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May 3 (Reuters) - AURES TECHNOLOGIES SA:
* Q1 REVENUE EUR 25.6 MILLION VERSUS EUR 19.6 MILLION YEAR AGO
* CONFIRMS 2018 AMBITIONS Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aures-technologies-q1-revenue-up-a/brief-aures-technologies-q1-revenue-up-at-eur-25-6-million-idUSFWN1SA1BL |
May 3 (Reuters) - Ifa Systems AG:
* SAYS GROUP SALES AMOUNT TO 8.6 MIO. EUR * SAYS CONSOLIDATED LOSS FOR FINANCIAL YEAR 2017, HOWEVER, AMOUNTS TO -9.3 MIO. EUR
* SAYS ONE-OFF EFFECTS OF 7.0 MIO. EUR
* SAYS ASSUMES THAT CONSEQUENCES OF REALIGNMENT HAVE BEEN COMPLETED WITH THESE MEASURES Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ifa-systems-ag-says-group-sales-am/brief-ifa-systems-ag-says-group-sales-amount-to-8-6-mio-eur-idUSFWN1SA1BK |
May 8, 2018 / 7:23 AM / Updated 2 hours ago UK rail companies say fare system should be simplified Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s train operators said they will start a process aimed at simplifying the current system of rail fares which means that customers using UK railways can end up paying more for tickets than they should.
The industry body that represents the UK’s train operators said on Tuesday that it was beginning a public consultation on fares and ticketing regulation, alongside which it would commission an independent report, before presenting proposals to government for reform.
Britain’s rail services were privatised in the 1990s and since then different companies have bid to run sections of the network.
The industry body, the Rail Delivery Group (RDG), said that this process had led to layers of requirements building up and as a result it was hard to buy the right ticket.
“Unpicking the regulation of a 10 billion pounds a year fares system that underpins such a vital public service means there are no quick-and-easy solutions,” RDG Chief Executive Paul Plummer said in a statement.
“This consultation will enable us to create a clear roadmap with the country so that we can make the right changes for the long-term more quickly.”
The RDG’s members include Govia Thameslink, a partnership between British company Go-Ahead and France’s Keolis, and First Great Western, part of First Group. Reporting by Sarah Young, editing by James Davey | ashraq/financial-news-articles | https://in.reuters.com/article/uk-britain-railway-fares/uk-rail-companies-say-fare-system-should-be-simplified-idUKKBN1I90NL |
LITTLE ROCK, Ark., May 11, 2018 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE American:INUV), today announced the pricing of an underwritten public offering of 2,860,000 shares of its common stock at a price of $0.70 per share. The company has also granted to the underwriters a 30-day option to acquire an additional 429,000 shares to cover overallotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $1.8 million, assuming no exercise of the overallotment option. The offering is expected to close on May 15, 2018, subject to customary closing conditions.
Roth Capital Partners is acting as sole manager for the offering. Inuvo intends to use the net proceeds for general working capital purposes.
The shares described above are being offered by Inuvo pursuant to a shelf registration statement on Form S-3 (File No. 333-220317) previously filed with and subsequently declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC’s website, www.sec.gov .
About Inuvo, Inc.
Inuvo®, Inc. (NYSE American:INUV) is an advertising technology business. The Inuvo MarketPlace is a set of technologies designed to connect advertisers (demand) with consumer audiences through publishers (supply) across device types. Inuvo can serve ads within content, video and images. To learn more about Inuvo, please visit www.inuvo.com or download our app for Apple iPhone or for Android.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks detailed from time to time in our filings with the Securities and Exchange Commission, and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Company Contact:
Inuvo, Inc.
Wallace Ruiz, Chief Financial Officer
501-205-8397
[email protected]
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
212-896-1254
[email protected]
Source:Inuvo Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-inuvo-inc-prices-underwritten-public-offering-of-common-stock.html |
May 25, 2018 / 4:55 PM / Updated 16 minutes ago U.S. reached deal to keep Chinese telecom ZTE in business - congressional aide David Shepardson 3 Min Read
WASHINGTON (Reuters) - The Trump administration told lawmakers the U.S. government has reached a deal to put Chinese telecommunications company ZTE Corp back in business, a senior congressional aide said on Friday. FILE PHOTO - Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman/File Picture
The deal, communicated to officials on Capitol Hill by the Commerce Department, requires ZTE to pay a substantial fine, place American compliance officers at the company and change its management team, the aide said. The Commerce Department would then lift an order preventing ZTE from buying U.S. products.
In April, ZTE was banned from buying American technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. The Commerce Department decision would allow it to resume business with U.S. companies, including Qualcomm Inc, the chipmaker that is a ZTE supplier.
U.S. President Donald Trump on Tuesday floated a plan to fine ZTE up to $1.3 billion and shake up its management as his administration considered rolling back more severe penalties that have crippled the Chinese telecommunications company.
The White House did not immediately confirm news of the latest deal.
“We’ll let you know when we have an announcement on that front,” spokeswoman Sarah Sanders said.
The president’s earlier proposal ran into immediate resistance in Congress, where Democrats and Trump’s fellow Republicans accused the president of bending to pressure from Beijing to ease up on a company that has admitted to violating sanctions on Iran.
After the latest report, Republican Senator Marco Rubio tweeted, “Yes they have a deal in mind. It is a great deal... for #ZTE & China. #China crushes U.S. companies with no mercy & they use these telecomm companies to spy & steal from us.”
Rubio added that Congress should act to stop Trump from letting ZTE get back into business.
News of the deal came a week before U.S. Commerce Secretary Wilbur Ross is scheduled to visit China for another round of talks amid ongoing trade frictions between the world’s two largest economies. Reporting by Roberta Rampton and Doina Chiacu; Writing by Chris Sanders; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china-zte/u-s-reached-deal-to-keep-chinese-telecom-zte-in-business-new-york-times-idUKKCN1IQ2KH |
May 28, 2018 / 10:11 AM / Updated an hour ago EU agrees new rules to stimulate telecoms investment - sources Julia Fioretti 4 Min Read
BRUSSELS (Reuters) - European Union lawmakers and member states have clinched an informal deal on a law that enables incumbent telecoms operators to be deregulated if they co-invest with rivals, several sources told Reuters. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo
The EU, which wants to help to unlock billions of euros of investment in fibre optic networks to meet rising demand for data services, proposed an overhaul of its 15-year-old telecoms laws two years ago to entice operators to dip their hands in their pockets.
One of the carrots held out to telecoms operators was that of lighter-touch regulation if they co-invested with rivals in new networks.
A deal reached last week and which is still being fine-tuned, holds out the promise of deregulation for incumbent operators that agree with a rival to roll out a new fibre network or to finance it over a long period of time in exchange for certain access rights, according to a draft text seen by Reuters.
Former state monopolies such as Orange, Deutsche Telekom and Telecom Italia have long complained that the current rules forcing them to open up their networks to competitors at regulated prices do not allow them get a decent return on investment.
However, other operators such as Vodafone have decried the provision as a regulatory holiday for the incumbents, because deals in which one operator commits to buy capacity over a long period of time, thereby helping to fund the rollout, do not actually lead to co-ownership of the network. DRAFT DEAL
“You’re a tenant, not an owner,” one industry source said.
The draft deal defines co-investment models as “co-ownership of network assets or long-term risk sharing through co-financing or through purchase agreements.” The wording could still change as it is being refined.
So-called purchase agreements must entail the acquisition of “specific rights to capacity of a structural character”, and should not consist of simple deals whereby one operator rents capacity from another, the text says.
“If you are trying to finance a risky investment, purchase commitments of a certain type ... can move the cursor in terms of de-risking the investment,” said one person who negotiated the compromise.
The Commission hopes such long-term agreements in which operators don’t have to put up all the money upfront will encourage operators to invest in fibre networks, which can cost between 500 euros ($583) and 800 euros per household, according to an estimate by Goldman Sachs.
The Parliament had initially baulked at the inclusion of purchase agreements as co-investment types, fearing this could harm competition, but gave way when stricter conditions were set on what types of purchase agreements could benefit from softer regulation.
ECTA, which represents alternative telecoms companies such as Fastweb [SCMNSF.UL] and TalkTalk, has called for the co-investment measures to be scrapped as they could reward dominant market players while harming competition.
The law is expected to be finalised at a meeting between the Commission, European Parliament and member states on June 5. Reporting by Julia Fioretti; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-telecoms/eu-agrees-new-rules-to-stimulate-telecoms-investment-sources-idUKKCN1IT0T9 |
May 29, 2018 / 10:47 PM / Updated an hour ago Trump administration will fingerprint child migrants' parents Yeganeh Torbati 5 Min Read
WASHINGTON (Reuters) - The Trump administration will soon begin fingerprinting parents claiming custody of children who entered the United States illegally without an adult relative, officials said on Tuesday, prompting criticism that children may be abandoned by those who fear being identified and deported. FILE PHOTO - Children climb up the border fence between Ciudad Juarez and El Paso, United States, during a bi-national Mass in support of migrants in Ciudad Juarez, Mexico, February 15, 2016. REUTERS/Jose Luis Gonzalez
Currently, most parents are not required to be fingerprinted to get custody of their children.
U.S. laws and legal precedent limit the time juveniles can be detained, so those caught crossing the border alone are often released to adult sponsors in the United States. The children are then expected to show up to immigration court to fight their deportation cases.
“We’re going to more thoroughly vet sponsors,” said Steven Wagner, acting assistant secretary of the Department of Health and Human Services’ (HHS) Administration for Children and Families, in a telephone briefing with reporters. “With DHS’ cooperation we will conduct a fingerprint-based background check on every sponsor.”
HHS is ultimately responsible for finding housing for migrant children, and the Department of Homeland Security (DHS) enforces immigration policy. Under a new memorandum, DHS would help HHS fingerprint every individual claiming custody of a child, senior officials said.
A DHS official who declined to be named said they expect implementation in a few weeks.
Immigrant advocates said the new policy would discourage parents from claiming their children.
“This policy will undoubtedly make it more likely that qualified sponsors will hide in the shadows, leaving vulnerable young children to languish in immigration jail,” said Rich Leimsider, executive director of the Safe Passage Project, which represents immigrant children in New York, in an email to Reuters.
Wagner, during the briefing, dismissed such concerns.
“If somebody is unwilling to claim their child from custody because they’re concerned about their own immigration status, I think that de facto calls into question whether they’re an adequate sponsor and whether we should be releasing the child to that person,” Wagner said.
In March and April, more than 50,000 people were detained per month trying to cross the southwest border illegally, levels similar to those during the administration of Barack Obama, according to U.S. government figures. During those two months a total of about 8,400 unaccompanied minors were caught on the southwest border.
Soon after President Donald Trump’s inauguration in January 2017, border crossings briefly dropped to record lows before creeping back up again at the end of last year. The increase has frustrated Trump, who has repeatedly called for more action.
A controversy erupted after Wagner testified in April before a Senate committee that the agency in 2016 conducted a limited “safety and well-being” call to around 7,600 children that had been in its care but was unable to locate around 1,500 children and their sponsors.
On Tuesday, Wagner said many children are with people who are in the country illegally and that “there’s no reason to believe that anything has happened to those kids.”
Currently, all sponsors of unaccompanied children undergo an interview and a background check, and non-parental sponsors undergo fingerprint checks of a Federal Bureau of Investigation database. In special cases, such as when there is a “documented risk” to the safety of the child, parents will undergo fingerprint checks as well, according to the HHS website.
Background checks and interviews may turn up immigration information, which is entered into an HHS web portal, but immigration status is not used to disqualify sponsors. HHS cannot “deny placement” based on immigration status, Wagner said.
From January 2014 to April 2015, 60 percent of unaccompanied children from El Salvador, Guatemala and Honduras were released to a parent, about a third were released to other relatives, 8 percent to family friends and less than 1 percent was released to unrelated sponsors, according to a 2018 Government Accountability Office report.
During the Obama administration, officials at U.S. Immigration and Customs Enforcement proposed that anyone claiming custody of unaccompanied alien children be fingerprinted. HHS officials at the time pushed back, arguing that it would delay family reunions and infringe upon the parent-child relationship. Additional reporting by Mica Rosenberg in New York; Editing by Richard Chang | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-immigration-children/trump-administration-will-fingerprint-child-migrants-parents-idUKKCN1IU2VL |
May 15, 2018 / 8:22 PM / Updated 18 hours ago UPDATE 2-ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles Results Reuters Staff 2 Min Read May 16 (OPTA) - Results from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles matches on Tuesday .. 1st Round .. Timea Babos (HUN) beat Sara Errani (ITA) 6-3 7-6(6) Maria Sharapova (RUS) beat 16-Ashleigh Barty (AUS) 7-5 3-6 6-2 Su-Wei Hsieh (TPE) beat Aryna Sabalenka (BLR) 6-2 6-4 Maria Sakkari (GRE) beat Kiki Bertens (NED) 6-2 4-6 6-3 Irina-Camelia Begu (ROU) beat Shuai Peng (CHN) 4-6 6-4 6-1 11-Angelique Kerber (GER) beat Zarina Diyas (KAZ) 6-2 7-6(6) 14-Daria Kasatkina (RUS) beat Ajla Tomljanovic (AUS) 6-0 6-4 Danielle Collins (USA) beat Sorana Cirstea (ROU) 6-3 4-6 6-4 Elena Vesnina (RUS) beat Laura Siegemund (GER) 7-6(4) 6-2 Svetlana Kuznetsova (RUS) beat Polona Hercog (SLO) 6-2 6-4 15-Anastasija Sevastova beat Kristina Mladenovic (FRA) 6-3 (LAT) (Retired) .. 2nd Round .. 5-Jelena Ostapenko (LAT) beat Shuai Zhang (CHN) 6-2 7-5 4-Elina Svitolina (UKR) beat Petra Martic (CRO) 6-1 6-2 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-womens-singles/atp-world-tour-masters-1000-wta-premier-rome-masters-womens-singles-results-idUKMTZXEE5FSDTIQX |
May 2 (Reuters) - NORDIC LEISURE AB:
* Q1 EBITDA 2,15 MEUR (0,86) * Q1 INCOME AT 7,13 MEUR (4,45) Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nordic-leisure-q1-ebitda-up-at-eur/brief-nordic-leisure-q1-ebitda-up-at-eur-2-15-mln-idUSFWN1S902O |
U.S. Environmental Protection Agency chief Scott Pruitt said on Wednesday that he now has a legal fund in place to help him fight off a growing list of allegations against him related to his spending and reported ethical missteps in office.
“It has been set up,” Pruitt told the Senate Appropriations Committee’s subcommittee on Interior, Environment and Related Agencies about the fund. He was speaking during a hearing that was meant to focus on the EPA’s 2019 budget but that centered on questions about his conduct - including an allegation he had sought to be transported through traffic with flashing lights and sirens.
Pruitt has been under pressure from lawmakers in recent weeks over reports about his routine use of first-class travel, his 24/7 security detail, costly office renovations, and ties to industry - criticisms he called overblown on Wednesday.
He is still supported by President Donald Trump and most Republicans lawmakers, who have welcomed his efforts to roll back Obama-era environmental regulations that are seen by industry as overly burdensome.
At Wednesday’s hearing with the 13-member panel, Democratic senators lambasted his record at the agency. Patrick Leahy of Vermont called his regulatory rollbacks and ethical controversies “unconscionable,” and Tom Udall of New Mexico said his tenure at the EPA was “a betrayal of the American people.”
Most of the committee’s six Democratic members have vehemently opposed Pruitt’s efforts to roll back climate and pollution regulations introduced under Democratic former President Barack Obama, and have seized on the controversies around Pruitt’s conduct to call for his resignation.
SIRENS AND LIGHTS Udall pressed Pruitt on reports that he had pushed his security agents to use flashing lights and sirens on agency vehicles on trips that were not emergencies.
“No, I don’t recall that,” said Pruitt, when asked if he had personally requested the use of lights and sirens. Udall submitted for the record on an email released on Wednesday by Pruitt’s former security chief Nino Perrotta, who left the agency weeks ago. Udall said Perrotta wrote in the email that Pruitt had encouraged the use of the devices.
The controversies around Pruitt have triggered some 12 investigations by the EPA’s inspector general, congressional committees and the White House. A Government Accountability Office probe concluded last month that the EPA had violated the law by spending $43,000 on a soundproof phone booth for Pruitt’s office without first notifying lawmakers.
Republican Senator Lisa Murkowski – chair of the Appropriations subcommittee – said in her opening remarks that she welcomed some of Pruitt’s regulatory agenda but the ethics issues were a distraction.
“Unfortunately, I am concerned that many of the important policy efforts you are engaged in are being overshadowed,” she said. “There are some legitimate questions that need to be answered,” she said.
EPA Administrator Scott Pruitt arrives to testify before a Senate Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Environmental Protection Agency on Capitol Hill in Washington, U.S., May 16, 2018. REUTERS/Al Drago Pruitt told the panel that he understood the concerns, but added that “some of the criticism is unfounded and exaggerated.”
Pruitt has also faced growing pressure from some Republican senators who are not on the panel over his handling of U.S. biofuels policy.
Senator Chuck Grassley, for example, said on Tuesday he would join lawmakers calling for Pruitt’s ouster unless the EPA chief curbs the agency’s use of waivers exempting refineries from their obligation to mix ethanol into fuel. The EPA has the authority to exempt small refineries if they can prove that complying would cause them economic hardship, but biofuels advocates, often from corn-growing states such as Grassley’s Iowa, say overusing the waivers kills demand for ethanol.
Pruitt was also criticized for a tweet on April 13 by the EPA’s official account that cheered Senate approval of former coal lobbyist Andrew Wheeler as deputy administrator of the EPA and stated that “the Democrats couldn’t block the confirmation.”
Udall said he had asked the nonpartisan Government Accountability Office to investigate the EPA’s use of social media to send a politically driven Tweet. Under the Hatch Act, federal employees are banned from taking part in political activities.
Pruitt said the agency made a mistake. “I was unaware of the tweet and that shouldn’t have occurred. There shouldn’t have been mocking,” he said.
DEFENSE FUND Some changes have been implemented at the EPA since some of the scandals broke, including the addition of a requirement that any spending over $5,000 needs to be signed off by several senior officials, Pruitt told the panel.
Pruitt has also said that he has stopped routinely flying first class, something the agency had previously defended as a way to help him avoid threats from the public.
On the legal defense fund, Pruitt said his attorney was working with the Government Accountability Office to make sure it was run properly. All donations to the fund would be published and available to the public, he said, and he committed “absolutely” not to accept any donations from lobbyists or companies that have business before the EPA.
EPA Administrator Scott Pruitt testifies before the House Appropriations Committee Subcommittee on Interior, Environment, and Related Agencies Subcommittee on Capitol Hill in Washington, U.S., April 26, 2018. REUTERS/Aaron P. Bernstein When asked if he would commit to not accepting anonymous donations for the fund, Pruitt said his lawyers handle them and would follow official guidelines.
Writing by Richard Valdmanis; Editing by Jonathan Oatis, Marguerita Choy and Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-epa-pruitt/epa-chief-to-face-fresh-questions-about-spending-in-senate-hearing-idUSKCN1IH1AT |
BOSTON--(BUSINESS WIRE)-- Fiduciary Trust Company , a wealth advisor and investment management firm for high-net-worth individuals and nonprofits, announced today that Hans Olsen has joined as Chief Investment Officer (CIO).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005318/en/
Fiduciary Trust Names Hans Olsen as Chief Investment Officer (Photo: Business Wire)
Olsen joins Fiduciary Trust from Stifel Nicolaus, where he was Global Head of Investment Strategy for the firm’s wealth management unit and CIO of its Delaware Trust Company. He joined Stifel upon its 2015 acquisition of the U.S. wealth management unit of Barclays, where he was the Global Head of Investment Strategy, the Head of the Global Asset Allocation Committee, and CIO of the Delaware Trust Company. Previously, he served as CIO for J.P. Morgan’s Private Wealth Management business in the U.S. and as CIO of Bingham Legg Advisers in Boston.
In his role as Fiduciary Trust's CIO, Olsen will be responsible for the strategic direction of the firm’s multi-asset class investment philosophy, which includes: investment strategy, strategic and tactical asset allocation, portfolio construction, and manager due diligence and selection in both public and private markets.
“Hans’s breadth of experience, coupled with his deep knowledge across asset classes, markets and strategies, will benefit our clients,” said Austin V. Shapard, President & CEO of Fiduciary Trust. “We are excited about Hans's addition to the team and welcome him heartily to Fiduciary Trust.”
“I’m pleased to join such a talented team of investment and wealth management professionals, at a firm with a venerable history that has maintained its client-centric approach for well over a century,” added Olsen.
Olsen is a Chartered Financial Analyst® charterholder. He earned a B.A. in Economics from Bates College and completed the executive education program on investment decisions and behavioral finance at Harvard University. He is a frequent contributor to CNBC and other national media outlets.
About Fiduciary Trust Company
Fiduciary Trust is a privately owned wealth management firm focused on families, individuals and nonprofits seeking objective expertise to grow and protect their investments. The firm also provides a range of services to professional financial advisors and single-family offices. Fiduciary’s capabilities include customized wealth planning, investment management, trust and estate services, and family office, tax and custody services.
Fiduciary Trust, founded in 1885 as a family office, takes a personal approach based on expertise, strong performance and a genuine commitment to act in its clients’ best interests. The firm’s unique, private ownership and disciplined investment approach align its interests with clients’ and provide the stability and permanence its clients seek. This commitment to clients has enabled the firm to achieve a 98% average annual client retention rate for over a decade.
For additional information about Fiduciary’s services, please visit www.fiduciary-trust.com , or contact John Morey at 617-574-3459 or [email protected] .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005318/en/
BackBay Communications
Emily Stoermer, 617-391-0801
[email protected]
Source: Fiduciary Trust Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-fiduciary-trust-names-hans-olsen-as-chief-investment-officer.html |
May 24, 2018 / 8:06 PM / Updated 21 minutes ago Autodesk reports 15.3 pct rise in quarterly revenue Reuters Staff 1 Min Read
May 24 (Reuters) - Autodesk Inc reported a 15.3 percent rise in quarterly revenue on Thursday, as the AutoCAD software maker signed up more subscribers.
Net loss narrowed to $82.4 million, or 38 cents per share, in the first quarter ended April 30, from $129.6 million, or 59 cents per share, a year earlier.
Total revenue rose to $559.9 million from $485.7 million. (Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/autodesk-results/autodesk-reports-15-3-pct-rise-in-quarterly-revenue-idUSL3N1SV63E |
BERWYN, Pa., May 2, 2018 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced its financial results for the three month period ended March 31, 2018.
AMETEK's first quarter 2018 sales were a record $1.17 billion, up 16% compared to the first quarter of 2017, with organic sales growth of 8%. Orders were a record $1.34 billion, up 20% over the prior year. Operating income in the quarter increased 19% to a record $258.2 million and operating margins of 22.0% were up 40 basis points over the prior year. First quarter diluted earnings per share of $0.78 were up 30% versus the same quarter in 2017.
"AMETEK delivered outstanding results to start the year," said David A. Zapico, AMETEK Chairman and Chief Executive Officer. "Excellent organic sales growth, contributions from recently completed acquisitions and exceptional operating performance allowed AMETEK to deliver 30% earnings growth in the quarter. Record backlog, continued strong order momentum and positive market trends provides us with an optimistic outlook for the remainder of the year, prompting us to raise our full year guidance for 2018."
Electronic Instruments Group (EIG)
In the first quarter of 2018, EIG sales were $716.4 million, up 16% over the same quarter of 2017. EIG operating income for the quarter was $183.4 million, an increase of 18% over the same period last year, and operating margins expanded 50 basis points to 25.6%.
"EIG delivered excellent results in the quarter, with the robust sales growth driven by strong organic sales growth and contributions from the recent acquisitions of Rauland, MOCON and Arizona Instrument," commented Mr. Zapico. "The higher sales combined with our operational excellence initiatives drove outstanding operating margin expansion in the quarter."
Electromechanical Group (EMG)
EMG sales in the first quarter were a record $456.2 million, an 18% increase compared to the first quarter last year. EMG operating income in the quarter was $91.0 million, an increase of 16% over the prior year. Operating margins were a very strong 19.9% in the quarter.
"EMG also had an excellent start to the year with outstanding sales growth and strong operating performance. Sales increased sharply on low-double digit organic sales growth and contributions from the acquisition of FMH Aerospace. EMG also delivered solid operating performance in the quarter through the execution of our operational excellence efforts," noted Mr. Zapico.
2018 Outlook
"The first quarter's results were excellent and firmly position AMETEK for strong sales and earnings growth in 2018. Our businesses continue to deliver exceptional performance, generating excellent sales growth, margin expansion and cash flows through the execution of our Four Growth Strategies. We remain focused on strategically investing in our businesses to accelerate growth both organically and through value enhancing strategic acquisitions," commented Mr. Zapico.
"We now expect overall sales in 2018 to increase low-double digits on a percentage basis, with organic sales up mid-single digits. We are increasing our 2018 earnings guidance range to $3.06 to $3.12 per diluted share, up 17% to 20% over 2017's adjusted diluted earnings per share. This is an increase from our initial guidance range of $2.95 to $3.05 per diluted share," he added.
"Overall sales in the second quarter of 2018 are expected to be up approximately 10% compared to the same quarter in 2017. We expect second quarter earnings per diluted share to be in the range of $0.76 to $0.78, up 17% to 20% over the same quarter last year," concluded Mr. Zapico.
Conference Call
AMETEK will webcast its first quarter 2018 investor conference call on Wednesday, May 2, 2018, beginning at 8:30 AM ET. The live audio webcast will be available and later archived in the Investors section of www.ametek.com .
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of more than $4.7 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500 Index.
Forward-looking Information
Statements in this news release relating to future events, such as AMETEK's expected business and financial performance are " ." Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include AMETEK's ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; AMETEK's ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any .
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
[email protected]
Phone: 610.889.5247
(Financial Information Follows)
AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017 (1)
Net sales
$ 1,172,647
$ 1,007,682
Cost of sales
776,800
667,402
Selling, general and administrative
137,679
122,833
Total operating expenses
914,479
790,235
Operating income
258,168
217,447
Interest expense
(21,686)
(24,516)
Other income (expense), net
(658)
(1,509)
Income before income taxes
235,824
191,422
Provision for income taxes
54,484
52,496
Net income
$ 181,340
$ 138,926
Diluted earnings per share
$ 0.78
$ 0.60
Basic earnings per share
$ 0.79
$ 0.61
Weighted average common shares outstanding:
Diluted shares
232,965
231,004
Basic shares
230,928
229,548
Dividends per share
$ 0.14
$ 0.09
(1) - The first quarter of 2017 has been restated to reflect the adoption of new accounting guidance in 2018, which resulted in the presentation of $2.9 million of other net periodic benefit income in Other income (expense), net rather than in Operating income, with no change in Net income.
AMETEK, Inc.
Information by Business Segment
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Net sales:
Electronic Instruments
$ 716,426
$ 619,769
Electromechanical
456,221
387,913
Consolidated net sales
$ 1,172,647
$ 1,007,682
Operating income:
Segment operating income:
Electronic Instruments
$ 183,359
$ 155,261
Electromechanical
91,002
78,343
Total segment operating income
274,361
233,604
Corporate administrative expenses
(16,193)
(16,157)
Consolidated operating income
$ 258,168
$ 217,447
AMETEK, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
March 31,
December 31,
2018
2017
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 556,776
$ 646,300
Receivables, net
684,617
668,176
Inventories, net
596,312
540,504
Other current assets
122,500
79,675
Total current assets
1,960,205
1,934,655
Property, plant and equipment, net
492,350
493,296
Goodwill
3,238,599
3,115,619
Other intangibles, investments and other assets
2,367,207
2,252,494
Total assets
$ 8,058,361
$ 7,796,064
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt, net
$ 308,069
$ 308,123
Accounts payable and accruals
851,854
830,540
Total current liabilities
1,159,923
1,138,663
Long-term debt, net
1,897,633
1,866,166
Deferred income taxes and other long-term liabilities
796,408
763,602
Stockholders' equity
4,204,397
4,027,633
Total liabilities and stockholders' equity
$ 8,058,361
$ 7,796,064
View original content: http://www.prnewswire.com/news-releases/ametek-announces-record-first-quarter-results-and-raises-2018-guidance-300640570.html
SOURCE AMETEK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-ametek-announces-record-first-quarter-results-and-raises-2018-guidance.html |
May 9 (Reuters) - A fairly large explosion in Hawaii’s erupting Kilauea volcano on Wednesday is likely the first of a series of larger explosions that could begin to throw rocks from and ash from the crater, the U.S. Geological Survey said.
A small earthquake may have caused rockfalls into the crater and prompted Wednesday’s explosion from the lava lake surface that shot projectiles out of the rim, said Tina Neal, the scientist in charge of the USGS Hawaiian Volcano Observatory.
“This is the first of perhaps more events like that to come,” Neal said on a conference call.
“It’s too soon to say we will see any cessation of activity in the lower east rift zone,” she said of fissures oozing magma out of the east flank of the volcano that has destroyed 36 structures and caused the evacuation of around 2,000 residents.
“There’s still quite a fair bit of magma under the ground that’s available to erupt,” she said of fissures which have now grown to number 14.
“If the lava continues to recede we may move into a period of these steam-driven explosions,” she said of chances of explosive eruptions in the crater if water begins to mix with magma. (Reporting by Andrew Hay; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/hawaii-volcano-explosion/explosion-in-hawaii-volcano-could-be-first-of-larger-blasts-idUSL1N1SG2EH |
May 10 (Reuters) - Blue Bird Corp:
* Q2 SALES $216.6 MILLION VERSUS I/B/E/S VIEW $214.9 MILLION
* QTRLY ADJUSTED DILUTED EARNINGS PER SHARE $0.15 * MAINTAINING FULL YEAR GUIDANCE OF $40 MILLION - $45 MILLION FOR ADJUSTED FREE CASH FLOW FOR FISCAL YEAR
* Q2 EARNINGS PER SHARE VIEW $0.20, REVENUE VIEW $214.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blue-bird-q2-sales-2166-million-ve/brief-blue-bird-q2-sales-216-6-million-versus-i-b-e-s-view-214-9-million-idUSASC0A1IJ |
When you think of Olive Garden, you probably think of unlimited breadsticks and all the pasta you can handle. Now, the chain is looking to add another signature item to its menu: wine.
Olive Garden just launched its own rosé called Head to Head, the creation of siblings Giulia and Andrea Zingarelli of the Rocca delle Macíe winery in Tuscany. The bottle will be exclusively available at Olive Garden restaurants.
As for why it chose to make a rosé, Olive Garden s director of beverage strategy told Delish that the decision was made in part because rosé’s are trending right now. The decision to launch the wine in the summer was made because rosés are often associated with being a refreshing summer drink.
Olive Garden says that the wine is on the fruity side, with notes of apple and cherry.
If you’d like to try it yourself, it will arrive on Olive Garden menus nationwide on May 29th. | ashraq/financial-news-articles | http://fortune.com/2018/05/25/olive-garden-rose-wine-head-to-head/ |
Under Armour on Tuesday reported stronger-than-expected sales for the first quarter, boosted by the retailer's international business and growth within the apparel category. Still, weaknesses persist in the U.S., where rivals Nike and Adidas have stolen market share.
Some industry experts argue Under Armour has lost its identity in the space. The company has made moves, like collaborating with rapper A$AP Rocky, to become more of a lifestyle brand for everyday wear, but shoppers still largely view it as a utilitarian, performance line, made famous for its compression tees.
And its women's wear lags niche competitors including Lululemon , Fabletics and Gap Inc.'s Athleta, which are seen as more fashionable.
Another concern on Wall Street is Under Armour's burgeoning inventory position. Inventories climbed 27 percent to $1.1 billion in the latest period. Susquehanna analyst Sam Poser said: "inventory levels continue to appear out of control. ... The combination of high receivables and elevated inventory levels looks like a ticking time bomb to us."
Under Armour's share price initially jumped after the earnings report, but in early trading the stock was falling more than 6 percent.
Here's how the company performed for the period ended March 31:
Earnings: 0 cents per share, adjusted, vs. a loss of 5 cents per share expected in a Thomson Reuters survey of analysts Revenue: $1.2 billion vs. $1.12 billion expected by Thomson Reuters Under Armour's net loss widened to $30.2 million, or 7 cents a share, compared with $2.3 million, or a penny per share, one year ago. The company said it had restructuring costs of $37.5 million during the quarter.
Excluding one-time items, Under Armour broke even for the quarter on a per-share basis, which was better than the 5 cent loss expected by analysts.
Under Armour's sales climbed 6 percent to $1.19 billion from $1.12 billion a year ago, again topping analysts' expectations. Sales in North America fell 0.4 percent, while those in international markets climbed 27 percent, now representing 24 percent of Under Armour's total sales.
North American sales had also fallen in the two prior periods, pointing to a larger issue that other athletic apparel and footwear brands have been fighting. In its latest quarter, though, Nike's U.S. sales slump started to reverse , putting more pressure on Under Armour to follow suit.
Under Armour said Tuesday that its men's training category helped drive apparel sales up 7 percent during the first quarter. Footwear sales were up 1 percent, while accessories sales grew 3 percent.
CEO Kevin Plank said the company is "confident" it will meet full-year targets announced back in February. The retailer is expecting sales to increase at a low single-digit percentage rate, fueled by growth outside the U.S. of more than 25 percent.
Rebounding from a rough ride in 2017, where shares tumbled 50 percent, Under Armour has convinced some investors its turnaround plans are working. The stock has gained back about 14 percent so far this year.
"The company has an opportunity to build off a bottom," Jefferies analyst Randal Konik said in a note to clients last week. "We continue to believe UA is one of 3 brands that matter in athletic."
Konik said the company still needs to "fix" its wholesale model, which has been a particularly strong issue in North America, where Adidas has picked up in popularity and taken shelf space from Nike, Puma, Reebok and others.
However, Konik pointed to Under Armour's direct-to-consumer business as a momentum driver, and the brand continues to pick up customers overseas. Its strongest international segment in the latest quarter was Asia-Pacific, where sales were up 35 percent.
Plank said on a call with analysts and investors Tuesday that Under Armour will focus on its current distribution platforms, like Dick's Sporting Goods and Kohl's , instead of adding new selling channels. He said the company should carry less inventory into 2019 as it narrows its SKU count. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/under-armour-q1-earnings-2018.html |
May 24, 2018 / 10:47 AM / Updated 19 minutes ago Italian coalition 'cause for concern': German minister Reuters Staff 2 Min Read
BERLIN (Reuters) - The German government on Thursday voiced concern about anti-European statements made by members of Italy’s incoming governing coalition, and the BDI industry association urged Rome to stick to European Union treaties and euro zone budget rules.
Italian President Sergio Mattarella on Wednesday gave political novice Giuseppe Conte a mandate to lead the first government in Italy made up of anti-establishment parties that have vowed to shake up the EU.
“More than ever before, Europe needs a reliable Italian partner who, as before, sees its place in the heart of Europe and not in the deceptive security of nationalism,” Deputy Foreign Minister Michael Roth told Spiegel magazine.
The magazine reported him as saying many statements from members of the incoming coalition were “cause for concern”.
Italy had been deadlocked since an inconclusive election in March. After weeks of fruitless talks between the various parties, 5-Star and the League finally agreed to a government pact last Friday, promising to hike taxes and jack up spending.
Roth’s comments were echoed by Germany’s BDI industry association which urged the new Italian government to abide by European treaties and the euro zone’s common budget rules.
“German industry is concerned about the government program,” BDI Managing Director Joachim Lang said. “Incoming Prime Minister Giuseppe Conte must bring the coalition parties back to earth. The expensive election promises are not financeable. They endanger the economic recovery in Italy,” he added.
Lang pointed out that Italy’s industrial production and foreign trade in particular had developed well over the past three years.
Italy’s industry is the second largest in Europe after Germany which is by far the most important trading partner of Italian companies with an annual bilateral trade of 120 billion euros ($140.71 billion), Lang added. Reporting by Michael Nienaber, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-germany/italian-coalition-cause-for-concern-german-minister-idUSKCN1IP1K2 |
By Valentina Zarya May 7, 2018
On Monday afternoon, 16 months after moving into the White House, Melania Trump announced her first official initiative as first lady. “There is one goal,” Trump said in a speech at the residence’s Rose Garden. “To educate children about the issues they’re facing today.”
Called “Be Best,” the initiative is an awareness campaign dedicated to children’s emotional and physical wellness. Trump has broken the goal into three pillars: well-being, social media use, and opioid abuse.
The focus of the first pillar is on “teaching positive skills and decision making,” Trump said. “Let us teach our children the difference between right and wrong and encourage them to be best in their unique paths in life.”
Pillar two, social media, is dedicated to preventing cyberbullying. Back in March, the first lady met with top tech executives and Internet safety-focused nonprofits at the White House; she said she intends to keep in close contact with those executives to work towards a safer social media environment.
As part of the third and final pillar, opioid abuse, Trump says she intends to support programs that are helping opioid-addicted parents and their children recover.
Speaking after his wife, President Donald Trump proclaimed May 7th as “Be Best Day”—a day on which “we pledge to be best for our families and our community.”
For more, subscribe to the Broadsheet , Fortune’s newsletter on the world’s most powerful women. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/melania-trump-be-best-initiative-children/ |
May 11, 2018 / 3:02 PM / Updated an hour ago British nationals taken hostage in eastern Congo park - park service Reuters Staff 1 Min Read
BENI, Democratic Republic of Congo (Reuters) - British citizens were among a group of people taken hostage on Friday in the Virunga National Park in eastern Democratic Republic of Congo, a spokesman for the Congolese Institute for Nature Conservation (ICCN) said.
“For the moment the (ICCN) cannot communicate much about the incident because the hostages are still in captivity. That would put their lives in danger,” Joel Wenga, the ICCN’s head of communications in North Kivu province told Reuters. Reporting by Fiston Mahama, Writing by Joe Bavier, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-congo-britain/uk-in-contact-with-congo-after-incident-with-two-british-nationals-idUKKBN1IC1TY |
LONDON (Reuters) - Sainsbury’s ( SBRY.L ) $10 billion purchase of Walmart’s ( WMT.N ) Asda may pressure UK grocery prices and make the British market less attractive for newer players such as Amazon.com ( AMZN.O ).
Shopping bags from Asda and Sainsbury's are seen in Manchester, Britain April 30, 2018. REUTERS/Phil Noble/illustration The Sainsbury deal to buy Asda, announced on Monday, comes as retailers on both sides of the Atlantic grapple with heightened competition from the discounters such as Germany’s Aldi and Lidl and e-commerce giant Amazon.
The marriage of Britain’s second- and third-largest grocers will not immediately impact Amazon’s food offering which remains small in Britain. The biggest impact will come away from the grocery aisle, in the area of general merchandise, where Amazon and Sainsbury’s already go head-to-head.
Britons are among the world’s most comfortable online shoppers. About 22 percent of non-food purchases are already done online, the highest percentage for any country aside from South Korea, according to Shore Capital analyst Clive Black. He estimates that Amazon has about 40 percent of that market.
“The UK is a very important market in terms of Amazon’s international ambitions ... and will remain an important market,” Black said. “This proposed merger makes it a little bit more competitive, but I don’t think Jeff Bezos will be losing sleep over it.”
Amazon is Britain’s largest online retailer overall, with 30 percent of the market, according to Euromonitor, followed by eBay ( EBAY.O ) with 11 percent and Sainsbury’s with 7 percent.
ADDING SCALE, REDUCING PRICES Sainbury’s significantly boosted its online presence with the 2016 acquisition of general merchandise chain Argos, which expanded Sainsbury’s product line to over 90,000 non-food products from computers to garden furniture to wedding rings.
Argos will get a big boost from the combination with Asda, as Sainsbury’s plans to install branches of the chain inside Asda stores.
The deal will also add scale to Sainsbury’s non-food offerings, especially in clothing. Asda’s George brand and Sainsbury’s Tu brand will together become a larger No. 2 player, by volume.
The merged Sainsbury and Asda chains will also seek to bolster their online business, using its enlarged footprint of stores and warehouses to deliver products faster and over a wider area.
Aside from the pricing pressure on suppliers that would come in any retail consolidation, Sainsbury’s said it aimed to reduce prices by around 10 percent on everyday items, easing the burden on Britain’s shoppers.
Sainsbury’s said about 350 million pounds of the 500 million pounds of synergies it has identified will come from eliminating pricing discrepancies between the two chains.
AMAZON’S AMBITIONS Amazon sent shockwaves through the retail industry when it agreed in June 2017 to buy U.S. upscale grocer Whole Foods Market in a $13.7 billion deal. Since the merger closed in August, Amazon has cut grocery prices, added lockers for picking up online orders in stores and started selling its suite of Echo gadgets in stores, too.
But in Britain, the food market is about 60 percent controlled by the top five players Tesco, Sainsbury’s, Asda, Morrison’s ( MRW.L ) and Aldi [ALDIEI.UL].
Amazon is testing AmazonFresh, which offers same-day delivery but its overall share of the market however, remains tiny.
“Sainsbury’s and Asda are very aware of a potential Amazon acquisition in the UK supermarket industry, which is why they are looking for scale in order to safeguard their future,” said Philip Benton, a consultant at Euromonitor.
Hargreaves Lansdown analyst Laith Khalaf said the combination of Sainsbury’s and Asda, and the pricing pressure that comes from it, could make the UK slightly less attractive for Amazon, but didn’t think it would be a deal-breaker.
“It raises a question mark probably for anyone who is thinking of entering the market,” Khalaf said. “We’re not entirely sure to what extent Amazon is committed to the UK grocery market, but this may give it pause for thought.”
He noted however that Amazon’s size, scale and profitability allow Amazon to often forego immediate concerns around profitability.
“They’re usually willing to take a hit if they think there’s a long-term game they can win,” he said.
The deal perhaps “will amp up the potential of a store strategy” for Amazon, said Tom Furphy, former vice president of consumables and AmazonFresh, and now chief executive of Consumer Equity Partners. “But they tend to not be reactive to competition in favor of focusing on their own innovation.”
Investec analysts said the UK was already one of the most consolidated grocery markets in the world, pointing to Tesco’s ( TSCO.L ) acquisition of wholesaler Booker, which closed in March, Co-op’s proposed takeover of wholesaler Nisa, and last year’s collapse of wholesaler Palmer & Harvey.
If Amazon wanted to buy another UK grocery retailer, the only one it probably could not buy, according to Shore Capital’s’ Black, would be Sainsbury’s, because of the non-food overlap. Tesco would fit well, he said.
However not everyone predicts Amazon will buy another brick-and-mortar retailer, given its business model revolves predominantly around e-commerce and they will have learned some important lessons already from the purchase of Whole Foods.
“They got something out of the Whole Foods deal, which gave them a brand, credibility in the food space and knowledge of the food supply chain,” said investment banker Shaun Browne of Houlihan Lokey. “I think they will feel that’s what they need, and after buying Whole Foods they don’t really need the purchase of a Tesco or Sainsbury’s.”
Amazon declined to comment, and Walmart did not immediately return a request for comment.
Additional reporting by Jeffrey Dastin in San Francisco and Nandita Bose in New York; editing by Vanessa O'Connell and Clive McKeef
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sainsbury-s-walmart-m-a-amazon-analys/sainsburys-asda-buy-could-make-uk-tougher-grocery-market-for-amazon-idUSKBN1I12EQ |
0 COMMENTS ABT Schaeffler Formula E team driver Daniel Abt steers his car in Rome, Italy, April 14, 2018. Photo: Agence France-Presse/Getty Images
German auto parts manufacturer Schaeffler Technologies AG & Co. KG both benefits and suffers from higher steel prices in the U.S., the company’s finance chief said.
The Herzogenaurach-based maker of valve trains, belt drives and wheel bearings said its U.S. suppliers have raised their prices after President Donald Trump’s tariffs on imported steel and aluminum drove up the cost for the metals in the U.S.
The tariffs took effect at the end of March and apply to several steel exporting countries, including Japan and China. Schaeffler operates eight factories and three research and development centers in the U.S. and sources the majority of its raw materials and components locally.
“Part of the rise in prices has been passed on to us,” said Chief Financial Officer Dietmar Heinrich Tuesday in an interview with CFO Journal. He declined to provide specific figures.
But the company also expects some benefits from the run up in regional metals prices. Schaeffler forecasts to make more money from its sales of scrap metal – the manufacturing by-products such as steel chippings. “The price for this [scrap metal] will rise because of higher steel prices,” said Mr. Heinrich.
Schaeffler has also negotiated price variation clauses for several components it buys from U.S. suppliers which help protect it from some of the effects of the higher steel prices, said Mr. Heinrich.
The company can pass some of the increase in costs on to its consumers — large international auto makers — as its competitors are facing the same challenge, said Jürgen Pieper, senior advisor at B. Metzler seel. Sohn & Co. Holding AG, a German bank. “The impact of the steel and aluminum tariffs will be neutral over time,” said Mr. Pieper.
Schaeffler plans to localize its production further to mitigate currency risks and to limit its exposure to potential new tariffs, Mr. Heinrich said. Producing locally also helps the company react faster to changing customer needs, he added. Schaeffler is expanding its existing sites in Vietnam and the U.S. and is also building a new factory in Xiangtan, China. The company is investing €1.4 billion ($1.67 billion) on capital expenditure projects this year, Mr. Heinrich said.
The threat of new trade tariffs — as suggested by the U.S., the EU and China — is reinforcing an existing trend to move production closer to where customers are based, said Mr. Pieper.
Schaeffler is not planning to reduce its investments because of the uncertainties around trade, said Mr. Heinrich. “We still have a positive outlook,” he said. The company plans to invest 6% to 8% of annual revenue per year. In the first quarter, the figure was 8.6%.
Schaeffler generated net income of €240 million on revenue of €3.6 billion in the first quarter, slightly lower than during the prior year quarter when it reported net income of €279 million on revenue of €3.5 billion.
Share this: IMPORT TARIFFS Previous CFO Moves: Snap Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte The Excess Cash Dilemma: Charles Holley, CFO-in-Residence Having excess cash from repatriation and lower corporate tax rates as a result of tax reform is a welcome opportunity for many CFOs. Deciding how to put it to work, however, could be challenging, depending on a company’s strategy and resources, and various stakeholder interests, says Charles Holley, independent senior advisor to Deloitte. He discusses issues for CFOs to consider when forming a strategy for excess cash, such as the organization’s capacity to handle additional investment, and the importance of communicating the plan to both external and internal 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/cfo/2018/05/08/higher-u-s-steel-prices-hurt-help-schaeffler/ |
LIBERTY LAKE, Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ:ITRI) announced today financial results for its first quarter ended March 31, 2018. Highlights in the quarter include:
Completed acquisition of Silver Spring Networks on Jan. 5, 2018, which operates and reports as the new Itron Networks segment; Revenue of $607 million, compared with $478 million in the first quarter of 2017; Gross margin of 29.6 percent, compared with 33.0 percent in the first quarter of 2017; GAAP loss per share of $3.74, compared with earnings of 40 cents per diluted share in the first quarter of 2017; Non-GAAP diluted earnings per share (EPS) of 13 cents, compared with 57 cents the first quarter of 2017; Adjusted EBITDA of $40 million, compared with $46 million in the first quarter of 2017; and Total backlog of $3.1 billion, compared with $1.6 billion at the end of the first quarter of 2017.
"Itron’s revenue increased by 27 percent in the quarter, driven by increased sales of our smart electric and gas solutions in Europe, accelerated deliveries of our OpenWay® Riva solutions in the Americas and strong performance in the new Networks segment,” said Philip Mezey, Itron president and chief executive officer. “We were very pleased with our revenue performance including the new Networks segment, which delivered 1 million endpoints in the quarter.
“As anticipated, margins and EPS declined from last year, driven by costs related to our global supply chain transitions, higher component and commodity prices and product mix. We are making progress with operational initiatives to help drive efficiencies later in the year, including the integration of the Networks business, executing our restructuring projects and collaborating with our global supply chain partners,” continued Mezey.
“We continue to see strong customer demand for our expanded portfolio of smart networks, software, services, meters and sensors that helps our customers better manage utility and municipal services. Total backlog has increased to $3.1 billion, including the addition of the acquired Networks segment backlog.”
Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)
Revenue
Total revenue of $607 million increased 27 percent in the first quarter. The increased revenue includes the new Networks segment which added $86 million of revenue. Excluding the addition of the Networks segment, total revenue grew 9 percent.
Electricity revenue increased 6 percent on higher managed services revenue, product revenue growth in the Europe, Middle East and Africa (EMEA) region and strong Riva demand in North America. Gas revenue grew 11 percent primarily driven by smart solution deliveries in EMEA. Water revenue grew by 14 percent driven by increased smart solution deliveries in North America and Asia-Pacific regions and higher residential demand in Latin America. Networks segment revenue was driven by deployments in North America and accelerating international adoption of new solutions.
Gross Margin
Consolidated company gross margin of 29.6 percent decreased 340 basis points compared with the first quarter of 2017. The decline was due to higher costs associated with global supply chain transitions, higher component and commodity costs and product mix.
Operating Expenses and Operating Income (loss)
GAAP operating expenses for the quarter were $320 million compared with $127 million in the first quarter of 2017. The higher operating expenses were driven by restructuring charges of $88 million, acquisition and integration-related expenses of $63 million, the addition of Networks segment and Distributed Energy Management (DEM) operations and the impact of changes in foreign currency exchange rates. Higher operating expenses drove a GAAP operating loss of $140 million compared with operating income of $31 million in the first quarter of 2017.
Non-GAAP operating expenses of $152 million increased from $119 million in 2017 driven by the addition of acquired operations and the impact of changes in foreign currency exchange rates. Non-GAAP operating income declined to $28 million compared with $39 million in 2017 due to higher expenses.
Net Income (loss) and Earnings per Share
Net loss attributable to Itron for the quarter was $146 million, or $3.74 per share, compared with net income of $16 million, or 40 cents per diluted share, in 2017.
The net loss was driven by the operating loss in the quarter and higher interest expense related to financing for the acquisition. These impacts were partially offset by a tax benefit in the U.S. on the pre-tax loss.
Excluding certain charges, including restructuring, acquisition and integration-related expenses and amortization of intangible assets and debt placement fees, non-GAAP net income for the quarter was $5 million, or 13 cents per diluted share, compared with $22 million, or 57 cents per diluted share, in 2017. Compared with last year, non-GAAP net income reflects lower operating income, higher interest expense and a higher non-GAAP effective tax rate due to the timing and mix of taxable income by jurisdiction.
Cash Flow
Net cash used by operating activities was $24 million in the first quarter of 2018 compared with cash provided by operating activities of $63 million in the same quarter of 2017. Free cash flow was negative $42 million in the first quarter compared with positive $54 million in the prior year. The decreases were primarily driven by cash outlays for acquisition and integration-related expenses and timing of working capital.
Other Measures
Total backlog was $3.1 billion and 12 month backlog was $1.4 billion at the end of the quarter, compared with $1.6 billion and $819 million, respectively, in the prior year quarter. Bookings in the quarter totaled $557 million. The Networks segment added $1.4 billion and $337 million to total and 12 month backlog, respectively.
Earnings Conference Call
Itron will host a conference call to discuss the financial results and guidance contained in this release at 5 p.m. EDT on May 14, 2018. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm . A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm . A telephone replay of the conference call will be available through May 20, 2018. To access the telephone replay, dial 888-203-1112 or 719-457-0820, and enter passcode 7526899.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com .
Itron ® and OpenWay ® are registered trademarks of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Forward Looking Statements
This release contains within in the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our expectations about revenues, operations, financial performance, earnings, earnings per share and cash flows. Although we believe the estimates and assumptions upon which these are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the ultimately prove to be correct. Actual results and trends in the future may differ suggested or implied by the depending on a variety of factors. Some of the factors that we believe could affect our results include our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks and other factors that are more fully described in our Annual Report on Form 10-K for the year ended Dec. 31, 2017 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.
Non-GAAP Financial Information
To supplement our consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, adjusted EBITDA margin, constant currency and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. The company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. Our non-GAAP financial measures may be different from those reported by other companies. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release.
ITRON, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended
March 31, 2018 2017 Revenues Product revenues $ 537,110 $ 432,365 Service revenues 70,111 45,227 Total revenues 607,221 477,592 Cost of revenues Product cost of revenues 382,850 287,093 Service cost of revenues 44,516 32,862 Total cost of revenues 427,366 319,955 Gross profit 179,855 157,637 Operating expenses Sales and marketing 51,921 41,255 Product development 60,284 40,767 General and administrative 102,493 37,187 Amortization of intangible assets 17,740 4,549 Restructuring 87,865 3,052 Total operating expenses 320,303 126,810 Operating income (loss) (140,448 ) 30,827 Other income (expense) Interest income 661 269 Interest expense (15,504 ) (3,199 ) Other income (expense), net (1,167 ) (2,836 ) Total other income (expense) (16,010 ) (5,766 ) Income (loss) before income taxes (156,458 ) 25,061 Income tax benefit (provision) 11,188 (9,047 ) Net income (loss) (145,270 ) 16,014 Net income attributable to noncontrolling interests 396 169 Net income (loss) attributable to Itron, Inc. $ (145,666 ) $ 15,845 Earnings (loss) per common share - Basic $ (3.74 ) $ 0.41 Earnings (loss) per common share - Diluted $ (3.74 ) $ 0.40 Weighted average common shares outstanding - Basic 38,945 38,474 Weighted average common shares outstanding - Diluted 38,945 39,215
ITRON, INC. SEGMENT INFORMATION (Unaudited, in thousands) Three Months Ended
March 31, 2018 2017 Product revenues Electricity $ 213,877 $ 205,903 Gas 130,243 117,127 Water 125,587 109,335 Networks 67,403 — Total Company $ 537,110 $ 432,365 Service revenues Electricity $ 38,528 $ 32,848 Gas 7,496 7,084 Water 5,607 5,295 Networks 18,480 — Total Company $ 70,111 $ 45,227 Revenues Electricity $ 252,405 $ 238,751 Gas 137,739 124,211 Water 131,194 114,630 Networks 85,883 — Total Company $ 607,221 $ 477,592 Gross profit Electricity $ 69,975 $ 67,250 Gas 43,471 50,815 Water 37,805 39,572 Networks 28,604 — Total Company $ 179,855 $ 157,637 Operating income (loss) Electricity $ (2,768 ) $ 17,084 Gas (28,348 ) 21,731 Water (11,710 ) 8,804 Networks (75,510 ) — Corporate unallocated (22,112 ) (16,792 ) Total Company $ (140,448 ) $ 30,827
METER AND MODULE SUMMARY (Units in thousands)
Three Months Ended
March 31, 2018 2017 Meters (1) Standard 4,140 4,010 Smart 3,060 2,440 Total meters 7,200 6,450
Stand-alone communication modules and cards (2) Smart 2,480 1,400 (1) The Networks segment shipped an immaterial number of meters during the three months ended March 31, 2018.
(2) The Networks segment shipped approximately 990,000 network interface cards during the three months ended March 31, 2018.
The stand-alone communication modules and cards category includes communicating radio modules shipped in Electric, Gas and Water segments and network interface cards, the primary product sold by our Networks segment.
ITRON, INC. CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) March 31, 2018 December 31, 2017 ASSETS Current assets Cash and cash equivalents $ 143,951 $ 176,274 Accounts receivable, net 481,389 398,029 Inventories 209,373 193,835 Other current assets 97,925 81,604 Total current assets 932,638 849,742 Property, plant, and equipment, net 234,924 200,768 Deferred tax assets, net 58,917 49,971 Restricted cash 1,466 311,010 Other long-term assets 46,843 43,666 Intangible assets, net 318,984 95,228 Goodwill 1,142,757 555,762 Total assets $ 2,736,529 $ 2,106,147 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 275,702 $ 262,166 Other current liabilities 90,259 56,736 Wages and benefits payable 119,312 90,505 Taxes payable 22,659 16,100 Current portion of debt 16,250 19,688 Current portion of warranty 26,533 21,150 Unearned revenue 87,293 41,438 Total current liabilities 638,008 507,783 Long-term debt 1,105,538 593,572 Long-term warranty 15,446 13,712 Pension benefit obligation 100,045 95,717 Deferred tax liabilities, net 1,571 1,525 Other long-term obligations 171,318 88,206 Total liabilities 2,031,926 1,300,515 Equity Common stock 1,310,379 1,294,767 Accumulated other comprehensive loss, net (152,595 ) (170,478 ) Accumulated deficit (471,812 ) (337,873 ) Total Itron, Inc. shareholders' equity 685,972 786,416 Non-controlling interests 18,631 19,216 Total equity 704,603 805,632 Total liabilities and equity $ 2,736,529 $ 2,106,147
ITRON, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three Months Ended March 31, 2018 2017 Operating activities Net income (loss) $ (145,270 ) $ 16,014 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 31,072 14,378 Stock-based compensation 8,095 5,211 Amortization of prepaid debt fees 3,386 266 Deferred taxes, net (16,508 ) 882 Restructuring, non-cash 47 — Other adjustments, net (106 ) 946 Changes in operating assets and liabilities, net of acquisitions Accounts receivable (7,768 ) 13,119 Inventories (253 ) (11,274 ) Other current assets (8,849 ) (11,169 ) Other long-term assets 4,509 646 Accounts payable, other current liabilities, and taxes payable 7,826 28,277 Wages and benefits payable 16,438 (1,796 ) Unearned revenue 23,317 14,020 Warranty 663 (2,303 ) Other operating, net 58,953 (3,960 ) Net cash provided by (used in) operating activities (24,448 ) 63,257 Investing activities Acquisitions of property, plant, and equipment (17,433 ) (9,122 ) Business acquisitions, net of cash equivalents acquired (802,488 ) — Other investing, net 100 (78 ) Net cash used in investing activities (819,821 ) (9,200 ) Financing activities Proceeds from borrowings 555,938 — Payments on debt (32,395 ) (2,813 ) Issuance of common stock 3,384 405 Prepaid debt fees (24,042 ) — Other financing, net (1,046 ) 155 Net cash provided by (used in) financing activities 501,839 (2,253 ) Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 563 2,559 Increase (decrease) in cash, cash equivalents, and restricted cash (341,867 ) 54,363 Cash, cash equivalents, and restricted cash at beginning of period 487,335 133,565 Cash, cash equivalents, and restricted cash at end of period $ 145,468 $ 187,928
About Non-GAAP Financial Measures
The accompanying press release contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, constant currency and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For more information on these non-GAAP financial measures please see the table captioned “Reconciliations of Non-GAAP Financial Measures to Most Directly Comparable GAAP Financial Measures.”
We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management’s internal comparisons to our historical performance as well as comparisons to our competitors’ operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges such as acquisition and integration related expenses, restructuring charges or goodwill impairment charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.
Non-GAAP operating expenses and non-GAAP operating income - We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, acquisition and integration, and goodwill impairment. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, acquisition and integration, and goodwill impairment. Acquisition and integration related expenses include costs which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and GAAP operating income.
Non-GAAP net income and non-GAAP diluted EPS - We define non-GAAP net income as net income attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, restructuring, acquisition and integration, goodwill impairment, amortization of debt placement fees, the transition to the Tax Cuts and Jobs Act, and the tax effect of excluding these expenses. We define non-GAAP diluted EPS as non-GAAP net income divided by the weighted average shares, on a diluted basis, outstanding during each period. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income attributable to Itron, Inc. and GAAP diluted EPS.
Adjusted EBITDA - We define adjusted EBITDA as net income (a) minus interest income, (b) plus interest expense, depreciation and amortization, restructuring, acquisition and integration related expense, goodwill impairment and (c) excluding income tax provision or benefit. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. We compensate for these limitations by providing a reconciliation of this measure to GAAP net income.
Free cash flow - We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. The same limitations described above regarding our use of adjusted EBITDA apply to our use of free cash flow. We compensate for these limitations by providing specific information regarding the GAAP amounts and reconciling to free cash flow.
Constant currency - We refer to the impact of foreign currency exchange rate fluctuations in our discussions of financial results, which references the differences between the foreign currency exchange rates used to translate operating results from local currencies into U.S. dollars for financial reporting purposes. We also use the term “constant currency,” which represents financial results adjusted to exclude changes in foreign currency exchange rates as compared with the rates in the comparable prior year period. We calculate the constant currency change as the difference between the current period results and the comparable prior period’s results restated using current period foreign currency exchange rates.
The accompanying tables have more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures and the related reconciliations between these financial measures.
ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONS Three Months Ended March 31, 2018 2017 NON-GAAP NET INCOME & DILUTED EPS GAAP net income (loss) attributable to Itron, Inc. $ (145,666 ) $ 15,845 Amortization of intangible assets 17,740 4,549 Amortization of debt placement fees 3,343 241 Restructuring 87,865 3,052 Acquisition and integration related expense 62,647 333 Income tax effect of non-GAAP adjustments (20,835 ) (1,834 ) Non-GAAP net income attributable to Itron, Inc. $ 5,094 $ 22,186 Non-GAAP diluted EPS $ 0.13 $ 0.57 Weighted average common shares outstanding - Diluted 39,773 39,215 ADJUSTED EBITDA GAAP net income (loss) attributable to Itron, Inc. $ (145,666 ) $ 15,845 Interest income (661 ) (269 ) Interest expense 15,504 3,199 Income tax provision (benefit) (11,188 ) 9,047 Depreciation and amortization 31,072 14,378 Restructuring 87,865 3,052 Acquisition and integration related expense 62,647 333 Adjusted EBITDA $ 39,573 $ 45,585 FREE CASH FLOW Net cash provided (used) by operating activities $ (24,448 ) $ 63,257 Acquisitions of property, plant, and equipment (17,433 ) (9,122 ) Free Cash Flow $ (41,881 ) $ 54,135 NON-GAAP OPERATING INCOME GAAP operating income (loss) $ (140,448 ) $ 30,827 Amortization of intangible assets 17,740 4,549 Restructuring 87,865 3,052 Acquisition and integration related expense 62,647 333 Non-GAAP operating income $ 27,804 $ 38,761 NON-GAAP OPERATING EXPENSES GAAP operating expenses $ 320,303 $ 126,810 Amortization of intangible assets (17,740 ) (4,549 ) Restructuring (87,865 ) (3,052 ) Acquisition and integration related expense (62,647 ) (333 ) Non-GAAP operating expenses $ 152,051 $ 118,876
ITRON, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (Unaudited, in thousands) SEGMENT RECONCILIATIONS Three Months Ended March 31, 2018 2017 NON-GAAP OPERATING INCOME - ELECTRICITY Electricity - GAAP operating income (loss) $ (2,768 ) $ 17,084 Amortization of intangible assets 2,880 2,362 Restructuring 19,600 (176 ) Acquisition and integration related expense 323 — Electricity - Non-GAAP operating income $ 20,035 $ 19,270 NON-GAAP OPERATING INCOME - GAS Gas - GAAP operating income (loss) $ (28,348 ) $ 21,731 Amortization of intangible assets 1,124 1,277 Restructuring 43,547 1,084 Gas - Non-GAAP operating income $ 16,323 $ 24,092 NON-GAAP OPERATING INCOME - WATER Water - GAAP operating income (loss) $ (11,710 ) $ 8,804 Amortization of intangible assets 835 910 Restructuring 16,714 1,018 Water - Non-GAAP operating income $ 5,839 $ 10,732 NON-GAAP OPERATING INCOME - NETWORKS Networks - GAAP operating loss $ (75,510 ) — Amortization of intangible assets 12,901 — Acquisition and integration related expense 62,448 — Networks - Non-GAAP operating loss (161 ) $ — NON-GAAP OPERATING INCOME - CORPORATE UNALLOCATED Corporate unallocated - GAAP operating loss $ (22,112 ) $ (16,792 ) Restructuring 8,004 1,126 Acquisition and integration related expense (recovery) (124 ) 333 Corporate unallocated - Non-GAAP operating loss $ (14,232 ) $ (15,333 )
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006199/en/
Itron, Inc.
Barbara Doyle, 509-891-3443
Vice President, Investor Relations
or
Rebecca Hussey, 509-891-3574
Manager, Investor Relations
www.itron.com
Source: Itron, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-itron-announces-first-quarter-2018-financial-results.html |
May 10, 2018 / 12:13 PM / in 7 minutes BRIEF-Blueknight Announces Q1 Revenue $44.7 Million Versus $46.3 Million Reuters Staff
May 10 (Reuters) - Blueknight Energy Partners LP:
* BLUEKNIGHT ANNOUNCES FIRST QUARTER 2018 RESULTS AND THE CIMARRON EXPRESS STACK PIPELINE * QTRLY BASIC AND DILUTED NET LOSS PER COMMON UNIT $0.05
* BLUEKNIGHT ENERGY PARTNERS - CRUDE OIL PIPELINE BUSINESS CONTINUED TO BE IMPACTED BY OUT-OF-SERVICE PIPELINE IN OKLAHOMA, WHICH LIMITED VOLUMES IN QUARTER
* OUT-OF-SERVICE PIPELINE IN OKLAHOMA ANTICIPATED TO RESUME SERVICE BY END OF Q2
* EXPECT A MORE SIGNIFICANT UPTICK IN OUR TRUCKING VOLUMES AS WE MOVE THROUGH Q2 AND INTO SECOND HALF OF YEAR Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-blueknight-announces-q1-revenue-44/brief-blueknight-announces-q1-revenue-44-7-million-versus-46-3-million-idUSASC0A1EM |
May 3 (Reuters) - Pandora Media Inc:
* PANDORA REPORTS Q1 2018 FINANCIAL RESULTS * Q1 REVENUE $319.2 MILLION VERSUS I/B/E/S VIEW $304.3 MILLION
* Q1 SUBSCRIPTION REVENUE WAS $104.7 MILLION, GROWING 63% YEAR-OVER-YEAR EXCLUDING ANZ & TICKETFLY
* QTRLY LOSS PER SHARE $0.56 * QTRLY TOTAL SUBSCRIBERS WERE 5.63 MILLION, GROWING 19% YEAR-OVER-YEAR
* ANNOUNCED ACQUISITION OF ADSWIZZ * Q1 EARNINGS PER SHARE VIEW $-0.38 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pandora-reports-q1-loss-per-share/brief-pandora-reports-q1-loss-per-share-of-0-56-idUSASC09ZMR |
May 23 (Reuters) - Procter & Gamble Co:
* PROCTER & GAMBLE ANNOUNCES PRICING OF ITS DEBT TENDER OFFER
* P&G - MAXIMUM AGGREGATE PURCHASE PRICE THAT P&G WILL PAY IN TENDER OFFER IS ABOUT $1.404 BILLION
* P&G - SETTLEMENT DATE FOR SECURITIES TENDERED AT/PRIOR TO EARLY TENDER DEADLINE & ACCEPTED FOR PURCHASE IS EXPECTED TO BE MAY 25, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-procter-gamble-announces-pricing-o/brief-procter-gamble-announces-pricing-of-debt-tender-offer-idUSASC0A3FB |
Protests over Argentina's IMF request despite relief for peso 5:58pm BST - 01:50
Argentina is seeking a financing deal with the International Monetary Fund to stabilise its finances after two weeks of financial market volatility that saw the peso hit new lows and the central bank jack interest rates up to 40 percent. As David Pollard reports, the move sparked protests from Argentinians angry about the move..
Argentina is seeking a financing deal with the International Monetary Fund to stabilise its finances after two weeks of financial market volatility that saw the peso hit new lows and the central bank jack interest rates up to 40 percent. As David Pollard reports, the move sparked protests from Argentinians angry about the move.. //reut.rs/2G1WHRM | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/protests-over-argentinas-imf-request-des?videoId=425306326 |
MONTREAL, May 24, 2018 (GLOBE NEWSWIRE) -- On Thursday, June 7, 2018, Transcontinental Inc. will release its second quarter 2018 results and host a conference call for the financial community at 4:15 p.m.. The conference call will be broadcast live (audio only) on the Investors homepage of the Corporation’s Internet site at www.tc.tc , and will be archived for 30 days. The financial results will be made public in a press release that will be issued on the newswire prior to the conference call as well as in the Management’s Discussion and Analysis that will be posted on the Corporation’s website.
Q2'2018 RESULTS CONFERENCE CALL
Date: Thursday, June 7, 2018 Time: 4:15 p.m. Dial-in numbers: 1 647 788-4922 or 1 877 223-4471 Live audio webcast: www.tc.tc/investors CONFERENCE RECORDING PLAYBACK
Availability dates: June 7 (7:15 p.m.) to June 15 (11:59 p.m.) Access telephone numbers: 1 416 621-4642 or 1 800 585-8367 Access code: 7558368 The following is the conference call calendar for the 2018 fiscal year, for your information:
2018 CALENDAR
3 rd quarter: Thursday, September 6 4 th quarter: Thursday, December 13
For further information:
Shirley Chenny
Advisor, Investor Relations
Telephone: 514 954-4000
[email protected]
Source: Transcontinental inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-transcontinental-inc-a-release-of-second-quarter-2018-results-and-conference-call.html |
Biggest risk to the markets? Investors will miss out, strategist says 3 Hours Ago I think the best is yet to come, says Doug Cote, Voya Investment Management chief investment strategist, providing his outlook on the markets. And Lawrence White, New York University Stern School of Business, shares his thoughts on Italy's political crisis and its impact on global markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/biggest-risk-to-the-markets-investors-will-miss-out-strategist-says.html |
May 22, 2018 / 10:31 AM / Updated 14 minutes ago Facebook's Zuckerberg apologizes to EU lawmakers over data leak Julia Fioretti 3 Min Read
BRUSSELS (Reuters) - Facebook boss Mark Zuckerberg apologised to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world’s biggest social media network.
Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
In his opening remarks, Zuckerberg said it had “become clear over the last couple of years that we haven’t done enough to prevent the tools we’ve built from being used for harm as well.”
“Whether it’s fake news, foreign interference in elections or developers misusing people’s information, we didn’t take a broad enough view of our responsibilities. That was a mistake, and I’m sorry.”
His comments, sitting at a circular table with EU Parliament leaders, dressed in a suit, tie and white shirt, echo an apology last month to U.S. lawmakers. Related Coverage Highlights: Facebook's Zuckerberg faces EU Parliament grilling
But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg’s appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg stressed Facebook’s commitment to Europe, where it will employ 10,000 people by the end of the year, he said. Facebook's CEO Mark Zuckerberg arrives at the European Parliament to answer questions about the improper use of millions of users' data by a political consultancy, in Brussels, Belgium May 22, 2018. REUTERS/Francois Lenoir
“I believe deeply in what we’re doing. And when we address these challenges, I know we’ll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world,” he said.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
Zuckerberg said investments in security would significantly impact Facebook’s profitability, but “keeping people safe will always be more important than doubling our profits.”
However, some European officials want a tougher line on big technology firms. Tommaso Valletti, chief economist at the European Commission’s competition unit, said earlier on Tuesday Facebook and other technology giants could face more regulatory scrutiny because of their market power. Slideshow (12 Images)
Facebook’s compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year.
After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers. Reporting by Julia Fioretti, Editing by Larry King and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-facebook-privacy-eu/facebooks-zuckerberg-faces-eu-parliament-grilling-idUKKCN1IN181 |
May 1 (Reuters) - John Bean Technologies Corp:
* JBT CORPORATION REPORTS FIRST-QUARTER 2018 RESULTS
* Q1 ADJUSTED EARNINGS PER SHARE $0.34 FROM CONTINUING OPERATIONS EXCLUDING ITEMS
* Q1 EARNINGS PER SHARE $0.05 FROM CONTINUING OPERATIONS * Q1 EARNINGS PER SHARE VIEW $0.36 — THOMSON REUTERS I/B/E/S
* Q2 REVENUE VIEW $442.9 MILLION — THOMSON REUTERS I/B/E/S * FY2018 REVENUE VIEW $1.82 BILLION — THOMSON REUTERS I/B/E/S
* QTRLY REVENUE $409.2 MILLION VERSUS $344.5 MILLION * FORECASTS DILUTED EPS FROM CONTINUING OPERATIONS OF $2.80 - $3.00 OR $3.95 - $4.15 ON AN ADJUSTED BASIS FOR 2018
* JOHN BEAN TECHNOLOGIES- Q2 EARNINGS FROM CONTINUING OPERATIONS ESTIMATED AT $0.80 - $0.87/SHARE, OR $1.00 - $1.07/SHARE, ADJUSTED FOR RESTRUCTURING CHARGES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jbt-corp-reports-q1-adjusted-earni/brief-jbt-corp-reports-q1-adjusted-earnings-per-share-0-34-from-continuing-operations-excluding-items-idUSASC09YS4 |
May 25, 2018 / 10:42 AM / Updated 14 minutes ago SE Asia Stocks-Malaysia snaps 4 sessions of fall, Indonesia gains further Reuters Staff 4 Min Read * Malaysia gains over 1 percent * Indonesia rises for fourth session By Binisha Ben May 25 (Reuters) - Malaysian shares rose more than 1 percent on Friday and snapped four straight sessions of fall, as the finance minister's announcement that the government would pay all obligations on 1MDB debt calmed investors. The government will honour all payments on debt raised by insolvent state fund 1Malaysia Development Berhad (1MDB), even though it is unhappy about money missing from the fund, said Finance minister Lim Guan Eng. Malaysian stocks closed the session 1.2 percent higher, but the week 3.1 percent lower, the biggest since September 2015, on concerns of worrying amounts of debts left behind by the previous government. Public Bank Bhd and Tenaga Nasional were the biggest boost with gains of 2.3 percent and 1.9 percent, respectively. Among other Southeast Asian stock markets, Indonesian shares gave up early gains to close 0.5 percent higher, marking their fourth session of gains. Financials accounted for most of the gains with Bank Negara Indonesia (Persero) rising 3.9 percent and Bank Central Asia climbing 0.5 percent. Bank Indonesia's newly sworn-in governor promised on Thursday to focus on stabilising the rupiah in the near term and to be "more pre-emptive" and ahead of the curve on monetary settings. Investors welcomed the statement after weeks of weakness in local assets on the back of capital flight fears. The key Jakarta stock index closed the week 3.3 percent higher, the biggest since the week ended Dec. 30, 2016. An index of the country's 45 most liquid stocks was up 0.5 percent on Friday. Singapore shares closed 0.4 percent lower after data released earlier in the day showed that industrial production rose at a slower-than-expected pace in April month-on-month. For the week, Singapore stocks declined 0.5 percent, in their second weekly drop. Philippine shares closed 0.1 percent lower, dragged by financial and real estate stocks. The peso fell to a fresh 12-year low after the central bank on Thursday announced its second cut in banks' reserve requirement ratio in three months. The Philippine key stock index shed 0.3 percent this week. Vietnam shares closed 2.2 percent lower and Thai stocks ended 0.5 percent higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 1030 GMT Change on the day Market Current Previous close Pct Move Singapore 3513.23 3528.92 -0.44 Bangkok 1741.21 1732.51 0.50 Manila 7647.51 7652.53 -0.07 Jakarta 5975.742 5946.538 0.49 Kuala Lumpur 1797.4 1775.66 1.22 Ho Chi Minh 963.9 985.92 -2.23 Change on year Market Current End 2017 Pct Move Singapore 3513.23 3402.92 3.24 Bangkok 1741.21 1753.71 -0.71 Manila 7647.51 8558.42 -10.64 Jakarta 5975.742 6355.654 -5.98 Kuala Lumpur 1797.4 1796.81 0.03 Ho Chi Minh 963.9 984.24 -2.07 (Reporting by Binisha Ben; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-malaysia-snaps-4-sessions-of-fall-indonesia-gains-further-idUSL3N1SW2HZ |
DALLAS--(BUSINESS WIRE)-- Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2018. For the three months ended March 31, 2018, we reported a net loss applicable to common shares of $0.5 million or ($0.05) per diluted loss per share compared to a net loss applicable to common shares of $5.4 million or ($0.61) per diluted loss per share for the same period ended 2017.
During this period the company adhered to its overall business strategy to focus only on high value assets and with this in mind, we disposed of several underperforming properties. Though this created a slight reduction in revenue, the overall operating income was virtually consistent with the first quarter of 2017. As the company has been redeploying capital in new residential apartment properties, we fully anticipate increases in both revenue and operating income.
Going forward we further believe that operating expenses should remain very manageable as we continue to replace older underperforming assets with newer class A properties.
Revenues
Rental and other property revenues were $31.1 million for the three months ended March 31, 2018. This represents a decrease of approximately $0.4 million, compared to the prior period revenues of $31.5 million. This change, by segment, is an increase in the apartment portfolio of $0.9 million, and a decrease in the commercial portfolio of $1.3 million.
Expense
Property operating expenses were $14.5 million for the three months ended March 31, 2018. This represents a decrease of $1.4 million, compared to the prior period operating expenses of $15.9 million. This change, by segment, is a decrease in the apartment portfolio of $0.2 million, a decrease in the commercial portfolio of $0.9 million and a decrease in the land portfolio of $0.2 million.
Depreciation and amortization expenses were $6.4 million for the three months ended March 31, 2018. This represents an increase of $0.1 million as compared to prior period depreciation of $6.3 million.
Mortgage and loan interest expense was $14.1 million for the three months ended March 31, 2018. This represents a decrease of $1.1 million, as compared to the prior period expense of $15.2 million. The change by segment is an increase in the other portfolio of $0.4 million and a decrease in the apartment portfolio of $1.4 million, and an increase in the commercial portfolio of $0.2 million. Within the other portfolio, the increase is primarily due to $2.3 million of interest expense related to the bonds.
Other income was $3.6 million for the three months ended March 31, 2018. This represents an increase of $2.5 million compared to prior period other income of $1.1 million. This increase is due to forgiveness of debt of $1.5 million during the first quarter and $1.8 million of foreign currency translation gain due to change in currency exchange rate.
Gain on land sales increased for the three months ended March 31, 2018, compared to the prior period. In the current period we sold 62 acres of land for a sales price of $3.0 million and recorded a gain of $1.3 million. For the same period in 2017, we sold 2.49 acres of land for a sales price of $1.1 million and recorded a gain of $0.4 million.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including apartments, office buildings, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. For more information, visit the Company’s website at www.transconrealty-invest.com .
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the Three Months Ended March 31, 2018 2017 (dollars in thousands, except share and par value amounts) Revenues: Rental and other property revenues (including $208 and $190 for the three months ended 2018 and 2017, respectively, from related parties) $ 31,082 $ 31,535 Expenses: Property operating expenses (including $227 and $228 for the three months ended 2018 and 2017, respectively, from related parties) 14,455 15,889 Depreciation and amortization 6,446 6,303 General and administrative (including $1,093 and $732 for the three months ended 2018 and 2017, respectively, from related parties) 2,192 1,780 Net income fee to related party 53 60 Advisory fee to related party 2,748 2,305 Total operating expenses 25,894 26,337 Net operating income 5,188 5,198 Other income (expenses): Interest income (including $3,236 and $3,169 for the three months ended 2018 and 2017, respectively, from related parties) 3,876 3,421 Other income (expense) 1,826 1,442 Mortgage and loan interest (including $318 and $151 for the three months ended 2018 and 2017, respectively, from related parties) (14,093 ) (15,190 ) Foreign currency translation gain (loss) 1,756 (323 ) Earnings (losses) from unconsolidated joint ventures and investees 11 (8 ) Total other expenses (6,624 ) (10,658 ) Loss before gain on land sales, non-controlling interest, and taxes (1,436 ) (5,460 ) Gain on land sales 1,335 445 Net loss from continuing operations before taxes (101 ) (5,015 ) Net loss from continuing operations (101 ) (5,015 ) Net loss (101 ) (5,015 ) Net (income) attributable to non-controlling interest (132 ) (119 ) Net loss attributable to Transcontinental Realty Investors, Inc. (233 ) (5,134 ) Preferred dividend requirement (222 ) (222 ) Net loss applicable to common shares $ (455 ) $ (5,356 ) Earnings per share - basic Net loss from continuing operations $ (0.05 ) $ (0.61 ) Earnings per share - diluted Net loss from continuing operations $ (0.05 ) $ (0.61 ) Weighted average common shares used in computing earnings per share 8,717,767 8,717,767 Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 Amounts attributable to Transcontinental Realty Investors, Inc. Net loss from continuing operations $ (233 ) $ (5,134 ) Net loss applicable to Transcontinental Realty, Investors, Inc. $ (233 ) $ (5,134 ) TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 (unaudited) (audited) (dollars in thousands, except share and par value amounts) Assets Real estate, at cost $ 1,111,346 $ 1,112,721 Real estate subject to sales contracts at cost 45,739 45,739 Less accumulated depreciation (179,100 ) (178,590 ) Total real estate 977,985 979,870 Notes and interest receivable: Performing (including $48,553 in 2018 and $45,155 in 2017 from related parties) 83,342 70,166 Total notes and interest receivable 83,342 70,166 Cash and cash equivalents 40,894 42,705 Restricted cash 55,400 45,637 Investments in unconsolidated joint ventures and investees 2,483 2,472 Receivable from related party 115,734 111,665 Other assets 54,751 60,907 Total assets $ 1,330,589 $ 1,313,422 Liabilities and Shareholders’ Equity Liabilities: Notes and interest payable $ 885,831 $ 892,149 Notes related to real estate held for sale 376 376 Notes related to real estate subject to sales contracts 347 1,957 Bond and bond interest payable 146,888 113,047 Deferred revenue (including $40,584 in 2018 and $40,574 in 2017 to related parties) 60,960 60,949 Accounts payable and other liabilities (including $6,701 in 2018 and $7,236 in 2017 to related parties) 28,249 36,683 Total liabilities 1,122,651 1,105,161 Shareholders’ equity: Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares; issued and outstanding zero shares in 2018 and 2017. Series D: $0.01 par value, authorized, issued and outstanding 100,000 shares in 2018 and 2017 (liquidation preference $100 per share) 1 1 Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2018 and 2017; outstanding 8,717,767 shares in 2018 and 2017 87 87 Treasury stock at cost, 200 shares in 2018 and 2017 (2 ) (2 ) Paid-in capital 268,727 268,949 Retained deficit (80,098 ) (79,865 ) Total Transcontinental Realty Investors, Inc. shareholders' equity 188,715 189,170 Non-controlling interest 19,223 19,091 Total shareholders' equity 207,938 208,261 Total liabilities and shareholders' equity $ 1,330,589 $ 1,313,422
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006796/en/
Transcontinental Realty Investors, Inc.
Investor Relations
Gene Bertcher, 800-400-6407
[email protected]
Source: Transcontinental Realty Investors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-transcontinental-realty-investors-inc-reports-first-quarter-2018-results.html |
UPDATE 1-Bunge files to list Brazilian sugar and ethanol business Published 2 Hours Ago Reuters
(Adds more details on the IPO, confirmation from Brazil's CVM, industry context)
SÃO PAULO, May 15 (Reuters) - Global commodities trader Bunge Ltd has filed for a potential public offering of its sugar and ethanol unit in Brazil, Bunge Açúcar & Bionergia SA, with the Brazilian Securities Commission, the company said on Tuesday.
The U.S. headquartered company said it recently obtained debt financing for the unit, which it has prepared to operate as a stand-alone company.
Bunge said it plans to keep a controlling stake in the company after the IPO, "enabling it to participate in future value creation driven by the stand-alone company's growth and cyclical improvement in global sugar market conditions".
The global sugar market is facing challenging times due to a supply glut that has pushed raw sugar prices to the lowest levels in two and a half years.
Many sugar companies in Brazil are facing low profit margins and high debt.
Bunge has tried to sell its eight Brazilian sugar and ethanol plants for four years, but a separate sale process has failed to attract firm interest from strategic or financial investors.
On May 8, people familiar with the matter told Reuters that the company had hired banks to prepare for a listing in Brazil.
Most of Bunge's mills in Brazil are located in the northern part of Sao Paulo state and in the south of Minas Gerais state. The company has capacity to process around 22 million tonnes of cane per year.
Bunge entered the sugar and ethanol sector in Brazil in 2010, when it bought the holding Moema Participações, which controlled the then six mills.
Brazil's market regulator CVM confirmed Bunge's listing request. The IPO prospectus is not yet available.
(Reporting by Diptendu Lahiri in Bengaluru, Marcelo Teixeira and Tatiana Bautzer in Sao Paulo; Editing by Shounak Dasgupta and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-update-1-bunge-files-to-list-brazilian-sugar-and-ethanol-business.html |
LONDON (Reuters) - Britain called on Tuesday for an investigation after Israeli troops shot dead dozens of Palestinian protesters on the Gaza border.
“There should be an investigation into this,” junior foreign office minister Alistair Burt told parliament. “The United Kingdom has been clear in calling for urgently a need to establish the facts of what happened, including why such a volume of live fire was used ...”
“There are different forms of inquiry that are possible through the United Nations and we have to find the right formula, but it is important to find out all the facts.”
Burt also called for an easing of restrictions on movement in Gaza and international support for infrastructure and development projects there.
Reporting by Estelle Shirbon and Andrew MacAskill; editing by Stephen Addison
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-britain-parliament/britain-calls-for-investigation-into-gaza-violence-idUSKCN1IG1QU |
May 2, 2018 / 10:08 AM / Updated 20 minutes ago REFILE-MOVES-MetLife Investments Asia appoints institutional sales director for Asia Reuters Staff 1 Min Read
(Corrects to Wednesday in first paragraph)
May 2 (Reuters) - A unit of MetLife Inc’s institutional asset management platform on Wednesday appointed Lesley Lo as institutional sales director for Asia excluding Japan.
Lo previously worked at BNP Paribas Asset Management, where she held various senior roles.
She will be responsible for expanding the existing institutional client relationships and building the unit’s asset management business in Asia. (Reporting by Sanjana Shivdas) | ashraq/financial-news-articles | https://www.reuters.com/article/metlife-inc-moves-lesley-lo/moves-metlife-investments-asia-ltd-appoints-institutional-sales-director-for-asia-idUSL3N1S9315 |
SAN DIEGO, May 24, 2018 /PRNewswire/ -- Evofem Biosciences, Inc., (NASDAQ: EVFM) ("Evofem" or the "Company"), a clinical-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health, today announced the closing of its previously announced underwritten public offering of 8.5 million shares of common stock or, in lieu of shares of common stock, pre-funded warrants exercisable for shares of common stock, and accompanying common warrants to purchase an aggregate of 1.7 million shares of common stock. At closing, Evofem received net proceeds from the offering of approximately $36.4 million, after deducting offering expenses. All of the securities in the offering were sold by Evofem.
Evofem intends to use the net proceeds from this offering to fund its ongoing Phase 3 clinical trial of Amphora® (L-lactic acid, citric acid, and potassium bitartrate) vaginal gel for the prevention of pregnancy, which is fully enrolled and from which it expects to report top line results in the first quarter of 2019 and the ongoing Phase 2b clinical trial of Amphora for the prevention of urogenital transmission of chlamydia and gonorrhea in women, as well as for general corporate purposes, funding working capital needs and any necessary capital expenditures.
RBC Capital Markets LLC and Cantor Fitzgerald & Co. acted as joint book-running managers for the offering. Oppenheimer & Co. Inc. acted as lead manager, and Roth Capital Partners acted as co-manager.
A registration statement on Form S-1 relating to the offering was filed with the Securities and Exchange Commission (the "SEC") on May 16, 2018 and was declared effective on May 21, 2018. The offering was made only by means of a prospectus. Evofem's SEC filings are available to the public from the SEC's website at www.sec.gov. Copies of the final prospectus relating to the offering may also be obtained by contacting RBC Capital Markets LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 or by telephone at (877) 822-4089 or by email at [email protected] , or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor New York, New York 10022 or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Evofem Biosciences
Evofem Biosciences, Inc., (NASDAQ: EVFM) is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women's sexual and reproductive health. Evofem is leveraging its proprietary Multi-purpose Prevention Technology vaginal gel to develop product candidates for multiple indications, including contraception, the prevention of urogenital transmission of chlamydia and gonorrhea in women, and recurrent bacterial vaginosis.
Forward-Looking Statements
Statements in this press release about the Company's future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute within the meaning of The Private Securities Litigation Reform Act of 1995. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the Company's control. Important factors that could cause actual results, developments and business decisions are described in the sections titled "Risk Factors" in the Company's filings with the SEC, including its most recent Quarterly Report on Form 10-Q filed with the SEC on May 14, 2018, its Registration Statement on Form S-1 filed with the SEC on May 16, 2018, and its prospectus related to the offering filed with the SEC on May 22, 2018. Forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. These should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
Evofem Biosciences' Contact
Amy Raskopf
Investor Relations
[email protected]
858-550-1900 x167
View original content with multimedia: http://www.prnewswire.com/news-releases/evofem-biosciences-announces-closing-of-public-offering-of-common-stock-and-warrants-300654550.html
SOURCE Evofem Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-evofem-biosciences-announces-closing-of-public-offering-of-common-stock-and-warrants.html |
(Adds background, analyst Quote: )
NEW YORK, May 2 (Reuters) - Interest rates on U.S. Treasury bills rose modestly on Wednesday after the Treasury Department said it planned to introduce a two-month debt issue later this year in an effort to raise more money to fund a growing federal deficit.
The Treasury, which had been widely expected to add a new short-dated maturity, did not offer details on the timing and size of its first two-month bill auction.
Wednesday’s two-month T-bill plan was part of the Treasury’s quarterly refunding announcement for next week when it will sell $73 billion in three-year, 10-year and 30-year debt, raising $33.9 billion in new cash.
“Where the refunding was interesting was that the Treasury confirmed that a 2-month bill would be introduced later this year, but the key operational detail of when such a bill would settle was left to the imagination of market participants,” Aaron Kohli, interest rates strategist at BMO Capital Markets wrote in a research note.
At 10:52 a.m. (1452 GMT), the interest rate on one-month bills was up 1 basis point at 1.66 percent, while the three-month bill rate was little changed at 1.820 percent, Reuters data showed. (Reporting by Richard Leong Editing by Chizu Nomiyama)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-moneymarkets/money-markets-u-s-bill-rates-edge-up-after-treasury-plan-on-2-month-supply-idUSL1N1S90V2 |
May 23, 2018 / 12:52 PM / Updated 16 minutes ago Change policy to scale up climate-smart farming in Africa - experts Isaiah Esipisu 4 Min Read
ISHIARA, Kenya, May 23 (Thomson Reuters Foundation) - Even during the dry season, Venanzio Njiru’s farm stands out as a rare patch of lush greenery in this arid part of east Kenya.
The former Mombasa street hawker’s fields are a mosaic of fruit trees, maize planted in water-holding pits, legumes and sugarcane.
On his two acres, in Embu sub-county in eastern Kenya, Njiru also keeps cattle, chicken, goats, and - despite the dry conditions - fish in water storage ponds.
The diversified farm is an example of “climate-smart agriculture” - farming techniques that help growers and herders continue to make a living, even as climate change brings harsher and more unpredictable conditions.
In Njiru’s area of Kenya, the switch to more diversified agriculture has been driven not just by government extension agents, aid groups and other organisations, but by churches.
“Using very simple techniques, Njiru is one of the very few residents in this area who have sufficient food to feed their families, and have more for the market, despite the tough climatic conditions,” said Wanjiku Wanjohi of Ishiara Parish, a Catholic church in Embu County.
The parish is one of several faith organisations working with residents - particularly small-scale farmers - to identify best practices that could contribute to the creation of new climate change policies in the region.
Development of such policies dominated a recent summit on climate-smart agriculture in Nairobi, where experts said they were the only way of moving from pilot projects to broad use of climate-smart farming.
“We already have enough ideas and innovations. What we lack in many African countries is the implementation framework,” said Richard Munang, who coordinates African climate change programmes for the United Nations Environment Programme (UNEP).
“We need policies to govern climate-smart agriculture, because without policies there cannot be development,” he said.
Kiringai Kamau, executive director of the Centre for Agriculture Networking and Information Sharing at the University of Nairobi, said the key to successful new agriculture policy is data gathered from farmers on the ground.
Evidence gathered so far shows climate-smart agriculture can reduce poverty and cut hunger, said Edith Ofwona, a senior programme specialist at the International Development Research Centre.
The farming practices Njiru has adopted are anchored in a draft climate change policy document, which, for instance, urges the county government of Embu to back more water harvesting infrastructure and urge communities to find ways to harvest water at home.
With water often short, “I had adopt a smart way of surviving,” Njiru said.
Getting government policies backing climate-smart farming adopted is a first step to winning finance to put them into action, government officials said.
“We can only allocate funds for such climate change interventions if they are anchored in some kind of law,” said Nicholas Ngece, the chief environment officer for Embu’s county government.
Munang, of UNEP, said having policies in place can help bring in private finance and ensure banks provide cash to back the efforts.
Besides Embu County, both Kitui and Tharaka Nithi counties are leading the way in developing community-based agricultural policies in Kenya to deal with climate change, officials said. (Reporting by Isaiah Esipisu, Editing by Laurie Goering. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.) | ashraq/financial-news-articles | https://www.reuters.com/article/kenya-climatechange-agriculture/change-policy-to-scale-up-climate-smart-farming-in-africa-experts-idUSL5N1SN3EL |
(Adds details, analyst comments, updates markets)
* First-quarter GDP revised down to 2.2 percent
* Private payrolls rise 178,000 in May
* Goods trade deficit narrows 0.6 percent in April
WASHINGTON, May 30 (Reuters) - U.S. economic growth slowed slightly more than initially thought in the first quarter as consumer spending rose at its weakest pace in nearly five years,
but activity is already picking up against the backdrop of
a tightening labor market and tax cuts.
Gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said on Wednesday in its second estimate of first-quarter GDP, instead of the previously reported 2.3 percent pace. While business spending was stronger than initially estimated, inventory investment was far smaller than the government reported last month.
The economy grew at a 2.9 percent rate in the fourth quarter. Economists expect a $1.5 trillion income tax cut package, which came into effect in January, will spur faster economic growth this year and lift annual GDP growth close to the Trump administration's 3 percent target.
Growth is also expected to get a boost from increased government spending. April data including retail sales, trade and industrial production suggest the economy regained speed early in the second quarter. Growth estimates for the second quarter are above a 3 percent rate.
Economists had expected first-quarter GDP growth would be unrevised at a 2.3 percent pace.
"Growth is set to rev up soon given the deficit-financed tax cuts and a big increase in federal government spending," said Scott Hoyt, a senior economist at Moody's Analytics in West Chester, Pennsylvania.
An alternative measure of economic growth, gross domestic income (GDI) increased at a 2.8 percent rate in the January-March quarter, the fastest since the third quarter of 2016. GDI rose at a 1.0 percent pace in the fourth quarter.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.5 percent rate in the first quarter. That followed a 2.0 percent rate of growth in the prior period.
The income side of the growth ledger was boosted by after-tax corporate profits, which surged at a 5.9 percent rate last quarter after rising at a 1.7 percent pace in the fourth quarter. The government slashed the corporate tax rate to 21 percent from 35 percent effective January.
Wages and salaries also got a lift from lower tax rates, increasing $119.5 billion in the first quarter, an upward revision of $3.1 billion from earlier estimates.
STRONG LABOR MARKET
Separately, the ADP national employment report on Wednesday showed private sector payrolls increased by 178,000 jobs in May after rising 163,000 in April. The data was released ahead of the government's more comprehensive employment report on Friday.
According to a Reuters survey of economists, nonfarm payrolls likely increased by 188,000 jobs this month after gaining 164,000 in April. The unemployment rate is forecast unchanged at a near 17-1/2-year low of 3.9 percent.
"Job growth is still strong for this stage of the expansion but slowing as businesses are having a difficult time finding qualified workers to fill open positions," said Scott Anderson, chief economist at Bank of the West in San Francisco.
Steady growth and a robust labor market are seen encouraging the Federal Reserve to raise interest rates next month. The U.S. central bank increased borrowing costs in March and forecast at least two more rate hikes for this year.
U.S. financial markets were little moved by the data as investors keep a wary eye on political developments in Italy. The dollar fell against a basket of currencies and prices for U.S. Treasuries were trading lower. Stocks on Wall Street rose.
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, braked to a 1.0 percent rate in the first quarter, rather than the previously reported 1.1 percent pace. It was the slowest pace since the second quarter of 2013 and followed the fourth quarter's robust 4.0 percent rate.
Businesses accumulated inventories at a $20.2 billion rate, instead of the $33.1 billion pace estimated last month. Inventory investment contributed 0.13 percentage point to GDP growth instead of 0.43 percentage point. The smaller inventory build bodes well for second-quarter GDP growth.
The trade deficit in the first three months of the year was a bit bigger than initially thought and had no impact on the GDP growth rate. Trade was previously estimated to have added 0.20 percentage point to output.
It could contribute to GDP growth in the second quarter as another report from the Commerce Department showed the goods trade deficit falling 0.6 percent to $68.2 billion in April.
Business spending on equipment was revised up to a 5.5 percent growth rate in the January-March quarter from the 4.7 percent pace estimated last month. That was still a moderation in investment following double-digit growth in the second half of 2017. April durable goods data suggested business spending on equipment is likely to slow further in the second quarter.
Investment in homebuilding fell at a 2.0 percent rate in the first quarter instead of being unchanged as reported last month.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-wrapup-2-u-s-first-quarter-growth-trimmed-on-weak-consumer-spending.html |
May 21, 2018 / 3:35 PM / Updated 3 hours ago Dova Pharma's blood disorder drug gets FDA approval Reuters Staff 2 Min Read
(Reuters) - The U.S Food and Drug Administration said on Monday it had approved Dova Pharmaceuticals Inc’s drug to treat low blood platelet count in chronic liver disease (CLD) patients, who are scheduled to undergo a medical procedure. A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo
The drug to treat thrombocytopenia belongs to a class of treatments called thrombopoietin receptor agonists (TPO RA), which stimulate platelet production, and is the first such treatment to be approved by the FDA for CLD patients.
Thrombocytopenia is a common complication seen in chronic liver disease patients caused by a low blood platelet count, which may result in severe bleeding.
A blood platelet transplant is commonly recommended for thrombocytopenia patients undergoing medical procedures such as liver biopsy.
“This drug may decrease or eliminate the need for platelet transfusions, which are associated with risk of infection and other adverse reactions,” said Richard Pazdur, acting director of the Office of Hematology and Oncology Products in the FDA’s Center for Drug Evaluation and Research.
Japan-based Shionogi & Co Ltd is developing a similar drug and an FDA decision is due by late August.
Shares of Dova were halted on the Nasdaq. Reporting by Manas Mishra and Sharnya G in Bengaluru; Editing by Sai Sachin Ravikumar and Anil D'Silva | ashraq/financial-news-articles | https://uk.reuters.com/article/us-dova-pharms-fda/fda-approves-dova-pharmas-blood-disorder-drug-idUKKCN1IM1QQ |
TAMPA, Fla., May 14, 2018 /PRNewswire/ -- BJ Beltram, Inc., a portfolio company of Trivest Partners, announces it has acquired Louis Wohl and Sons, Inc. ("Louis Wohl" or the "Company"). Founded in 1897 and headquartered in Tampa, FL, Louis Wohl provides equipment, supplies, and design services to the foodservice industry. Over the Company's 120 year history, it has grown both organically and through acquisitions to become a leader in its served markets. Louis Wohl's services include design/build capabilities, foodservice design consultancy and the wholesale distribution of supplies and equipment to hospitality, restaurant, healthcare and other customers requiring food preparation capabilities.
Jorge Gross, Jr., Partner at Trivest, said, "We are very excited about our partnership with Louis Wohl. It fits with our long term strategy to execute add-on acquisitions, add scale and build one of the leading foodservice equipment distributors in the U.S."
The Louis Wohl purchase represents BJ Beltram's first acquisition as a Trivest portfolio company, and the Company intends to continue to pursue additional add-on opportunities to build scale and expand geographies.
About BJ Beltram:
BJ Beltram was formed in May 2017 and consists of two leading foodservice equipment (FSE) distributors: B&J Food Service Equipment, based in Kansas City, KS and Beltram Foodservice Group, based in Tampa, FL. BJ Beltram offers new and pre-owned commercial restaurant equipment, kitchen supplies, smallwares, furniture and design/project management services. The Company serves a diversified customer base primarily in the restaurant, lodging, education and healthcare industries. The Companies have built exceptional reputations for customer service and satisfaction in their respective markets and the combination of the two provides cross-selling of value-added capabilities and enhanced service efficiency. For additional information, please visit www.beltram.com .
About Trivest Partners:
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 250 transactions, totaling in excess of $6.0 billion in value. For additional information, please visit www.trivest.com .
View original content: http://www.prnewswire.com/news-releases/bj-beltram-inc-portfolio-company-of-trivest-partners-acquires-louis-wohl-and-sons-inc-300647935.html
SOURCE Trivest Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-bj-beltram-inc-portfolio-company-of-trivest-partners-acquires-louis-wohl-and-sons-inc.html |
May 10 (Reuters) - AGNC Investment Corp:
* AGNC INVESTMENT CORP. DECLARES MONTHLY COMMON STOCK DIVIDEND OF $0.18 PER COMMON SHARE FOR MAY 2018 AND ANNOUNCES ESTIMATED TANGIBLE NET BOOK VALUE OF $18.58 PER COMMON SHARE AS OF APRIL 30, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agnc-investment-declares-monthly-c/brief-agnc-investment-declares-monthly-common-stock-dividend-of-0-18-per-common-share-for-may-2018-idUSFWN1SH1J0 |
BERLIN (Reuters) - The planned Nord Stream 2 gas pipeline from Russia to Germany raises U.S. intelligence and military concerns since it would allow Moscow to place new listening and monitoring technology in the Baltic Sea, a senior U.S. official said on Thursday.
FILE PHOTO: The logo of the Nord Stream-2 gas pipeline project is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo Sandra Oudkirk, Deputy Assistant Secretary of State for Energy Diplomacy, said in Berlin she would meet German officials to voice Washington’s concerns about the subsea project.
A consortium of western companies and Russia’s Gazprom said this week it was starting preparatory work off Germany’s Baltic coast.
Oudkirk told reporters the U.S. Congress had given the president new authority to impose sanctions against a variety of Russian pipeline projects.
Any companies involved were in “an elevated position of sanctions risk”, she said. However, she added that Washington was focused on using diplomatic means to halt Nord Stream 2, one of several Russian projects to export gas to western Europe via routes avoiding Ukraine, with which Moscow is involved in a series of disputes.
The U.S. push came a day before Chancellor Angela Merkel travels to Sochi to meet Russian President Vladimir Putin for talks that will touch on Nord Stream 2, as well as the U.S. decision to withdraw from the Iran nuclear deal.
The German government’s point man for Russia, Dirk Wiese, said it would continue to look for “islands of cooperation” with Russia, including a continued commitment to the Iranian nuclear accord, despite differences over Ukraine and EU sanctions.
He said Germany viewed Nord Stream 2 as primarily a commercial project, but saw the need to consider the interests of Ukraine as a gas transit country, and of countries in Central and Eastern Europe.
Oudkirk said Washington’s objections included past Russian moves to turn off gas supplies to Ukraine and other countries, adding that it would perpetuate “vulnerabilities” in Russian-European ties for another 30 to 40 years.
The United States also opposes the TurkStream land pipeline that would run through Turkey for the same reasons, she said.
MILITARY THREAT She said the Baltic was a congested, sensitive military area. “When we look at the ability of governments and companies to use infrastructure deployments as a means to convey devices and technologies that can listen and follow and monitor, that is a concern with regard to this particular undersea pipeline project in the Baltic Sea,” she added.
“The new project would permit new technologies to be placed along the pipeline route and that is a threat.”
Oudkirk rejected suggestions that Washington is opposing the pipeline to help U.S. liquefied natural gas exports.
The Nord Stream 2 project has said it will tap banks for financing in the fourth quarter of 2018 or early next year.
Denmark must still rule on whether the pipeline can be built near its coast, and other routine permissioning processes are still under way in Sweden and Russia.
Oudkirk said Washington supported the planned Danish-Polish Baltic Pipe because it would diversify sources and routes. The pipeline, to be built by 2022, is aimed at reducing reliance on Russian gas.
Gazprom’s Western partners are energy companies Uniper, Wintershall, Engie, Austria’s OMV and Anglo-Dutch group Shell.
Reporting by Andrea Shalal; Additional reporting by Andreas Rinke; Writing by Andrea Shalal and Michael Nienaber; Editing by Madeline Chambers and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-germany-russia-pipeline/russian-gas-pipeline-to-germany-raises-intelligence-concerns-u-s-official-idUSKCN1II0YV |
(Editor’s note: Language in the third paragraph might offend some readers)
(Reuters) - Mark Williams stayed true to his word after clinching his third world snooker title on Monday by conducting his post-match news conference naked.
The 43-year-old, who had promised to strip off if he won, beat Scotland’s John Higgins 18-16 in a dramatic final to become the event’s oldest winner for 40 years.
“It’s an unbelievable story, 12 months ago I was thinking of chucking it. Here I am winning the 2018 World Championships ... bollock naked,” said Williams.
“Where has it come from? Unbelievable 12 months. If I never win another tour or my form goes downhill I don’t care. I’ve just done something I thought I’d never ever do.”
The three-times world champion looked forward to returning to the Crucible next year and promised to outdo himself if he defended his title.
“I’m just looking forward to coming back next year, I’m not going to say anything stupid and end up like this but to be honest if I won this next year I’d cartwheel down here naked.”
Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://in.reuters.com/article/us-snooker-world/welshman-williams-reflects-on-world-title-win-naked-idINKBN1I90MM |
May 3 (Reuters) - Leidos Holdings Inc:
* LEIDOS HOLDINGS, INC. REPORTS FIRST QUARTER FISCAL YEAR 2018 RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $1.03
* Q1 EARNINGS PER SHARE $0.66 * Q1 REVENUE $2.44 BILLION VERSUS I/B/E/S VIEW $2.55 BILLION
* Q1 EARNINGS PER SHARE VIEW $1.03 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $4.15 TO $4.50
* SEES FY 2018 REVENUE $10.25 BILLION TO $10.65 BILLION * NET BOOKINGS TOTALED $2.5 BILLION IN QUARTER, REPRESENTING A BOOK-TO-BILL RATIO OF 1.02
* COMPANY’S BACKLOG AT END OF QUARTER WAS $17.6 BILLION
* AFFIRMS PREVIOUSLY ISSUED FISCAL YEAR 2018 GUIDANCE * FY2018 EARNINGS PER SHARE VIEW $4.40, REVENUE VIEW $10.47 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-leidos-holdings-reports-q1-earning/brief-leidos-holdings-reports-q1-earnings-per-share-0-66-idUSASC09ZE1 |
Top American and North Korean officials are holding a full day of meetings in New York on Thursday aimed at deciding whether a summit between President Donald Trump and North Korean leader Kim Jong Un can be salvaged.
Ahead of the meetings, Secretary of State Mike Pompeo and the North's former military intelligence chief, Kim Yong Chol, had dinner Wednesday night. Kim had flown in from Beijing and Pompeo from Washington.
It's the highest-level official North Korean visit to the United States in 18 years.
Kim, the former military intelligence chief and one of the North Korean leader's closest aides, landed midafternoon Wednesday on an Air China flight from Beijing.
During his unusual visit, Kim had dinner for about an hour and a half with Pompeo. The two planned a "day full of meetings" Thursday, the White House said. Their talks will be aimed at determining whether a meeting between Trump and Kim Jong Un, originally scheduled for June 12 but later canceled by Trump, can be restored, U.S. officials have said.
"Good working dinner with Kim Yong Chol in New York tonight," Pompeo tweeted Wednesday. "Steak, corn, and cheese on the menu."
The talks come as preparations for the highly anticipated summit in Singapore were barreling forward on both sides of the Pacific Ocean, despite lingering uncertainty about whether it will really occur, and when. As Kim and Pompeo met in New York, other U.S. teams were meeting with North Korean officials in Singapore and in the heavily fortified Korean Demilitarized Zone.
"If it happens, we'll certainly be ready," White House spokeswoman Sarah Huckabee Sanders said of the Singapore summit. Regarding the date for the meeting, she added, "We're going to continue to shoot for June 12th."
North Korea's flurry of diplomatic activity following a torrid run in nuclear weapons and missile tests in 2017 suggests that Kim Jong Un is eager for sanctions relief to build his economy and the international legitimacy the summit with Trump would provide. But there are lingering doubts on whether Kim will ever fully relinquish his nuclear arsenal, which he may see as his only guarantee of survival in a region surrounded by enemies.
Pompeo, Trump's former CIA chief, has traveled to Pyongyang twice in recent weeks for meetings with Kim Jong Un, and has said there is a "shared understanding" between the two sides about what they hope to achieve in talks. South Korean media speculated that Pompeo could make a third trip to Pyongyang and that Kim Yong Chol was carrying a personal letter from Kim Jong Un and might push to travel to Washington to meet with Trump.
North Korea's mission to the United Nations in New York is its sole diplomatic presence in the United States. That suggests Kim might have chosen to first go to New York because it would make it easier for him to communicate with officials in Pyongyang, North Korea's capital. North Korea and the United States are still technically at war and have no diplomatic ties because the 1950-53 Korean War ended with an armistice, not a peace treaty.
Trump views a summit as a legacy-defining opportunity to make the nuclear deal that has evaded others, but he pledged to walk away from the meeting if he believed the North wasn't serious about discussing dismantling its nuclear program.
After the North's combative statements, there was debate inside the Trump administration about whether it marked a real turn to belligerence or a feint to see how far Kim Jong Un could push the U.S. in the lead-up to the talks. Trump had mused that Kim's "attitude" had changed after the North Korean leader's surprise visit to China two weeks ago, suggesting China was pushing Kim away from the table. Trump's open letter to Kim last week canceling the summit, the aides said, was designed to pressure the North on the international stage for appearing to have cold feet.
White House officials maintain that Trump was hopeful the North was merely negotiating but that he was prepared for the letter to mark the end of the two-month flirtation. Instead, the officials said, it brought both sides to the table with increasing seriousness, as they work through myriad logistical and policy decisions to keep June 12 a viable option for the summit.
Kim Yong Chol is a vice chairman of the North Korean ruling party's central committee. The last official of his stature to visit the United States was Jo Myong Rok, the late first vice chairman of the National Defense Commission, who visited Washington in 2000, South Korea's Unification Ministry said.
The White House emphasized that it has remained in close contact with South Korean and Japanese officials as preparations for the talks continue. Sanders said Trump will host Japanese Prime Minister Shinzo Abe of Japan on June 7 to coordinate their thinking ahead of the summit. Trump hosted South Korean President Moon Jae-in last week.
Moon, who has lobbied hard for nuclear negotiations between Trump and Kim Jong Un, held a surprise meeting with the North Korean leader on Saturday in an effort to keep the summit alive. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/us-north-korea-meetings-in-new-york-aimed-at-salvaging-summit.html |
ATLANTA, May 3, 2018 /PRNewswire/ -- Dinova, Inc., a business dining marketplace, today announced the appointment of Alison Galik as President. In this role, Galik will be responsible for leading the day-to-day operations as well as executing the company's strategic plan and future growth.
"We are extremely pleased to welcome Alison into the Dinova family," said Vic Macchio, Founder, Executive Chairman, and Chief Strategy Officer at Dinova. "Alison embodies the best of our values, drive and focus as a company. She is ideally suited to lead Dinova into our next phase as we grow and enhance every aspect of operations and execution."
Galik brings more than 20 years of global business leadership in corporate travel management and technology. Among her accomplishments, Galik was most recently President at Vibe HCM Inc., where she was responsible for the success of the human capital management software firm.
Prior to Vibe, Galik was Executive Vice President at Nashville-based InnLink, where she presided over a $10 million central reservation services business serving 3,500+ independent hotel customers. Her success there led to the acquisition of InnLink by Sabre Hospitality Solutions. Galik's career runs deep in the corporate travel management space, having held executive positions at Rosenbluth International, American Express, StarCite and Lanyon Solutions. "I'm both honored and excited to be joining Dinova. Business dining is the third largest corporate T&E expense and Dinova's winning marketplace model for both corporate clients and restaurants is a legacy I'm proud to be part of," said Ms. Galik.
Michael Ramich, Partner of Frontier Capital, the growth equity firm that invested in Dinova one year ago, said that adding a seasoned executive in the travel technology space is key to Dinova's strategy and future growth. "Alison has the combination of industry experience and a deep relationship with Frontier Capital, holding previous positions with Frontier investments Lanyon and Vibe HCM, to achieve the ambitious goals."
Galik holds a bachelor's degree in Management and Marketing from Rutgers University, and an MBA from Temple University. She will work from Dinova's headquarters office in Johns Creek, Georgia.
Connect with us: Twitter ; Facebook ; LinkedIn
Media Contact:
Heather Thompson
Phone: 678-684-2257
Email: [email protected]
Dinova ( www.dinova.com ) is the only company providing an innovative, proprietary marketplace exclusively focused on connecting expense account diners to quality restaurants nationwide. Dinova influences more than $7 billion annually in business meals and entertainment expenses. Participating companies range from millions of small to medium sized businesses to hundreds of Fortune 500 enterprises, and its 14,000+ restaurant network includes local independents as well as national full-service and limited-service restaurant brands, encompassing all price levels and cuisines.
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high-growth companies. For more information, please visit frontiercapital.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/dinova-names-alison-galik-as-president-300641907.html
SOURCE Dinova, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-dinova-names-alison-galik-as-president.html |
EU finmins strike deal on overhaul of banking capital rules 11:16am EDT - 01:44
EU finance ministers reached an agreement on Friday on reforming bank capital rules. As David Pollard reports, the summit in Brussels also heard Britain say it will demand repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to the EU's Galileo satellite navigation programme.
EU finance ministers reached an agreement on Friday on reforming bank capital rules. As David Pollard reports, the summit in Brussels also heard Britain say it will demand repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to the EU's Galileo satellite navigation programme. //reut.rs/2KW0QJR | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/eu-finmins-strike-deal-on-overhaul-of-ba?videoId=430232982 |
'Sesame Street' Makers Lose 'Happytime Murders' Lawsuit Melissa McCarthy and co-stars in "The Happytime Murders." STX Entertainment via YouTube By Emily Price 3:18 PM EDT
A judge has ruled against the makers of children’s program Sesame Street in a lawsuit regarding the upcoming film, The Happytime Murders , starring Melissa McCarthy.
Filed last week, the suit hinged on the tagline for the film “No sesame. All street,” which Sesame Street creators said would lead the public to believe that the R-rated film is supported by the children’s program.
The Happytime Murders stars McCarthy as a detective who is investigating a series of puppet murders. The film is directed by Brian Henson, the son of former Sesame Street puppeteer Jim Henson.
U.S. District Judge Vernon Broderick ruled that Sesame Workshop did not prove that the public was confused nor that parents or sponsors were complaining about the use of the line, the AP reports . The Happytime Murders will be able to continue to use the tagline going forward with promotion for the film.
“We fluffing love Sesame Street and we’re obviously very pleased that the ruling reinforced what STX’s intention was from the very beginning — to honor the heritage of The Jim Henson Company’s previous award-winning creations while drawing a clear distinction between any Muppets or Sesame Street characters and the new world Brian Henson and team created,” STX, the production company behind the film, said in statement. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/the-happytime-murders-movie-lawsuit/ |
JAKARTA, Indonesia—Indonesian police say they have killed 14 terrorist suspects and arrested 60 others in a crackdown following deadly suicide bombings last week linked to Islamic State.
Police Chief Tito Karnavian told reporters Tuesday that officers killed suspects who resisted arrest during raids that he said took place primarily on Indonesia’s main island of Java and on the neighboring island of Sumatra. Police discovered bombs ready for use and bomb-making materials, he said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/indonesian-police-kill-14-terror-suspects-in-crackdown-following-suicide-bombings-1526994293 |
* March exports up 2.2 pct y/y vs Reuters poll of 1.7 pct rise * March imports down 9.6 pct y/y vs poll forecast of 3.3 pct drop * Trade surplus 14.7 bln rgt vs poll forecast of 9.9 bln rgt * Exports to China down 4.7 pct, fall 0.1 pct to the United States KUALA LUMPUR, May 4 (Reuters) - Malaysia's exports in March rebounded after a slowdown to rise 2.2 percent from a year earlier, underpinned by higher shipments of manufactured goods, government data showed on Friday. Export growth was above the 1.7 percent rise forecast by a Reuters poll, and up from the 2 percent decline in February, when shipments took a hit during the Lunar New Year break. The country's exports in March totalled 84.5 billion ringgit, the highest monthly export value ever recorded, the International Trade and Industry Ministry said in a statement. The growth in exports was mainly driven by higher shipments of manufactured goods, particularly electrical and electronic products, the ministry's data showed. Manufactured goods account for more than 80 percent of Malaysia's exports. Imports in March, however, declined 9.6 percent year-on-year, at their weakest annual pace since September 2009, when they dropped 19.9 percent. Imports of intermediate goods, which account for 52.8 percent of total imports, fell 14.4 percent from a year earlier in March. Imports of capital and consumption goods also posted declines, the data showed. Malaysia reports trade data in ringgit. March's trade surplus widened to 14.7 billion ringgit ($3.74 billion), compared with 9 billion ringgit in February. Exports to China, a major trading partner, remained tepid, falling 4.7 percent year-on-year in March. Shipments to the United States also declined marginally by 0.1 percent from a year earlier, due to lower exports of commodities, electrical and electronic products. For the first quarter of 2018, exports grew 5.8 percent, but imports fell 0.8 percent, compared with the corresponding period last year. KEY DATA (Exports and imports in percent, trade in billions of ringgit) March Feb Jan Dec Nov Oct Sept Aug Exports 84.5 70.3 82.9 79.3 83.5 82.4 78.3 82.2 y/y% 2.2 -2.0 17.9 4.7 14.4 18.9 14.8 21.5 Imports 69.8 61.3 73.2 72.1 73.6 71.9 69.7 72.4 y/y% -9.6 -2.8 11.6 7.9 15.2 20.9 15.2 22.6 Balance 14.7 9.0 9.7 7.3 10.0 10.6 8.6 9.9 MAIN EXPORTS March 2018 % of % change (bln rgt) total vs year ago Electrical & 31.8 37.7 8.7 Electronic Products Chemicals and 6.6 7.8 7.8 chemicals products Petroleum products 5.0 5.9 -24.6 Palm oil & Palm-based 4.1 4.8 -7.5 products Machinery 4.1 4.8 4.9 Manufactures of metal 3.8 4.5 17.6 Crude petroleum 3.6 4.3 18.4 Liquefied natural gas 3.3 3.9 -3.3 Optical and 2.9 3.4 -0.2 scientific equipment Rubber products 2.3 2.7 -10.5 EXPORT MARKETS March 2018 % of % change (bln rgt) total vs year ago China 10.4 12.4 -4.7 Singapore 11.2 13.3 -4.3 USA 7.9 9.4 -0.1 Japan 6.7 7.9 -3.5 Thailand 4.7 5.6 9.5 ($1 = 3.9330 ringgit) (Reporting by Rozanna Latiff; Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-economy-trade/malaysias-march-export-growth-rebounds-up-2-2-pct-y-y-idUSL3N1SB1DK |
PARIS--(BUSINESS WIRE)--
Regulatory News:
Lagardere SCA (Paris:MMB):
Pursuant to Article 241-2 of the AMF General Regulations (Règlement Général de l’Autorité des marchés financiers), the purpose of this description is to present the objectives and terms of the Company’s share buyback program approved by the General Partners and the Shareholders of the Company.
1° - Date of the shareholders’ meeting having authorized the program
3 May 2018
2° - Allotment by objectives of the shares held by the Company as of 7 May 2018
Award to employees and officers of the Company and of entities
or groups related to it:
1,125,778
0.86%
Market making activities : 149,000 0.11% Total :
1,274,778
0.97 %
3° - Open positions in derivatives as of 7 May 2018
None
4° - Characteristics of the 2018 – 2019 program
Objectives pursued:
to reduce the share capital by cancelling all or some of the shares purchased; to award free shares to employees and officers of the Company and of entities or groups related to it within the meaning of articles L. 225-197-1 et seq. of the French Commercial Code; to allocate shares upon the exercise of share options; to set up any company or group savings scheme (or similar plan) under the conditions provided for by law, notably articles L. 3332-1 et seq. of the French Labour Code (Code du travail), including by way of awarding the shares free of consideration as part of the Company's employer contribution and/or in replacement of the discount, in accordance with the applicable laws and regulations; to award or transfer shares to employees as part of a profit-sharing scheme; to award shares to employees and officers of the Company and of entities or groups related to it for any other purpose permitted by the applicable laws and regulations; to allocate shares upon the exercise of rights attached to securities that give access, by any means whatsoever, to the Company's share capital; to promote liquidity in the Company's shares under liquidity contracts that comply with a code of conduct recognised by the AMF entered into with independent investment services providers; to hold the shares for subsequent exchange or payment as consideration for external growth transactions, a merger, demerger or asset contribution; and, more generally, to carry out any other transaction permitted by the applicable laws and regulations and, in particular, the market practices accepted by the AMF.
Maximum percentage of the share capital, maximum number and characteristics of the titles which can be purchased:
10 % of the share capital, i.e., 13,113,328 shares based on the current share capital.
Considering the 1,274,778 shares held by the Company as of 7 May 2018, a maximum of 11,838,550 shares (9.03 % of the share capital) could be purchased, assuming that the Company does not cancel or transfer any of these shares.
The shares may be purchased, sold or otherwise transferred in one or several transactions at any time – apart from during the blackout periods provided for in paragraphs b) and c) of article 4.1 of the EU Commission Delegated Regulation 2016/1052 or during a public tender offer for the Company's shares – on or off-market or over the counter, by any means permitted under the applicable laws and regulations, including through block purchases or sales and the use of derivatives.
Maximum unit purchase price: EUR 40 (the Managing Partners having full powers to adjust this amount to take into account the impact on the share price of any corporate actions)
Maximum amount of purchase: EUR 500,000,000
5° - Term of the share buyback program
18 months as of the General Meeting, i.e., until 3 November 2019.
The present publication is available on the website of the Company ( www.lagardere.com ) in the section Investor Relations/Regulated Information.
LAGARDERE SCA
French partnership limited by shares (société en commandite par actions) with a share capital of €799,913,044.60
Divided into 131,133,286 shares of €6.10 par value each
Registered office: 4, rue de Presbourg, 75016 Paris, France
Telephone: + 33 (0)1 40 69 16 00
Registered with the Paris Trade and Companies Registry under number 320 366 446
Website: www.lagardere.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005726/en/
Lagardere SCA
Source: LAGARDERE SCA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-description-of-the-lagardere-sca-share-buyback-program-2018--2019.html |
NEW YORK--(BUSINESS WIRE)-- William H. Sadlier, Inc. (“Sadlier”) (OTCPNK:SADL), a leading publisher of educational materials, announced that its Board of Directors, at a meeting of the Board on March 22, 2018, declared a dividend of $1.15 per share of its Common Stock payable on June 22, 2018 to holders of record at the close of business on May 17, 2018.
About Sadlier
William H. Sadlier, Inc. is a recognized and respected publisher of print and digital educational materials for Pre K–12. Since 1832, Sadlier’s pursuit of excellence has been driven by a commitment to meet the needs of the educational community. Sadlier programs offer strong instructional support to help students reach their full potential — in school and throughout life.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005379/en/
William H. Sadlier, Inc.
Samuel A. Judd, Chief Financial Officer & Treasurer
212-312-6110
[email protected] .
Source: William H. Sadlier, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-william-h-sadlier-inc-announces-dividend.html |
May 3 (Reuters) -
* ENGAGE THERAPEUTICS DOSES FIRST PATIENT IN PHASE 2B TRIAL OF EPILEPSY SEIZURE RESCUE THERAPY STACCATO® ALPRAZOLAM Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-engage-therapeutics-doses-first-pa/brief-engage-therapeutics-doses-first-patient-in-phase-2b-trial-of-epilepsy-seizure-rescue-therapy-staccato-alprazolam-idUSASC09ZHR |
May 9, 2018 / 12:09 AM / Updated 43 minutes ago China, Japan and South Korea highlight unity amid North Korea moves Kiyoshi Takenaka , Nobuhiro Kubo 5 Min Read
TOKYO (Reuters) - China, Japan and South Korea agreed on Wednesday to cooperate in seeking the denuclearisation of the Korean peninsula, with Japanese Prime Minister Shinzo Abe saying recent positive momentum must be matched by “concrete action” by North Korea.
North Korea, which has been pursuing nuclear and missile programmes in defiance of U.N. Security Council resolutions, figured prominently in talks between the three leaders in Tokyo after South Korean President Moon Jae-in’s historic meeting last month with the North’s Kim Jong Un.
Kim is expected to have a summit soon with U.S. President Donald Trump.
Leaders of the three Asian powers, whose ties have been strained by territorial and historical disputes, also touched on economics in the face of U.S. trade pressure on China and Japan.
Abe praised efforts by Moon and China to engage North Korea and said further efforts on denuclearisation were essential.
“We must take the recent momentum towards denuclearisation on the Korean peninsula and towards peace and security in Northeast Asia, and, cooperating even further with international society, make sure this is linked to concrete action by North Korea,” Abe told a news conference after the meeting.
Chinese Premier Li Keqiang also attended the three-way summit, which was last held in Seoul in 2015.
Moon said the three countries agreed to highlight unity as the two Koreas moved towards a permanent peace settlement. Related Coverage Japan says to normalise North Korea ties if nuclear, abduction issues are solved
“Above all, we reached the consensus that complete denuclearisation of the Korean peninsula, a permanent peace settlement and improvement of South-North relations is very important for peace and prosperity of Northeast Asia,” Moon said.
North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a treaty.
In talks with Moon later on Wednesday, Abe expressed Japan’s concern that pressure on North Korea might be lifted too early as a “reward” for its shutting down its nuclear test site or halting missile launches.
Abe called for additional, specific action, a spokesman for South Korea’s presidential office said in a Tokyo briefing.
Moon assured Abe that no such steps would be taken without conferring with the United Nations, the United States and others. Japan's Prime Minister Shinzo Abe, South Korea's President Moon Jae-in and Chinese Premier Li Keqiang attend the 6th JAPAN-CHINA-KOREA Business Summit in Tokyo, Japan May 9, 2018. REUTERS/Toru Hanai TRADE PRESSURE AND DEALS
Trump’s trade pressure on China and Japan, the world’s second and third-largest economies, appeared to have had an impact as Li urged swifter discussions on regional free trade deals, such as a Regional Comprehensive Economic Partnership backed by Beijing.
“We are all beneficiaries of free trade and even though various issues have emerged, these should not stand in the way,” Li said. “Through actual behaviour, let’s show that we three nations support engaging in free trade.”
Before a meeting as part of Li’s state visit to Japan - the first such visit by a Chinese premier since 2010 - Abe said he wanted to raise bilateral ties to a new level and visit China later this year.
After their talk, Abe and Li oversaw the signing of an agreement to set up a security hotline to defuse possible maritime incidents that could spark tensions.
The pact, a decade in the making, also provides for regular meetings between defence officials and a mechanism for their naval vessels to communicate at sea to avert maritime incidents.
In remarks to journalists, both men hailed warming ties between their countries with Li saying better relations between them was contributing to global stability and development.
Diplomatic relations between the two nations, clouded by Japan’s occupation of parts of China before and during World War Two, have gradually improved after deteriorating sharply in 2012, when Tokyo nationalised a cluster of disputed East China Sea islets that China also claims.
As the meeting’s host, Abe has won an opportunity to project himself in a leadership role and move beyond domestic woes such as suspected cronyism scandals, falling support rates and calls for his finance minister to quit. Slideshow (13 Images)
Japan fears it may be left out of North Korean negotiations, with Abe and Kim yet to set up a summit.
In comments aimed at a domestic audience, Abe said Japan would normalise ties with North Korea if the issue of Japanese abducted by Pyongyang to train spies, a key plank of his political platform, was comprehensively resolved. Additional reporting by Christine Kim in Seoul, Writing by Elaine Lies and Malcolm Foster; Editing by Clarence Fernandez and Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-summit/china-japan-and-south-korea-to-highlight-unity-amid-north-korea-moves-idUKKBN1IA00N |
CHICAGO--(BUSINESS WIRE)-- LSC Communications (NYSE: LKSD) and R.R. Donnelley & Son’s Company (NYSE: RRD) (“RRD”) announced today that they have entered into a definitive agreement for LSC Communications to acquire the Print Logistics component of RRD’s Logistics business. RRD’s Print Logistics capabilities include a range of logistics services and technologies to optimize the print distribution and mail supply chain, including solutions that drive postal discounts. The acquisition is expected to close in Q3 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502005554/en/
President of LSC Logistics, George Zengo, commented, “As we continue to strengthen LSC’s logistics solution offering, the combination of RRD’s Print Logistics with our recent acquisitions of Fairrington and The Clark Group greatly expands our national footprint. This gives LSC the natural synergies and scale to improve service and add more value to our current client base, as well as extends our reach deeper into a variety of other industries.”
Dan Knotts, RRD’s President and Chief Executive Officer stated, “The sale of our Print Logistics business represents a significant step forward in our strategic transformation as a marketing and business communications company. This transaction allows us to focus on executing our core strategy of helping our clients more effectively manage the complexities of personalized marketing and sustain meaningful connections with their customers across the full customer journey.”
This represents LSC’s third acquisition in the logistics space in the past 12 months as the Company continues to execute its strategic focus on expanding its print and non-print distribution capabilities.
About LSC Communications
With a rich history of industry experience, innovative solutions and service reliability, LSC Communications (NYSE: LKSD) is a global leader in print and digital media solutions. The company’s traditional and digital print-related services and office products serve the needs of publishers, merchandisers and retailers around the world. With advanced technology and a consultative approach, LSC’s supply chain solutions meet the needs of each business by getting their content into the right hands as efficiently as possible.
About RRD
RRD is a leading global provider of multichannel business communications services and marketing solutions. With more than 50,000 clients and nearly 43,000 employees across 34 countries, RRD offers the industry’s most comprehensive portfolio of solutions designed to help companies – from Main Street to Wall Street – optimize customer engagement and streamline business operations across the complete customer journey. RRD offers a comprehensive portfolio of capabilities, experiences and scale that enables organizations around the world to create, manage, deliver and optimize their marketing and business communications strategies.
For more information, visit our website at www.rrd.com .
Use of Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including risks associated with the ability of LSC Communications to perform as expected as a separate, independent entity and to successfully integrate the Print Logistics business into LSC and risks associated with the volatility and disruption of the capital and credit markets, and adverse changes in the global economy. Readers are strongly encouraged to read the full cautionary statements contained in LSC’s and RRD’s filings with the SEC. LSC and RRD disclaim any obligation to update or revise any forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005554/en/
LSC Communications Investor Contact:
Janet Halpin, Senior Vice President, Treasurer and Investor Relations
Telephone: 773-272-9275
E-mail: [email protected]
or
RRD Investor Contact:
Brian Feeney, Senior Vice President, Investor Relations
Telephone: 630-322-6908
E-mail: [email protected]
Source: LSC Communications and RRD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-lsc-communications-and-rrd-enter-into-a-definitive-agreement-for-lsc-to-acquire-the-print-logistics-component-of-rrdas.html |
May 31, 2018 / 11:04 AM / Updated 7 hours ago Another antibiotic crisis: fragile supply leads to shortages Ben Hirschler 3 Min Read
LONDON (Reuters) - Shortages of some life-saving antibiotics are putting growing numbers of patients at risk and fuelling the evolution of “superbugs” that do not respond to modern medicines, according to a new report on Thursday. FILE PHOTO: A technician stocks the shelves of a pharmacy in Kentucky, February 2018. REUTERS/Bryan Woolston/File Photo
The non-profit Access to Medicine Foundation (AMF) said there was an emerging crisis in the global anti-infectives market as fragile drug supply chains - reliant on just a few big suppliers - come close to collapse.
The result is shortages of products like piperacillin-tazobactam, an antibiotic combination used intravenously in intensive care, which has been in tight supply since a 2016 explosion at a Chinese pharmaceutical ingredients factory.
Another antibiotic, benzathine penicillin G (BPG), faces shortages in at least 39 countries, including Germany and Brazil.
BPG is a key drug for preventing transmission of syphilis from mother to child and the shortage frustrated Brazil’s efforts to bring a disease outbreak under control between 2012 and 2015. BPG is also used to fight rheumatic heart disease.
In absence of the right drugs, patients may take less effective or poor quality medicines that increase the risk of antimicrobial resistance developing.
“Things are getting worse because the market is not fixing the problem, despite the expansion in the need for such specialist antibiotics,” said AMF Executive Director Jayasree Iyer.
Global demand for antibiotics has grown by two-thirds since 2000, driven by population growth and the need for medicines to fight infectious diseases in low- and middle-income countries.
Most antibiotics are cheap, off-patent generic medicines, which is good for affordability. But that also means they have very low profit margins - particularly compared to modern drugs for diseases like cancer - offering manufacturers little incentive to invest in new production facilities.
The rise in shortages has gone hand in hand with a wave of consolidation among the companies making generic drugs - which range from global pharmaceutical giants to smaller firms in countries such as India - reducing the number of suppliers making individual product lines.
Sporadic drug shortages are not unique to antibiotics. Recently, for example, there has been a worldwide shortage of Mylan’s ( MYL.O ) market-leading EpiPen emergency allergy device.
But antibiotic shortages can have especially dire consequences, since doctors have to resort to sub-optimal treatments that are less efficient at killing specific pathogens, leading to the rise of resistant bacteria or so-called superbugs.
An estimated 70 percent of bacteria are already resistant to at least one antibiotic that is commonly used to treat them, making the evolution of such superbugs one of the biggest threats facing medicine today. Reporting by Ben Hirschler; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-antibiotics/another-antibiotic-crisis-fragile-supply-leads-to-shortages-idUKKCN1IW1DK |
May 21, 2018 / 3:49 AM / Updated 11 hours ago Undisciplined All Blacks need 'wee uppercut' - Hansen Reuters Staff 3 Min Read
WELLINGTON (Reuters) - All Blacks coach Steve Hansen has concerns about his squad’s discipline ahead of the June tests against France, saying suspended props Joe Moody and Owen Franks needed to give themselves a “wee uppercut” while on the sidelines. Rugby Union - Autumn Internationals - France vs New Zealand - Stade de France, Paris, France - November 11, 2017 New Zealand head coach Steve Hansen before the match REUTERS/Benoit Tessier
Moody was banned for two matches for elbowing Kurtley Beale in the head in a Super Rugby tie against the New South Wales Waratahs, while his Crusaders team mate Franks was handed a similar sanction for striking against the Auckland Blues.
Both Canterbury props were named in Hansen’s squad on Sunday and will be available for the first test against France at Eden Park on June 9.
“I’ve got concerns about our whole discipline,” Hansen told local media. “Last year, we gave away too many avoidable penalties. We’ve talked about that on our foundation days.
“Both guys we’re talking about have been out (injured) for a wee while and were probably a little rusty in their techniques.
“They just need to have a look at themselves and give themselves a wee uppercut and get on with it.”
Sam Whitelock will captain the All Blacks in the absence of the injured Kieran Read when the world champions host France in the three-match series in Auckland, Wellington and Dunedin.
There are three new faces in the squad in loose forwards Jordan Taufua and Shannon Frizell, while Waikato Chiefs scrumhalf Te Toiroa Tahuriorangi slots in as back-up to Aaron Smith and TJ Perenara.
However, there was no room for uncapped Wellington Hurricanes winger Ben Lam, Super Rugby’s leading try-scorer, with Hansen opting instead for Rieko Ioane, Waisake Naholo and Nehe Milner-Skudder.
“Ben Lam has had an outstanding season,” Hansen said. “But people around the country tell us, ‘Oh, you are going to have to pick so and so’ and I go ‘who do you want us to leave out?’
“And there is always a deathly silence because I don’t want to leave anyone out. But unfortunately that is our job and we have to make some decisions and we have done that.
“We have gone with Waiseke and Rieko, who is not a bad player. There are a couple of blokes there who are our big wingers and Ben Smith can play on the wing pretty handily as well.
“So we looked and asked do we need another big guy or do we want someone who can change it up a bit and give us something different and Nehe does that.” Reporting by Ian Ransom in Melbourne; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-newzealand-hansen/undisciplined-all-blacks-need-wee-uppercut-hansen-idUKKCN1IM0AE |
May 14, 2018 / 11:04 AM / Updated an hour ago Catalonia votes on new leader, Spain to lift direct rule Sam Edwards 3 Min Read
BARCELONA (Reuters) - The Catalan parliament is expected to vote in a hard-line separatist as leader on Monday, heralding an end to seven months of direct rule from Madrid but also more political uncertainty in a region that retains a mandate to seek a split from Spain.
Quim Torra, handpicked by the region’s exiled former president Carles Puigdemont, failed to secure the absolute majority required to succeed him in a parliamentary vote on Saturday.
But in a second vote on Monday due at around 2 p.m. (1200 GMT) Torra will only need a simple majority, which he is expected to get.
His election will allow the wealthy northeastern region to run its own affairs for the first time since October, when Madrid imposed direct rule, having sacked Puigdemont and his cabinet following a chaotic referendum and an illegal declaration of independence.
It should also lead to Spanish Prime Minister Mariano Rajoy securing the backing he needs from regional parties to implement much-delayed central government budget plans.
But there seemed little prospect on Monday of an easing of tensions between Madrid and the region.
In a speech to parliament on Saturday, Torra promised to work towards a Catalan republic and referred to Puigdemont as the legitimate leader of the region.
The Spanish government called the speech confrontational and a member of the Catalan parliament for Rajoy’s People’s Party (PP), Andrea Levy, said on Monday in a television interview that Madrid would apply direct rule again if the new administration overstepped the law.
Fearing an investor backlash, over three thousand companies have moved their registered headquarters out of Catalonia since October, while tourism also dipped after the referendum.
But over the whole of 2017, visitor numbers to Catalonia rose and its economy grew strongly, out-pacing the Spanish regional average.
As Monday’s vote neared, police sealed off part of the park surrounding the Catalan parliament in central Barcelona, but streets were quiet with no demonstrations.
“It’s essential that we put an end to direct rule from Madrid and for that reason alone this is definitely good news,” said 33-year-old actor Sergi Cervera, waiting outside an office building near the city’s famous Las Ramblas boulevard.
“It will be a positive feeling and some relief. But the conflict is years away from being resolved.”
Under the terms of the legislation that allowed for Madrid to take over the regional government, direct rule will be lifted once the new administration has been formed with all cabinet members named.
Pro-independence parties won a majority of seats in regional elections called in December by Rajoy. However, the biggest single party was Ciudadanos (“Citizens”), which favours unity with Spain. Writing by Sonya Dowsett; Editing by Julien Toyer and John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-politics-catalonia/catalonia-votes-on-new-leader-spain-to-lift-direct-rule-idUKKCN1IF1C4 |
Netflix passed Disney in market value and is now the most valuable media company in the world.
Shares of Netflix rose 1.8 percent Thursday, reaching a market value of $152.6 billion, according to FactSet. Disney's stock fell 1 percent and now has a market value of $151.8 billion.
Market values of Netflix, Walt Disney and Comcast
Source: FactSet
Disney is getting more aggressive in the streaming online video market to compete against Netflix. The media company rolled out ESPN+ last month, its first-ever direct-to-consumer service, which includes live sports and other programming. It costs $4.99 per month or $49.99 for the year. The company also will launch a Disney-branded streaming service next year.
But one Wall Street analyst thinks Netflix is just getting started in its international subscriber growth.
"We believe Netflix still has a considerable opportunity ahead if it can achieve reasonable penetration levels internationally," Bank of America Merrill Lynch analyst Nat Schindler said in a note to clients last week. "Netflix will face varying levels of competition, regulation and economic conditions in each individual market it participates in, but its content scale should allow it to become the dominant streaming player in virtually all markets."
Schindler predicts the company's subscriber base can grow 8 percent annually through 2030 to 360 million members. Netflix revealed its current membership level was 125 million subscribers at the end of its first quarter.
Netflix is the best-performing stock in the S&P 500 so far this year. Its shares are up more than 80 percent through midday Thursday, while Disney's stock is down about 5 percent.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/netflix-passes-disney-and-is-now-biggest-pure-media-company.html |
Boeing Co:
* BOEING, ASSEMBRIX TO COLLABORATE ON SECURE 3D PRINTING * BOEING - MOA WILL ENABLE CO TO USE ASSEMBRIX SOFTWARE TO MANAGE & PROTECT IP SHARED WITH VENDORS DURING DESIGN AND MANUFACTURING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-boeing-assembrix-to-collaborate-on/brief-boeing-assembrix-to-collaborate-on-secure-3d-printing-idUSFWN1SL10M |
May 1 (Reuters) - Huntsman Corp:
* HUNTSMAN ANNOUNCES STRONG FIRST QUARTER 2018 RESULTS, WITH EVERY DIVISION SHOWING EARNINGS GROWTH VERSUS THE PRIOR YEAR; GREATER THAN $100 MILLION IN SHARE REPURCHASES COMPLETED TO DATE
* Q1 ADJUSTED EARNINGS PER SHARE $0.96 * EXPECT TO SPEND APPROXIMATELY $325 MILLION ON CAPITAL EXPENDITURES IN 2018
* QTRLY REVENUES $2,295 MILLION VERSUS $1,932 MILLION * Q1 EARNINGS PER SHARE VIEW $0.80, REVENUE VIEW $2.17 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-huntsman-corp-reports-q1-earnings/brief-huntsman-corp-reports-q1-earnings-per-share-of-1-11-idUSASC09YHT |
CENTENNIAL, Colo., May 09, 2018 (GLOBE NEWSWIRE) -- Westwater Resources, Inc. (NASDAQ:WWR) will hold a conference call to discuss its first quarter 2018 financial results and recent developments on Monday, May 14, 2018 at 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time).
Dial-in Numbers: +1 (800) 319-4610 (U.S. and Canada) +1 (604) 638-5340 (International) Conference ID: Westwater Resources Conference Call Hosting the call will be Christopher M. Jones, President and Chief Executive Officer of Westwater Resources, who will be joined by Jeffrey L. Vigil, Vice President-Finance and Chief Financial Officer. Mr. Jones will present an overview of the Company’s business position, discuss the Company’s recent acquisition of Alabama Graphite Corp., and provide updates on its lithium and uranium businesses. Mr. Vigil will review the financial results.
The conference call and presentation will also be available via a live webcast through the Company’s website, www.WestwaterResources.net . A replay of the call will be available on the Company’s website for a limited time and also by phone using the details below.
Replay Numbers: +1 (855) 669-9658 (U.S. and Canada) +1 (412) 317-0088 (International) Replay Access Code 2320 About Westwater Resources (WWR)
WWR is focused on developing energy-related materials. The Company’s battery materials projects include lithium mineral properties in three prospective lithium brine basins in Nevada and Utah and now with the acquisition of Alabama Graphite Corp., the Coosa Graphite Project and the associated Coosa Graphite Mine located across 41,900 acres in east-central Alabama. WWR’s uranium projects are located in Texas, New Mexico and the Republic of Turkey. WWR remains focused on advancing the Temrezli in-situ recovery (ISR) uranium project in Central Turkey when uranium prices permit economic development of this project. In Texas, the Company has two licensed and currently idled uranium processing facilities and approximately 11,000 acres (4,400 ha) of prospective in-situ recovery uranium projects. In New Mexico, the Company controls mineral rights encompassing approximately 188,700 acres (76,394 ha) in the prolific Grants Mineral Belt, which is one of the largest concentrations of sandstone-hosted uranium deposits in the world. Incorporated in 1977 as Uranium Resources, Inc., WWR also owns an extensive uranium information database of historic drill hole logs, assay certificates, maps and technical reports for the Western United States.
Christopher M. Jones, President and CEO Jeffrey L. Vigil, VP-Finance and CFO 303.531.0480 303.531.0481 Email: [email protected] Website: www.WestwaterResources.net
Source:Westwater Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-westwater-resources-announces-q1-2018-results-energy-minerals-business-update-conference-call.html |
Heartbreaking tributes open Grenfell Tower inquiry Tuesday, May 22, 2018 - 01:40
Bereaved relatives of victims of the Grenfell Tower fire gave heartbreaking tributes during the public inquiry into the disaster that opened on Monday. The fire killed 71 people in London last year.
Bereaved relatives of victims of the Grenfell Tower fire gave heartbreaking tributes during the public inquiry into the disaster that opened on Monday. The fire killed 71 people in London last year. //reut.rs/2IAopeA | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/22/heartbreaking-tributes-open-grenfell-tow?videoId=429119624 |
May 1, 2018 / 12:42 AM / Updated 12 minutes ago Dollar turns positive for 2018, U.S. stocks fall Caroline Valetkevitch 4 Min Read
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 fuelled expectations the Federal Reserve could flag more interest rate hikes at its policy meeting this week. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo
U.S. stocks fell in late morning trading as the latest batch of earnings from companies such as Pfizer ( PFE.N ) and Tapestry ( TPR.N ), formerly Coach, disappointed investors, and as energy shares fell.
Apple’s ( AAPL.O ) 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 .DXY 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. Slideshow (3 Images)
The dollar index .DXY rose 0.65 percent, with the euro EUR= 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 .DJI fell 258.77 points, or 1.07 percent, to 23,904.38, the S&P 500 .SPX lost 13.31 points, or 0.50 percent, to 2,634.74 and the Nasdaq Composite .IXIC dropped 7.74 points, or 0.11 percent, to 7,058.52.
MSCI’s gauge of stocks across the globe .MIWD PUS shed 0.54 percent.
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 US10YT=RR 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 programme had provided “new and compelling details”.
A high-level U.S. trade delegation will also be in Beijing for meetings later this week, amid lingering worries about a possible trade war between the world’s top two economies.
U.S. crude CLcv1 fell 1.23 percent to $67.73 per barrel and Brent LCOcv1 was last at $73.72, down 1.3 percent on the day.
Gold slid to a two-month low as the dollar strengthened. Spot gold XAU= 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://uk.reuters.com/article/uk-global-markets/u-s-stock-futures-pare-losses-after-u-s-extends-tariff-exemptions-idUKKBN1I22JL |
(Reuters) - A trial for a lawsuit alleging that Johnson & Johnson ( JNJ.N ) Baby Powder was responsible for the death of a woman due to her exposure to cancer-causing asbestos began in South Carolina on Monday in the latest case against the healthcare conglomerate and a supplier over their talc-based products.
A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake J&J said that its widely-used baby powder never contained asbestos, a known carcinogen linked to mesothelioma.
The case also names as a defendant a local unit of Rite Aid ( RAD.N ), one of the largest U.S. drugstore chains, which allegedly sold the baby powder used by the woman.
The case marked the first time a drugstore was involved in a talcum powder liability trial and a lawyer for the company, Sarah Johnston, said there was no reason for Rite Aid to be part of the suit.
In opening statements, a lawyer for the family of Bertila Boyd-Bostic, who died of a rare form of cancer in 2017 at the age of 30, told a jury in the Darlington County Court of Common Pleas that J&J had known for decades that its baby powder contained asbestos.
J&J and its supplier, a unit of Imerys SA ( IMTP.PA ), deny the allegations, and their lawyers said their talc product did not cause any form of cancer, according to an online broadcast of the trial by Courtroom View Network.
The case is one of several in recent months that alleged asbestos in talc products caused mesothelioma..
A New Jersey state court jury in April ordered J&J and Imerys to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from J&J Baby Powder. An appeal is pending.
J&J has also been battling some 6,000 cases claiming its baby powder caused ovarian cancer.
Boyd-Bostic used baby powder nearly all her life, her family’s lawyer, Christopher Swett, said on Monday. In 2016, she was diagnosed with pericardial mesothelioma, an extremely rare form of cancer that develops in the lining around the heart.
“J&J’s choices are why we’re here,” Swett said. He accused the company of concealing knowledge of asbestos contamination since the 1970s and choosing not to warn consumers of the risks.
Bruce Bishop, a lawyer for J&J, said there was no evidence in Boyd-Bostic’s medical records that her mesothelioma was in any way related to asbestos exposure.
Michael Brown, another J&J lawyer, said millions of people had used Johnson & Johnson Baby Powder without developing any diseases. “And that’s because it does not contain asbestos,” he said.
Reporting by Tina Bellon
| ashraq/financial-news-articles | https://in.reuters.com/article/johnson-johnson-cancer-lawsuit/johnson-johnson-defends-itself-in-trial-over-baby-powder-asbestos-claims-idINKCN1IF328 |
VERBATIM: Women take over Cannes red carpet 8:31am EDT - 01:31
Film stars Cate Blanchett, and Salma Hayek were among 82 women who made a symbolic walk up the red carpet at the Cannes Film Festival on Saturday in a demonstration of solidarity for women struggling for a voice in the movie industry. ▲ Hide Transcript ▶ View Transcript
Film stars Cate Blanchett, and Salma Hayek were among 82 women who made a symbolic walk up the red carpet at the Cannes Film Festival on Saturday in a demonstration of solidarity for women struggling for a voice in the movie industry. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KXgaa0 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/verbatim-women-take-over-cannes-red-carp?videoId=426490905 |
Revenue of $32.6 million in Q1, Up 31% year over year
Net Loss of $1.3 million improves by $500,000, with Adjusted Net Income of $1.0 million
Surpasses 69,000 customers, up 35%
Email Volume Up 29% to more than 130 billion
DENVER--(BUSINESS WIRE)-- SendGrid, Inc. (NYSE: SEND), a leading digital communications platform that drives engagement and growth, today announced first quarter 2018 financial results.
First Quarter Financial Highlights
Total revenue of $32.6 million for the first quarter was up 31% compared with the first quarter of 2017. SendGrid’s Email API revenue of $25.9 million for the first quarter grew by 30% compared with the first quarter of 2017, representing 79% of total revenue, while Marketing Campaigns revenue grew by 102% to $5.4 million compared with the first quarter of 2017 and represented 17% of total revenue. Gross margin in the quarter was 73.9%, flat compared with the year-ago period. GAAP net loss in the quarter was $(1.3) million, or $(0.03) per share, compared with $(1.8) million, or $(0.23) per share, in the first quarter of 2017. First quarter 2018 net loss included $1.8 million of stock compensation expense, up from $0.6 million in the first quarter of 2017. Non-GAAP adjusted net income (ANI) was $1.0 million in the quarter, an increase of $1.0 million from first quarter 2017. Net cash flows from operating activities in the first quarter were $(0.04) million, with free cash flow of $(7.8) million, a $6.2 million decrease from first quarter 2017. This was driven by one-time costs related to moves to new offices, and typical seasonal employee-related expenses. The company ended the quarter with $168.6 million in cash and cash equivalents.
Non-Financial Highlights
Ended the first quarter with more than 69,000 customers, up 35% compared with first quarter 2017 totals. Delivered email volume of 130.4 billion for the first quarter, up 29% compared with first quarter 2017. The company was named one of the Best Small and Medium Workplaces in Technology by Great Place to Work® and Fortune. Moved into a new office in Irvine, California in support of the company’s future growth. Announced new enhancements to its API sending experience, providing customers with a comprehensive view of their email delivery and engagement data. Announced the Adaptive Communication Engine, a compilation of the company’s artificial intelligence capabilities, including a new capability, neural protection, which helps customers avoid deliverability pitfalls by using the power of neural networks. Closed on a follow-on public stock offering on April 10, 2018, in which the company issued 600,000 new shares, with another 6.9 million shares sold by pre-IPO investors and members of management.
“Our results this quarter represent a strong first full quarter of being a public company, delivering on our commitment to driving growth and profitability,” said Sameer Dholakia, CEO of SendGrid. “We continue to execute on our mission to build engagement and growth for our customers.”
Full Year and Second Quarter 2018 Outlook
Based on information available as of today, SendGrid is increasing its outlook for full year 2018 and setting its outlook for the second quarter 2018. For 2018, the Company now expects to deliver 2018 full-year revenue in a range of $140.3 million to $142.3 million, up 26% year over year at the midpoint, and non-GAAP adjusted net income in a range of $4.5 to $6.5 million. For the second quarter 2018, the company expects revenue in a range of $34.2 million to $34.4 million, up 27% at the midpoint, and non-GAAP adjusted net income of approximately $0.5 million to $1.0 million in the second quarter 2018, which does not include approximately $2.5 million to $3.0 million of stock compensation expense, and less than $500,000 of restructuring and M&A-related expense.
A reconciliation of non-GAAP adjusted net income to the most directly comparable GAAP measure, or net income (loss), for the full year 2018 is not available on a forward-looking basis without unreasonable efforts and uncertainty due to the unpredictability and complexity of the charges excluded from non-GAAP adjusted net income (loss), including, without limitation, stock-based compensation. Stock-based compensation expenses are impacted by future hiring and retention needs, as well as the future fair market value of SendGrid’s common stock, all of which are difficult to predict and subject to change. SendGrid expects the above charges, including stock-based compensation, collectively will have a significant, and potentially unpredictable, impact on its GAAP net income (loss) for 2018.
Conference Call Information
When: Tuesday, May 1, 2018 at 5 pm Eastern Time (3 pm Mountain Time) Domestic Dial In: To access the call toll-free via telephone in North America, please dial: 844-842-1230 (Conference ID: 6734919) International Dial In: To access the call toll-free internationally, please dial: 647-253-8797 (Conference ID: 6734919)
Forward-Looking Statements
This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about SendGrid’s outlook for the quarter ending June 30, 2018 and the full year ending December 31, 2018 and SendGrid’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, and potential market opportunities.
Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believes,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the . These risks include, but are not limited to, risks and uncertainties related to: our ability to achieve future growth and sustain our growth rate, our ability attract and retain customers and increase sales to our customers, our ability to develop and release new products and services and to scale our platform, our ability to increase adoption of our platform through our self-service model, our ability to maintain and grow our relationships with strategic partners, the highly competitive and rapidly evolving market in which we participate, our ability to identify targets for, execute on and realize the benefits of potential acquisitions and our international expansion strategies. Further information on risks that could cause actual results to differ materially from forecasted results is included in our filings with the SEC, including our for the fiscal year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the period ended March 31, 2018 to be filed with the SEC later today. Any contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these , or to update the reasons if actual results differ materially from those anticipated in the .
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this press release.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP financial metrics to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
We use the non-GAAP financial measure of adjusted net income, which is defined as GAAP net income (loss), excluding stock-based compensation expense, restructuring expense, costs associated with mergers and acquisitions, warrant interest expense and non-capitalizable costs associated with our initial public offering. Due to our significant federal and state net operating loss carryforwards, as well as a full valuation against our net deferred tax assets, there is no income tax effect on adjusted net income in the presented periods. We believe that adjusted net income helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in adjusted net income. Additionally, our executive compensation structure uses an adjusted net income target as one of the components when calculating payments that have been earned. There are a number of limitations related to the use of adjusted net income as compared to net loss, including that adjusted net income excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.
We use the non-GAAP financial measure of free cash flow, which is defined as GAAP net cash flows from operating activities, reduced by purchases of property and equipment and principal payments on capital lease obligations. We believe free cash flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses, investment in our business and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. There are a number of limitations related to the use of free cash flow as compared to net cash from operating activities, including that free cash flow does not reflect future contractual commitments.
About SendGrid
SendGrid is a leading digital communication platform, enabling businesses to engage with their customers via email reliably, effectively and at scale. A leader in email deliverability, SendGrid has processed over 40 billion emails each month for internet and mobile-based customers as well as more traditional enterprises.
Disclosure of Material Information
SendGrid announces material information to its investors using SEC filings, press releases, public conference calls and on its investor relations page of the company’s website at https://investors.sendgrid.com .
SENDGRID, INC. Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Revenue Email API $ 25,868 $ 19,946 Marketing Campaigns 5,445 2,700 Predecessor email marketing service - 1,520 Other 1,256 665 Total revenue 32,569 24,831 Cost of revenue 8,488 6,471 Gross profit 24,081 18,360 Operating expenses: Research and development 8,934 6,524 Selling and marketing 7,936 6,588 General and administrative 8,866 7,044 Loss on disposal of assets 62 - Total operating expenses $ 25,798 $ 20,156 Loss from operations (1,717 ) (1,796 ) Other income (expense), net 444 (5 ) Net loss $ (1,273 ) $ (1,801 ) Weighted average common shares outstanding 42,520 7,848 Net loss per share attributable to common stockholders $ (0.03 ) $ (0.23 ) SENDGRID, INC. Reconciliation of Net Loss to Adjusted Net Income (ANI) (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Net loss $ (1,273 ) $ (1,801 ) Stock-based compensation expense 1,828 588 Restructuring expense 276 847 Merger and acquisition expenses 167 257 Adjustment to redeemable preferred stock warrant - (26 ) Certain IPO costs - 160 Adjusted Net Income (ANI) $ 998 $ 25 SENDGRID, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Cash flows from operating activities: Net loss $ (1,273 ) $ (1,801 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,517 2,128 Stock-based compensation 1,828 588 Adjustment to redeemable preferred stock warrant liability - (26 ) Non-cash interest expense and other 11 5 Loss on disposal of assets and restructuring of assets 183 350 Reimbursement of tenant improvements 1,203 473 Changes in operating assets and liabilities: Accounts receivable (60 ) (434 ) Prepaid expenses and other assets 483 103 Accounts payable and accrued liabilities (3,836 ) 301 Other liabilities (1,095 ) 43 Net cash flows from operating activities (39 ) 1,730 Cash flows from investing activities: Purchase of property and equipment (6,062 ) (1,794 ) Cash paid for business combination - (2,726 ) Cash acquired in business combination - 527 Decrease (increase) in restricted cash - 78 Net cash flows from investing activities (6,062 ) (3,915 ) Cash flows from financing activities: Proceeds from stock option exercises 893 221 Payments for stock issuance costs - (33 ) Principal payments on capital lease obligations (1,694 ) (1,517 ) Net cash flows from financing activities (801 ) (1,329 ) Effect of foreign currency exchange rates on cash 3 - Net increase (decrease) in cash and cash equivalents (6,899 ) (3,514 ) Cash and cash equivalents, beginning of period 175,496 40,400 Cash and cash equivalents, end of period $ 168,597 $ 36,886 SENDGRID, INC. Reconciliation of Net Cash Flows Provided by Operating Activities to Free Cash Flow (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Net cash flows from operating activities $ (39 ) $ 1,730 Purchase of property and equipment (6,062 ) (1,794 ) Principal payments on capital lease obligations (1,694 ) (1,517 ) Free cash flow $ (7,795 ) $ (1,581 ) SENDGRID, INC. Condensed Consolidated Balance Sheets (Unaudited) As of March 31, As of December 31, (in thousands) 2018 2017 Assets Current Assets: Cash and cash equivalents $ 168,597 $ 175,496 Accounts receivable - trade, net of allowance 5,791 5,765 Prepaid expenses and other current assets 7,996 9,087 182,384 190,348 Noncurrent Assets: Property and equipment, net 34,529 29,192 Intangible assets, net 1,675 1,795 Other assets 306 300 Goodwill 1,648 1,648 Total noncurrent assets 38,158 32,935 Total assets $ 220,542 $ 223,283 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 9,790 $ 13,837 Current portion of capital lease obligations 6,218 6,110 Current portion of deferred rent 797 328 Other current liabilities 1,150 1,575 17,955 21,850 Long-Term Obligations, Net of Current Portion: Capital lease obligations, net of current portion 11,138 11,095 Deferred rent, net of current portion 9,889 10,054 Other long-term liabilities 528 510 Total long-term obligations, net of current portion: 21,555 21,659 Total liabilities 39,510 43,509 Stockholders’ equity: Common stock, $0.001 par value 40 39 Additional paid-in capital 232,747 229,594 Accumulated deficit (51,756 ) (49,857 ) Accumulated other comprehensive loss 1 (2 ) Total stockholders’ equity 181,032 179,774 Total liabilities and stockholders’ equity $ 220,542 $ 223,283 SENDGRID, INC. Reconciliation to Non-GAAP Financial Measures (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Cost of revenue $ 8,488 $ 6,471 Less: Stock-based compensation expense 202 53 Restructuring expense - - Merger and acquisition expenses 20 18 Adjustment to redeemable preferred stock warrant - - Certain IPO costs - - Non-GAAP cost of revenue $ 8,266 $ 6,400 SENDGRID, INC. Reconciliation to Non-GAAP Financial Measures (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Research and development $ 8,934 $ 6,524 Less: Stock-based compensation expense 594 147 Restructuring expense - - Merger and acquisition expenses 154 - Adjustment to redeemable preferred stock warrant - - Certain IPO costs - - Non-GAAP research and development $ 8,186 $ 6,377 SENDGRID, INC. Reconciliation to Non-GAAP Financial Measures (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 Selling and marketing $ 7,936 $ 6,588 Less: Stock-based compensation expense 224 135 Restructuring expense - - Merger and acquisition expenses 5 12 Adjustment to redeemable preferred stock warrant - - Certain IPO costs - - Non-GAAP selling and marketing $ 7,707 $ 6,441 SENDGRID, INC. Reconciliation to Non-GAAP Financial Measures (Unaudited) For the Three Months Ended March 31, (in thousands) 2018 2017 General and administrative $ 8,866 $ 7,044 Less: Stock-based compensation expense 808 253 Restructuring expense - - Merger and acquisition expenses (12 ) 227 Adjustment to redeemable preferred stock warrant - - Certain IPO costs - - Non-GAAP general and administrative $ 8,070 $ 6,564 Source: SendGrid, Inc.
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SendGrid, Inc.
Investor Relations Contact:
David Banks, 720-588-4496
[email protected]
or
Media Contact:
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Source: SendGrid, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-sendgrid-announces-first-quarter-2018-results-and-updates-outlook.html |
Taxes Pruitt got 24-7 armed security on first day at EPA Environmental Protection Agency Administrator Scott Pruitt demanded and received unprecedented, around-the-clock armed security protection on his very first day at the agency. EPA Inspector General Arthur Elkins says Pruitt himself initiated the 24-hour-a day protection. Pruitt's staff has previously said the enhanced protection was triggered by death threats. Published 30 Mins Ago Getty Images Environmental Protection Agency Administrator Scott Pruitt
Environmental Protection Agency Administrator Scott Pruitt demanded and received unprecedented, around-the-clock armed security protection on his very first day at the agency.
EPA's internal watchdog has sent letters to two Democratic senators disclosing new details about the pricey security arrangements to protect Pruitt.
EPA Inspector General Arthur Elkins says Pruitt himself initiated the 24-hour-a day protection. Pruitt's staff has previously said the enhanced protection, which far exceeds that afforded to past EPA administrators, was triggered by death threats.
Pruitt has cited an August 2017 report by a staffer in Elkins' office detailing threats as justification for the stepped-up security measures, which have included flying first-class on commercial airliners. Elkins says the 2017 summary was requested by Pruitt's office and not intended to justify tighter security. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/pruitt-got-24-7-armed-security-on-first-day-at-epa.html |
May 23, 2018 / 1:03 PM / Updated 36 minutes ago 'Surf's up' takes on new meaning for California foilboarders Reuters Staff 3 Min Read
(Reuters) - California surfers are literally taking wave-riding to another level, surfing not on but above the water on hydrofoil surfboards. Surfer Gary Clisby rides his foil board on a morning swell of the coast of Carlsbad, California, U.S., May 9, 2018. REUTERS/Mike Blake
Harnessing the “foiling” technology more typically seen on racing catamarans in sailing’s America’s Cup, the surfboards appear to fly above the water thanks to a fin attached to the bottom of the board.
“You feel like a little kid,” said professional athlete and stuntman Chuck Patterson, who rides a custom short board with a aluminium and fibreglass hydrofoil.
He said part of the appeal of foil surfing, or foilboarding, is that several people can “share” a wave, instead of taking it in turns.
“Today we went out and it’s probably the worst conditions and we had a blast.... It ends up changing the game of being in the water,” he said.
The foil is like a wing that extends into the water under the surfboard. Acting much like a wing of plane, it causes the board to lift out of the water as it gains speed, propelled by an ocean swell. Professional skateboarder Tony Hawk tries foil boarding for the first time as he catches a swell off the coast of Carlsbad, California, U.S., May 9, 2018. REUTERS/Mike Blake
Since there is less drag because of reduced contact with water, surfers on hydrofoil boards can ride any wave at high speed, even one a surfer on a traditional board would pass up as too small. SURF RACING
Dave Daum, founder of Kings Paddle Sports in the Southern California beach town of Carlsbad, said it all started when a member of a surf racing team wanted to attach a hydrofoil to his board with snowboard bindings. Slideshow (32 Images)
“He took it out into the water, proceeded to catch a wave, fell off, and nearly drowned. And at that point, we said it’s too dangerous,” he said.
Daum said he put on his engineering cap to design a custom hydrofoil board. While he started his business making and selling stand-up paddleboards, he has been receiving more and more requests for custom and off-the-shelf foilboards.
The foils, which are specifically designed for surfing, sell for around $1,000 (751 pounds), with specially made surfboards adding another $600-800.
Increased speed, combined with the foil’s sharp metal blade, have led to the sport gaining a reputation as dangerous. That hasn’t put off musician Tim Foreman, who took up foil surfing in December.
“I’m still learning and it’s a really steep learning curve. The first three or four sessions were extremely humbling. It’s kind of dangerous,” he said.
For stuntman Patterson, the sensation of foilboarding reminds him of another adventure sport.
“It feel kind of like snowboarding in pure powder where it’s just effortless and you’re floating free or you know feel like you’re flying pretty much half the time,” he said.
And just as the rise of snowboarding in the 1980s and ‘90s shook up the ski slopes, the early adopters of foilboarding say their fledgling sport may take the surfing world by storm. Reporting by Jane Ross; Editing by Bill Tarrant and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-california-foilboarding/surfs-up-takes-on-new-meaning-for-california-foilboarders-idUKKCN1IO1UL |
Italy is embroiled in a dramatic power struggle between euroskeptic populists and pro- EU establishment lawmakers.
The country has been plunged back into crisis mode after several weeks of protracted negotiations between anti-establishment groups ultimately failed to produce a new coalition government.
As a result, Italy is back to square one.
What happened? Italy has been without a government since an election in early March resulted in a hung parliament.
While there was no outright winner, the populist Five Star Movement (M5S) secured the largest chunk of the vote and soon sought to join forces with the far-right Lega (League) group in an effort to set Italy on a path toward forming a new coalition government.
show chapters Italy has the potential to change the thesis on investing in Europe: Strategist 10 Hours Ago | 02:37 However, government talks broke down over the weekend after the surprise resignation of Giuseppe Conte, a little-known law professor that M5S and Lega had selected as the country's next prime minister.
Conte officially stepped down Sunday, following President Sergio Mattarella's decision to reject the parties' controversial choice for economy minister.
How did we get here? Italy's head of state, who was installed by a previous pro-EU government, refused to accept the nomination of euroskeptic candidate Paolo Savona for economy minister.
Instead, he set the country on course for another snap vote by appointing former International Monetary Fund (IMF) official Carlo Cottarelli as interim prime minister. Cottarelli, who became known as "Mr. Scissors" for his reputation regarding cuts to public spending in Italy, is now tasked with the planning of fresh elections and passing the next budget.
Giuseppe Ciccia | Pacific Press | LightRocket via Getty Images Luigi Di Maio, Five-Star Movement (M5S) leader, addresses the media after a new round of consultations, with Italian President Sergio Mattarella, for the formation of the new government at the Quirinale Palace in Rome, Italy. The decision to appoint Cottarelli to form a temporary administration prompted M5S and League to switch back to campaign mode. It also triggered Luigi Di Maio of M5S to call for Mattarella to face impeachment charges, as he claimed Italy's president had betrayed the Italian electorate by blocking Savona's nomination.
Nonetheless, Di Maio has since walked back his plea for such drastic measures, amid an apparent lack of support from Lega leader Matteo Salvini.
What makes this a crisis? Itay's economy, the euro zone's third-largest, has been anemic for a long time. That's been a significant concern for the EU as well as global markets more broadly.
"If you just look at the economic fundamentals of Italy, they are worrying," Mouhammed Choukeir, chief investment officer at private bank Kleinwort Hambros, told CNBC's "Squawk Box Europe" Tuesday.
"It is one of the biggest indebted countries in the world … it's got an unemployment rate of 11 percent and its economy is still lower than where it was in 2007, whereas most major economies have recovered. So, clearly there is a requirement for structural reform here in order to regain confidence," he added.
show chapters Populist parties are a step away from hate: UNI Global Union 10 Hours Ago | 03:03 Meanwhile, the looming prospect of a snap vote continued to rattle financial markets Wednesday, amid renewed fears a forthcoming election campaign could be fought over the country's role in the European Union and the euro zone .
Italy's deepening political turmoil has also prompted some analysts to sound the alarm over signs of market " contagion ," with countries such as Spain and Portugal thought to be potentially exposed — though so far the risk is seen to be somewhat limited.
Why is this Italian crisis unique? Italy is certainly no stranger to political turmoil, but the ongoing stand-off constitutes new territory for the country. For the first time since World War II, Italian populists are on the brink of securing an unprecedented popular mandate to govern the country.
Yet, for some, Italy's current political convulsions can be traced back to one key moment in 2016.
"Italian politics has been our top political risk in Europe ever since then-Prime Minister Matteo Renzi started to lose support in mid-2016 for his ill-fated constitutional referendum," Holger Schmieding, chief economist at Berenberg, said in a research note published Tuesday.
Chris Ratcliffe | Bloomberg | Getty Images Matteo Renzi, Italy's prime minister, pauses at a news conference following the constitutional reform referendum results in Rome, Italy, on Monday, Dec. 5, 2016. Renzi resigned from office in December 2016, after the former prime minister staked his leadership on a referendum designed to overhaul the electoral system and functioning of the houses of parliament.
"The risk has become more acute now. The spectre that new elections in Italy in the autumn of 2018 or – possibly – in early 2019 could turn into a de facto referendum on Italy's place in the EU and the euro will hang above Europe like a sword from now on," Schmieding added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/italy-crisis-heres-what-you-need-to-know.html |
May 4 (Reuters) - Telecom Italia (TIM):
* ITALY’S INDUSTRY MINISTER SAYS ON TWITTER HE HOPES CONFLICTS OF INTEREST AMONG TELECOM ITALIA SHAREHOLDERS WILL NOT DAMAGE COMPANY ANY MORE
* ITALY’S INDUSTRY MINISTER SAYS TELECOM ITALIA SHOULD PRESS AHEAD WITH SEPARATION OF FIXED LINE NETWORK
* ITALY’S INDUSTRY MINIsTER SAYS GOVERNMENT WILL MONITOR ON SITUATION Further company coverage: (Reporting by Milan newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-italys-industry-minister-calls-for/brief-italys-industry-minister-calls-for-tim-to-press-ahead-with-network-separation-idUSI6N1RO02E |
May 3, 2018 / 7:41 PM / Updated 41 minutes ago Last-minute Weinstein Co bidder returns with higher offer Tom Hals 2 Min Read
WILMINGTON, Del. (Reuters) - Broadway producer Howard Kagan said he has raised his last-minute bid for the Weinstein Company in another push to acquire the TV and film producer, which filed for bankruptcy in the wake of harassment claims against co-founder Harvey Weinstein. FILE PHOTO: Harvey Weinstein, co-chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo
The Weinstein Co on Tuesday selected Lantern Capital’s $310 million bid for the company and rejected an offer from Kagan that he said was worth $315 million. Kagan’s initial bid, made through his Inclusion Media LLC business, lacked a deposit and financing, according to the Weinstein Co.
“We have increased our offer to $325 million, matching Lantern’s cash bid and providing the cash needed to satisfy Lantern’s alleged breakup fee claims,” Kagan said in a statement to Reuters on Thursday.
Kagan has not yet made a deposit or shown he has committed financing for his new bid, according to a person familiar with the matter.
The money raised from the sale will be used to pay off the Weinstein Co’s creditors.
Harvey Weinstein, once one of Hollywood’s most influential men, has been accused of rape and other sexual misconduct by more than 70 women. He has denied having non-consensual sex with anyone.
Kagan said his bid would include compensation for harassment plaintiffs.
Lantern is exploring installing an all female-led board for the Weinstein Co, the person said.
“It is now abundantly clear that Inclusion Media’s bid is the highest and best bid,” Kagan said in a statement.
A hearing is scheduled for Tuesday in the U.S. bankruptcy court in Wilmington, Delaware to approve the sale.
Co-founded with Bob Weinstein, Harvey’s brother, the Weinstein Co produced and distributed critically acclaimed hits, including “The King’s Speech” and “Silver Linings Playbook,” as well as TV’s fashion reality competition “Project Runway.”
Entertainment website The Wrap first reported that Kagan upped his bid. Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Jessica DiNapoli in New York; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-weinstein-co-m-a-kagan/last-minute-weinstein-co-bidder-returns-with-higher-offer-idUSKBN1I42HW |
(Reuters) - Agile Therapeutics Inc’s shares sank 75 percent on Friday after the drug developer said it expects to pursue what could be a prolonged appeal against health regulators’ issues over its chief experimental product, a contraceptive patch.
A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. To match special report USA-FDA/CASES REUTERS/Jason Reed/File Photo The U.S. Food and Drug Administration (FDA) had already declined to approve Twirla, Agile’s stick-on contraceptive, on two occasions, and Agile said the agency still had “significant concerns” about the adhesion properties of the patch.
“In light of the feedback from the FDA, we also are re-evaluating our business plan to identify ways to extend our ability to fund the company’s operations,” Agile Chief Executive Officer Al Altomari said in a statement.
In an April 16 meeting with the Princeton, New Jersey-based company, the FDA proposed that Agile should reformulate certain properties of Twirla and carry out a new study.
The agency also suggested that an independent advisory committee assess the drug.
Twirla, which contains a combination of female hormones, is designed to be applied once weekly for three weeks, but the FDA says the patches tend to fall off and, as a result, may not deliver the amount of hormones necessary for effective birth control.
Altomari said Agile “flat-out” disagreed with the FDA’s assessment, and that it expects to escalate the matter and pursue a dispute resolution process with the agency.
Agile has enough cash to fund the appeal if it put other business activities on hold, he added.
Agile had $28.3 million in cash as of March 31.
“Enough is enough. We need to go upstairs. We need a fresh set of eyes on this ... patches don’t jump off women’s bodies in the middle of the process,” Altomari said on a conference call with analysts.
Agile expects each step in the appeals process to take about 60 days, and while it hopes for a resolution by the end of the year, the company did not give a more specific timeline.
“Bottom line, this is a challenging update and the stock will clearly be weak today reflecting what is now greater uncertainty on path forward,” said Randall Stanicky, analyst at RBC Capital Markets.
Agile’s stock was last down 76 percent after hitting a record low of 58 cents on Friday morning.
Reporting by Tamara Mathias in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-agile-fda/agile-therapeutics-exploring-funding-options-after-fda-meeting-idUSKCN1IJ1GX |
BERLIN (Reuters) - U.S. President Donald Trump’s new ambassador to Germany, Richard Grenell, arrived in Berlin early Tuesday and presented his credentials after a nearly 16-month gap since his predecessor John Emerson left the country.
Grenell, a vocal critic of the 2015 nuclear agreement with Iran that Germany helped to negotiate, arrived on the day that Trump is expected to pull out of the deal and reinstate sanctions against Tehran.
A Republican foreign policy writer and avid Twitter user, Grenell was an aide to Trump’s new national security adviser, John Bolton, when Bolton was former Republican President George W. Bush’s ambassador to the United Nations. Grenell served as the U.S. spokesman at the United Nations from 2001 to 2008, and then worked as a contributor to Fox News.
The U.S. Senate confirmed Grenell on April 26, making him the highest-ranking openly gay official in the Trump administration. The next day, he joined Trump at the White House to welcome Chancellor Angela Merkel for talks that produced little movement on trade disputes or the Iran accord.
Trump had nominated Grenell in September but key Democrats help up his confirmation, citing concerns about what they called Grenell’s history of making statements insulting to women politicians on the Internet and during television appearances.
Asked about such comments during his confirmation hearing, Grenell said he was trying to be funny, not insulting, and would not have made such statements while serving as a U.S. official.
Reporting by Andrea Shalal; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-usa/new-u-s-ambassador-arrives-in-germany-after-nearly-16-month-gap-idUSKBN1I92H3 |
Pictures | Tue May 15, 2018 | 8:15am EDT Editors Choice Pictures
Senior White House Adviser Ivanka Trump and U.S. Treasury Secretary Steven Mnuchin stand next to the dedication plaque at the U.S. embassy in Jerusalem, during the dedication ceremony of Senior White House Adviser Ivanka Trump and U.S. Treasury Secretary Steven Mnuchin stand next to the dedication plaque at the U.S. embassy in Jerusalem, during the dedication ceremony of the new U.S. embassy in Jerusalem. REUTERS/Ronen Zvulun Close 1 / 18
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Lava erupts from a fissure on the outskirts of Pahoa Tuesday, May 15, 2018 Lava erupts from a fissure on the outskirts of Pahoa 3 / 18
Belgium's Largie Ramazani in action against Spain at the UEFA European Under-17 Championship Quarter-Final. Action Images via Reuters/Carl Recine Reuters / Monday, May 14, 2018 Belgium's Largie Ramazani in action against Spain at the UEFA European Under-17 Championship Quarter-Final. Action Images via Reuters/Carl Recine Close
Kristen Stewart, member of the 71st Cannes Film Festival Jury, arrives. REUTERS/Eric Gaillard Reuters / Monday, May 14, 2018 Kristen Stewart, member of the 71st Cannes Film Festival Jury, arrives. REUTERS/Eric Gaillard Close 5 / 18
Workers inspect a Sichuan Airlines aircraft that made an emergency landing after a windshield on the cockpit broke off, at an airport in Chengdu, Sichuan province, China. REUTERS/Stringer Reuters / Tuesday, May 15, 2018 Workers inspect a Sichuan Airlines aircraft that made an emergency landing after a windshield on the cockpit broke off, at an airport in Chengdu, Sichuan province, China. REUTERS/Stringer Close 6 / 18
A Palestinian demonstrator carries a tire as others take cover from Israeli fire and tear gas border in the southern Gaza Strip.... more Reuters / Monday, May 14, 2018 A Palestinian demonstrator carries a tire as others take cover from Israeli fire and tear gas border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Close 7 / 18
Boys, who are experiencing the lives of Buddhist monks by staying in a temple for two weeks as novice monks, look at a tiger at the Everland amusement park in Yongin, South Korea. REUTERS/Kim Hong-Ji Reuters / Tuesday, May 15, 2018 Boys, who are experiencing the lives of Buddhist monks by staying in a temple for two weeks as novice monks, look at a tiger at the Everland amusement park in Yongin, South Korea. REUTERS/Kim Hong-Ji Close 8 / 18
A view of Jupiter's moon Europa created from images taken by NASA's Galileo spacecraft in the late 1990's. NASA/JPL-Caltech/SETI Institute/via REUTERS Reuters / Monday, May 14, 2018 A view of Jupiter's moon Europa created from images taken by NASA's Galileo spacecraft in the late 1990's. NASA/JPL-Caltech/SETI Institute/via REUTERS Close
U.N. Secretary-General Antonio Guterres meets Austrian Chancellor Sebastian Kurz in Vienna, Austria. REUTERS/Leonhard Foeger Reuters / Monday, May 14, 2018 U.N. Secretary-General Antonio Guterres meets Austrian Chancellor Sebastian Kurz in Vienna, Austria. REUTERS/Leonhard Foeger Close 10 / 18
Palestinian demonstrators run for cover from Israeli fire and tear gas border in the southern Gaza Strip. REUTERS/Ibraheem Abu... more Reuters / Monday, May 14, 2018 Palestinian demonstrators run for cover from Israeli fire and tear gas border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Close 11 / 18
Israeli Prime Minister Benjamin Netanyahu claps his hands during the dedication ceremony of Israeli Prime Minister Benjamin Netanyahu claps his hands during the dedication ceremony of the new U.S. embassy in Jerusalem. REUTERS/Ronen Zvulun Close 12 / 18
A man takes a selfie during a march in support of university students who are protesting against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua. REUTERS/Oswaldo Rivas Reuters / Tuesday, May 15, 2018 A man takes a selfie during a march in support of university students who are protesting against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua. REUTERS/Oswaldo Rivas Close 13 / 18
A cow is seen on land that used to be filled with water, at the Aculeo Lagoon in Paine, Chile. REUTERS/Matias Delacroix Reuters / Monday, May 14, 2018 A cow is seen on land that used to be filled with water, at the Aculeo Lagoon in Paine, Chile. REUTERS/Matias Delacroix Close 14 / 18
Jolon Clinton, 15, (L), and her sister, Halcy, 17, take photos of a fissure near their home on the outskirts of Pahoa Tuesday, May 15, 2018 Jolon Clinton, 15, (L), and her sister, Halcy, 17, take photos of a fissure near their home on the outskirts of Pahoa 18
A view of the Hawaii's Kilauea Volcano from the International Space Station. Andrew J. Feustel/NASA/via REUTERS Reuters / Monday, May 14, 2018 A view of the Hawaii's Kilauea Volcano from the International Space Station. Andrew J. Feustel/NASA/via REUTERS Close 16 / 18
A labourer pushes a basket with livestock on a wheel barrow along a road in Ojota district in Lagos, Nigeria. REUTERS/Akintunde Akinleye Reuters / Tuesday, May 15, 2018 A labourer pushes a basket with livestock on a wheel barrow along a road in Ojota district in Lagos, Nigeria. REUTERS/Akintunde Akinleye Close 17 / 18
A wounded Palestinian demonstrator is evacuated as others take cover from Israeli fire and tear gas border in the southern Gaza... more Reuters / Monday, May 14, 2018 A wounded Palestinian demonstrator is evacuated as others take cover from Israeli fire and tear gas border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Close | ashraq/financial-news-articles | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTS1RIRT |
Sales of $359 million, down 5% versus prior year
Cash Flow from Operations of $44 million, up $13 million versus prior year
Earnings Per Share of $0.37, down $0.51 versus prior year
Board of Directors authorizes $75 million share repurchase program
PARSIPPANY, N.J.--(BUSINESS WIRE)-- AdvanSix (NYSE:ASIX) today announced its financial results for the first quarter ending March 31, 2018. The Company successfully managed through the previously disclosed weather-related production issue at its Hopewell, Va. facility ("1Q18 weather-related event") and generated improved cash flow.
First Quarter 2018 Highlights
Sales down 5% versus prior year, including 8% volume decline as a result of the 1Q18 weather-related event, 2% favorable impact of market-based pricing, and 1% higher raw material pass-through pricing 1Q18 weather-related event resulted in an approximately $30 million unfavorable impact to pre-tax income, as previously disclosed, including the unfavorable impact of fixed cost absorption, maintenance expense and incremental raw material costs, in addition to lost sales Net Income of $11.6 million, a decrease of $15.7 million versus the prior year EBITDA of $30.8 million, a decrease of $26.3 million versus the prior year Cash Flow from Operations of $44.1 million, an increase of $12.9 million versus the prior year Free Cash Flow of $13.4 million, an increase of $15.4 million versus the prior year
“This quarter's results again demonstrate our ability to navigate a dynamic environment and highlight the resiliency of our organization. We successfully managed weather-related temporary production challenges, maintained our focus on safe operations and generated higher free cash flow. We also captured the benefit of improved market-based pricing this quarter, supported by a continued favorable supply and demand environment for our product lines overall,” said Erin Kane, president and CEO of AdvanSix.
Summary first quarter 2018 financial results for the Company are included below:
First Quarter 2018 Results
($ in Thousands, Except Earnings Per Share) 1Q 2018 1Q 2017 Sales $359,238 $376,704 Net Income 11,593 27,293 Earnings Per Share (Diluted) $0.37 $0.88 EBITDA (1) 30,790 57,076 EBITDA Margin % (1) 8.6% 15.2% Cash Flow from Operations 44,067 31,206 Free Cash Flow (1)(2) 13,354 (2,008) (1)
See “Non-GAAP Measures” included in this press release for non-GAAP reconciliations
(2)
Net cash provided by operating activities less capital expenditures
Sales volume in the quarter decreased 8% versus the prior year due to the unfavorable impact from the 1Q18 weather-related event. Pricing overall increased 3% versus the prior year, including a 1% favorable impact from raw material pass-through pricing driven by increases in benzene and propylene (inputs to cumene which is a key feedstock to our products) costs. Market-based pricing was favorable by 2% compared to the prior year with improved industry supply and demand dynamics in our nylon and chemical intermediates product lines.
Sales by product line represented the following approximate percentage of our total sales:
1Q 2018 1Q 2017 Nylon 28% 29% Caprolactam 18% 21% Ammonium Sulfate Fertilizers 19% 18% Chemical Intermediates 35% 32% EBITDA of $30.8 million in the quarter decreased $26.3 million from EBITDA of $57.1 million in the prior year primarily due to the approximately $30 million unfavorable impact of the 1Q18 weather-related event, partially offset by favorable market-based pricing.
Cash flow from operations of $44.1 million in the quarter increased $12.9 million versus the prior year primarily due to the favorable impact of changes in working capital, partially offset by lower net income and a reduction of deferred taxes. Capital expenditures of $30.7 million in the quarter decreased $2.5 million versus the prior year.
Outlook
Current favorable nylon industry conditions expected to continue; Late start to North America planting season impacts timing of fertilizer application Full year 2018 planned plant turnarounds expected to be consistent with historical levels in total ($30 to $35 million pre-tax income impact) Capital Expenditures expected to be $110 to $120 million for the full year 2018, including $20 to $30 million incremental investment toward high-return growth and cost savings project pipeline Board of Directors authorized the Company to repurchase up to $75 million of its common stock as part of its capital deployment strategy
“We continue to position the Company for strong operational and financial performance for years to come. We are focused on delivering strong results for the remainder of 2018, while increasing our investment in high-return growth and cost savings projects for sustained long-term performance. Additionally, our first share repurchase authorization demonstrates confidence in our continued cash flow generation and our commitment to delivering value to our shareholders,” added Kane.
Conference Call Information
AdvanSix will discuss its results during its investor conference call today starting at 9:00 a.m. ET. To participate on the conference call, dial (844) 855-9494 (domestic) or (412) 858-4602 (international) approximately 10 minutes before the 9:00 a.m. ET start, and tell the operator that you are dialing in for AdvanSix’s first quarter 2018 earnings call. The live webcast of the investor call as well as related presentation materials can be accessed at http://investors.advansix.com . Investors can hear a replay of the conference call from 12 noon ET on May 4 until 12 noon ET on May 11 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international). The access code is 10118643.
About AdvanSix
AdvanSix is a leading manufacturer of Nylon 6, a polymer resin which is a synthetic material used by our customers to produce engineered plastics, fibers, filaments and films that, in turn, are used in such end-products as automotive and electronic components, carpets, sports apparel, fishing nets and food and industrial packaging. As a result of our backward integration and the configuration of our manufacturing facilities, we also sell caprolactam, ammonium sulfate fertilizer, acetone and other intermediate chemicals, all of which are produced as part of our Nylon 6 integrated manufacturing chain. More information on AdvanSix can be found at http://www.advansix.com .
Forward Looking Statements
This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words like "expect," "anticipate," "estimate," “outlook”, "project," "strategy," "intend," "plan," "target," "goal," "may," "will," "should" and "believe" or other variations or similar terminology. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the U.S. and globally; growth rates and cyclicality of the industries we serve; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, and natural disasters; price fluctuations and supply of raw materials; our operations requiring substantial capital; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, store and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties; cybersecurity incidents; failure to maintain effective internal controls; our inability to achieve some or all of the anticipated benefits of the spin-off from Honeywell including uncertainty regarding qualification for expected tax treatment and indebtedness incurred in connection with the spin-off; fluctuations in our stock price; and tax reform or other changes in laws or regulations applicable to our business. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures intended to supplement, not to act as substitutes for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in this press release. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided. Non-GAAP measures in this press release may be calculated in a way that is not comparable to similarly-titled measures reported by other companies.
AdvanSix Inc. Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except share and per share amounts) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 29,352 $ 55,432 Accounts and other receivables – net 162,910 196,003 Inventories – net 124,635 129,208 Other current assets 5,690 7,130 Total current assets 322,587 387,773 Property, plant and equipment – net 615,498 612,612 Goodwill 15,005 15,005 Other assets 37,391 34,884 Total assets $ 990,481 $ 1,050,274 LIABILITIES Current liabilities: Accounts payable $ 195,699 $ 227,711 Accrued liabilities 25,382 35,013 Income taxes payable 817 1 Deferred income and customer advances 17,126 17,194 Line of credit – short-term 37,600 — Current portion of long-term debt — 16,875 Total current liabilities 276,624 296,794 Deferred income taxes 94,017 92,276 Line of credit – long-term 192,400 — Long-term debt — 248,339 Postretirement benefit obligations 33,629 33,396 Other liabilities 3,983 3,144 Total liabilities 600,653 673,949 STOCKHOLDERS' EQUITY Common stock, par value $0.01; 200,000,000 shares authorized;
30,508,322 shares issued and 30,499,327 outstanding at March 31, 2018;
30,482,966 shares issued and outstanding at December 31, 2017 305 305 Preferred stock, par value $0.01; 50,000,000 shares authorized and 0
shares issued and outstanding at March 31, 2018 and December 31, 2017
— — Treasury stock at cost (8,995 shares at March 31, 2018; 0 shares at December 31, 2017) — — Additional paid-in capital 264,992 263,081 Retained earnings 133,168 121,985 Accumulated other comprehensive loss (8,637 ) (9,046 ) Total stockholders' equity 389,828 376,325 Total liabilities and stockholders' equity $ 990,481 $ 1,050,274 AdvanSix Inc. Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share and per share amounts) Three Months Ended March 31, 2018 2017 Sales $ 359,238 $ 376,704 Costs, expenses and other: Costs of goods sold 321,320 313,896 Selling, general and administrative expenses 19,213 16,770 Other non-operating expense (income), net 3,546 1,797 344,079 332,463 Income before taxes 15,159 44,241 Income taxes 3,566 16,948 Net income $ 11,593 $ 27,293 Earnings per common share Basic $ 0.38 $ 0.90 Diluted $ 0.37 $ 0.88 Weighted average common shares outstanding Basic 30,488,601 30,482,966 Diluted 31,285,365 30,894,254 AdvanSix Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) Three Months Ended
March 31, 2018 2017 Cash flows from operating activities: Net income $ 11,593 $ 27,293 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 12,542 11,296 Loss on disposal of assets 311 534 Deferred income taxes 1,741 11,706 Stock based compensation 2,281 1,684 Accretion of deferred financing fees 1,480 148 Changes in assets and liabilities: Accounts and other receivables 33,092 (36,295 ) Inventories 4,573 16,941 Accounts payable (16,468 ) (176 ) Income taxes payable 816 5,152 Accrued liabilities (9,631 ) (2,823 ) Deferred income and customer advances (68 ) (5,860 ) Other assets and liabilities 1,805 1,606 Net cash provided by operating activities 44,067 31,206 Cash flows from investing activities: Expenditures for property, plant and equipment (30,713 ) (33,214 ) Other investing activities (1,002 ) (121 ) Net cash used for investing activities (31,715 ) (33,335 ) Cash flows from financing activities: Payment of long-term debt (266,625 ) — Borrowings from line of credit 246,000 167,500 Payments of line of credit (16,000 ) (167,500 ) Payment of line of credit fees (1,362 ) — Principal payments under capital lease (75 ) (42 ) Purchase of treasury shares (370 ) — Net cash used for financing activities (38,432 ) (42 ) Net decrease in cash and cash equivalents (26,080 ) (2,171 ) Cash and cash equivalents at beginning of period 55,432 14,199 Cash and cash equivalents at the end of period $ 29,352 $ 12,028 Supplemental non-cash investing activities: Capital expenditures included in accounts payable $ 9,753 $ 14,295 AdvanSix Inc. Non-GAAP Measures (Dollars in thousands) Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three Months Ended March 31, 2018 2017 Net cash provided by operating activities $ 44,067 $ 31,206 Expenditures for property, plant and equipment (30,713 ) (33,214 ) Free cash flow (1) $ 13,354 $ (2,008 ) (1)
Free cash flow is a non-GAAP measure and defined as Net cash provided by operating activities less Expenditures for property, plant and equipment
The Company believes that this metric is useful to investors and management as a measure to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.
Reconciliation of Net Income to EBITDA
Three Months Ended March 31, 2018 2017 Net income $ 11,593 $ 27,293 Interest expense, net 3,089 1,539 Income taxes 3,566 16,948 Depreciation and amortization 12,542 11,296 EBITDA (2) $ 30,790 $ 57,076 Sales $ 359,238 $ 376,704 EBITDA margin (3) 8.6% 15.2% (2)
EBITDA is a non-GAAP measure and defined as Net Income before Interest, Income Taxes, Depreciation and Amortization
(3)
EBITDA margin is defined as EBITDA divided by Sales
The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the Company’s management to evaluate the Company’s operating performance, enhance a reader’s understanding of the financial performance of the Company, and facilitate a better comparison among fiscal periods and performance relative to its competitors, as these non-GAAP measures exclude items that are not considered core to the Company’s operations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005254/en/
AdvanSix
Media
Debra Lewis, 973-526-1767
[email protected]
or
Investors
Adam Kressel, 973-526-1700
[email protected]
Source: AdvanSix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-advansix-announces-first-quarter-2018-financial-results.html |
COLOMBO (Reuters) - Heavy monsoon rains in Sri Lanka have killed five people, prompting authorities to warn against landslides and floods in low-lying areas after spill gates had to be opened across the Indian Ocean island.
People look at the rough sea on a bridge as rainy clouds gather above during the monsoon period in Colombo, Sri Lanka May 21, 2018. REUTERS/Dinuka Liyanawatte Lightning killed three people, a landslide a fourth, and the fifth death was the result of a fallen tree, said officials at the country’s Disaster Management Centre.
The centre’s spokesman, Pradeep Kodippili, said flooding has forced the evacuation of people in areas where several rivers are overflowing, while four districts are on “red alert” for possible landslides.
“People in those four districts have been cautioned to be vigilant,” Kodippili told Reuters.
The army has sent more than 100 soldiers with more than 25 boats to tackle the emergency, its spokesman, Sumith Atapattu, told Reuters.
A man looks at the rough sea as rainy clouds gather above during the monsoon period in Colombo, Sri Lanka May 21, 2018. REUTERS/Dinuka Liyanawatte May kicks off the monsoon season in Sri Lanka’s south, usually the region’s wettest time of year, running until September. From November to February, the northwest monsoon also brings the island heavy rain.
Heavy rains and intermittent droughts have hit tea, the country’s main export crop, which brings in earnings of more than $1 billion. Tea output rose last year for the first time in four years.
However, the weather this year has not been harsh enough to affect the stockmarket and companies, brokers said, although firms in the plantation industry could be hit.
A man looks at the rough sea as rainy clouds gather above during the monsoon period in Colombo, Sri Lanka May 21, 2018. REUTERS/Dinuka Liyanawatte Growth in Sri Lanka hit a 16-year low of 3.1 percent in 2017, mainly due to a flood that killed more than 100 people and a lengthy drought in some areas.
Reporting by Ranga Sirilal and Shihar Aneez; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/us-srilanka-floods/heavy-rains-landslides-kill-five-in-sri-lanka-idINKCN1IM0MP |
WHEN: Today, Monday, May 7, 2018
WHERE: CNBC's " Squawk Alley "
The following is the unofficial transcript of a CNBC interview with Microsoft CEO Satya Nadella and CNBC's Jon Fortt on CNBC's "Squawk Alley" today, Monday, May 7th. The following is a link to video of the full interview on CNBC.com: https://www.cnbc.com/video/2018/05/07/watch-cnbcs-full-interview-with-microsoft-ceo-satya-nadella.html?play=1 .
All references must be sourced to CNBC.
Jon Fortt: Great. I think it's been seven years or so since we first sat down.
Satya Nadella: That's right. And-- I guess-- that was before I was CEO. That's right.
Fortt: Yes, before you were CEO. We go way back, you know.
Nadella: That's right. That's right.
Fortt: And-- and you're famous now. You're-- yeah. I mean--
Nadella: What happened?
Fortt: --you wrote a book. I think I saw you in Better Homes and Gardens even.
Nadella: That's right.
Fortt: Not just the-- I've never seen, that I can recall, an executive go from "Who's he?" to, "No, this guy knows what's going on, and he is at the center of the zeitgeist," quite the way I've seen you do it. Is it weird?
Nadella: If you say so. I mean, I-- I don't find any difference, but you know, it's been a-- it's been a fantastic ride. I mean, I think what's been humbling for me is I-- I don't get confused, this is all because of the platform I've been given, which is it's Microsoft and the work we do. It's not me-- but it's the opportunity I've been given.
Fortt: At -- at what point do you say, and I know this isn't a turnaround, this is hitting refresh, and there's still work to do, as you said in the book, but Microsoft's stock is near all-time highs, in the mid-'90s-- recently. At what point can you say, "Yeah, we've-- we've got that part behind us. The turnaround, or the refresh, or whatever you wanna call it, there's still more to do, but yeah, good job, team. Now it's time to take the next hill."
Nadella: I mean, I think that's the fundamental posture that we have to have. And quite frankly, any company that needs to continue to renew itself needs to have. Because if you think about it, the-- what's gonna happen next, and the day after, is what-- you have to anticipate. So what has happened in the past is just the past.
Fortt: Is Phase One done? Can you kind of say, "Hey, I've been CEO for four-ish years now, and yeah, we-- we got that part done, pretty good job."
Nadella: Yeah, I mean, I think-- you know, to me, it is very important to start with two things: a very clear sense of purpose and identity, and a clear understanding of how to express that sense of purpose and identity in a changing world. So I feel like in the, whatever, the last four and a half years, we were able to do a good job of that. But I tell you, I only think of what are we gonna do next? Because that sense of purpose will have to remain constant. And our culture that allows us-- to move forward has to remain constant. But-- there's gonna be a lot of churn about, hey, the world's gonna change, and we will have to change with it and, in fact, ahead of it.
Fortt: Speaking of a sense of purpose, you said something interesting recently, you said, "That's what I want my legacy to be, that anyone who joins our company is able to connect their personal passion, and use Microsoft as a platform to realize it." What's your personal passion?
Nadella: That's a great question. In fact, the way I got to this was-- I used to work for a gentleman-- by the name of Doug Burgum, who is actually the governor of North Dakota now. He had said this to me, I was probably in my mid-30s, he says, "Wow, we spend far too much time at work for it not to have meaning." And that's when I said, "Why am I at Microsoft? What is it that gives me the energy at Microsoft, day in and day after?" And-- it is mostly because-- of the platform it creates for me, to be able to connect with what I'm passionate about. Take accessibility. It's something that I personally am super passionate about. But Microsoft's given me an amazing opportunity to be able to take that passion, connect it to real work and see its impact in the world. And I think that's true for 100,000 people here. It's the l-- local communities, the countries we work in, the sectors of the economy, education, health. That broad spectrum-- impact that Microsoft has, is the opportunity that it creates for every one of our employees. But what defines me, I think, is curiosity, love of ideas, and the ability to translate that-- into impact.
Fortt: Some of that that you just shared about accessibility is a good segue way into Build, and some of the announcements that you're making at the Developer Conference. I was looking at what you said four years ago, when we sat down here, in Redmond, about why Microsoft is leading with mobile and cloud. And it-- it sounds exactly right, in terms of what is important in the space. Do the same for me, if you will, with artificial intelligence. What are the necessary ingredients for a company to excel in AI-- be a mega skill player? How many mega skill players are there going to be, and why is it essential?
Nadella: Yeah. So let me-- first of all, the world that we are-- entering and, in fact, it's-- we're in the midst of this massive transformation, is what I describe as an intelligent cloud and an intelligent edge. I mean, think about it, right, the computing fabric is getting more distributed and more ubiquitous. You have now more computing power. Take GPU power in a car, than perhaps even in a data center a few years ago. You have a microcontroller with this Azure Sphere-- that we just recently announced. Every microcontroller out there, in your fridge, or in-- any drill, or-- is going to have compute power. Every factory is gonna have millions and millions of sensors, and we--
Fortt: Your neighbor Amazon is buying intelligent doorbells.
Nadella: That's right.
Fortt: And video cameras recognizing--
Nadella: Cameras, in fact--
Fortt: --faces--
Nadella: That's right. In fact, one of the announcements at Build is gonna be a Qualcomm camera that's capable of running-- an image classified in a container. So that means in the wild, you could start recognizing objects, or a DJI drone. In fact-- that's gonna be capable of running, again, the Azure Edge, so that you can detect any faults in an oil pipeline. So computing is becoming ubiquitous. And that means data is getting generated in large amounts. And so once you have that, then what you do is, you do AI on it, which is your reason over large amounts of data, using all this computer power to give yourself, in whatever app, in whatever field, that predictive power, that analytical power-- that capability to automate things.
Fortt: So do you have to be a mega skill player in either cloud infrastructure or in data, to really be able to play in that then?
Nadella: I think that in our business, there is absolutely scale. I mean, if you think about Azure, we have 50 data centers, more than anybody else in terms of regions, actually, data center regions. We also have the capability of putting Azure Stack wherever you-- you want it. If you have the ability to even embed this-- things like Azure Sphere. So yes, you have to have to have some scale-- around the capability, whether it's the AI capability, or the cloud capability. But I sort of view it as this next phase is not about celebrating just the mega scale players, it's who can really translate their scale into mass impact, in where every business is becoming an AI business. Because I feel like we're in this phase still of celebrating AI breakthrough. I do that myself, too. If you think about it, Microsoft, I'm so proud of our achievements in human patterning speech, or object recognition, or machine greeting and comprehension. These are big breakthroughs. But to me, what is gonna define our business success is going to be our ability to translate that into a set of platforms and tools that are actually commoditized. I mean, this is the funny part. I—
Fortt: Commoditized?
Nadella: --that means it should be possible for any developer out there-- in any company, at Maersk, at Bühler any of the companies we work with, to be able to become an AI developer.
Fortt: Okay.
Nadella: Because on-- we achieve that, at least for Microsoft's business model, and our identity, just saying I have speech recognition that's world record breaking is no good. I've gotta give it to Xiaomi, so that they can, for every Chinese traveler, build a machine translation device, or a speech translation device. That's breakthrough, and that's what we're focused on.
Fortt: So at another developer conference back in the fall-- Amazon's, they also were unveiling some AI related tools, and a camera connected to-- are we gonna end up with these developer tools around artificial intelligence, with walled gardens?
Nadella: In fact, if you look at the Amazon-- and us-- if there's one real common ground we have between-- us is that-- we believe in our personal digital assistants, whether it's Alexa and Cortana-- in fact, working with each other. This is speaking to your walled gardens-- point, which is, I think that sometimes-- walled garden strategies can work for some of the time, but not all of the time. I think at least in our case, when it comes to Azure, we are building it out as an open ecosystem. A distributed ecosystem-- that addresses the world's needs. And we'll have strong competition. But-- and-- and we'll-- in some sense, there will be some scale players that will always be competing in. I'm not a believer in all these winner take all type of dynamics. I feel like, you know, you have to sort of compete each day-- to make progress.
Fortt: I wanna talk to you about data ethics, because I know that's something-- that-- that's gonna be a theme at Build, as well. Have you considered rethinking Microsoft's business model around data? I mean, th-- there's been this idea in the industry that in exchange for free services, you basically allow certain companies to follow you around digitally. Yes, you have the opportunity to opt out using certain browsers or certain browser settings. But generally speaking, the tradeoff is you get to use this for free, we get to follow and target. Is there the possibility that that bargain's not gonna work anymore?
Nadella: That is a great question. In fact, if anything, I feel at Microsoft we've done a lot to make sure that our business model is fundamentally aligned with our customers, and their preference. What I mean by that is we do have some ad-supported businesses but we have subscriptions.
Whether it's for individuals, or for organizations. And the predominant business model at this company is all about making sure that the data, and any surplus that gets created out of data, like AI, is to benefit the user, not us. So we want to be a pure software company that, through subscriptions, helps every organization and every individual get more out of their data, more out of their time. That, to me, I think is going where the world is going. I think people are going to put more value on their data. Even individual consumers are going to wake up to the fact that there's nothing free. And so, it's a choice. It's not to say that there isn't room for someone to say, "Yeah, this is a good trade, where I'm using a free service in exchange for some data." But there's nothing free about it.
Fortt: So is there a Plan B for Bing, for Outlook.com, et cetera, that says, you know what? If we get to the point where tracking is something that there's a backlash against, we have a plan for that.
Nadella: Absolutely. I mean, in fact, in a lot of these things, in Search, in particular, we have taken great pains that it's only ads that are being driven on intent, which is part of the results page. We don't take that data, use it elsewhere. We don't have any targeting business that is at large. We are very, very conscious of those choices that we have made, in terms of making sure that the products that we create are all about users' interests, as the first and foremost.
Fortt: On cloud, you said when we sat down four years ago, "If you're not already spending a lot of capital on the order of $4 or $5 billion each year to grow your…"
Nadella: Which has increased.
Fortt: Which has increased. It doesn't go down, right? "Probably it's a little too late to enter the market." You went on to say, "There are at least two players like that, Amazon and Google, in particular, but we are one of the three in that category." Update me. How does the competitive field look? Is it still the three? Would you tweak your definition of what it takes to really be?
Nadella: That's a good question. You know, capital investment is one part of it. And clearly, I think Amazon and us, when it comes to broad cloud platform, are number one and number two. And that game's on, and each quarter you all track us on that progress. And Google's also in there and you know, obviously have a lot of money and a lot of capital and are investing a ton.
Fortt: $2 billion, I think they recently announced? They're starting to show some numbers.
Nadella: And so, to me, what I think is going to be important here is increasingly, trust. What I mean by that is just like -- it's not just about capital. Let's say among the three of us, who is most -- if you think about talking to a CEO of an industrial company, a CEO of a health care company, a financial services company –
Fortt: A grocery company.
Nadella: Yeah. Grocery company, good example. I think it's going to come down to trust. Trust, not just in the technology, the ethics around AI, privacy, security — all that also matters — trust in business model, where that alignment of your interests as a customer and the interests of the provider are fully aligned. I sort of say one of the currencies is what you think, what you say, and what you do are got to be in alignment.
Fortt: Now, I'm reading between the lines here. I hear stories about retailers – coming to Microsoft -- maybe even grocery coming to Microsoft, because hey, Amazon's in grocery now, with Whole Foods. Retailers are looking over their shoulder wondering, Amazon's got a good platform, but at the same time, are they going to come at the core of my business model?
Nadella: Yeah, it's not even just Amazon, by the way. You've got to remember, Amazon and Google both are fantastic at being able to rig transactions. It's not that, you know, Google is somehow more friendly to retailers. They have a nice two-sided market that they can subsidize one to advantage the other. And also, by the way, the advertising business is just so funky, which is sort of second priced auction. I've never seen business models where there's more demand, there are higher prices. So I feel like, wow, any customer who is essentially subsidizing their own tax increase should think through exactly how that's going to work out in the long run. So that's where I feel like long-run business model trust is going to be so important.
Fortt: How do you structure your workforce to, I guess, best embrace that interest in trust that the customer has? Is there a different approach in sales, in messaging? What are you telling people?
Nadella: I think -- in fact, that's where you're getting every part of your organization aligned, starting with your sense of purpose and mission. That's why when I say we want to empower people in organizations all over the planet to achieve more it's got to be more than a set of words. Our success is based on our customers' success. Second is then create that business model. Like take subscriptions. If you don't use it, they will churn out. That means you only get paid when they're using it and driving value. Consumption business model, so getting fully aligned on the business model. And then shaping the culture, whether it's the person in the field, we now have these new roles in the field called customer success. That's all about making sure that the customers are able to do what they want to do with technology to impact their business. And to me, that type of transformation end-to-end and consistency, it can't be like, "I'm doing something here, but something else somewhere else."
Fortt: How do you compensate customer success?
Nadella: Just by, you know, how customers are rating you. NPS is a good one.
Fortt: Net Promoter Scores.
Nadella: Net Promoter Scores is a good one. Are they consuming? For example, have they activated all the capabilities? So we have a -- what we describe as leading indicators of success of our customers. And in fact compensate our folks, not on revenue, not on margin, but on those metrics.
Fortt: Interesting. I think we've already established you were right about a lot of things over the past four-plus years. What were you wrong about?
Nadella: I think the thing that has caught me most by surprise is how multi-constituent -- even when I started out four years ago, I thought I understood, "Oh, of course, it's about customers. It's about our employees. It's about our shareholders." But it's not just that. It is about recognizing that in every community that we operate in and serve, there are multiple constituents that all have to be in harmony with your interests, you know, and that is probably the place where I've learned a lot.
Fortt: Starbucks just got a lesson in that, if I'm reading you the right way. Somebody who's in your store, you've made a certain brand promise, they haven't bought anything necessarily, but they can have a big impact on the perception of your brand.
Nadella: Yeah, by the way, I'm on the board of Starbucks, and I think that Starbucks and Kevin and team responded you know, to something that was a brand promise, and what the expectation was, very well. And I feel like they've set the bar, in fact, of how – it's not about sort of being perfect, it's about being able to learn from things that happen and to be able to improve and change the culture of your organization. That's what we're doing, as well.
Fortt: So what drove that home for you? You said that was an area that caught you off guard a bit—
Nadella: I'm sorry, what was that?
Fortt: You said that was an area that caught you off guard a bit: the multi-constituent nature of your job.
Nadella: Yeah – it's just the ability as a CEO, to be able to recognize.
Fortt: Was there a moment where you realized, "Boy, this is --."
Nadella: Yeah, I'll tell you, in fact, one of my biggest moments was, we got a letter probably my first year in from the Association of The Blind in the United States about saying, "Hey, look, you guys have to take software, work you do, very seriously for accessibility, especially for people with visual impairment." And I've always, in fact, championed — long before I was CEO, I used to be the one who internally championed our accessibility work. But that's when it struck me as, this can't be a checkbox. This requires us to integrate into the mainstream, and, you know, universal design needs to become something that is much more culturally ingrained in everything we do. And it's been phenomenal. I mean, to me, some of the most exciting impact of AI, whether it's gaze technology, and what it can do for someone with ALS, or some machine reading technology, and what it can do with someone with dyslexia. That's now been an awakening for us. And that's when it caught me in saying that, you know, that particular advocacy group sending me a letter was a bit of a wake-up call for me to sort of recognize that we will only be a company that we, you know, want to be, if we take all constituents, and but yet approach with that universality in our products.
Fortt: I think you can expect some more letters from advocacy groups now. What do you have new around that specifically, accessibility at Build?
Nadella: Yeah, so one of the things that we did last year was something called "AI for Earth." The idea is not just build technology and advances in AI, but to use it to fund organizations' research that are going to really turn, in that case, AI for things like tackling climate change or creating an early warning system for Zika, or what have you. And so we're now going to take that same approach for AI for accessibility. So we are putting a $25 million grant, which is going be available to research institutions and other nonprofits to be able to take advantage of, and use AI tech to solve some of the accessibility challenges out there.
Fortt: I think the last time I sat down with you, Jeff Immelt was next to you. And you were talking about ways that Azure and Predix, GE's platform for industrial software, were going to work together. GE is announcing that they are cutting their digital unit by more than 25 percent this year, but the industrial internet moves on. Are you going to do anything within Microsoft to pick up the slack for what companies like GE might cut back? Different partnerships?
Nadella: In fact, we just were coming back from Hanover, where the biggest industrial conference happened. And it's stunning to see — you know, Microsoft would go to Hanover in the past and you know, we had an embedded business. But this has now become a main show for us, if you look at the number of announcements coming out with this fundamental fact that Azure, along with Azure Edge, is becoming built-in to every modern factory. I mean, one of the things I even talked about in our earnings last quarter was turning to material handling. Literally, they're taking the material handling in a particular modern factory that they're building, a digital factory, using drones to fly through to optimize the pallet routing and optimize the entire supply chain efficiency. Or Bühler, in fact, that's another company, that most of the corn in the world goes through their machines. And it turns out that if you really want to protect the food production of the world as it relates to corn, you want to detect any toxin early on. They're using computer vision at the Edge to be able to in their, you know, machines.
Fortt: Already they're doing that.
Nadella: Already. And we're working with them. So to me, being able to sort of translate what I think of as our AI promise, or our cloud and its Edge, into these industrial applications, those are the killer apps. That's what I celebrate.
Fortt: Closer to home, there's this tension between big tech and the communities around big tech. Not just in Seattle area, also seen it in Silicon Valley, in particular. But in Seattle right now, Seattle proper, there's this proposal for a head tax. Basically, I think it's $500 for every worker just for big companies and to pay for homeless services. My gut says this isn't really so much about homeless services as perhaps it's this tension between, boy, these big tech companies are raising the standard, making it more expensive, gentrifying, and it's good for some people, but not good for everybody. We need them to give something back. Is that your view on what this is really about? And what does a company like Microsoft, any big tech company do to perhaps better this, change the narrative, move the debate forward?
Nadella: I think it's the right dialogue for us to have, first of all. Because in some sense, I've always believed that if just a few multinational companies are the only companies that are getting bigger and more profitable than the rest of the economy, is not showing the same vibrancy in employing people and in general, inequality increases in society, that's not stable. That's not stable for any liberal democracy.
Fortt: So is the tax a good idea? Is it the answer?
Nadella: I don't know whether that particular tax is a good idea, because you've got to make sure, basically — because all taxes, you know, can create unintended consequences for economic growth. So you've got to think it through. It's a system. But that said, though, should every community think about how to make sure that the people in the community, across all parts of the economic strata, are able to live there, thrive there? Absolutely. If there is what you call gentrification and the housing expenses are just going up, that's no solution. We -- our own employees will not want to live in a non-diverse community over time, so we will have to have responsibility, quite frankly, in every community. Not just in Seattle, not just in Redmond, but in every country we operate in. That's why I think of us as a multinational company. Every time I go into any capital or any city or any community inside the United States, I always ask myself, "How many people are around Microsoft — how many partners, who do they employ, what are their median salaries, what is the opportunity?" Without that, I don't think Microsoft continues to thrive.
Fortt: But what do you do differently to get a different resolution? I remember 15 years ago living in Silicon Valley, sitting down, having this conversation with the Silicon Valley Leadership Group. Boy, it's really expensive, it's hard to recruit workers into Silicon Valley. But housing prices there are up at least 2.5x, since then.
Nadella: I think on this particular one, there are some solutions. I think we should first of all collect the data and say, "Wow, there is ways to create lower," you know, I would say – "low cost housing and accessibility to low-cost housing in these urban centers so that we don't have just runaway costs of housing." I think some of these things — whether it's runaway costs of our health care, runaway costs of our education, or runaway costs of housing — these are challenges that I think have to be faced – and market forces should work to solve those problems.
Fortt: There's a U.S. trade delegation in China right now trying to work some things out. What's the best case scenario out of that, as far as what gets brought back?
Nadella: Here's my simple view: I think about the next 10 years, next 20 years, next 30 years, whatever your time horizon, is going to be defined by these two countries — China and the United States — creating more interdependence, not less. That's what's going to be good for the two countries. That's what's going to be good for the world. So my hope is that any dialogue that happens in any capital, in any venue, is all about sort of breaking through. I think there are legitimate issues that need to be discussed. But you need to come up with solutions, because interdependence is probably good for economic growth and stability for the world.
Fortt: Any third rails you see?
Nadella: When you say third rail, what do you mean?
Fortt: Things that they shouldn't touch, or push, or --?
Nadella: I think that anything that sort of creates uncertainty is just not good. Whom does it serve? I think that the more we recognize that it's true, that globalization, or free trade, as it was conceived, has not created equitable growth in all parts. Like, that's the issue that I think is being debated. So that means you've got to go back, though, to the real principles of free trade and make sure that they are, in fact, implemented fairly.
Fortt: I want to talk about something that we've talked about before, which is gender diversity, women at Microsoft. About a month ago, the Seattle Times did a big story on Microsoft's culture. It said, "The culture is still male dominant. There's casual sexism and change comes slowly." Did you think it was fair?
Nadella: I think that, you know, this is an issue that is front and center for me, and for my leadership team, because in some sense, yes, change happens slowly, but we have to push every day and make progress every day. And that's where I have to hold myself accountable. In fact, it starts with culture. When I think about the amount of time I and my leadership team now spend on making sure that we have that everyday inclusive culture. At every meeting, we're able to make sure that the people, the diverse group we have — gender, ethnic — are all able to participate. So I think it starts with culture, and taking it as first class. Second, it just cannot be just words. It also has to be a set of metrics. So, for example, my own compensation is, and my leadership team's compensation is now tied to a set of metrics where we have to make progress year-over-year. So I think you've got to go to work on this, whether it's on the culture or the metrics that really promote diversity and inclusion. And it's the right thing for us to focus on. And not be satisfied with whatever we have.
Fortt: Is that a new thing, on tying compensation to diversity metrics? I remember, you know, Brian Krzanich at Intel, is doing something where by job category, he wants, you know, the target to be, let's reach the available population, according to the Bureau of Labor Statistics. So if electrical engineers are 35 percent women, then that's our target. Not 50-50, but 35 percent because that's — that used to be called quotas, and it was a dirty word. How does it factor in now that we're at the place we are in diversity?
Nadella: I think, first of all, we've got to start by saying this: Don't think of this as a quota. This is, in fact again, necessary for business success. I mean, think about what a diverse team can do in a multi-constituent world. I mean, if you go back to the question you asked me, "Wow, what has surprised you?" What's surprised me is, wow, as a company, we have to serve many constituents and their interests, their unmet and articulated needs. So every product group, every sales team, every marketing team will be better served by having diversity. And so to me, having representation reflect the world we want to serve is the best thing that we can do for our long-term business. And so that's what inspires, you know, drives us. And even there, having some metrics on progress. For example, take women and woman representation. Over the last 18 months, we've had a 50 percent increase in the number of corporate vice presidents at Microsoft. That's fantastic to see. Is it sufficient? Absolutely not. But is it a move in the right direction? I think so.
Fortt: What are you reading now? As we as we start to wrap up.
Nadella: I'm reading a book, oh God, I forget the thing, it's The Multiple Literacies of Leadership . It's a fascinating book, which sort of speaks, in some sense, to this intellectual pursuit now I have around saying, it's not just one stroke you can have. You've got to think about the complexity, the ambiguity that exists, the uncertainty that exists in the world. You need to be able to then turn that into understanding and clarity. And it's not – you can't be excellent in just one thing, even as a leader and the way you lead. Somebody sort of said this very beautifully to me which is, for example, clarity — I talk a lot about what leaders fundamentally do is about bringing clarity. But it's about clarity of where you need to get to, but not be too dogmatic about the means and being able to even have that distinction. So I've lately gone back to leadership and another book that I recently read, which I loved, which is just something that I think about a lot, is Forged in Crisis . And that's a great book of some people, like, you know Lincoln in particular and how he came through his two terms to change history, has been a real imprint on me.
Fortt: Finally, Satya Nadella, before work, what's your routine? Is there something that you do before you're in the door, you're on? I mean, maybe even – a lot of us start work really before we get to work, of course. But before you even get into that mode, is there a certain preparation that you feel works for you?
Nadella: I think my ritual is, however short on time or sleep or whatever, I somehow figure out or manage to get my 30 minutes of a run every day, wherever I am. And that, I must say, is perhaps what gives me all the energy and more.
Fortt: Keeps you trim, too.
Nadella: I hope so.
Fortt: Yeah, the camera doesn't lie, it does. Satya, thanks.
Nadella: Thank you so much, Jon.
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About CNBC:
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Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/cnbc-transcript-microsoft-ceo-satya-nadella-sits-down-with-cnbcs-jon-fortt-today.html |
Trump lawyer Rudy Giuliani 's claim that special counsel Robert Mueller is hoping to end his investigation into whether the president obstructed justice in the Russia probe by Sept. 1 is "entirely made up," a new report says.
A U.S. official familiar with the case said Giuliani's assertion in a New York Times article on Sunday about Mueller's supposed target date was "another apparent effort to pressure the special counsel to hasten the end of his work," Reuters reported.
"He'll wrap it up when he thinks he's turned every rock," the unidentified source said, referring to Mueller's inquiry into possible obstruction by President Donald Trump into the question of Russian meddling in the 2016 presidential election.
"And when that is will depend on how cooperative witnesses, persons of interest and maybe even some targets are, if any of those emerge and on what new evidence he finds."
The source added that Mueller's investigation into possible obstruction — which is just one facet of his ongoing probe — will not end based on "some arbitrary, first-of-the-month deadline on of the president's attorneys cooks up."
The source's comments to Reuters came a day after Giuliani was Quote: d in the Times as saying that Mueller's office told him about two weeks ago that it hopes to finish the obstruction investigation by Sept. 1 .
Peter Carr, a spokesman for Mueller's office, declined to comment when asked about the reports by CNBC.
Jay Sekulow, another lawyer for Trump, could not immediately be reached for comment by CNBC.
Since being hired by Trump in April , Giuliani has been an outspoken defender of the president. He has pushed to end to Mueller's inquiry into the president; he's said that the special counsel's office has told him it cannot criminally charge Trump ; and he has insisted on a series of conditions for any interview Trump may give the special counsel.
Giuliani and Trump strongly deny that the president has obstructed the probe into Russian interference in the American election.
On Sunday, Trump unleashed an angry tweetstorm over the Mueller inquiry, referring to it yet again as a "witch hunt," and demanding that the Justice Department investigate whether the department and FBI "infiltrated and surveilled the Trump Campaign for Political Purposes."
Trump fired James Comey last year after the president suggested that the then FBI director drop an investigation into Trump's first national security advisor, Michael Flynn .
Trump has said that when he decided to fire Comey "I said to myself, I said, 'You know this Russia thing with Trump and Russia is a made-up story.' "
Giuliani recently said that Trump fired Comey because the FBI director "would not — among other things — say that he [Trump] wasn't a target of the investigation."
Mueller was appointed a year ago, May 17, 2017, as special counsel to investigate the Russian operation on the heels of Comey's firing.
Flynn since has pleaded guilty to lying to the FBI about his postelection contacts with Russia's ambassador to the United States. He is now cooperating with Mueller, who brought the charge against him.
WATCH: Trump considers halting Giuliani TV interviews show chapters Trump considers benching Giuliani from doing TV interviews 11:56 AM ET Tue, 8 May 2018 | 01:09 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/giuliani-made-up-robert-mueller-deadline-for-trump-probe-report.html |
A $24 million program designed to help African-American and Latino young men thrive in New York City schools fostered a sense of belonging, but barely changed their academic performance or college enrollment, a new report found.
The plan, called the Expanded Success Initiative, served as a model for elements of President Barack Obama’s “My Brother’s Keeper” program nationwide, which sought to close achievement gaps.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/program-to-help-minority-students-fell-short-of-some-goals-study-finds-1525874975 |
May 23 (Reuters) - Mattel Inc:
* MATTEL, INC. ANNOUNCES PRICING OF PRIVATE OFFERING OF SENIOR NOTES DUE 2025
* MATTEL INC - HAS PRICED PREVIOUSLY ANNOUNCED OFFERING OF $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.750% SENIOR NOTES DUE 2025 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mattel-inc-announces-pricing-of-pr/brief-mattel-inc-announces-pricing-of-private-offering-of-senior-notes-due-2025-idUSASC0A3FV |
May 2, 2018 / 11:38 AM / Updated 4 minutes ago BRIEF-Sodastream Reports Q1 Earnings Per Share $0.81 Reuters Staff
May 2 (Reuters) - Sodastream International Ltd: * RAISES FULL YEAR OUTLOOK
* SODASTREAM - OPERATING INCOME FOR 2018 IS EXPECTED TO INCREASE ABOUT 15%
* SODASTREAM - 2018 EPS NOW EXPECTED TO INCREASE ABOUT 8%
* Q1 EARNINGS PER SHARE VIEW $0.71, REVENUE VIEW $132.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sodastream-reports-q1-earnings-per/brief-sodastream-reports-q1-earnings-per-share-0-81-idUSASC09YYQ |
(Repeats May 17 column. John Kemp is a Reuters market analyst. The views expressed are his own)
* Chartbook: tmsnrt.rs/2wUWBvY
By John Kemp
LONDON, May 17 (Reuters) - Oil prices are now in the top half of the cycle, with benchmark Brent on Thursday trading above $80 per barrel for the first time since November 2014.
In real terms, prices averaged $75 per barrel over the course of the last full cycle, which lasted from December 1998 to January 2016.
The recent rise in prices sends a strong signal about the need for more production and slower growth in oil consumption.
In the next few months, the narrative will increasingly turn to boosting supply and restraining demand in order to stabilise inventories and return the market to balance.
Between 2014 and 2017, oil market “rebalancing” meant restricting production, stimulating demand and cutting excess inventories.
For the rest of 2018 and 2019, rebalancing will mean precisely the opposite.
CYCLICALITY The oil industry has always been subject to deep and prolonged cycles of boom and bust, and there is no reason to think the next few years will be any different. ( tmsnrt.rs/2wUWBvY )
Cyclical behaviour is the single most important distinguishing characteristic of oil markets and prices, and is deeply rooted in the industry’s structure.
The price cycle is driven by the low responsiveness of production and consumption to small changes in prices, at least in the short term.
The behaviour of many oil producers and consumers exhibits a strong backward-looking component, so decisions tend to be based on where prices have been recently rather than where they are likely to go.
But most importantly, the oil markets are a complex adaptive system which is subject to multiple feedback mechanisms operating at different speeds and timescales.
The price cycle is driven by the interaction of positive feedback mechanisms (which magnify shocks) and negative feedback mechanisms (which dampen them).
In the short run, positive feedback mechanisms are more influential and tend to push the market even further away from balance following an initial disturbance.
In the medium and long term, however, negative feedback mechanisms dominate and will eventually force production and consumption back into alignment.
Negative feedback mechanisms are familiar to economists as Adam Smith’s “invisible hand” and in the long run they exert a powerful influence on the oil market.
But the existence of positive feedback mechanisms can cause a lot of volatility in the short term and tends to cause oil prices to oscillate rather than converge on a steady equilibrium value.
SHORT TERM In the next few months, positive feedback will tend to push oil prices even higher by boosting demand further and capping supply growth.
Rising oil revenues will drive faster economic growth in oil-producing countries, increasing their domestic fuel consumption and tightening the oil market even more.
Rising oil prices and production will also increase the oil industry’s internal fuel consumption for drilling, refining, transportation and all along the supply chain.
At the same time, rising oil prices and output tend to be associated with tightening markets and increasing costs for everything from labour and raw materials to engineering and service contracts.
Resource-owning governments will also tend to take the opportunity to push for higher tax and royalty rates to capture more of the windfall from higher prices.
And as prices rise, oil producers will be able to achieve their revenue targets by holding output unchanged rather than increasing it.
For all these reasons, oil production will tend to respond slowly to an increase in prices in the short term, while consumption will remain more buoyant than expected, intensifying the upward pressure on prices.
MEDIUM TERM In the medium term, however, negative feedback mechanisms become progressively more important and will eventually push the market back towards balance.
Higher oil prices will boost corporate cash flows and improve the availability of equity and debt financing for oil producers. In time, that will boost exploration and production spending and eventually output.
Most of the initial production gains will come from expansions of existing fields and projects, which tend to be faster, cheaper and lower-risk, before firms turn to developing more ambitious and risky new sources of supply.
On the demand side, high prices will eventually promote renewed interest in fuel economy as well as operational/behavioural changes intended to cut fuel consumption.
High prices will push energy conservation back up the agenda for corporations and governments and renew interest in switching to cheaper non-oil sources of energy.
Rising prices will probably spur interest in buying smaller and more fuel-efficient cars as well as electric vehicles and trucks, trains and ships running on liquefied natural gas/compressed natural gas.
Higher prices will also restrain demand by slowing economic growth in consuming countries, at least at the margin.
All these supply- and demand-side responses take time to have an impact, but the higher prices rise and the longer they are expected to stay high, the more significant the eventual response.
The period of very high prices between 2011 and the first half of 2014 stimulated record increases in oil production as well as restraining consumption growth, and created the conditions for the subsequent slump.
That slump created the conditions for the current recovery by restraining production growth in the United States and other non-OPEC countries as well as stimulating demand.
Voluntary production restraints by OPEC and some other oil-exporting countries, coupled with the involuntary collapse in production from Venezuela, accelerated a recovery that was starting to happen anyway.
Now the market is embarking on the next stage of the cycle, with high and rising prices beginning to stimulate an increase in production, restrain fuel use, and eventually create conditions for the next downturn.
Related columns:
- Rising oil prices put demand destruction back on the agenda, Reuters, May 2
- Oil prices, or how I learned to stop worrying and embrace the cycle, Reuters, April 25
- Mission accomplished for OPEC as oil moves from slump to boom, Reuters, April 24
- Volatility and cyclicality in oil prices – will this time be different? Reuters, Jan 13, 2017 (Editing by Dale Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/oil-prices-kemp/rpt-column-rising-oil-prices-herald-next-phase-in-cycle-kemp-idUSL5N1SO4TK |
ESTERO, Fla., May 10, 2018 /PRNewswire/ -- The Hertz Gold Plus Rewards loyalty program received top honors in the 2018 FlyerTalk Awards. Hertz Gold Plus Rewards® swept the Drive category for Best Rewards Program across every geographic region worldwide – the Americas, Europe/Africa and Middle East/Asia/Oceana – for the seventh consecutive year. Hertz Gold Plus Rewards also earned FlyerTalk Awards for Outstanding Benefit globally for the following member benefits: Hertz Ultimate Choice (Americas), free upgrades (Europe/Africa) and Gold service (Middle East/Asia/Oceana).
"We are thrilled and honored for Hertz Gold Plus Rewards to be recognized once again as the No. 1 car rental loyalty program worldwide by the FlyerTalk community," said Hertz Chief Marketing Officer Jodi Allen. "To ensure the program remains the best in the industry, we will continue delivering excellent service and adding meaningful benefits that make renting a car fast, smooth and enjoyable for our millions of valued Gold Plus Rewards members around the world."
Winners of the annual FlyerTalk Awards are determined by FlyerTalk , an online community of more than 700,000 frequent travelers. FlyerTalk members are dedicated to finding and sharing elite-level knowledge of airline, hotel and car rental affinity programs, voting once a year for the best ones within the Fly, Stay and Drive categories.
Hertz Gold Plus Rewards is free to join and offers a fast and seamless rental experience. Members can quickly reserve a car on Hertz.com or the Hertz mobile app, skip the counter at the location and pick the vehicle they want to drive. With Hertz eReceipts, members can also drop off their car and go at many locations and instantly receive an email copy of their receipt. Additional benefits include:
Hertz Ultimate Choice ® : At participating locations, members can select the vehicle they want to drive from Hertz's best fleet ever which includes a diverse range of premium and luxury vehicles equipped with the latest technology features. Hertz Gold Plus Rewards members have access to exclusive Ultimate Choice areas that feature a wider selection of premium vehicles to choose from when they make a reservation for a midsize car or above. Ultimate Choice is available in more than 55 top U.S. airport Hertz locations with more planned to launch the service. Elite Status: Members can achieve elite status and receive bonus opportunities and complimentary upgrades to premium vehicles. Members with seven or more rentals per year can earn Hertz Five Star® status and Hertz President's Circle® status with 20 or more rentals annually. Travel Rewards: Members can earn points and redeem for rental days or in exchange for other frequent traveler program rewards with leading hotel and airline partners. Members-Only Privileges: Members get access to premier events, giveaways, promotions and discounts. Mobile Alerts : Members receive a personalized email or text message with up-to-the-minute information regarding their rental before they arrive.
This year marks a significant milestone in Hertz's history as the company celebrates its 100 th anniversary. Accolades such as the FlyerTalk Award and many others continue to underscore Hertz's longstanding commitment to frequent travelers and its legacy of delivering superior service. With more than 10,000 locations worldwide, and a large and diverse fleet of top-rated vehicles, Hertz can get travelers where they want to go in the car that's right for them.
For more information, visit www.hertz.com or follow Hertz on Facebook and Twitter.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 corporate and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide airport general use vehicle rental companies, and the Hertz brand is one of the most recognized in the world. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com
View original content with multimedia: http://www.prnewswire.com/news-releases/hertz-sweeps-2018-flyertalk-awards-300645667.html
SOURCE The Hertz Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-hertz-sweeps-2018-flyertalk-awards.html |
May 4 (Reuters) - Shandong Hiking International Co Ltd :
* SAYS IT SCRAPS ASSET RESTRUCTURING PLAN, SHARE TRADE TO RESUME ON MAY 7 Source text for Eikon: bit.ly/2HP5cRZ ; bit.ly/2whtmDE Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shandong-hiking-international-scra/brief-shandong-hiking-international-scraps-asset-restructuring-share-trade-to-resume-on-may-7-idUSH9N1S900F |
NAIROBI (Reuters) - The death toll from flooding caused by a burst dam wall in Kenya’s Rift Valley rose to 47 on Thursday and could go higher as more bodies are pulled from the mud, the local police chief said on Thursday.
A house partly destroyed by flood waters after a dam burst, is pictured in Solio town near Nakuru, Kenya May 10, 2018. REUTERS/Thomas Mukoya “So far it is 47 dead. We are still on the ground,” Japheth Kioko, the police chief for Rongai division, told Reuters by telephone.
Reporting by Duncan Miriri; Editing by Ed Cropley
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-floods-toll/death-toll-from-burst-kenya-dam-rises-to-32-interior-ministry-spokesman-idUSKBN1IB1AL |
Tech Guide Americans largely won't pay to win a video game — but Chinese gamers will Cultural norms may end up shaping how the video game industry makes money, said Tom Wijman of market research consultancy Newzoo. Backlash in 2017 to Electronic Arts' introduction of pay-to-win mechanics in "Star Wars Battlefront II," hit the company's stock price and sparked a conversation about the acceptability of micro transactions in video games. Despite that, most analysts have projected that in-game transactions were likely to be the way forward for the industry. Published 12 Hours Ago CNBC.com
While video gamers in the West might frown at the idea of paying to get an upper hand in games, many of their Chinese counterparts find the practice perfectly acceptable.
Video game companies will want to take notice of that difference.
Such cultural elements influence how companies can make money in the increasingly competitive — but increasingly lucrative — industry, said Tom Wijman, a consultant with market research firm Newzoo.
Noting that the practice of "pay-to-win" in video games is "generally not accepted by Western gamers," Wijman contrasted that to how many in China accept games that sell progress rewards or in-game boosts. Different starting points
The difference in gamer attitudes toward such practices may stem from a difference in cultural norms that have developed as a result of the paths taken by the countries' gaming markets.
Those industries in the East (with the exception of Japan) and West started at very different points, with legislation and purchasing power playing a role in what games ended up being favored by gamers.
The early days of gaming in the West began with watershed moments such as the creation of Atari's "Pong" arcade machine in 1972 and the company's subsequent release of "Space Invaders" on its 2600 console. While those titles ushered in a new era of video gaming in the home, the medium has played out quite differently in Asia.
In some instances, gaming consoles were not even legally recognized by the state and were only available on the black market, as was the case in China from 2000 to 2013 , said Lisa Cosmas Hanson, managing partner at Niko Partners.
When the ban was officially lifted in 2015, the price ended up being too high for many Chinese consumers, and not many AAA-titles — blockbuster games — were released in the country, she added.
Instead of playing home consoles with major franchises like "Sonic" or "Mario," many went to cafes, where personal computers were the device of choice.
"In Asian territories such as South Korea and China, the traditional consumption model has been via the PC and originally internet cafe pre-paid game time or subscription," said Piers Harding-Rolls, director and head of games research at IHS Markit.
Since many of the consumers in those markets were used to paying recurring costs to game, they have "largely migrated to free games with micro transactions" today, Harding-Rolls added.
Micro transactions are in-game sales made with real money in exchange for additional features such as enhanced abilities, characters or content.
In contrast, he said, legacy markets such as the U.S., Western Europe and Japan tend to have a business model that is more mixed in nature, with micro transactions gradually gaining traction. Micro transactions in the spotlight
As video game micro transactions have grown in prominence, they've also attracted more criticism.
Things came to a head in 2017 when two of the year's most anticipated video game titles, Electronic Arts' "Star Wars Battlefront II" and Warner Brothers' "Middle-earth: Shadow of War," faced backlash from gamers due to the inclusion of micro transactions in exchange for so-called loot boxes. show chapters 7:10 PM ET Wed, 22 Nov 2017 | 01:10
According to the Entertainment Software Association , the gaming industry's trade association, loot boxes are "a voluntary feature in certain video games that provide players with another way to obtain virtual items that can be used to enhance their in-game experiences."
The resulting backlash was so strong that EA saw $3.1 billion of its shareholder value wiped out on the stock market less than two weeks after the launch of "Battlefront II." The pressure was strong enough for the company to announce changes to the game in March this year, with the permanent removal of loot boxes .
Weeks later, Warner Bros. declared it was removing micro transactions from its blockbuster , admitting that the option "risked undermining" the heart of the game.
Despite the uproar, however, micro transactions remain commonplace in today's video game industry. In China, the world's largest market for the sector, micro transactions accounted for 88 percent of PC games spending in 2016 , according to a report by IHS Markit.
That haul will only grow more impressive as the industry is poised for growth.
A recent report by Newzoo projects the global video games market to be "on track for a decade of double-digit growth" from 2012 to 2021. In 2018 alone, 2.3 billion gamers across the world were expected to spend $137.9 billion on games, the market research firm said. A future East-West merger
Looking toward the future, several analysts predicted that cultural distinctions between gaming populations will begin to subside.
"The difference (between East and West) is becoming less pronounced every year," Wijman said.
While acknowledging that there will likely remain differences in what is accepted culturally, Wijman projected that the industry will shift toward a free-to-play or free-to-start model which is ultimately funded through in-game sales.
Echoing that sentiment, Harding-Rolls said: "Under the surface there may be specific genres of content and approaches to monetization which are prevalent in specific regions, but on the top line I think the differences between regions will continue to slide away."
"Users clearly wind up spending more money than they would otherwise when they get to choose what they want to pay for," said Cosmas Hanson. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/pay-to-win-video-games-differences-between-us-and-chinese-gamers.html |
May 9, 2018 / 4:34 PM / Updated an hour ago Two killed in Tesla car crash in Florida - police Sanjana Shivdas 2 Min Read
(Reuters) - Two teenagers were killed on Tuesday after the Tesla car they were travelling in crashed and caught fire in Fort Lauderdale, Florida, police said on Wednesday.
A preliminary investigation showed a 2014 Tesla Model S drove off the roadway and struck a concrete wall, immediately catching fire, the Fort Lauderdale Police Department said in a statement.
The speed of the vehicle is believed to have been a factor in the traffic crash, the police said.
The driver, Barrett Riley of Fort Lauderdale, 18, and front seat passenger, Edgar Monserratt Martinez of Aventura, 18, were pronounced dead at the crash scene, the police said.
The backseat passenger, Alexander Berry of Fort Lauderdale, 18, was ejected from the car on impact, and later moved to Broward Health Medical Center for treatment, police said.
Calls made to the hospital on Berry’s condition were not immediately returned.
The crash happened in the 1300 block of Seabreeze Boulevard, Fort Lauderdale, and is under active investigation, the police said.
Tesla Inc did not immediately respond for a comment. Shares of the company were flat at $302.09 in midday trade on Wednesday.
While it was not completely clear what caused the accident, there were also no reports that autopilot was a factor in the crash.
Tesla introduced the autopilot feature for its Model S in October 2014. reut.rs/2rtXPJE
Tesla is currently being probed by the National Transportation Safety Board (NTSB) for a fatal crash in March, where a Tesla vehicle’s autopilot system was in use.
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle’s safe operation, Tesla has said.
The NTSB also said it was investigating an August 2017 Tesla battery fire in Lake Forest, California, after an owner lost control and ran the vehicle into his garage. Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar, Bernard Orr | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-crash/two-killed-in-tesla-car-crash-in-florida-police-idUKKBN1IA2RW |
The country’s biggest food destination this year is Birmingham, Ala.
Highlands Bar & Grill in Birmingham was named America’s most Outstanding Restaurant at the James Beard Foundation Awards in Chicago on Monday night. Highlands pastry chef Dolester Miles was also named best in the country, making the restaurant the runaway winner at the awards. A panel of chefs, restaurateurs, and food journalists gave chef and owner Frank Stitt’s modern Southern restaurant the honors.
The other big winner of the night was Seattle’s Edouardo Jordan, whose JuneBaby was named best new restaurant in America; he was also named Best Chef Northwest for his restaurant, Salare.
“People always talk about Portland [Oregon] as the Pacific Northwest restaurant city,” said Jordan. “But they’re like the cool kid with a new name every season. Seattle is showing we are an ongoing force.”
He doesn’t credit the rise of Amazon.com Inc. for his restaurants’s successes, although owner Jeff Bezos has dined at Salare.
“Seattle has always had big companies—Boeing, Microsoft . They come in and eat, but it’s the people in the city who are making it happen. They’re more engaged than anyone gives them credit for.”
The James Beard Foundation Awards recognize restaurants, wine programs, chefs, designers, restaurateurs, cookbook authors, and journalists from around the country. The awards, established in 1990, have recognized industry leaders such as Union Square Hospitality Group’s Danny Meyer and Daniel Humm and Will Guidara of Eleven Madison Park.
While it may not have been a good year for such famed restaurant cities as New York and San Francisco (which won only two chef and beverage awards, including Best Service at Zuni, and the Best Chef West winner Dominique Crenn), it was a very good year for women. Gabrielle Hamilton of Prune in New York was named Outstanding Chef in the U.S, and Missy Robbins of Lilia in Brooklyn was named Best Chef New York.
Forty percent of this year’s nominees were female. Women won many of the major awards, including Caroline Styne, who was named Outstanding Restaurateur for Lucques Group in Los Angeles. Forty percent of the winners of the regional chef awards were women; last year, that number was 30 percent.
For the first time, voters were encouraged to consider qualities beyond food, wine, and ambiance, including respect and integrity. This follows accusations of sexual harassment against such past Beard winners as Mario Batali and John Besh.
Currently, more than 600 culinary professionals vote on the winners across 23 food, beverage, and design categories. (Bloomberg’s food editor, Kate Krader, is on the James Beard Restaurant Committee panel.)
See the full list of winners below.
Best New Restaurant A restaurant opened in the calendar year before the award will be given that already displays excellence in food, beverage, and service and that is likely to make a significant impact in years to come.
JuneBaby , Seattle
Outstanding Baker A chef or baker who prepares breads, pastries, or desserts in a retail bakery, and who serves as a national standard-bearer of excellence. Must have been a baker or pastry chef for at least five years.
Belinda Leong and Michel Suas , B. Patisserie, San Francisco
Outstanding Bar Program A restaurant or bar that demonstrates excellence in cocktail, spirits, and/or beer service.
Cure , New Orleans
Outstanding Chef A working chef in America whose career has set national industry standards and who has served as an inspiration to other food professionals. Eligible candidates must have been working as a chef for the past five years.
Gabrielle Hamilton , Prune, New York
Outstanding Pastry Chef A chef or baker who prepares desserts, pastries, or breads in a restaurant, and who serves as a national standard bearer of excellence. Must have been a pastry chef or baker for the past five years.
Dolester Miles , Highlands Bar & Grill, Birmingham, Ala.
Outstanding Restaurant A restaurant in the United States that serves as a national standard bearer of consistent quality and excellence in food, atmosphere, and service. Eligible restaurants must have been in operation 10 or more consecutive years.
Highlands Bar & Grill , Birmingham, Ala.
Outstanding Restaurateur A working restaurateur who sets high national standards in restaurant operations and entrepreneurship. Candidates must have been in the restaurant business for at least 10 years. Candidates must not have won a James Beard Foundation chef award in the past five years.
Caroline Styne, Lucques Group (Lucques, a.o.c., Tavern, and others), Los Angeles
Outstanding Service A restaurant in operation five or more years that demonstrates high standards of hospitality and service.
Zuni Café , San Francisco
Outstanding Wine Program A restaurant in operation five or more years that serves as a standard bearer for excellence in wine service through a well-presented wine list, knowledgeable staff, and efforts to educate customers about wine.
FIG , Charleston, S.C.
Outstanding Wine, Spirits, or Beer Professional A beer, wine, or spirits professional who has made a significant national impact on the restaurant industry.
Miljenko Grgich , Grgich Hills Estate, Rutherford, Calif.
Rising Star Chef of the Year A chef aged 30 or younger who displays an impressive talent and who is likely to make a significant impact on the industry in years to come.
Camille Cogswell , Zahav, Philadelphia
Outstanding Design Awards For the best restaurant design or renovation in North America since Jan. 1, 2015.
75 Seats and Under: De Maria , New York. The MP Shift. Designers: Amy Morris, Anna Polonsky, and Julie Nerenberg
76 Seats and Over: In Situ , San Francisco. Aidlin Darling Design with Alm project. Designers: Joshua Aidlin, David Darling, Adam Rouse, and Andrea Lenardin Madden
Best Chefs Chefs who have set new or consistent standards of excellence in their respective regions. Eligible candidates may be from any kind of dining establishment and must have been working as a chef for at least five years, with the three most recent years spent in the region.
Best Chef: Great Lakes
Abraham Conlon, Fat Rice, Chicago
Best Chef: Mid-Atlantic
Jeremiah Langhorne, the Dabney, Washington
Best Chef: Midwest
Gavin Kaysen, Spoon and Stable, Minneapolis
Best Chef: New York City
Missy Robbins, Lilia, Brooklyn
Best Chef: Northeast
Karen Akunowicz, Myers + Chang, Boston
Best Chef: Northwest
Edouardo Jordan, Salare, Seattle
Best Chef: South
Nina Compton, Compère Lapin, New Orleans
Best Chef: Southeast
Rodney Scott, Rodney Scott’s BBQ, Charleston, S.C.
Best Chef: Southwest
Alex Seidel, Mercantile Dining & Provision, Denver
Best Chef: West
Dominique Crenn, Atelier Crenn, San Francisco | ashraq/financial-news-articles | http://fortune.com/2018/05/08/james-beard-awards-2018-winners/ |
May 2 (Reuters) - SJM Holdings Ltd:
* Q1 PROFIT ATTRIBUTABLE HK$730 MILLION VERSUS HK$580 MILLION
* Q1 NET GAMING REVENUE UP BY 6.7% TO HK$8,410 MILLION * Q1 TOTAL NET REVENUE HK$ 8.60 BILLION, UP 7.1 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sjm-holdings-posts-q1-profit-attri/brief-sjm-holdings-posts-q1-profit-attributable-of-hk730-mln-idUSFWN1S90G3 |
Cameron Costa | CNBC Daniel Yergin
Oil prices may continue to rally past 3½-year highs and all the way to $85 a barrel as soon as July, according to Pulitzer Prize-winning author and closely followed energy analyst Dan Yergin.
Prices in the oil market have been steadily rising since last year, fueled by strong demand and output caps imposed by major producers aimed at draining a global crude glut. More recently, oil futures have rallied faster than expected as geopolitical tensions rattle the market.
Brent crude , the international benchmark for oil prices, rose toward $80 a barrel on Tuesday after hitting its highest level since November 2014.
Yergin said the cost could continue to climb due to the combined impact of falling output in crisis-stricken Venezuela, renewed U.S. sanctions on Iranian crude exports , and wars in Yemen and Syria that involve major oil-producing nations.
"We could see oil prices in July when demand is high ... several dollars higher than it is. We could see it as high as $85 at least for a short period of time," Yergin, vice chairman of IHS Markit, told CNBC's "Squawk Box" on Wednesday.
Yergin's remarks add an influential voice to a chorus of analysts warning about prices spikes. Goldman Sachs last week said Brent crude could spike above its $82.50 summer forecast, while Bank of America Merrill Lynch warned Brent could hit $100 a barrel by next year.
Yergin said he is particularly concerned about Venezuela, where the fundamentals of the oil market and geopolitics are both at play. Venezuelan output has fallen from almost 2.5 million barrels a day a couple of years ago to roughly 1.4 million barrels a day today, and could drop to 800,000 barrels a day by next year, he said.
"The screws are really tightening on Venezuela," said Yergin, who notes that ConocoPhillips is seeking to seize assets owned by state oil giant PDVSA and warns Sunday's presidential election threatens to draw fresh U.S. sanctions.
To be sure, the higher prices are a "big stimulus" for U.S. drillers, who could start pumping more, and Saudi Arabia can tap its spare capacity to meet demand, said Yergin. However, drillers in western Texas are facing bottlenecks and it's not yet clear whether the Saudis are willing to wind down their deal to limit production with their fellow OPEC members, Russia and other producers.
On Tuesday, Again Capital founder John Kilduff told CNBC he believes the Saudis could let U.S. crude prices, currently about $71 a barrel, run up to $80-$85 a barrel. show chapters 8:33 AM ET Tue, 15 May 2018 | 05:08
Higher oil prices could start to dent demand for gasoline if the cost rises much higher than current levels, according to Yergin. The average price of a regular gallon of gasoline in the United States is $2.891, up from $2.336 per gallon at this time last year, according to AAA.
The impact could come sooner for nations that import a lot of fuel. Yergin said India's energy minister reported to him that gasoline prices are already "pinching" the Indian economy.
"It's not like you just go from one level to another, but there's a gradual" impact, he said. "But if it persists and goes up, then you will see a bigger effect on demand." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/oil-prices-could-rise-to-85-a-barrel-by-july-warns-dan-yergin.html |
CARLSBAD, Calif. (AP) _ ViaSat Inc. (VSAT) on Thursday reported a fiscal fourth-quarter loss of $19.9 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Carlsbad, California-based company said it had a loss of 34 cents. Losses, adjusted for one-time gains and costs, came to 5 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.
The provider of satellite and wireless networking technology posted revenue of $439.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $423.7 million.
For the year, the company reported a loss of $67.3 million, or $1.15 per share, swinging to a loss in the period. Revenue was reported as $1.59 billion.
ViaSat shares have dropped 17 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $61.78, a decrease of 6 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on VSAT at https://www.zacks.com/ap/VSAT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-viasat-fiscal-4q-earnings-snapshot.html |
May 17 (Reuters) - Voxeljet AG:
* VOXELJET AG REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* VOXELJET AG - TOTAL REVENUES FOR Q1 INCREASED 11.5% TO KEUR 5,052 FROM KEUR 4,530
* VOXELJET AG - REAFFIRM FULL YEAR 2018 GUIDANCE
* VOXELJET AG QTRLY GROSS PROFIT MARGIN IMPROVED TO 44.9% FROM 34.9%
* VOXELJET AG - NET LOSS FOR Q1 OF 2018 WAS EUR 0.42 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-voxeljet-ag-q1-net-loss-euro-042-p/brief-voxeljet-ag-q1-net-loss-euro-0-42-per-share-idUSFWN1SO0YF |
* Italian/German bond yield gap off over 4-month highs
* Italy yields set for biggest weekly jump in over a year
* UST yields pull back from highs
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr
By Dhara Ranasinghe
LONDON, May 18 (Reuters) - Italian government bond yields were set on Friday for their biggest weekly jump in over a year, with unease over the plans of a coalition government taking shape in Rome keeping upward pressure on borrowing costs.
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.
Asked if so-called “mini-BOTs” - named after Italy’s short-term Treasury bills - would be in the agenda, Borghi said “yes”.
This prospect of increased issuance helped explain renewed weakness in Italian bonds, analysts said.
While most bond yields in the euro zone dipped in early trade, as U.S. Treasury yields pulled back from multi-year highs , Italy continued its underperformance.
Italy’s 10-year bond yield was up 3 basis points at 2.14 percent and near Thursday’s 3-month highs. It is up 26 bps this week, the biggest weekly rise since March 2017.
“I suspect that the mini-BOT news is pushing prices a bit lower,” said DZ Bank strategist Andy Cossor.
The gap between Italian and German 10-year bond yields - a closely watched indicator of relative risks - was at 151 basis points, having touched its widest levels since early January on Thursday at around 157 bps .
A draft programme for a potential coalition government between the anti-establishment 5-Star Movement and far-right League earlier this week revealed plans to demand 250 billion euros of debt forgiveness and create procedures to allow countries to exit the euro, jolting markets.
A 5-Star source said on Thursday the programme contained no reference to a possible exit from the euro or “anything that could cause any concern regarding Italy’s euro membership”.
Still, the headlines this week have prompted investors to pay closer attention to Italian political risks.
On Thursday, the two parties agreed the basis for a governing accord that would slash taxes, ramp up welfare spending and pose the biggest challenge to the European Union since Britain voted to leave the bloc two years ago.
While the Italian/German bond yield spread has widened it remains below peaks seen early last year when investors fretted about euro zone break up risks ahead of the French presidential election.
“The more we think about it, and the more we speak to major investors in BTPs, the more we conclude that the violent spread widening earlier in the week was simply caused by a flush out of risk-averse periphery investors,” said Peter Chatwell, head of rates strategy at Mizuho.
Reporting by Dhara Ranasinghe Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/italys-bond-yields-set-for-biggest-weekly-jump-in-over-a-year-idUSL5N1SP1FR |
May 23, 2018 / 7:26 AM / Updated 12 minutes ago UPDATE 1-Swiss bank Julius Baer's managed wealth hits record Reuters Staff 3 Min Read
(Adds analyst comment, detail and background)
ZURICH, May 23 (Reuters) - Assets under management at Julius Baer rose 3 percent in the first four months of 2018 to a record 401 billion Swiss francs ($404 billion), the Swiss private bank said on Wednesday.
“The rise in AuM (assets under management) came on the back of continued net inflows as well as a positive currency impact, the latter mainly following the strengthening of the U.S. dollar in April,” the Zurich-based bank said in a statement.
Chief Executive Bernhard Hodler in January said 2018 would be a good year for Switzerland’s third-largest listed bank but would be unlikely to keep pace with 2017’s bumper net money inflows, which followed an earlier hiring spree.
Baer said it brought in net new money at a growth rate above 5 percent in the first four months of 2018, in line with its 4-6 percent medium-term target range.
“Overall we — and the market — underestimated the dynamic of business performance in the first four months,” Michael Kunz of Zuercher Kantonalbank said in a note, adding the bank would likely raise its estimates for Baer. “Julius Baer has successfully carried 2017’s momentum into the current year.”
Hodler, who took over from long-time boss Boris Collardi after his departure for independent wealth manager Pictet in November, in January said the bank would push ahead with hiring more client managers and looking for deals.
Baer aims to hire a net 80 relationship managers this year.
With a typical lag of around 18 months for a new banker to break even, Kunz said Baer’s strategy of recruiting more private bankers in 2016 to attract new clients was proving successful and bearing fruit faster than expected.
Baer said its gross margin rose by 5 basis points from the second half of 2017 to 93 basis points thanks to an increase in client activity in January as well as March.
The group’s underlying cost/income ratio continued to improve, at just below 67 percent falling near the middle of the bank’s 64-68 percent medium-term target range.
Its shares, which had risen 6 percent so far this year, fell 1.5 percent in early trade, lagging a European banking sector index that was down 0.7 percent. $1 = 0.9924 Swiss francs Reporting by Brenna Hughes Neghaiwi, editing by John Miller and Michael Shields | ashraq/financial-news-articles | https://www.reuters.com/article/julius-baer-results/update-1-swiss-bank-julius-baers-managed-wealth-hits-record-idUSL5N1SU110 |
May 24, 2018 / 6:12 AM / Updated 33 minutes ago Construction, consumption drive German growth in first quarter Michael Nienaber 3 Min Read
BERLIN (Reuters) - Weaker exports held back German economic growth in the first quarter, which was driven solely by construction, company investments in machinery and equipment and household spending, data showed on Thursday. FILE PHOTO: A construction site at the river Spree is pictured in Berlin, Germany November 27, 2017. REUTERS/Hannibal Hanschke/File Photo
The Federal Statistics Office confirmed its preliminary reading of a 0.3 percent quarterly expansion in the first three months of the year. On the year, gross domestic product grew by 2.3 percent in calendar- and price-adjusted terms.
“The economy has cooled down, but this doesn’t mean that the upswing has reached an end,” Stefan Kipar from BayernLB said, referring to the 0.6 percent growth in the previous quarter.
“It remains to be seen if trade can bounce back as a growth driver - especially in light of the trade dispute with the United States,” he said. FILE PHOTO: The construction site of the new building of the German publisher Axel Springer SE is pictured during the annual news conference in Berlin, Germany, March 8, 2018. REUTERS/Hannibal Hanschke/File Photo
Exports fell 1.0 percent and imports 1.1 percent on the quarter, which resulted in net trade deducting 0.1 percentage points from overall growth, the data showed.
“The drop in exports, in particular, could be a first sign that the appreciation of the euro in 2017 has started to leave its mark on the economy,” ING’s Carsten Brzeski said. FILE PHOTO: Workers are silhouetted on amongst scaffold at Potsdamer Platz square in Berlin, Germany, October 27, 2017. REUTERS/Fabrizio Bensch/File Photo
Household consumption, a key pillar of support for Europe’s largest economy in recent years, rose by 0.4 percent, contributing 0.2 percentage points to the headline figure.
But in a sign that household spending could slow in the coming months, a GfK survey showed on Thursday that German consumer sentiment deteriorated further heading into June to reach the lowest level so far in 2018.
“Capital expenditures increased significantly at the beginning of the year,” the office said. Investments in machinery and equipment rose 1.2 percent while construction investment jumped by 2.1 percent.
German construction is thriving, thanks to a real estate boom, increased company investment in industrial buildings and higher state spending on roads, bridges, ports and railways.
The upswing in construction has been encouraged by the European Central Bank’s ultra-low interest rates, a growing urban population and high immigration over the past five years.
The data also showed that state consumption expenditure decreased for the first time in five years. The Economy Ministry has blamed this dip on the unusually long time it took political parties to build a coalition after last year’s election, a delay that led to less state spending in the first quarter.
The domestic economy added 0.4 percentage points to overall growth while net trade deducted 0.1 percentage points, the data showed. Reporting by Michael Nienaber, editing by Paul Carrel, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-economy-gdp/investment-in-construction-drives-german-growth-in-first-quarter-idUKKCN1IP0RI |
May 4, 2018 / 1:15 PM / Updated 7 hours ago Meghan Markle's father to walk her down aisle at wedding to UK's Prince Harry Michael Holden 4 Min Read
LONDON (Reuters) - Meghan Markle’s father will walk her down the aisle when the American actress marries Britain’s Prince Harry this month and both her parents will meet Queen Elizabeth and senior royals in the run-up to the ceremony, Kensington Palace said on Friday. FILE PHOTO: Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
Both the bride-to-be’s divorced parents, Thomas Markle and Doria Ragland, would have “important roles” in the wedding at Windsor Castle on May 19, Jason Knauf, Harry’s Communications Secretary told reporters.
“On the morning of the wedding, Ms Ragland will travel with Ms Markle by car to Windsor Castle,” Knauf said. “Mr Markle will walk his daughter down the aisle of St George’s Chapel. Ms Markle is delighted to have her parents by her side on this important and happy occasion.”
There had been speculation about what role Markle’s parents, who divorced when she was six, would play in the wedding ceremony. Thomas Markle, 73, a former lighting director for TV soaps and sitcoms had said he had wanted to give his daughter away.[nL8N1O81P7]
Knauf said they would fly over from the United States the week before the wedding and both would for the first time meet their new in-laws including the 92-year-old queen, her husband Prince Philip, Harry’s father Prince Charles, Harry’s elder brother William and his wife Kate.
The detail about Markle’s parents was part of a slew of information released by Knauf ahead about the wedding which is attracting massive global media attention.
The three siblings of Harry’s late mother Princess Diana, who was killed in a Paris car crash in 1997 when he was 12, will be at the wedding with her sister Lady Jane Fellowes giving the reading.
“Prince Harry and Ms. Markle both feel honored that Lady Jane will be representing her family and helping to celebrate the memory of the late princess on the wedding day,” Knauf said.
Harry and William, who is his best man, are expected to arrive on foot at the castle’s St George’s Chapel where the ceremony will be held. Markle will meet her father at the church after arriving by car with her mother. Meghan Markle and Prince Harry attend the Women's Empowerment reception hosted by Foreign Secretary Boris Johnson during the Commonwealth Heads of Government Meeting at the Royal Aeronautical Society on April 19, 2018 in London, England. Chris Jackson/Pool via Reuters
No details were given of the guests but it has already been confirmed that no political figures would be present who were not personal friends of the couple. [nL8N1RN6FG]
Knauf also revealed that Markle would not be having a maid of honor, and that the bridesmaids and page boys would all be children.
“She has a very close knit group of friends and she did not want to choose one over the other,” Knauf said. “They have also been actively involved in helping her prepare for the day and are going to be there at Windsor on the day before in London and she’s very pleased to have their support on the day.”
One royal who will not be attending is William and Kate’s new son Louis who was born on April 23, although his mother and two older siblings, George, 4, and Charlotte, 3, will be there.
The queen’s 96-year-old husband Philip is expected to be there having undergone a hip replacement operation last month. [nL9N1NK01Y]
Knauf said the newlyweds would not immediately be heading off on honeymoon and would carry out their first public engagement as a married couple the week after the wedding.
One tradition of recent British royal weddings has been for the newlyweds to share a kiss on the balcony of Buckingham Palace after the ceremony, something that will not be possible with the marriage taking place at Windsor. Slideshow (4 Images)
Asked if the world would see something similar, Knauf said: “I have no comments on the kissing today.” Editing by Guy Faulconbridge | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding/meghan-markles-father-to-walk-her-down-aisle-at-wedding-to-uks-prince-harry-idINKBN1I51IF |
Italy’s political drama rocks markets as Dow tanks triple digits: Art Cashin 2 Hours Ago Italy’s president may have shot himself in the foot, says UBS’ Art Cashin talking about President Serio Mattarella’s rejection of a eurosceptic as a government minister which sent the euro reeling. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/italys-political-drama-rocks-markets-as-dow-tanks-triple-digits-art-cashin.html |
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