text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
TSAGAANNUUR, Mongolia (Reuters) - Erdenebat Chuluu, a nomadic herder, shouts words of encouragement to the reindeer he is riding.
Dukha reindeer herder Erdenebat Chuluu rests on a stick as he travels with his animals to visit neighbours near the village of Tsagaannuur, Khovsgol aimag, Mongolia, April 19, 2018. REUTERS/Thomas Peter “Chu!, Chu!,” he calls, as he urges the animal out of a cedar wood and onto a plain in the southern reaches of the Mongolian Taiga, a predominantly forested area some 200 km from the nearest paved road.
Once in the open, the beast and its rider gingerly step over fallen trees and navigate creeks of melted snow, seemingly oblivious to a late winter chill.
Chuluu has lived all his life in the centuries-old tradition of his Dukha ancestors, renowned for their reindeer-herding and hunter-gathering skills in the forests of the rugged Sayan Mountains straddling the Russian border.
But the Dukha fear they are losing their identity in the face of a conservation order by the government that bans unlicensed hunting on most of their traditional land.
(Click reut.rs/2KHuORW to see a package of pictures.)
A reindeer stands in the evening sun after an afternoon of grazing in the camp of Dukha reindeer herder Erdenebat Chuluu in a forest near the village of Tsagaannuur, Khovsgol aimag, Mongolia, April 18, 2018. REUTERS/Thomas Peter Reindeer outdo horses in this steep and snowy terrain and have allowed the Dukha to evade many of the upheavals that have historically afflicted people in the lowlands, from Genghis Khan to Communism.
Chuluu’s people, around 280 of them, are spread out across 59 households, about a day’s ride from the village of Tsagaannuur.
“It’s our will to maintain the tradition of herding the reindeer in the same way as our ancestors did,” Chuluu told Reuters in April.
Slideshow (15 Images) In 2012, Mongolia’s government designated the majority of the Dukha’s traditional herding grounds as part of a national park in an attempt to protect an eco-system ravaged in the preceding couple of decades.
During that period, a Soviet-era quota system for hunting, which had provided a living for people like the Dukha and maintained wildlife numbers, broke down. The Dukha and other locals began to aggressively hunt animals like moose and red deer for the Chinese market, seriously depleting their numbers.
Now, the government pays the herders a monthly handout to compensate for the hunting ban, but many Dukha feel they have lost half of their identity.
The hunting tradition has always defined a man in the Taiga, said Chuluu’s neighbor.
“It feels like we’ve lost something because we can’t move to whichever area we like in this land, which has been handed down to us from our ancestors,” said Naran-Erdene Bayar, 26.
The head ranger of the National Park, Tumursukh Jal, grew up in the area and knows the Dukha’s history well. He insisted they must follow the law.
“It’s not about Dukha or Mongolian, it’s about people illegally hunting,” he said.
Meanwhile, on the Taiga, herders release hundreds of reindeer from a pen to graze.
After lifting the beams of the hold, the herd pours into the clearing and the animals, snouts nuzzling the snow-covered ground in search of moss, disappear from view as the evening light fades.
Reporting by Thomas Peter and Natalie Thomas; Additional reporting by Munkhchimeg Davaasharav in ULAANBATAAR; Editing by Ryan Woo and Neil Fullick
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mongolia-reindeer-herders/mongolias-reindeer-herders-fear-lost-identity-under-hunting-ban-idUSKCN1IM2EQ |
0 COMMENTS Good morning,
Holding Sway For all of the challenges facing tech, it has been a boom time for Apple . The tech giant flexed its financial muscle with a record $100 billion plan to buy back stock from investors, as it reported strong gains in revenue and profit even as growth in the number of iPhones sold remained weak. Elsewhere, the Journal reports at least a dozen Chinese tech “unicorns”—private companies with valuations exceeding $1 billion—have held talks about possible IPOs this year or early next. Their combined valuation is some $500 billion, so if all the deals go ahead and consist of the typical 10% to 20% of shares, at least $50 billion worth could hit global markets, a test of investor appetite. Alphabet’s Google, meanwhile, is trying to navigate an age of heightened political disagreement, as the company struggles to tame a workplace culture of nonstop debate.
Afghanistan Setbacks Afghanistan’s security forces are fraying as Islamic extremists gain control of more territory , a U.S. government watchdog reported, raising questions about progress in the yearslong project to make Afghans responsible for their country’s defense. According to the report, Afghan military and police forces—the cornerstone of American strategy to stabilize the country and prevent it from becoming a staging ground for terrorist attacks abroad—have shrunk by about 10% in the past year. But there is better news from Iraq, where national elections are set for next week: The highway to Fallujah—long synonymous with Sunni resistance to Iraq’s Shiite-led government— showcases signs the sectarian tensions that have ravaged the country are ebbing.
Xerox CEO Nudged Out Xerox Chief Executive Jeff Jacobson is resigning in a settlement with two of the company’s biggest investors —Carl Icahn and Darwin Deason—that also shakes up the majority of the board and puts Xerox’s deal with Fujifilm at risk. The new board is expected to consider alternatives to the complex transaction, in which most of Xerox would be sold to the Japanese company by combining it with a joint venture the two operate in Asia. Messrs. Icahn and Deason have been seeking to kill that deal, saying it undervalues Xerox, and had alleged Mr. Jacobson negotiated it quickly in an attempt to save his own job. A judge last week temporarily blocked the Fujifilm transaction, siding with Mr. Deason in a lawsuit.
Trade Tensions The Trump administration has set the stage for weeks of heightened tension between the U.S. and its trading partners as administration officials race to meet self-imposed deadlines to complete high-stakes negotiations with China, Mexico, Canada and Europe. On Tuesday a U.S. trade delegation left for China hoping to glean concessions from Beijing and U.S. Trade Representative Robert Lighthizer confirmed—after months of wrangling with Mexico and Canada—a mid-May deadline for Nafta renegotiations. The day before, the administration set a new June 1 deadline for a deal with European officials on steel and aluminum tariffs. All this action makes May a crucial month for President Trump’s campaign pledge to rewrite the rules of trade.
Cheap or Chic? Those little hotel bottles of shampoo, conditioner and body wash—icons of travel—are disappearing, replaced by bulk dispensers mounted on shower walls. Marriott is making the switch in 450 hotels across five brands this year; InterContinental Hotels, across four brands. The change has some travelers in a lather, though others—especially families packing into rooms—appreciate having more squirts than you can get out of little bottles. Hotels say bulk dispensers cost less and are better for the environment, though some chains are bucking the trend, Journal reporter Scott McCartney writes .
Today’s Video Parallel Universes The latest virtual-reality headset from Facebook’s Oculus isn’t the most immersive, but our personal technology columnist David Pierce says it is a good portal into the VR world. It costs $200 and doesn’t require a computer or smartphone.
TOP STORIES U.S. Pentagon Begins Probe Into Former White House Physician Jackson
California Sues Trump Administration Over Vehicle Emissions
WORLD Iran Treads Warily With Nuclear Deal in Balance
Afghanistan’s First Female Pilot Granted Asylum in U.S.
BUSINESS Tesla Feels the Weight of Solar Panels
Snap Shares Tumble as Results Disappoint
MARKETS Treasury Sanctions Amendment Sets Stage for Rusal Exemption
Money Manager AllianceBernstein Is Moving to Nashville
Number of the Day 51% The portion of Democrats who describe themselves as liberal rather than conservative or moderate in a Wall Street Journal/NBC News poll , a rise of 20 percentage points since 2004. Opposition to Mr. Trump has partially masked a set of conflicts within the party, a new analysis finds.
Quote: of the Day ‘ I talked about getting back our swagger. ’
—U.S. Secretary of State Mike Pompeo in his first address to employees after a whirlwind tour of Israel, Saudi Arabia and Jordan over the weekend. Today’s Question Going back to our story above, what are your thoughts on hotels’ switching to wall-mounted dispensers to save money and plastic? Send your comments, which we may edit before publication, to [email protected] . Please include your name and location.
—Compiled by Jessica Menton
Reader Response Responding to yesterday’s question on your experiences in airport lounges , Alan Hann of New Mexico weighed in: “Remember when flying was considered quite a treat and people dressed for the occasion, airlines served everyone complimentary wine and decent food and the airports were not packed like Disneyland on spring break? Now it is like traveling by bus. It was only a matter of time until the ‘high-end airport lounge’ became a bus station with amenities to match.” Colin Taylor of New Jersey shared: “It feels like airlines apply the same overbooking policies to U.S. domestic lounge membership as they do to flights. Calmer atmospheres and adequate meals can still be found when flying internationally, like that of the United Club in London Heathrow, for example.” And Mike Edelmuth of Quote: : “Many passengers enter an area of a lounge and ensconce themselves in an area of two, four or six chairs, pick through food and not always in a socially correct manner. They should be a bit more restrictive with a better quality of food and beverage. And travelers need to be more considerate of others!”
This daily briefing is named “The 10-Point” after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary “What’s News” digest of top stories. Technically, “10-point” referred to the size of the typeface. The type is smaller now but the name lives on.
Sign up here for a curated weekly tour of WSJ’s unique take on the sports world including news, smart features, data and Jason Gay.
The 10-Point In Your Inbox CLICK HERE to sign up for this briefing by email. | ashraq/financial-news-articles | https://www.wsj.com/articles/the-10-point-1525258645 |
Trump welcomes American held in Venezuela 7:58am EDT - 01:38
American missionary Josh Holt, held by Venezuela without trial on weapons charges since 2016, returned home with his wife on Saturday after the South American country's socialist government unexpectedly released them.
American missionary Josh Holt, held by Venezuela without trial on weapons charges since 2016, returned home with his wife on Saturday after the South American country's socialist government unexpectedly released them. //reut.rs/2IMF8vf | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/27/trump-welcomes-american-held-in-venezuel?videoId=430832946 |
Will only make progress in trade by solving overcapacity, says OECD's Gurria 2:42 AM ET Tue, 29 May 2018 OECD Secretary General Angel Gurria speaks about the effect of tariffs on world trade. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/will-only-make-progress-in-trade-by-solving-overcapacity-says-oecds-gurria.html |
U.S. government bond prices fell Monday as investors focused on comments by central bank officials that some perceived as hawkish.
The yield on the benchmark 10-year Treasury note rose for the fifth time in the last seven sessions to 2.995% from 2.971% Friday. Yields rise as bond prices fall. The two-year yield, which is more sensitive to expectations for Federal Reserve monetary policy, rose for the seventh consecutive session to 2.545%, the highest since August 2008.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-fall-on-hawkish-talk-from-policy-makers-1526312184 |
(Adds details and context, recasts throughout)
WASHINGTON, May 30 (Reuters) - U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
The Federal Reserve's rewrite of the so-called Volcker Rule marked another step by regulators under U.S. President Donald Trump to ease rules introduced by the 2010 Dodd-Frank financial reform law in a bid to boost lending and economic growth. Banks have long complained the rule meant to ban lenders that accept U.S. taxpayer-insured deposits from engaging in proprietary trading is too vague and complex. The rewrite seeks to make clear which trades qualify for safe harbors, such as when banks facilitate client trades and hedge risks, and to expand those exemptions.
The proposal eases one of the more controversial aspects of the rule which only permits trades related to market-making and underwriting by making it easier for firms to show such trades met near-term demand from clients.
The changes would also create a tiered framework, reserving the strictest oversight for the most active trading institutions, while granting smaller, less complex banks greater leeway.
The country's 18 banks with more than $10 billion in trading assets, which together account for 95 percent of all trading activity, face the most rigorous rules.
Banks with trading assets between $10 billion and $1 billion will enjoy a simpler rule set, while banks with less than $1 billion in trading assets would be presumed compliant.
The proposal would also scrap a subjective standard which assumes banks' short-term trading is profit-seeking unless they can prove otherwise, replacing it with an accounting test.
The proposal was unanimously approved by the three-member Federal Reserve Board, including Lael Brainard, who had been nominated for the post by former President Barack Obama.
Vice Chair for Supervision Randal Quarles said in a statement on Wednesday that the objective was to simplify and tailor the rule, but further reforms down the line were possible.
"I view this proposal as an important milestone in comprehensive Volcker Rule reform, but not the completion of our work," said Quarles, a Trump nominee.
BETTER ENFORCEMENT
The Volcker Rule, which took four years to write and runs at around 1,000 pages, has forced many Wall Street banks to overhaul their trading operations and hive off billions of dollars worth of hedge funds and private equity funds.
U.S. Congress wrote the broad strokes of the Volcker Rule into law, but five regulators oversee the rule and wrote its finer details.
Industry attempts to persuade Congress to overhaul the Volcker Rule so far have failed, but regulators said on Wednesday that it can be revised without negatively affecting the safety and soundness of the financial system.
They added that the revisions would also make it easier for on-the-ground bank examiners to enforce the rule. The proposal is subject to a 60-day comment period.
In a statement on Wednesday, former Fed Chairman Paul Volcker, who had conceived the rule, said he welcomed the proposal to simplify it.
"What is critical is that simplification not undermine the core principle at stake that taxpayer-supported banking groups, of any size, not participate in proprietary trading at odds with the basic public and customers interests," Volcker said.
Still, while regulators painted the rewrite as moderate, consumer advocates warned that it would put taxpayers and depositors at risk.
"Even as banks make record profits, their former banker buddies turned regulators are doing them favors by rolling back a rule that protects taxpayers from another bailout," said U.S. Democratic Senator Elizabeth Warren in a statement.
(Reporting by Michelle Price and Pete Schroeder; additional reporting by Patrick Rucker and David Henry in New York; Editing by Meredith Mazzilli) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-2-fed-u-s-regulators-unveil-first-volcker-rule-rewrite.html |
May 1, 2018 / 10:13 AM / Updated 4 minutes ago BRIEF-Kraken Reports 56 Pct Annual Revenue Growth In 2017 Reuters Staff
May 1 (Reuters) - Kraken Robotics Inc: * KRAKEN REPORTS 56% ANNUAL REVENUE GROWTH IN 2017
* KRAKEN ROBOTICS INC - TARGETING TO AT LEAST DOUBLE REVENUES IN 2018 TO MORE THAN $7 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kraken-reports-56-pct-annual-reven/brief-kraken-reports-56-pct-annual-revenue-growth-in-2017-idUSASC09YHE |
The following factors could affect Italian markets on Thursday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
POLITICS Italy’s anti-system 5-Star Movement and the far-right League moved on Wednesday to end nine weeks of political deadlock following inconclusive elections and form a government - a prospect that has alarmed investors.
ECONOMY Bank of Italy releases March data on bank lending and domestic government bond holdings at Italy-based banks.
DEBT Treasury sells 6.5 billion euros in 12-month BOT bills. Subscriptions close at 0900 GMT.
The gap between Italian and German borrowing costs reached its widest level in nearly six weeks on Wednesday on the possibility that a coalition of Italian anti-establishment parties would come into power.
UNICREDIT (*) Italy’s biggest bank topped forecasts with its best first-quarter result since 2007 on Thursday and said it would shed bad loans more quickly than anticipated.
POSTE ITALIANE The Italian post office posted on Thursday a larger-than-expected 38 percent increase in first quarter net profit.
BANCO BPM The debt recovery business of Banco BPM has attracted interest from potential buyers following a landmark deal by rival Intesa Sanpaolo, the head of Italy’s third-largest bank said.
YNAP Online luxury retailer Yoox Net-a-Porter (YNAP) YNAP.MI is on track to be de-listed following the end of a takeover offer launched by Cartier owner Richemont, data from the Italian bourse showed on Wednesday.
TOD’S Italian luxury group Tod’s like-for-like sales should ‘visibly improve’ in the second quarter and turn positive from the second half, CFO Emilio Macellari said on Wednesday. First-quarter like-for-like sales fell 4.4 percent year-on-year.
ENEL The utility said its first-quarter ordinary net profit rose 10 percent, while revenues fell 2.2 percent year-on-year.
UNIPOL, UNIPOLSAI Fitch has upgraded Unipol Gruppo’s and UnipolSai Assicurazioni’s long-term issuer default rating (IDR) to ‘BBB’ from ‘BBB-‘. At the same time, Fitch has affirmed UnipolSai’s insurer financial strength rating at ‘BBB’. The outlooks are stable.
AEROPORTO DI BOLOGNA The company recorded a 1.7 percent rise in passenger numbers in April, it said on Wednesday.
SAFILO The company reported first-quarter adjusted EBITDA of 13.1 million euros.
SALINI IMPREGILO The builder said new orders year-to-date acquired and to be finalised stood at around 1 billion euros. It also confirmed its 2018 targets.
BOMI ITALIA ‘Investor Day’ (1000 GMT).
BUZZI UNICEM Annual general meeting (0830 GMT) and board meeting on Q1 results.
ITALIAONLINE Conference call on Q1 results (0800 GMT).
TISCALI Board meeting on FY results.
ANSALDO STS Annual general meeting (0900 GMT).
ENI Annual general meeting (0800 GMT) followed by news conference with Chairwoman Emma Marcegaglia and CEO Claudio Descalzi.
DIGITAL BROS Board meeting on Q3 results.
MEDIOBANCA Board meeting on Q3 results (press release on May 11).
IMMSI Annual general meeting (0900 GMT) and board meeting on Q1 results.
M&C Annual general meeting (0900 GMT).
Board meetings on Q1 results: AEFFE followed by conference call, ALERION CLEAN POWER, AVIO, AZIMUT HOLDING, BANCA IFIS followed by conference call (1330 GMT), BANCA MEDIOLANUM (0800 GMT) followed by conference call (1430 GMT), BANCA MONTE DEI PASCHI DI SIENA (press release on May 11), BANCA PROFILO, BANCO DI DESIO, BE, BIODUE (revenues 0630 GMT), BRUNELLO CUCINELLI followed by conference call (1600 GMT), CATTOLICA ASSICURAZIONI (press release on May 11), CEMENTIR followed by conference call, CENTRALE DEL LATTE D’ITALIA, CREDITO EMILIANO, DEA CAPITAL, DE’LONGHI followed by conference call, DOBANK followed by conference call, FALCK RENEWABLES, HERA followed by conference call (1130 GMT), INTERPUMP GROUP , INWIT, IREN, ISAGRO (1330 GMT), MASSIMO ZANETTI followed by conference call, M&C, NICE followed by conference call, PRYSMIAN followed by conference call (1600 GMT), TOSCANA AEROPORTI, TXT E-SOLUTIONS, UBI BANCA (press release on May 11), UNIPOL and UNIPOLSAI (press release on May 11).
For Italian market data and news, click on codes in brackets:
20 biggest gainers (in percentage)
20 biggest losers (in percentage)
FTSE IT allshare index
FTSE Mib index
FTSE Allstars index...
FTSE Mid Cap index....
Block trades
Stories on Italy IT-LEN
For pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-10/italy-factors-to-watch-on-may-10-idUSL8N1SE2BS |
By Kate Duguid NEW YORK, May 7 (Reuters) - Trading was light and Treasury yields were little changed on Monday with London on holiday ahead of this week's auctions of $73 billion in U.S. government debt and Thursday's release of the Consumer Price Index inflation metric. "This morning is a rerun of light trading activity, only partly due to the London holiday. Data won't demand to be traded until CPI Thursday morning. Traders will spend most of today and the first half of tomorrow working on their auction strategy and determining whether corporate supply will return in earnest this week," said Jim Vogel, interest rate strategist at FTN Financial in Memphis, Tennessee. The Treasury Department's $73 billion refunding package for May is up from the $66 billion it offered in February, with most of the increase coming from short-end maturities. The Treasury will sell $31 billion in three-year notes, $25 billion in 10-year notes, and $17 billion in 30-year bonds. The Treasury on May 2 announced the increased supply of debt to offset the impact of the Federal Reserve's reduction in its bond buying. The new debt supply will also be used to fund the $1.5 trillion the Republican government's tax cut bill will add to the federal deficit. While the quarterly funding program did increase, it nevertheless came in short of analyst expectations. The Treasury will raise the size of the two- and three-year note auctions by just $1 billion per month in the second quarter, compared with the $2 billion increases in the first. Yields on U.S. benchmark 10-year Treasury notes were up slightly on Monday - by 0.8 basis point at 2.952 percent - from their last close. Yields on 30-year bonds were up 1 basis point at 3.123 percent from their last close. Both maturities on Friday slid to two-week lows after a weaker-than-expected April payrolls report, while those on two-year notes fell to a one-week low. Also key this week will be the consumer price report on Thursday, which will be watched closely after the Labor Department on Friday announced that average earnings growth, another closely monitored inflation indicator, rose by just 0.1 percent in April after gaining 0.3 percent the prior month. "CPI is critical. We've moved from watching average hourly earnings from the labor report to looking at the internals of every inflation report, with CPI being the most closely followed," said Vogel. The two-year note was last at 2.505 percent, up modestly from Friday's close at 2.501 percent. May 7 Monday 10:54AM New York / 1454 GMT Price US T BONDS JUN8 143-15/32 -0-6/32 10YR TNotes JUN8 119-168/256 -0-12/25 6 Price Current Net Yield % Change (bps) Three-month bills 1.805 1.838 0.002 Six-month bills 1.9875 2.035 0.005 Two-year note 99-192/256 2.5052 0.004 Three-year note 99-68/256 2.6362 0.006 Five-year note 99-208/256 2.7905 0.010 Seven-year note 99-212/256 2.9023 0.007 10-year note 98-72/256 2.9534 0.009 30-year bond 97-156/256 3.1238 0.010 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 26.25 -0.25 spread U.S. 3-year dollar swap 22.00 0.50 spread U.S. 5-year dollar swap 12.75 0.00 spread U.S. 10-year dollar swap 3.50 0.25 spread U.S. 30-year dollar swap -11.00 0.50 spread (Reporting by Kate Duguid; Editing by Dan Grebler)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-trade-light-yields-flat-ahead-of-auctions-cpi-data-this-week-idUSL1N1SE0K2 |
Reblog International is buying a harness-racing track and casino outside New York City for about $605 million, helping the gambling-venue owner expand its East Coast presence. MGM will acquire the Empire City Casino in Yonkers, N.Y., from the Rooney family, which has owned the operation at Yonkers Raceway for more than four decades. The Wall Street Journal reported in November that the casino was exploring strategic alternatives, including a possible sale or partnership. | ashraq/financial-news-articles | https://www.wsj.com/articles/mgm-resorts-to-buy-new-york-casino-for-about-605-million-1527604347?mod=yahoo_hs&yptr=yahoo |
By Polina Marinova 11:04 AM EDT
One of the major topics of discussion in cryptocurrency at the moment is around the emergence of security tokens. Security tokens are backed by real assets such as an equity, shares of a limited partnership company, or commodities. They are also subject to federal security regulations.
Blockchain Capital conducted one of the first security token offerings last year when it raised capital for its third fund. A new NYC-based venture capital platform announced a tokenized venture fund this week. J.P. Morgan’s co-president Daniel Pinto said , “The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”
So what is a security token? How is it different from a utility token? Term Sheet sat down with Josh Stein, the CEO of tokenized securities startup Harbor to discuss. The company recently raised $28 million in funding from investors including Founders Fund, Andreessen Horowitz, Pantera Capital, Craft Ventures, and Signia Venture Partners.
David Sacks, a PayPal co-founder, Yammer CEO, and Zenefits COO, came up with the idea for a security token startup and eventually recruited three former Zenefits executives to run the company. Stein was the former general counsel and chief compliance officer at Zenefits, the company that got into hot water for inadequate compliance procedures . “We didn’t have a chief compliance officer until after everything happened,” Stein said. “That was the problem — the company hadn’t prioritized it.”
Harbor’s co-founders are not only prioritizing compliance, but it’s the foundation of the software. What follows is a Q&A about the nature of security tokens & their role in the regulatory ecosystem.
TERM SHEET: What is a security token?
STEIN: A security token represents traditional, private security interest. It could represent a share in a company, an LP interest in a fund or a trust, a member share in an LLC. Essentially, you’re taking something that today you have on paper and you’re putting an electronic wrapper around it.
The best analogy is the transition from email to snail mail. You can type out a written communication, print it out, put it in an envelope, address it, send it, and wait two to three days. Or you could hit send on an email. The content is the same, but by putting an electronic wrapper around it, you can send it faster, cheaper, and easier.
To put it in context, you could have the same investor agreement or certificate on paper. It’s the same thing, but now it has an electronic wrapper, so now I can issue it and trade orders of magnitude faster, cheaper and easier.
So what role does Harbor play in this process?
STEIN: There’s a little bit of programming in that token, but it calls to Harbor every time that token goes to trade. Harbor is this trade-compliance gatekeeper, and we check if the trade is compliant. We check who the buyer and seller are, what the trade is, and where it occurs. If those are compliant, the trade happens and no one even knows Harbor was involved.
If any of those are not compliant, the trade gets stopped. So it might say, “This buyer is not approved. They haven’t been vetted for “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML).” It might say, “This trade doesn’t conform to the cap table requirements.” In those instances of non-compliant trading, the programming will automatically kick in and not allow the trade to occur. You’re not unwinding trades — they just never happen.
How is a security token different than a utility token?
STEIN: These protocol tokens, utility tokens or ICOs refer to tokens that power a decentralized software. For example, if you’re using decentralized file source — think something like DropBox but done in a decentralized fashion — you’d have a storage coin that would power this system & it would be a payment mechanism for the system. Think of it almost like a pre-paid software license. But the key here is that it’s not a security interest. You do not own anything in the company and there is no real world asset that backs it.
How does your service comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements?
STEIN: We hook into the rest of the blockchain ecosystem, so these tokens can trade on any properly licensed exchange. They can interact with qualified custodians. We control all the compliance-related tokens in the Harbor ecosystem.
The compliance is centralized at Harbor, and that’s a little different than some of the other companies doing this. Some folks are a complete walled garden — they have to issue the tokens, they only trade on their exchange, and you can’t use other players. Other folks are completely decentralized where you find all the players, like law firms and KYC/AML vetters, on the blockchain and somehow deal with people you don’t know and trust. What we do is we centralize the compliance and decentralize everything else.
Theoretically, what assets could be tokenized?
STEIN: Real estate is one. Another is fine art. We’ve talked to a few high-end art dealers with their own inventory and access to institutional inventory. What if you tokenized the work by Monet? Not many people can stroke a check for $20 million. But if you owned a fraction of a Monet, lots of people would like to stroke a check for $200,000. What if you tokenize a bunch of works by Monet and then you create a fund that owns 10% of each tokenized work? Now, I own a Monet fund or a Monet ETF.
With the tokenization technology, you could create leveraged longs and leveraged shorts. You can go long French impressionists and short modern art. You can do the same with real estate — I tear off a 10% strip of all my Class A in Midtown and create a Midtown fund. Class A in Upper East Side, Downtown, Brooklyn, Jersey. I can go long Manhattan, I can go short Brooklyn.
Yes, there will be some gambling going on, but what’s interesting is that if I’m a property developer and I just put a huge amount of capital into Manhattan, I could effectively hedge my position very cheaply and efficiently.
How would a venture capital firm tokenize their fund?
STEIN: Today, there are three reasons why there is illiquidity in traditional private securities: The buyer & seller can’t find each other, you have to re-paper the transaction, and you have to enforce compliance. The result is there’s always very tight transfer restrictions. In other words, transfer is prohibited and you have to go to the GP in a fund, the manager in a REIT, and you have to ask them for permission. They then have to go find someone on the other side of the trade. It takes weeks or months to do it, it takes a lot of hassle and elbow grease, it costs $10,000 to $20,000 to paper the transaction, and you take a big hit on the valuation.
The liquidity benefits investors and hence it benefits people raising capital. On the highest level, we’re attempting to take the liquidity of public markets and bring it to private securities.
Why should people in VC or PE care about this?
STEIN: It’s a good way for them to invest in things that are more liquid. Some crypto-focused VC funds and hedge funds are already tokenizing [ TS Note: Firms who have tokenized their funds include Blockchain Capital and Spice VC ]. As LPs get used to the liquidity, they’re going to start to demand it.
If you’re a traditional VC fund or hedge fund, and you have no problem getting capital, you shouldn’t tokenize today. You should keep your eye on it in case you may need to down the road. If you want to tap into a new investor base that’s worldwide, and if you want to get lower cost of capital, it’s something to consider.
What are the risks and disadvantages associated with security tokens?
STEIN: The risks are not security risks. We have the ability to freeze trading on behalf of the issuers. Let’s say you want to move back to paper — we’d freeze trading and re-issue paper. Your hassle is some reputation exposure, some administrative expense, and some dashed investor expectation as to liquidity, but none of those are catastrophic. This is not like cryptocurrencies such as Bitcoin or Ether where if you lose control of them, you have lost that asset.
This is a real world asset that only has a cryptographic representation. The asset is still there. You still have a real-world cap table.
And of course, at the end of the day, the investment’s got to be good. If you take a bad investment and you tokenize it, you have a highly liquid bad investment. So we’re being very cautious with our clients in the first year or two. We want to deal with investments that will be successful with reputable owners of capital and who are doing things the right way.
What’s an example of a good investment that you’re looking at tokenizing right now?
STEIN: We’ve talked to multiple property owners primarily in the hospitality and office spaces. Think marquee, classic commercial real estate in major metropolitan areas. Some of them are looking to raise hundreds of millions of dollars, and we’re talking to them about starting off smaller — about $50 to $100 million.
So you haven’t tokenized anything yet?
STEIN: We’ll conduct our first issuance this summer.
What is the current regulatory environment as it relates to security tokens?
STEIN: There’s a misconception that there’s a regulatory problem or that somehow the regulations need to change. They don’t. You need to comply with rules around the world. If the compliance doesn’t work, nothing else can happen.
We have talked with a number of regulators in the U.S. and around the world. No one has given us negative feedback and no one has blessed off on it, but our fundamental opinion is that we’re complying with the rules.
How big of a business could this be?
STEIN: Very large. Private commercial real estate in the U.S. is $17 trillion. That’s just one asset class in the U.S. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/security-token-harbor-ceo/ |
BUENOS AIRES, Argentina, May 10, 2018 /PRNewswire/ -- Cablevisión Holding S.A. (BCBA: CVH / LSE: CVH / OTC US: CVHSY) will host a conference call and webcast presentation on Monday, May 14, 2018 at 2:00pm Eastern Time (3:00pm Buenos Aires time) to discuss its First Quarter 2018 Earnings Results.
Presentations will be in English, based on the earnings release, which will be distributed on Monday, May 14, 2018 before the markets open.
Those interested in connecting via conference call, please dial 1-877-830-2576 toll free from the U.S., 0-800-444-7657 from Argentina, or 1 (785) 424-1726 from elsewhere 5-10 minutes prior to the start time. The Conference ID is CVH.
The webcast presentation will be available at:
https://www.webcaster4.com/Webcast/Page/1772/25867
There will be a replay available, for two weeks, five hours after the conclusion of the conference call. To access the replay, please dial 1-844-488-7474 toll free from the U.S., or 1-862-902-0129 from anywhere outside the U.S. The replay passcode is: 92005091
The webcast presentation will be archived at: https://www.cablevisionholding.com/Investors/Presentations
About the Company
CVH was funded as corporate spinoff from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on the country and the region. The companies, products and brands that depend on Cablevisión Holding are already big names in the telecommunications and content distribution industries. They specialize in the provision of cable TV, broadband and mobile communications services.
Investor Relations Contacts
In Buenos Aires:
In New York
Cablevisión Holding S.A
i-advize Corporate Communications
Agustín Medina Manson, Head of Investor Relations
Patricio Gentile, Sr. Analyst of Investor Relations
Camilla Ferreira / Kenia Vargas
Tel: +1 212 406 3695 / 3696
Tel: (+54 11) 4309 – 3417
Email: [email protected]
Email: [email protected]
[email protected]
View original content: http://www.prnewswire.com/news-releases/cablevision-holding-sa-to-host-conference-call-and-webcast-presentation-to-discuss-first-quarter-2018-results-300646411.html
SOURCE Cablevisión Holding | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-cablevisian-holding-s-a-to-host-conference-call-and-webcast-presentation-to-discuss-first-quarter-2018-results.html |
Democrats fight to win back the union vote 12:32pm BST - 02:05
Union workers who turned out heavily for Trump and his fellow Republicans in 2016 are souring on the president and his party, shifting their support back to the Democrats
Union workers who turned out heavily for Trump and his fellow Republicans in 2016 are souring on the president and his party, shifting their support back to the Democrats //reut.rs/2FGjEdn | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/democrats-fight-to-win-back-the-union-vo?videoId=423789862 |
PHOENIX, May 30, 2018 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ:GWRS) (TSX:GWR), a pure-play water resource management company, has declared, under its dividend policy, a monthly cash dividend in the amount of $0.023625 per common share (an annualized amount of $0.2835 per share), which will be payable on June 29, 2018, to holders of record at the close of business on June 15, 2018.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates nine utility companies which provide water, wastewater and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles nearly 1 billion gallons of water annually. To learn more, visit www.gwresources.com .
Company Contact:
Michael J. Liebman
CFO and SVP
Tel (480) 999-5104
[email protected]
Investor Relations Contact:
Ron Both, CMA
Tel (949) 432-7566
[email protected]
Source:Global Water Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-global-water-resources-declares-monthly-dividend.html |
SALT LAKE CITY (AP) — A Tesla that crashed while in Autopilot mode in Utah this month accelerated in the seconds before it smashed into a stopped firetruck, according to a police report obtained by The Associated Press. Two people were injured.
Data from the Model S electric vehicle show it picked up speed for 3.5 seconds before crashing into the firetruck in suburban Salt Lake City, the report said. The driver manually hit the brakes a fraction of a second before impact.
Police suggested that the car was following another vehicle and dropped its speed to 55 mph (89 kph) to match the leading vehicle. They say the leading vehicle then likely changed lanes and the Tesla automatically sped up to its preset speed of 60 mph (97 kph) without noticing the stopped cars ahead.
The police report, which was obtained Thursday through an open records request, provides detail about the vehicle's actions immediately before the May 11 crash and the driver's familiarity with its system.
The driver of the vehicle, Heather Lommatzsch, 29, told police she thought the vehicle's automatic emergency braking system would detect traffic and stop before the car hit another vehicle.
She said she owned the car for two years and used the semi-autonomous Autopilot feature on all kinds of roadways, including the Utah highway where she crashed, according to the report.
Lommatzsch said the car did not provide any audio or visual warnings before the crash. A witness told police she did not see signs the car illuminate its brake lights or swerve to avoid the truck ahead of it.
Lommatzsch did not return a voicemail message on Thursday.
Tesla referred to a prior comment that drivers are continually reminded to keep their hands on the wheel and maintain control of their vehicle at all times while using the Autopilot system.
"Tesla has always been clear that Autopilot doesn't make the car impervious to all accidents," it said.
Police say car data show Lommatzsch did not touch the steering wheel for 80 seconds before the crash. She told police she was looking at her phone and comparing different routes to her destination.
She broke her foot in the crash and this week was charged with a misdemeanor traffic citation. Online court records do not show an attorney listed for her.
The driver of the firetruck told police he had injuries consistent with whiplash but did not go to a hospital.
Tesla's Autopilot system uses cameras, ultrasonic sensors and radar to sense the vehicle's surrounding environment and perform basic functions automatically.
Among those functions is automatic emergency braking, which the company says on its website is designed "to detect objects that the car may impact and applies the brakes accordingly." Tesla says the system is not designed to avoid a collision and warns drivers not to rely on it entirely.
The National Highway Traffic Safety Administration has said it is investigating the May 11 crash.
Tesla reached a settlement agreement in a federal lawsuit alleging that it sold Autopilot features that weren't available and made its vehicles dangerous, according to court records released Thursday by the U.S. District Court in San Jose. Neither Tesla nor Seattle attorney Steve Berman, who represented the plaintiffs, would comment Friday.
But Tesla said previously that since rolling out its second generation of Autopilot, it has continued to update software leading to major improvements. The company has said that it agreed to compensate customers who purchased Autopilot and had to wait longer than expected to get all of its features.
Tesla's Autopilot has been the subject of previous scrutiny following other crashes involving the vehicles.
In March, a driver was killed when a Model X with Autopilot engaged hit a barrier while traveling at "freeway speed" in California. NHTSA and the National Transportation Safety Board are investigating that case.
This week, Tesla said Autopilot was not engaged when a Model S veered off a road and plunged into a pond outside San Francisco, killing the driver.
Earlier in May, the NTSB opened a probe into an accident in which a Model S caught fire after crashing into a wall at a high speed in Florida. Two 18-year-olds were trapped and died in the blaze. The agency has said it does not expect Autopilot to be a focus in that investigation.
AP Auto Writer Tom Krisher contributed to this story from Detroit. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/26/the-associated-press-apnewsbreak-tesla-in-autopilot-mode-sped-up-before-crashing.html |
SEOUL (Reuters) - North Korea’s vice foreign minister Kim Kye Gwan said the North is open to resolving issues with the United States whenever and however after U.S. President Donald Trump called off a June summit with its leader, Kim Jong Un.
North Korean leader Kim Jong Un inspects the completed railway that connects Koam and Dapchon, in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang May 24, 2018. KCNA/via REUTERS “We had set in high regards President Trump’s efforts, unprecedented by any other president, to create a historic North Korea-U.S. summit,” said the vice foreign minister in a statement released on Friday by the North’s central news agency.
“We tell the United States once more that we are open to resolving problems at any time in any way,” he said.
Reporting by Christine Kim; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-kcna/north-korea-says-open-to-resolving-issues-with-u-s-after-trump-scraps-summit-kcna-idUSKCN1IP3SC |
GAZA/JERUSALEM (Reuters) - Palestinian protests on the Gaza-Israel border have dropped off over the past two days, amid reports that Egyptian officials intervened to restore calm after dozens of Palestinians were killed by Israeli gunfire.
Gaza’s dominant Islamist Hamas movement denied that it was under pressure from neighboring Egypt to scale back the six-week-old demonstrations, and said they would continue, although fewer Palestinians were now gathering in protest tents.
Gaza medics said two Palestinians were shot dead during Tuesday’s demonstrations along the 51 km (32 mile) border. On Monday, 60 were killed in a far greater turnout on the day that the United States relocated its Israel embassy to Jerusalem.
The bloodiest day for Palestinians in years has created a diplomatic crisis. The Palestinian Authority, which says Washington has abandoned its role as neutral arbiter in the 70-year-old conflict, withdrew its envoy from Washington. Turkey and Israel expelled each other’s ambassadors.
On Wednesday the Palestinian Foreign Ministry announced the recall of its envoys in Romania, Hungary, Austria and the Czech Republic because those countries participated in the reception for the U.S. delegation that inaugurated the embassy.
Pushing back against foreign censure of its army’s actions, Israel has - with Washington’s backing - accused Hamas of using civilians as cover for attacks across the frontier fence and to distract from Gaza’s internal problems. Hamas denies this.
In a speech on Wednesday evening, Israeli Prime Minister Benjamin Netanyahu cited figures from Salah al-Bardaweel, a Hamas official in Gaza, saying: “We know of similar numbers and therefore Israel will continue to defend itself as much as is needed.”
EGYPTIAN PRESSURE Dubbed the March of Return, the protests were launched on March 30 to assert the right of Palestinians to return to homes lost to Israel during its founding in 1948.
Related Coverage Turkey's Erdogan says U.N. has 'collapsed' in the face of Gaza violence International court's prosecutor warns on Gaza violence Putin, Erdogan express 'serious concern' over casualties in Gaza: Kremlin Gaza analyst Akram Attallah, pointing to the smaller number of protesters since Monday’s deaths, said: “I can see there is a retreat because of the Israeli bloody response ... but Friday will represent an indicator to where things are going.” Fridays normally see protesters turn out in larger numbers.
The reports of Egyptian pressure on Hamas, the armed Islamist faction that controls the Gaza Strip, followed a visit by Hamas leader Ismail Haniyeh on Sunday to Egypt, which has sought to act as a broker between Hamas, Israel and other Palestinian factions.
Israeli Intelligence Minister Israel Katz said that an Egyptian intelligence chief, whom he did not name, “made unequivocally clear” to Haniyeh that Egypt would not help if Hamas continued to stoke the protests, and Israel responded with harsher measures.
“Haniyeh returned to Gaza, Hamas gave an order ... and miraculously, this spontaneous protest by a public that could not handle the situation any more dissipated,” Katz told Israel Radio. There was no immediate response from Egypt to Katz’s statements, and Hamas dismissed the Israeli claims as false.
Hamas leader in Gaza Yehya Sinwar denied that Egypt put pressure on Hamas to end the protests and said that instead, Haniyeh discussed what Cairo could do to ease hardship in Gaza.
“They were keen these marches do not slide into armed confrontations and we agree with the brothers in Egypt over that,” Sinwar said in an interview on Al Jazeera television.
Palestinian demonstrator fights with Israeli security forces during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, near Damascus Gate in Jerusalem's Old City May 15, 2018. REUTERS/Ammar Awad HOLDING FAST Gaza has been controlled since 2007 by Hamas, an Islamist group that denies Israel’s right to exist and has fought three wars with Israel in the past decade. Israel and Egypt, citing security concerns, maintain a de facto blockade on Gaza which has reduced its economy to a state of collapse.
Two million people live in the narrow strip, most stateless descendants of refugees who fled or were driven out of homes during fighting between Jewish and Arab forces at the time of its founding. They suffer from what the World Bank says is one of the highest rates of unemployment on earth, and say the blockade makes rebuilding impossible.
Violence along the border was very limited on Wednesday and the Israeli army said a tank targeted two Hamas positions in the southern Gaza Strip after troops had been fired upon. There were no reports of casualties on either side.
At a border protest encampment east of Gaza City, Palestinian factions, including Hamas and Islamic Jihad, urged people to take part in mass rallies on Friday.
But the start on Thursday of the holy month of Ramadan, when Muslims abstain from eating and drinking during daylight hours, could limit the scale of demonstrations. The factions said the fasting would be taken into account but marches would continue through early June.
Organizers say the Gaza protests are civilian actions, noting the absence of Israeli casualties, compared to 107 Palestinian dead and thousands of wounded. Israel disputes this and says some of those killed were firing at its troops.
On Wednesday, Bardaweel, the Hamas official in Gaza, told a Palestinian television channel that of the 62 people killed on Monday and Tuesday, “50 of them were from Hamas, and 12 from the people”.
Israeli officials quickly seized upon his remarks. “Take his word for it. This was no peaceful protest,” Israeli military spokesman Lt. Col. Jonathan Conricus wrote on Twitter.
In Jerusalem, following the U.S. lead, Guatemala opened its embassy in the city on Wednesday. Paraguay is slated to do the same next week.
Relatives mourn during the funeral of a Palestinian, who was killed during a protest at the Israel-Gaza border, in the central Gaza Strip May 16, 2018. REUTERS/Mohammed Salem Most countries keep their embassies in Tel Aviv, saying the status of the holy city should be decided in peace talks between Israel and Palestinians, which want to have their own capital there. Those talks have been stalled since 2014.
Israel regards all of Jerusalem as its capital. Palestinians seek East Jerusalem as the capital of a state they want to establish in the occupied West Bank and Gaza Strip.
Writing by Dan Williams, Jeffrey Heller, Ori Lewis and William Maclean Editing by Stephen Farrell and Peter Graff/Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians/israel-says-hamas-curbed-gaza-protests-after-egyptian-warning-idUSKCN1IH1B9 |
U.S., North Korea meet in New York for second day 12:32pm BST - 02:09
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith reports.
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith reports. //reut.rs/2L9rMGc | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/us-north-korea-meet-in-new-york-for-seco?videoId=431905436 |
North Korea may reconsider next month’s summit with Trump, Amazon cuts Whole Foods prices for Prime members and a Reuters special report on how investors are growing uneasy as Egypt’s military expands its economic influence.
South Korean President Moon Jae-in and North Korean leader Kim Jong Un walk together at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018. Korea Summit Press Pool/Pool via Reuters Highlights
North Korea threw next month’s summit between Kim Jong Un and U.S. President Donald Trump into doubt, threatening weeks of diplomatic progress by saying it may reconsider if Washington insists it unilaterally gives up its nuclear weapons.
There are plenty of problems lurking on America’s career ladder, but here is a big one: the healthcare systems are designed for the workforce of 1950. If you have a lifetime corporate 9-to-5 gig, then you probably have group health insurance. But what if that is not the kind of job you have? Well, good luck with that. More Americans than ever are falling into that second category , a mix of the self-employed, solo entrepreneurs, freelancers and contract workers.
Democrats’ quest to take control of the U.S. House of Representatives and stymie Trump’s agenda began in earnest after voters in Pennsylvania chose a slate of nominees to compete in a pivotal battleground state.
Special Report:
Egyptian President Abdel Fattah al-Sisi attends a military ceremony in the courtyard of the Hotel des Invalides in Paris, France, November 26, 2014. REUTERS/Charles Platiau The biggest armed forces in the Arab world comes with its perks. While Sisi's government says there is an even playing field, Egyptian businesses complain that tax breaks are giving military firms an advantage.
World
Exclusive: A senior official at Iran’s state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after U.S. sanctions kick in, three people familiar with the matter said, but failed to secure guarantees from the world’s biggest consumer of Iranian oil.
Guatemala opened an embassy in Jerusalem, two days after the United States inaugurated its new site in the contested city in a move that infuriated Palestinians and drew international condemnation.
Commentary:
There's no quick fix for the political conflict in Gaza. But "nothing’s wrong there that, on a humanitarian level, can’t be significantly improved in a few months," writes Galen Guengerich , a senior minister of All Souls Unitarian Church in New York City, after a recent visit to the territory. "A fundamental tenet of civilized behavior in the modern world is that human beings shouldn’t die of disease, starvation, or other forms of neglect while political conflicts are addressed."
Tech
Amazon.com and Whole Foods Market are making a surgical strike in the already brutal grocery price war. Whole Foods debuted a much-anticipated loyalty program that offers special discounts to Prime customers , including 10 percent off hundreds of sale items and rotating weekly specials such as $10 per pound off wild-caught halibut steaks
U.S. lawmakers rejected any plan by Trump to ease restrictions on China’s ZTE, calling the telecommunications firm a security threat and vowing not to abandon legislation clamping down on the company.
The investment firm founded and chaired by billionaire George Soros took a stake in Tesla bonds during the first three months of the year, giving the electric carmaker run by Elon Musk a prominent supporter.
As Hollywood studios unleash their summer blockbusters into theaters, Netflix is trying to give film buffs a reason to stay home. The streaming service is on track to release at least 86 Netflix original films in 2018 , the company told Reuters. That exceeds the scheduled output of the top four traditional studios combined, as well as Netflix’s previous record of 61 films last year.
Reuters TV
James Harrison, nicknamed ‘the man with the golden arm,’ makes his last blood donation after donating blood 1,173 times and saving the lives of over 2.4 million babies over several decades.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-newsnow-may16/wednesday-morning-briefing-idUSKCN1IH1NR |
LIVERMORE, Calif., May 16, 2018 (GLOBE NEWSWIRE) -- UNCLE Credit Union, serving four counties in the San Francisco Bay Area and the Central Valley, re-elected Chung Bothwell to an eleventh term as Board Chairman and elected John Stein, Ph.D., as Vice Chairman for the 2018-2019 term. In his new position, Stein succeeds Randy Werner, who retired this year after more than 34 years with the credit union.
UNCLE Credit Union Board Chairman Chung Bothwell
“As a credit union, our top priority is to deliver optimal value to our members so that we may best support their financial well-being. Maintaining solidarity around this shared vision has contributed greatly to our organizational health and financial success,” said Chung Bothwell. “We’ve worked diligently to develop and maintain a synergistic dynamic between all areas of the organization, including our board, supervisory committee, executive team and staff, and this continues to serve us well in our ability to prosper and grow for the benefit of our members.”
Employed at Lawrence Livermore National Laboratory, Bothwell has a wealth of experience in financial management, strategic planning and budgeting. For more than 25 years, she has been an integral part of a stable leadership team that has guided UNCLE Credit Union on a course of sustainable growth while helping to ensure its long-term financial strength. Her education includes a Juris Doctor (JD) and a Master of Laws (LLM) degree as well as a Master of Business Administration (MBA).
A former Livermore city council member with a background in engineering, John Stein has served in varied capacities as an officer and member of UNCLE Credit Union’s Board of Directors since 2009 and was a member of UNCLE’s Supervisory Committee from 2004-2009. Also serving as officers for the 2018-2019 term are Board Treasurer Lee Neely and Board Secretary Mila Shapovalov, who were both re-elected for a third term. The credit union also welcomes Clay Smith as its newest board director. A financial analyst at Lawrence Livermore National Laboratory, Smith served as Chief Investment Officer for the Student Investment Fund at University of the Pacific before graduating from its Eberhardt School of Business with a Bachelor of Science in Business Administration: Concentration in Finance.
About UNCLE Credit Union
Established in 1957, UNCLE Credit Union is an over $433 million, full-service financial institution serving more than 26,500 members. The organization offers the benefits of credit union membership and a full array of financial services to anyone who lives, works, worships, or attends school in Alameda, Contra Costa, San Joaquin and Stanislaus counties. Members can now access seven UNCLE Financial Centers located in the communities of Pleasanton, Livermore, Tracy and Stockton, along with an additional 5,000 branches and nearly 30,000 ATMs available through participation in the CO-OP Shared Branching Network. UNCLE Credit Union is renowned for its community involvement, professional and personalized service and unwavering commitment to helping members achieve their financial goals. To learn more, visit www.unclecu.org .
CONTACT: Jennifer Hall
408.406.6251
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/29a09a0a-20ef-45f7-a474-6c0028fe02d3 .
Source:UNCLE Credit Union | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-uncle-credit-union-announces-board-of-directors-election-results-for-the-2018-2019-term.html |
May 12, 2018 / 3:02 AM / Updated 2 hours ago Malaysia's shock poll result gives hope to besieged Southeast Asian oppositions Tom Allard 5 Min Read
KUALA LUMPUR (Reuters) - Opposition figures in Southeast Asian nations, some locked out of government for decades, celebrated Mahathir Mohamad’s unexpected election victory in Malaysia this week, and said they hoped it was a portent of wider democratic change in the region. Malaysia’s former Prime Minister Najib Razak prays before he attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Stringer
Rising authoritarianism across Southeast Asia has alarmed human rights advocates and analysts in recent years as governments imprisoned rival leaders, manipulated election laws and restricted freedom of the press and civil society.
“The vote marks a bright spot amid dark times,” said the ASEAN Parliamentarians for Human Rights, a grouping of Southeast Asian politicians.
Mahathir defeated Malaysia’s ruling coalition of more than six decades despite a drastic redrawing of electorate boundaries and media coverage strongly favouring the incumbent.
“What the Malaysian people have achieved is very encouraging for us,” the chairman of Cambodia’s outlawed main opposition party, Sam Rainsy, told Reuters by phone from the United States. “It shows this is possible in Cambodia as well.”
Thailand’s exiled former prime minister Thaksin Shinawatra, who was deposed by the military in 2006, also welcomed the election result as evidence of “the power of the people”.
Cambodia, ruled by strongman Hun Sen for more than three decades, and Thailand, governed by a military junta after another coup in 2014, are both due to go to the polls in the next 12 months. REPRESSION RISKS
Lee Morgenbesser, an Australian academic who studies Southeast Asian regimes, cautioned that the Malaysian election could lead to more repression rather than a regional democratic awakening.
“If you have this stunning election result, it sends a warning to authoritarian regimes in the region,” he said.
“That might actually reinforce the trend that’s been happening for years. You just could see more suppression and manipulation at election time.”
He cited the example of the Arab Spring in the Middle East that began in 2010. Early democratic gains were reversed as rulers responded aggressively, often with brutal violence and arbitrary arrests of dissidents.
Thailand has had 12 successful coups since 1932. The current junta has postponed elections and banned public gatherings of more than five people.
Thailand’s military says it seized power to end political turmoil and corruption. The gatherings ban is needed to maintain national security and the election delays are required to give time for new election laws to be formulated, it has said. “ELIMINATING COMPETITION”
Morgenbesser said Cambodia, meanwhile, “was eliminating competition from the election arena entirely” after last year outlawing the Cambodian National Rescue Party (CNRP) and detaining its leader, Kem Sokha. Independent media outlets have also been forced to close in the past year.
Hun Sen has said the CNRP was dissolved and Sokha arrested after they colluded with the United States to overthrow his government. The CNRP and Sokha’s lawyers deny the charges.
“We admire Dr. Mahathir bin Mohamad’s effort to challenge his (former) party’s embattled incumbent and win a surprise victory,” Huy Vannak, Cambodia’s undersecretary of state at the Interior Ministry, told Reuters on Friday.
Rainsy said Hun Sen would win the July election if the CNRP was not reinstated but Cambodians would express their displeasure by refusing to vote. The CNRP has called for a boycott of the poll.
A low turnout would sap the government’s legitimacy, he said. “It cannot survive without legitimacy”.
Singapore, ruled by the People’s Action Party since its independence 57 years ago, has political parallels with Malaysia, analysts said.
The city-state has tough defamation laws that critics argue have been used to quash political opposition. It also has a strongly pro-government media.
“Like Malaysia, it has competitive but flawed elections,” said Morgenbesser. “Unlike Malaysia, it doesn’t have a major corruption scandal.”
Former government lawmaker Inderjit Singh said Singaporeans were “shocked” by the result in Malaysia.
“The immediate reaction among some is that it could happen in Singapore too,” he said. “But I don’t see Singaporeans ready to change to an opposition government until they can see potential national leaders emerging.”
The leader of Singapore’s opposition Workers’ Party, Pritam Singh, did not respond to requests for comment. The party holds six parliament seats, compared to the government’s 80. New Malaysian Prime Minister Mahathir Mohamad speaks during a news conference in Kuala Lumpur, Malaysia, May 11, 2018. REUTERS/Athit Perawongmetha Additional reporting by Amy Sawitta Lefevre in BANGKOK, Aradhana Aravindan in SINGAPORE and Prak Chan Thul in PHNOM PENH; Editing by John Chalmers and Raju Gopalakrishnan | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-region/malaysias-shock-poll-result-gives-hope-to-besieged-southeast-asian-oppositions-idINKBN1ID037 |
May 16 (Reuters) - Microsemi Corp:
* CROSSBAR ANNOUNCES LICENSING RELATIONSHIP AGREEMENT WITH MICROSEMI
* CROSSBAR INC- ANNOUNCED DEAL WITH MICROSEMI CORP IN WHICH MICROSEMI WILL LICENSE CROSSBAR’S RERAM CORE INTELLECTUAL PROPERTY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-crossbar-announces-licensing-relat/brief-crossbar-announces-licensing-relationship-agreement-with-microsemi-idUSFWN1SN0GF |
ROCKVILLE, Md., May 1, 2018 /PRNewswire/ -- AOAC INTERNATIONAL announced that Mr. David B. Schmidt has been appointed as its new Executive Director, effective May 1, 2018.
"AOAC INTERNATIONAL is privileged to have a Board composed of the best executive leadership for advancing solutions in the development of microbiological and chemical standards and methods," said AOAC INTERNATIONAL President DeAnn Benesh. "On behalf of the Board of Directors and staff, we are eager to work with Dave Schmidt in his new role as Executive Director," said Benesh. "Dave has an impressive background in global food safety, and I am eager to work with him on opportunities to advance the leadership of this outstanding organization. I wish Dave much success and look forward to assisting him in his new role."
Incoming Executive Director David Schmidt said, "I look forward to building upon AOAC INTERNATIONAL's successes as we continue to collaborate with our members and the U.S. and global community pursuing science-based solutions through validation and adoption of standards and methods."
Schmidt is a globally recognized leader and former CEO of the International Food Information Council & Foundation, science-based communication organizations on food safety and nutrition, and is fluent in many of the ingredients, compounds, and organisms for which AOAC sets analytical standards. He has a successful track record of leading teams and managing budgets of similar size to AOAC in a responsible and collaborative manner. He has built several partnerships and relationships while simultaneously leading both 501(c)(3) and 501(c)(6) organizations. Schmidt has experience attracting Federal and private sector grants to support mission-based programs. Earlier in his career, he also served at the USDA Food Safety and Inspection Service.
ABOUT AOAC INTERNATIONAL
AOAC INTERNATIONAL ( www.aoac.org ) is a globally recognized, 501(c)(3), independent, third party, not-for-profit association and voluntary consensus standards developing organization founded in 1884. When analytical needs arise within a community or industry, AOAC INTERNATIONAL is the forum for finding appropriate science-based solutions through the development of microbiological and chemical standards. AOAC standards are used globally to promote trade and to facilitate public health and safety.
Media Contact: Jonathan J. Goodwin, Senior Director, Membership, Human Resources, and Administration (301) 924-7077 (worldwide) or (800) 379-2622 (toll free North America)
View original content with multimedia: http://www.prnewswire.com/news-releases/aoac-international-announces-new-executive-director-300639964.html
SOURCE AOAC INTERNATIONAL | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-aoac-international-announces-new-executive-director.html |
PRAGUE, May 2 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS/EVENTS CROWN DROPS: The crown trades slightly up after slumping in offshore trading onMay Day. It stood at 25.685 to the euro at 0625 GMT, after trading as low as 25.847 on Tuesday when the Czech market was closed. Wednesday's and Tuesday's levels are the weakest since December 28 last year. PMI: April purchasing managers index due out at 0730 GMT. BUDGET: April figures due out at 1200 GMT. FORTUNA: PSE said it would keep trading in betting firm Fortuna on the less regulated free market after the issuer pulled its stock from the main market. This is enabled by the fact that Fortuna still trades in Warsaw. The step may be temporary Fortuna plans to delist fully from all exchanges. BMW: Car maker BMW may get public aid worth 18.75 million euros to build a test centre for self-driving and electric vehicles in the Czech Republic under a memorandum approved by the Czech government on Monday. CEE MARKETS: The Czech crown fell to a three-and-a-half-month low on Monday ahead of a meeting of the country's central bank board on Thursday, while other Central European currencies were steady in thin pre-holiday trade. MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2018 vs Euro 25.688 25.547 -0.55 -0.63 vs Dollar 21.404 21.134 -1.28 -0.59 Czech Equities 1,115.93 1,115.93 -0.73 3.5 U.S. Equities 24,099.05 24,163.15 -0.27 -2.51 Pvs close or current levels vs prior domestic close at 1500 GMT PRESS DIGEST | ashraq/financial-news-articles | https://www.reuters.com/article/czech-factors/czech-republic-factors-to-watch-on-may-2-idUSL8N1S91AT |
CALGARY, May 9, 2018 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced its indirect subsidiary, Enbridge (U.S.) Inc., has entered into a definitive agreement to sell Midcoast Operating, L.P. and its subsidiaries (Midcoast), which conducts the Company's U.S. natural gas and natural gas liquids (NGL) gathering, processing, transportation and marketing businesses, serving established basins in Texas, Oklahoma and Louisiana, to AL Midcoast Holdings, LLC (AL Midcoast) (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2018, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions.
"The sale of Midcoast is an important step in our shift towards a pure regulated pipeline and utility model, and positions us well to achieve our goal of selling CAD$3 billion in non-core assets in 2018," said Al Monaco, President and Chief Executive Officer of Enbridge. "This transaction includes our 100-percent-owned gathering and processing assets in Texas and Oklahoma. Proceeds from the sale will be used to accelerate the strengthening of our balance sheet and enhance the financial flexibility to fund our industry leading CAD$22 billion secured growth program."
The Midcoast businesses include (i) natural gas gathering, treating, processing and transportation, and NGL transportation, assets located in the East Texas, Western Anadarko, and Barnett shale plays and consist of approximately 11,200 miles of natural gas gathering and transportation pipelines, 2,075 million cubic feet per day (MMcf/d) of natural gas processing capacity, and 1,330 MMcf/d of treating capacity, (ii) a NGL logistics and marketing business (including ELTM, L.P. and Enbridge Marketing (U.S.) L.P.), and (iii) a 35 percent interest in Texas Express Pipeline, consisting of a 594-mile, 20-inch NGL pipeline, and a 35 percent interest in Texas Express Gathering, consisting of 115 miles of NGL pipelines and other NGL infrastructure comprising the Company's Texas Express NGL pipeline system.
"I'd like to thank our colleagues at Midcoast who have done an exceptional job running the business safely and reliably day-in and day-out. This sale places great people and great assets in a strong position for future growth," added Mr. Monaco.
AL Midcoast intends to maintain Midcoast's workforce and anticipates that they will join AL Midcoast upon transaction close. AL Midcoast intends to retain a Houston presence.
Enbridge will work with AL Midcoast to ensure a safe transition of Midcoast's operations.
Citi acted as financial advisor and Norton Rose Fulbright US LLP acted as legal advisor to Enbridge on the transaction.
Forward-Looking Statements
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: closing date of the transaction; use of proceeds from the transaction; AL Midcoast's intentions regarding Midcoast's workforce; AL Midcoast's intention to maintain an office in Houston; and the transition of Midcoast's operations. Although Enbridge believes these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to timing and completion of the transaction, including receipt of regulatory approvals; economic and competitive conditions; and completion of Enbridge's secured growth program. A further discussion of the risks and uncertainties facing Enbridge Inc. can be found in its filings with Canadian and United States securities regulators. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
About Enbridge Inc.
Enbridge Inc. is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick. Enbridge also has interests in more than 2,500 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com .
FOR MORE INFORMATION PLEASE CONTACT:
Media
Suzanne Wilton
Toll Free: (888) 992-0997
Email: [email protected]
Investment Community
Jonathan Gould
Toll Free: (800) 481-2804
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/enbridge-announces-us1-120-billion-sale-of-us-midstream-businesses-300645413.html
SOURCE Enbridge Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-enbridge-announces-us1-point-120-billion-sale-of-u-s-midstream-businesses.html |
If Apple puts its massive cash holdings to work, the company could end up giving back $60 billion per year to investors, said Gene Munster, founder and managing partner at Loup Ventures, a venture capital firm.
"That alone will move the stock 7 percent higher in the next year," Munster told CNBC on " Fast Money " Tuesday night.
"This is a cash-generating machine that is head and tails above any other FANG stock and really any other company in the world," he added.
Earlier this year, following disappointment over its iPhone sales, Apple announced its plans to go net cash neutral, or an equal amount of cash and debt bringing the balance to zero. It will target to put nearly all its $163 billion in net cash to work, hinting at more stock buybacks, dividends or acquisitions. The company currently has a cash reserve of $267.2 billion .
Meanwhile, Apple announced earnings Tuesday after the bell, beating Wall Street 's expectations, but sold fewer iPhones than expected. Still, the sale of 52.2 million iPhones was up — with only 51 million sets sold the same time last year . Shares immediately rose by as much as 5 percent in after-hours trading following the earnings release.
Getty Images Apple employees in Berlin. But what really helped tame investors' fears was the company's announcement of a massive $100 billion stock buyback .
"There's going to be a shift over the next few quarters and couple years where investors are less interested on what the iPhone numbers [are] in any given quarter," said Munster, who spent more than two decades as an analyst at Piper Jaffray . "They'll be more interested in about what they buy back."
While Apple CEO Tim Cook did not specify a timetable for the buyback during the conference call, Munster predicted it will be faster than expected.
"The last time [Apple] gave a time frame they exceeded that by 25 percent," he said. "If you take the approach that Apple is a very systematic company and they're going to follow the patterns that they've done in the past, you can get to those conclusions."
Munster rated the quarter as an "A-," and said it wasn't a "blow-out quarter," but there's still room for positive growth.
Over the next six months, Munster predicted the buzz around Apple will be in anticipation of new phones, including three models coming out this fall, with one rumored to be 25 percent larger than current models. Meanwhile, Apple executives have said the iPhone X is the most popular phone in China .
"You can sort of read into that, that they think there is more room for higher priced phones," he concluded. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/zero-net-cash-could-mean-apple-shares-go-up-7-percent-analyst.html |
Published 5 Hours Ago The Associated Press
MIAMI (AP) _ Vector Group Ltd. (VGR) on Wednesday reported first-quarter net income of $7.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Miami-based company said it had profit of 4 cents.
The discount cigarette maker posted revenue of $429 million in the period.
Vector shares have declined 12 percent since the beginning of the year. The stock has dropped 2.5 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on VGR at https://www.zacks.com/ap/VGR Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-vector-1q-earnings-snapshot.html |
* Factory activity slows in April, raw material costs rise
* Trump postpones steel tariffs on Canada, EU, Mexico
* Pfizer sinks on biggest sales miss in four quarters
* Apple gains ahead of results, boosts tech sector
* Indexes down: Dow 1.1 pct, S&P 0.53 pct, Nasdaq 0.06 pct (Updates to early afternoon)
May 1 (Reuters) - U.S. stocks fell on Tuesday, driven by Pfizer's discouraging results, tumbling oil prices and growing fears that tariffs and inflation could weigh on corporate profits.
Data showed U.S. factory activity slowed for a second straight month in April, weighed down by shortages of skilled workers and rising capacity constraints, but strengthening global demand continued to support manufacturing.
The Institute for Supply Management survey also showed a jump in raw material costs, with steel and other prices increasing due to tariffs imposed by the Trump administration.
U.S. Commerce Secretary Wilbur Ross said the Trump administration was prepared to levy tariffs on China if an American delegation heading to Beijing did not reach a settlement on trade imbalances.
The news came after Trump on Monday extended a temporary reprieve from metal tariffs for the EU, Canada and Mexico until June 1, just hours before they were due to come into force.
While first-quarter corporate profits are expected to have notched their best growth in seven years, largely due to lower taxes, investors have focused on cost warnings from companies.
"I think a lot of data is pointing to 2018 being a peak from many points of view," said Mona Mahajan, U.S. investment strategist at Allianz Global Investors in New York.
"What's concerning is beyond this year, the momentum will slow. We're starting to see and what the market is starting to realize is a combination of perhaps the peak in momentum from earnings and economic perspective, combined with late-cycle rate-rising environment."
At 12:43 p.m. ET, the Dow Jones Industrial Average was down 266.30 points, or 1.10 percent, at 23,896.85, the S&P 500 was down 14.11 points, or 0.53 percent, at 2,633.94 and the Nasdaq Composite was down 4.18 points, or 0.06 percent, at 7,062.08
Archer Daniels Midland, one of the largest exporters of U.S. sorghum to China, said it would take a $30 million hit to its trading profit in the second quarter due to the U.S.-China trade dispute.
Nine of the 11 major S&P sectors were lower, with a 1.3 percent drop in the industrial sector the biggest.
The energy sector fell 1.2 percent on the back of a more than 1 percent drop in crude oil prices as the dollar remained near a four-month high ahead of the Federal Reserve meet.
Pfizer fell 4.3 percent, the most on the Dow, after posting its biggest miss on quarterly revenue in a year, on disappointing sales of some blockbuster drugs.
The technology sector was the lone gainer, up 0.3 percent as Apple jumped 1.5 percent ahead of its quarterly report after the bell.
Declining issues outnumbered advancers for a 2.16-to-1 ratio on the NYSE and for a 1.67-to-1 ratio on the Nasdaq.
The S&P index recorded one new 52-week high and 27 new lows, while the Nasdaq recorded 25 new highs and 66 new lows. (Reporting by Sruthi Shankar and Savio D'Souza in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-us-stocks-wall-st-falls-as-cost-pressures-rise-oil-prices-retreat.html |
How a free game became a money machine 2:14pm BST - 02:41
Millions of people are obsessed with Epic Games' Fortnite Battle Royale -- a free-to-play game that has become a money-making machine for both the creators and live-streaming gamers who've mastered it.
Millions of people are obsessed with Epic Games' Fortnite Battle Royale -- a free-to-play game that has become a money-making machine for both the creators and live-streaming gamers who've mastered it. //reut.rs/2KA4Ro9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/how-a-free-game-became-a-money-machine?videoId=423831757 |
May 19, 2018 / 6:34 AM / Updated an hour ago Mongolian president urges Malaysia to reopen 2006 model murder case Reuters Staff 2 Min Read
ULAANBAATAR (Reuters) - Mongolia’s president has urged new Malaysian Prime Minister Mahathir Mohamad to reopen investigations into the murder of a Mongolian model near Kuala Lumpur in 2006, a move that could put more pressure on Mahathir’s embattled predecessor. FILE PHOTO: New Mongolia's president Khaltmaa Battulga speaks during his inauguration ceremony in Ulaanbaatar, Mongolia July 10, 2017. REUTERS/B. Rentsendorj
Shaaribuu Altantuya, 28, was killed and blown up with military grade explosives in a forest on the outskirts of Malaysia’s capital. In 2015, two former police officers were sentenced to death for the crime after first being sentenced in 2009 and acquitted four years later.
But reports have alleged that the officers served as bodyguards for ousted prime minister Najib Rezak, who was deputy prime minister at the time of the killing.
President Battulga Khaltmaa congratulated the 92-year old Mahathir on his appointment but said reopening the investigation would not only help justice but also ease tensions between the two countries.
“As president of Mongolia, I pay special attention to the aggravated crime, that in October 18, 2006, a citizen of Mongolia and mother of two children Shaariibuu Altantuya was murdered in Malaysia,” he said in a letter to Mahathir that was also published on his office’s website.
Civil society groups have alleged Altantuya’s murder was linked to her role as an interpreter and associate of Abdul Razak Baginda, a former adviser to Najib, in Malaysia’s purchase of two Scorpene-class submarines from French shipbuilding giant DCNS in 2002. Najib has denied allegations of links to Shaariibuu or corruption in the purchase.
Najib’s coalition was defeated by Mahathir’s opposition alliance in a stunning election upset last week. Najib is currently under investigation as part of a probe into the scandal-hit state fund 1Malaysia Development Berhad (1MDB). Reporting by Munkhchimeg Davaasharav; Writing by David Stanway; Editing by Kim Coghill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-mongolia/mongolian-president-urges-malaysia-to-reopen-2006-model-murder-case-idUKKCN1IK05G |
(Repeats to add story slug)
LONDON, May 25 (Reuters) - The Dutch cabinet on Friday said it would hold the Russian state responsible for “its role” in the downing of Malaysia Airlines flight 17 in July 2014.
“Holding a country responsible is a complex legal process,” the cabinet said.
“The Netherlands and Australia have asked Russia today to enter a dialogue in order to come to a solution that does justice to the enormous suffering and damage caused by the downing of flight MH17.” (Reporting by Toby Sterling Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-crisis-h17-cabinet/rpt-netherlands-australia-hold-russia-responsible-for-downing-mh17-dutch-cabinet-idUSL5N1SW1W8 |
May 8 (Reuters) - Electronic Arts Inc forecast current-quarter revenue below Wall Street estimates on Tuesday, as the video-game publisher faces rising competition from free-to-play digital games “Fortnite” and “PlayerUnknown’s Battlegrounds”.
The company forecast first-quarter adjusted revenue of $780 million, below analysts’ average estimate of $795.9 million, according to Thomson Reuters I/B/E/S.
The success of games from the “battle royale” genre such as “Fortnite” have somewhat challenged publishers including Activision Blizzard Inc and Take Two Interactive Software Inc.
Epic Games launched the free-to-play “battle royale” mode for “Fortnite” on computers and gaming consoles in September. The mode allows up to 100 online players to battle each other to the death until only one player survives.
Sales at EA’s high-margin digital business however rose 18 percent to $1.10 billion in the fourth quarter as more gamers bought their titles online instead of purchasing physical copies from retail stores.
Net income rose to $607 million, or $1.95 per share, in the fourth quarter ended March. 31, from $566 million, or $1.81 per share, a year earlier.
Videogame companies are required to defer some revenue from certain online-enabled games following a tweak to the U.S. accounting rules.
On an adjusted basis, EA’s revenue was $1.26 billion for the reported quarter, beating estimates of $1.24 billion. (Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/electronic-arts-results/game-publisher-eas-first-quarter-forecast-misses-estimates-idUSL3N1SF69G |
Mylan , the company behind the EpiPen allergy injector, is pressing its manufacturing partner Pfizer to do more to tackle shortages of the life-saving medicine in a sign of its growing frustration with the Big Pharma company.
Although Mylan owns the rights to the EpiPen — which can stave off deadly anaphylactic shock — it subcontracts manufacturing of the auto-injector to Meridian Medical, a division of Pfizer.
However, Pfizer has struggled to meet demand for the allergy injector, resulting in some patients having difficulties finding the product in their local pharmacies. The US Food and Drug Administration put the medicine on its official shortages list earlier this month.
Receive 4 weeks of unlimited digital access to the Financial Times for just $1 .
If not resolved, the shortages could become more severe in the third quarter when demand tends to soar as children with severe allergies return to school.
Mylan has responded to the shortage by sending a team of its own managers to try to fix problems at a Pfizer factory in St Louis, Missouri — which makes all the EpiPens in the US — according to people familiar with the situation.
The factory in St Louis has been struggling to maintain production following an inspection that resulted in a scathing warning letter in September from the FDA, which ordered it to fix several quality control issues.
Mylan sent its team to the plant in part because its managers sensed a lack of urgency among their counterparts at Pfizer, which is dealing with shortages of hundreds of drugs, one person said.
While the EpiPen is but one among the hundreds of products in short supply, it has outsize importance for Mylan because it is the company's best-known drug.
In a joint statement, Pfizer and Mylan said: "Both companies are fully aware of the life-saving importance of EpiPen and we are working together, as we have throughout our long collaboration, to increase production and expedite shipments as rapidly as possible."
They said their partnership had "always included frequent interactions such as visits to each other's sites".
The shortage of EpiPens is particularly irksome for Mylan as it tries to move on from controversy over the cost of the medicine. The company had priced a two-pack of EpiPens at roughly $600 until 2016, when a political and public backlash forced it to introduce a cheaper generic version.
"Mylan's management has never been shy to show how they feel about business issues," said Ronny Gal, analyst at Bernstein, who added that the company had several "fair arguments" against Pfizer.
"This is actually a life-saving, mission-critical product and it is Pfizer's fault — but it is casting Mylan in a bad light when they already have a reputation problem."
He added: "And this product has had decades of manufacturing issues that Pfizer has never fixed."
The EpiPen shortage comes as Pfizer races to resolve shortages caused by manufacturing problems at several of its factories, many of them acquired when it took over Hospira, a maker of injectable drugs, for $16bn in 2015.
A rival allergy injector known as Adrenaclick, which is marketed by Amneal Pharmaceuticals, is also in short supply because of issues at a Pfizer plant in McPherson, Kansas, which makes the crucial ingredient.
A spokesperson for Amneal said the company was "not pleased by the shortages" and that it was "trying to resolve them by working with the manufacturer and the FDA".
Mr. Gal said that Pfizer should try to "prioritise life-saving drugs like Adrenaclick and EpiPen" as it works through the problems at its plants.
A Pfizer spokesperson said: "We are currently shipping product and our shipments have been increasing over the last few months, with April shipments exceeding projections."
More from the Financial Times:
Hospitals in US sound alarm on impending chemotherapy shortages
Pfizer blames sales miss on 'customer buying patterns'
US companies count costs and benefits of Trump tax law | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/pfizer-under-pressure-to-resolve-shortage-of-life-saving-epipen.html |
WASHINGTON (Reuters) - Foreign banks and funds are set to benefit from a move by U.S. regulators on Wednesday to simplify a trading rule that foreign banks and regulators say has inadvertently ensnared firms operating as far afield as Europe and Asia.
FILE PHOTO - The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo The Federal Reserve, alongside other U.S. regulators, on Wednesday proposed rewriting the “Volcker Rule” introduced following the 2007-2009 financial crisis in a bid to simplify the regulation and make it easier for banks to comply.
Created by the 2010 Dodd-Frank financial reform law, the rule bans lenders that accept U.S. taxpayer-insured deposits from engaging in proprietary trading or investing in investment vehicles such as hedge funds or private equity funds.
Foreign banks have often complained that the Volcker Rule improperly affects their non-U.S. operations because it broadly applies to any foreign bank that has a relationships with a U.S. entity or affiliate.
Many overseas funds that are organized and offered exclusively outside the United States are also caught by the rule because they are often part of a broader foreign banking group.
Charles Horn, a partner at law firm Morgan Lewis in Washington, said the proposal released on Wednesday contains several elements that should benefit global banks, as well as U.S. institutions.
FILE PHOTO: Former U.S. Federal Reserve Board Chairman Paul A. Volcker speaks at a news conference in New York, U.S. on June 8, 2015. REUTERS/Mike Segar/File Photo He pointed to a move by the regulators to make it easier for foreign banks to qualify for an exemption from the rule, including scrapping the requirement that to qualify they must not trade through any U.S. entity.
The proposal also tries to address some of the problems related to overseas funds, including extending for another year a one-year exemption granted in 2017.
“The agencies haven’t yet proposed to change that definition, but they have said they are asking for comments on this issue and are proposing to extend the current enforcement moratorium for these foreign funds for another year while they consider further this issue,” Horn said.
Foreign regulators have lobbied the United States for several years to ease up on how the rule applies to overseas entities, including during a bilateral meeting between European and U.S. authorities in January, according to two sources.
In September, Japan’s Financial Services Agency and the Bank of Japan submitted a letter to the Office of the Comptroller of the Currency saying that the rule’s overreach encroached upon their role as primary regulators and placed “an undue and excessive burden” on its banks.
Reporting by Michelle Price; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-volcker-global/foreign-banks-to-benefit-from-u-s-bid-to-simplify-volcker-rule-idUSKCN1IV2ZC |
TORONTO, May 28 (Reuters) - Canada’s main stock index fell to a two-week low on Monday as weaker oil prices pressured energy shares, while materials and financials also lost ground.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 59.53 points, or 0.37 percent, at 16,016.14. Nine of the index’s 10 main groups ended lower. (Reporting by Fergal Smith; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-close/canada-stocks-tsx-hits-two-week-low-as-resource-shares-fall-idUSL2N1SZ10A |
Iraqis to vote in first election since I.S. 7:32am EDT - 02:01
For the first time since driving out Islamic State, Iraqis go to the polls on Saturday in an election that will shape attempts to heal the country's deep divisions and could shift the regional balance of power. ▲ Hide Transcript ▶ View Transcript
For the first time since driving out Islamic State, Iraqis go to the polls on Saturday in an election that will shape attempts to heal the country's deep divisions and could shift the regional balance of power. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KQE2Mq | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/iraqis-to-vote-in-first-election-since-i?videoId=425875732 |
May 17, 2018 / 4:20 PM / a few seconds ago Cryptocurrency may light up renewable energy in Moldova Zoe Tabary 5 Min Read
LONDON (Thomson Reuters Foundation) - Moldova, a small, landlocked country in eastern Europe, imports three-quarters of its energy and has seen its energy prices rise by more than half in the past five years.
But that could soon change, according to the United Nations Development Programme (UNDP), which this year will launch an innovative effort to power a Moldovan university with cryptocurrency-funded solar energy.
The initiative with Sun Exchange, a South African solar power marketplace, will allow people to buy solar cells using SolarCoin, a cryptocurrency launched by blockchain start-up ElectriCChain, and then lease them to the Technical University of Moldova, one of the country’s largest universities.
The idea is to find new sources of finance to “help buildings go green overnight” - in this instance with rooftop solar panels, said Dumitru Vasilescu, a program manager with UNDP in Moldova, one of Europe’s poorest countries.
“One of the biggest obstacles to countries investing in renewable energy is a lack of finance, as you often have to wait 10 to 15 years before you get a return on your investment,” he told the Thomson Reuters Foundation.
But the university will get a full 1 megawatt of energy installed in the summer, he said, as a result of the crowd-funding effort.
Owners of the solar cells, in turn, will receive SolarCoins as soon as the university produces energy, earning interest of about 4 percent on their investment, Vasilescu added.
Moldova currently has over 10,000 square meters of unused rooftop space on public buildings that could be potentially used for such efforts, he said.
Blockchain, which first emerged as the system underpinning the virtual currency bitcoin, is a digital shared record of transactions maintained by a network of computers on the internet, without the need of a centralized authority.
It has become a key technology in both the public and private sectors, given its ability to record and keep track of assets or transactions without the need for middlemen.
Research firm IDC estimates global investment in blockchain will more than double in 2018 to $2.1 billion (1.5 billion pounds) from $945 million last year, most of it for banking. IDC expects “strong, double-digit growth” in the energy space between 2016 and 2021.
Kevin Treco, an associate director at the Carbon Trust, an environmental consultancy, said blockchain-based technologies could significantly change energy use in countries striving to decentralize power and boost renewable sources.
In Moldova, for example, cryptocurrency-funded renewable energy could reduce the country’s dependence on energy imports such as oil and gas from Russia, Vasilescu said.
Darius Nassiry, a senior research associate at the Overseas Development Institute, a British think tank, predicted that most of the growth in cryptocurrency-funded energy would occur in the developing world.
“They have faster-growing energy needs… and a more accommodating legal and regulatory environment towards such innovations,” he said by email.
But a lack of understanding on how blockchain applications such as cryptocurrencies work could slow their take-up in the energy sector, he added.
For Abraham Cambridge, the founder and CEO of Sun Exchange, the solar currency exchange system “has all the right incentives in place”.
“It reduces the costs of going solar dramatically for the end user and makes it easy for anyone in the world to own a solar cell anywhere in the world and, from it, make a steady source of sunlight-powered income,” he said in a statement.
Blockchain is also being used in the energy sector to facilitate carbon trading, with U.S. computing giant IBM announcing this week that it will partner with Veridium Labs, an environmental tech start-up, to turn carbon credits into digital tokens.
If the Moldovan solar currency pilot is successful, UNDP plans to replicate it in neighboring countries, said Vasilescu, adding that it could “revolutionize the renewable energy market for Eastern Europe and Central Asia”. Reporting by Zoe Tabary @zoetabary, 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 | ashraq/financial-news-articles | https://www.reuters.com/article/us-renewables-tech-moldova/cryptocurrency-may-light-up-renewable-energy-in-moldova-idUSKCN1II2CV |
The FTC has issued warnings to six companies, including Microsoft , Nintendo, Sony, HTC, Asus and Hyundai over their warranties.
The FTC says that the six companies’ warranties illegally condition coverage based on the use of third-party products or third-party services. The warranties also require customers to keep their warranty and to make sure the warranty sticker is not defaced or altered in any way. Those types of restrictions are only allowed if the companies offer those parts or services for free or if they receive a waiver from the FTC. The FTC will review the companies’ websites after 30 days, and if appropriate changes are not made, they can be met with law enforcement action.
The FTC did not release which six companies were notified, but a FOIA request filed by Motherboard revealed them to be Microsoft, Nintendo, Sony, HTC, Asus and Hyundai.
“Provisions that tie warranty coverage to the use of particular products or services harm both consumers who pay more for them as well as the small businesses who offer competing products and services,” Thomas B. Pahl, acting director of the FTC’s Bureau of Consumer Protection, said in a release. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/ftc-illegal-warranties/ |
5/17/2018 5:30AM Walking Backwards: In Caracas, a Fight to Survive Maria Planchart once lived comfortably in Caracas and had aspirations of being a lawyer. In this WSJ Films documentary, we follow her struggle to feed her family. | ashraq/financial-news-articles | http://www.wsj.com/video/walking-backwards-in-caracas-a-fight-to-survive/CCFA59C9-AB52-4CEC-B6A9-2F0F319BF4C8.html |
Consumer spending picking up, gasoline prices a burden Tuesday, May 15, 2018 - 01:05
U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports.
U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports. //reut.rs/2rQyHwf | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/consumer-spending-picking-up-gasoline-pr?videoId=427180357 |
TOKYO (Reuters) - The resignation of Japan’s top finance bureaucrat after accusations that he sexually harassed female journalists has sparked heated debate and protests in a country where women have traditionally been afraid to speak out for fear of being blamed.
Protesters hold placards during a rally against harassment at Shinjuku shopping and amusement district in Tokyo, Japan, April 28, 2018. REUTERS/Issei Kato Below are comments by five prominent women interviewed by Reuters on the topic.
MIZUHO FUKUSHIMA, MEMBER OF PARLIAMENT Fukushima, 62, a former lawyer, feminist activist and member of parliament’s upper house, is deputy head of the small opposition Social Democratic Party. She has a history of representing and advising victims of sexual harassment.
“Sexual harassment is an extremely serious matter that violates women’s human rights. It robs them of work, and damages them psychologically,” she said. “Although they are the victims, they are treated like troublemakers.”
“I was angry and shocked by the (Fukuda) incident. I felt we had regressed 30 years. At one point, awareness of sexual harassment had spread and ... there had been progress but when I heard of this woman’s accusations, I felt angry and shocked at how little has changed, how hard it is to speak out, how prevalent such terrible sexual harassment is in the political world and how awful the working environment is for women.”
“I want to address the root causes of sexual harassment.”
YUKO ANDO, TV NEWS ANCHOR AND JOURNALIST Ando, 59, studied abroad and graduated from Tokyo’s Sophia University, where she is now pursuing a doctorate while heading Fuji TV’s evening news. She covered the Gulf War in 1991.
“When I went into this business, I was a 21-year-old college student ... and worked part-time,” she said. “For the first time in my life, I was told ‘go report on politicians. When I asked why, I was told ‘Because politicians like young women.’ No kidding ... It was an era where this wasn’t seen as a problem.”
Women’s awareness “is in the process of changing. I think they have put up with it, thinking that if they spoke out, they’d be slandered and libeled,” Ando said.
“I think that now not only women in media but also ordinary women will raise their voices,” she said. “The question is, when ordinary people in a weak position without any organization behind them are sexually harassed and speak out, who will protect them.”
SEIKO NODA, INTERNAL AFFAIRS/WOMEN’S EMPOWERMENT MINISTER
Noda, 57, has said she intends to challenge Prime Minister Shinzo Abe for leadership of his ruling party in September. Elected in 1993 to the lower house after an unsuccessful bid three years earlier, she gave birth to a disabled son at age 50 after conceiving via donor eggs and in vitro fertilization. She has been bashed on social media for “wasting taxpayers’ money” from the state-funded system on his medical care.
She said changes were coming in the way harassment is handled. “Expect it. Because I am the cabinet minister. We have found through case studies that there are lots of gaps (in the system for dealing with harassment). Even if we cannot fix all of them, for now, I want to announce what I can during the current session of parliament,” which ends in June, she said.
“It is certain that those fed up with male leadership are increasing,” she said of the possibility that Japan could elect a woman as prime minister. “What is important is that when the time comes that the people want change ... when they feel we cannot go on the same way, then we women will be able to play a part.”
CHIZUKO UENO, SOCIOLOGIST Chizuko Ueno, 69, director of the non-profit Women’s Action Network and professor emeritus at the University of Tokyo, is one of Japan’s most influential women’s studies scholars.
“Our past response to each sexual harassment case has been a kind of whack-a-mole. As long as the hotbed of the problem stays, it will keep emerging here and there.
“Having said that, it’s very welcome that the atmosphere in society is changing toward not tolerating sexual harassment. We now have more sexual harassment lawsuits, plaintiffs are more likely to win than before, and compensation is getting bigger. People are learning that sexual harassment costs them.”
SHIORI ITO, FREELANCE JOURNALIST Ito, 29, went public last year with accusations of rape by a well-known Japanese journalist after prosecutors declined to bring charges. The journalist has denied the allegations.
Ito, who was working as an intern for Reuters during the time she says the rape occurred, is seeking compensation from the journalist in a civil lawsuit. In March, she helped launch a “#WeToo Japan” movement to mobilize victims and critics of sexual harassment.
“The backlash I received was people calling me different names such as slut, prostitute, honey trap, North Korean child. Some people said I’m just doing this for propaganda ... that this is political.”
Asked if Japan was at a turning point: “Finally, I think people started realizing, OK, this is about human rights ... so it is changing. And we can’t miss this chance.”
Reporting by Linda Sieg, Ami Miyazaki, Megumi Lim and Kiyoshi Takenaka; Editing by Gerry Doyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-women-harassment-comments-factb/factbox-prominent-japanese-women-speak-out-on-sexual-harassment-idUSKCN1IP089 |
(Reuters) - Shares of Cara Therapeutics surged more than 20 percent on Wednesday after it signed a licensing agreement with Vifor Fresenius Medical Care Renal Pharma Ltd that could give the U.S. drug developer up to $470 million in milestone payments.
The deal gives the kidney drug developer worldwide rights, except in the United States, Japan and South Korea, to sell Korsuva, Cara’s injection for severe itching associated with chronic kidney disease in dialysis patients.
Cara will get an upfront payment of $50 million in cash and an equity investment of $20 million to acquire common stock at a price of about $17 per share, a premium of about 47 pct to its closing on Tuesday.
Cara began the first late-stage study for Korsuva injection in January and expects to start a similar study globally later in the year.
Reporting by Mrinalini Krothapalli
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cara-stocks/cara-therapeutics-signs-licensing-deal-with-vifor-fresenius-shares-surge-idUSKCN1IO1JA |
May 15, 2018 / 1:29 PM / in an hour UPDATE 1-LBMA suspends Russian precious metals refinery from 'good delivery' lists Reuters Staff
(Adds background, comment)
By Peter Hobson
LONDON, May 15 (Reuters) - The London Bullion Market Association said on Tuesday it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to “ownership related issues”.
The refinery in Russia is controlled by Moscow-based conglomerate Renova Group, which along with its key shareholder, billionaire Viktor Vekselberg, was sanctioned by the United States on April 6.
The LBMA said in a notice the refinery would be removed from its active good delivery lists from May 14.
The good delivery lists contain refineries whose gold and silver bars meet the required standard for acceptability in the London bullion market, the world’s largest.
The London Bullion Market Association did not comment when asked whether the suspension was linked directly to the sanctions. “Due diligence in regard to the credibility of the lists is continuously reviewed on an ongoing basis,” LBMA chief executive Ruth Crowell said.
Suspension from the list makes it harder for for buyers and sellers to trade bars in the mainstream precious metals market, traders said.
“Our company would not touch any bars that are not LBMA-accredited,” one trader at a major precious metals house said. “Most probably they are going to be in a secondary market.”
The impact of the suspension on the global market was likely to be muted, traders said, as the bulk of Russian gold production remains in the Russian domestic market.
Russia produced 272 tonnes of gold last year, data from consultancy Metals Focus showed. The Russian central bank alone added 224 tonnes of bullion to its gold reserves in that time, while domestic jewellery consumption reached nearly 40 tonnes. (Reporting by Peter Hobson and Jan Harvey; editing by Jason Neely, Veronica Brown and Jane Merriman) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-russia-sanctions-gold/update-1-lbma-suspends-russian-precious-metals-refinery-from-good-delivery-lists-idUSL5N1SM5I7 |
WASHINGTON (Reuters) - President Donald Trump’s wife, Melania Trump, returned to the White House on Saturday after undergoing a surgical procedure this week to treat a benign kidney condition, her office said.
FILE PHOTO: U.S. first lady Melania Trump hosts a roundtable discussion with tech leaders on the effects of the - RC153AF40210 The first lady, 48, had been recovering at Walter Reed medical center since Monday, when she underwent an embolization procedure to treat the kidney condition.
Spokeswoman Stephanie Grisham said in a statement that Melania Trump returned to the White House on Saturday morning.
“She is resting comfortably and remains in high spirits,” Grisham said. “Our office has received thousands of calls and emails wishing Mrs. Trump well, and we thank everyone who has taken the time to reach out.”
An embolization is a minimally invasive procedure often used to block the flow of blood to a tumor or an abnormal area of tissue.
Donald Trump tweeted on Saturday that it was “great to have our incredible First Lady back home in the White House.”
In an initial tweet he misspelled her first name, writing that “Melanie is feeling and doing really well,” before writing a subsequent tweet with her name’s correct spelling.
Reporting by Yeganeh Torbati in Washington; Editing by Matthew Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-melania/melania-trump-returns-to-white-house-after-kidney-procedure-idUSKCN1IK0KD |
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday put in place new economic sanctions aimed at Venezuela in an executive order banning U.S. citizens from being involved in sales of that country’s accounts receivables related to oil and other assets.
FILE PHOTO - U.S. President Donald Trump speaks at swearing in ceremonies for new CIA Director Gina Haspel at the headquarters of the Central Intelligence Agency in Langley, Virginia, U.S. May 21, 2018. REUTERS/Kevin Lamarque “Today’s executive order closes another avenue for corruption that we have observed being used: it denies corrupt Venezuelan officials the ability to improperly value and sell off public assets in return for kickbacks,” a senior administration official told reporters.
Reporting by Roberta Rampton, Makini Brice and James Oliphant; Editing by Richard Chang
| ashraq/financial-news-articles | https://in.reuters.com/article/venezuela-politics-usa-sanctions/in-new-sanctions-trump-bans-buying-venezuelan-debt-for-cash-idINKCN1IM23B |
'I am very positive' on China's Greater Bay Area: Real estate pro 4 Hours Ago Henry Chin of CBRE says the Greater Bay Area in China is going to be the "center of a brainstorm." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/27/i-am-very-positive-on-chinas-greater-bay-area-real-estate-pro.html |
Reblog Man charged with hacking West Point website. Federal prosecutors arrested 41-year-old Billy Ribeiro Anderson for allegedly hacking and defacing West Point’s Combating Terrorism Center, the New York City Comptroller’s Office and over 11,000 other websites, The New York Times reports. The U.S. government paid more than $7,000 to fix West Point’s website, and the comptroller’s office paid more than $5,000 to fix theirs, according to the complaint. | ashraq/financial-news-articles | https://www.wsj.com/articles/editors-news-picks-1526070436?mod=yahoo_hs&yptr=yahoo |
SAN DIEGO, Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today released its monthly activity report for April 2018.
Total brokerage and advisory assets served at the end of April were approximately $652 billion, a 0.7 percent increase compared to the end of March 2018. Total net new assets for April were $2.1 billion, including $2.2 billion from the acquisition of the broker/dealer network of National Planning Holdings, Inc. (NPH). Total client cash sweep balances at the end of April were $28.9 billion, a 2.4 percent decrease compared to March 2018.
Prior to NPH, total brokerage and advisory assets at the end of April were approximately $580 billion, a 0.3 percent increase compared to the end of March 2018. Total net new assets prior to NPH for April were an outflow of $0.1 billion. This outflow reflects client cash disbursements during tax season.
(End of Period $ in billions, unless noted) April March Change April Change 2018 2018 M/M 2017 Y/Y Assets Served Advisory Assets 284.7 283.5 0.4% 228.9 24.4% Brokerage Assets 367.6 364.1 1.0% 305.9 20.2% Total Brokerage and Advisory Assets 652.3 647.5 0.7% 534.8 22.0% Assets Served Prior to NPH Advisory Assets 270.9 269.8 0.4% 228.9 18.3% Brokerage Assets 309.2 308.4 0.3% 305.9 1.1% Total Brokerage and Advisory Assets 580.1 578.1 0.3% 534.8 8.5% Net New Assets Net New Advisory Assets 1.1 1.7 n/m 1.4 n/m Net New Brokerage Assets 1.0 2.1 n/m (1.3) n/m Total Net New Assets 2.1 3.8 n/m 0.1 n/m Net New Assets Prior to NPH Net New Advisory Assets 1.1 1.7 n/m 1.4 n/m Net New Brokerage Assets (1.2) (1.6) n/m (1.3) n/m Total Net New Assets (0.1) 0.1 n/m 0.1 n/m Net Brokerage to Advisory Conversions 0.6 0.7 n/m 0.6 n/m (End of Period $ in billion, unless noted) April March Change April Change 2018 2018 M/M 2017 Y/Y Cash Sweep Balances Insured Cash Account Balances 22.2 22.6 (1.8)% 21.4 3.7% Deposit Cash Account Balances 4.0 4.2 (4.8)% 3.9 2.6% Money Market Account Cash Balances 2.7 2.9 (6.9)% 3.7 (27.0)% Total Cash Sweep Balances 28.9 29.6 (2.4)% 29.0 (0.3)% Market Indices S&P 500 (end of period) 2,648 2,641 0.3% 2,384 11.1% Fed Funds Effective Rate (average bps) 169 151 11.9% 91 85.7% For additional information regarding these and other LPL Financial business metrics, please refer to the company’s most recent earnings release, which is available in the Press Releases section of investor.lpl.com .
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker/dealer*. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
LPL.com
*Based on total revenues, Financial Planning magazine June 1996-2017.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC.
Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Jeff Mochal, (704) 733-3589
investor.lpl.com/contactus.cfm
Source:LPL Financial Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-lpl-financial-reports-monthly-activity-for-april-2018.html |
LONDON (Reuters) - Sauber’s technical director Joerg Zander has left with immediate effect, the Swiss Formula One team said in a statement on Wednesday.
Zander returned to Sauber in January last year after a stint with Audi in the world endurance championship. He had previously worked for the team as chief designer when they were under BMW ownership.
Sauber said the various heads of department and project leaders would continue to work on the development of this season’s and next year’s car under the supervision of team boss Frederic Vasseur.
Ferrari-powered Sauber were last overall in the 2017 championship but are currently ninth of the 10 teams with 10 points after four of 21 races — double their entire tally from last season.
Reporting by Alan Baldwin, editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-sauber/motor-racing-sauber-technical-head-zander-leaves-f1-team-idUSKBN1I3202 |
1 Hour Ago | 02:31
Apple faces a crucial test on Wall Street on Tuesday, as it reports financial results for the quarter ending in March. Reports of weak phone component orders and the fading benefits of tax reform have cast a shadow over the company's future.
But Apple has often faced low expectations and managed to surpass them — in fact, it has a pattern of doing just that.
The company has beaten earnings per share estimates 19 out of the past 20 quarters, according to StreetAccount. FactSet figures show that it has beat every quarter since March 2014, except for March 2016.
That means the chances are high that Apple impresses after the bell — and if it doesn't, it's truly an exceptional shortcoming.
Here's Apple's history, according to FactSet: Quarter | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/apple-has-beaten-19-out-of-the-past-20-quarters.html |
Advisers liquidating Gawker Media LLC negotiated a truce with Peter Thiel after they were unable to get law firms or litigation financiers to back a potential lawsuit against the billionaire investor, an attorney representing the former blog publisher told a judge Thursday.
Judge Stuart Bernstein of the U.S. Bankruptcy Court in New York said at a hearing he will approve the agreement ultimately reached between Mr. Thiel, his firm Thiel Capital LLC and the adviser liquidating Gawker Media. The agreement ends legal wrangling... | ashraq/financial-news-articles | https://www.wsj.com/articles/gawker-medias-pact-with-peter-thiel-wins-court-approval-1526594132 |
LOS ANGELES (Reuters) - “Star Wars” movies are known for high-stakes battles to save the galaxy far, far away from the forces of evil, but director Ron Howard said he viewed the latest film installment as simply the personal journey of a young man.
FILE PHOTO: Director of the movie Ron Howard poses for a portrait while promoting the movie "Solo: A Star Wars Story" in Pasadena, California, U.S., May 12, 2018. REUTERS/Mario Anzuoni/File Photo “Solo: A Star Wars Story,” which begins rolling out in international theaters on Wednesday, is Walt Disney Co’s origin tale for Han Solo, the swaggering smuggler made famous by Harrison Ford in 1977.
In the new movie, 28-year-old Alden Ehrenreich plays a younger Solo who is just beginning his pilot training.
“This is not a war story. There isn’t politics,” Howard told Reuters about the new film. “This is about a character.”
Disney brought in Howard mid-way through production to film extensive reshoots of the film after the studio fired original co-directors Phil Lord and Chris Miller.
Oscar winner Howard said he tackled the challenge by approaching it in a similar way to some of the biopics he has directed such as “A Beautiful Mind” and “Apollo 13.”
“It’s a lot like doing a true story,” Howard said. “You use the framework and you discover the drama, you discover the humor, you discover the suspense within those stories. I treated the world as if it was real in a very authentic and organic way and then built from there.”
“Solo” has scored generally positive marks from critics who said Howard had succeeded in making a fun film that should please the franchise’s fervent fans.
Box office experts predict “Solo” could set a Memorial Day weekend record in the United States and Canada. The movie could take in up to $170 million at domestic theaters over its first four days, according to Boxoffice.com.
In the film, the young Solo’s early adult life becomes intertwined with his childhood friend, Qi’ra, played by “Game of Thrones” star Emilia Clarke. Solo also meets his future co-pilot, Chewbacca, and gambles with the smooth-talking Lando Calrissian (Donald Glover).
“Those relationships really matter,” Howard said, “and they really define the events.”
Reporting by Rollo Ross; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-film-solo-howard/solo-director-says-new-star-wars-film-puts-character-first-idUSKCN1IN2CF |
May 17 (Reuters) - Hong Kong Securities and Futures Commission:
* SAYS REPRIMANDS AND FINES CITIGROUP GLOBAL MARKETS ASIA LIMITED HK$57 MILLION FOR SPONSOR FAILURES Source text in English: bit.ly/2Is1FNR (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hong-kong-sfc-says-reprimands-and/brief-hong-kong-sfc-says-reprimands-and-fines-citigroup-global-markets-asia-hk57-mln-for-sponsor-failures-idUSS7N1QP050 |
May 1, 2018 / 9:45 PM / Updated 16 hours ago U.S. approves Novartis cell therapy for lymphoma Deena Beasley 2 Min Read
(Reuters) - U.S. regulators approved Novartis’ cell therapy Kymriah for treatment of patients with a second type of blood cancer, large B-cell lymphoma, that has worsened despite two or more earlier lines of therapy, the Swiss drugmaker said on Tuesday. FILE PHOTO: Swiss drugmaker Novartis' logo is seen at the company's plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo
The new indication puts Kymriah in direct competition with Gilead Sciences’ Yescarta, which was approved by the U.S. Food and Drug Administration in October for treatment of adults with diffuse large B-cell lymphoma who have failed to respond to other treatments.
Both Kymriah and Yescarta are chimeric antigen receptor T-cell therapies, or CAR-Ts, which reprogram the body’s own immune cells to recognize and attack malignant cells.
Kymriah, given as a one-time treatment, was approved in August for patients up to age 25 with acute lymphoblastic leukemia, the most common form of childhood cancer in the United States.
For pediatric leukemia, Novartis priced Kymriah at $475,000 and said it would bill for the therapy only if patients responded within 30 days of treatment. For lymphoma patients, the Swiss company has matched Yescarta’s $373,000 price and does not offer any outcomes-based price concessions.
Clinical trials have shown that a significant number of lymphoma patients may not respond to Kymriah until several months after treatment, making it difficult to measure outcomes within a defined period of time, said Pascal Touchon, head of cell and gene oncology at Novartis.
Kymriah is also approved for adults with high grade B-cell lymphoma and diffuse large B-cell lymphoma arising from follicular lymphoma.
The new FDA label for Kymriah notes that clinical trials showed that about 50 percent of patients responded to the treatment, and that the duration of those responses has not yet been determined.
Touchon said the 41 cancer treatment centers so far approved to administer Kymriah for pediatric leukemia are also certified for the lymphoma indication. Reporting by Deena Beasley in Los Angeles and Ishita Chigilli Palli in Bengaluru; editing by Jonathan Oatis and Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/us-novartis-pharmaceuticals/novartis-says-kymriah-receives-second-fda-approval-idINKBN1I24GP |
May 8, 2018 / 6:34 AM / in 13 hours Norway's wealth fund to back environmental motions at Kinder Morgan AGM Reuters Staff 2 Min Read
OSLO (Reuters) - Norway’s $1 trillion sovereign wealth fund said on Tuesday it would support a resolution to be presented at Kinder Morgan’s ( KMI.N ) annual general meeting calling on the U.S. energy infrastructure firm to reduce its methane emissions.
The world’s largest sovereign wealth fund is seeking to get the 9,000 firms it invests in to disclose non-financial data, including on carbon emissions, and to stress tests their businesses against the risks posed by climate change.
“We will support the shareholder resolution asking for a report reviewing Kinder Morgan’s policies, actions and plans to measure, monitor, mitigate, disclose and set quantitative reduction targets for methane emissions from all operations, including storage and transportation,” it said in a statement.
Kinder Morgan owns and controls oil and gas pipelines and terminals in North America.
The motion is one of three motions to be presented by some shareholders of Kinder Morgan that the fund will support and that Kinder Morgan’s management opposes, fund data shows.
The other two are shareholder proposals for the firm to have a report on sustainability and another for it to assess the impact on its portfolio of policies to limit a rise in global average temperatures to 2 degrees Celsius (3.6 degrees Fahrenheit).
The fund has a stake of 0.87 percent in Kinder Morgan valuing it at $352 million at end-2017. It rarely discloses its voting intentions ahead of time.
The fund, which invests the proceeds from Norway’s oil and gas production for future pensions in stocks, bonds and real estate abroad, is one of the world’s biggest shareholders, with stakes totaling 1.4 percent of all listed companies. Reporting by Gwladys Fouche; editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/us-norway-swf/norways-wealth-fund-says-to-support-methane-emission-motion-at-kinder-morgan-agm-idUSKBN1I90J7 |
Trump-Kim summit likely to yield 'baby steps': Former US ambassador 5 Hours Ago Frank Lavin of Export Now and former U.S. ambassador to Singapore says North Korean leader Kim Jong Un risks "severe disfavor" from China if he "pulls the plug" on the summit with American President Donald Trump. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/trump-kim-summit-likely-to-yield-baby-steps-former-us-ambassador.html |
April 30 (Reuters) - Varvaressos European Spinning Mills SA :
* SAYS TURNOVER DURING 2017 REACHED 19,35 MILLION EURO COMPARED TO 18,97 MILLION EURO IN 2016
* SAYS EXPORTS CAME UP TO 13,40 MILLION EURO WHICH IS 69,25% OF THE REVENUES
* SAYS FY LOSSES AFTER TAXES REACHED 2,27 MILLION EURO COMPARED TO LOSSES 1.96 MILLION EURO IN 2016.
* FY 2017 EBITDA 287,99 THOUSAND EURO VERSUS LOSSES 217,26 THOUSAND YEAR AGO Source text : bit.ly/2I4uG1g Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-varvaressos-says-fy-2017-net-loss/brief-varvaressos-says-fy-2017-net-loss-at-eur-2-27-mln-idUSFWN1S70ZU |
May 1 (Reuters) - Russel Metals Inc:
* RUSSEL METALS ANNOUNCES STRONG 2018 FIRST QUARTER RESULTS
* Q1 EARNINGS PER SHARE C$0.62 * QTRLY REVENUES C$931 MILLION VERSUS C$804 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-russel-metals-q1-earnings-per-shar/brief-russel-metals-q1-earnings-per-share-c0-62-idUSASC09YTL |
JOHANNESBURG, May 8 (Reuters) - South Africa’s Barloworld Limited on Tuesday said it expected its half year profit to rise by as much as 20 percent boosted by its Southern African and Russian equipment businesses.
It expects headline earnings per share (HEPS) for continuing operations for the six months to 31 March of 440 to 480 cents, up from 400 cents a year earlier.
HEPS strips out certain once-off items and is the main profit measure used in South Africa.
Barloworld said last month it would sell its underperforming Iberian equipment business.
Reporting by Patricia Aruo; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/barloworld-ltd-outlook/south-africas-barlow-expects-h1-profit-to-rise-as-much-as-20-pct-idUSL8N1SF564 |
MONTREAL, May 03, 2018 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Company” or “Osisko”) (TSX:OR) (NYSE:OR) today announced its consolidated financial results for the first quarter ended March 31, 2018 and an update on matters following quarter-end.
Highlights
Earned 20,036 gold equivalent ounces 1 (“GEOs”), in-line with the 2018 annual guidance of 77,500 to 82,500 GEOs; Generated cash flows from operating activities of $23.3 million, a record which represents a 94% increase compared to the first quarter of 2017; Recorded cash operating margins 2 of 91% from royalty and stream interests, maintaining the highest margin in the metals and mining sector, generating $29.5 million in addition to a cash operating margin of $2.4 million from offtake interests; Invested $148 million in Victoria Gold Corp.’s near-term Eagle Gold project located in Yukon, Canada, of which $98 million was for a 5% net smelter return royalty on the project. ($49 million will be funded pro rata to other debt facilities). The project is permitted, fully financed and in construction. Osisko expects to receive an average of 10,000 GEOs annually from the project once in production expected by 2020; Converted the Matilda gold offtake into a 1.65% gold stream; Sold investments for gross proceeds of $25.6 million, generating a cash gain 3 of $15.5 million; Repaid $32 million on the revolving credit facility in April; Held $205 million in cash and cash equivalents and $382 million in equity investments 4 as at April 30, 2018; Distributed $7.8 million in dividends to shareholders through its 14 th consecutive dividend payment, bringing the total to $62.9 million since inception in 2014; Repurchased 1,607,099 shares during the first quarter of 2018 at a total cost of $20.3 million, or at an average price of $12.65.
For more details, please refer to the Management’s Discussion and Analysis for the three months ended March 31, 2018.
Recent Performance
“While the current environment remains challenging in the global metals and mining sector, Osisko has had a very good start to the year being able to announce and close the Eagle Gold royalty acquisition, which further strengthens our Canadian-focused portfolio. Our value creation approach to investing in both near-term and long-term opportunities keeps us focused on finding the right opportunities for Osisko and its shareholders.
Osisko is in an excellent position to continue to invest in the opportunities that present themselves in the current market environment. We have nearly a billion dollars of available financial capacity to deploy into new investments and are actively reviewing new opportunities.
In addition to our financial capacity, we are continuously discussing with other capital providers within the global metals and mining sector to develop strategic relationships and alliances to further increase our capacity, enhance our suites of financial products and offer complete financing solutions to our mining partners”, said Sean Roosen, Chair and Chief Executive Officer.
Q1 2018 Results Conference Call
Osisko will host a conference call on Friday, May 4, 2018 at 10:00 EDT to review and discuss its Q1 2018 results.
Those interested in participating in the conference call should dial in at 1-(647) 788-4922 (international), or 1‑(877) 223-4471 (North American toll free). An operator will direct participants to the call.
The conference call replay will be available from 1:00pm EDT on May 4, 2018 until 11:59 pm EST on May 11, 2018 with the following dial in numbers: 1-(800) 585-8367 (North American toll free) or 1-(416) 621-4642, access code 6387003.
For further information, please contact Osisko Gold Royalties Ltd: Vincent Metcalfe Joseph de la Plante Vice President, Investor Relations Vice President, Corporate Development Tel. (514) 940-0670 Tel. (514) 940-0670 [email protected] [email protected] Notes:
(1) GEOs are calculated on a quarterly basis and include royalties, streams and offtakes. Silver earned from royalty and stream agreements was converted to gold equivalent ounces by multiplying the silver ounces by the average silver price for the period and dividing by the average gold price for the period. Diamonds, other metals and cash royalties were converted into gold equivalent ounces by dividing the associated revenue by the average gold price for the period. Offtake agreements were converted using the financial settlement equivalent divided by the average gold price for the period.
Average Metal Prices and Exchange Rate
For the three months ended
March 31, 2018 2017 Gold (1) $1,329 $1,219 Silver (2) $17 $17 Exchange rate (US$/Can$) (3) 1.2647 1.3238 (1) The London Bullion Market Association’s pm price in U.S. dollars (2) The London Bullion Market Association’s price in U.S. dollars (3) Bank of Canada daily rate (2) Cash operating margin, which represents revenues less cost of sales, is not a recognized measure under International Financial Reporting Standards (“IFRS”). The Company believes that this non-IFRS generally accepted industry measure provides a realistic indication of operating performance and provides a useful comparison with its peers. The following table reconciles the cash margin to the revenues and cost of sales presented in the consolidated statements of income and related notes:
Three months ended March 31,
2018 2017 $ $ Revenues 125,614 17,126 Less: Revenues from offtake interests (93,029 ) - Revenues from royalty and stream interests 32,585 17,126 Cost of sales (93,667 ) (102 ) Less: Cost of sales of offtake interests (90,604 ) - Cost of sales of royalty and stream interests (3,063 ) (102 ) Revenues from royalty and stream interests 32,585 17,126 Less: Cost of sales of royalty and stream interests (3,063 ) (102 ) Cash margin from royalty and stream interests 29,522 17,024 91 % 99 % Revenues from offtake interests 93,029 - Less: Cost of sales of offtake interests (90,604 ) - Cash margin from offtake interests 2,425 - 3 % - (3) The cash gain or loss is calculated by subtracting the cash cost from the cash proceeds on the sale of an investment. The cash cost of an investment is a non-IFRS measure representing the cash paid of an investment on the acquisition date.
(4) Represents the estimated fair value based on the Quote: d prices of the investments in a recognized stock exchange as at April 30, 2018.
Forward-looking Statements
This news release contains forward-looking information and forward-looking statements (together, "forward‑looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenue, requirements for additional capital, production estimates, production costs and revenue, business prospects and opportunities are forward-looking statements. In addition, statements relating to gold equivalent ounces ("GEOs") are forward‑looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the GEOs will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "is expected" "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including negative variations of such words and phrases), or may be identified by statements to the effect that certain actions, events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the performance of the assets of Osisko, the realization of the anticipated benefits deriving from Osisko’s investments and transactions and the estimate of GEOs to be received in 2018. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results deriving from Osisko’s royalties, streams and other interests to differ materially from those in forward-looking statements include, without limitation: influence of political or economic factors including fluctuations in the prices of the commodities and in value of the Canadian dollar relative to the U.S. dollar, continued availability of capital and financing and general economic, market or business conditions; regulations and regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; whether or not Osisko is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatments of offshore streams or other interests, litigation, title, permit or license disputes; risks and hazards associated with the business of exploring, development and mining on the properties in which Osisko holds a royalty, stream or other interest including, but not limited to development, permitting, infrastructure, operating or technical difficulties, unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest, rate, grade and timing of production differences from mineral resource estimates or production forecasts or other uninsured risks; risk related to business opportunities that become available to, or are pursued by Osisko. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Osisko’s ongoing income and assets relating to the determination of its PFIC status, no material changes to existing tax treatments; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko's issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov . The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
Osisko Gold Royalties Ltd Consolidated Balance Sheets (Unaudited) (tabular amounts expressed in thousands of Canadian dollars) March 31, December 31, 2018 2017 $ $ Assets Current assets Cash and cash equivalents 332,617 333,705 Short-term investments 500 - Accounts receivable 8,718 8,385 Inventories 9,962 9,859 Other assets 910 984 352,707 352,933 Non-current assets Investments in associates 257,878 257,433 Other investments 84,288 115,133 Royalty, stream and other interests 1,592,240 1,575,772 Exploration and evaluation 102,346 102,182 Goodwill 111,204 111,204 Deferred income taxes - - Other assets 1,570 1,686 2,502,233 2,516,343 Liabilities Current liabilities Accounts payable and accrued liabilities 14,308 15,310 Dividends payable 7,811 7,890 Provisions and other liabilities 5,382 5,632 27,501 28,832 Non-current liabilities Long-term debt 467,483 464,308 Provisions and other liabilities 2,181 2,036 Deferred income taxes 126,663 126,762 623,828 621,938 Equity attributable to Osisko Gold Royalties Ltd shareholders Share capital 1,621,867 1,633,013 Warrants 30,901 30,901 Equity reserve 990 - Contributed surplus 14,029 13,265 Equity component of convertible debentures 17,601 17,601 Accumulated other comprehensive loss (9,025 ) (2,878 ) Retained earnings 202,042 202,503 1,878,405 1,894,405 2,502,233 2,516,343
Osisko Gold Royalties Ltd Consolidated Statements of Income For the three months ended March 31, 2018 and 2017 (Unaudited) (tabular amounts expressed in thousands of Canadian dollars, except per share amounts) 2018 2017 $ $ Revenues 125,614 17,126 Cost of sales (93,667 ) (102 ) Depletion of royalty, stream and other interests (13,230 ) (3,319 ) Gross profit 18,717 13,705 Other operating expenses General and administrative (4,382 ) (5,651 ) Business development (1,192 ) (1,779 ) Exploration and evaluation, net of tax credits (44 ) (42 ) Operating income 13,099 6,233 Interest income 1,492 1,278 Finance costs (6,634 ) (949 ) Foreign exchange gain (loss) 187 (1,420 ) Share of loss of associates (1,397 ) (1,445 ) Other gains (losses), net (2,581 ) 2,024 Earnings before income taxes 4,166 5,721 Income tax expense (1,856 ) (1,721 ) Net earnings 2,310 4,000 Net earnings attributable to: Osisko Gold Royalties Ltd’s shareholders 2,310 4,076 Non-controlling interests - (76 ) Net earnings (loss) per share attributable to Osisko Gold Royalties Ltd’s shareholders Basic 0.01 0.04 Diluted 0.01 0.04
Osisko Gold Royalties Ltd Consolidated Statements of Cash Flows For the three months ended March 31, 2018 and 2017 (Unaudited) (tabular amounts expressed in thousands of Canadian dollars) 2018 2017 $ $ Operating activities Net earnings 2,310 4,000 Adjustments for: Share-based compensation 673 2,662 Depletion and amortization 13,272 3,352 Finance costs 1,618 345 Share of loss of associates 1,397 1,445 Net loss (gain) on acquisition of investments (1,908 ) 2,598 Net gain on dilution of investments in associates - (4,833 ) 4,489 211 Deferred income tax expense 1,667 1,721 Foreign exchange loss 898 1,415 Other 46 105 Net cash flows provided by operating activities
before changes in non-cash working capital items 24,462 13,021 Changes in non-cash working capital items (1,159 ) (1,008 ) Net cash flows provided by operating activities 23,303 12,013 Investing activities Net increase in short-term investments (500 ) (500 ) Acquisition of investments (13,629 ) (62,819 ) Proceeds on disposal of investments 25,578 22,512 Acquisition of royalty and stream interests (9,970 ) (42,928 ) Property and equipment (18 ) (44 ) Exploration and evaluation tax credits, net of expenses 1,094 1,242 Net cash flows provided by (used) in investing activities 2,555 (82,537 ) Financing activities Issuance of common shares 114 869 Issue expenses (186 ) (41 ) Financing fees (379 ) - Investments from non-controlling interests - 1,333 Normal course issuer bid purchase of common shares (20,333 ) (1,822 ) Dividends paid (7,547 ) (4,082 ) Net cash flows used in financing activities (28,331 ) (3,743 ) Decrease in cash and cash equivalents before effects of exchange rate changes on cash and cash equivalents (2,473 ) (74,267 ) Effects of exchange rate changes on cash and cash equivalents 1,385 (1,415 ) Decrease in cash and cash equivalents (1,088 ) (75,682 ) Cash and cash equivalents – beginning of period 333,705 499,249 Cash and cash equivalents – end of period 332,617 423,567
Source: Redevances Aurifères Osisko Ltée | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-osisko-reports-first-quarter-2018-results.html |
May 15 (Reuters) - Anadarko Petroleum Corp:
* SETS QUARTERLY CASH DIVIDEND OF $0.25PER SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-anadarko-petroleum-sets-quarterly/brief-anadarko-petroleum-sets-quarterly-cash-dividend-of-0-25-per-share-idUSFWN1SM1C7 |
CARACAS/MADRID/LIMA (Reuters) - Often arriving thin and penniless in South American capitals after long bus trips across the continent, many Venezuelan migrants blame President Nicolas Maduro for the crushing economic crisis that forced them to flee.
A migrant from Venezuela, sells clothing at Gamarra textile cluster in Lima's district of La Victoria in Lima, Peru, May 10, 2018. REUTERS/Guadalupe Pardo Yet, despite their anger, many in Venezuela’s fast-growing diaspora plan to abstain from Sunday’s presidential election, saying it is a sham vote designed to legitimize another six years in power for Maduro’s socialist government.
In dozens of interviews from Spain to the United States, Venezuelans abroad said they were pessimistic that Maduro would accept defeat at the ballot box. The former union leader has ruled the OPEC nation with an increasingly authoritarian hand since 2013, crushing opposition protests and jailing opponents.
Some of those who hoped to vote for Maduro’s low-profile challenger, former state governor Henri Falcon, said they were facing ever more obstacles to register at consulates, including a requirement that they prove residency in their adoptive country.
Venezuela’s Information Ministry, which handles media requests for the government, did not respond to a request for comment on voting conditions abroad.
Some opponents and academics say up to 4 million people - from a population of around 30 million - have fled Venezuela since Maduro’s predecessor and mentor, Hugo Chavez, won power two decades ago. The government dismisses that as exaggeration.
Yet despite their swelling numbers, Venezuelan emigres are unlikely to have a major impact on the election, which has been boycotted by the mainstream opposition parties and condemned by Washington.
“I have not heard of anyone trying to register,” said Garrinzon Gonzalez, executive director at the Venezuelan Union in Peru, which provides assistance to migrants.
Critics say Maduro has used state handouts of food to sway the vote of Venezuelans living hand-to-mouth due to salary-destroying hyperinflation, as well as coercing roughly 2.8 million state employees to vote for his government.
A compliant electoral council and a ban on the most prominent opposition politicians have further boosted Maduro.
Venezuela’s socialist government says a succession of electoral victories since 1998 indicate it has popular support. Officials say the opposition’s boycott is anti-democratic and accuse Maduro’s rivals of sitting out the vote because they would lose.
“HARDEST TIME TO VOTE” There is no official data on the numbers of Venezuelans who have emigrated since Chavez launched a leftist “revolution” two decades ago in the once-prosperous nation.
According to the United Nations, nearly 1 million Venezuelans left between 2015 and 2017. Anecdotally, the trend seems to have accelerated this year.
An earlier wave of emigration saw many professionals leave by plane to Miami or Madrid with their savings intact.
Samuel Gomez, a migrant from Venezuela, carries food for his restaurant 'Areperu' at Gamarra textile cluster in Lima's district of la Victoria in Lima, Peru, May 10, 2018. REUTERS/Guadalupe Pardo But increasingly impoverished Venezuelans are fleeing by bus or on foot to neighboring Colombia and Brazil, as well as Argentina, Chile and Peru, where they often take low-paid jobs as waiters, construction workers or drivers.
Reuters Investigates A journey on a caravan of misery Ignacio Avalos, one of the directors of the Venezuelan Electoral Observatory, an independent local election monitoring group, estimates that less than 10 percent of Venezuelans abroad are registered to vote.
Authorities did not respond to questions about how many overseas voters are registered. Authorities said earlier this year that more than 100,000 Venezuelans were registered to vote abroad.
In a report this month, the Observatory cited numerous obstacles hindering Venezuelans overseas from voting, including short opening hours at consulates, long backlogs and arbitrary conditions not demanded by law.
“Without a doubt this is the hardest time to be voting from abroad,” Avalos said.
Maduro did order in February the reopening of Venezuela’s consulate in Miami, saying that he wanted the local Venezuelan community to able to enroll to vote. Chavez had shuttered the consulate in 2012 just before his final presidential election.
The consulate did not respond to a request for information about whether it had reopened.
Two of the Venezuelans Reuters spoke to said they had no trouble registering to vote from abroad, although both did the process well before this electoral cycle.
In Madrid, several Venezuelans interviewed said the electoral register did not allow them to change their old addresses and that appointments at the embassy were near impossible to get.
“No-one goes in there, not even God,” said Vanessa Pineda, the head of a Spain-based Venezuelan opposition group.
The embassy did not respond to an emailed request for information.
Slideshow (19 Images) “THOUSANDS OF HURDLES” Maduro often disparages Venezuelans abroad, accusing them of being part of a “squalid” right-wing plot vying to discredit his brand of “21st century socialism.” He has mocked emigres for working in low-paying jobs.
“You don’t know how many of them are washing toilets in Miami. Would you wash toilets in Miami? Would you leave our beloved country?” Maduro said last month during a speech in the central state of Lara.
“I would never leave,” he added.
A minority of Venezuelan opposition figures think it is a mistake not to fight Maduro at the polls, as that almost certainly hands him a fresh six-year term.
“This could be our last chance to halt the crisis that keeps catapulting more and more Venezuelans into exile,” said lawyer Victor Sulbaran, 28, who in January emigrated to the U.S. state of Georgia.
A long-time activist for opposition candidate Falcon, Sulbaran was determined to cast a ballot.
But when in March he traveled to the Venezuelan consulate in New York, he was asked to submit a utilities bill proving that he resides in the United States. He eventually produced one but was then told internal systems were down.
It was only on his third attempt this month that consular officials told him he was successfully registered - but he has yet to receive a formal notification of a change of residency.
“They put down thousands of hurdles so that you can’t change your residency,” said Sulbaran, who is still unsure whether he will be able to vote for Falcon on Sunday. The Venezuelan consulate in New York responded that “requirements have always been the same. And all those who are registered must exercise the right to vote.”
One former engineer at Venezuelan state oil company PDVSA, who asked not to be identified to avoid repercussions for his family back home, said he missed the deadline to change his voting center after he emigrated to Colombia last month.
But the former mid-level manager - who now works at a used cars and motorbikes store - said he had no interest in voting.
During past elections in Venezuela, he received text messages and calls from PDVSA pressuring him to vote for the government, a common experience for state employees.
“The government has taken control of all institutions and controls the electoral council so I don’t think it makes any difference whether we vote or not,” said the former manager, who now earns 28 times what he did back home in dollar terms.
“I’m carving out a new path for myself, starting again from the bottom to climb up slowly, and I want to leave Venezuela in the past.”
Graphic - party polarity: tmsnrt.rs/2wSwu9k
Reporting by Alexandra Ulmer in Caracas, Angus Berwick in Madrid and Mitra Taj in Lima, additional reporting by Leon Wietfeld in Caracas, Zachary Fagenson in Miami and Fabian Cambero in Santiago; Writing by Alexandra Ulmer; Editing by Daniel Flynn and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-migrants/from-madrid-to-miami-venezuelan-migrants-seethe-at-maduro-yet-sit-out-vote-idUSKCN1IH31A |
LONDON (Reuters) - Iran’s crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC’s third-largest producer. The U.S. sanctions have a 180-day period during which buyers should “wind down” purchases.
U.S. President Donald Trump on May 8 said the United States was exiting a 2015 international nuclear deal with Iran and would impose new sanctions that seek to reduce the country’s oil shipments.
“Exports are down by more than 100,000 barrels per day (bpd) from the very high levels seen in April, but there is no sign of a mass exodus at this time,” Daniel Gerber, chief executive of Petro-Logistics, told Reuters.
Supply and demand in large parts of the oil market is opaque and Petro-Logistics is among a number of consultancies that estimate supply from OPEC countries by tracking tanker shipments and other methods.
Petro-Logistics did not specify the absolute volume of Iran’s exports in May or April.
Iran said it exported 2.6 million barrels per day (bpd) in April, a record since the lifting of international sanctions on Tehran in January 2016.
Reuters shipping data also suggests Iranian crude exports have dropped since Trump’s sanctions announcement, falling to around 2.5 million bpd in May, a drop of about 100,000 bpd from April.
The bulk of Iran’s crude exports, at least 1.8 million bpd, goes to Asia. Most of the rest goes to Europe and these volumes are seen by analysts and traders as the more vulnerable to being curbed by U.S. sanctions.
Petro-Logistics said the overall rate of Iran’s exports remained strong in May compared with recent months and companies in Europe were still buying.
“In fact, May exports remain significantly higher than the previous 12-month average, with European refiners continuing to load cargoes throughout the month,” Gerber said.
Iran’s oil minister, Bijan Zanganeh, said on May 19 Tehran’s oil exports would not change if the EU could salvage the nuclear pact, as it is trying to do.
But trading sources expect financing issues to hinder Iranian oil trade as banks grow wary.
Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-oil-exports/irans-oil-exports-fall-in-may-when-u-s-quit-nuclear-deal-petro-logistics-idUSKCN1IV1LU |
May 14 (Reuters) - Nova LifeStyle Inc:
* Q1 EARNINGS PER SHARE $0.06 * Q1 REVENUE $22.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nova-lifestyle-q1-earnings-per-sha/brief-nova-lifestyle-q1-earnings-per-share-0-06-idUSASC0A1X6 |
May 22, 2018 / 8:52 PM / Updated 3 hours ago Pope to see second group of Chile priestly abuse victims Reuters Staff 2 Min Read
VATICAN CITY (Reuters) - Pope Francis will play host to a second group of victims of priestly sexual abuse in Chile, the Vatican said on Tuesday, days after the country’s bishops all offered to resign over the scandal. Pope Francis leads the Italian conference of bishops (CEI) meeting in the Synod Hall at the Vatican, May 21, 2018. REUTERS/Tony Gentile
Earlier this month, the pope met three men who were victims of a priest accused of abusing boys in Santiago in the 1970s and 1980s. The second group includes priests who also fell foul of the same disgraced churchman, the Vatican said.
The five men, accompanied by two other priests who have helped them and two lay people, will see the pope from June 1-3.
“With these new meetings ... Pope Francis wants to show how close he is to the abused priests, help them with their pain and hear their precious views on how to improve current preventative measures and to struggle against abuses in the church,” the Vatican said.
The Chilean scandal revolves around Father Fernando Karadima, who was found guilty in a Vatican investigation in 2011 of abusing boys. He never faced civilian justice because of a statute of limitations.
Now 87 and living in a nursing home, he has always denied any wrongdoing.
During a visit to Chile this year, Pope Francis appeared to doubt victims who had accused a bishop of witnessing the abuse but doing nothing to stop it.
Shortly afterwards, in a dramatic U-turn, the pope sent the Vatican’s most experienced investigator of sexual abuse to look into the allegations.
On the strength of his report, the pope called Chile’s bishops to the Vatican last week, where he accused them of “grave negligence” in investigating allegations of abuse, and said evidence of sex crimes had been destroyed.
The pope has not yet said if he will accept any or all of the resignations of the 34 bishops — the first time in history that all the senior Roman Catholic prelates from a single country have offered to step aside en masse. Reporting by Crispian Balmer; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-chile-abuse-pope/pope-to-see-second-group-of-chile-priestly-abuse-victims-idUKKCN1IN2X9 |
TORONTO, May 23, 2018 (GLOBE NEWSWIRE) -- Enssolutions Group Inc. (TSXV:ENV.H) (OTC Pink:NSLSF) (“Enssolutions” or the “Company”), a manufacturer and distributor of an environmentally responsible emulsion product for a wide variety of industrial and commercial market demands, is pleased to announce the filing of its Interim Unaudited Consolidated Financial Statements for the three months ended March 31, 2018, and the comparative 2017 first quarter along with management’s discussion and analysis.
Financial Results
Certain of the Company's financial results for the quarters ending March 31, 2018 and March 31, 2017 are presented in the table below:
For the Three Months
Ended March 31, 2018 2017 Revenue $ 327,622 $ 259,725 Operating Loss (506,481) (497,911) Net Loss $ (579,663) $ (559,965) Basic and diluted loss per share (0.01) (0.01)
March 31, 2018 March 31, 2017 Assets $ 542,065 $ 1,015,179 Liabilities $ 8,663,844 $ 7,846,172 Shareholders’ deficit $ (8,121,779) $ (6,830,993) The Company’s consolidated financial statements and MD&A for the quarter ended March 31, 2018 are available at www.sedar.com .
About Enssolutions
Enssolutions manufactures, distributes and applies environmentally responsible products to meet a wide variety of industrial and commercial market demands. Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing. It has production facilities in Beamsville, Ontario and Glendale, Arizona that service some of North America's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities.
For more information on Enssolutions, please visit www.enssolutions.com .
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", “should”, "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For Further Information:
James D. Staudohar, President and Chief Executive Officer
t: (877) 520-6767
e: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Enssolutions Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-enssolutions-group-announces-first-quarter-financial-results.html |
TOKYO (Reuters) - Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, said on Monday that it would keep product prices steady in June to ensure its earlier hikes were absorbed by the market.
This is the fourth straight month that the company has kept prices the same.
Tokyo Steel’s pricing strategy is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel Co, as well as China’s Baoshan Iron & Steel Co Ltd (Baosteel).
Prices for steel bars, including rebar, will stay steady at 69,000 yen ($621) a tonne, while prices for its main product, H-shaped beams, will stay unchanged at 89,000 yen.
“Activities in the local steel industry are picking up, but our price hikes earlier this year have not been fully absorbed by the market,” Tokyo Steel’s Managing Director Kiyoshi Imamura told reporters at a briefing.
“But we are hopeful that the time will become ripe soon for more hikes as end-users such as makers of cars, electronics and machineries as well as trading houses which handle steel-making raw materials have reported strong earnings for the year just ended, outperforming steelmakers’ results,” he said.
Strong demand in China, the world’s biggest steel consumer, is also expected to continue this year, supporting global steel markets, he added.
Reporting by Yuka Obayashi; Editing by Christian Schmollinger
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tokyo-steel-prices/tokyo-steel-to-maintain-product-prices-in-june-for-a-fourth-straight-month-idUSKCN1IM09S |
Tech Guide First Data makes another bet on restaurant software Troves of customer data can be extracted from POS terminals, and can guide restaurants in tracking what you have previously ordered, how much you have spent, or how long you dined at the table. Start-up Salido builds and sells point-of-sale—or POS—hardware and software, and fielded interest from First Data, although the talks were previously unreported. One of First Data's biggest competitors, Square, just announced its own play for restaurant services. CNBC.com FICO Eataly World
First Data , one of the world's largest payment processing companies, is betting that restaurants want more data on their customers.
Salido, a restaurant software company, recently raised $12 million in a Series A round of funding with First Data among the major investors. First Data was initially interested in acquiring the start-up, but chose to participate in a funding round instead, Shu Chowdhury, the CEO of Salido, confirmed to CNBC.
First Data declined a request for comment on its interest in Salido, which was previously unreported. But Salido is just one example of how technology companies like First Data are racing to reinvent restaurant payment systems as portals to a valuable data.
Salido builds and sells point-of-sale—or POS—hardware and software. POS terminals record orders on a tablet or mobile device, and accept payments with a connected card reader. The devices can act as the "brain" of a restaurant—handling logistics like keep tabs on inventory and managing servers or chefs in the kitchen.
Troves of customer data can be extracted from the terminals, too. With a swipe of your credit card, the system has a name and an account number. With that, it can guide restaurants in tracking what you have previously ordered, how much you have spent, or how long you dined at the table.
"Data can help restaurants understand what they are selling, how they should be selling it, and how they should be treating their customer," Chowdhury said.
First Data already has its own POS device, Clover, which processes customer payments and analyzes sales. First Data acquired Clover in 2012. Now the global volume of transactions processed via Clover's technology amounts to about $58 billion annually, First Data's CEO, Frank Bisignano, said on the company's most recent earnings conference call. Salido's technology will be fully integrated with some Clover products by the end of this year, Chowdhury said. Source: Square Square to launch new payment system for restaurants.
One of First Data's biggest competitors, Square , just announced its own play for restaurant services. Square for Restaurants, its third POS product , integrates its delivery service Caviar, which Square acquired in 2014. Analysts have previously called for an integration that could bridge the gap between the delivery service and its POS software.
Thanks to transaction-based data collection on platforms like Salido's, restaurants are able to suggest new menu items based on what you have previously ordered.
Tom Colicchio, who owns a group of restaurants that use Salido's technology, focuses on trends, not necessarily individual data. When 'Wichcraft debuts a new sandwich, Colicchio can see how the new menu item is performing across the eatery's different locations. David A. Grogan | CNBC Tom Colicchio, Craft Restaurants owner, discusses his transition from head chef to successful business owner and the future of fast casual dining.
"It's good to have data in terms of what we're selling and where we're selling. Then we can match that to the individuals in each store," Colicchio said.
Salido has raised $16 million in total funding to date and also touts chefs like Colicchio and Stephen Starr, as well as Uber's former top New York executive, Josh Mohrer, among its backers. Salido's technology, designed for fast casual and sit-down restaurants like New York-based Eataly and by CHLOE, also assists businesses in taking orders from third-party delivery platforms and tracks the status of in-restaurant orders. Chowdhury, who founded the company in 2012, wants takes the services one step further by helping owners really get to know their diners with big data.
With more access to data, the restaurant industry—notorious for razor thin margins—sees an opportunity. Owners can use the information to predict what to serve and when. In the past, restaurateurs used trends they noticed in passing, or simply common sense, to predict business. Now they have the numbers to back it up.
"Restaurants are always looking for an edge," said Mohrer, who participated in Salido's most recent funding round alongside his former colleague at Uber, William Barnes, who ran the company's West Coast operations. "Here's an opportunity to get to know the customer better."
Customers may not mind data collection, particularly if it means a better or faster ordering experience. Other customers, however, may be wary. Big data has come under fire in recent weeks, after millions of Facebook users' data was exposed to Cambridge Analytica, a third-party consulting firm.
"We tell our restaurants to be mindful of that creepiness factor" and only collect and keep what they need, said Laura Chadwick, director of commerce and entrepreneurship at the National Restaurant Association, a food industry trade organization that represents more than 350,000 restaurants. "There is an undefined line where data collection becomes too much," Chadwick said. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/first-data-makes-another-bet-on-restaurant-software.html |
PARIS--(BUSINESS WIRE)-- Schlumberger Limited (NYSE:SLB) will hold a conference call on July 20, 2018 to discuss the results for the second quarter ending June 30, 2018.
The conference call is scheduled to begin at 8:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time.
To access the conference call, listeners should contact the Conference Call Operator at +1 (800) 288-8967 within North America or +1 (612) 333-4911 outside of North America approximately 10 minutes prior to the start of the call, and ask for the “Schlumberger Earnings Conference Call.”
A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until August 20, 2018, and can be accessed by dialing +1 (800) 475-6701 within North America or +1 (320) 365-3844 outside of North America, and giving the access code 449359.
About Schlumberger
Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $30.44 billion in 2017. For more information, visit www.slb.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005946/en/
Schlumberger Limited
Simon Farrant – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Manager of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
[email protected]
Source: Schlumberger Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-schlumberger-announces-second-quarter-2018-results-conference-call.html |
Wenger very sad as Atletico ruin his Arsenal farewell 10:43am BST - 00:45
Arsenal manager Arsene Wenger did little to hide his disappointment after his 22-year stint at the club will end without European glory. ▲ Hide Transcript ▶ View Transcript
Arsenal manager Arsene Wenger did little to hide his disappointment after his 22-year stint at the club will end without European glory. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FGZzDI | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/wenger-very-sad-as-atletico-ruin-his-ars?videoId=423649623 |
May 16 (LPC) - Private equity firms are expected to submit final bids this week for Finnish healthcare company Mehilainen, which is expected to fetch over €1.56bn, banking sources said on Wednesday.
Carlyle, CVC and Nordic Capital are still in the running to buy the company, which is currently owned by Triton. Leveraged finance bankers are preparing financing based on an adjusted Ebitda figure of €120m.
An enterprise value of 13 to 15 times adjusted Ebitda would value the company at €1.56bn to €1.8bn, the sources said. Mehilainen reported underlying Ebitda of €92.8m for 2017, based on revenues of €755.5m.
The deal will add to a strong pipeline of European leveraged loans which includes buyout loans for other healthcare companies, such as an €880m equivalent first lien and €275m second lien financing for Zentiva, formerly Sanofi’s generics business.
Triton Capital carved Mehilainen out of parent company Ambea Group, following its initial €850m joint investment in Ambea with KKR in 2010.
Mehilainen merged with peer Mediverkko in February 2015, creating a group with 140 hospitals and care homes throughout Finland. Finnish pension funds Imarinen and Varma are co-owners of Mehilainen.
Carlyle, CVC and Nordic Capital declined to comment. Triton could not be reached for comment. (Editing by Tessa Walsh)
| ashraq/financial-news-articles | https://www.reuters.com/article/mehilainen-loans/final-bids-due-in-sale-of-finnish-healthcare-firm-mehilinen-idUSL5N1SN5WK |
Whole Foods new front in the grocery price war 6:39am EDT - 02:02
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members.
Amazon and Whole Foods are making a surgical strike in the already brutal grocery price war with a new loyalty program for Amazon Prime members. //reut.rs/2rNBiH1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/whole-foods-new-front-in-the-grocery-pri?videoId=427389385 |
Bangkok, Thailand, May 07, 2018 (GLOBE NEWSWIRE) -- A4M/MMI has recently announced the addition of internationally recognized expert in Integrative Medicine and Director of Integrative Medicine at George Washington University Andrew Heyman, MD, MHSA to its agenda for the 10th Annual A4M-Thailand Congress in Bangkok. As hundreds of participants gather at The Athenee Hotel for the three-day conference taking place from September 6-8, an extensive agenda of clinical educational sessions and interactive lectures will collectively deliver the most recent research in Anti-Aging & Aesthetic Medicine.
“Traditional Chinese Medicine taught me how to listen very closely to patients, and to look for patterns of illness expression that sometimes escapes a standard evaluation. My research now seeks to bridge the gap between what we observe in patients and their underlying metabolic and genomic expression, especially in complex presentations,” said Dr. Heyman. As a proliferation of scientific information continues to emerge regarding the underlying causes of chronic diseases, coupled with ways to optimize longevity and the aging process, A4M/MMI is proud to continue its tradition of providing the latest, most current updates and clinical education through renowned keynote presenters and cutting-edge thought leaders.
The 10th Annual Congress on Anti-Aging and Aesthetic Medicine will begin with a pre-conference workshop on September 6th, followed by general session lectures on September 7th and 8th. Lectures from Dr. Heyman in the Anti-Aging lecture track will focus on topics including stress & neuroinflammation, biotoxins and chronic inflammatory response syndrome, and detoxification of heavy metals and chemicals.
Other topics highlighted at the conference will include the applications of intermittent fasting for weight loss, in addition to exercise management for weight loss. Speakers will further focus on gut inflammation, coupled with the efficacy and benefits of an anti-inflammatory diet, while a track specifically dedicated to Aesthetic Medicine will concentrate on body & facial contouring with fillers—with discussions surrounding pre and post-operative care for successful patient outcomes.
This conference offers an exciting and unique opportunity for attendees to be at the forefront of wellness and longevity, and serves as an optimal platform for delegates to establish new business and networking contacts, receive extensive education specifically engineered to enhance practices and patient care, and socialize with international medical professionals from a wide array of disciplines and fields.
###
About the American Academy of Anti-Aging Medicine & Metabolic Medical Institute:
Established in 1992, A4M is the leading nonprofit medical society dedicated to the detection, prevention, and treatment of diseases associated with aging. The organization is comprised of over 26,000 members from 120 nations across the globe, and is dedicated to educating medical and public health professionals and practitioners on the most progressive and innovative clinical research, in addition to cutting-edge scientific technologies. Metabolic Medical Institute is the entity that houses and contains all advanced medical education, available to healthcare practitioners and allied health professionals.
Sarenka Smith American Academy of Anti-Aging Medicine (A4M) 561-997-0112 x7912 [email protected]
Source:American Academy of Anti-Aging Medicine(A4M) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-andrew-heyman-md-mhsa-joins-10th-annual-congress-on-anti-aging-and-aesthetic-medicine-in-bangkok.html |
May 25, 2018 / 11:35 PM / Updated 21 minutes ago Cricket-Pakistan's Babar out of England series with forearm fracture Reuters Staff 2 Min Read
LONDON, May 25 (Reuters) - Pakistan batsman Babar Azam will miss the remainder of the two-match series against England after fracturing a bone in his left forearm on the second day of the first test at Lord’s on Friday.
The 23-year-old righthander top-scored with 68 to help the tourists reach 350-8, a lead of 166, but retired hurt before the close of play after being struck by a Ben Stokes delivery.
"In that last session we took him off the field because he couldn't grip his bat properly, we treated him for pain," Pakistan physiotherapist Cliffe Deacon said in an interview on the Pakistan Cricket Board's official Twitter account twitter.com/TheRealPCBMedia.
“We decided to do a precautionary X-ray at the end of the day’s play ... when we got to the hospital the X-ray confirmed that there was a fracture of the forearm, just above the wrist.”
“Normally with these sort of fractures (recovery) varies between four to six weeks.” (Writing by Ken Ferris; Editing by Nick Mulvenney) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-test-eng-pak-babar/cricket-pakistans-babar-out-of-england-series-with-forearm-fracture-idINL3N1SW5IQ |
NASHVILLE, Tenn.--(BUSINESS WIRE)-- FB Financial Corporation (the “Company”) (NYSE: FBK) announced today the launch of an underwritten secondary public offering of a total of 3,200,000 shares of its common stock (the “Secondary Offering”), all of which will be offered by Mr. James W. Ayers (the “Selling Shareholder”). In addition, the Selling Shareholder expects to grant to the underwriters an option for 30 days to purchase up to 480,000 additional shares of common stock to cover overallotments, if any, at the public offering price, less the underwriting discount. The Company will not receive any proceeds from the Secondary Offering.
J.P. Morgan and Stephens Inc. are acting as joint book-running managers and as underwriters of the Secondary Offering.
The shares are being offered pursuant to a Registration Statement on Form S-3 (File No. 333-221149) under the Securities Act of 1933, as amended, which was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective on November 9, 2017. A preliminary prospectus supplement has been filed with the SEC to which this communication relates. Potential purchasers of common stock in the Secondary Offering should consider carefully the information contained in the preliminary prospectus supplement and the accompanying prospectus and other documents that the Company has filed with the SEC for more complete information about the Company, the Selling Shareholder and the Secondary Offering. When available, copies of the preliminary prospectus supplement and the accompanying prospectus related to the Secondary Offering may be obtained by contacting: J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected] ; or Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attn: Prospectus Department, by emailing [email protected] , by calling (501) 377-2131 or by faxing (501) 377-2404. Investors may also obtain copies of these documents free of charge by visiting the SEC’s website at www.sec.gov .
NO OFFER OR SOLICITATION
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares of common stock nor shall there be any sale of the shares of common stock in the Secondary Offering in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Secondary Offering is being made only by means of the preliminary prospectus supplement and accompanying prospectus, which have been or will be filed with the SEC.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, Tennessee. FB Financial operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 56 full-service bank branches across Tennessee, North Alabama and North Georgia, and a national mortgage business with offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $4.7 billion in total assets.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements relating to the Selling Shareholder’s grant of an overallotment option to the underwriters in the Secondary Offering. These forward-looking statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection” and other variations of such words and phrases and similar expressions.
These forward-looking statements are not historical facts. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that the forward-looking statements will occur. Accordingly, the Company cautions readers of this Report that any such forward-looking statements are not guarantees of future performance or outcomes and are subject to various risks, assumptions and uncertainties. Because of these risks and other uncertainties, the outcome of matters that are the subject of forward-looking statements may be materially different from the anticipated or estimated results discussed in the forward-looking statements in this press release. Readers of this press release should not unduly rely on any forward-looking statements, which represent the Company’s beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. The Company undertakes no obligation to update these forward-looking statements as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.
The Company qualifies all of its forward-looking statements by these cautionary statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006034/en/
FB Financial Corporation
Media Contact:
Jeanie M. Rittenberry, 615-313-8328
[email protected]
www.firstbankonline.com
or
Financial Contact:
James R. Gordon, 615-564-1212
[email protected]
[email protected]
Source: FB Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-fb-financial-corporation-announces-secondary-offering.html |
Walmart tops targets, Penney misses 9:11pm IST - 01:12
E-commerce sales rebounded at Walmart, helping revenue beat expectations, while J.C. Penney's flat same-store sales fell far short of targets. Fred Katayama reports. ▲ Hide Transcript ▶ View Transcript
E-commerce sales rebounded at Walmart, helping revenue beat expectations, while J.C. Penney's flat same-store sales fell far short of targets. Fred Katayama reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KylkZa | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/walmart-tops-targets-penney-misses?videoId=427784574 |
May 23 (Reuters) - Amneal Pharmaceuticals Inc:
* MABXIENCE AND AMNEAL ENTER INTO AN AGREEMENT FOR BEVACIZUMAB BIOSIMILAR IN THE UNITED STATES
* MABXIENCE - CO WILL LEAD PRODUCT, CLINICAL DEVELOPMENT AND SUBSEQUENT MANUFACTURE OF BEVACIZUMAB BIOSIMILAR
* MABXIENCE - UNDER AGREEMENT, AMNEAL WILL GUIDE PRODUCT THROUGH REGULATORY APPROVAL, HAVE EXCLUSIVE COMMERCIALISATION RIGHTS IN U.S. Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-amneal-signs-licensing-and-supply/brief-amneal-signs-licensing-and-supply-agreement-for-mabxiences-biosimilar-to-roches-avastin-idUSFWN1SU0JE |
SAO PAULO (Reuters) - Mirae Asset Global Investments Co Ltd has put two office towers in Sao Paulo worth around 1 billion reais ($272 million) up for sale, three people familiar with the matter said, as South America’s largest real estate market kicks into gear.
A general view of the Rochavera Corporate Towers complex in Sao Paulo, Brazil May 17, 2018. REUTERS/Paulo Whitaker Seoul-based Mirae, which has real estate investments on three continents, has offered to sell Towers A and B of the upscale Rochavera Corporate Towers complex, said the sources, who spoke on condition of anonymity as the matter is private.
Together the two towers offer about 56,000 square meters (600,000 square feet) of office space in a fast-growing Sao Paulo business district.
The Rochavera sale process is one of several in the pipeline for the corporate real estate market in Sao Paulo, Latin America’s financial hub, which is gathering steam as Brazil exits its worst recession in decades.
Slideshow (2 Images) Vacancy rates have fallen to around 20 percent, still high by historic standards but an improvement from previous years, and this has drawn interest from buyers looking to catch an upswing.
Among the real estate companies that have shown preliminary interest in the Rochavera towers is Cyrela Commercial Properties SA (CCP) ( CCPR3.SA ), which last year set up a joint venture with the Canada Pension Plan Investment Board to invest $400 million in Brazilian offices, according to one source.
Mirae did not respond to requests for comment. CPP declined to comment.
Several other companies have made investments in Sao Paulo offices or have expressed interest in investing soon. Buyers include foreign groups such as Brookfield Asset Management Inc ( BAMa.TO ), domestic firms such as BR Properties SA ( BRPR3.SA ) and local real estate investment trusts, including funds run by Banco BTG Pactual SA ( BPAC3.SA ).
Some assets hitting the market in Sao Paulo in recent months are owned by distressed sellers.
The real estate arm of scandal-plagued Odebrecht SA, for example, has agreed in principle to sell a project to Hemisferio Sul Investimentos SA expected to be worth 1.2 billion reais when finished, Reuters reported last month.
Other assets are owned by international funds that bought into Sao Paulo real estate at its trough and aim to book a profit before Brazil’s highly unpredictable October elections.
Reporting by Gram Slattery; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mirae-asset-divestiture-brazil-exclus/exclusive-koreas-mirae-puts-towers-up-for-sale-as-sao-paulo-market-heats-up-idUSKCN1IJ144 |
Venture capital investor Tim Draper defended Theranos CEO Elizabeth Holmes on Thursday, despite the total collapse of the formerly heralded start-up.
"I feel we have taken down another great icon," Draper said on CNBC's "Closing Bell."
The founder and managing director of Draper Fisher Jurvetson, who was an early investor in Theranos, called the start-up a "great vision," despite the fact that the it lost investors close to $900 million and Holmes was later charged with "massive fraud."
"Look what she did, she created an amazing opportunity," Draper said.
Holmes said "I'm going to transform health care as we know it," and got "bullied into submission," Draper said.
Draper said that Holmes was intent on transforming American health-care and this was "one of the cases where the entrepreneur was defeated."
In March, the Securities and Exchange Commission accused Holmes and her former business partner and boyfriend Ramesh "Sunny" Balwani of fraud and knowingly "deceiving investors." Holmes agreed to settle and pay a $500,000 fine . She will be barred from serving as a director or officer of a public company for 10 years.
Theranos was once widely considered a very highly esteemed start-up in Silicon Valley. Touted as the personification of innovation, Holmes graced the covers of major magazines. But Wall Street Journal investigations over the past five years questioned the efficacy of Theranos' blood testing technology and raised flags for regulators. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/early-theranos-investor-tim-draper-defends-elizabeth-holmes-and-her-vision.html |
Cannes to balance art house with 'Star Wars' at 71st festival Monday, May 07, 2018 - 01:22
''Solo: A Star Wars Story'' is set to be Cannes' biggest film, but only major Hollywood blockbuster representation. Bob Mezan reports. ▲ Hide Transcript ▶ View Transcript
"Solo: A Star Wars Story" is set to be Cannes' biggest film, but only major Hollywood blockbuster representation. Bob Mezan reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rxfxeH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/cannes-to-balance-art-house-with-star-wa?videoId=424786198 |
May 3 (Reuters) - UBS Group AG:
* UBS CHAIRMAN SAYS ON BUSINESS TIES TO CHINA’S HNA: WE DO DUE DILIGENCE FOR BUSINESS PARTNERS, REPEAT THIS WHEN COMPANIES ARE IN THE NEWS
* UBS SHAREHOLDERS APPROVE 2017 COMPENSATION REPORT WITH 81.35 PERCENT SUPPORT, 13.16 PERCENT AGAINST Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ubs-shareholders-approve-2017-comp/brief-ubs-shareholders-approve-2017-compensation-report-idUSZ8N1RJ00M |
Cash back credit cards, if paid off in full each month, can net you hundreds of dollars a year. But with so many options, from one-time bonuses to quarterly rewards, it's easy to get overwhelmed.
To determine which card offers the best deal overall, CNBC Make It analyzed 25 of the most popular cash back cards in the U.S. Using a sample budget based on spending data from the Bureau of Labor Statistics, we estimated how much money each card would save you after five years.
We also evaluated the ease of use of each card and their potential downsides, including annual fees and interest rates.
Based on the data, here is our No. 1 choice, our runner up and some other good options that may be better suited to your lifestyle.
Our pick for the best cash back card Chase Freedom® Credit Card
The Chase Freedom requires no annual fee and has rewards that beat out the competition. It offers a $150 sign-up bonus, 5 percent cash back on purchases in multiple great categories that change every quarter, and 1 percent on all other purchases. Keep reading for our full analysis of the Chase Freedom card.
Our runner-up Citi® Double Cash Card
The Double Cash card is another great overall choice because it makes for easy saving: Users get 2 percent back on everything, pay no annual fee and don't have to worry about category changes or spending strategically to maximize rewards. It also now offers a $100 bonus. Keep reading for our full analysis of the Citi Double Cash card.
How we decided To determine which cards offer the best cash back deals, CNBC Make It compiled a list of 25 highly rated credit cards. We vetted each card based on its cash back offer, introductory and eventual APR, annual fee, bonus, recommended credit score, late fee, balance transfer fee, foreign transaction fee, redemption options and customer reviews.
We then estimated how much money each card would save the typical American after one year, two years and five years. Our assessment heavily weighs the five-year return to avoid a large sign-up bonus skewing the results. We also assume that most people want a great card that they can stick with for years, especially since bouncing from card to card can be bad for your credit score .
To estimate the return, we used expenditure data from the Bureau of Labor Statistics to make a sample budget broken down by average annual spending in categories like gas ($1,909), groceries ($4,049), dining out ($3,154) and general purchases ($10,529). The general purchase category includes shopping, entertainment, public transit and vehicle expenses other than gas. It's worth noting that the five-year estimates we include below are derived from this single sample budget, but if you use a card strategically and take advantage of its rewards, your return could be higher.
The estimates also incorporate bonuses and assume you have a high credit limit and that you use your card for 90 percent of the purchases you make in these categories, accounting for instances where you have to use cash or shop somewhere that doesn't accept your card.
In the case of the Citi Double Cash card, calculating the return was relatively easy, as users simply save 2 percent on all its purchases. For a card like the American Express Blue Cash Preferred, meanwhile, we calculated the potential returns in each category, since the card offers 6 percent back on groceries, 3 percent on gas and select department stores and 1 percent on everything else.
Sometimes we had to make assumptions. For instance, Chase has not announced all of its 2018 categories yet, so we averaged and extrapolated the returns from the first half of the year. The Discover It Cashback Match card, meanwhile, rewards spending on Amazon.com and at select wholesale clubs one quarter, so in this case we decided users would be rewarded for 30 percent of their general spending.
Once we had our estimates, we then weighed cash returns against other factors including interest rates and fees, cash-back categories, practicality, bonuses and other perks.
Why we chose Chase Freedom as our No. 1 What primarily distinguishes Chase Freedom is its loaded categories. In the first quarter of 2018, users received 5 percent cash back at gas stations, on internet, cable and phone services and on general purchases made via Chase, Google, Apple and Samsung Pay. The second quarter offers 5 percent on groceries and, again, on purchases made via Chase Pay and PayPal.
If you hit the $1,500 combined purchase limit each quarter, you save $300 per year, plus what you earn from the unlimited 1 percent on all other purchases.
The Chase Freedom card saves you even more money if you take advantage of an extra perk: Pair it with a card like Chase Sapphire Preferred in the same Chase account, and you can convert your cash back points to Ultimate Rewards points. For every dollar you spend, you receive 5 points, so instead of earning $300 cash back, you could receive 30,000 points. Depending on how those points are redeemed, sometimes they can more than double your return.
The Chase Freedom Unlimited Card also offers this conversion perk, though instead of rotating categories, it has a flat rate of 1.5 percent cash back on all purchases. According to our analysis, it's not going to save the typical spender as much as the Chase Freedom over a five-year period.
The thing to watch out for with both of these cards is the variable APR. If you aren't able to pay off your balance each month, the interest rate you'll pay on your debt will be relatively high.
Cash back : 5 percent on up to $1,500 in combined purchases in quarterly categories; unlimited 1 percent on all other purchases Annual fee : $0 Bonus : $150 if you spend $500 within first 90 days Introductory APR : 0 percent on purchases and transfers for first 15 months Variable APR : 16.49 to 25.24 percent based on your credit score Foreign transaction fee: 3 percent Estimated return after five years : $1,900 Why Citi Double Cash is a close second With a flat rate of 2 percent cash back on all purchases — 1 percent when you shop and 1 percent when you pay your bill — the Citi Double Cash card is perfect for those who want to save big without worrying about how they are spending their money. It offers a $100 sign-up bonus, no annual fee, no limits and no rotating categories, making its appeal universal.
For example, if you don't drive a car, this card will probably save you more than one that offers a lot of cash back on gas one quarter. If you never cook, meanwhile, this card will save you more than one that rewards grocery shopping. And if you're a big spender, there's no need to worry about a cash-back cap.
While it might not net the average spender quite as much as the Chase Freedom every year, it does offer a slightly lower interest rate, and it promises the best introductory APR on balance transfers of any card featured on this list, providing users an opportunity to pay off debt.
Just be sure to redeem your rewards if you stop using the card. They will expire if you don't earn any cash back over 12 months.
Cash back : 1 percent on purchases and 1 percent when you pay off your bill Annual fee : $0 Bonus: $100 if you spend $500 within first 3 months Introduction APR : 0 percent for 18 months on balance transfers Variable APR : 14.99 to 24.99 percent based on your credit score Foreign transaction fee: 3 percent Estimated return after five years : $1,870 Best of the rest... Of course, if you do most of your spending in one specific category or have particular priorities, a different card might be best for you. Here are our other top picks:
If you want a big sign-up bonus Discover it® - Cashback Match™
Like Chase Freedom, the Discover it card offers 5 percent cash back on rotating categories. But instead of a $150 sign-up bonus, it matches all the cash back you earn in your first year, potentially earning you twice Chase's first-year bonus. It has some enticing category offers, too: In the fourth quarter of 2018, users will save on purchases they make on Amazon.com and select wholesale clubs.
It also has no foreign transaction fee, so you won't get dinged if you use it outside the U.S.
Cash back : 5 percent cash back bonus on quarterly rotating categories on up to $1,500 in purchases. 2018 category features include spending at gas stations, wholesale clubs, grocery stores, restaurants and Amazon; 1 percent on all other purchases Annual fee : $0 Bonus : Discover matches all cash back the first year Introductory APR : 0 percent on purchases and transfers for first 14 months Variable APR: 13.49 to 24.49 percent based on your credit score Foreign transaction fee: None Estimated return after five years : $1,810 If you love to cook Blue Cash Preferred® Card from American Express
The Blue Cash Preferred card rewards people who like to cook with a whopping 6 percent cash back on groceries year-round, making it the best option for those who spend a lot on food. It also offers 3 percent at gas stations and at some department stores.
Even with a $95 annual fee, this card can save home chefs a lot of money, especially if you qualify for its $200 sign-up bonus.
Cash back : 6 percent at U.S. supermarkets on up to $6,000 in purchases a year; 3 percent at U.S. gas stations and department stores; 1 percent on all other purchases Annual fee : $95 Bonus : $200 if you spend $1,000 within first three months Introductory APR : 0 percent for 12 months on balance transfers Variable APR: 14.49 to 25.49 percent based on your credit score Foreign transaction fee: 2.7 percent Estimated return after five years : $1,780 If you love to dine out Capital One® Savor® Cash Rewards Credit Card
With its offer of unlimited 3 percent cash back on all restaurant spending, Capital One's Savor card may be your best option if you go out to eat a lot. The card also promises 2 percent cash back on groceries, a $150 bonus, no annual fee and no foreign transaction fee.
Cash back : 3 percent on dining; 2 percent on groceries; 1 percent on all other purchases Annual fee : $0 Bonus : $150 if you spend $500 in first 3 months Introductory APR : 0 percent on purchases and transfers for first 15 months Variable APR : 15.99 to 24.74 percent based on your credit score Foreign transaction fee: None Estimated return after five years : $1,500 If you have average credit Capital One® QuicksilverOne® Cash Rewards Credit Card
Most cash back cards require you to have good-to-excellent credit , meaning a credit score of 700 to 850, but Capital One's QuicksilverOne card is available to people with just average credit, or scores roughly between 650 and 700. With no foreign transaction fee, the card offers 1.5 percent cash back on all purchases.
It doesn't have a sign-up bonus and does require a $39 fee, however, so it won't save you as much as the other cards featured on this list. Still, it's a great card to use to improve your credit score, as long as you pay off your balance each month and don't get stuck paying off debt at that high interest rate.
Cash back : 1.5 percent on all purchases Annual fee : $39 Bonus : None Introductory APR : None Variable APR : 19.99 to 26.99 percent based on your credit score Foreign transaction fee: None Estimated return after five years : $1,130 Don't miss: Credit card debt hits record high of over $1 trillion—but one trick can save you thousands
Like this story? Like CNBC Make It on Facebook !
show chapters A good credit score is key to your financial future — here's how to boost it 11:42 AM ET Fri, 25 Aug 2017 | 01:12 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/best-cash-back-credit-cards.html |
DOWNERS GROVE, Ill., Univar Inc. (NYSE: UNVR) ("Univar"), a global chemical and ingredient distributor and provider of value-added services, announced that its board of directors has appointed Kerry J. Preete as an independent director, effective May 2, 2018. Univar became a public company in 2015 and has increased the number of independent directors from two in 2015 to eight with this appointment.
"Kerry has a unique depth and breadth of international experience across a broad range of disciplines including distribution, product development, environmental stewardship, and mergers and acquisitions, which makes him well qualified to serve on our Board," said Steve Newlin, chairman and chief executive officer. "His deep experience in the agricultural end market will be particularly valuable support for Univar's growing agricultural business in the Americas, and his diverse business acumen, as well as his proven ability to provide executive leadership and new ideas across a wide range of markets, have made Kerry an advocate for strategic growth."
Preete holds a bachelor of commerce degree from the University of Saskatchewan and a master's of business administration from Washington University in St. Louis. Mr. Preete is executive vice president and chief strategy officer at Monsanto Company, where he has served for over 30 years in roles of increasing responsibility, including president of the global crop protection chemicals business and executive leader of the U.S. markets businesses. He currently serves on the board of directors of PolyOne Corporation and is a member of the compensation and nominating and corporate governance committees.
About Univar Inc.
Founded in 1924, Univar (NYSE: UNVR) is a global chemical and ingredient distributor and provider of value-added services, working with leading suppliers worldwide. Supported by a comprehensive team of sales and technical professionals with deep specialty and market expertise, Univar operates hundreds of distribution facilities throughout North America, Western Europe, Asia-Pacific and Latin America. Univar delivers tailored customer solutions through a broad product and services portfolio sustained by one of the most extensive industry distribution networks in the world. For more information, visit www.univar.com.
View original content with multimedia: http://www.prnewswire.com/news-releases/univar-inc-appoints-kerry-j-preete-as-independent-director-300641576.html
SOURCE Univar Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-univar-inc-appoints-kerry-j-preete-as-independent-director.html |
May 29, 2018 / 1:43 PM / Updated 41 minutes ago Supreme Court rejects challenge to strict Arkansas abortion law Lawrence Hurley 5 Min Read
WASHINGTON (Reuters) - In a setback to abortion rights advocates, the U.S. Supreme Court on Tuesday paved the way for Republican-backed restrictions on medication-induced abortions to take effect in Arkansas that could lead to the shuttering of two of the state’s three abortion clinics. Visitors to the Supreme Court are pictured in the rain in Washington, October 7, 2013. REUTERS/Jason Reed
The nine justices, with no noted dissents, declined to hear an appeal by abortion provider Planned Parenthood of a lower court ruling that had revived the 2015 state law, which sets regulations regarding the RU-486 “abortion pill,” after it was earlier struck down by a federal judge. The law had remained blocked pending the outcome of the appeal to the Supreme Court.
Unless Planned Parenthood obtains a new injunction from a federal judge blocking the law - the group said it will seek such an order immediately - the state can enforce the statute, one of the most restrictive abortion measures in the United States.
Planned Parenthood, which contends that the law would ban medication abortion in Arkansas, also said it is telling patients they can no longer access medication abortions at its two clinics in the state. The only other abortion clinic in Arkansas, Little Rock Family Planning Services in the state capital, offers both surgical and medication abortions.
“This law cannot and must not stand. We will not stop fighting for every person’s right to access safe, legal abortion,” said Dawn Laguens, Planned Parenthood’s executive vice president.
The Supreme Court in 1973 legalized abortion nationwide, but many Republican-governed states have passed laws seeking to impose a variety of restrictions, some so demanding that they may shut down abortion clinics and make the procedure far more difficult to obtain.
“As Attorney General, I have fully defended this law at every turn and applaud the Supreme Court’s decision against Planned Parenthood today. Protecting the health and well-being of women and the unborn will always be a priority,” Arkansas Attorney General Leslie Rutledge, a Republican, said in a statement. TEXAS RULING
The justices, in a 2016 ruling, struck down a restrictive Republican-backed Texas law that had targeted abortion clinics and doctors in a decision that was seen as reaffirming and fortifying legal protections for abortion rights. Planned Parenthood had claimed the appeals court ruling in the Arkansas case had disregarded the precedent set in the Texas case.
The St. Louis-based 8th U.S. Circuit Court of Appeals restored the law last year, reversing a 2016 ruling by a district court judge that had prevented it from going into effect.
Planned Parenthood Great Plains sued the state in 2015, saying the law would deprive many Arkansas women of their legal right to an abortion.
The law involves the RU-486 “abortion pill,” also called mifepristone (brand name Mifeprex) and misoprostol (brand name Cytotec). It requires any doctor dispensing the drug to sign a contract with another doctor who would agree to handle any medical complications from it, an unusual and difficult-to-achieve arrangement. The contracted doctor also must have admitting privileges at a hospital designated to handle emergencies.
Arkansas said the law was aimed at protecting women against the “dangerous and potentially dangerous” off-label use of the abortion pills.
RU-486 was approved by the U.S. Food and Drug Administration in 2000 subject to the instructions stated on the label. The “off-label” use prohibited by Arkansas allowed for less physician oversight when RU-486 is used. Planned Parenthood, which offers only medication-induced abortions at its two facilities in Arkansas, said the effect of the law would be to ban such abortions in the state.
The district court judge had found that women in Fayetteville, for example, would have to make two 380-mile (610-km) round trips to get an abortion at what would be the state’s last remaining abortion clinic.
Even as U.S. states pursue new abortion limits, restrictions in some other countries are loosening. Ireland voted overwhelmingly last week to repeal a constitutional amendment that banned abortion.
In 2013, the U.S. Supreme Court left intact an Oklahoma court ruling that struck down a state law that would have effectively banned RU-486.
In the Supreme Court’s current term, which runs through the end of June, the justices are weighing another abortion-related case. In that one, operators of Christian-affiliated “crisis pregnancy centers” that steer women with unplanned pregnancies away from abortion are challenging a California law that requires them to post notices telling women about the availability of state-subsidized abortions. Reporting by Lawrence Hurley; Editing by Will Dunham | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-court-abortion/u-s-supreme-court-rejects-challenge-to-arkansas-abortion-law-idUSKCN1IU1PH |
Xerox scraps $6.1 bln Fujifilm deal 11:27am EDT - 01:20
Xerox shares fall after the photocopier pioneer said it had scrapped a planned $6.1 billion deal to merge with Fujifilm Holdings Corp. Jacob Greaves reports.
Xerox shares fall after the photocopier pioneer said it had scrapped a planned $6.1 billion deal to merge with Fujifilm Holdings Corp. Jacob Greaves reports. //reut.rs/2rHjZay | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/xerox-scraps-61-bln-fujifilm-deal?videoId=426858447 |
Bug-borne illnesses surge in United States: CDC Tuesday, May 01, 2018 - 01:25
The number of Americans sickened each year by bites from infected mosquitoes, ticks or fleas tripled from 2004 through 2016, with infection rates spiking sharply in 2016 as a result of a Zika outbreak, U.S. health officials said on Tuesday.
The number of Americans sickened each year by bites from infected mosquitoes, ticks or fleas tripled from 2004 through 2016, with infection rates spiking sharply in 2016 as a result of a Zika outbreak, U.S. health officials said on Tuesday. //reut.rs/2reKF2j | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/bug-borne-illnesses-surge-in-united-stat?videoId=423017158 |
May 1, 2018 / 9:24 AM / Updated an hour ago Malaysia's Najib dangles minimum wage hike, other benefits ahead of vote Reuters Staff 3 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s Prime Minister Najib Razak promised on Tuesday to raise the minimum wage this year if he wins the May 9 general election, adding to a raft of promises to voters as he faces a resurgent opposition. Malaysia's Prime Minister Najib Razak gestures as he speaks during a rally against U.S. President Donald Trump's decision to recognise Jerusalem as the capital of Israel, in Putrajaya, Malaysia December 22, 2017. REUTERS/Lai Seng Sin/File Photo
Najib’s former mentor, Mahathir Mohamad, now leads an opposition alliance united in the goal of unseating the prime minister and his Barisan Nasional (BN) coalition, which has ruled since the country gained independence from the British in 1957.
Najib told a Labour Day rally that he would raise the minimum wage from the current 1,000 ringgit ($255) per month in peninsular Malaysia and 920 ringgit in the eastern states of Sabah and Sarawak, if his coalition wins the polls.
“So if you want the minimum wage rate to be raised, you know what to do. Do we have a deal?” he said to cheers from some 2,000 people gathered at the rally.
Najib also announced 200 million ringgit for a skilled workers programme, an additional 60 million ringgit allocation for an insurance plan for retrenched workers and better maternity benefits for private sector workers.
Najib said this was all part of his administration’s efforts to better the lot of the country’s workers over his nine years in charge.
“If the Barisan Nasional government is a flower, the workers are the stem. Hence, do not be drawn to and drink from another ‘flower’,” he said, in a thinly-veiled reference to the logo of Mahathir’s new party.
Campaigning officially kicked off on Saturday, and Najib has since crisscrossed the country opening new schools, meeting voters and promising aid and benefits to voters in mostly rural constituencies that form the bedrock of support for his ruling coalition.
This general election, Malaysia’s 14th, is arguably the toughest faced by Najib’s undefeated coalition.
Besides the challenge from the 92-year-old Mahathir, Najib is also grappling with a multi-billion dollar scandal at state fund 1Malaysia Development Berhad (1MDB) and anger over rising living costs.
BN are widely expected to retain power, but a weaker majority in the 222-seat parliament could leave Najib open to an internal leadership challenge.
($1 = 3.9200 ringgit) | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-wages/malaysias-najib-dangles-minimum-wage-hike-other-benefits-ahead-of-vote-idINKBN1I2350 |
GDPR: Why everyone is freaking out over four letters 2 Hours Ago The clock is ticking on a major data privacy law that will go into effect across Europe. What’s all this talk about GDPR? CNBC’s Elizabeth Schulze reports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/gdpr-why-everyone-is-freaking-out-over-four-letters.html |
White House extends tariff exemptions for key allies 1 Hour Ago CNBC’s Kayla Tausche reports that the White House issued a last-minute extension of tariff exemptions for key U.S. allies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/white-house-extends-tariff-exemptions-for-key-allies.html |
EditorsNote: Editors: Changes ‘Cardinals’ sixth pitcher’ to ‘Cubs’ sixth pitcher’ in third graf
Kolten Wong capped a comeback with a two-run, walk-off home run in the bottom of the 10th inning Saturday afternoon, giving the St. Louis Cardinals an 8-6 win over the Chicago Cubs in St. Louis.
Coming off a 3-2 victory in the opener of a three-game series on Friday night, the Cardinals will go for a sweep in the nationally televised Sunday night finale.
After the Cardinals had scored two in the last of the ninth to tie the game at 6-6, Paul DeJong led off the 10th by drawing a walk off the Cubs’ sixth pitcher, Luke Farrell (1-1).
Wong then followed with his two-run shot, his second homer of the season, to end it.
Tyler Lyons (1-0), who retired the only batter he faced in the top of the 10th, was credited with the win.
Down by two runs and down to their final two outs, the Cardinals forced extra innings when Marcell Ozuna laced a two-run double off Cubs closer Brandon Morrow in the last of the ninth.
The hit scored Harrison Bader, who had walked, and Jose Martinez, who had singled.
After the teams had exchanged four-run innings, the Cubs took a 6-4 lead on a pair of solo home runs when Javier Baez smacked his eighth of the season with one out in the sixth and Anthony Rizzo connected for his fourth with one out on the seventh.
Neither starting pitcher got a decision.
The Cardinals’ Luke Weaver was pulled for a pinch hitter in the bottom of the fourth inning, having allowed six hits and four runs in four innings. He walked one and struck out two.
All four runs off Weaver came in the second inning, when singles by Kyle Schwarber, Addison Russell and Jason Heyward set the stage for the scoring.
Baez, Tyler Chatwood, Ben Zobrist and Rizzo drove in the runs, the latter two with RBI singles.
The Cubs’ Chatwood couldn’t hold the lead, giving up a four-run fourth that began with walks to Dexter Fowler and DeJong before he hit Wong with a pitch to load the bases.
Matt Carpenter’s two-run double after a sacrifice fly by Greg Garcia and an infield out by Bader got the Cardinals even at 4-4.
Chatwood was pulled after the fourth, having allowed the four runs (three earned) and three hits. He walked five and struck out five.
Martinez had two hits, while Bader, DeJong and Wong scored twice apiece for the Cardinals, who won their fourth straight to open a seven-game homestand.
Zobrist, Rizzo, Schwarber, Russell and Heyward had two hits each for the Cubs, who have lost four straight.
The Cubs out-hit the Cardinals 12-7.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-chc-recap/wongs-walk-off-homer-caps-cardinals-rally-over-cubs-idUSMTZEE55A0OGBA |
By Katie Reilly May 30, 2018
A grand jury has voted to indict Hollywood producer Harvey Weinstein on charges of rape and criminal sexual act, prosecutors announced Wednesday.
Weinstein, 66, was charged Friday with first-degree and third-degree rape for an incident that occurred with an unnamed woman in 2013, and first-degree criminal sexual act for an incident that occurred with Lucia Evans in 2004. The charges were celebrated as a watershed moment by the dozens of women who have accused Weinstein of sexual misconduct in incidents spanning decades . Weinstein has consistently denied any allegations of non-consensual sex, and his attorney Benjamin Brafman said Friday that Weinstein plans to plead not guilty to the charges.
“We remind everyone that an Indictment is merely a formal accusation,” Brafman said in a statement Wednesday. “Mr. Weinstein intends to enter a plea of Not Guilty and vigorously defend against these unsupported allegations that he strongly denies. We will soon formally move to dismiss the Indictment and if this case actually proceeds to trial, we expect Mr. Weinstein to be acquitted.”
Manhattan District Attorney Cyrus Vance Jr. said the indictment brings Weinstein “another step closer to accountability for the crimes of violence with which he is now charged.”
“Our office will try this case not in the press, but in the courtroom where it belongs. The defendant’s recent assault on the integrity of the survivors and the legal process is predictable,” Vance said in a statement Wednesday. “We are confident that when the jury hears the evidence, it will reject these attacks out of hand.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/harvey-weinstein-grand-jury-indictment/ |
FRANKFURT, May 10 (Reuters) - The following are some of the factors that may move German stocks on Thursday, which is a public holiday, though the stock market is open:
UNIPER The German utility launched a pilot scheme at its Falkenhagen site on Wednesday to produce methane gas from wind power as the country seeks wider uses for renewable energy.
NFON Set its final offer price at 12.00 EUR per share, 6,708,331 shares placed including an over allotment of 874,999 shares placed.
EX-DIVIDEND
ADIDAS - 2.60 eur/shr dividend
ALLIANZ - 8 eur/shr dividend
E.ON - 0.30 eur/shr dividend
HEIDELBERGCEMENT - 1.90 eur/shr dividend
VONOVIA - 1.32 eur/shr dividend
DUERR - 2.20 eur/shr dividend
KION - 0.99 eur/shr dividend
WACKER CHEMIE - 4.50 eur/shr dividend
KOENIG & BAUER - 0.90 eur/shr dividend
RATIONAL - 11 eur/shr dividend
VOSSLOH - 1 eur/shr dividend
ANALYSTS’ VIEWS HEIDELBERGCEMENT - Barclays cuts target price to 98 euros from 100 euros
PROSIEBENSAT 1 MEDIA - Barclays cuts target price to 35 euros from 37 euros
DEUTSCHE TELEKOM - Barclays raises target price to 16.30 euros from 16 euros
DELIVERY HERO - Barclays raises target price to 45.30 euros from 43.60 euros
OVERSEAS STOCK MARKETS Dow Jones +0.8 pct, S&P 500 +1.0 pct, Nasdaq +1.0 pct at close.
Nikkei +0.3 pct, Shanghai stocks +0.2 pct.
Time: 4.59 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS (Reporting by Edward Taylor and Tom Sims)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-10-idUSL8N1SG2J8 |
By Kirsten Korosec 2:13 PM EDT
ABC has canceled the reboot of the sitcom Roseanne just hours after TV star Roseanne Barr tweeted racist comments about former Obama White House adviser Valerie Jarrett.
“Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show,” ABC president Channing Dungey said in a statement issued Tuesday.
Other members of the cast, including actor Sara Gilbert said Barr’s comments did not reflect the beliefs of the rest of people working on the show. Roseanne’s recent comments about Valerie Jarrett, and so much more, are abhorrent and do not reflect the beliefs of our cast and crew or anyone associated with our show. I am disappointed in her actions to say the least.
— sara gilbert (@THEsaragilbert) May 29, 2018 This is incredibly sad and difficult for all of us, as we’ve created a show that we believe in, are proud of, and that audiences love— one that is separate and apart from the opinions and words of one cast member.
— sara gilbert (@THEsaragilbert) May 29, 2018
Roseanne Barr, star of the ABC sitcom, wrote in a tweet, “Muslim brotherhood & planet of the apes had a baby=vj.” The initials “vj” are a reference to Jarrett’s initials. Barr’s tweet was a reply to a tweet that accused Jarrett of helping to cover up alleged misdeeds by the Obama administration.
Users commented that the tweet seemed racist. “Muslims r NOT a race,” Barr replied.
In a subsequent tweet, Barr said it was a joke.
Barr, a vocal supporter of President Donald Trump, eventually apologized to Jarrett for the racist and since deleted tweet. About five minutes later, Barr posted another tweet announcing she was leaving Twitter. What “leaving Twitter” means is unclear. Barr’s Twitter account was still active as of 2 p.m. ET on Tuesday. I apologize to Valerie Jarrett and to all Americans. I am truly sorry for making a bad joke about her politics and her looks. I should have known better. Forgive me-my joke was in bad taste.
— Roseanne Barr (@therealroseanne) May 29, 2018
The apology wasn’t enough to prevent the sudden and decisive action by ABC. A few hours after Barr’s tweet, Wanda Sykes, a consulting producer on the Roseanne show, tweeted she will not be returning. I will not be returning to @RoseanneOnABC .
— Wanda Sykes (@iamwandasykes) May 29, 2018
ABC president announced the show had been canceled the same day Barr posted her tweet about Jarrett. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/abc-cancels-roseanne-racist-tweet/ |
How robots are changing the farming industry 3 Hours Ago CNBC's Aditi Roy reports on the rise of robotics being used in the farming and agricultural industry. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/how-robots-are-changing-the-farming-industry.html |
Northrop Grumman added to "Conviction Buy List" at Goldman Sachs 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/call-of-the-day-northrop-grumman-added-to-conviction-buy-list-at-goldman-sachs.html |
Google announced YouTube Music, YouTube Music Premium and YouTube Premium on Thursday — a dramatic change to its current music and video offerings.
Here's basically what's happening: It's getting rid of YouTube Red and splitting that into new services. YouTube Red , if you're unfamiliar, was a $9.99 monthly plan that offered an ad-free YouTube experience that included music. Customers who currently pay for YouTube Red will get the new YouTube Premium service at the same price they currently pay.
The new plan still sounds confusing, so I'm going to break down what Google's doing here.
YouTube Premium YouTube Premium is Google's new paid all-encompassing ad-free service. (The free version of YouTube, with ads, will live on.)
YouTube Premium costs $11.99 a month and includes ad-free video, the option to continue playing videos or music "in the background" (meaning the audio will continue if you minimize the app), music and video downloads, and access to YouTube original movies and TV shows. It also includes YouTube Music Premium, which alone costs $9.99 per month.
If you're looking to pay for one of these, YouTube Premium is the best bet since it offers the most bang for your buck.
YouTube Music Premium YouTube Music Premium is included in YouTube Premium but can also be purchased as a stand-alone product for $9.99 a month.
It includes music playlists, music videos, remixes and live versions of songs. Subscribers to Google's Spotify competitor, Google Play Music, get this as part of that subscription. Google Play Music costs $9.99 a month, so your best bet is to just subscribe to that and then you get YouTube Music Premium included.
Again, unless you're focused purely on music, you might as well pay the extra $2 a month to get YouTube Premium.
How does this compare to its rivals? Google is trying to make a move against Spotify and Apple Music. Those services are still compelling on their own, however. Both offer family plans for $15 a month, which YouTube Premium doesn't have. Apple Music and Spotify have music videos and live concerts, just like YouTube Music Premium. Also, Spotify recently tried to stand out by partnering to offer Hulu with limited commercials for $12.99 a month.
Taking customers away from their existing streaming music service is tough. Consumers have established playlists and music libraries, for example, which means they need to start fresh when they begin a new service. Since Spotify has been around for so long, it already has an established user base of 157 million monthly users and 71 million paying subscribers. To attract newcomers, Spotify also recently introduced a more compelling free service .
Market reaction The market didn't react much to the news, maybe because the new products are a bit confusing.
My guess is Google is hoping folks will just sign up for its YouTube Premium since it includes YouTube Music Premium but also access to everything else YouTube has to offer for just $11.99 a month.
Google's YouTube Red product didn't slow Spotify or Apple Music's growth, so YouTube Premium might not either.
— CNBC's Michelle Castillo contributed to this report.
Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/youtube-premium-and-youtube-music-premium-differences.html |
BOCA RATON, Fla., May 30, 2018 /PRNewswire/ -- TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women's healthcare company, today announced that the United States Food and Drug Administration (FDA) has approved IMVEXXY™ (estradiol vaginal inserts) for the treatment of moderate-to-severe dyspareunia (vaginal pain associated with sexual activity), a symptom of vulvar and vaginal atrophy (VVA), due to menopause. IMVEXXY is the only product in its therapeutic class to offer a 4 mcg and 10 mcg dose, the 4 mcg representing the lowest approved dose of vaginal estradiol available.
Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8331351-therapeuticsmd-imvexxy-fda-approval/
"IMVEXXY is a bio-identical vaginal estrogen product that offers a fraction of the estrogen contained in the average doses of many existing products currently on the market," said Brian Bernick, MD, Chief Clinical Officer of TherapeuticsMD. "IMVEXXY is the only product specifically designed to be applicator-free. It dissolves completely without mess or additional clean-up, and can be used anytime of day. It allows women the freedom to immediately return to their normal daily activities. Studies showed that, in patients who used IMVEXXY, systemic absorption of estradiol remained within postmenopausal range."
"We are excited to bring IMVEXXY to market as TherapeuticsMD's first FDA-approved drug as we strive to be the premier Women's Health Company," said Robert Finizio, Chief Executive Officer of TherapeuticsMD. "IMVEXXY reflects our long-standing corporate mission and commitment to health solutions that women want, based on the concepts of medical need, efficacy, safety, simplicity, and affordability. IMVEXXY will be offered at a price in parity with other products that have been on the market for 10 to 30 years. By ensuring patients can access IMVEXXY at an affordable price, TherapeuticsMD is doing the right thing for women."
About Dyspareunia and Vulvar and Vaginal Atrophy (VVA)
VVA is a component of genitourinary syndrome of menopause (GSM), which may include, but is not limited to, genital symptoms of dryness, burning and irritation, sexual symptoms such as decreased lubrication, discomfort, and pain, and urinary symptoms such as urgency, dysuria, and recurrent urinary tract infections. 1 VVA is a chronic, progressive condition that leads to distressing symptoms and can progressively worsen if not treated. 2
VVA is a condition that develops when the body makes less estrogen due to menopause. Without sufficient estrogen, the vaginal tissue becomes thin, dry, and less elastic. The vaginal canal can also narrow and shorten. Insufficient estrogen can also decrease vaginal fluids, change the acid balance of the vagina, and weaken pelvic floor muscles. All these factors can lead to dyspareunia. 2
VVA affects an estimated 32 million postmenopausal women in the US. Only about seven percent (2.3 million) of these women receive prescription treatment. 3 Nearly 1 out of 2 women will experience pain during intercourse due to VVA at some point during their lives. 3
"Studies have shown that many women are not seeking treatment for VVA and 81% are unaware that VVA is a treatable medical condition and part of a constellation of symptoms associated with loss of estrogens," said Dr. Sheryl Kingsberg, President, North American Menopause Society. "I am delighted that our patients will now have a convenient treatment option with IMVEXXY and hope that the excitement generated by this new option will encourage women to talk to their healthcare provider and get relief from their pain and discomfort due to VVA."
IMVEXXY For the Treatment of Moderate to Severe Dyspareunia Due to Menopause
Imvexxy's mechanism of action is the re-estrogenization of the tissue in and around the vagina. IMVEXXY's distinctive formulation ensures that it dissolves completely without mess, so patients can use it any time of day by placing the softgel capsule in the lower part of the vagina to treat the vulva and vagina. IMVEXXY is administered daily for two weeks followed by only twice a week dosing. Nine out of 10 patients who participated in a clinical trial reported that IMVEXXY was "easy to use." 4
The FDA approval of IMVEXXY is based on the results of a Phase 3, randomized, double-blind, placebo-controlled study that evaluated the safety and efficacy of IMVEXXY (4 mcg and 10 mcg) compared to placebo from baseline to week 12. The study showed that IMVEXXY provided relief of moderate to severe dyspareunia due to menopause as early as week 2 for both doses. 5 Statistically significant changes in vaginal cytology and pH were also observed. 5 A substudy of the REJOICE trial evaluated the pharmacokinetics of IMVEXXY 4 mcg, 10 mcg, and placebo. With both the 4 mcg and 10 mcg doses, the mean concentration of estradiol and estrone remained within average postmenopausal range. 6 The results were published in the journal Menopause: The Journal of The North American Menopause Society. 5,6
The most common adverse reaction with IMVEXXY (incidence ≥3 percent) and greater than placebo was headache. There were no clinically significant differences in AEs observed between treatment and placebo groups. 5 Important safety information for IMVEXXY, including the boxed warning for endometrial cancer, cardiovascular disorders, breast cancer, and probable dementia, is provided below. The full prescribing information may be viewed by visiting www.imvexxy.com .
TherapeuticsMD anticipates that IMVEXXY will be available for commercial distribution in July.
As part of the FDA's approval, TherapeuticsMD has committed to conduct a post-approval observational study.
Conference Call Information
TherapeuticsMD will host a conference call today to discuss the IMVEXXY approval. Details for the call are:
Date:
Wednesday, May 30, 2018
Time:
8:00 AM EDT
Telephone Access (US):
(866) 665-9531
Telephone Access (International):
(724) 987-6977
Access Code for All Callers:
4757309
Additionally, a live webcast can be accessed on the company's website, www.therapeuticsmd.com , on the Home Page or under the "Investors & Media" section. A digital recording of the conference call will be available for replay beginning two hours after the call's completion and for at least 30 days with the dial-in (855) 859-2056 or international (404) 537-3406 and Conference ID: 4757309.
IMPORTANT SAFETY INFORMATION
WARNING: ENDOMETRIAL CANCER, CARDIOVASCULAR DISORDERS, BREAST CANCER and PROBABLE DEMENTIA
See full prescribing information for complete boxed warning.
Estrogen-Alone Therapy
There is an increased risk of endometrial cancer in a woman with a uterus who uses unopposed estrogens Estrogen-alone therapy should not be used for the prevention of cardiovascular disease or dementia The Women's Health Initiative (WHI) estrogen-alone substudy reported increased risks of stroke and deep vein thrombosis (DVT) The WHI Memory Study (WHIMS) estrogen-alone ancillary study of WHI reported an increased risk of probable dementia in postmenopausal women 65 years of age and older Estrogen Plus Progestin Therapy
Estrogen plus progestin therapy should not be used for the prevention of cardiovascular disease or dementia The WHI estrogen plus progestin substudy reported increased risks of stroke, DVT, pulmonary embolism (PE) and myocardial infarction (MI) The WHI estrogen plus progestin substudy reported increased risks of invasive breast cancer The WHIMS estrogen plus progestin ancillary study of WHI reported an increased risk of probable dementia in postmenopausal women 65 years of age and older
CONTRAINDICATIONS
IMVEXXY™ is contraindicated in women with any of the following conditions: undiagnosed abnormal genital bleeding; known, suspected, or history of breast cancer; known or suspected estrogen-dependent neoplasia; active DVT, PE, or history of these conditions; active arterial thromboembolic disease or a history of these conditions; known anaphylactic reaction or angioedema to IMVEXXY; known liver impairment or disease; known protein C, protein S, or antithrombin deficiency, or other known thrombophilic disorders.
WARNINGS AND PRECAUTIONS
IMVEXXY is intended only for vaginal administration. Systemic absorption may occur with the use of IMVEXXY. The use of estrogen-alone and estrogen plus progestin therapy has been reported to result in an increase in abnormal mammograms requiring further evaluation. The WHI estrogen plus progestin substudy reported a statistically non-significant increased risk of ovarian cancer. A meta-analysis of 17 prospective and 35 retrospective epidemiology studies found that women who used hormonal therapy for menopausal symptoms had an increased risk for ovarian cancer. The exact duration of hormone therapy use associated with an increased risk of ovarian cancer, however, is unknown. Other warnings include: gallbladder disease; severe hypercalcemia, loss of vision, severe hypertriglyceridemia or cholestatic jaundice. Estrogen therapy may cause an exacerbation of asthma, diabetes mellitus, epilepsy, migraine, porphyria, systemic lupus erythematosus, and hepatic hemangiomas and should be used with caution in women with these conditions. Women on thyroid replacement therapy should have their thyroid function monitored.
ADVERSE REACTIONS
The most common adverse reaction with IMVEXXY (incidence ≥ 3 percent) and greater than placebo was headache.
Please note that this information is not comprehensive. Please visit www.imvexxy.com for the Full Prescribing Information, including the Boxed Warning.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA™ technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical hormones through a variety of dosage forms and administration routes. The company has recently received FDA approval for TX-004HR, branded as IMVEXXY™ (estradiol vaginal inserts), for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause. The company's late stage clinical pipeline includes TX-001HR for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause. The company also manufactures and distributes branded and generic prescription prenatal vitamins as well as over-the-counter prenatal vitamins under the vitaMedMD® and BocaGreenMD® brands.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD's objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. 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 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. 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 to differ materially from forward-looking statements are described in the sections titled "Risk Factors" in the company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: whether the FDA will approve the NDA for the company's TX-001HR product candidate and whether such approval will occur by the PDUFA target action date; the company's ability to maintain or increase sales of its products; the company's ability to develop and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; whether the company be able to comply with the covenants and conditions under its term loan agreement; the length, cost and uncertain results of the company's clinical trials; the potential of adverse side effects or other safety risks that could preclude the approval of the company's hormone therapy drug candidates; the company's reliance on third parties to conduct its clinical trials, research and development and manufacturing; the availability of reimbursement from government authorities and health insurance companies for the company's products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company's common stock and the concentration of power in its stock ownership. PDF copies of the company's historical press releases and financial tables can be viewed and downloaded at its website: www.therapeuticsmd.com/pressreleases.aspx.
CONTACTS
Investor Contact
Nichol Ochsner,
Vice President Investor Relations
561-961-1900, ext. 2088
[email protected]
Media Contact
Heidi Lorman,
Senior Vice President, Health
Zeno Group
646-239-1237
[email protected]
References:
Portman DJ, Gass ML; Vulvovaginal Atrophy Terminology Consensus Conference Panel. Genitourinary syndrome of menopause: new terminology for vulvovaginal atrophy from the International Society for the Study of Women's Sexual Health and the North American Menopause Society. Menopause. 2014;21(10):1063-1068. The North American Menopause Society. Management of symptomatic vulvovaginal atrophy: 2013 position statement of The North American Menopause Society. Menopause. 2013;20(9):888–902. Wysocki S, Kingsberg S, Krychman M. Management of vaginal atrophy: implications from the REVIVE survey. Clin Med Insights Reprod Health. 2014;8:23-30. Kingsberg SA, Kroll R, Goldstein I, et al. Patient acceptability and satisfaction with a low-dose solubilized vaginal estradiol softgel capsule, TX-004HR. Menopause. 2017;24:894-899. Constantine GD, Simon JA, Pickar JH, et al. The REJOICE trial: a phase 3 randomized, controlled trial evaluating the safety and efficacy of a novel vaginal estradiol soft-gel capsule for symptomatic vulvar and vaginal atrophy. Menopause. 2017;24:409-416. Archer DF, Constantine GD, Simon J, et al.TX-004HR Vaginal Estradiol Has Negligible to Very Low Systemic Absorption of Estradiol. Menopause 2017;24:510-516.
IVXY-20063
View original content: http://www.prnewswire.com/news-releases/therapeuticsmd-announces-fda-approval-of-tx-004hr-imvexxy-estradiol-vaginal-inserts-the-lowest-dose-vaginal-estrogen-product-approved-for-the-treatment-of-moderate-to-severe-dyspareunia-a-symptom-of-vva-due-to-menopause-300656468.html
SOURCE TherapeuticsMD | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-therapeuticsmd-announces-fda-approval-of-tx-004hr-imvexxya-estradiol-vaginal-inserts-the-lowest-dose-vaginal-estrogen-product.html |
May 22 (Reuters) - Apparel retailer Urban Outfitters Inc reported quarterly sales that beat analysts’ estimates on Tuesday, driven by higher sales on its online platform and at its stores.
Net income rose to $41.3 million, or 38 cents per share, in the first quarter ended April 30, from $11.9 million, or 1 cent per share, a year earlier.
Net sales rose 12.4 percent to $855.7 million, beating analysts’ average estimate of $838.1 million, according to Thomson Reuters I/B/E/S. (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/urban-outfitters-results/urban-outfitters-first-quarter-sales-beat-estimates-idUSL3N1ST53U |
If you want anyone to pay attention to you in meetings, don’t ever preface your opposition to a proposal by saying: “Just to play devil’s advocate . . .” If you disagree with something, just say it and hold your ground until you’re convinced otherwise. There are many such useful ideas in Charlan Nemeth’s “In Defense of Troublemakers,” her study of dissent in life and the workplace. But if this one alone takes hold, it could transform millions of meetings, doing away with all those mushy, consensus-driven hours wasted by people too scared of disagreement or power to speak truth to gibberish. Not only would better decisions... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-defense-of-troublemakers-review-rocking-the-boat-1525905630 |
The Bank of England (BOE) held interest rates steady Thursday, after a first-quarter slowdown in economic growth tarnished the case for higher borrowing costs.
The decision marked a sharp contrast to widespread expectations just a few weeks ago, as Threadneedle Street voted 7-2 to keep rates on hold at 0.5 percent.
Earlier in the year, Carney had called for interest rates to be raised "somewhat earlier" and "by a somewhat greater extent" than the roughly two-and-a-half hikes already priced into the market over the next three years.
Yet, in the third Monetary Policy Committee (MPC) review of the year, Britain's central bank left benchmark rates unchanged after a flurry of weaker-than-expected economic data and a Brexit-driven jump in inflation.
Sterling pared all of its earlier gains to fall to session lows following the BOE's decision to hold rates on Thursday.
Before the announcement, the U.K. currency stood 0.4 percent higher against the U.S. dollar at $1.3618. But, shortly thereafter, sterling was off by 0.2 percent at $1.3521 — not far off four-month lows against the greenback.
Weak economic data The U.K. economy barely grew in the first quarter of the year . Britain's gross domestic product ( GDP ) came in at a tepid 0.1 percent quarter-on-quarter, below consensus of 0.4 percent and the BOE's own forecast of 0.3 percent.
"The recent weakness in data for the first quarter had been consistent with a temporary soft patch," the majority of the central bank's MPC said in a statement.
"There was value in seeing how the data unfolded over the coming months, to discern whether the softness in Q1 might persist," they said.
That appeared to leave the door open for a rate rise in August — which is the next time the BOE is scheduled to update its economic projections.
show chapters Businesses in a position to prepare for a rate rise, BOE's Carney says 6 Hours Ago | 04:37 Policymakers Ian McCafferty and Michael Saunders, who had voted in favor of a rate hike in March, agreed with more hawkish MPC members that subdued data this year had reflected "temporary or erratic factors."
Nonetheless, they remained in favor of raising rates for only the second time since 2007 on Thursday and warned delaying a rate hike could risk more abrupt tightening later on.
Last month, Carney shocked investors by highlighting the country's "mixed" economic data in an apparent attempt to temper expectations of monetary policy tightening in May — which financial markets had viewed as a near certainty until recently.
Since then, almost all the gauges of Britain's economy have been weaker-than-anticipated —thus ultimately delaying a move to lift rates to a post-financial-crisis high of 0.75 percent.
On Thursday, Carney said U.K. households and businesses should prepare for interest rates to rise to a "limited and gradual extent" over the next two years.
Growth outlook revisions The BOE said it expected the U.K. economy to grow by 1.4 percent in 2018, downgrading its previous projection of 1.8 percent, slightly above what most economists thought was likely at the time.
For 2019 and 2020, it said Britain's GDP growth would rise to 1.7 percent, down from 1.8 percent in February's forecast.
Meanwhile, since hitting its highest level in more than five years late last year, inflation has fallen to 2.5 percent in recent months. However, that figure is still comfortably above the BOE's 2 percent target level.
Despite a broadly-based global upswing, Britain's economic growth still lags behind that of its main trading partners. Fears remain that domestic politics and uncertainty over Brexit outcomes could still impede a re-joining of this faster global growth.
show chapters Reasonable to expect modest, gradual lift in rates, strategist says 7 Hours Ago | 01:43 Since joining the BOE in 2013, Carney's guidance on the path for interest rates has frequently been derailed by surprises in the economy. That prompted one U.K. lawmaker to label Threadneedle Street's governor as an "unreliable boyfriend."
And when asked by reporters whether he was frustrated with such a reputation, Carney replied: "The only people who throw that term at me are in this room." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/bank-of-england-holds-interest-rates-after-data-disappointment.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.