design concept is because Japan is a super-aging society, at a level we do not see in other countries in the world,” chief engineer Hiroshi Kayukawa told Reuters at Toyota’s head office in Aichi Prefecture.
“We are seeing the cities becoming more and more barrier-free, but we also think public transportation should do more in this direction. That was the whole idea around this concept.” Wolfgang Loeger from Austria, a taxi driver of Hinomaru Kotsu Co., poses for a photograph inside a ‘JPN Taxi’ car, developed by Toyota Motor Co., in Tokyo, Japan May 14, 2018. Picture taken May 14, 2018. REUTERS/Issei Kato
The back seats of the ‘JPN Taxi’ can be moved and a ramp, neatly tucked away under the seat, can be installed in seconds to accommodate customers in wheelchairs. There are also yellow markings and a light on the floor to aid the visually impaired.
“After the Olympics in Tokyo were decided, we looked into our concept and thought there would be a lot of convenience for tourists as well,” added Kayukawa.
“There is also the potential that this taxi becomes an icon of Japan for foreigners visiting Japan.”
To that end, much thought was given to the choice of color for the exterior before Toyota selected Koiai, a deep indigo once derived from plant dyes.
“It is sometimes known as ‘Japan Blue’,” said Kayukawa, who hopes the new model will become associated with Tokyo much as the black taxi is with London and the yellow cab with New York.
“It just so happens to be the color of the Olympic logo for Tokyo 2020 so we find that a happy coincidence and we hope that deep indigo becomes the image color of Japan.” FOREIGN DRIVERS
The make-up of the army of drivers who patrol the streets of Tokyo is also changing. Slideshow (2 Images)
Hinomaru, one of the largest taxi firms in the city, have recently hired 22 foreign drivers in time for next year’s Rugby World Cup and the 2020 Olympic Games.
With the average age of taxi drivers in Tokyo at almost 60 and a shortage of suitable drivers, Hinomaru started recruiting its foreign drivers last year.
Austrian Wolfgang Loeger, who has lived in Japan for over 30 years and until recently was a chef and ski instructor in the countryside, is one.
After moving to Tokyo last year and in need of a new job, Loeger found his calling behind the wheel.
“I saw the job advertisement so I thought ‘lets give it a try’ because I like driving and I like to meet people,” Loeger told Reuters as he navigated through the city.
“You meet every time new people in the taxi so I thought it was a nice job.”
Loeger, who is married to a local and speaks Japanese fluently, said he causes a stir when customers get into the taxi and see a foreigner in the driving seat.
“Of course most of the time they (customers) say it is the first time they say they have had a foreign driver,” laughed Loeger.
“It is a good way to start conversations so usually they ask me where I am from, how long I have driven and these kinds of things.”
Hinomaru hopes that by having drivers like Loeger, who can speak a variety of languages, visitors will feel more at home in one of the developed world’s most homogenous societies.
With a fleet of spacious, modern cars, driven by characters such as Loeger, visitors to Japan for the Olympics can expect a comfortable ride on the streets of Tokyo in 2020. Reporting by Jack Tarrant, editing Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/us-olympics-2020-taxis/olympics-taxi-tokyo-tackles-tourist-boom-with-accessible-cab-idUKKCN1IO02O/ |
Fmr. NATO ambassador: President Trump is right to call off summit today 2 Hours Ago Amb. Nicholas Burns, former NATO ambassador, discusses President Trump's decision to cancel the summit between the U.S. and North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-north-korea-summit-nuclear-cancelled.html |
ALGIERS (Reuters) - An Algerian blogger arrested last year over social media posts has been sentenced to 10 years in prison on espionage and other charges, a human rights activist said on Friday.
Charges against the blogger, Merzoug Touati, included “incitement for taking up arms against the state” and “encouraging crowd gathering”, said Said Salhi, a member of the Algerian League for the Defense of Human Rights.
They also included espionage “with foreign agents, in particular from Israel, with the goal of tarnishing Algeria’s diplomatic position”, Salhi said.
Touati was arrested in January 2017 after he published a Facebook message and a video on YouTube on accounts that were later deleted.
One post called for protests against a 2017 finance law, while the video included an interview with an Israeli foreign ministry spokesman who denied accusations by the Algerian authorities that Israel was behind anti-government protests in Algeria at the time.
Amnesty International said it had reviewed court documents that list the posts as evidence against Touati and that it had found “no incitement to violence or advocacy of hatred”.
“Rather, his posts were covered by freedom of expression in relation to his work as a citizen-journalist,” the rights group said in a statement.
Touati was sentenced on Thursday by a court in Bejaia, east of the capital Algiers.
He has 10 days to appeal the verdict, according to Algerian law.
Reporting by Lamine Chikhi; Editing by Aidan Lewis and Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-algeria-censorship/algerian-blogger-accused-of-espionage-sentenced-to-ten-years-in-prison-idUSKCN1IQ1IR |
-- First-Quarter 2018 Orphan and Rheumatology Net Sales of $172.2 Million Increased 11 Percent;
Represented 77 Percent of Total Company Net Sales --
-- First-Quarter 2018 KRYSTEXXA Net Sales Growth of 48 Percent;
Increasing Full-Year 2018 Net Sales Growth Guidance to More Than 65 Percent --
-- 50 Percent of Patients Now Enrolled in Teprotumumab Phase 3 Clinical Trial --
-- Establishing New Operating Structure Effective in Second-Quarter 2018,
With Two Operating Segments: Orphan and Rheumatology; Primary Care --
-- First-Quarter 2018 Net Sales of $223.9 Million;
First-Quarter 2018 GAAP Net Loss of $157.3 Million; Adjusted EBITDA of $33.6 Million --
-- Increasing Full-Year 2018 Net Sales Guidance Range to $ 1.170 Billion to $1.200 Billion and
Adjusted EBITDA Guidance Range to $390 Million to $415 Million --
DUBLIN, Ireland, May 09, 2018 (GLOBE NEWSWIRE) -- Horizon Pharma plc (NASDAQ:HZNP) announced its first-quarter 2018 financial results today and increased its full-year 2018 net sales and adjusted EBITDA guidance. The Company also announced that, effective in the second-quarter 2018, the Company is realigning its operating structure and will report financial results as two separate operating segments: its strategic growth business, orphan and rheumatology; and primary care. The new operating structure reflects the evolution of the Company’s strategy and vision of transitioning Horizon Pharma to a biopharmaceutical company focused on rare disease medicines.
“Our orphan and rheumatology medicines represented approximately 77 percent of the Company’s first-quarter net sales and generated double-digit growth driven by 48 percent growth of KRYSTEXXA,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “Our decision to operate orphan and rheumatology separately from primary care marks a pivotal next step in our ongoing strategic transformation to a company focused on rare disease medicines. We made significant advancements during the first quarter toward our goal, including progress ahead of our expectations in the Phase 3 clinical trial for our key rare disease medicine in development, teprotumumab, which is now 50 percent enrolled.”
Financial Highlights
(in millions except for per share amounts and percentages) Q1 18 Q1 17 %
Change Net sales $ 223.9 $ 220.9 1 Net loss (157.3 ) (90.6 ) (74 ) Non-GAAP net income 4.8 35.0 (86 ) Adjusted EBITDA 33.6 51.9 (35 ) Net loss per share - diluted (0.96 ) (0.56 ) (71 ) Non-GAAP earnings per share - diluted 0.03 0.21 (86 )
First-Quarter and Recent Company Highlights
New Head of R&D and Chief Scientific Officer : Shao-Lee Lin, M.D., Ph.D., joined the Company in January 2018 as executive vice president, head of research and development (R&D) and chief scientific officer. Dr. Lin is an accomplished pharmaceutical executive, physician and scientist with more than 20 years of academic and clinical research experience and will accelerate the development of a robust pipeline to drive the Company’s next phase of growth.
“We are committed to establishing Horizon Pharma as a leader in the rare disease space, and one of our goals to support that objective is to enhance the capabilities of our R&D organization,” said Lin. “We are well on our way, having made several important additions to the organization that expand our development capabilities, support our business development team in evaluating and identifying development-stage opportunities and lead our therapeutic areas from a clinical development strategy and portfolio management perspective. Enhancing our R&D organization will enable us to maximize our on-market medicines and develop new medicines for patients with unmet needs – and in the case of rare diseases, some of the most significantly underserved patients.” Intellectual Property Update : The Company recently received two Notices of Allowance from the U.S. Patent and Trademark Office for U.S. patent application numbers 15/457,643 and 15/687,132, both entitled "Methods of Therapeutic Monitoring of Nitrogen Scavenging Drugs" that cover RAVICTI. The U.S. patents scheduled to issue from these applications will expire on Sept. 22, 2030. After issuance, the Company plans to list the U.S. patents in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book.
Research and Development
Orphan Candidates and Programs :
Teprotumumab : The Phase 3 clinical trial for teprotumumab, the Company’s fully human monoclonal antibody IGF-1R-inhibitor in development for the treatment of thyroid eye disease (TED), a rare eye disease, is 50 percent enrolled and is on track for enrollment completion by year end, or earlier. The pivotal confirmatory study is evaluating teprotumumab for the treatment of moderate-to-severe active TED, which has no FDA-approved treatments. The Company estimates peak annual U.S. net sales of more than $750 million for teprotumumab, assuming U.S. FDA approval.
Rheumatology Pipeline Candidates and Programs:
Immunomodulation Studies : The evaluation of the use of immunomodulation therapies to enhance the response rate to KRYSTEXXA is being studied in two investigator-initiated trials, using two different immunomodulators, both of which are commonly used by rheumatologists. RE du C ing I mmunogenicity to P egloticas E ( RECIPE ) is a double-blind, placebo controlled trial to evaluate the impact of a 12-week course of immunomodulating therapy with daily doses of mycophenolate mofetil (MMF). T olerization R educes I ntolerance to P egloticase and Prolongs the Urate L owering E ffect ( TRIPLE ) is an exploratory, open-label adaptive trial with multiple patient cohorts, including a cohort to evaluate the impact of adding daily doses of the immunomodulator azathioprine for a two-week run-in period, followed by KRYSTEXXA every two weeks for a total of 13 doses along with daily doses of azathioprine.
New Rheumatology Programs : In January 2018, the Company announced two development programs for next-generation biologics for uncontrolled gout (chronic gout that is refractory to conventional therapies) to support and sustain the Company’s market leadership in uncontrolled gout: HZN-003 and PASylated uricase technology . HZN-003 is a pre-clinical, genetically engineered uricase derivative with optimized uricase and optimized PEGylation technology. PASylated uricase technology may improve the half-life of uricase, and the Company is collaborating with a third party to identify a lead candidate that could use the technology to construct a next-generation gout biologic. The Company also announced the addition of HZN-002, a pre-clinical, novel dexamethasone conjugate with the potential to address inflammatory diseases through its targeted delivery technology.
New Operating Structure Aligned with Long-term Strategy
Given the Company’s focus on rare disease medicines, effective in the second quarter of 2018, the Company is realigning its structure to operate its strategic growth business, orphan and rheumatology, separate from its primary care business. The new structure allows the Company to more efficiently allocate its resources to address unmet treatment needs for patients with rare diseases.
As part of the new operating structure, the Company has realigned its commercial operations under a new leadership position, executive vice president and chief commercial officer, and recently promoted Vikram Karnani to that role. Karnani was most recently senior vice president, rheumatology business unit, leading the successful growth to date of KRYSTEXXA. In addition, aligned with the new operating structure, the Company is adding critical R&D leadership roles to support the orphan and rheumatology segment, including recently hired clinical development heads for both of these therapeutic areas.
As a result of these changes, in the second quarter of 2018, the Company will begin reporting its financial results as two separate operating segments: the orphan and rheumatology segment, the Company’s strategic rare disease-focused business and the primary care segment, reporting net sales and operating income for each segment.
First-Quarter 2018 Total Company Financial Results
Note: For additional detail and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, please refer to the tables at the end of this release.
Total Net Sales: First-quarter net sales were $223.9 million, an increase of 1.4 percent, driven by continued strong growth of the Company’s orphan and rheumatology medicines. Net sales of $220.9 million in the first quarter of 2017 included PROCYSBI and QUINSAIR net sales of $4.9 million in Europe, the Middle East and Africa (EMEA) regions. The EMEA marketing rights to PROCYSBI and QUINSAIR were divested in June 2017. Excluding the 2017 EMEA net sales of PROCYSBI and QUINSAIR, year-over-year growth would have been 3.7 percent.
Gross Profit: Under U.S. GAAP in the first quarter of 2018, the gross profit ratio was 48.1 percent compared to 37.0 percent in the first quarter of 2017. The non-GAAP gross profit ratio in the first quarter of 2018 was 87.0 percent compared to 88.5 percent in the first quarter of 2017.
Operating Expenses: R&D expenses were 7.9 percent of net sales; and selling, general and administrative (SG&A) expenses were 80.2 percent of net sales. Non-GAAP R&D expenses were 6.8 percent of net sales, and non-GAAP SG&A expenses were 65.2 percent of net sales. Income Tax Rate: The income tax rate in the first quarter of 2018 on a GAAP basis was 0.2 percent and on a non-GAAP basis was 44.5 percent.
Net (Loss) Income: On a GAAP basis in the first quarter of 2018, net loss was $157.3 million. First-quarter 2018 non-GAAP net income was $4.8 million.
Adjusted EBITDA: In the first quarter of 2018, adjusted EBITDA was $33.6 million.
Earnings (Loss) per Share: On a GAAP basis in the first quarter of 2018, diluted loss per share was $0.96; in the first quarter of 2017, diluted loss per share was $0.56. Non-GAAP diluted earnings per share in the first quarter of 2018 and 2017 were $0.03 and $0.21, respectively. Weighted average shares outstanding used for calculating GAAP diluted loss per share and non-GAAP diluted earnings per share in the first quarter of 2018 were 164.5 million and 167.8 million, respectively.
First-Quarter Orphan and Rheumatology Net Sales
(in millions except for percentages) Q1 18 Q1 17 %
Change Orphan $ 114.7 $ 112.5 2 RAVICTI® 49.1 43.9 12 PROCYSBI® (1) 34.9 34.3 2 ACTIMMUNE® 24.9 26.2 (5 ) BUPHENYL® 5.7 6.3 (9 ) QUINSAIR TM (1) 0.1 1.8 (93 ) Rheumatology 57.5 42.8 35 KRYSTEXXA® 46.7 31.6 48 RAYOS® 10.7 10.3 4 LODOTRA® 0.1 0.9 (87 ) Orphan and Rheumatology Net Sales $ 172.2 $ 155.3 11 (1) On June 23, 2017, Horizon Pharma completed the divestiture of a European subsidiary that owned the marketing rights to PROCYSBI and QUINSAIR in Europe, the Middle East and Africa to Chiesi Farmaceutici S.p.A. Horizon Pharma retains marketing rights for the two medicines in the United States, Canada, Latin America and Asia. Combined first-quarter 2018 net sales of orphan and rheumatology medicines of $172.2 million increased 11 percent, driven by continued strong KRYSTEXXA vial growth, as well as growth of RAVICTI and PROCYSBI. Combined first-quarter 2017 net sales of orphan and rheumatology medicines of $155.3 million included EMEA net sales of PROCYSBI and QUINSAIR, which were divested in June 2017, of $4.9 million. Excluding the 2017 EMEA net sales of PROCYSBI and QUINSAIR from combined orphan and rheumatology net sales, year-over-year growth would have been 15 percent.
First-Quarter Primary Care Net Sales
(in millions except for percentages) Q1 18 Q1 17 %
Change Primary Care PENNSAID® 2% 26.8 41.6 (36 ) DUEXIS® 15.7 17.7 (12 ) VIMOVO® 8.4 4.9 72 MIGERGOT® 0.8 1.4 (47 ) Primary Care Net Sal es 51.7 65.6 (21 ) First-quarter 2018 net sales of primary care medicines were $51.7 million, negatively impacted by seasonality, to a somewhat greater degree than originally anticipated. First-quarter net sales also included a negative $14 million impact from an additional accrual for medicines in the wholesale and retail channel following the Company's price action. Excluding the additional accrual, which did not occur in first-quarter 2017, first-quarter 2018 primary care net sales on a pro-forma basis were similar to first-quarter 2017, reflecting the stability of this business.
Cash Flow Statement and Balance Sheet Highlights
On a GAAP basis in the first quarter of 2018, operating cash flow was negative $60.8 million. Non-GAAP operating cash flow was negative $52.7 million in the first quarter of 2018, as expected. GAAP and non-GAAP operating cash flow in the first quarter of 2017 included a significant one-time working capital benefit associated with the implementation of managed care contracts for certain primary care medicines. The Company had cash and cash equivalents of $674.3 million as of March 31, 2018.
As of March 31, 2018, the total principal amount of debt outstanding was $2.019 billion, which comprised $844 million in senior secured term loans due 2024; $300 million senior notes due 2024; $475 million senior notes due 2023; and $400 million exchangeable senior notes due 2022. As of March 31, 2018, net debt was $1.344 billion.
Full-Year 2018 Guidance
The Company now expects full-year 2018 net sales guidance of $1.170 billion to $1.200 billion, an increase from the previous range of $1.150 billion to $1.180 billion. Full-year 2018 adjusted EBITDA is now expected to be $390 million to $415 million, an increase from the previous range of $370 million to $395 million. Company guidance now assumes a delay in the implementation of a U.S. government rule related to 340B entity drug pricing to July 1, 2019, following the U.S. Department of Health and Human Services’ proposal to delay the effective date to that date. As a result, the Company now expects full-year 2018 net sales growth for KRYSTEXXA of more than 65 percent.
Webcast
At 8 a.m. EST / 1 p.m. IST today, the Company will host a live webcast to review its financial and operating results and provide a general business update. The live webcast and a replay may be accessed at http://ir.horizon-pharma.com . Please connect to the Company's website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. A replay of the webcast will be available approximately two hours after the live webcast.
About Horizon Pharma plc
Horizon Pharma plc is focused on researching, developing and commercializing innovative medicines that address unmet treatment needs for rare and rheumatic diseases. By fostering a growing pipeline of medicines in development and exploring all potential uses for currently marketed medicines, we strive to make a powerful difference for patients, their caregivers and physicians. For us, it’s personal: by living up to our own potential, we are helping others live up to theirs. For more information, please visit www.horizonpharma.com . Follow @HZNPplc on Twitter, like us on Facebook or explore career opportunities on LinkedIn.
Note Regarding Use of Non-GAAP Financial Measures
EBITDA, or earnings before interest, taxes, depreciation and amortization, and adjusted EBITDA are used and provided by Horizon Pharma as non-GAAP financial measures. Horizon Pharma provides certain other financial measures such as non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross profit and gross profit ratio, non-GAAP operating expenses, non-GAAP tax rate and non-GAAP operating cash flow, each of which include adjustments to GAAP figures. These non-GAAP measures are intended to provide additional information on Horizon Pharma’s performance, operations, expenses, profitability and cash flows. Adjustments to Horizon Pharma's GAAP figures as well as EBITDA exclude acquisition and/or divestiture-related expenses, charges related to the discontinuation of ACTIMMUNE development for Friedreich’s ataxia, gain from divestiture, an upfront fee for a license of a patent, a litigation settlement, loss on debt extinguishment, costs of debt refinancing, drug manufacturing harmonization costs, restructuring and realignment costs, as well as non-cash items such as share-based compensation, depreciation and amortization, royalty accretion, non-cash interest expense, long-lived asset impairment charges, impacts of contingent royalty liability remeasurements and other non-cash adjustments. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Horizon maintains an established non-GAAP cost policy that guides the determination of what costs will be excluded in non-GAAP measures. Horizon Pharma believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon Pharma's financial and operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company’s historical and expected 2018 financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators Horizon Pharma's management uses for planning and forecasting purposes and measuring the Company's performance. For example, adjusted EBITDA is used by Horizon Pharma as one measure of management performance under certain incentive compensation arrangements. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Horizon Pharma has not provided a reconciliation of its full-year 2018 adjusted EBITDA outlook to an expected net income (loss) outlook because certain items such as acquisition/divestiture-related expenses and share-based compensation that are a component of net income (loss) cannot be reasonably projected due to the significant impact of changes in Horizon Pharma's stock price, the variability associated with the size or timing of acquisitions/divestitures and other factors. These components of net income (loss) could significantly impact Horizon Pharma’s actual net income (loss).
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to Horizon Pharma's full-year 2018 net sales and adjusted EBITDA guidance, expected growth of certain medicines, estimated peak annual net sales of certain of Horizon Pharma’s medicines and pipeline candidates, expected financial performance in future periods, expected timing and scope of clinical trials, including the Phase 3 clinical trial of teprotumumab, expected increases in investment in Horizon Pharma’s rare disease medicine pipeline and the impact thereof, expected enhancements to Horizon Pharma’s R&D function, potential market opportunity for Horizon Pharma’s medicines in approved and potential additional indications, and business and other statements that are not historical facts. These forward-looking statements are based on Horizon Pharma's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that Horizon Pharma’s actual future financial and operating results may differ from its expectations or goals; Horizon Pharma’s ability to grow net sales from existing products; the availability of coverage and adequate reimbursement and pricing from government and third-party payers and risks relating to Horizon Pharma’s ability to successfully implement its business strategies; risks inherent in developing novel medicine candidates, such as teprotumumab, and existing medicines for new indications; risks related to acquisition integration and achieving projected benefits; risks associated with regulatory approvals; risks in the ability to recruit, train and retain qualified personnel; competition, including potential generic competition; the ability to protect intellectual property and defend patents; regulatory obligations and oversight, including any changes in the legal and regulatory environment in which Horizon Pharma operates and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in Horizon Pharma's filings and reports with the SEC. Horizon Pharma undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information.
Contacts: Investors: U.S. Media: Tina Ventura Geoff Curtis Senior Vice President, Senior Vice President, Investor Relations Corporate Affairs & Chief Communications Officer [email protected] [email protected] Ruth Venning Ireland Media: Executive Director, Ray Gordon Investor Relations Gordon MRM [email protected] [email protected]
Horizon Pharma plc Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Net Sales $ 223,881 $ 220,859 Cost of goods sold 116,092 139,116 Gross profit 107,789 81,743 OPERATING EXPENSES: Research and development 17,645 13,061 Selling, general and administrative 179,599 174,065 Impairment of long-lived asset 37,853 - Total operating expenses 235,097 187,126 Operating loss (127,308 ) (105,383 ) OTHER EXPENSE, NET: Interest expense, net (30,454 ) (31,983 ) Foreign exchange loss (110 ) (259 ) Loss on debt extinguishment - (533 ) Other income, net 178 35 Total other expense, net (30,386 ) (32,740 ) Loss before benefit for income taxes (157,694 ) (138,123 ) Benefit for income taxes (367 ) (47,553 ) Net loss $ (157,327 ) $ (90,570 ) Net loss per ordinary share - basic and diluted $ (0.96 ) $ (0.56 ) Weighted average ordinary shares outstanding - basic and diluted 164,549,502 161,972,052
Horizon Pharma plc Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) As of March 31,
2018 December 31,
2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 674,330 $ 751,368 Restricted cash 6,390 6,529 Accounts receivable, net 404,208 405,214 Inventories, net 47,365 61,655 Prepaid expenses and other current assets 52,805 43,402 Total current assets 1,185,098 1,268,168 Property and equipment, net 19,488 20,405 Developed technology, net 2,338,942 2,443,949 Other intangible assets, net 5,241 5,441 Goodwill 426,441 426,441 Deferred tax assets, net 859 3,470 Other assets 26,776 36,081 Total assets $ 4,002,845 $ 4,203,955 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Long-term debt—current portion $ 38,446 $ 10,625 Accounts payable 41,271 34,681 Accrued expenses 180,448 175,697 Accrued trade discounts and rebates 429,701 501,753 Accrued royalties—current portion 65,534 65,328 Deferred revenues—current portion 3,812 6,885 Total current liabilities 759,212 794,969 LONG-TERM LIABILITIES: Exchangeable notes, net 318,669 314,384 Long-term debt, net, net of current 1,547,912 1,576,646 Accrued royalties, net of current 291,456 291,185 Deferred revenues, net of current - 9,713 Deferred tax liabilities, net 157,472 157,945 Other long-term liabilities 67,029 68,015 Total long-term liabilities 2,382,538 2,417,888 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Ordinary shares, $0.0001 nominal value; 300,000,000 shares authorized; 165,359,893 and 164,785,083 shares issued at March 31, 2018 and December 31, 2017, respectively, and 164,975,527 and 164,400,717 shares outstanding at March 31, 2018 and December 31, 2017, respectively 17 16 Treasury stock, 384,366 ordinary shares at March 31, 2018 and December 31, 2017 (4,585 ) (4,585 ) Additional paid-in capital 2,274,254 2,248,979 Accumulated other comprehensive loss (520 ) (983 ) Accumulated deficit (1,408,071 ) (1,252,329 ) Total shareholders' equity 861,095 991,098 Total liabilities and shareholders' equity $ 4,002,845 $ 4,203,955
Horizon Pharma plc Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (157,327 ) $ (90,570 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities Depreciation and amortization expense 68,907 71,483 Equity-settled share-based compensation 27,833 28,837 Royalty accretion 14,718 12,959 Royalty liability remeasurement (2,151 ) (2,944 ) Impairment of long-lived asset 37,853 - Amortization of debt discount and deferred financing costs 5,496 5,423 Deferred income taxes 1,680 (47,695 ) Loss on debt extinguishment - 533 Foreign exchange and other adjustments (120 ) 787 Changes in operating assets and liabilities: Accounts receivable 1,064 (94,377 ) Inventories 14,290 37,050 Prepaid expenses and other current assets (9,805 ) (2,445 ) Accounts payable 6,528 36,078 Accrued trade discounts and rebates (72,120 ) 116,079 Accrued expenses and accrued royalties 4,454 (46,040 ) Deferred revenues (1,484 ) (618 ) Other non-current assets and liabilities (627 ) 266 Net cash (used in) provided by operating activities (60,811 ) 24,806 CASH FLOWS FROM INVESTING ACTIVITIES: Payment related to license agreement (12,000 ) - Purchases of property and equipment (665 ) (1,423 ) Net cash used in investing activities (12,665 ) (1,423 ) CASH FLOW FROM FINANCING ACTIVITIES: Repayment of term loans (2,125 ) (772,750 ) Net proceeds from term loans - 847,768 Proceeds (refunds) related to the ESPP plan 14 (173 ) Proceeds from the issuance of ordinary shares in connection with stock option exercises 945 544 Payment of employee withholding taxes relating to share-based awards (3,517 ) (4,277 ) Net cash (used in) provided by financing activities (4,683 ) 71,112 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 982 (298 ) Net (decrease) increase in cash, cash equivalents and restricted cash (77,177 ) 94,197 Cash, cash equivalents and restricted cash, beginning of the period (1) 757,897 516,150 Cash, cash equivalents and restricted cash, end of the period (1) $ 680,720 $ 610,347 (1) Amounts include restricted cash balance in accordance with ASU No. 2016-18.
Horizon Pharma plc GAAP to Non-GAAP Reconciliations Net Income and Earnings Per Share (Unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 GAAP net loss $ (157,327 ) $ (90,570 ) Non-GAAP adjustments: Impairment of long-lived asset 37,853 - Remeasurement of royalties for medicines acquired through business combinations (2,151 ) (2,944 ) Acquisition/divestiture-related costs 3,911 10,039 Restructuring and realignment costs 3,342 - Amortization, accretion and step-up: Intangible amortization expense 67,355 69,677 Accretion of royalty liabilities 14,719 12,959 Amortization of debt discount and deferred financing costs 5,496 5,423 Inventory step-up expense 17,076 40,595 Share-based compensation 27,833 28,469 Depreciation expense 1,552 1,806 Charges relating to discontinuation of Friedreich's ataxia program 950 - Drug substance harmonization costs 804 4,299 Upfront and milestone payments related to license agreements 90 - Fees related to term loan refinancings 27 4,143 Loss on debt extinguishment - 533 Royalties for medicines acquired through business combinations (12,521 ) (11,317 ) Total of pre-tax non-GAAP adjustments 166,336 163,682 Income tax effect of pre-tax non-GAAP adjustments 31,683 (38,103 ) Other non-GAAP income tax adjustments (35,893 ) - Total of non-GAAP adjustments 162,126 125,579 Non-GAAP Net Income $ 4,799 $ 35,009 Non-GAAP Earnings Per Share: Weighted average shares - Basic 164,549,502 161,972,052 Non-GAAP Earnings Per Share - Basic: GAAP loss per share - Basic (0.96 ) (0.56 ) Non-GAAP adjustments 0.99 0.78 Non-GAAP earnings per share - Basic 0.03 0.22 Weighted average shares - Diluted Weighted average shares - Basic 164,549,502 161,972,052 Ordinary share equivalents 3,201,430 2,895,016 Weighted average shares - Diluted 167,750,932 164,867,068 Non-GAAP Earnings Per Share - Diluted GAAP loss per share - Diluted (0.96 ) (0.56 ) Non-GAAP adjustments 0.99 0.78 Diluted earnings per share effect of ordinary share equivalents - (0.01 ) Non-GAAP earnings per share - Diluted 0.03 0.21
Horizon Pharma plc GAAP to Non-GAAP Reconciliations EBITDA, Gross Profit and Operating Cash Flow (Unaudited) (in thousands, except percentages) Three Months Ended March 31, 2018 2017 EBITDA and Adjusted EBITDA: GAAP net loss $ (157,327 ) $ (90,570 ) Depreciation 1,552 1,806 Amortization, accretion and step-up: Intangible amortization expense 67,355 69,677 Accretion of royalty liabilities 14,719 12,959 Amortization of deferred revenue - (204 ) Inventory step-up expense 17,076 40,595 Interest expense, net (including amortization of debt discount and deferred financing costs) 30,454 31,983 Benefit for income taxes (367 ) (47,553 ) EB ITDA $ (26,538 ) $ 18,693 Other non-GAAP adjustments: Impairment of long-lived asset 37,853 - Remeasurement of royalties for medicines acquired through business combinations (2,151 ) (2,944 ) Acquisition/divestiture-related costs 3,911 10,039 Restructuring and realignment costs 3,342 - Share-based compensation 27,833 28,469 Charges relating to discontinuation of Friedreich's ataxia program 950 - Drug substance harmonization costs 804 4,299 Upfront and milestone payments related to license agreements 90 - Fees related to term loan refinancing 27 4,143 Loss on debt extinguishment - 533 Royalties for medicines acquired through business combinations (12,521 ) (11,317 ) Total of other non-GAAP adjustments 60,138 33,222 Ad justed EBITDA $ 33,600 $ 51,915 GAAP g ross profit $ 107,789 $ 81,743 Non-GAAP gross profit adjustments: Acquisition/divestiture-related costs 19 80 Share-based compensation 783 428 Remeasurement of royalties for medicines acquired through business combinations (2,151 ) (2,944 ) Intangible amortization expense 67,155 69,474 Accretion of royalty liabilities 14,719 12,959 Inventory step-up expense 17,076 40,595 Depreciation 176 183 Charges relating to discontinuation of Friedreich's ataxia program 950 - Drug substance harmonization costs 804 4,299 Royalties for medicines acquired through business combinations (12,521 ) (11,317 ) Total of Non-GAAP adjustments 87,010 113,757 Non-G AAP gross profit $ 194,799 $ 195,500 GAAP g ross profit % 48.1 % 37.0 % Non-G AAP gross profit % 87.0 % 88.5 % N on-GAAP operating cash flow: GAAP c ash provided by operating activities $ (60,811 ) $ 24,806 Cash payments for acquisition/divestiture-related costs 3,958 20,392 Cash payment for litigation settlement - 16,250 Cash payments for upfront and milestone payments related to licence agreement 275 - Cash payments for charges relating to clinical trial wind-down costs 3,399 482 Cash payments relating to term loan refinancing 18 3,312 Cash payments for restructuring and realignment costs 447 - Non-G AAP operating cash flow $ (52,714 ) $ 65,242
Horizon Pharma plc GAAP to Non-GAAP Tax Rate Reconciliation (Unaudited) (in millions, except percentages) Q1 2018 Pre-tax Net
(Loss) Income Income Tax
(Benefit) Expense Tax Rate Net (Loss)
Income Diluted (Loss)
Earnings Per Share As reported - GAAP $ (157.7 ) $ (0.4 ) 0.2 % $ (157.2 ) $ (0.96 ) Non-GAAP adjustments 166.3 4.2 162.1 Non-GAAP $ 8.6 $ 3.8 44.5 % $ 4.9 $ 0.03 Q1 2017 Pre-tax Net
(Loss) Income Income Tax
(Benefit) Expense Tax Rate Net (Loss)
Income Diluted (Loss)
Earnings Per Share As reported - GAAP $ (138.1 ) $ (47.6 ) 34.4 % $ (90.6 ) $ (0.56 ) Non-GAAP adjustments 163.7 38.1 125.7 Non-GAAP $ 25.6 $ (9.4 ) (37.0 )% $ 35.0 $ 0.21
Horizon Pharma plc
Certain Income Statement Line Items - Non-GAAP Adjusted
For the Three Months Ended March 31, 2018
(in thousands) (Unaudited)
Income Tax Research & Selling, General Impairment of Interest Benefit COGS Development & Administrative long lived asset Expense (Expense) GAAP as reported $ (116,092 ) $ (17,645 ) $ (179,599 ) $ (37,853 ) $ (30,454 ) $ 367 Non-GAAP Adjustments (in thousands): Impairment of long-lived asset (1) - - - 37,853 - - Remeasurement of royalties for medicines acquired through business combinations (2) (2,151 ) - - - - - Acquisition/divestiture-related costs (3) 19 (85 ) 3,977 - - - Restructuring and realignment costs (4) - - 3,342 - - - Amortization, accretion and step-up: Intangible amortization expense (5) 67,155 - 200 - - - Amortization of debt discount and deferred financing costs (6) - - - - 5,496 - Accretion of royalty liability (7) 14,719 - - - - - Inventory step-up expense (8) 17,076 - - - - - Share-based compensation (9) 783 2,440 24,610 - - - Depreciation expense (10) 176 - 1,376 - - - Drug substance harmonization costs (11) 804 - - - - - Upfront and milestone payments related to license agreements (12) - 90 - - - - Fees related to term loan refinancing (13) - - 27 - - - Charges relating to discontinuation of Friedreich's ataxia program (14) 950 - - - - - Royalties for medicines acquired through business combinations (15) (12,521 ) - - - - - Income tax effect on pre-tax non-GAAP adjustments (16) - - - - - 31,683 Other non-GAAP income adjustments (17) - - - - - (35,893 ) Total of non-GAAP adjustments 87,010 2,445 33,532 37,853 5,496 (4,210 ) Non-GAAP $ (29,082 ) $ (15,200 ) $ (146,067 ) $ - $ (24,958 ) $ (3,843 ) Horizon Pharma plc Certain Income Statement Line Items - Non-GAAP Adjusted For the Three Months Ended March 31, 2017 (in thousands) (Unaudited) Income Tax Research & Selling, General Interest Loss on Debt Benefit COGS Development & Administrative Expense Extinguishment (Expense) GAAP as reported $ (139,116 ) $ (13,061 ) $ (174,065 ) $ (31,983 ) $ (533 ) $ 47,553 Acquisition/divestiture-related costs (3) 80 177 9,782 - - - Amortization, accretion and step-up: Intangible amortization expense (5) 69,474 - 203 - - - Amortization of debt discount and deferred financing costs (6) - - - 5,423 - - Accretion of royalty liability (7) 12,959 - - - - - Inventory step-up expense (8) 40,595 - - - - - Share-based compensation (9) 428 2,049 25,992 - - - Depreciation expense (10) 183 - 1,623 - - - Drug substance harmonization costs (11) 4,299 - - - - - Remeasurement of royalties for medicines acquired through business combinations (2) (2,944 ) - - - - - Fees related to term loan refinancing (13) - - 4,143 - - - Loss on debt extinguishment (18) - - - - 533 - Royalties for medicines acquired through business combinations (15) (11,317 ) - - - - - Income tax effect on pre-tax non-GAAP adjustments (16) - - - - - (38,103 ) Total of non-GAAP adjustments 113,757 2,226 41,743 5,423 533 (38,103 ) Non-GAAP $ (25,359 ) $ (10,835 ) $ (132,322 ) $ (26,560 ) $ - $ 9,450
NOTES FOR CERTAIN INCOME STATEMENT LINE ITEMS - NON-GAAP
During the three months ended March 31, 2018, the Company recorded an impairment of $37.9 million to write off the book value of developed technology related to PROCYSBI in Canada and Latin America due to lower than anticipated future net sales.
At the time of the Company's acquisition of the rights to ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, RAVICTI and VIMOVO, the Company estimated the fair value of contingent royalties payable to third parties using an income approach under the discounted cash flow method, which included revenue projections and other assumptions the Company made to determine the fair value. If the Company significantly overperforms or underperforms against its original revenue projections or it becomes necessary to make changes to assumptions as a result of a triggering event, the Company is required to reassess the fair value of the contingent royalties payable. Any subsequent adjustment to fair value is recorded in the period such adjustment is made as either an increase or decrease to royalties payable, with a corresponding increase or decrease in cost of goods sold, in accordance with established accounting policies. The Company recorded net decreases of $2.2 million and $2.9 million to cost of goods sold to adjust the amount of the contingent royalty liabilities relating to PROCYSBI during the first quarter of 2018, and to KRYSTEXXA and VIMOVO during the first quarter of 2017, respectively.
Expenses, including legal and consulting fees, incurred in connection with the Company’s acquisitions and divestitures have been excluded.
Represents expenses, including severance costs and consulting fees, related to the restructuring and realignment activities.
Intangible amortization expenses are associated with the Company’s intellectual property rights, developed technology and customer relationships of ACTIMMUNE, BUPHENYL, KRYSTEXXA, LODOTRA, MIGERGOT, PENNSAID 2%, PROCYSBI, RAVICTI, RAYOS and VIMOVO.
Represents amortization of debt discount and deferred financing costs associated with the Company's debt.
Represents accretion expense associated with the ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, QUINSAIR, RAVICTI and VIMOVO contingent royalty liabilities.
During the three months ended March 31, 2018, the Company recognized in cost of goods sold, $17.1 million for inventory step-up expense, primarily related to KRYSTEXXA inventory sold.
During the three months ended March 31, 2017, the Company recognized in cost of goods sold, $14.4 million for inventory step-up expense related to KRYSTEXXA inventory sold and $26.1 million for inventory step-up expense related to PROCYSBI and QUINSAIR inventory sold. Represents share-based compensation expense associated with the Company's stock option, restricted stock unit and performance stock unit grants to its employees and non-employees, its cash-settled long-term incentive plan and its employee stock purchase plan.
Represents depreciation expense related to the Company’s property, equipment, software and leasehold improvements.
During the year ended December 31, 2016, the Company committed to spend $14.9 million related to the harmonization of the manufacturing processes for ACTIMMUNE and IMUKIN drug substance. During the three months ended March 31, 2018, the Company incurred costs of $0.8 million related to these activities that qualify for exclusion in the Company’s non-GAAP financial measures under its non-GAAP cost policy.
Represents upfront and milestone payments related to license agreements.
Represents arrangement and other fees relating to the refinancing of the Company’s term loans during the first quarter 2018.
During the three months ended March 31, 2018, charges relating to discontinuation of the Friedreich’s ataxia program include a $1.0 million increase in cost of goods sold relating to the purchase of additional units of ACTIMMUNE.
Royalties of $12.5 million were incurred during the three months ended March 31, 2018, based on the periods’ net sales for ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, PROCYSBI, QUINSAIR, RAVICTI and VIMOVO.
Income tax adjustments on pre-tax non-GAAP adjustments represent the estimated income tax impact of each pre-tax non-GAAP adjustment based on the statutory income tax rate of the applicable jurisdictions for each non-GAAP adjustment.
Other non-GAAP income tax adjustments during the three months ended March 31, 2018 reflect a measurement period adjustment relating to Notice 2018-28 that was issued by the U.S. Treasury Department and the U.S. Internal Revenue Service in April 2018 (“the notice”). In accordance with the measurement period provisions under SAB 118 and the guidance in the notice the Company reinstated the deferred tax asset related to its U.S. interest expense carryforwards under Section 163(j) based on the new U.S. federal tax rate of 21 percent. The impact of the deferred tax asset reinstatement in accordance with SAB 118 was a $35.9 million increase to the Company’s benefit for income taxes and a corresponding decrease to the U.S. group net deferred tax liability position.
During the three months ended March 31, 2017, the Company recorded a loss on debt extinguishment of $0.5 million, comprised the write-off of $0.4 million in debt discount and deferred financing costs, and an early redemption payment of $0.1 million.
Source: Horizon Pharma plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-horizon-pharma-plc-reports-strong-first-quarter-2018-orphan-and-rheumatology-net-sales-growth-increases-full-year-2018.html |
WASHINGTON, May 18 (Reuters) - A sweeping $867 billion farm bill failed to pass the U.S. House of Representatives on Friday after conservative Republicans warned party leaders not to hold the vote until they were given the chance to consider a bill to clamp down on immigration.
The next steps are unclear for the bill, which failed in a 198-to-213 vote. Democrats opposed the legislation due to changes it would make to a food stamps program used by about 40 million Americans, officially known as the Supplemental Nutrition Assistance Program (SNAP).
Members of the Senate Committee on Agriculture, Nutrition and Forestry have said they are writing their own version of the farm bill because the House’s proposed SNAP changes could not pass the chamber, where Republicans hold a slim 51-49 majority and passing most legislation requires 60 votes. (Reporting By Amanda Becker Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-congress-farmbill/farm-bill-fails-in-u-s-house-next-steps-unclear-idUSL2N1SP0ZQ |
BERLIN (Reuters) - German Chancellor Angela Merkel and Ukrainian President Petro Poroshenko spoke by telephone on Monday about Merkel’s visit to Russia last week, efforts to implement the Minsk agreement and gas transit through Ukraine, a spokeswoman said.
FILE PHOTO: German Chancellor Angela Merkel speaks during a joint news conference with Russian President Vladimir Putin following their meeting in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin “Both parties agreed to remain in close contact on these issues and to deepen cooperation,” Martina Fietz, a spokeswoman for the German government, said in a statement.
Merkel held talks with President Vladimir Putin in Sochi, Russia, on Friday, and stressed the need for the continuation of gas transit via Ukraine even after the completion of the Nord Stream 2 gas pipeline, which will circumvent the country.
Reporting by Michelle Martin; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-ukraine/merkel-poroshenko-discuss-gas-transit-through-ukraine-and-minsk-agreement-idUSKCN1IM1EI |
LONDON—The newest resident of the Major League Soccer retirement home is set to be one of the English Premier League’s all-time greats, Everton striker Wayne Rooney, according to reports in Britain.
Rooney, 32, would be one of the highest profile Premier League stars to make the leap across the Atlantic following a path already beaten by the likes of David Beckham, Thierry Henry and, most recently, Zlatan Ibrahimovic. But unlike that trio, who made beelines for the MLS’s two biggest markets in New York and Los Angeles, Rooney... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/wayne-rooney-appears-headed-to-major-league-soccer-1525985537 |
LONDON (Reuters) - FIFA Secretary General Fatma Samoura said she encountered sexism and racism when she took over the job, with some in soccer opposed to a “black woman” taking a senior post at the global governing body.
FILE PHOTO - FIFA General Secretary Fatma Samoura (L), Russian Deputy Prime Minister Vitaly Mutko (C) and CEO of the Local Organising Committee Alexey Sorokin attend the Team Seminar in Moscow, Russia, November 30, 2017. REUTERS/Sergei Karphukhin The 55-year-old Senegalese was the first woman to hold a senior role at FIFA when she took over from Jerome Valcke, who was sacked in January 2016 as part of the fall-out from the corruption scandal that rocked the organization.
Samoura said she had “broken the glass ceiling” in a “male-dominated organisation”, adding “they are used to me now”.
“There are people who don’t think that a black woman should be leading the administration of FIFA. It’s sometimes as simple as that,” Samoura told the BBC.
“It is something we are fighting on a daily basis on the pitch - I don’t want any racist person around me.
“Nobody asks a man when he takes a position if he’s competent to do the job. They just assume that he can do the job.
“For a woman to make her way up to the top - you need to prove every single day that you are the best fit for that position.”
Writing by Nick Mulvenney in Sydney, editing by Greg Stutchbury
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-fifa-samoura/fifas-samoura-says-encountered-racism-sexism-idUSKCN1IR02B |
First Quarter Highlights:
Net sales of $657 million, a 21% increase year-over-year Segment EBITDA of $94 million, a 36% increase year-over-year Segment EBITDA margin of 14.3%, a 160bp increase year-over-year NXT* capacity expansion has been completed and production will ramp up throughout 2018 Reduced net leverage 1 to 3.7x as of March 31, 2018. Significant liquidity of $417 million
WATERFORD, N.Y.--(BUSINESS WIRE)-- MPM Holdings Inc. (“Momentive” or the “Company”) (OTCQX:MPMQ) today announced results
“We are pleased to report another quarter of significant Segment EBITDA growth and margin expansion,” said Jack Boss, Chief Executive Officer and President. “These results were driven by strong end-market demand across our entire portfolio, particularly within our personal care, automotive and electronic end markets. Our continued earnings momentum demonstrates the success of our clearly defined competitive strategy focused on driving growth in higher-margin specialty applications and optimizing our basics business and cost structure.”
“In addition, we are excited about our new NXT* facility in Europe, which doubles our capacity in our fastest growing product line and enables state-of-the-art manufacturing capabilities on two continents. This will allow us to strengthen our leadership position in automotive tire applications and enable additional new product offerings.”
Mr. Boss concluded, “As we look out into 2018, we expect strong demand, solid and improving industry fundamentals, pricing tailwinds, and more material EBITDA contribution from the capital investments we have made in our specialty product portfolio over the last several years. Further, we have implemented broad based price increases across the entire product portfolio, which are expected to benefit fiscal year 2018 results. This, along with our recently announced $15 million restructuring initiative, should continue to drive considerable margin expansion.”
1 Defined as total principal value of debt less cash and cash equivalents divided by Segment EBITDA. First Quarter 2018 Results
Net Sales. Net sales for the three months ended March 31, 2018 were $657 million, an increase of 21% compared with $544 million in the prior year. The increase was driven by volume gains across all of Momentive’s segments, which reflected the benefits of our strategic growth investments and increased demand in automotive, agriculture, personal care and industrial end markets, as well as pricing initiatives announced in the fourth quarter of 2017.
Net Income (Loss). Net income for the three months ended March 31, 2018 was $20 million compared with a net loss of $30 million in the prior year period.
Segment EBITDA. Segment EBITDA for the three months ended March 31, 2018 was $94 million, an increase of 36% compared with $69 million in the prior year period. The increase in Segment EBITDA was driven by operating leverage and the same factors that impacted revenue growth in the quarter, and partially offset by approximately $10 million of weather-related disruptions in January. Momentive expects about $5 million of the impact to reverse in the second half of 2018.
Segment Results
The following tables reflect net sales and Segment EBITDA by reportable segment ended March 31, 2018 and 2017. See “Non-U.S. GAAP Measures” and Schedule 4 to this release for further information regarding Segment EBITDA and for a reconciliation of net (loss) income to Segment EBITDA.
Net Sales (1) :
(in millions)
Three Months Ended March 31, 2018 2017 Performance Additives $ 248 $ 220 Formulated and Basic Silicones 357 275 Quartz Technologies 52 49 Total $ 657 $ 544 (1) Intersegment sales are not significant and, as such, are eliminated within the selling segment. Segment EBITDA:
(in millions)
Three Months Ended March 31, 2018 2017 Performance Additives $ 54 $ 47 Formulated and Basic Silicones 41 24 Quartz Technologies 9 7 Corporate (10 ) (9 ) Total $ 94 $ 69 Global Restructuring Program and Siloxane Production Transformation
In March 2018, the Company announced a restructuring initiative totaling $15 million in estimated annual run rate cost reductions with approximately $8 million to be realized in 2018. The most recent initiative targets primarily selling, general, and administrative cost reductions. The Company expects net costs to achieve savings of approximately $10 million. Momentive previously completed global restructuring programs and siloxane production transformation of its Leverkusen, Germany, facility that generated approximately $45 million in annual savings.
Liquidity and Balance Sheet
At March 31, 2018, Momentive had net debt, which is total debt less cash and cash equivalents, of approximately $1.1 billion. In addition, at March 31, 2018, Momentive had $417 million in liquidity, including $173 million of unrestricted cash and cash equivalents, and $244 million of availability under its senior secured asset-based revolving loan (“ABL”) facility (undrawn, with $56 million letters of credit outstanding). During the first quarter of 2018, Momentive extended the Company’s ABL Facility to March 2023 subject to the terms outlined in the Amendment Agreement and increased the commitments under the ABL Facility by $30 million for a total of $300 million. Momentive expects to have adequate liquidity to fund its operations for the foreseeable future from cash on its balance sheet, cash flows provided by operating activities and amounts available for borrowings under the ABL Facility.
Earnings Call
Momentive will host a teleconference to discuss first quarter 2018 results on Tuesday, May 8, 2018, at 10 a.m. Eastern Time. Interested parties are asked to dial-in approximately 10 minutes before the call begins at the following numbers:
U.S. Participants: (844) 309-6571
International Participants: (484) 747-6920
Participant Passcode: 8598993
Live Internet access to the call and presentation materials will be available through the Investor Relations section of the Company’s website: www.momentive.com . A replay of the call will be available for three weeks beginning at 2 p.m. Eastern Time on May 8, 2018. The playback can be accessed by dialing (855) 859-2056 (U.S.) and +1 (404) 537-3406 (International). The passcode is 8598993. A replay also will be available through the Investor Relations section of the Company’s website.
Non-U.S. GAAP Measures
Segment EBITDA is defined as EBITDA (earnings before interest, income taxes, depreciation and amortization) adjusted for certain non-cash and certain other income and expenses. Segment EBITDA is an important measure used by the Company's senior management and board of directors to evaluate operating results and allocate capital resources among segments. Segment EBITDA should not be considered a substitute for net (loss) income or other results reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Segment EBITDA may not be comparable to similarly titled measures reported by other companies. See Schedule 4 to this release for a reconciliation of net income (loss) to Segment EBITDA.
Adjusted EBITDA is defined as EBITDA adjusted for certain non-cash and certain non-recurring items and other adjustments calculated on a pro-forma basis, including the expected future cost savings from business optimization or other programs and the expected future impact of acquisitions, in each case as determined under the governing debt instrument. The Company believes that including the supplemental adjustments that are made to calculate Adjusted EBITDA provides additional information to investors about the Company’s ability to comply with its financial covenants and to obtain additional debt in the future. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not a measure of financial condition, liquidity or profitability, and should not be considered as an alternative to net (loss) income determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not take into account certain items such as interest and principal payments on the Company’s indebtedness, depreciation and amortization expense (because the Company uses capital assets, depreciation and amortization expense is a necessary element of the Company’s costs and ability to generate revenue), working capital needs, tax payments (because the payment of taxes is part of the Company’s operations, it is a necessary element of the Company’s costs and ability to operate), non-recurring expenses and capital expenditures. Fixed Charges under the indentures should not be considered as an alternative to interest expense. See Schedule 5 to this release for a reconciliation of net (loss) income to Adjusted EBITDA and the calculation of the Adjusted EBITDA to Fixed Charges ratio.
Forward-Looking and Cautionary Statements
Certain statements in this press release are and made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to our transformation and restructuring activities, growth and productivity initiatives, anticipated cost savings, growth, and market recovery, the impact of work stoppage and other incidents on our operations and competitiveness. In addition, our management may from time to time make oral . All statements, other than statements of historical facts, are . may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “may,” “will,” “could,” “should,” “seek” or “intend” and similar expressions. reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission (the “SEC”). While we believe our assumptions are reasonable, we caution you against relying on any as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to in the include, but are not limited to: a weakening of global economic and financial conditions, interruptions in the supply of or increased cost of raw materials, the impact of work stoppage and other incidents on our operations, changes in governmental regulations or interpretations thereof and related compliance and litigation costs, adverse rulings in litigation, difficulties with the realization of our cost savings in connection with transformation and strategic initiatives, including transactions with our affiliate, Hexion Inc., pricing actions by our competitors that could affect our operating margins, the impact of our growth and productivity investments, our ability to realize the benefits there from, and the timing thereof, our ability to obtain additional financing, and the other factors listed in the Risk Factors section of our SEC filings. All are expressly qualified in their entirety by this cautionary notice. The made by us speak only as of the date on which they are made. Factors or events that could cause our actual results to differ may emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
About Momentive
Momentive is a global leader in silicones and advanced materials, with a 75 plus year heritage of being first to market with performance applications that support and improve everyday life. Momentive delivers science-based solutions for major industries, by linking its custom technology platforms to allow the creation of unique solutions for customers. Additional information is available at www.momentive.com .
*NXT is a trademark of Momentive Performance Materials Inc.
(See Attached Financial Statements)
MPM HOLDINGS INC. SCHEDULE 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, (In millions)
2018 2017 Net sales $ 657 $ 544 Cost of sales 503 446 Gross profit 154 98 Costs and expenses: Selling, general and administrative expense 86 83 Research and development expense 17 15 Restructuring and discrete costs 1 5 Other operating expense (income), net 1 3 Operating income (loss) 49 (8 ) Interest expense, net 20 19 Non-operating expense (income), net 3 2 Reorganization items, net 1 — Income (loss) before income taxes and earnings from unconsolidated entities 25 (29 ) Income tax expense 6 1 Income (loss) before earnings from unconsolidated entities 19 (30 ) Earnings from unconsolidated entities, net of taxes 1 — Net income (loss) $ 20 $ (30 ) MPM HOLDINGS INC. SCHEDULE 2: CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except share data)
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents (including restricted cash of $1 at both March 31, 2018 and December 31, 2017) $ 174 $ 174 Accounts receivable (net of allowance for doubtful accounts of $4 at both March 31, 2018 and December 31, 2017) 391 323 Inventories: Raw materials 164 153 Finished and in-process goods 315 292 Other current assets 49 51 Total current assets 1,093 993 Investment in unconsolidated entities 20 19 Deferred income taxes 11 11 Other long-term assets 16 11 Property, plant and equipment: Land 81 77 Buildings 349 338 Machinery and equipment 1,174 1,135 1,604 1,550 Less accumulated depreciation (416 ) (383 ) 1,188 1,167 Goodwill 220 216 Other intangible assets, net 297 300 Total assets $ 2,845 $ 2,717 Liabilities and Equity Current liabilities: Accounts payable $ 323 $ 286 Debt payable within one year 36 36 Interest payable 25 12 Income taxes payable 8 7 Accrued payroll and incentive compensation 83 68 Other current liabilities 97 103 Total current liabilities 572 512 Long-term liabilities: Long-term debt 1,198 1,192 Pension and postretirement benefit liabilities 341 335 Deferred income taxes 60 60 Other long-term liabilities 75 74 Total liabilities 2,246 2,173 Equity Common stock - $0.01 par value; 70,000,000 shares authorized; 48,163,690 and 48,121,634
shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
— — Additional paid-in capital 869 868 Accumulated other comprehensive income (loss) 16 (18 ) Accumulated deficit (286 ) (306 ) Total equity 599 544 Total liabilities and equity $ 2,845 $ 2,717 MPM HOLDINGS INC.
SCHEDULE 3: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, (In millions)
2018 2017 Cash flows provided by (used in) operating activities Net income (loss) $ 20 $ (30 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 40 38 Unrealized actuarial losses from pensions and other post retirement liabilities — 1 Deferred income tax benefit (2 ) (5 ) Unrealized foreign currency losses 3 — Amortization of debt discount and ABL deferred financing costs 6 6 Stock based compensation 1 1 Loss due to impaired and scrapped assets — 3 Other non-cash adjustments (1 ) — Net change in assets and liabilities: Accounts receivable (62 ) (32 ) Inventories (26 ) — Accounts payable 37 (1 ) Income taxes payable 1 (3 ) Other assets, current and non-current 4 2 Other liabilities, current and non-current 15 3 Net cash provided by (used in) operating activities 36 (17 ) Cash flows used in investing activities Capital expenditures (35 ) (37 ) Purchase of a business — (9 ) Net cash used in investing activities (35 ) (46 ) Cash flows used in financing activities Net short-term debt repayments (1 ) — ABL financing fees (4 ) — Net cash used in financing activities (5 ) — Decrease in cash, cash equivalents, and restricted cash (4 ) (63 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4 2 Cash, cash equivalents, and restricted cash at beginning of period 174 228 Cash, cash equivalents, and restricted cash at end of period $ 174 $ 167 Supplemental disclosures of cash flow information Cash paid for: Interest $ 1 $ 1 Income taxes, net of refunds 7 9 Non-cash investing activity: Capital expenditures included in accounts payable $ 16 $ 18 MPM HOLDINGS INC. SCHEDULE 4: RECONCILIATION OF NET INCOME (LOSS) TO SEGMENT EBITDA (Unaudited) Three Months Ended March 31, 2018 2017 Net income (loss) $ 20 $ (30 ) Interest expense, net 20 19 Income tax expense 6 1 Depreciation and amortization 40 38 Items not included in Segment EBITDA: Non-cash charges and other income and expense $ 6 $ 6 Unrealized losses on pension and postretirement benefits — 1 Restructuring and discrete costs 1 34 Reorganization items, net 1 — Segment EBITDA $ 94 $ 69 MOMENTIVE PERFORMANCE MATERIALS INC. SCHEDULE 5: RECONCILIATION OF LAST TWELVE MONTHS NET LOSS TO ADJUSTED EBITDA (Unaudited) March 31, 2018 LTM Period Net income $ 50 Interest expense, net 81 Income tax expense 20 Depreciation and amortization 156 EBITDA 307 Adjustments to EBITDA Restructuring and discrete costs (a) 3 Reorganization items, net (b) 2 Unrealized gains on pension and postretirement benefits (c) (6 ) Pro forma cost savings (d) 15 Non-cash charges (e) 12 Adjusted EBITDA (f) $ 333 Adjusted EBITDA less Capital Expenditures and Cash Taxes $ 144 Pro forma fixed charges (g) $ 56 Ratio of Adjusted EBITDA to Fixed Charges (h) 5.95 Pro forma Fixed Charge Coverage Ratio (i) 2.57 (a) Primarily includes expenses related to our global restructuring program, siloxane production transformation and certain other non-operating income and expenses. (b) Represents professional fees related to our reorganization. (c) Represents non-cash actuarial gains resulting from pension and postretirement liability curtailment and re-measurements. (d) Represents estimated cost savings, on a pro forma basis, from initiatives implemented or being implemented by management. (e) Non-cash charges primarily include the effects of foreign exchange gains and losses and impacts of asset impairments and disposals, and stock-based compensation expense. (f) Effective Quarter ended September 30, 2017, Nantong, China subsidiary is no longer designated as Unrestricted Subsidiary under the ABL Facility and the indentures that govern our notes, resulting in an increase of $7 million in adjusted EBITDA. (g) Reflects pro forma interest expense based on outstanding indebtedness and interest rates at March 31, 2018 adjusted for applicable restricted payments. (h) MPM’s ability to incur additional indebtedness, among other actions, is restricted under the indentures governing our notes, unless MPM has an Adjusted EBITDA to Fixed Charges ratio of at least 2.0 to 1.0. As of March 31, 2018, we were able to satisfy this test and incur additional indebtedness under these indentures. (i) Represents Pro forma Fixed Charge Coverage Ratio (the “FCCR”) as defined in the credit agreement for the ABL Facility. If the availability under the ABL Facility is less than the greater of (a) 12.5% of the lesser of the borrowing base and the total ABL Facility commitments at such time and, (b) $27 million, then the FCCR must be greater than 1.0 to 1.0.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005859/en/
Media and Investors:
Momentive
John Kompa, 614-225-2223
[email protected]
Source: Momentive | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-momentive-announces-first-quarter-2018-results.html |
May 25, 2018 / 3:54 PM / Updated 4 hours ago UPDATE 2-English Lancashire and Warwickshire on Friday at Blackpool, England No Result Lancashire 1st innings Keaton Jennings Not Out 23 Alex Davies c Aaron Thomason b Henry Brookes 22 Extras 0b 4lb 0nb 0pen 1w 5 Total (8.2 overs) 50-1 Fall of Wickets : 1-50 Davies To Bat : Brown, Livingstone, Vilas, Croft, Clark, Bohannon, Mennie, Parkinson, Onions Bowling Ov Md Rn Wk Econ Ex Keith Barker 4 0 27 0 6.75 1w Olly Stone 4 0 19 0 4.75 Henry Brookes 0.2 0 0 1 0.00 Umpire Richard Illingworth Umpire Billy Taylor Home Scorer Chris Rimmer Away Scorer Melvin Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5PAJZN5H |
Italy's bond market wins respite but outlook uncertain 6:09pm BST - 01:44
Italy’s government bond yields tumbled on Thursday on the nomination of a new Italian prime minister, the market winning a respite from the political risks that have dealt sentiment a heavy blow over the past week. But as David Pollard reports, there are still more questions than answers over the country's future administration.
Italy’s government bond yields tumbled on Thursday on the nomination of a new Italian prime minister, the market winning a respite from the political risks that have dealt sentiment a heavy blow over the past week. But as David Pollard reports, there are still more questions than answers over the country's future administration. //reut.rs/2KTtT0N | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/italys-bond-market-wins-respite-but-outl?videoId=429944332 |
May 2 (Reuters) - Ingevity Corp:
* Q1 EARNINGS PER SHARE $0.72 * Q1 SALES $235.2 MILLION VERSUS I/B/E/S VIEW $231.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.63 — THOMSON REUTERS I/B/E/S
* COMPANY NARROWS AND RAISES MID-POINT FOR FISCAL YEAR 2018 SALES AND ADJUSTED EBITDA GUIDANCE
* NARROWED, RAISED MID-POINT FOR 2018 GUIDANCE FOR SALES FROM BETWEEN $1.07 BILLION AND $1.13 BILLION TO BETWEEN $1.10 BILLION AND $1.13 BILLION
* NARROWED, RAISED MID-POINT FOR GUIDANCE FOR 2018 ADJUSTED EBITDA FROM BETWEEN $285 MILLION AND $305 MILLION TO BETWEEN $293 MILLION AND $307 MILLION
* FY2018 REVENUE VIEW $1.10 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ingevity-q1-earnings-per-share-072/brief-ingevity-q1-earnings-per-share-0-72-idUSASC09Z5X |
’s has hit some big milestones in the past year. Its Class A shares traded above $300,000 for the first time, a new record for the world’s most expensive stock. Two of its top executives were promoted to vice chairmen, and Mr. Buffett confirmed for the first time that one of those two will succeed Energy Journal: Dollar Surge Disrupts Bullish Mood in Oil Markets Next Investors Beware The Falling Unemployment Rate | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/04/5-questions-for-warren-buffett-ahead-of-the-annual-meeting/ |
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of moderately priced footwear and accessories, today announced first quarter 2018 earnings results will be released on Thursday, May 24, 2018, after the market close. The Company will host its quarterly conference call to discuss first quarter 2018 results at 4:30 p.m. Eastern Time.
The earnings call will be webcast and can be accessed at the Investors section of Shoe Carnival’s website at www.shoecarnival.com . The online replay of the conference call will be available shortly after the call and will be available for one year.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. As of May 10, 2018, the Company operates 405 stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com . Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006302/en/
Shoe Carnival, Inc.
Cliff Sifford
President and Chief Executive Officer
or
W. Kerry Jackson
Senior Executive Vice President, Chief Operating and Financial Officer and Treasurer
(812) 867-6471
Source: Shoe Carnival, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-shoe-carnival-to-report-first-quarter-2018-financial-results-on-may-24-2018.html |
May 1 (Reuters) - Key Tronic Corp:
* KEY TRONIC CORPORATION AWARDED CONTRACT WITH SKYBELL TECHNOLOGIES
* KEY TRONIC CORP - BEGUN MANUFACTURING FOR SKYBELL TECHNOLOGIES, INC
* KEY TRONIC CORP - ONCE FULLY RAMPED OVER NEXT FEW QUARTERS, SKYBELL COULD REPRESENT 10% OR MORE OF KEY TRONIC’S TOTAL REVENUE Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-key-tronic-corporation-awarded-con/brief-key-tronic-corporation-awarded-contract-with-skybell-technologies-idUSFWN1S80MX |
'Pod' hotels popping up around the world 9 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/pod-hotels-popping-up-around-the-world.html |
Wall Street climbs on trade war truce Monday, May 21, 2018 - 01:08
Wall Street climbed on Monday after the U.S. and China put their trade differences ''on hold''. As Fred Katayama reports, a flurry of deal activity also boosted stocks.
Wall Street climbed on Monday after the U.S. and China put their trade differences "on hold". As Fred Katayama reports, a flurry of deal activity also boosted stocks. //reut.rs/2ID18Zy | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/wall-street-climbs-on-trade-war-truce?videoId=429123636 |
LONDON (Reuters) - Splashing corporate cash may be in vogue, with bumper share buybacks and record takeovers, but some investors are demanding firms spend more on improving assets they already own.
U.S. one dollar bills blow near the Andalusian capital of Seville in this photo illustration taken on November 16, 2014. REUTERS/Marcelo Del Pozo Of nearly a dozen fund managers contacted by Reuters, three-quarters expressed concern about the way companies are allocating capital during a period of relatively healthy cashflow.
“If you are in boom times, by and large capital tends to be allocated poorly,” Ben Whitmore, manager of the Jupiter Special Situations Fund, said.
After a nine-year bull run in stock markets, many analysts consider British and European companies to be close to peak values, ramping up the risk of over-priced purchases.
“There’s been record volumes of M&A recently and there’s bound to be some complete howlers in that. Time will show what they are,” Whitmore added.
Globally deals totaling $1.55 trillion have been struck so far this year, while in Europe mergers and acquisitions (M&A) have totaled more than $621 billion, up 151 percent on the same period in 2017, Thomson Reuters data shows.
Global cash-only M&A: reut.rs/2rfPadA
The aggregated value of cash only takeovers so far in 2018 has risen by 33 percent year-on-year while the value of deals using cash and stock has risen by 221 percent, as companies look to exploit their buoyant share valuations.
“A lot of M&A actually destroys value for shareholders, not adds value ... acquisitions are quite risky, they can be distracting, they have to be integrated effectively,” Sue Noffke, fund manager at Schroders ( SDR.L ) said.
Meanwhile, companies have spent or committed to spend hundreds of billions of dollars on repurchasing stock so far this year, with Apple Inc ( AAPL.O ) alone planning to buy back up to $100 billion of its shares in an effort to bolster its returns.
By contrast, the latest Global Corporate Capital Expenditure Survey from Standard & Poors showed that the top 20 capex spenders among non-financial companies in Western Europe invested just shy of $200 billion in aggregate in 2016.
And across Europe, the Middle East and Africa, companies had stashed 974 billion euros of cash by the end of 2016, the latest data from Moody’s Investor Service showed, with the ratio of cash relative to revenue at a seven-year high.
That has in part been fueled by ultra cheap debt, an era which is expected to come to an end as central banks around the world gradually tighten the loose monetary policy used to see wobbling economies through the financial crisis.
“What we don’t want is for companies to gear up balance sheets ... we do want them to use spare cash to invest in their businesses,” David Keir, co-manager of the Saracen Global Income & Growth Fund, told Reuters.
S&P data shows the non-financial companies in its rating universe grew capex by just 7 percent in the last 12 months, despite posting sales growth and EBITDA growth of 13.6 percent and 15.2 percent respectively over the same period.
However, there are indications some companies appear to be listening, or at least questioning whether copy-cat M&A deals will deliver their growth ambitions. Analysts at UBS said a net 30 percent of corporate respondents to its Evidence Lab Survey said they expected to increase capex over the next year.
“We’re wary of M&A deals, full-stop. Particularly companies going out to find deals because they feel that they are under pressure to do something,” Andrew Cave, Head of Governance & Sustainability at Baillie Gifford, said.
While some companies have been caught on the M&A escalator, others have won plaudits for stepping off.
Charlie Huggins, manager of the HL Select UK Income Shares fund, which holds a position in GlaxoSmithKline ( GSK.L ), cheered the British drugmaker’s recent decision to abandon a bid for Pfizer’s ( PFE.N ) Consumer Health business.
“The key priority now is extending this capital allocation focus to the R&D pipeline,” he said, adding it was “critical in getting investors back on side in the long run”.
BYE-BYE BUYBACKS
Corporate America has led the way in passing on the problem of its surplus capital to investors via share repurchases, with around $530 billion spent on U.S. buybacks last year and $800 billion expected in 2018, according to JPMorgan.
Critics decry a lack of ambition and ideas among company executives, most of whom have long-term incentive plans linked to the price of their shares, which are lifted by buybacks.
Even special dividends are beginning to lose their luster, the fund managers said, particularly when viewed in the context of paltry organic investment figures.
George Godber, fund manager at Polar Capital, said doubts over how executives deployed their funds was a key reason why he was steering clear of many of Europe’s largest companies.
“We are seeing a lot of poor use of capital - too much in dividends and too much in buybacks. We’re very, very supportive if they’ve got sensible M&A to do but the actual grunt of integrating complex transactions can be really tough,” he said.
Calls on executives to use capital more constructively could yet have a bearing on a number of deals in the pipeline, particularly if shareholders withdraw support in favor of more organic investment, the investors said.
“The market has rewarded solid, predictable earnings growth for the last 8 or 9 years. And clearly M&A comes with elevated risk,” Old Mutual Global Investors fund manager Ed Meier said.
“You need very strong management teams who are confident in their ability to structure deals, but also execute quickly on these deals. And it’s a skillset that isn’t available to all.”
Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-m-a-capital-analysis/cash-conundrum-has-investors-clamoring-for-capital-ideas-idUSKBN1I40JV |
* Traders move past U.S. exit from Iran nuclear deal * Euro rebounds from 2018 low * Higher U.S. yields limit dollar pullback * Swedish crown surges even as inflation decelerates (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, May 9 (Reuters) - The dollar fell on Wednesday from its strongest levels in 2018 against a basket of currencies due to mild profit-taking, but is expected to resume its rise due to solid U.S. economic growth and more interest rate increases from the Federal Reserve. The weaker greenback stemmed from a bounce in the euro, which hit a fresh year-to-date low in earlier trading. "There's a little exhaustion with the long-dollar trade, but I don't think we've reached the end of it yet," said Ilya Gofshteyn, FX and global macro strategist at Standard Chartered Bank in New York. Concerns about the U.S. exit from an international nuclear deal with Iran had also supported the dollar in early Asian trading. For now, traders put the issue on the backburner until there is a further development, analysts said. "The market has kind of moved past this," said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York. At 9:47 a.m. (1347 GMT), the index that tracks the dollar against six currencies slipped 0.17 percent to 92.946 after touching a 2018 peak of 93.416 earlier. The three-week long rally for the U.S. currency, in which it has reversed several months of weakness, has caused the unwinding of popular long bets on emerging market and G10 currencies. The euro hit a year-to-date low of 1.1821 earlier on Wednesday before reversing course to $1.1875, for a 0.1 percent gain on the day, according to Reuters data. The dollar climbed 0.6 percent to 109.74 yen and edged up 0.07 percent to 1.0021 Swiss franc as worries about U.S. President Donald Trump's decision to pull the United States out of the Iran nuclear deal faded somewhat. The dollar's pullback was moderated by higher U.S. yields underpinned by expectations of rising U.S. inflation and a swelling U.S. budget deficit. Low inflation remains a concern for major central banks. On Wednesday, the U.S. government's producer price index grew by a slim 0.1 percent in April, less than what analysts had expected. Swedish inflation edged down to 1.9 percent on a year-over-year basis last month, just below the Riksbank's 2 percent goal. Nevertheless, the Swedish crown, one of the worst performing G10 currencies in 2018, rallied in the wake of the softer inflation reading. It jumped 1.4 percent versus the dollar and 1.3 percent against the euro. "Even though the inflation prints matched consensus and matched the Riksbank’s expectations and decelerated, markets had been concerned about further downside," ScotiaBank analysts wrote in a research note. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-retreats-from-2018-high-seen-as-temporary-pause-idUSL8N1SG5Z0 |
MINNEAPOLIS, May 31, 2018 /PRNewswire/ -- The intellectual property law firm of Christensen Fonder Dardi is pleased to announce the addition of Erik Drange as a partner in its Minneapolis office. Drange most recently served as Senior Intellectual Property Counsel for a Minnesota-based, Fortune 100, global technology company.
"We are thrilled to have Erik Drange on the team," said founding partner Doug Christensen. "His extensive, varied experience in private practice and as an in-house intellectual property attorney will be a great asset to the firm's existing clients and continues the firm's growth trajectory."
During his time in-house, Erik served as primary intellectual property counsel for one of his company's heath care businesses. Erik also spent five years as litigation counsel managing intellectual property litigation for the company and its worldwide affiliates.
Drange's varied experience makes him a great fit for Christensen Fonder Dardi: the firm takes pride in providing thoughtful, creative, and cost effective advice to its clients. In his practice at Christensen Fonder Dardi, Drange works with clients of all sizes in the areas of intellectual property portfolio development/management, transactions, and intellectual property disputes.
Drange received his J.D. from William Mitchell College of Law in 2005. He graduated from Lehigh University with a B.S. in Materials Science and Engineering in 1999. More about Erik Drange.
Christensen Fonder Dardi Herbert PLLC is an intellectual property law firm which provides a broad range of legal services to both domestic and foreign clients, including patent preparation and prosecution, intellectual property litigation, patent post-grant proceedings, trademark search and acquisition, copyright registration, licensing, due diligence, and portfolio management. Its offices are in Minneapolis, MN and Atlanta, GA.
Visit our website or call 612-315-4100 for more information.
View original content: http://www.prnewswire.com/news-releases/erik-drange-joins-christensen-fonder-dardi-300656957.html
SOURCE Christensen Fonder Dardi | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-erik-drange-joins-christensen-fonder-dardi.html |
TUNIS (Reuters) - Groups in western Libya have cast doubt on talks in Paris on Tuesday that aim to pave the way for elections in the divided country, fearing the meeting could play into the hands of their rival, eastern-based commander Khalifa Haftar.
Prime Minister of Libya's unity government Fayez Seraj addresses the United Nations General Assembly in the Manhattan borough of New York, U.S., September 22, 2016. REUTERS/Eduardo Munoz/Files Libya splintered following the 2011 NATO-backed revolt that toppled Muammar Gaddafi, and since 2014 has been divided into competing political and military factions based in Tripoli and the east. The United Nations is leading an effort to reunify the oil-rich nation and to organise national elections.
The Paris meeting is due to include Haftar, Tripoli Prime Minister Fayez Seraj, and the leaders of rival parliamentary assemblies, and urge them to agree to general principles for ending Libya’s crisis, a French official said.
“There will be a collective commitment to do everything to ensure that the elections are held by the end of the year,” the official said. France is also seeking agreement on unifying financial and security institutions.
Tripoli’s State Council, one of Libya’s two rival assemblies, voted to send a delegation to the talks, but also issued a series of demands including an immediate ceasefire in the eastern city of Derna and the lifting of a siege there by Haftar’s Libyan National Army (LNA).
The LNA stepped up its campaign in Derna earlier this month and clashes continued there on Monday.
The State Council also said a U.N.-brokered political deal from 2015, which eastern factions have rejected, must remain in place, and that military institutions must operate under civilian authority.
Haftar has appointed military governors to replace elected mayors in much of eastern Libya. Opponents suspect him of seeking national power and fear he will return the country to authoritarian rule.
A group of 13 military councils and brigades in western Libya issued a statement saying that the Paris initiative did not represent them. “We call for real dialogue focused on the aspirations of Libyan society in its aspects,” the statement said.
It also declared its opposition to “foreign interference” and to “any initiative aimed at normalising military rule”.
Over the weekend, Tripoli armed groups displaced the Presidential Guard — a force formed by Seraj’s Government of National Accord with international backing — from strategic positions at the capital’s shuttered international airport and the prime minister’s office. Diplomatic sources linked the move at least in part to unease over the Paris meeting.
Under President Emmanuel Macron, France has tried to expand its role in coaxing Libya’s factions to end the turmoil. Last year Macron convened rare talks between Haftar and Seraj in Paris.
But critics have questioned the need for this week’s talks, given an existing “action plan” launched last year by U.N. Libya envoy Ghassan Salame, which is also aimed at paving the way for elections.
“The steps that need to be taken were already pretty much known and identified by the action plan,” said one diplomatic source. “So we don’t need another plan, and my fear is that this new initiative if anything engenders extra confusion.”
France says there will be broad international participation at Tuesday’s talks and that they are in accordance with Salame’s plans.
Given continuing divisions in Libya, the Paris meeting should not impose too rigid a framework on participants, to avoid “creating unrealistic expectations that, when dashed, can only harden existing narratives and further inflame tensions”, the non-governmental International Crisis Group said in a briefing.
Libya's eastern-based commander Khalifa Haftar attends General Security conference, in Benghazi, Libya, October 14, 2017. REUTERS/Esam Omran Al-Fetori/Files Additional reporting by Ahmed Elumami in Tripoli and John Irish in Paris; Editing by Robin Pomeroy
| ashraq/financial-news-articles | https://in.reuters.com/article/libya-security-meeting/west-libya-factions-raise-doubts-on-paris-talks-idINKCN1IU09S |
PARIS (Reuters) - France’s hardline CGT union on Wednesday said 95 percent of all rail workers who voted in an internal referendum on President Emmanuel Macron’s proposed reform of the SNCF voted against the plan.
“This vote totally discredits the SNCF management,” Laurent Brun, head of the CGT’s rail division, told a news conference.
SNCF boss Guillaume Pepy has backed the plans to create a leaner, more cost-efficient SNCF that can better stand up to competition when its monopoly ends in line with European Union rules.
Reporting by Richard Lough; Editing by Brian Love
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-reform-sncf-vote/frances-rail-unions-say-workers-overwhelmingly-vote-against-reforms-idUSKCN1IO10E |
May 4, 2018 / 1:07 PM / in 13 minutes Sri Lankan rupee ends firmer; central bank buys dollars Reuters Staff 2 Min Read
COLOMBO, May 4 (Reuters) - The Sri Lankan rupee ended marginally firmer on Friday, a day after a top central bank official warned against market manipulation, dealer said.
The central bank on a net basis bought dollars from the market, Nandalal Weerasinghe, senior deputy governor at the central bank told Reuters.
“The central bank bought $30 million from the market while we also sold some amount of dollars, but on a net basis, we bought dollars as we see the rupee is gradually stabilising,” Weerasinghe told Reuters.
He said the weighted average value of the currency has appreciated from Thursday’s close.
On Wednesday, the rupee hit a fresh all-time low of 157.90 per dollar.
The rupee closed at 157.50/90 per dollar on Friday, compared with Thursday’s close of 157.80/158.00.
“There was demand in the morning from importers and some fixed income outflows. We saw central bank selling dollars at 157.65,” a currency dealers said asking not to be named.
Weerasinghe on Thursday said the rupee will stabilise and the monetary authority will intervene to smooth high volatility as there is no reason for a weaker currency.
It fell 0.9 percent last week and 1.5 percent in April.
The central bank on Friday said it would intervene to support the rupee when necessary and that there was no reason for the rupee to be under pressure given the country’s record $10 billion foreign currency reserves.
The rupee has weakened 2.6 percent so far this year. It dropped 2.5 percent last year and 3.9 percent in 2016.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government.
Foreign investors sold government securities worth a net 288.6 million rupees ($1.8 million) so far this year through April 25, central bank data showed. ($1 = 157.4300 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-ends-firmer-central-bank-buys-dollars-idUSL3N1SB3XB |
May 22 (Reuters) - NCI Building Systems Inc:
* NCI AWARDED $44 MILLION HHS PERM RC CONTRACT TO HELP CMS REPORT IMPROPER PAYMENTS
* NAMED PERM RC AS PART OF 5-YEAR PRIME CONTRACT WITH U.S. DEPARTMENT OF HHS, CENTERS FOR MEDICARE & MEDICAID SERVICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nci-awarded-44-mln-hhs-perm-rc-con/brief-nci-awarded-44-mln-hhs-perm-rc-contract-to-help-cms-report-improper-payments-idUSFWN1ST0DR |
"Tracks of My Tears" singer wants to get paid Tuesday, May 15, 2018 - 01:18
''The Miracles'' singer Smokey Robinson was on Capitol Hill Tuesday where he called for the passage of the Music Modernization Act, a set of changes in the law that would extend copyright protection to sound recordings made before 1972. Rough Cut (no
"The Miracles" singer Smokey Robinson was on Capitol Hill Tuesday where he called for the passage of the Music Modernization Act, a set of changes in the law that would extend copyright protection to sound recordings made before 1972. Rough Cut (no //reut.rs/2GkgSLc | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/tracks-of-my-tears-singer-wants-to-get-p?videoId=427178424 |
WASHINGTON—Support grew in the House for an effort to force a vote on several immigration proposals, sparking some conservatives to consider using a coming vote on the farm bill as leverage to try to block them.
GOP Reps. John Katko of New York and David Trott of Michigan on Wednesday joined a push from 18 other centrist Republicans to force a House floor vote on a series of immigration bills, including ones with a path to citizenship for young undocumented immigrants known as Dreamers. That left the GOP centrists just five... | ashraq/financial-news-articles | https://www.wsj.com/articles/immigration-bills-split-house-republicans-1526510473 |
MANHATTAN BEACH, Calif., May 17, 2018 /PRNewswire-USNewswire/ -- The Pancreatic Cancer Action Network (PanCAN) today announced the election of three new members to its sought-after Board of Directors (BOD). Scott Griswold, CPA , of the Los Angeles area, Barbara Kenner, PhD , of New York City, and Karen Young, CPA , of New Jersey, bring varied expertise in for-profit and nonprofit sectors and will begin their three-year terms immediately.
"We are elated to have Scott, Barbara and Karen join the PanCAN team," said Julie Fleshman, JD, MBA , the organization's president and CEO. "Together, they bring decades of experience in both the for-profit and nonprofit sectors and will make invaluable contributions in our fight against the world's toughest cancer."
The five-year survival rate for pancreatic cancer remains at 9 percent and the disease is on track to become the second leading cause of cancer-related death in the United States by 2020. The addition of Griswold, Kenner and Young will help PanCAN meet its aggressive goals and attack pancreatic cancer on all fronts: research, clinical initiatives, patient services and advocacy.
Griswold became a pancreatic cancer advocate after losing a close family friend to the disease. He brings his investment and financial analysis, including experience working alongside David Murdock, along with operational oversight experience to PanCAN. Now retired, Griswold enjoys spending his free time giving back to causes personal to him.
"After a successful business career in finance, I hope my experience will be beneficial in the financial oversight of PanCAN," Griswold said. "I feel very fortunate in my life and want to give back by donating my time and utilizing my past business experience to assist in the fight against pancreatic cancer."
In 2013, Kenner founded Kenner Family Research Fund (KFRF) after her husband died from the disease a mere two months after his pancreatic neuroendocrine cancer diagnosis in 2010. The mission of KFRF is to advance the early detection of pancreatic cancer by promoting collaboration among researchers, government, industry and patient advocacy groups. Published articles resulting from these collaborative forums provide a broader reach of information to the pancreatic cancer community.
"I feel privileged to join the PanCAN Board of Directors and have great respect for the critical work the organization achieves on behalf of patients and families," Kenner said. "With an emerging focus on early detection, I look forward to working alongside other board members to accelerate this conversation in a thoughtful and strategic manner in order to improve quality of life and survival for patients and to change the course of the disease."
Young became a pancreatic cancer advocate after losing her father and her aunt to the disease. Currently, she is the U.S. Pharmaceutical and Life Sciences Leader at PricewaterhouseCoopers (PwC). In this role, she leads more than 3,000 colleagues in delivering advisory, tax and assurance businesses. She drives the strategic direction in client service, capabilities and thought leadership.
"My professional experience has given me insight into the experiences cancer patients are faced with," said Young, who has dedicated her career to the fields of biotechnology and pharmaceuticals. "Throughout my career I have seen how companies are passionate about improving patient outcomes and driving innovation towards eradicating cancer. I wanted to extend that mission to my personal life by supporting pancreatic cancer."
Support the Pancreatic Cancer Action Network's urgent goal to double survival by 2020. Follow the Pancreatic Cancer Action Network on Twitter , Instagram and Facebook .
About the Pancreatic Cancer Action Network
The Pancreatic Cancer Action Network (PanCAN) is dedicated to fighting the world's toughest cancer. In our urgent mission to save lives, we attack pancreatic cancer on all fronts: research, clinical initiatives, patient services and advocacy. Our effort is amplified by a nationwide network of grassroots support. We are determined to improve patient outcomes today and to double survival by 2020.
Media Contact:
Terra Hall
Media Relations Manager
Pancreatic Cancer Action Network
Direct: 310-706-3311
Cell: 212-380-3919
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/pancreatic-cancer-action-network-welcomes-three-new-members-to-its-coveted-board-of-directors-300649932.html
SOURCE Pancreatic Cancer Action Network | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-pancreatic-cancer-action-network-welcomes-three-new-members-to-its-coveted-board-of-directors.html |
NEW YORK (Reuters) - Oil producers have picked up the pace in hedging against further production in 2019, with an average price at about $60 a barrel, which limits upside but protects against volatility, according to Goldman Sachs.
For 2018, about 48 percent of oil production is hedged at an average price of $57 a barrel, Goldman said in a note late on Monday.
Sixteen percent of 2019 oil production is hedged at $60 a barrel, versus 9 percent at the end of the fourth quarter, in line with the historic average for hedging several quarters in advance.
Oil producers use futures contracts to hedge their exposure to production, in an effort to keep themselves protected from losses should the price of U.S. crude fall suddenly.
Both hedging levels are below current futures contracts prices, which are averaging around $70 for the second half of 2018 and $66 a barrel for 2019. Hedging at lower levels limits the ability of producers to take advantage of a subsequent rally in prices - but it also protects them if the price of oil should fall to lower levels.
That kind of volatile trading pattern was present throughout 2017, so producers remained protected even after oil dropped off from an early-year rally. That in part helped production in the United States continue to grow, eventually rising to an all-time record late in 2017 of more than 10 million barrels a day.
In 2018, oil has been steadily rising, which presents a risk for producers if they hedge at levels below the current price, so some companies elected not to hedge.
“We didn’t leave money on the table by hedging too soon,” said Harold Hamm, chief executive of Continental Resources, on the company’s first quarter conference call earlier this year. The company, one of the largest shale producers in North Dakota, did not have any crude oil hedges as of the end of the first quarter.
Hedging could restrain ramping activity and increase focus on “capital discipline,” Goldman said.
“We believe producers may continue to tactically add oil hedges at current futures to mitigate oil price volatility in 2019, which could support greater capex,” the investment bank said in its note.
It said the majority of production growth in 2018 was expected to come from producers hedged above 50 percent.
Devon Energy Corp and Noble Energy Inc added the most 2018 oil hedging contracts after fourth quarter earnings, the bank said.
Reporting by Stephanie Kelly; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-hedging-goldman/oil-producers-boost-2019-hedging-goldman-sachs-idUSKCN1IN2FM |
May 21, 2018 / 7:42 AM / Updated 4 hours ago Tropical cyclone hits Somaliland killing at least 15 people: governor Abdiqani Hassan 2 Min Read
BOSASO, Somalia (Reuters) - At least 15 people have died in Somaliland after heavy rains caused by tropical cyclone Sagar which landed in the Horn of Africa over the weekend. A resident evacuates furniture after rain water flooded his home in Mogadishu, Somalia May 21, 2018. REUTERS/Feisal Omar
Situated at the northern tip of east Africa on the Gulf of Aden, Somaliland broke away from Somalia in 1991.
“In the last 24 hours, heavy stormy rains killed 15 people in the districts of Lughaya and Baki,” Abdirahman Ahmed Ali, governor of the Awdal area told reporters on Sunday. Residents evacuate their furniture after rain water flooded their home in Mogadishu, Somalia May 21, 2018. REUTERS/Feisal Omar
“The Somaliland government has started giving emergency help to the victims.” Slideshow (2 Images)
Meanwhile in Puntland, a semi-autonomous northeastern region of Somalia, storms caused by the cyclone took away two men and their car from a valley in the city of Bosaso, Yusuf Mohamed Waeys, the governor of Bari in Puntland told Reuters on Sunday.
The UN Office for the Coordination of Humanitarian Affairs said thousands of people have been affected by the flooding, displacement and the destruction of infrastructure in Sagar’s wake.
“The cyclone has worsened the humanitarian situation in the two states and disputed regions, which have experienced protracted drought dating back to 2015, leaving them particularly prone to flash flooding in the direct aftermath of massive downpours,” it said in a statement.
Puntland and Somaliland have been engaged in conflict over the disputed Sool region for more than 10 years. People who live there are divided over which side to back. Last week, dozens of people were killed in clashes between troops from the two sides.
“Due to the dispute over the regions of Sool and Sanaag and lack of access to some affected areas after the destruction of roads, the situation of affected populations and impediments caused by blocked roads and failed communications, the extent of the damage is yet to be fully confirmed,” the UN said. Reporting by Abdiqani Hassan; Writing by Omar Mohammed; Editing by Toby Chopra | ashraq/financial-news-articles | https://www.reuters.com/article/us-somalia-floods/tropical-cyclone-hits-somaliland-killing-at-least-15-people-governor-idUSKCN1IM0M1 |
May 3 (Reuters) - QTS Realty Trust Inc:
* ALL QTS DIRECTORS REELECTED AT ANNUAL MEETING Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-all-qts-directors-reelected-at-ann/brief-all-qts-directors-reelected-at-annual-meeting-idUSFWN1SA1B0 |
May 22, 2018 / 1:00 AM / Updated 43 minutes ago U.S. DOJ says pursuing investigations related to Malaysia's 1MDB Reuters Staff 2 Min Read
KUALA LUMPUR (Reuters) - The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1 Malaysia Development Berhad (1MDB) and looked forward to working with Malaysian law enforcement authorities, which have reopened a probe into the fund following a change of government this month. FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. REUTERS/Olivia Harris/File Photo
“The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth,” a DoJ spokesperson said in an email statement to Reuters.
“Whenever possible, recovered assets will be used to benefit the people harmed by these acts of corruption and abuse of office,” the statement added.
The U.S. filed forfeiture complaints in 2016 and 2017 seeking to recover over $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB.
These complaints alleged that more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere. Reporting by Praveen Menon; Editing by John Chalmers | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-scandal/u-s-doj-says-pursuing-investigations-related-to-malaysias-1mdb-idUKKCN1IN03E |
SHANGHAI (Reuters) - Global market research and index company MSCI Inc will add roughly 230 China-listed shares to its emerging market benchmark in a two-step process starting on June 1, a move expected to drive a surge of foreign money into the country’s stock markets.
MSCI’s decision a year ago to include yuan-denominated Chinese stocks, or “A-shares”, into its emerging market (EM) index triggered a rally in Chinese blue-chips in 2017, though the market has corrected this year amid rising borrowing costs and fears of a Sino-U.S. trade war.
Foreign buying of Chinese stocks was tepid on Thursday on the last trading day before their inclusion.[nL3N1T147Z]
WHAT, EXACTLY, IS THE MSCI INCLUSION? The U.S.-based creator of widely-watched stock indices, is adding A-shares to its benchmark Emerging Markets and All Country World Index indices. The firms are predominantly blue chips such as SAIC Motor Corp ( 600104.SS ) and liquor maker Kweichow Moutai Co Ltd ( 600519.SS ).
Late on Wednesday, MSCI tweaked the MSCI China A Inclusion Index, dropping telecom equipment and smartphone maker ZTE Corp ( 000063.SZ ), ( 0763.HK ) and four other companies, whose shares have been suspended. [nS7N1QP04I]
WHY IS THIS IMPORTANT? MSCI’s EM index is tracked by funds with assets under management in excess of $1.9 trillion. That means when Chinese shares are added to the index, money that follows the benchmark will have to buy Chinese stocks to avoid deviation.
Some analysts estimate about $20 billion will initially flow into Chinese stocks, rising to $300 billion if there is full inclusion, as many expect. Some investors, however, predict much smaller inflows in the short term.
The A-shares included initially will have an aggregate weight of 0.39 percent in the MSCI Emerging Markets Index .MSCIEF at a 2.5 percent partial inclusion factor. The second phase of entry will occur in September.
Further inclusion could include a higher weighting and mid-cap shares. A full inclusion would see A-shares account for about 18 percent of the MSCI EM index.
WHY DIDN’T IT HAPPEN SOONER? In 2013, MSCI put A-shares on a review list but did not include them in indexes, citing issues including capital mobility restrictions and uncertainties around taxes.
Finally, in June 2017, MSCI announced the partial inclusion this year following a fourth consultation with global investors, recognizing China’s efforts to reform its capital markets.
HOW CAN FOREIGNERS BUY CHINESE SHARES? Since China’s markets are not fully open to foreigners, the main channel for MSCI-related share purchases will be the Shanghai and Shenzhen “stock connect” links with Hong Kong.
These two-way investment schemes allow investors to buy Chinese shares through the former British colony, and vice versa. The daily quota for “northbound” purchases of shares in each channel was quadrupled to 52 billion yuan on May 1.
Foreign investors can also access Chinese shares through QFII, the Qualified Foreign Institutional Investor scheme, within limits. The State Administration of Foreign Exchange has granted $99.5 billion worth of quotas for QFII investment.
Another scheme, RMB QFII, allows the use of offshore yuan CNH=D3 to invest in Chinese shares.
Foreign investment in Chinese shares has been on the rise, but remains relatively small. The “northbound” quota through the connect schemes has rarely been maxed out. Foreign investors have cited a litany of concerns, from unfamiliarity with Chinese companies to worries about corporate governance.
Some funds tracking the MSCI A-share inclusion index have seen heavy inflows since announcement of the China entry.
DO ANALYSTS EXPECT FURTHER INCLUSION? Yes. MSCI says further inclusion will be subject to China’s moves to deregulate its markets, including granting foreigners more accessibility, making continued progress on trading suspensions, and further loosening restrictions on the creation of index-linked investment vehicles.
Reporting by John Ruwitch and Samuel Shen; Editing by Kim Coghill & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-stocks-msci-explainer/what-is-chinas-a-share-msci-inclusion-on-june-1-idUSKCN1IW0N7 |
May 1 (Reuters) - Point Loma Resources Ltd:
* POINT LOMA RESOURCES ANNOUNCES CLOSING OF ACQUISITION OF OIL & GAS ASSETS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-point-loma-resources-announces-clo/brief-point-loma-resources-announces-closing-of-acquisition-of-oil-gas-assets-idUSASC09YKW |
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