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May 9, 2018 / 1:32 PM / Updated 8 minutes ago BRIEF-Suning.Com's shareholders approve proposal in selling part of co's financial assets Reuters Staff
May 9 (Reuters) - Suning.Com Co Ltd
* SAYS SHAREHOLDERS APPROVE PROPOSAL IN SELLING PART OF CO’S FINANCIAL ASSETS
* SUNING.COM PREVIOUSLY HAS SAID IT PLANS TO SELL UP TO 7.66 MLN SHARES, OR 0.3 PCT STAKE, IN ALIBABA GROUP Source text in Chinese: bit.ly/2jHzzzw ; bit.ly/2I6udIt Further company coverage: (Reporting by Hong Kong newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-suningcoms-shareholders-approve-pr/brief-suning-coms-shareholders-approve-proposal-in-selling-part-of-cos-financial-assets-idUSH9N1SE01H |
WHITE PLAINS, N.Y., May 17, 2018 /PRNewswire-USNewswire/ -- Kelle H. Moley, MD, has been named Senior Vice President and Chief Scientific Officer of March of Dimes, it was announced today. In her new position, Dr. Moley is responsible for the strategic direction and oversight of March of Dimes research. This portfolio includes the international network of six March of Dimes Prematurity Research Centers, which are seeking to find the unknown causes of preterm birth and new ways to prevent it.
"We are thrilled to have Dr. Moley join the leadership of March of Dimes. Her background and expertise in women's health and reproduction are exactly what our organization is looking for to advance our research, grow our knowledge, and improve the health of all moms and babies," says Stacey D. Stewart, president of the March of Dimes.
"It is a great honor to be joining March of Dimes. Their approach to research is innovative and the science is making tremendous strides. I am proud to spearhead these efforts and join this organization that is leading the fight for maternal and infant health," says Dr. Moley.
Until recently, Dr. Moley was the James P. Crane Professor of Obstetrics and Gynecology, and vice chair and chief of the Division of Basic Science Research in the Department of Obstetrics and Gynecology at Washington University School of Medicine in St. Louis. She was also a professor of cell biology and physiology.
Dr. Moley's particular research interest is maternal obesity and diabetes before and during pregnancy and the long term effects on infant health. She is the principal investigator on several National Institutes of Health grants exploring aspects of reproductive biology and risk.
A native of Connecticut, Dr. Moley earned her B.A. from Wellesley College, her medical degree from Yale University, and completed her residency in OB-GYN, as well as a fellowship in reproductive endocrinology and Infertility, at Washington University School of Medicine. She is board-certified in obstetrics and gynecology, and was elected a member of the National Academy of Medicine (formerly the Institute of Medicine) in 2014. She is a past president of the Society for Reproductive Investigation.
She resides in St. Louis, Missouri with her three adult sons, Patrick, Charles and John.
About March of Dimes
March of Dimes leads the fight for the health of all moms and babies. We support research, lead programs and provide education and advocacy so that every family can have the best possible start. Building on a successful 80-year legacy of impact and innovation, we stand up for every mom and every baby. Visit marchofdimes.org or nacersano.org for more information. Visit shareyourstory.org for comfort and support. Find us on Facebook and follow us on Instagram and Twitter .
View original content with multimedia: http://www.prnewswire.com/news-releases/dr-kelle-h-moley-appointed-senior-vice-president-and-chief-science-officer-by-march-of-dimes-300650852.html
SOURCE March of Dimes | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-dr-kelle-h-moley-appointed-senior-vice-president-and-chief-science-officer-by-march-of-dimes.html |
Lava scattered across Hawaii's Big Island Tuesday, May 08, 2018 - 01:29
Emergency crews said they were poised to evacuate more people as fissures kept spreading from Hawaii’s erupting Kilauea volcano, five days after it started exploding.
Emergency crews said they were poised to evacuate more people as fissures kept spreading from Hawaii’s erupting Kilauea volcano, five days after it started exploding. //reut.rs/2FUK9M1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/lava-scattered-across-hawaiis-big-island?videoId=424967469 |
WASHINGTON (Reuters) - The U.S. Drug Enforcement Administration said on Friday it had suspended a Louisiana pharmaceutical distributor from selling controlled substances for allegedly selling unusually large quantities of opioids to pharmacies without reporting the sales.
The DEA said it suspended Morris & Dickson Co, a privately owned drug wholesaler based in Shreveport, on Wednesday after an investigation showed “it failed to properly identify large suspicious orders for controlled substances sold to independent pharmacies with questionable need for the drugs.”
“Opioid distributors have a legal obligation not to facilitate the illicit diversion of drugs,” Attorney General Jeff Sessions said in the statement by the DEA, which is part of the U.S. Justice Department.
“That obligation has never been more important than it is right now as we face the deadliest drug crisis in American history,” Sessions said.
Morris & Dickson filed in federal court on Thursday for an injunction against the suspension, and U.S. District Judge Elizabeth Foote in Shreveport has scheduled a hearing for Tuesday on its request for a temporary restraining order, according to court records.
The probe, which focused on purchases of Oxycodone and Hydrocodone, showed that in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the DEA statement said.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Sessions has created an opioid task force and deployed prosecutors to hard-hit areas of the country with a mandate to bring more cases against traffickers.
According to the Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data.
Reporting by Eric Walsh, additional reporting by Nate Raymond in New York, editing by G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-justice-opioids/u-s-drug-agency-suspends-louisiana-distributor-over-opioid-sales-idUSKBN1I52NR |
EUGENE, Oregon (Reuters) - World champion Justin Gatlin has withdrawn from Saturday’s Prefontaine Classic with a hamstring injury and chief rival Christian Coleman will only race in the 100 meters, their managers said on Wednesday.
FILE PHOTO: Justin Gatlin of the U.S. celebrates after winning the "Mano a Mano" challenge, a 100-meter race, at the Brazilian Jockey Club in Rio de Janeiro, Brazil October 1, 2017. REUTERS/Bruno Kelly A tight right hamstring led Gatlin to pull out of the Eugene meet, wiping out a chance of facing Coleman in a high-caliber 100m that also includes China’s world indoor silver medalist Su Bingtian, 2017 British Diamond League 100m winner CJ Ujah and American Ronnie Baker, the year’s fastest man at 9.97 seconds.
Coleman’s management company later announced that the young American would not attempt a 100-200 meters double on what will be his Diamond League debut, opting instead to just run the shorter sprint.
“Earlier mgmt considered a 100/200m double, being his first race of the season, it is more prudent to only contest the 100m. His opening 200m will occur in @BislettGames (on June 7 in Oslo),” Coleman’s agency said on Twitter.
Gatlin, 36 experienced tightness in his hamstring during a 4x100m relay in Japan last weekend and while the leg was better, “the consensus was that Justin will not run at Pre”, his agent Renaldo Nehemiah said in an email to meeting organizers.
“At this stage of Justin’s career, we must err on the side of caution.”
Gatlin won his individual 100m race in Osaka last weekend in 10.06 seconds after finishing seventh in the rain at the Shanghai Diamond League meeting.
His next race, if the leg continued to improve, would be a 100m at Ostrava, Czech Republic on June 13, Nehemiah told Reuters.
Coleman had also been scheduled to run in Shanghai but withdrew for what his coach said were precautionary reasons.
Saturday will be his first individual race since setting the world indoor 60m record and winning the global title at the distance in March.
Even without him, the Eugene 200m field will be an impressive one with Turkish world champion Ramil Guliyev, U.S. 300m world record holder Noah Lyles and Botswana’s Isaac Makwala, the world’s fastest man at the distance last year.
Reporting by Gene Cherry in Eugene, Oregon; Editing by Ian Ransom/John O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-athletics-diamond-eugene-gatlin/athletics-gatlin-out-of-oregon-meeting-with-hamstring-injury-idUSKCN1IP051 |
WASHINGTON (Reuters) - Virginia Electric and Power Co, a subsidiary of Dominion Energy Inc is being awarded an estimated $770 million firm-fixed-price order for electric and regulated energy management services in Hampton Roads and surrounding areas in Virginia, the Pentagon said on Tuesday.
The order, part of a General Services Administration area-wide public utility contract, will be primarily funded by Navy working capital funds, the Pentagon said in a statement.
Reporting by Eric Walsh; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-dominion-inc-pentagon/dominion-energy-unit-wins-770-million-u-s-contract-pentagon-idUSKBN1I24FG |
As you advance professionally, it's inevitable that you're going to make mistakes. Hopefully, what you learn from them will shape your future for the better.
Bestselling management author and CNBC contributor Suzy Welch learned a crucial lesson as the result of a blunder she made early in her career.
"I was almost fired from my well-paying consulting job just one year out of business school," she tells CNBC Make It .
CNBC Contributor Suzy Welch. Welch says she was on her way back from visiting a client in Ohio with her team when she committed an offense that could have potentially put her out of a job.
"We were all good friends inside work and out, my teammates and I," she says. "So, one day, while waiting for our delayed flight home, I decided to entertain everyone with one of my old party tricks — doing impressions."
She mimicked the client's CEO and a few other executives. The routine seemed like a big hit with her coworkers, and at the time, she thought everyone was amused. But when she was called into the VP's office the next morning, she knew that she had bombed.
"He was furious, and let me know that my 'comedy act' was a fireable offense," she said. "He didn't let me go, but he put me on notice."
Welch says that as she was leaving the office, he told her, "Remember Suzy, you don't work for your colleagues. You work for the customer."
She says those words stuck with her and permanently changed her approach to client relationships.
"You go to work each day because of, and thanks to, the people ultimately writing your paycheck — satisfied customers," she says. "He was right. I knew it in my bones."
After the embarrassment of her mistake wore off, Welch says she quickly became a "complete customer zealot."
"Fast forward to when I became a manager, I never missed an opportunity to tell my employees, 'Love the customer like your job depends on it,'" she said. "I'm here to tell you, it does."
Suzy Welch is the co-founder of the Jack Welch Management Institute and a noted business journalist, TV commentator and public speaker.
Video by Beatriz Bajuelos Castillo
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More from Suzy Welch:
Try the productivity hack that top CEOs swear by
Here's a clever little secret to managing your manager
3 common interview traps to avoid at all costs
show chapters Suzy Welch: This is the productivity hack that top CEOs swear by 8:55 AM ET Tue, 22 May 2018 | 01:33 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/suzy-welch-this-huge-career-mistake-almost-got-me-fired.html |
May 24 (Reuters) - Australia’s largest wealth manager AMP Ltd said on Thursday it would appoint David Cullen as the group’s general counsel effective immediately.
Cullen’s appointment comes after an independent inquiry into Australia’s financial sector revealed AMP lied to the corporate regulator for a decade, leading to the departure of its top management.
Former Chief Executive Craig Meller was the first to resign, followed by Chairwoman Catherine Brenner and in-house lawyer Brian Salter, who Cullen is to replace. (Reporting by Rushil Dutta in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-inquiry-amp/australias-amp-appoints-david-cullen-as-group-general-counsel-idUSL3N1SV1QJ |
May 15, 2018 / 1:24 PM / Updated 13 minutes ago Italy's Leonardo CEO says DRS unit not yielding adequate returns Reuters Staff 1 Min Read
ROME, May 15 (Reuters) - The chief executive of Italy’s Leonardo said on Tuesday its U.S. unit DRS Technologies was not yielding adequate returns but that the group was happy with how it was going.
“Returns on DRS investment, which were very significant, are not adequate yet...,” CEO Alessandro Profumo told reporters at the group’s annual shareholders meeting.
Last year, former CEO Mauro Moretti had said the group intended to float DRS, keeping a 51 percent controlling stake. Reporting by Alberto Sisto, writing by Stefano Rebaudo, editing by Giulia Segreti | ashraq/financial-news-articles | https://www.reuters.com/article/leonardo-drs/italys-leonardo-ceo-says-drs-unit-not-yielding-adequate-returns-idUSS8N1LF01Z |
May 13, 2018 / 2:05 PM / Updated 3 hours ago Protesters demand Russia stop blocking Telegram messenger app Reuters Staff 2 Min Read
MOSCOW (Reuters) - Hundreds of people rallied in Moscow on Sunday to demand the unblocking of the Telegram app, the second protest in the Russian capital since the authorities blocked the popular messaging service last month.
Demonstrators chanted anti-government slogans and brandished signs carrying messages against internet censorship. Some tossed paper planes in the air, symbolizing Telegram’s logo.
“The authorities want to take away our secret messages, our private lives,” opposition politician Mikhail Kasyanov told demonstrators. “The internet is the main freedom that exists for all of us. We cannot let that happen.”
Telegram was blocked on April 16 on orders from state communications watchdog Roskomnadzor, after refusing to grant Russian state security access to its users’ encrypted messages.
“Down with Roskomnadzor!” protesters chanted.
Russia’s Federal Security Service (FSB) has said it needs such access to guard against security threats such as terrorist attacks. But Telegram has said compliance with the order would constitute a violation of users’ privacy. People hold a banner reading "Hands off the Internet" during a rally in protest against court decision to block the Telegram messenger because it violated Russian regulations, in Moscow, Russia May 13, 2018. REUTERS/Tatyana Makeyeva
In the process of blocking the app, Roskomnadzor also cut off access to a slew of other websites.
Some 20 people were detained at the rally, according to OVD-Info human rights monitor.
A similar protest in support of Telegram drew thousands of people to the streets of Moscow last month.
Telegram is widely used in countries across the former Soviet Union and Middle East. Telegram founder Pavel Durov, a pioneer of Russian social media, said last month that Russians account for about 7 percent of its users. Slideshow (6 Images)
Some Telegram users have circumvented the block by using virtual private networks, which make it seem as though they were accessing the internet from another country.
Iran last month also blocked Telegram in a bid to safeguard national security. Writing by Gabrielle Tétrault-Farber; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-telegram-protest/protesters-demand-russia-stop-blocking-telegram-messenger-app-idUSKCN1IE0NG |
May 31, 2018 / 4:09 AM / Updated 19 minutes ago Airline profits this year unlikely at December forecast level: IATA CEO Reuters Staff 1 Min Read
SYDNEY (Reuters) - Profits for the airline industry will be solid this year but are unlikely to be at the level anticipated in December, the head of the International Air Transport Association said on Thursday. The International Air Transport Association (IATA) logo is seen at the International Tourism Trade Fair ITB in Berlin, Germany, March 7, 2018. REUTERS/Fabrizio Bensch
Alexandre de Juniac, speaking to reporters at a media event ahead of the organization’s annual meeting due to begin on Sunday, said fresh forecast would be given next week, adding that the December projection was based on oil at $60 per barrel.
In December, the group had predicted a record $38.4 billion net profit for the airline industry in 2018, with $27.9 billion coming from U.S. and European airlines.
Juniac said higher fuel price had not yet been passed on in fares yet.
IATA represents some 280 airlines comprising 83 percent of global air traffic. Reporting by Jamie Freed; Editing by Himani Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-airlines-iata/airline-profits-this-year-unlikely-at-december-forecast-level-iata-ceo-idUKKCN1IW0BO |
Adoption of all resolutions submitted to the vote of Shareholders
PARIS--(BUSINESS WIRE)-- Regulatory News:
The Combined Shareholders’ Meeting of Ipsen S.A. (Euronext: IPN; ADR: IPSEY), chaired by Marc de Garidel, Chairman of the Board, was held today, in the presence of the members of the Board of Directors and the Group’s Executive Management team.
The Shareholders’ Meeting approved all the resolutions submitted by the Board of Directors and in particular, the distribution of a dividend of €1.00 per share to be paid on 6 June 2018 (ex-dividend date 4 June 2018).
The Shareholders’ Meeting also approved the renewal of Ms. Anne Beaufour as a director, as well as the appointments as directors of M. Philippe Bonhomme, to replace MAYROY S.A., and of M. Paul Sekhri and M. Piet Wigerinck. The Board welcomed the newly-appointed directors.
Ms. Hélène Auriol-Potier, M. Hervé Couffin and M. Pierre Martinet did not wish to renew their mandate. The Board also noted today the resignation of M. Christophe Verot, as a director. The Board thanked them for their major contributions to the Board of Directors.
Following the Shareholders’ Meeting, the new Board of Directors is comprised of 12 members, five of whom are women.
During the Meeting, David Meek, Chief Executive Officer and Aymeric Le Chatelier, Executive Vice President, Chief Financial Officer, focused on the group strategy, highlights and financial results for 2017, and also confirmed the objectives and guidance for 2018.
About Ipsen
Ipsen is a global specialty-driven biopharmaceutical group focused on innovation and specialty care. The group develops and commercializes innovative medicines in three key therapeutic areas - Oncology, Neuroscience and Rare Diseases. Its commitment to oncology is exemplified through its growing portfolio of key therapies for prostate cancer, neuroendocrine tumors, renal cell carcinoma and pancreatic cancer. Ipsen also has a well-established Consumer Healthcare business. With total sales over €1.9 billion in 2017, Ipsen sells more than 20 drugs in over 115 countries, with a direct commercial presence in more than 30 countries. Ipsen's R&D is focused on its innovative and differentiated technological platforms located in the heart of the leading biotechnological and life sciences hubs (Paris-Saclay, France; Oxford, UK; Cambridge, US). The Group has about 5,400 employees worldwide. Ipsen is listed in Paris (Euronext: IPN) and in the United States through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information on Ipsen, visit www.ipsen.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005953/en/
IPSEN
Media
Ian Weatherhead
Vice President, Corporate External Communications
+44 (0) 1753 627733
[email protected]
or
Financial Community
Eugenia Litz
Vice President, Investor Relations
+44 (0) 1753 627721
[email protected]
or
Brigitte Le Guennec
Senior Manager, Global External Communications
+33 (0)1 58 33 51 17
[email protected]
or
Myriam Koutchinsky
Investor Relations Manager
+33 (0)1 58 33 51 04
[email protected]
Source: IPSEN | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-combined-shareholdersa-meeting-of-ipsen-s-a-held-on-30-may-2018.html |
May 7 (Reuters) - BURGAN BANK:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 20.4 MILLION DINARS VERSUS 17.8 MILLION DINARS YEAR AGO
* Q1 TOTAL OPERATING REVENUE 60.5 MILLION DINARS VERSUS 55.9 MILLION DINARS YEAR AGO Source:( bit.ly/2FS99DB )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kuwaits-burgan-bank-q1-profit-rise/brief-kuwaits-burgan-bank-q1-profit-rises-idUSFWN1SE0GJ |
May 8, 2018 / 4:40 PM / Updated 15 minutes ago Millennium bcp likely to resume dividend payouts after 2018 Reuters Staff 2 Min Read
LISBON, May 8 (Reuters) - Millennium bcp is likely to resume dividend payouts from next year based on its 2018 results, its chief financial officer said on Tuesday, a day after Portugal’s largest listed lender posted a 71 percent rise in first quarter profit.
BCP stopped paying dividends in 2011 at the height of the country’s economic and debt crisis. Portugal has since returned to economic growth and cut its budget deficit to below the -European Union threshold.
“As we approach a level of 12 percent of CET1 (solvency ratio) with a low single digit growth in terms of risk weighted assets, we are generating organic capital and what makes sense is to distribute this capital to shareholders,” Miguel Braganca said on a call with analysts.
Shares in the bank closed 4.9 percent higher on Tuesday boosted by the strong results, including the CET1 ratio of 11.8 percent, which is up from 11.1 percent a year ago.
“By the end of this year we should be in a position to start to distribute (a) dividend,” he said, adding that the decision also depends on other opportunities and what solvency ratio levels can be considered as adequate.
“I think a bank such (as) ours should have a ratio of CET1 between 11 pct and 12 pct and the remaining capital should be distributed to shareholders,” Braganca said. (Reporting by Sergio Goncalves, writing by Andrei Khalip, editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/banco-com-port-dividends/millennium-bcp-likely-to-resume-dividend-payouts-after-2018-idUSL8N1SF782 |
* Dollar index down from Friday’s 3-1/2 month peak
* Pullback in U.S. 10-year yield dents dollar’s momentum
* Dollar/yen on track for biggest monthly gain since 2016
* Fed policy meeting, U.S. jobs data coming up this week (Updates prices)
By Masayuki Kitano
SINGAPORE, April 30 (Reuters) - The dollar held steady against a basket of major currencies on Monday after pulling back slightly from a 3-1/2-month high last week, pressured by a decline in the benchmark U.S. 10-year Treasury yield.
The dollar’s index against a basket of six major currencies stood at 91.561, steady on the day but down from Friday’s high of 91.986, its strongest level since Jan. 11.
The dollar index had risen more than 1.3 percent last week for its biggest weekly gain in over two months, after the U.S. 10-year Treasury yield rose above the psychologically key 3.0 percent threshold to four-year highs.
The U.S. 10-year yield has since come off that peak and fell 3 basis points on Friday to 2.957 percent, down from a four-year high of 3.035 percent struck on Wednesday.
Earlier this year, the correlation between U.S. yields and the dollar had broken down as investors focused more on trade frictions and geopolitical issues.
Markets, however, have recently turned their attention back to interest rate plays as concerns over the U.S.-China trade dispute and tensions over North Korea’s nuclear programme eased, giving the greenback a leg up.
The dollar inched up 0.1 percent to 109.12 yen, having set a 2-1/2 month high of 109.54 yen on Friday. But trade was thin with Japanese markets closed for a holiday.
The dollar has risen more than 2.6 percent against the yen in April, putting it on track for its best monthly performance since November 2016.
“The dollar has come a long way, and my sense is that it doesn’t have the strength to break above 110 yen for now,” said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.
At the same time, with concerns over geopolitical risks easing, the dollar’s downside risks against the yen also appear limited, Okagawa said, adding that the greenback was unlikely to fall back to the 107-yen handle in the near term.
Some analysts say moves among Japanese investors to increase their foreign currency exposure at the start of Japan’s new financial year have likely contributed to the yen’s weakness in April.
Another factor that is seen as having weighed on the yen recently is speculation about the potential for eventual yen-selling flows related to Japanese drugmaker Takeda Pharmaceutical’s $64 billion bid to buy London-listed Shire Plc.
Events and data coming up this week include the U.S. Federal Reserve’s May 1-2 policy meeting, at which the central bank is widely expected to keep interest rates unchanged, as well as U.S. jobs data due on Friday.
“This week’s U.S. nonfarm payroll number will go a long way to cementing the dollar’s near-term trend,” Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.
In addition, a delegation of U.S. officials, including Treasury Secretary Steven Mnuchin and President Donald Trump’s top economic and trade advisers - Larry Kudlow, Robert Lighthizer and Peter Navarro - are all expected in China later this week for trade negotiations.
The euro held steady at $1.2125, having recovered from a 3-1/2-month low of $1.2055 set on Friday.
Sterling eased 0.1 percent to $1.3780.
On Friday, the British pound had set a near two-month low of $1.3748 on Friday after Britain’s economy slowed far more than expected in the first quarter of 2018, slashing expectations the Bank of England will raise interest rates in May. (Reporting by Masayuki Kitano; Editing by Sam Holmes and Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-below-3-month-highs-as-u-s-10-year-yield-pulls-back-idUSL3N1S71S6 |
FRANKFURT, May 8 (Reuters) - Academic publisher Springer Nature’s initial public offering is oversubscribed and the offering should price at 10.50 euros ($12.52) per share, bookrunner Morgan Stanley said on Tuesday.
That would put pricing on the deal at the bottom of an indicative range of 10.50 to 14.50 euros. Majority owner Holtzbrinck has doubled its order to 200 million euros on the deal, whose books were due to close later on Tuesday.
$1 = 0.8384 euros Reporting by Douglas Busvine Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/springer-nature-ipo/springer-nature-ipo-seen-pricing-at-bottom-of-range-bookrunner-idUSF9N1RV02F |
May 22, 2018 / 7:01 AM / Updated 26 minutes ago Israel says it is the first country to use U.S.-made F-35 in combat Reuters Staff 2 Min Read
JERUSALEM (Reuters) - Israel is the first country to have used the U.S.-made F-35 stealth fighter in combat, the Israeli air force chief said on Tuesday in remarks carried by the military’s official Twitter account. FILE PHOTO: An Israeli Air Force F-35 fighter jet flies during an aerial demonstration at a graduation ceremony for Israeli Air Force pilots at the Hatzerim Airbase in southern Israel, December 27, 2017. REUTERS/Amir Cohen/File Photo
Local media further quoted Major-General Amikam Norkin as saying in a speech to the chiefs of 20 foreign air forces convening in Israel: “We are flying the F-35 all over the Middle East and have already attacked twice on two different fronts”.
Norkin also displayed a photograph of an Israeli F-35 overflying Beirut, local media said.
Manufactured by Lockheed Martin Corp, the F-35 is also known as the Joint Strike Fighter and, in Israel, by its Hebrew name “Adir” (Mighty). FILE PHOTO: An Israeli Air Force F-35 fighter jet flies during an aerial demonstration at a graduation ceremony for Israeli Air Force pilots at the Hatzerim Airbase in southern Israel December 29, 2016. REUTERS/Amir Cohen/File Photo
Israel was the first country outside the United States to acquire the F-35. In December 2016, it received the first two planes out of an order of 50. According to Israeli media, at least nine have been delivered so far.
Israel says it has carried out scores of strikes in Syria against suspected Iranian emplacements or arms transfers to Hezbollah guerrillas in neighbouring Lebanon.
Its air forces is also widely believed to have operated over against Islamist militants in the Egyptian Sinai and Hamas arms smugglers in Sudan. Writing by Dan Williams; Editing by Jeffrey Heller and Raissa Kasolowsky | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lockheed-f35-israel/israel-says-first-country-to-use-u-s-made-f-35-in-combat-idUKKCN1IN0OJ |
LONDON (Reuters) - Formula One has apologised to fans for problems with an already-delayed F1 TV streaming service at its launch in Spain last weekend.
Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Red Bull’s Max Verstappen ahead of Red Bull’s Daniel Ricciardo out of the first corner at the start of the race REUTERS/Albert Gea Fans were complaining on social media from early in the weekend that the product they had subscribed to suffered from buffering and other issues that rendered it unwatchable.
Formula One acknowledged on its official www.formula1.com website that it had suffered "some live playback issues" at Barcelona's Circuit de Catalunya and apologised for the inconvenience.
Subscribers were offered a refund with Formula One saying “this weekend was on us.”.
Motorsport director Ross Brawn, in a post-race review issued by Formula One on Tuesday, acknowledged the launch “did not go very smoothly”.
“Apologies to our fans, but we are dragging our sport from a place where none of these initiatives previously existed and we will get there,” added the former Honda, Brawn GP and Mercedes team principal.
“In some ways that’s what Formula One is about, a sport where things are developed on the move and on the track with technology that is always cutting edge” he added.
Formula One also launched its Twitter Live show and F1 Vision, a hand-held device on which fans at the circuit can follow the race, in Barcelona.
F1 TV was announced in February and originally scheduled for launch at the opening Australian Grand Prix in March but had to be delayed due to technical problems.
The service, on two levels with a more expensive Pro premium package and a cheaper basic access, is the Liberty Media-owned sport’s biggest investment to date in its digital transformation.
Presented as an opportunity for fans to watch races from their favorite driver’s perspective and with richer content, the immediate verdict was that the product still left a lot to be desired.
“It still doesn’t have the splitscreens, it doesn’t offer any data on drivers or tires, doesn’t show press conferences or interviews, the audio configuration of onboards needs to be fixed and the archive completed,” said an opinion piece on the motorsport.com website.
“The service that was promised back in March looks like it is still very far away unless there’s a drastic turnaround.”
Reporting by Alan Baldwin, editing by Pritha Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-television/apologies-flow-after-troubled-launch-of-f1-streaming-service-idUSKCN1IG251 |
73 COMMENTS Blythe Masters is the former JPMorgan executive who helped pioneered credit-default swaps, landing on Vanity Fair magazine’s list of ‘100 to Blame’ for the financial crisis. Photo: Ore Huiying/Bloomberg News A decade after the financial crisis , The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight Blythe Masters and Gary Gorton .
Blythe Masters helped create credit-default swaps, a derivative that many on Wall Street hailed as a groundbreaking innovation before it played a major role in the 2008 financial meltdown.
Now, the former JPMorgan Chase & Co. executive is focusing on another potentially transformative but unproven idea: blockchain, the technology underpinning bitcoin.
Blockchain combines powerful tools from the world of secret codes and code-breaking with a decentralized network to form a secure record of transactions in cyberspace.
Related Yale Professor Who Had Controversial Role in the Crisis Now Teaches About It Daniel Tarullo, the Regulator Banks Loved to Hate, Heads Back to Campus British Lord Who Helped Stem the Financial Crisis Now Fishing in Scotland John Paulson, Architect of Greatest Trade Ever, Hit by Losses, Redemptions David Einhorn Finds Victories More Elusive Since Winning Lehman Bet Ben Bernanke Loosens Up During His Post-Crisis Years Ex-Iceland Leader Now Hosting Movie Nights as Ambassador to the U.S . Where Are They Now: The Biggest Figures From the Financial Crisis Enthusiasts say it could modernize everything from Walmart Inc.’s supply chain to the often clunky systems behind oil and metals trading. Skeptics say blockchain is wildly hyped and less efficient than the databases that businesses often already use to maintain records.
Ms. Masters, 49 years old, was an early Wall Street convert to cryptocurrencies. In 2015, she became chief executive of Digital Asset Holdings LLC, a startup looking to bring blockchain to traditional financial firms like banks and exchanges, before most bankers and traders embraced the technology.
Digital Asset has raised about $115 million from investors and employs more than 140 people, making it one of the biggest blockchain startups. In December, it scored a win when it was chosen by Australia’s main stock exchange to revamp its technology for clearing and settling trades.
Ms. Masters, now CEO of Digital Assets Holdings, speaking at the Singapore Fintech Conference in November 2016. Photo: Ore Huiying/Bloomberg News Educated at Cambridge University and an avid fan of show horses, Ms. Masters began her career in 1987 as an intern in JPMorgan’s London office. She helped arrange some of the first credit-default swap or CDS trades in the 1990s, pitching the newfangled products to clients such as American International Group Inc.
In a CDS transaction, the buyer makes periodic payments to the seller, in exchange for a payout in case some third company can’t make its debt payments. In the 2000s—after Ms. Masters had moved on to other areas—the swaps became a popular way for banks to offload the risks associated with subprime mortgages, fueling a massive real-estate bubble.
Ms. Masters testifying before a Senate panel in December 2009 on derivatives and systemic risk in the financial sector. Photo: ASSOCIATED PRESS The consequences became clear in 2008, when AIG imploded due to misguided CDS bets on mortgage-backed securities, ultimately leading to a U.S. government bailout. Even though Ms. Masters hadn’t sold the insurance giant any swaps linked to subprime mortgages, her reputation suffered. Vanity Fair magazine listed her among the “100 to Blame” for the financial crisis.
Ms. Masters declined to be interviewed. She has said that problems during the financial crisis stemmed from the misuse of credit-default swaps, not the concept itself.
“It is important to distinguish between tools and their users,” she said in a 2008 speech.
Write to Alexander Osipovich at [email protected]
Corrections & Amplifications
The first credit-default swaps were pitched to clients such as American International Group Inc. An earlier version of this article incorrectly called the company American Insurance Group Inc. (May 11, 2018) | ashraq/financial-news-articles | https://www.wsj.com/articles/wall-street-exec-who-pioneered-risky-swaps-now-touts-blockchain-1526047201 |
An incoming populist government in Italy may no longer be looking to ditch the euro currency, but this risk cannot be totally ruled out, one analyst told CNBC Monday.
The agreement between the right-wing Lega and the left-wing Five Star Movement (M5S) is raising concerns for market participants. This is due to higher spending plans and a potential clash with Europe over budget rules.
Another contentious point has been the idea to hold a referendum on Italy's membership of the single currency — which both parties mentioned in the run up to the March election. Though such a step does not feature in their recent coalition agreement, some analysts have not completely ruled out such a possibility.
Speaking to CNBC's "Squawk Box Europe" Monday, Federico Santi, Europe analyst at research firm Eurasia Group, said he believes that Italy has learned a lesson from Greece.
"I think they realize — at least the current leadership — that a confrontational approach to the EU and the markets is ultimately self-defeating," he said.
"I think the problem is, before we get to a point where they come to terms with the constraints that any Italian government has to face in terms of economic policy, they could cause plenty of trouble," he added, iterating that there was still a chance that a euro zone referendum could come back into play in the future.
Bloomberg | Getty Images 'Empty' threats Even if Italy were to start a process to leave the euro zone, other analysts believe the process would be stifled by different levels of bureaucracy.
Maartje Wijffelaars, a senior economist at Rabobank, said that a euro referendum would be a very lengthy process, meaning that the government would not have time to go ahead with its other policy aims. "I don't think the euro is at risk," she said via email.
She added that the two populist parties will challenge the European budget rules, but threats to leave the euro area are "empty."
"Plus, if they indeed would want to trigger a process to get Italy out of the euro, they would need to change Italy's constitution, which is a lengthy, very lengthy process — we're talking about years with almost certainly a referendum at the end of the process."
'The Italian headache' Market players are not only worried about the stability of the euro, but also what the new Italian government could do to its economy. Some argue that concerns over fiscal slippage could cause the common currency to depreciate.
The euro has fluctuated since the start of the year — strengthening against the U.S. dollar , mainly during the first months of 2018, but then seeing a slide since late April.
Moves in the exchange rate are significant not only for currency traders, but also for equity and bond markets. This is because currency fluctuations affect the level of imports and exports — which ultimately impacts company performance — and also the level of monetary intervention from central banks.
Fiscal slippage would be a problem for Italy, given that it has the second-highest debt pile across the euro area, at about 130 percent of debt-to- gross domestic product (GDP) .
show chapters Italian economy will remain liability for Europe going forward: Eurasia Group 3:42 AM ET Wed, 4 April 2018 | 03:46 "The Italian headache is going to be with us for a while, and we won't see the euro bounce meaningfully until Italian credit stabilizes," Stephen Gallo, European head of foreign exchange strategy at Bank of Montreal, told CNBC via email. He expected the euro to rise slightly in the coming months to $1.21 on the back of a lower dollar.
The euro was trading at about $1.1740 Monday morning. In February, the exchange rate hit a high of $1.2508.
Other currency analysts also believe the single currency could move higher in the coming weeks, supported by positive data releases. Viraj Patel, a foreign exchange and macro strategist at ING, said in a note Monday morning that if Italian President Sergio Mattarella postpones some of the planned spending measures, there could be a relief rally in the euro.
"We would expect a relief rally in the euro if President Mattarella pushes back on the debt-financed spending policy agenda and we get some solid euro zone data this week," he told CNBC via email.
Patel is still looking for the euro-dollar cross to be at 1.30 by year-end — but he recognized that "there is a perfect storm right now keeping the single currency depressed." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/this-is-the-impact-the-italian-populist-government-could-have-on-the-euro.html |
TOKYO, May 11 (Reuters) - Mazda Motor Corp said on Friday that president and CEO Masamichi Kogai would step down and be replaced by Akira Marumoto, who currently serves as vice president and oversees operations in the Americas.
Kogai, who became president and CEO in 2013, would become chairman, the company said.
Reporting by Naomi Tajitsu; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/mazda-ceo/mazda-says-ceo-to-step-down-vice-president-to-take-over-idUSL3N1SI1M6 |
May 30 (Reuters) - The U.S. Food and Drug Administration approved TherapeuticsMD Inc’s hormone therapy for a painful condition triggered by menopause, the women’s health company said on Wednesday.
Its estrogen treatment, Imvexxy, treats vulvar and vaginal atrophy, a condition caused by the loss of female hormone estrogen after menopause.
Safety warnings on the drug’s label point to risks of endometrial cancer, cardiovascular disorders, breast cancer, and probable dementia. (Reporting by Tamara Mathias in Bengaluru)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/therapeuticsmd-fda/fda-approves-therapeuticsmds-hormone-therapy-idUSL3N1T13XM |
PORTLAND, Ore., May 08, 2018 (GLOBE NEWSWIRE) -- Northwest Natural Gas Company, dba NW Natural (NYSE:NWN), reported consolidated net income of $41.5 million (or $1.44 per share) for the first quarter of 2018, compared to net income of $40.3 million (or $1.40) for the same period in 2017. Highlights included:
Delivered strong natural gas utility results with 1.6% customer growth over the last twelve months Continued constructing North Mist Gas Storage Expansion Project Reaffirmed earnings guidance for 2018, which is expected to range from $2.10 to $2.30 per share
"We continued to provide safe, reliable service to our customers through the winter months. Our service territory continues to see strong in-migration and customer growth," said David H. Anderson, president and chief executive officer of NW Natural. "We continue to make good progress on the North Mist Expansion and are excited to further our water utility strategy announced in December."
For the first quarter of 2018, consolidated net income increased $1.2 million to $41.5 million compared to the same period in 2017 reflecting natural gas utility customer growth, the return to relatively average weather, lower depreciation expense in our gas storage segment, and a timing benefit associated with a lower federal tax rate.
NORTH MIST EXPANSION PROJECT
The North Mist Expansion Project remains on track to be in-service during the fourth quarter of 2018. To date, we have completed all necessary wells for the project and the pipeline connecting the North Mist facility to Portland General Electric's Port Westward industrial park. We are assembling the compressor station and expect to begin natural gas injections at the facility in the coming weeks. The estimated cost of the expansion is $132 million. The investment will be included in rate base under an established tariff when it is placed into service. The facility is under an initial 30-year contract with Portland General Electric with options to extend the contract totaling up to an additional 50 years upon mutual agreement.
The project is designed to provide long-term, no-notice underground gas storage service to support gas-fired electric generating facilities that are intended to facilitate the integration of wind power into the region's electric generation mix. Natural gas storage enables electric generation to adjust quickly when renewable energy, such as wind and solar, rises and falls. Our no-notice service is designed to allow the local electric company to draw on our North Mist facility to meet its fueling needs and rapidly respond to natural variability in wind generation.
FIRST QUARTER RESULTS AND UPDATES
Segment Results
The following financial comparisons are between the first quarter of 2018 and the first quarter of 2017 with individual factors below presented on an after-tax basis using a statutory tax rate of 26.5%, unless otherwise noted.
The first quarter results are summarized by business segment in the table below:
Three Months Ended March 31, 2018 2017 Change In thousands, expect per share data Amount Per Share Amount Per Share Amount Per Share Net income (loss): Utility segment $ 39,883 $ 1.39 $ 40,192 $ 1.40 $ (309 ) $ (0.01 ) Gas storage segment 1,898 0.06 61 — 1,837 0.06 Other (244 ) (0.01 ) 57 — (301 ) (0.01 ) Consolidated net income $ 41,537 $ 1.44 $ 40,310 $ 1.40 $ 1,227 $ 0.04 Diluted Shares 28,803 28,723 80 Gas Utility
Gas utility net income was comparable to the prior year with a $0.3 million decrease (or $0.01 per share). Utility margin decreased $6.9 million. While customer growth of 1.6% over the last twelve months contributed $1.2 million, this was more than offset by lower margins from slightly warmer than normal weather in 2018 compared to 26% colder than average weather in 2017, which led to lower margin from customers not covered by a weather normalization mechanism. In addition, margin decreased $4.7 million as a result of deferring revenues associated with the decline in the federal tax rate.
Operations and maintenance expense increased $0.9 million reflecting higher compensation and benefits expense. Depreciation expense increased $0.7 million as we continue to invest in our infrastructure for customer growth, safety, and facility upgrades.
Tax expense decreased $9.0 million primarily due to the lower federal income tax rate.
Gas Storage
Gas storage net income increased $1.8 million (or $0.06 per share) primarily due to a $1.3 million decrease in operating expenses as depreciation expense for the Gill Ranch facility was $0.8 million lower after an impairment of long-lived assets was taken in the fourth quarter of 2017. In addition, gas storage revenues increased $0.5 million primarily from higher asset management revenues at our Mist facility.
Tax Reform
On December 22, 2017, the federal Tax Cuts and Jobs Act (TCJA) or tax reform was enacted. Tax reform, among other things, lowered the federal corporate income tax rate to 21% from the previous maximum rate of 35%. Changes in deferred taxes within our regulated operations for tax reform are recorded as adjustments to regulatory liability accounts. As of December 31, 2017, we estimated the utility's regulatory liability for historical deferred taxes was $213.3 million. The majority of this liability will likely be returned to customers over an amortization period in compliance with Internal Revenue Service tax normalization rules.
Until customer rates can be reset, we will defer the estimated effect of tax reform on customer rates. In the first quarter of 2018 we deferred $6.5 million pre-tax including interest ($4.8 million after-tax) of revenues into a regulatory liability to be returned to customers. The revenue deferral is based on the estimated benefit to customers for the year using forecasted utility earnings considering average weather and associated volumes. We currently estimate the deferral for 2018 will be $8 to $12 million pre-tax.
On March 20, 2018 we revised our Oregon general rate case to incorporate the effect of tax reform on future rates beginning Nov. 1, 2018. On a parallel track we are working with the Public Utility Commission of Oregon (OPUC) in a docket to determine the treatment of deferred taxes for periods prior to Nov. 1, 2018. We expect to address tax reform with the Washington Utilities and Transportation Commission (WUTC) in our next Washington general rate case.
Oregon Rate Case
In December 2017, we filed an Oregon general rate case requesting a $40.4 million or 6% revenue requirement increase, after an adjustment for the conservation tariff deferral, to continue operating and maintaining our distribution system and providing safe, reliable service to our customers. In March 2018, we made supplemental filings in the rate case to incorporate the effect of the TCJA on future rates. As a result, our requested annual revenue requirement increase is $25.7 million or 4%, after an adjustment for our conservation tariff deferral. The revised revenue requirement is based upon the following assumptions or requests:
Forward test year from November 1, 2018 through October 31, 2019; Capital structure of 50% debt and 50% equity; Return on equity of 10.0%; Cost of capital of 7.62%; and Rate base of $1.215 billion or an increase of $329 million since the last rate case.
A final order is anticipated in or before October with new customer rates expected to be effective Nov. 1, 2018.
BALANCE SHEET AND CASH FLOWS
In the first quarter of 2018, we continued to maintain a strong capital structure with ample liquidity. We have solid capacity to meet our anticipated capital needs through the remainder of the year.
During the first quarter of 2018, we generated $104.5 million in operating cash flow and invested $57.4 million in capital expenditures to support growth, safety, and our North Mist Expansion Project. Cash provided by operations decreased $40.6 million due to changes in working capital and deferred gas costs as well as higher taxes paid. Cash outflows from investing activities increased $18.7 million primarily due to higher capital expenditures, and cash outflows from financing activities decreased $29.9 million primarily due to lower debt maturities and repayments.
2018 EARNINGS GUIDANCE REAFFIRMED
The Company reaffirmed 2018 guidance today in the range of $2.10 to $2.30 per share. This guidance assumes continued customer growth from our utility segment, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant laws or regulations.
We continue to expect capital expenditures for 2018 to be in the range of $190 to $220 million to support core gas utility customer growth and safety and reliability, as well as the completion of the North Mist Expansion Project. We expect to finance our capital needs in 2018 using a combination of cash flow from operations and debt. Our total capital investment plan for the five-year period from 2018 to 2022 is approximately $750 to $850 million, with a majority supporting continued customer growth, distribution system maintenance and improvements, technology investments, and utility gas storage facility maintenance.
INCREASING DIVIDEND DECLARED
In April 2018, NW Natural's Board of Directors declared a quarterly dividend of 47.25 cents per share on the Company's common stock. The dividend will be payable on May 15, 2018 to shareholders of record on April 30, 2018, reflecting an annual indicated dividend rate of $1.89 per share.
CONFERENCE CALL AND WEBCAST
As previously reported, NW Natural will host a conference call and webcast today to discuss its first quarter 2018 financial and operating results.
Date and Time: Tuesday, May 8
8 a.m. PT (11 a.m. ET) Phone Numbers: United States: 1-866-267-6789
Canada: 1-855-669-9657
International: 1-412-902-4110 The call will also be webcast in a listen-only format for the media and general public and can be accessed at nwnatural.com under the Investor Relations tab. A replay of the conference call will be available on our website and by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada), and 1-412-317-0088 (international). The replay access code is (10118966).
ABOUT NW NATURAL
NW Natural (NYSE:NWN) is headquartered in Portland, Ore. Our 159-year-old regulated natural gas utility serves Oregon and southwest Washington with one of the most modern distribution and transmission pipeline systems in the nation. We are the largest stand-alone local gas distribution company in the Pacific Northwest with over 740,000 customers,14,000 miles of pipeline infrastructure, and $3 billion in total assets. NW Natural consistently leads the industry with high JD Power & Associates customer satisfaction scores in the West and the nation. NW Natural and its subsidiaries also own and operate 16 Bcf of underground gas storage capacity primarily for utility customers in Oregon and 15 Bcf in California. Additional information is available at nwnatural.com .
Investor Contact:
Nikki Sparley
Phone: 503-721-2530
Email: [email protected]
Media Contact:
Melissa Moore
Phone: 503-220-2436
Email: [email protected]
Forward-Looking Statements
This report, and other presentations made by NW Natural from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "assumes," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, goals, strategies, future events, investments, stability, acquisitions and integration thereof, customer growth, weather, commodity and other costs, customer rates or rate recovery, customer preference, growth, adoption of renewable energy and our ability to provide effective supporting resources, infrastructure availability and development, our water utility strategy, environmental remediation cost recoveries, levels and pricing of gas storage contracts, gas storage development or costs or timing related thereto, financial positions, revenues, liquidity, returns, and earnings and the timing thereof, earnings guidance, dividends, performance, timing or effects of future regulatory proceedings or future regulatory approvals, regulatory prudence reviews, effects of regulatory mechanisms, including, but not limited to, SRRM, anticipated regulatory actions or filings, effects of changes in laws or regulations, including federal tax reform, and other statements that are other than statements of historical facts.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors", and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in the Company's most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the Company's quarterly reports filed thereafter.
All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible for the Company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.
Presentation of Non-GAAP Results
In addition to presenting the results of operations and earnings amounts in total, certain financial measures expressed in cents per share, which are non-GAAP financial measures. Financial measures are expressed in cents per share as these amounts reflect factors that directly impact earnings, including income taxes. All references to EPS herein are on the basis of diluted shares. We use such non-GAAP financial measures to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations.
NORTHWEST NATURAL Consolidated Income Statement and Financial Highlights (Unaudited) First Quarter 2018 Three Months Ended Twelve Months Ended In thousands, except per share amounts, customer, and degree day data March 31, March 31, 2018 2017 Change 2018 2017 Change Operating revenues $ 264,712 $ 297,323 (11 )% $ 729,562 $ 717,761 2 % Operating expenses: Cost of gas 108,106 143,611 (25 ) 289,290 295,788 (2 ) Operations and maintenance 40,559 39,116 4 161,046 144,525 11 Environmental remediation 4,624 6,954 (34 ) 12,961 15,223 (15 ) General taxes 9,808 9,025 9 32,795 30,879 6 Revenue taxes 12,429 — NM 12,429 — NM Depreciation and amortization 20,985 21,085 — 85,478 82,980 3 Other operating expenses 853 — NM 853 — NM Gill Ranch gas storage facility impairment expense — — — 192,478 — NM Total operating expenses 197,364 219,791 (10 ) 787,330 569,395 38 Income from operations 67,348 77,532 (13 ) (57,768 ) 148,366 (139 ) Other income (expense), net (834 ) (423 ) 97 (706 ) (4,283 ) (84 ) Interest expense, net 9,515 9,876 (4 ) 38,140 39,268 (3 ) Income before income taxes 56,999 67,233 (15 ) (96,614 ) 104,815 (192 ) Income tax expense 15,462 26,923 (43 ) (42,218 ) 42,251 (200 ) Net income $ 41,537 $ 40,310 3 $ (54,396 ) $ 62,564 (187 ) Common shares outstanding: Average diluted for period 28,803 28,723 28,769 28,046 End of period 28,781 28,644 28,781 28,644 Per share information: Diluted earnings per share $ 1.44 $ 1.40 $ (1.89 ) $ 2.23 Dividends declared per share of common stock 0.4725 0.4700 1.8850 1.8750 Book value per share, end of period 26.81 30.53 26.81 30.53 Market closing price, end of period 57.65 59.10 57.65 59.10 Capital structure, end of period: Common stock equity 48.9 % 54.8 % 48.9 % 54.8 % Long-term debt 43.2 41.3 43.2 41.3 Short-term debt (including amounts due in one year) 7.9 3.9 7.9 3.9 Total 100.0 % 100.0 % 100.0 % 100.0 % Utility segment operating statistics: Customers - end of period 741,920 730,067 1.6 741,920 730,067 1.6 Utility volumes - therms: Residential and commercial sales 278,019 327,523 690,865 693,871 Industrial sales and transportation 128,934 140,116 488,742 486,215 Total utility volumes sold and delivered 406,953 467,639 1,179,607 1,180,086 Utility operating revenues: Residential and commercial sales $ 245,584 $ 280,277 $ 649,521 $ 646,995 Industrial sales and transportation 17,389 18,903 62,411 60,625 Other revenues (5,040 ) 1,375 (2,543 ) 3,776 Less: Revenue taxes — 7,829 11,240 18,297 Total utility operating revenues 257,933 292,726 698,149 693,099 Less: Cost of gas 108,164 143,611 289,572 295,788 Environmental remediation expense 4,624 6,954 12,961 15,223 Revenue taxes 12,429 — 12,429 — Utility margin, net $ 132,716 $ 142,161 $ 383,187 $ 382,088 Degree days: Average (25-year average) 1,326 1,326 2,705 2,705 Actual 1,256 1,667 (25 )% 2,703 2,736 (1 )% Percent (warmer) colder than average weather (5 )% 26 % — % 1 % Gas storage segment operating statistics: Operating revenues $ 5,233 $ 4,541 $ 24,312 $ 24,438 Operating expenses 2,197 3,935 206,956 16,422 NM = Not Meaningful calculation
NORTHWEST NATURAL Consolidated Balance Sheets (Unaudited) As of March 31, In thousands 2018 2017 Assets: Current assets: Cash and cash equivalents $ 11,215 $ 40,639 Accounts receivable 78,091 70,429 Accrued unbilled revenue 38,752 38,017 Allowance for uncollectible accounts (1,113 ) (1,668 ) Regulatory assets 45,900 34,874 Derivative instruments 1,130 2,908 Inventories 35,135 48,484 Gas reserves 15,124 15,378 Other current assets 17,460 16,832 Total current assets 241,694 265,893 Non-current assets: Property, plant, and equipment 3,261,886 3,247,177 Less: Accumulated depreciation 972,776 960,336 Total property, plant, and equipment, net 2,289,110 2,286,841 Gas reserves 80,560 96,630 Regulatory assets 343,037 349,057 Derivative instruments 1,148 46 Other investments 66,709 68,729 Other non-current assets 7,081 3,460 Total non-current assets 2,787,645 2,804,763 Total assets $ 3,029,339 $ 3,070,656 Liabilities and equity: Current liabilities: Short-term debt $ 50,000 $ — Current maturities of long-term debt 74,785 61,994 Accounts payable 78,321 73,245 Taxes accrued 12,352 16,653 Interest accrued 9,262 10,581 Regulatory liabilities 34,946 33,211 Derivative instruments 17,607 1,638 Other current liabilities 39,580 37,697 Total current liabilities 316,853 235,019 Long-term debt 683,497 657,716 Deferred credits and other non-current liabilities: Deferred tax liabilities 283,129 575,451 Regulatory liabilities 600,442 357,587 Pension and other postretirement benefit liabilities 221,732 223,253 Derivative instruments 2,355 2,546 Other non-current liabilities 149,126 144,469 Total deferred credits and other non-current liabilities 1,256,784 1,303,306 Equity: Common stock 450,408 442,647 Retained earnings 330,081 438,783 Accumulated other comprehensive loss (8,284 ) (6,815 ) Total equity 772,205 874,615 Total liabilities and equity $ 3,029,339 $ 3,070,656
NORTHWEST NATURAL Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, In thousands 2018 2017 Operating activities: Net income $ 41,537 $ 40,310 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 20,985 21,085 Regulatory amortization of gas reserves 4,073 4,107 Deferred income taxes 13,327 20,445 Qualified defined benefit pension plan expense 1,435 1,316 Contributions to qualified defined benefit pension plans (1,720 ) (3,220 ) Deferred environmental expenditures, net (1,280 ) (3,432 ) Amortization of environmental remediation 4,624 6,954 Regulatory revenue deferral from Tax Cuts and Jobs Act 6,424 — Other 451 1,695 Changes in assets and liabilities: Receivables, net 12,485 23,147 Inventories 13,173 5,645 Income taxes (6,531 ) 4,504 Accounts payable (19,868 ) (13,437 ) Interest accrued 2,489 4,615 Deferred gas costs 3,519 13,454 Other, net 9,398 17,978 Cash provided by operating activities 104,521 145,166 Investing activities: Capital expenditures (57,431 ) (38,924 ) Other (57 ) 98 Cash used in investing activities (57,488 ) (38,826 ) Financing activities: Repurchases related to stock-based compensation — (1,943 ) Long-term debt retired (22,000 ) — Change in short-term debt (4,200 ) (53,300 ) Cash dividend payments on common stock (12,781 ) (13,456 ) Other (309 ) (523 ) Cash used in financing activities (39,290 ) (69,222 ) Increase in cash and cash equivalents 7,743 37,118 Cash and cash equivalents, beginning of period 3,472 3,521 Cash and cash equivalents, end of period $ 11,215 $ 40,639 Supplemental disclosure of cash flow information: Interest paid, net of capitalization $ 6,261 $ 4,394 Income taxes paid 9,800 3,040
Source: NW Natural | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-nw-natural-reports-first-quarter-2018-results.html |
5/11/2018 6:00AM How the Math Looks for CIA Pick Gina Haspel Will Gina Haspel be confirmed to lead the CIA? Gerald F. Seib examines which senators will likely vote to support or oppose her nomination, as she looks to reach a majority. Photo: Getty Images | ashraq/financial-news-articles | http://www.wsj.com/video/how-the-math-looks-for-cia-pick-gina-haspel/EC30FE13-4DF2-4633-BFF6-D378E379CD07.html |
(Adds U.S. market open, byline, dateline; previous LONDON)
* Brent drops ahead of news on U.S. sanctions on Iran
* Italian shares, bonds drop on election uncertainty
NEW YORK, May 8 (Reuters) - The U.S. dollar hit fresh 2018 highs on Tuesday on safe-haven demand amid expectations President Donald Trump will pull out of a key nuclear accord with Iran, while oil prices slumped ahead of news on whether the U.S. will reinstate sanctions on Iran.
U.S. officials indicated late Monday that Trump would withdraw from the deal but it was unclear on what terms and whether sanctions would be announced, said a senior European official closely involved in Iran diplomacy.
Brent crude futures dropped 3.1 percent to $73.82 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 3.2 percent at $68.45.
Equity markets in the U.S. and Europe edged lower, weighed by technology and consumer discretionary stocks, as investors awaited Trump's decision at 2:00 p.m. ET (1800 GMT).
A U.S. withdrawal from the multination accord could impact Iranian crude exports and also fan geopolitical tensions in the Middle East, home to one-third of the world's daily oil supply.
The possibility of Trump walking away from the Iran deal has been widely telegraphed, said Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors in Chicago.
"A lot of strength in oil has already occurred, this could be just buy-the-rumor sell-the-news with oil," Ablin said. If (Trump) decides to keep the deal and negotiate you could see oil prices fall."
The dollar index, tracking it against a group of six major currencies, has surged about 4.5 percent in three weeks as hopes were dashed that other major central banks would follow the U.S. Federal Reserve in normalizing monetary policy.
The euro and sterling fell under renewed pressure, the former on prospects of early elections in Italy and the latter as hopes waned of a Bank of England rate increase this week.
"The dollar reflects the incremental economic strength of the U.S. versus Europe and other places," Ablin said. "The dollar is somewhat undervalued relative to the euro and the pound but it is very overvalued relative to the Japan yen."
The euro fell 0.55 percent against the dollar to $1.1854 , the lowest since December. Against the yen, the dollar gained 0.11 percent to 109.19 per $1.
The Dow Jones Industrial Average fell 49.96 points, or 0.21 percent, to 24,307.36. The S&P 500 lost 7.53 points, or 0.28 percent, to 2,665.1 and the Nasdaq Composite dropped 18.77 points, or 0.26 percent, to 7,246.45.
MSCI's gauge of global equity markets fell 0.09 percent while the pan-European FTSEurofirst 300 index lost 0.02 percent.
Italian government bond yields jumped, lifting southern European peers, as the possibility of an early election increased with the largest anti-establishment parties polling strongly.
The Italy/Germany 10-year government bond yield spread hit its widest in three weeks at 128 basis points, while Italian 10-year yields shot up to yield 1.863 percent.
Benchmark U.S. Treasury 10-year notes last fell 7/32 in price to yield 2.9779 percent.
(Reporting by Herbert Lash; Editing by Bernadette Baum) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-global-markets-dollar-hits-2018-high-amid-iran-pact-worry-crude-slumps.html |
× × Options Action: One trader is betting this hot mobile payment stock is about to cool off 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/options-action-one-trader-is-betting-this-hot-mobile-payment-stock-is-about-to-cool-off.html |
DOWNERS GROVE, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or the “Company”) today announced it has appointed Ivy Greaner to the newly created role of Chief Operating Officer, effective July 9, 2018. Ms. Greaner will assume a variety of responsibilities and will report to Tom McGuinness, President and Chief Executive Officer of InvenTrust.
“We are excited to welcome Ivy to the InvenTrust team,” said Mr. McGuinness. “Ivy is an accomplished leader with strong operational experience and a proven track record of collaboration, and we look forward to leveraging her extensive real estate expertise to drive value within InvenTrust’s portfolio.”
Ms. Greaner brings to InvenTrust more than 25 years of experience in real estate across a variety of product types. She most recently served as Regional Vice President of FivePoint, where she oversaw all operational aspects of the Company’s Northern California region, including the commercial strategy. Prior, Ms. Greaner was recruited to Lennar to build Lennar Commercial, a new subsidiary specializing in the development, investment and management of retail, mixed-use and commercial properties as the firm's COO.
“I am excited to take on this new role to help implement and execute on InvenTrust’s key initiatives, which include transforming and concentrating our portfolio into a premier grocery-anchored, Sun-Belt focused portfolio,” said Ms. Greaner. “I look forward to working collaboratively with the entire team to build on InvenTrust’s momentum and position the Company for success.”
About Ivy Greaner
Ivy Greaner served as Regional Vice President of FivePoint, previously COO for Lennar Urban, from 2016 to 2018. Prior to Lennar Commercial’s combination with Rialto in 2016, Ms. Greaner served as Executive Vice President and COO of Lennar Commercial for two years. From 1999 to 2014, Ms. Greaner served as Partner and Chief Operating Officer of Ram Realty Services, where she oversaw company operations, ground up development and all aspects of commercial and residential asset management. Previously, Ms. Greaner served as Principal and Owner of Gadinsky & Greaner, a commercial real estate service and development company, and the Director of Real Estate Services for Gadco Real Estate Company.
Ms. Greaner serves on the Florida State University Real Estate Advisory Board, the International Council of Shopping Center’s National Economic Committee, and the committee’s Infrastructure Task Force. She is also a founding member of 100+ Women Who Care’s South Florida chapter, supports Hope Outreach’s philanthropic mission and served for many years as the Government Chair for ICSC’s Florida Government Relations.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and as of March 31, 2017, is an owner and manager of 81 retail properties, representing 14.2 million square feet of retail space.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not historical facts, are within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations. For further discussion of factors that could materially affect the outcome of our and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any , which are made as of the date of this press release. We undertake no obligation to update publicly any of these to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting , except to the extent required by applicable laws. If we update one or more , no inference should be drawn that we will make additional updates with respect to those or other .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006730/en/
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
[email protected]
Source: InvenTrust Properties Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-ivy-greaner-joins-inventrust-as-the-new-chief-operating-officer.html |
Spotify is a buy after earnings, says Jim Cramer 43 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/spotify-is-a-buy-after-earnings-says-jim-cramer.html |
THOOTHUKUDI, India (Reuters) - Tamil Nadu on Monday ordered the permanent closure of a copper smelter run by London-listed Vedanta Resources after 13 people protesting to demand its shutdown on environmental concerns were killed last week.
FILE PHOTO: A general view shows Sterlite Industries Ltd's copper plant, a unit of London-based Vedanta Resources, in Tuticorin, in the southern Indian state of Tamil Nadu April 5, 2013. REUTERS/Stringer/File Photo “We have taken a decision to permanently shut down the plant and today issued government orders to do the same,” Edappadi K Palaniswami, chief minister of the southern state said in a statement after meeting officials, including those from the pollution department.
Residents and environmental activists have long demanded a shutdown of the copper smelter, India’s second-biggest with an annual production of more than 400,000 tonnes, citing air and water pollution.
Vedanta has denied the accusations of pollution.
The chief of its India copper business, P. Ramnath, told Reuters on Friday the company would legally fight any attempt to close the plant and it aimed to “build our bridges” with the community.
The plant, in the coastal city of Thoothukudi, has been shut since late March for maintenance and pending a renewal of its licence, even as residents continued largely peaceful protests demanding it be shut for good.
The opposition escalated on Tuesday when thousands of people marched towards a government office on the 100th day of the protest. Ten people were killed in police firing that day; three more died in subsequent days.
Vedanta says it has already evacuated about 3,500 employees from the plant site due to the tension.
FILE PHOTO: A private security guard stands in front of the main gate of Sterlite Industries Ltd's copper plant, a unit of London-based Vedanta Resources, in Tuticorin, in the southern Indian state of Tamil Nadu March 24, 2013. REUTERS/Stringer/File Photo Additional reporting by Malini Menon; Writing by Krishna N. Das; Editing by Robert Birsel
| ashraq/financial-news-articles | https://in.reuters.com/article/vedanta-smelter-closure/tamil-nadu-orders-permanent-closure-of-vedanta-copper-smelter-after-deadly-protests-idINKCN1IT13E |
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
LONDON, May 2 (Reuters) - European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations, while investors’ focus turned to euro zone GDP figures and the U.S. Fed meeting.
Shares in iPhone supplier ams jumped 8.1 percent after Apple surprised the market with solid iPhone X sales, flouncing investors’ expectations for a much weaker performance.
Other chipmakers STMicroelectronics, Infineon , BE Semiconductor and ASML also gained 1.1 to 3.8 percent after the tech giant’s results helped sentiment on the sector.
Europe’s tech sector rose 1.1 percent to a six-week high.
It helped the pan-European STOXX 600 climb 0.4 percent, reaching its highest level since Feb 5 in early deals as investors awaited GDP data for the euro zone at 0900 GMT, and the U.S. Federal Reserve meeting later in the day.
Broadly strong earnings have helped the European index rise in recent weeks.
On Wednesday British satellite firm Inmarsat led the pack, jumping 10.9 percent after reporting stronger first-quarter revenue.
Shares in Swedish oil firm Lundin rose 4.7 percent after it became the latest European oil company to beat earnings expectations, helped by higher output.
British online grocer Ocado was a top gainer, up 5.2 percent after it signed a partnership deal with Swedish grocer ICA to develop its online business.
Among results disappointments, Paddy Power Betfair was the worst-performing on the European index, down 6.3 percent after first-quarter earnings fell. The bookmaker also announced a 500 million pound share buyback programme.
Mining stocks gained 1.7 percent, providing the bedrock for Europe’s gains as copper prices recovered on strong China factory data. (Reporting by Helen Reid)
| ashraq/financial-news-articles | https://www.reuters.com/article/europe-stocks/tech-stocks-and-miners-drive-european-shares-higher-after-apple-results-idUSL8N1S91AQ |
May 16, 2018 / 11:06 AM / Updated 6 hours ago BT fights back with new consumer strategy Paul Sandle 4 Min Read
LONDON (Reuters) - Britain’s biggest telecoms company BT aims to reinvigorate its unloved brand by combining the strengths of its fixed-line and mobile networks, it said on Wednesday, to jump-start a stalled turnaround under its embattled CEO. FILE PHOTO: A BT (British Telecom) company logo is pictured on the side of a convention centre in Liverpool northern England, April 9, 2016. REUTERS/Phil Noble/File Photo
Gavin Patterson’s efforts to transform BT into a modern communications provider have been undermined by regulatory issues, pensions and accounting fraud, which have led to investor disquiet as its share price tumbled to five-year lows.
On Wednesday it set out a new strategy from consumer boss Marc Allera to offer seamless services such as supercharged broadband to provide customers with faster speeds and a hub offering the best TV content to counter BT’s image of a former telecoms monopoly dogged by bad customer service.
“The way our customers feel about BT needs to evolve, needs to change,” Allera told reporters.
BT, which runs the country’s biggest broadband network, bought market-leading mobile operator EE in 2015 as part of its drive to modernise the group, acquiring a brand synonymous with superfast connectivity and popular with young Britons.
While it has already stripped out costs by integrating back-office functions, BT will now provide customers with a more joined-up offering, backed by a marketing campaign and a move to improve its customer service reputation by bringing its call centres back to Britain and Ireland by 2020. FILE PHOTO: Gavin Patterson, CEO of BT, speaks at the Conferederation of British Industry's annual conference in London, Britain, November 6, 2017. REUTERS/Mary Turner/File Photo
The first example of its so-called converged offering will be hybrid broadband technology, which combines 4G mobile and fixed-line broadband to boost Wi-Fi signals in customers’ houses and maintains connections if the fixed-line fails, Allera said.
To boost its TV offering, BT will make Amazon Prime content available on its platform, in addition to Netflix, and from 2019 Sky’s content on Now TV, providing a wide range of programming in one place. ‘INTEGRATED EXPERIENCE’
“Convergence isn’t just about bundling products,” Allera said. “We are going to create a new, smart, converged network for our customers. FILE PHOTO: A bus passes a BT logo outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville/File Photo
“We are going to be the only place to get all of this content on one box with an integrated search experience.”
The consumer relaunch designed by Allera has become all the more important since the group announced plans to cut 13,000 staff and close its London headquarters, highlighting the pressures faced by the company and CEO Patterson.
EE was the one strong performer last year and the new strategy is designed to maintain that lead over rivals in a retail broadband market in which it competes with Sky, TalkTalk and Virgin Media.
BT Consumer, which includes BT, EE and value brand Plusnet, accounts for about 40 percent of group revenue.
Analyst Paolo Pescatore at CCS Insight said the update provides a much-needed boost to BT, given the widespread negative publicity it has endured in recent months.
“More importantly, the new structure and strategy provides better clarity on the future direction of the consumer segment, which has been in limbo for some time,” he said.
The Amazon partnership, he said, could turn around BT’s fortunes given that BT TV has recorded losses for the past two quarters and subscriber growth has been lacklustre in recent years. Reporting by Paul Sandle; Editing by Kate Holton and David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bt-strategy/bt-fights-back-with-new-consumer-strategy-idUKKCN1IH1B1 |
Iranian hard-line lawmakers lit a paper U.S. flag on fire at parliament Wednesday after President Donald Trump's nuclear deal pullout, shouting, "Death to America!"
The impromptu demonstration reflected broad public anger in Iran after Trump's decision, which threatens to destroy the 2015 nuclear accord. While Iranian officials, including the parliament speaker, say they hope Europe will work with them to preserve the deal, many are pessimistic.
The lawmakers, including a Shiite cleric, held the flaming flag alight as their colleagues joined their chants. They also burned a piece of paper representing the nuclear deal and stomped on the papers' ashes.
While U.S. flag-burning is common in Iran and harsh criticism of America has been a staple of Iranian parliamentary politics for years, it was the first time political observers could remember anything being burned inside the parliament itself.
The 2015 agreement imposed restrictions on Iran's nuclear program in return for the lifting of most U.S. and international sanctions.
However, the deal came with time limits and did not address Iran's ballistic missile program or its regional policies in Syria and elsewhere. Trump has repeatedly pointed to those omissions in referring to the accord as the "worst deal ever." Proponents of the deal have said those time limits were meant to encourage more discussion with Iran in the future that could eventually address other concerns.
Late Tuesday night, President Hassan Rouhani said he'd be sending Iranian Foreign Minister Mohammad Javad Zarif to the countries still in the deal — China, France, Germany, Russia and the United Kingdom.
Iran hopes the European Union will pass laws to protect European firms from any potential U.S. sanctions. EU officials have suggested they'll do what they can to salvage the agreement.
Still, Rouhani made a point of stressing that Iran, at any time, could resume its nuclear program.
"So if necessary, we can begin our industrial enrichment without any limitations," the Iranian leader said. "Until implementation of this decision, we will wait for some weeks and will talk with our friends and allies and other signatories of the nuclear deal, who signed it and who will remain loyal to it. Everything depends on our national interests."
Wednesday morning after the flag burning, parliament speaker Ali Larijani said responsibility for saving the deal fell on the EU and other world powers still in the accord.
"The period is only a window in which the EU can prove if it has enough weight for settling down international issues or not?" he said.
Larijani also urged the country's nuclear department to prepare for "resumption of all aspects of nuclear activities."
Many Iranians are worried about what Trump's decision could mean for their country.
The Iranian rial is already trading on the black market at 66,000 to the dollar, despite a government-set rate of 42,000 rials. Many say they have not seen any benefits from the nuclear deal.
Iran's poor economy and unemployment sparked nationwide protests in December and January that saw at least 25 people killed and, reportedly, nearly 5,000 arrested. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/iranian-lawmakers-set-paper-us-flag-ablaze-at-parliament.html |
May 1 (Reuters) - Graham Corp:
* GRAHAM CORPORATION AWARDED CONTRACT FOR CVN-80 AIRCRAFT CARRIER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-graham-corp-awarded-contract-for-c/brief-graham-corp-awarded-contract-for-cvn-80-aircraft-carrier-idUSFWN1S80N5 |
READING, Pa., May 16, 2018 (GLOBE NEWSWIRE) -- EnerSys (NYSE:ENS), the global leader in stored energy solutions for industrial applications, announced today that its Board of Directors has declared a quarterly cash dividend of $0.175 per share of common stock payable on June 29, 2018 to holders of record as of June 15, 2018.
For more information, contact Thomas O’Neill, Vice President & Treasurer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040 or by emailing [email protected] ; Web site: www.enersys.com .
EDITOR’S NOTE: EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Motive power batteries and chargers are utilized in electric forklift trucks and other commercial electric powered vehicles. Reserve power batteries are used in the telecommunication and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions including medical, aerospace and defense systems. Outdoor equipment enclosure products are utilized in the telecommunication, cable, utility, transportation industries and by government and defense customers. The company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world.
More information regarding EnerSys can be found at www.enersys.com .
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, its intention to pay quarterly cash dividends and return capital to stockholders, execution of its stock repurchase program, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from either its cash dividend or its stock repurchase programs, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond EnerSys’ control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in EnerSys’ Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2017. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. No undue reliance should be placed on any forward-looking statements.
Source:Enersys | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-enersys-announces-quarterly-dividend.html |
NEW YORK, May 04, 2018 (GLOBE NEWSWIRE) -- Medley Management Inc. (NYSE:MDLY) (the "Company"), today announced that it will release its financial results for the quarter ended March 31, 2018 on Tuesday, May 15, 2018, subsequent to the New York Stock Exchange close.
The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, May 16, 2018.
All interested parties may participate in the conference call by dialing (877) 524-5743 approximately 5-10 minutes prior to the call. International callers should dial (615) 247-0088. Participants should reference Medley Management Inc. and the conference ID of 4399459 when prompted. Following the call you may access a replay of the event via audio webcast. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Company's website, http://www.mdly.com . To listen to the live call, please go to the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company’s website.
ABOUT MEDLEY
Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise, with over 75 people, is a premier provider of capital to the middle market in the U.S. Medley has over $5 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) (TASE:MCC) and Sierra Income Corporation, a credit interval fund, Sierra Total Return Fund (NASDAQ:SRNTX) and several private investment vehicles. Over the past 15 years, Medley has provided capital to over 400 companies across 35 industries in North America. 1
Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation is dual-listed on the New York Stock Exchange (NYSE:MCC) and the Tel Aviv Stock Exchange (TASE:MCC) and has outstanding bonds which trade on both the New York Stock Exchange under the symbols (NYSE:MCV), (NYSE:MCX) and the Tel Aviv Stock Exchange under the symbol (TASE:MCC.B1).
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “ ”. Statements other than statements of historical facts included in this press release may constitute and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission. Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All speak only as of the date of this press release.
This release does not constitute an offer of any Medley Fund.
Investor Relations Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Erin Clark
Teneo Strategy
646-214-8355
1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of December 31, 2017.
Source:Medley Management Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-medley-management-inc-schedules-earnings-release-date-and-webcast-for-the-quarter-ended-march-31-2018.html |
If your 401(k) is a little cheaper these days, make sure you thank your former co-workers.
A recent report from the Center for Retirement Research at Boston College found that a rash of lawsuits against employers in recent years is causing companies to rethink their fund offerings and push for lower fees.
"These lawsuits aren't brought by the Department of Labor, but rather by former employees," said Geoffrey T. Sanzenbacher, associate director for research at the Center and a co-author of the report.
"This is the most interesting thing: The plan sponsor — the employer — is the one who is really liable, even if they don't know the most about the plan," he said.
show chapters Tap your 401(k) early 8:01 AM ET Thu, 19 Oct 2017 | 01:33 Here's how a flood of litigation may have helped you save a few bucks at work.
Disclosure regulations The Labor Department has two sets of fee disclosure regulations: One compels fiduciaries (your employer in this instance) to spell out expenses to participants , while the other requires service providers to divulge fee details to employers .
Although the federal agency doesn't necessarily specify a cost for plan services and investments, it does require that employers document their selection process and make prudent choices .
Lack of specific guidance from the Labor Department means that employers may not be aware that they're violating the rules until either the agency pursues them or they get hit with a lawsuit, according to the Center for Retirement Research report.
See below for a graph depicting the number of lawsuits surrounding 401(k) plans.
Three categories The Center for Retirement Research report identified three key areas of retirement plan litigation:
Inappropriate investment choices : This includes allegations that an employer kept an underperforming fund in its menu despite a track record of poor returns. Employees have also made this accusation when employers include their own stock in the plan and it founders.
Excessive fees: Employers aren't expected to benchmark actively managed funds to passively managed funds, but they ought to compare their funds' fees to those with other similar characteristics, according to the report. Fiduciaries who choose costly retail share classes when a cheaper institutional share class was available may face legal action or enforcement from the Labor Department.
Self-dealing: This allegation is more common in cases involving financial services firms, referring to instances in which employers direct employees to their own expensive and poorly performing funds. Changes following litigation In the wake of heightened legal action around 401(k)s, employers have adjusted their retirement plans for a win-win: lower fees for employees and reduced litigation risk.
Mutual fund costs have been falling for plan participants, going to 48 basis points in 2016 from 77 basis points in 2000, according to data from the Investment Company Institute .
During that same period, expenses for recordkeeping services — which include tracking workers' investments and managing withdrawals — fell to 46 basis points from 57 basis points, the Center for Retirement Research report found.
Further, fee-conscious investors poured assets into index funds. The chart below shows the overall percentage of retirement and nonretirement assets invested in index funds from 2001 to 2016.
What remains to be seen, however, is whether fear of litigation could spook employers — particularly the smallest companies — from offering these plans in the first place.
The largest plans with the most assets tend to be the ones with the greatest ability to negotiate lower expenses.
"One of the issues with small retirement plans is that the characteristics aren't chosen by the employers, but by the person selling the plan," said Sanzenbacher. "Understanding fees isn't really the specialty of the small employer."
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Labor Department to investors: Watch your back as court dismantles protection rule
Your retirement finances may not be as bad as you think, survey finds | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/401k-fees-are-falling-due-to-lawsuits-over-charges.html |
May 4 (Reuters) - Cast SA:
* Q1 REVENUE EUR 7.7 MILLION VERSUS EUR 6.6 MILLION YEAR AGO
* FOR 2019-2022 SEES 15PCT GROWTH PER YEAR
* CONFIRMS A EXERCISE IN SIGNIFICANT INFLECTION AND ITS GROWTH TARGET OF 20% FOR 2018
* SEES RETURN TO PROFITABILITY IN 2019 * SEES DOUBLE-DIGIT MARGIN FROM 2020 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cast-q1-revenue-up-at-77-million-e/brief-cast-q1-revenue-up-at-7-7-million-euros-idUSFWN1SA1JC |
Hall of Fame forward Mats Sundin said Auston Matthews is not the automatic choice to become the Toronto Maple Leafs’ next captain.
Apr 25, 2018; Boston, MA, USA; Toronto Maple Leafs center Auston Matthews (34) reacts in front of Boston Bruins goalie Tuukka Rask (40) after a goal is scored during the first period in game seven of the first round of the 2018 Stanley Cup Playoffs at TD Garden. Mandatory Credit: Greg M. Cooper-USA TODAY Sports The team has not had a designated captain since defenseman Dion Phaneuf was traded to the Ottawa Senators in February of 2016. Forwards Tyler Bozak and Leo Komarov and defenseman Morgan Rielly were alternate captains last season.
Sundin was the Maple Leafs’ captain from 1997-2008 after taking over for Doug Gilmour. Toronto did not have a designated captain for two seasons after Sundin left.
“It’s easy to say Auston Matthews, he should be the captain,” Sundin told TSN 1050. “But saying that, it has to be a player and a person that also wants to carry that responsibility and actually plays better wearing the C.”
New general manager Kyle Dubas said there is no urgency to name a captain.
Matthews was the No. 1 overall pick in the 2016 NHL Draft, but doesn’t turn 21 until September. The Maple Leafs have lost in the first round of the playoffs in each of Matthews’ first two NHL seasons after reaching the playoffs just once in the previous 11 seasons.
“Most of the great leaders I played with, they lead by example, they lead by the way they play on the ice, they compete the most, they treat their players in their dressing room in a very professional way, they treat everybody the same, whether you’re a player, or equipment manager, or the person down in the garage where you park your car,” Sundin said.
“They are professional off the ice, they’re first in the gym. You want that kind of culture as your leader, and when you have someone like that ... especially if you have the highest-paid guy, or one of your star players, the rest of the team’s going to follow that. When I look at a leader, that’s what I want to see.”
However, Sundin said reports of a rift between Matthews and Maple Leafs coach Mike Babock should not be cause for concern.
“That happens every other day, but it doesn’t get to media most of the time,” Sundin said. “Hey, it’s such a competitive environment, as players, and as coaches, and especially in a city like Toronto where there’s so much expectations on the group and (coming) out of the group, that when you feel like you’re not maybe reaching the full potential of that, there’s obviously tempers flaring. So I think that’s just part of playing at an elite level, of any sport, but especially in a franchise like Toronto.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-tor-matthews/sundin-matthews-not-shoe-in-as-leafs-next-captain-idUSKCN1IR0LK |
SACRAMENTO, Calif. (AP) — Dozens of California counties are suing drug makers and pharmacy chains that officials say created a public nuisance by manufacturing and distributing prescription painkillers they say contributed to the deaths of 64,000 people in the United States in 2016 alone.
The Sacramento Bee reported Thursday that Sacramento, Placer and 10 other Northern California counties filed a lawsuit this week in federal court in Sacramento alleging that racketeering and fraud by the companies led to the nation's opioid epidemic.
"The number of annual opioid prescriptions written in the United States is now roughly equal to the number of adults in the population," the 322-page lawsuit said. "Many Americans are now addicted to prescription opioids, and the number of deaths due to prescription opioid overdose is unacceptable."
The lawsuit is part of a nationwide effort by local governments to seek repayment for money spent to deal with the epidemic, Placer County attorney Brett Holt said. He said 30 California counties have filed or are expected to file such lawsuits.
The lawsuit claims there were 1,925 opioid-related deaths in 2016 and blames the makers of such drugs for "false, deceptive and unfair marketing" that made opioids the most prescribed class of drugs, generating $11 billion in revenues for drug companies in 2010.
A spokesman for the Healthcare Distribution Alliance, which represents distributors named in the lawsuits, said the lawsuits are misplaced.
"The misuse and abuse of prescription opioids is a complex public health challenge that requires a collaborative and systemic response that engages all stakeholders," said vice president John Parker.
He said the idea that drug distributors are responsible for the number of opioid prescriptions "defies common sense and lacks understanding of how the pharmaceutical supply chain actually works and is regulated."
Information from: The Sacramento Bee, http://www.sacbee.com | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-california-counties-sue-drug-makers-over-opioid-epidemic.html |
ST PETERSBURG (Reuters) - Vagit Alekperov, the head of Russia’s No.2 oil producer Lukoil ( LKOH.MM ), said on Thursday the time has come to increase global oil output as prices have risen to $80 per barrel, a level not seen since late 2014.
The current global deal on curbing oil output should remain in place in 2019 but it has to be “flexible”, he said.
Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-lukoil/russias-lukoil-says-its-time-to-raise-global-oil-production-idUSKCN1IP19T |
May 9, 2018 / 4:14 PM / Updated an hour ago U.S. judge blocks DEA from suspending drug distributor over opioid sales Nate Raymond 3 Min Read
(Reuters) - A federal judge blocked the U.S. Drug Enforcement Administration from suspending a Louisiana drug distributor from selling controlled substances over allegations it failed to identify suspicious orders of opioids that were diverted for illicit uses.
U.S. District Judge Elizabeth Foote in Shreveport, Louisiana, on Tuesday entered a temporary restraining order blocking the DEA from enforcing an order issued last week that immediately suspended Morris & Dickson Co’s registration.
The DEA’s order marked the first time during President Donald Trump’s administration that it had moved to immediately block narcotic sales by a distributor as the agency attempts to combat a national opioid abuse epidemic.
A DEA probe focusing on purchases of the highly addictive painkillers oxycodone and hydrocodone showed that, in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the agency said.
The DEA on Friday announced it was suspending the registration of privately-held Morris & Dickson, saying the distributer failed to properly identify large, suspicious orders of drugs sold to independent pharmacies.
However in a brief order, Foote wrote that the drug wholesale distributor had demonstrated a substantial likelihood that it would be able to prove the agency’s action was “arbitrary and capricious.”
The judge scheduled a May 22 hearing to determine whether she should issue a preliminary injunction that would further block the DEA’s action.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Paul Dickson, Morris & Dickson’s president, in a statement said the ruling “means that tens of thousands of patients, many of whom are critical care, are able to get their desperately-needed medications.”
The DEA did not respond to a request for comment on Wednesday.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
According to the U.S. Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data. Reporting by Nate Raymond in Boston; Editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-justice-opioids/u-s-judge-blocks-dea-from-suspending-drug-distributor-over-opioid-sales-idUKKBN1IA2OB |
Malaysia's Anwar Ibrahim receives a full pardon Wednesday, May 16, 2018 - 01:32
Jailed Malaysian reformist Anwar Ibrahim was granted a full pardon and freed on Wednesday, capping dramatic changes in the Southeast Asian country since the government was ousted in an election upset last week.
Jailed Malaysian reformist Anwar Ibrahim was granted a full pardon and freed on Wednesday, capping dramatic changes in the Southeast Asian country since the government was ousted in an election upset last week. //reut.rs/2L7L6oi | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/malaysias-anwar-ibrahim-receives-a-full?videoId=427371945 |
May 29, 2018 / 10:55 AM / Updated 16 minutes ago Pressure on shorter Italian bonds compresses 2/10-yr spread to lowest since end-2011 Reuters Staff 1 Min Read
MILAN, May 29 (Reuters) - A market sell-off that hit in particular shorter-dated Italian bonds compressed the spread between 2 and 10-year yields to 54 basis points, its lowest level since late 2011.
“The lack of trust in Italian assets has infected the short- term debt, which is a type of asset held by investors like cash funds and bank treasury desks who are risk averse and that’s dangerous,” said Giuseppe Sersale, fund manager at Anthilia Capital Partners in Milan.
“It’s a market that is totally in panic,” he added. Reporting by Elvira Pollina and Danilo Masoni, writing by Valentina Za | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-bonds/pressure-on-shorter-italian-bonds-compresses-2-10-yr-spread-to-lowest-since-end-2011-idUSL5N1T0351 |
23 May
Bitcoin extended a two-week sell off Wednesday, falling below $8,000 to its lowest level since mid April.
The digital currency dropped 8.7 percent to a low of $7,512.43 as of 12:30 p.m. ET, according to data from CoinDesk.
All other major cryptocurrencies were also in the red despite bullish calls that prices would skyrocket after a week of major blockchain events in New York City.
Analysts at Fundstrat predicted bitcoin would rally as much as 69 percent as a result of “Blockchain Week,” yet the cryptocurrency has fallen about 13 percent since those conferences kicked off.
Some pundits pointed to regulatory news as the key driver of this week’s sell-off.
On… This entry was posted in Bitcoin News and tagged 8000 , 9 , Bitcoin , Drops . editor | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/bitcoin-drops-9-percent-now-back-below-8000.html/ |
May 4, 2018 / 6:42 AM / Updated 5 hours ago Nearly a third of homebuyers fail to get best mortgages, says watchdog Huw Jones 4 Min Read
LONDON (Reuters) - Britain’s markets watchdog is proposing to make it easier for homebuyers to find the best mortgage after finding that nearly a third of borrowers fail to find the cheapest deal. A home is advertised for sale in London, Britain August 4, 2016. REUTERS/Neil Hall -
The Financial Conduct Authority (FCA) on Friday published the interim findings of a review into Britain’s trillion-pound mortgage market, launched in December 2016 to determine whether customers could obtain better deals and if links between industry players limit choice.
“We found that there are limitations to the effectiveness of the tools available to help consumers choose a mortgage,” the interim report said. “This makes it difficult for a significant minority (we estimate around 30 percent) of customers to find the cheapest suitable deal.”
These consumers could have saved about 550 pounds ($750) a year if they had bought the cheapest product. Some borrowers who could save money by switching provider either do not or cannot, it added.
The high cost of buying a home in Britain, exacerbated by a housing shortage, has put ownership out of reach for many people, and the government is under pressure to address the problem.
“For many, the market is working well with high levels of consumer engagement,” Christopher Woolard, FCA executive director of strategy and competition, said in a statement.
“However, we believe that things could work better with more innovative tools to help consumers.”
There are about 30,000 “mortgage prisoners” who took out interest-only loans before the financial crisis, but are now unable to switch to cheaper deals because of tougher rules.
The FCA said it wants to resolve this “legacy” issue and will explore solutions with industry and consumers.
UK Finance, Britain’s main banking industry body, said the FCA showed that the market was working for the vast majority of borrowers.
“We note the FCA’s points regarding perceived areas of weaknesses within the market, particularly around customers who currently may be unable to switch products,” it said. INHIBITING INNOVATION
The report found little evidence that current commercial arrangements between firms in the market, such as brokers that have agreements with estate agents or a housing developer, are harming customers.
The FCA recommends making it easier for customers to identify the right mortgages and best brokers at an early stage and said it would work with the sector to develop metrics to help consumers make comparisons.
“The proposed work to help consumers understand the relative strengths of brokers is innovative and could have wider application in other intermediated sectors,” said Andrew Strange, a financial services director at consultants PwC.
Helping existing customers finding the best deals as interest rates rise should be a top priority for firms, Strange said.
The interim findings do not propose any changes to the sector’s handbook but explain the watchdog’s thinking.
A final report will be published around the end of the year, with any recommendations for rule changes put out to public consultation.
“Mindful of the regulatory change that mortgage firms have experienced in recent years, we will not seek to make further changes to those interventions that appear to be working well,” the FCA said.
($1 = 0.7378 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-mortgages-regulator/nearly-a-third-of-homebuyers-fail-to-get-best-mortgages-says-watchdog-idUKKBN1I50IS |
(Reuters) - Britain’s Competition and Markets Authority (CMA) said on Thursday that Informa’s ( INF.L ) 5.6 billion pound ($7.45 billion) takeover of rival UBM ( UBM.L ) did not qualify for an investigation.
The deal, announced in December, will create a global leader in business events and conferences, almost a decade after UBM tried to buy Informa.
Reporting by Arathy S Nair in Bengaluru; editing by Kate Holton
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-ubm-m-a-informa/britains-competition-watchdog-clears-informa-ubm-deal-idUSKCN1IW0J4 |
* N.Korea summit on June 12 could take place-Trump
* U.S. crude drops more than 3.5 pct, weigh on energy stocks
* Foot Locker surges after results; lifts Nike
* BioMarin boosts Nasdaq biotech index
* Dow down 0.11 pct, S&P dips 0.17 pct, Nasdaq up 0.24 pct (Changes comment, adds details, updates prices)
By Medha Singh
May 25 (Reuters) - The S&P 500 index and the Dow Jones Industrial Average dipped on Friday as a steep drop in oil prices weighed on energy stocks, with losses limited by gains in chipmakers and healthcare shares.
U.S. crude declined more than 3.5 percent to $68.24 per barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
The S&P energy index slid 3.1 percent, on track for its biggest one-day percentage decline since Feb. 8. All the 31 components of the index slipped into the red.
Shares of Exxon and Chevron both fell more than 2.5 percent, while service firms Schlumberger, Halliburton were down 3.6 percent and 5.9 percent, respectively.
“Oil prices got a little bit ahead of themselves, market participants were moving the price a little bit more than the underlying fundamentals,” said Thomas Martin, senior portfolio manager at GlobALT Investments in Atlanta, Georgia.
The markets this week have been roiled by trade tensions with China, U.S. threat of imposing tariffs on imported cars and uncertainty over a U.S.-North Korea summit.
President Donald Trump on Friday said the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.
At 11:27 a.m. EDT the Dow Jones Industrial Average was down 26.93 points, or 0.11 percent, at 24,784.83, the S&P 500 was down 4.58 points, or 0.17 percent, at 2,723.18 and the Nasdaq Composite was up 18.15 points, or 0.24 percent, at 7,442.57.
“It could be that people don’t want to hold positions over the weekend with so many things that are uncertain,” said Martin.
Trading volumes were thin ahead of the long weekend, with markets shut on Monday for the Memorial Day holiday.
The tech-heavy Nasdaq was boosted by chipmakers, led by a 2.3 percent jump in Broadcom.
A 13.3 percent surge in shares of Foot Locker boosted the consumer discretionary index after the company reported a better-than-expected quarterly profit, lifting shares in Nike which has a partnership with the footwear retailer.
BioMarin Pharmaceutical rose 4.5 percent after receiving FDA approval for its drug to treat a rare metabolic disorder and propping up the Nasdaq Biotech index.
Quest Diagnostics jumped 5.8 percent after entering into a long-term partnership with UnitedHealth, which rose 0.7 percent.
Declining issues outnumbered advancers for a 1.03-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq.
The S&P index recorded 17 new 52-week highs and no new lows, while the Nasdaq recorded 80 new highs and 21 new lows.
Reporting by Medha Singh and additional reporting by Sruthi Shankar in Bengaluru; editing by Patrick Graham and Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-sp-dow-edge-lower-on-oil-plunge-nasdaq-lifted-by-chipmakers-idUSL3N1SW4O8 |
IRVINE, Calif.--(BUSINESS WIRE)-- Alteryx, Inc. (NYSE:AYX) announced today the pricing of $200.0 million aggregate principal amount of 0.50% Convertible Senior Notes due 2023 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Act”). Alteryx also granted the initial purchasers of the notes a 30-day over-allotment option to purchase up to an additional $30.0 million aggregate principal amount of notes. The sale is expected to close on May 18, 2018, subject to customary closing conditions.
The notes will be senior, unsecured obligations of Alteryx, and will bear interest of 0.50% per year payable semi-annually in arrears. The notes will mature on June 1, 2023, unless converted or repurchased in accordance with their terms prior to such date. Prior to March 1, 2023, the notes will be convertible at the option of holders only under certain circumstances, and thereafter, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of Alteryx Class A common stock, cash or a combination thereof, at the election of Alteryx.
Alteryx may not redeem the notes prior to the maturity date. Holders of the notes will have the right to require Alteryx to repurchase for cash all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the notes). Alteryx will also be required to increase the conversion rate for holders who convert their notes in connection with certain corporate events occurring prior to the maturity date.
The notes will have an initial conversion rate of 22.5572 shares of Alteryx Class A common stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $44.33 per share. The initial conversion price represents a premium of approximately 42.5% to the $31.11 per share closing price of Alteryx Class A common stock on The New York Stock Exchange on May 15, 2018.
Alteryx estimates that the net proceeds from the offering will be approximately $194.8 million (or $224.2 million if the initial purchasers exercise their over-allotment option to purchase additional notes in full), after deducting the initial purchasers’ discount and estimated offering expenses payable by Alteryx. Alteryx intends to use approximately $16.6 million of the net proceeds from the offering of the notes to pay the cost of the capped call transactions described below. Alteryx intends to use the remaining net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions or other strategic transactions.
In connection with the pricing of the notes, Alteryx has entered into privately negotiated capped call transactions with an affiliate of one of the initial purchasers of the notes and other financial institutions (the “capped call counterparties”). The capped call transactions are expected generally to offset potential dilution to holders of Alteryx’s Class A common stock upon any conversion of the notes and/or offset the potential cash payments that Alteryx could be required to make in excess of the principal amount of any converted notes upon conversion thereof, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be approximately $66.22 per share, which represents a premium of approximately 100% over the last reported sale price of Alteryx’s common stock of $31.11 per share on May 15, 2018, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers of the notes exercise their over-allotment option to purchase additional notes, Alteryx expects to enter into additional capped call transactions with capped call counterparties that are expected generally to offset potential dilution.
In connection with establishing their initial hedge of the capped call transactions, the capped call counterparties have advised Alteryx that they and/or their respective affiliates expect to purchase Alteryx Class A common stock and/or enter into various derivative transactions with respect to Alteryx Class A common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Alteryx Class A common stock or the notes at that time.
In addition, the capped call counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Alteryx Class A common stock and/or purchasing or selling Alteryx Class A common stock in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of notes or following any repurchase of notes by Alteryx on any fundamental change repurchase date or otherwise). This activity could also cause or avoid an increase or decrease in the market price of Alteryx Class A common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such notes.
If the initial purchasers of the notes exercise their over-allotment option to purchase additional notes, Alteryx intends to use the resulting additional proceeds of the sale of the additional notes to pay the cost of entering into the additional capped call transactions and for general corporate purposes, including potential acquisitions and strategic transactions.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities (including the shares of Alteryx Class A common stock, if any, into which the notes are convertible) and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the notes will be made only to qualified institutional buyers pursuant to Rule 144A promulgated under the Act by means of a private offering memorandum.
The notes and any shares of Alteryx Class A common stock issuable upon conversion of the notes have not been and will not be registered under the Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
Use of forward looking statements
This press release contains “forward-looking statements” including, among other things, the completion, timing and size of the offering, the potential effects of capped call transactions and the expected use of proceeds from the offering. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Alteryx will consummate the offering, prevailing market conditions, the anticipated use of the proceeds of the offering, which could change as a result of market conditions or for other reasons, the impact of general economic, industry or political conditions in the United States or internationally, and whether the capped call transactions will become effective. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Alteryx’s business and financial results, please review the “Risk Factors” described in Alteryx’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 filed with the Securities and Exchange Commission, or SEC, and in Alteryx’s other filings with the SEC. Except as may be required by law, Alteryx undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006842/en/
ICR
Staci Mortenson, 844-842-1912
Investor Relations
[email protected]
Source: Alteryx, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-alteryx-announces-pricing-of-private-offering-of-200-point-0-million-of-0-point-50-percent-convertible-senior-notes-due-2023.html |
SOFIA (Reuters) - European Union leaders agreed on Wednesday to try to keep the Iran nuclear deal alive and maintain their reviving economic cooperation with Tehran after U.S. President Donald Trump withdrew from the pact.
But the 28 EU leaders did not make any quick decisions during their first meeting on the matter since Trump quit the accord earlier this month, highlighting how U.S. clout in international trade and finance limits the Europeans’ scope for action.
That was quickly brought home by the French energy giant Total which joined other European companies in signaling on Wednesday they could exit Iran.
“As long as Iran respects the provisions of the deal, the EU will also respect it,” said Donald Tusk, president of the European Council and chairman of the leaders’ gathering in the Bulgarian capital Sofia.
The leaders of Britain, France and Germany briefed their peers. The three countries were EU signatories of the 2015 deal that gave Iran sanctions relief in exchange for curbing its nuclear program but which Trump dismissed as “the worst deal ever.”
The head of the bloc’s executive, Jean-Claude Juncker of the European Commission, has also presented options the leaders have to shield European investments in Iran and the slowly reviving economic cooperation, which many EU states hope to benefit from.
An EU source said after the talks the leaders agreed to start “work to protect European companies negatively affected by the U.S. decision.”
Options include allowing the European Investment Bank to invest there and coordinating euro-denominated credit lines from EU states.
Iran's Foreign Minister Mohammad Javad Zarif leaves the EU council headquarters in Brussels, Belgium May 15, 2018. REUTERS/Yves Herman Foreign ministers of Germany, France and Britain met their Iranian counterpart in Brussels on Tuesday and tasked their experts to come up with measures for a meeting of their deputies in Vienna next week.
‘IT WILL TAKE TIME’ But a senior EU official admitted there was no silver-bullet solution and that it would “take some time” for the bloc to come up with what would be a complex mix of national and joint steps.
The EU’s top energy and climate official, Commissioner Miguel Arias Canete, is heading to Iran on May 18-21 for talks on energy cooperation, a symbolic gesture from the EU that it wants to stay engaged despite the U.S. withdrawal.
In his criticism of the accord, which the other signatories Russia and China also want to uphold, Trump has said it did not go far enough in restraining Iran’s ability to develop nuclear weapons, while not addressing its missile program and involvement in various conflicts in the Middle East.
EU leaders agreed on Wednesday to keep on looking into these issues, but their previous efforts have not convinced Trump.
Iran's Foreign Minister Mohammad Javad Zarif leaves the EU council headquarters in Brussels, Belgium May 15, 2018. REUTERS/Yves Herman As the EU scrambles to salvage an accord they see as a key element of international security and a diplomatic success, they also wonder about their ties with Washington.
Tusk’s unusually biting criticism of Trump on Wednesday highlighted the deep trans-Atlantic split: “Looking at the latest decisions of President Trump, someone could even think: With friends like that, who needs enemies?”
Reporting by Gabriela Baczynska, Editing by William Maclean and Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-europe-save/eu-leaders-explore-ways-to-save-iran-economic-ties-from-u-s-sanctions-idUSKCN1IH1DX |
LONDON (Reuters) - Moscow-based Kaspersky Lab plans to open a data center in Switzerland by the end of next year to help address Western government concerns that Russia exploits its anti-virus software to spy on customers.
FILE PHOTO: The logo of the anti-virus firm Kaspersky Lab is seen at its headquarters in Moscow, Russia September 15, 2017. REUTERS/Sergei Karpukhin/File Photo Opening the Swiss data center is the latest effort by Kaspersky, a global leader in anti-virus software, to parry accusations by the U.S. government and others that it spies on customers at the behest of Russian intelligence.
Kaspersky Lab said part of the new facility would be based in Zurich, and the company had chosen Switzerland for its “policy of neutrality” and strong data protection laws.
Reuters first reported the plans in March, citing company documents which said Kaspersky Lab was setting up the center in response to moves in the United States, Britain and Lithuania last year to stop using the company’s products.
The United States last year ordered civilian government agencies to remove Kaspersky software from their networks. Kaspersky has strongly rejected the accusations and filed a lawsuit against the U.S. ban.
“We’re addressing the question of trust by moving our data storage and processing facilities, as well as software assembly, to Switzerland,” Kaspersky Lab CEO and founder, Eugene Kaspersky, said in written comments to Reuters.
“The data of our customers from the U.S., Europe, Japan, Korea, Singapore and Australia will henceforth be stored and processed in Switzerland. More countries will follow.”
FILE PHOTO: The logo of Russia's Kaspersky Lab is on displayat the company's office in Moscow, Russia October 27, 2017. REUTERS/Maxim Shemetov Eugene Kaspersky said he had received support from regional Swiss officials and the Swiss embassy in Moscow.
The Swiss center will collect and analyze files identified as suspicious on the computers of tens of millions of Kaspersky customers in the United States, European Union and Asia, Kaspersky Lab said.
The company believes moving these operations to Switzerland will address concerns about laws that enable Russian security services to monitor data transmissions inside Russia and force companies to assist law enforcement agencies, according to the internal documents seen by Reuters.
Kaspersky Lab said it also plans to open similar centers in North America and Asia by 2020, but declined to provide any further details.
It is possible the move could be derailed by the Russian security services, who might resist moving the data center outside of their jurisdiction, according to people familiar with Kaspersky Lab and its relations with the Russian government.
Western security officials say Russia’s FSB Federal Security Service, successor to the Soviet-era KGB, exerts influence over Kaspersky management decisions, though the company has repeatedly denied those allegations.
Reporting by Jack Stubbs; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kaspersky-lab-switzerland/kaspersky-lab-to-open-swiss-data-center-to-combat-spying-allegations-idUSKCN1IG18W |
TORONTO, May 11, 2018 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX:DPM) (the “ Company ”) announced today that the Toronto Stock Exchange (“ TSX ”) accepted its notice of intention to renew its normal course issuer bid (the “ New Bid ”) to repurchase certain of its common shares (“ Shares ”) through the facilities of the TSX. The Company commenced a normal course issuer bid (the “ Current Bid ”) on May 16, 2017, which is scheduled to expire on May 15, 2018. Under the Current Bid, the Company sought and obtained approval to purchase up to 8.9 million Shares.
The number of Shares that can be purchased during the period of the New Bid, which commences on May 16, 2018 and terminates on May 15, 2019, will not exceed 8.9 million Shares, being approximately 5% of the 178,492,566 outstanding Shares as of May 3, 2018. All purchases made pursuant to the New Bid will be made through the facilities of the TSX or other alternative trading systems in accordance with applicable Canadian securities laws and Shares repurchased pursuant to the New Bid will be cancelled. Pursuant to the terms of the New Bid, the Company will not acquire on any given trading day more than 43,244 Shares, representing 25% of the average daily trading volume of Shares for the most recently completed six month period, being 172,979 Shares, other than block purchase exceptions.
The actual timing and number of Shares that may be purchased pursuant to the New Bid will be subject to the Company’s ongoing capital requirements and management’s view that, from time to time, the Company’s Shares trade at prices well below the underlying value of the Company and during these periods the repurchase of Shares represents an excellent opportunity to enhance shareholder value.
The Company has re-appointed RBC Capital Markets to make any purchases under the New Bid on its behalf. Under the Current Bid, the Company sought and obtained approval to purchase up to 8.9 million Shares but did not purchase any Shares under the Current Bid.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. The Company also holds interests in a number of developing gold and exploration properties located in Bulgaria, including the Krumovgrad gold project, which started construction in the fourth quarter of 2016 and is expected to commence production in the fourth quarter of 2018, Canada , Serbia and Armenia, and its 10.2% interest in Sabina Gold & Silver Corp.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain certain information that constitutes forward-looking statements, including, without limitation, statements with respect to potential purchases of Shares under the New Bid and the commencement of production at the Krumovgrad gold project in the fourth quarter of 2018. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on key assumptions and the opinions and estimates of management and Qualified Persons (in the case of technical and scientific information) at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, there being no assurance that the Company will purchase any Shares under the New Bid, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com . The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
For further information please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
[email protected]
Hume Kyle
Executive Vice President and Chief Financial Officer
Tel: (416) 365-5091
[email protected]
Janet Reid
Manager, Investor Relations
Tel: (416) 365-2549
[email protected]
Source: Dundee Precious Metals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-dundee-precious-metals-announces-renewal-of-normal-course-issuer-bid.html |
ANAHEIM, Calif., May 17, 2018 (GLOBE NEWSWIRE) -- Cadence Aerospace , a provider of highly complex aerospace components and assemblies to commercial and defense customers, announces the appointment of Lanny Shirk as President of the Company’s Astro Spar Arden (ASA) Operations, effective May 21. With Centers of Excellence based in the U.S. and Mexico , Cadence Aerospace serves the world's leading manufacturers of aircraft, aerostructures, aeroequipment and other defense platforms. ASA Operations, located in Anaheim, California, provides high-speed and hard-metal machining, assembly and kitting for aerostructures.
President, Astro Spar Arden (ASA) Operations - Cadence Aerospace
In this role, Mr. Shirk will oversee all ASA operations and profitability of the organization as well as identify new areas for growth and improvement in productivity, efficiency and customer service aligned with the overall Cadence corporate strategy. He succeeds Bob Zubaty, who has chosen to leave Cadence Aerospace to pursue other opportunities after serving as Interim President.
“We are excited to welcome Lanny Shirk to the Cadence Aerospace team and look forward to his contributions. Throughout his career, Lanny has demonstrated a keen ability to optimize teams to achieve operational and functional excellence while creating and fostering an environment that continually supports innovation and employee engagement,” said Tom Hutton, Chief Executive Officer of Cadence Aerospace. “At the same time, Cadence Aerospace sincerely thanks Bob Zubaty for his leadership and dedication to our Company. We wish him the very best in his future endeavors.”
Mr. Shirk brings more than 33 years of aerospace industry operational experience to his new role at Cadence Aerospace. Most recently, he served as Senior Director at Orbital ATK, a global leader in aerospace and defense technologies. In this role, Mr. Shirk had fiscal responsibility and oversight of four major aerospace and defense programs, including responsibility for customer outcomes, operational excellence and performance.
He spent the majority of his career at Vought Aircraft, a company later acquired by Triumph Group, an international supplier of aerospace services, structures, systems and support. As President of Triumph Group in Los Angeles, he led the operations for four manufacturing facilities and achieved Triumph Group Most Improved Company Award for 2012. Prior to that, Mr. Shirk served the company as a Sourcing Transition Senior Manager, responsible for the consolidation and streamlining of machining, sheet metal and processing operations. Between 1989 and 2009, he held a number of positions of increasing responsibility at Vought in the areas of assembly, fabrication, site management, industrial engineering and other technical roles. Mr. Shirk began his career at the Boeing Corporation, where he was a Methods Analyst and a Senior Estimator.
He holds a Bachelor of Science in Business Administration from Friends University in Wichita, Kansas.
About Cadence Aerospace
Cadence Aerospace , a portfolio company of Arlington Capital Partners, is a leading aerospace and defense industry supplier committed to achieving success with its business partners through active engagement, aligned manufacturing and sourcing strategies, and industry-leading capabilities. The Company’s Centers of Excellence , based in the U.S. and Mexico, produce machined parts, subassemblies, assemblies and repair and overhaul services for the world's leading manufacturers of aircraft, aerostructures, aeroequipment and other defense platforms. With clearly defined products and services, complementary capabilities, positions on programs offering long-term growth, a balanced and global aerospace, commercial and defense portfolio, Cadence Aerospace offers outstanding quality and delivery at cost-competitive prices to aerospace and defense companies globally.
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-area private equity firm that has managed $2.2 billion of committed capital via four investment funds, including Arlington's fourth and most recent $700 million fund. Arlington is focused on middle market investment opportunities in growth industries, including: aerospace/defense, government services and technology, healthcare, and business services and software. The firm's professionals and network have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their Company's position as leading competitors in their field.
Me di a Contacts:
Peter Manos
[email protected]
Bilal Noor
[email protected]
Arlington Capital Partners
5425 Wisconsin Avenue, Suite 200
Chevy Chase, MD 20815
Phone: +1.202.337.7500
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9d7eef12-c162-44f3-960e-f7216cd1a193
Source:Cadence Aerospace | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-cadence-aerospace-appoints-lanny-shirk-as-president-astro-spar-arden-asa-operations.html |
May 3, 2018 / 7:05 PM / in 8 minutes Peruvian prosecutors say Canadian was lynched after killing shaman Reuters Staff 2 Min Read
LIMA (Reuters) - Peruvian prosecutors have concluded that a Canadian man shot a medicine woman to death in an Amazonian community before he was lynched in retribution last month, a representative of Peru’s attorney general’s office said on Thursday.
A gun that Sebastian Woodroffe, a 41-year-old native of Vancouver Island, bought early last month matches one found near the crime scene, said Ricardo Jimenez, the president of a group of prosecutors in the Amazonian region of Ucayali.
Gunpowder was also found on Woodroffe’s clothes, though not on his hands - possibly the result of having been buried for two days before his body was found by police, Jimenez said.
Woodroffe was beaten and lynched by residents of a Shipibo-Conibo indigenous community in the rainforest region of Ucayali last month after Olivia Arevalo, a revered 81-year-old shaman, was shot and killed near her home.
Woodroffe’s and Arevalo’s family could not be reached for comment.
The double homicide spotlighted surging tourism in the Amazon related to the hallucinogenic plant brew ayahuasca, which has long been used by tribes in spiritual rituals and is popular among foreigners seeking psychedelic experiences or help with addiction.
Woodroffe traveled to Peru to learn about ayahuasca and plant medicine so he could become an addictions counselor, according to his post on the crowdfunding website Indiegogo.com.
Jimenez said prosecutors suspect Woodroffe killed Arevalo over money that Arevalo’s son owed Woodroffe.
Results were still pending from a test to determine whether Woodroffe had consumed ayahuasca, alcohol or any other drugs before his death, Jimenez said.
Police have still not found two men seen pulling on a rope around Woodroffee’s neck in a cellphone video recording of the lynching. The interior ministry has offered a 20,000 ($6,105) reward for information leading to the capture of either of them. Reporting by Mitra Taj; Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-peru-crime/peruvian-prosecutors-say-canadian-was-lynched-after-killing-shaman-idUSKBN1I42FM |
By Bloomberg 12:55 AM EDT
China’s push to cleanse its internet of unsavory elements appears to have claimed an unlikely victim, with thousands of videos of children’s cartoon program “Peppa Pig” reportedly culled from a video app.
Douyin, an online video platform owned by technology firm Beijing Bytedance Technology Co., removed all trace of the British TV show, the state-run China Daily reported on Tuesday. The app had previously carried more than 30,000 videos related to Peppa Pig, according to state media.
Searches of the Douyin app for the program — which follows the adventures of a young cartoon pig and her family — yielded no results on Wednesday. Bytedance, which has incurred the wrath of China’s censors in the past, didn’t immediately respond to WeChat messages and phone calls from Bloomberg News (bloomberg) .
“Peppa Pig” has become a big hit in China since it first appeared on the China Central Television network in 2015. But the cartoon’s appeal has spread beyond young children to teenagers and adults, with some seizing on the character as a sign of rebellion , according to the New York Times . China Daily says Peppa Pig’s Chinese nickname — shehuiren — is a slang term for gangster, spurring grown-up fans to link the show to gangster rap. Peppa Tattoos
People have been posting their own dubbed and edited versions of the program and some have even gotten “Peppa Pig” tattoos, the newspaper said. A two-line rhyme that roughly translates as “Get your Peppa Pig tatt, shout out to your frat” went viral in China.
State media have speculated that the links to gangs and tattoos — frowned upon in Chinese culture — may be why Douyin pulled the cartoons. “Peppa Pig” videos have been viewed 45 billion times on the country’s video-on-demand platforms.
For more on Chinese internet companies, watch Fortune’s video:
The apparent removal of “Peppa Pig” from Douyin comes after China cracked down on other platforms owned by Bytedance. Last month, the authorities demanded a halt to downloads of four news apps run by the startup and by tech giant Tencent Holdings Ltd (tcehy) . They then ordered the shutdown of a joke-sharing app run by Toutiao , Bytedance’s biggest app.
China tightly controls the internet within its borders, censoring certain topics and search terms. The authorities periodically clamp down on media companies, seeking to purge social and web platforms of government criticism, as well as content they deem lewd or risqué.
This isn’t the first time children’s characters have been dragged into the world of Chinese censorship. After Xi Jinping proposed repealing presidential term limits in February, Winnie the Pooh was temporarily banned after commentators used the character in posts as a stand-in for Xi. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/02/china-bans-peppa-pig-douyin-app/ |
May 11 (Reuters) - Artemis Resources Ltd:
* TO SELL 4 MILLION NOVO RESOURCES CORP SHARES TO KIRKLAND LAKE GOLD FOR GROSS PROCEEDS OF A$20.7 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artemis-resources-to-sell-4-mln-no/brief-artemis-resources-to-sell-4-mln-novo-resources-corp-shares-to-kirkland-lake-gold-idUSL8N1SI08L |
MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Red Lobster restaurant property for $1.8 million. The property is located in Pennsylvania, and is occupied under a triple-net lease with approximately 9 years of term remaining. The transaction was priced at a 7.1% going-in cash cap rate, exclusive of transaction costs. Red Lobster operates over 700 restaurants across the U.S. and Canada and is the largest casual dining seafood brand in the country.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and related food services industry. Additional information about FCPT can be found on the website at http://www.fcpt.com/ .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006301/en/
Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-fcpt-announces-acquisition-of-a-red-lobster-restaurant-property-for-1-point-8-million.html |
May 11, 2018 / 6:16 AM / Updated 15 minutes ago BOJ Kuroda calls for government efforts on structural reform Reuters Staff 1 Min Read
TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Friday the government had more work to do on structural reform and measures to boost the country’s growth potential. FILE PHOTO - Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, in this photo taken by Kyodo April 27, 2018. Mandatory credit Kyodo/via REUTERS
“It’s true there is some lag before the steps already taken begin to affect the economy. We need to take that into account,” Kuroda told parliament.
“Having said that, there are still some steps remaining that the government needs to take on structural reform and growth strategy,” he said. Reporting by Leika Kihara; Editing by Chang-Ran Kim | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-economy-boj/boj-kuroda-calls-for-government-efforts-on-structural-reform-idUKKBN1IC0GN |
May 2 (Reuters) - Fujifilm Holdings Corp:
* FUJIFILM SHARES FALL MORE THAN 3 PERCENT Further coverage:
UPDATE 1-Xerox CEO quits in settlement with shareholders over Fujifilm deal (Reporting By Chris Gallagher)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fujifilm-shares-fall-more-than-3-p/brief-fujifilm-shares-fall-more-than-3-percent-idUST9N1QY02H |
Former GOP senator: I don’t see a coherent trade policy toward China 3 Hours Ago Judd Gregg, former Republican senator and governor of New Hampshire, discusses trade policy and the Iran deal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/former-gop-senator-i-dont-see-a-coherent-trade-policy-toward-china.html |
President Donald Trump tweeted Wednesday that he wishes he had picked someone other than Jeff Sessions to be attorney general.
In a series of tweets citing Republican Rep. Trey Gowdy, Trump unleashed yet another attack on Sessions, who, as a senator, was one of the first mainstream Republicans to publicly endorse the real estate magnate's candidacy for president.
Trump tweet 1
Trump tweet 2
Trump tweet 3
Gowdy made the comments about Sessions on Wednesday's edition of "CBS This Morning."
Once friendly with the attorney general, Trump has targeted much of his wrath over the Russia probe at the former Alabama senator after Sessions recused himself last year from the Justice Department 's probe into Russian meddling in the 2016 election.
Rudy Giuliani, one of Trump's attorneys in the Russia probe, told CNBC that Trump still seems frustrated over Sessions for the recusal "because he believes he should not have in the first place."
The Justice Department declined to comment.
Sessions' recusal came March 2, 2017, after The Washington Post reported on previously undisclosed contacts between the Alabama Republican and the Russian ambassador during the campaign and the transition period. Sessions, who was a key surrogate and advisor for Trump during the campaign, had not disclosed the meetings during his confirmation hearing before the Senate.
The Wednesday tweets came on the heels of a New York Times article that said the president had asked Sessions to reverse his decision to recuse himself.
Special counsel Robert Mueller is investigating the reported request as part of an inquiry into whether Trump obstructed justice.
Trump has repeatedly denied that his campaign colluded with the Kremlin to undermine Democrat Hillary Clinton's candidacy. He also has denied that he obstructed justice, and has often called the probe a "witch hunt."
A representative for the the White House did not immediately respond to CNBC's request for comment.
CNBC's Brian Schwartz contributed to this article. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/trump-i-wish-i-did-pick-someone-other-than-jeff-sessions-to-be-attorney-general.html |
Venture Capital Bitcoin is the market's new fear gauge, investor says Price changes in bitcoin and other cryptocurrencies are a better indicator of volatility in the market — as good as the VIX, says Brian Stutland of Equity Armor Investments. "There is huge correlation right now between VIX and bitcoin 30 days ago," he says. Cryptocurrencies allow investors to move their money off the balance sheets of banks and decrease credit risks. 12 Hours Ago | 08:33
The answers to which way the market will move next may lie in bitcoin , said Brian Stutland of Equity Armor Investments.
"Bitcoin is sort of becoming the new VIX , in sort of getting ahead of credit risk in the banking industry," Stutland said on " Fast Money " on Tuesday.
The CBOE Volatility Index, or VIX, is a long-held measure of volatility and fear in the marketplace illustrated by way of S&P 500 stock options prices. The index is sometimes referred to as the market's "fear gauge." But Stutland told CNBC that bitcoin is just as good of an indicator.
"T here is huge correlation right now between VIX and bitcoin 30 days ago, 30 trading days ago, t hat is starting to measure out credit risk in the market," Stutland said. "That's what cryptocurrency is becoming. It's becoming a way to sort of de-risk yourself from credit risk in the banking industry."
Stutland said that makes sense considering cryptocurrency is still an unregulated way for investors to transfer capital.
"Bitcoin is a way to for investors to basically move their money off the balance sheets of banks and into their own wallets," he said. "Essentially storing their money under their pillow in the form of virtual currency."
And investors are more likely to be cautious with their money when banks have increased credit risks, Stutland said.
"As credit risk increases we get more volatility in the market," he said.
The VIX shot up to highs of 18.39 Tuesday, from Friday's lows of 12.59. The market also had a turbulent day Tuesday . All three major indexes closed lower, with the Dow Jones Industrial Average down nearly 500 points at its lows.
Bitcoin, priced around $7,500 6:30 p.m. ET Tuesday, down from nearly $9,000 a month ago or close to $10,000 on May 5. Kellie Ell News Associate for CNBC Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/bitcoin-is-the-markets-new-fear-gauge-investor-says.html |
May 9, 2018 / 9:24 PM / Updated 15 hours ago Many cannabis dispensaries recommend pot to pregnant women Lisa Rapaport 5 Min Read
(Reuters Health) - More than two-thirds of cannabis dispensaries recommend that pregnant women use marijuana to treat morning sickness even though doctors advise against it because of safety concerns, a U.S. study suggests. A woman holds marijuana for sale at the MedMen store in West Hollywood, California U.S. January 2, 2018. REUTERS/Lucy Nicholson
While cannabis and other drugs are not tested in pregnant women to avoid any unintended harms to mothers and babies, animal research to date has linked marijuana use during pregnancy to an increased risk of underweight and premature infants as well as neurological defects.
The American College of Obstetricians and Gynecologists discourages doctors from prescribing or suggesting the use of marijuana for medicinal purposes while women are trying to conceive, pregnant, or nursing their babies.
“Given the concern for fetal harm with maternal cannabis use, women should utilize nausea medications prescribed by a physician for treatment of nausea and vomiting in pregnancy, and should not use cannabis for this,” said senior study author Dr. Torri Metz of the University of Colorado School of Medicine in Aurora.
“First line medical therapy for treatment of nausea and vomiting in pregnancy is vitamin B6 and doxylamine,” Metz said by email. “This combination has been studied extensively and there is not concern for fetal harm, and there are numerous other agents that can also be prescribed if the first line therapy fails.”
As more U.S. states legalize marijuana, concern is mounting in the medical community that many people including pregnant women may mistakenly assume that using the drug is risk-free, researchers note in Obstetrics & Gynecology.
For the current study, researchers posing as pregnant women with morning sickness called 400 randomly selected cannabis dispensaries in Colorado, one of about 30 U.S. states that have legalized some form of marijuana sales. Overall, 69 percent of the dispensaries recommended cannabis to help pregnant women relieve this nausea, the study found.
Medical marijuana dispensaries were even more likely than other cannabis retailers to recommend the drug to pregnant women: 83 percent of medical dispensaries did this, compared to slightly more than 60 percent of other dispensaries.
Most of the people women spoke to at the dispensaries recommended cannabis for use in pregnancy based on their personal opinion, and 36 percent stated that the drug is safe in pregnancy.
While 82 percent of the dispensaries ultimately advised women to speak to a healthcare provider, only 32 percent made this recommendation without prompting.
One limitation of the study is that it’s possible mystery callers might get different advice by phone than pregnant women might get in person at dispensaries, the study team acknowledges.
Still, the results are concerning because medical marijuana laws prohibit dispensing cannabis to pregnant women, said Dr. Nora Volkow, director of the National Institute on Drug Abuse in Bethesda, Maryland.
“One issue is that dispensaries may not have the proper training, and how women got the prescriptions is another issue because this should not be prescribed for pregnant women,” Volkow, who wasn’t involved in the study, said in a telephone interview.
Another problem is that scientists don’t know how different types and amounts of cannabis use might impact pregnant women and their babies,” said Kelly Young-Wolff, a researcher at Kaiser Permanente Northern California in Oakland who wasn’t involved in the study.
“The health effects of cannabis use in pregnancy may differ depending on mode of administration (e.g., vaping versus smoking), cannabis potency, trimester of cannabis exposure, and concurrent use of other substances, factors that we are just beginning to include in research on the health effects of cannabis use in pregnancy,” Young-Wolff said by email.
While cannabis can indeed ease nausea, most of the research in this area has focused on cancer patients who have nausea as a side effect of chemotherapy, said Marcel Bonn-Miller of the Perelman School of Medicine at the University of Pennsylvania in Philadelphia.
“I would not advise pregnant women to use cannabis for nausea, especially because we already have a number of good treatment options,” Bonn-Miller, who wasn’t involved in the study, said by email. “There are just too many risks and unknowns at this stage.”
SOURCE: bit.ly/2ruCa42 Obstetrics & Gynecology, online May 9, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-morningsickness-marijuana/many-cannabis-dispensaries-recommend-pot-to-pregnant-women-idUKKBN1IA3BR |
* Forint off 23-month lows, bond market remains tense * Hungarian central bank holds fire, reaffirms loose policy * Forint may weaken past 320/euro soon, bond yields seen rising (Recasts with Hungary's central bank rate decision and comments) By Sandor Peto BUDAPEST, May 22 (Reuters) - The forint gave up almost all of its early gains on Tuesday against the euro, edging back towards 23-month lows as dollar bulls returned in global markets and Hungary's central bank (NBH) reaffirmed its loose policy line. The forint and Hungarian bonds have been hit particularly hard among Central European assets this month as the dollar's rally and a rise in U.S. long-term debt yields triggered a sell-off in emerging markets. The NBH, regarded as one of the most dovish central banks in the world, kept interest rates on hold at record low levels, and said it would maintain loose monetary conditions. Analysts said the bank's comments indicated that it intended to wait for jitters to subside in global markets. In its statement it noted the jump in bond yields, but said it would assess it in light of their relevance to its inflation target. Inflation is near the bottom of the bank's 2-4 percent target range. The forint's weakness is unlikely to boost it, market participants said. The forint traded at 318.4 versus the euro at 1414 GMT, off its early high of 316.31, edging towards Monday's 23-month low at 319.5. "I have no doubt that it will cross the 320 line soon, but what then?" one Budapest-based dealer said. "It is caused by the dollar's strength and U.S. yields, and looking ahead, all factors are in favour of the dollar." Hopes that Moody's may upgrade Hungary's credit rating next week may give some support to Hungarian assets, dealers said. The zloty, Central Europe's most liquid currency, has taken an even bigger beating than the forint, and on Tuesday stood 2.6 percent weaker against the euro since the end of 2017, at 4.2896. Poland's 10-year government bond yield dropped 8 basis points to 3.247. Hungary's corresponding yield rose 2 basis points to 3.2 percent. Hungarian bonds have been the worst hit in the region this month. The 10-year yield has increased by more than 60 basis points, twice as much as the U.S. yield, approaching the corresponding Polish yield for the first time in more than two years. Hungary's yield rise was the region's steepest because of a big decline in the past two years and after heavy supply from the government debt management agency AKK at its past three bond auctions, traders said. "Looking at the market now, they are lucky if they can sell 50 billion forints worth of bonds on Thursday at the auction (compared with a 65 billion forint offer)," one Budapest-based fixed income trader said, adding that yields could rise further. CEE SNAPSHOT AT MARKETS 1614 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.7040 25.7200 +0.06% -0.63% crown > Hungary <EURHUF= 318.4000 318.5900 +0.06% -2.35% forint > Polish <EURPLN= 4.2896 4.2950 +0.13% -2.64% zloty > Romanian <EURRON= 4.6260 4.6225 -0.08% +1.16% leu > Croatian <EURHRK= 7.3855 7.3830 -0.03% +0.61% kuna > Serbian <EURRSD= 118.0400 118.1000 +0.05% +0.39% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1105.06 1102.150 +0.26% +2.49% 0 Budapest 36477.74 36770.93 -0.80% -7.36% Warsaw 2256.19 2268.39 -0.54% -8.33% Bucharest 8415.14 8260.86 +1.87% +8.53% Ljubljana <.SBITOP 896.78 897.75 -0.11% +11.21% > Zagreb 1859.77 1849.34 +0.56% +0.92% Belgrade <.BELEX1 743.26 744.23 -0.13% -2.18% 5> Sofia 644.44 646.24 -0.28% -4.87% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.9800 0.1080 +158bps +11bps R> 5-year <CZ5YT=R 1.4300 0.0300 +152bps +1bps R> 10-year <CZ10YT= 1.9720 0.0220 +142bps +0bps RR> Poland 2-year <PL2YT=R 1.6090 -0.0180 +221bps -2bps R> 5-year <PL5YT=R 2.5160 -0.0650 +260bps -9bps R> 10-year <PL10YT= 3.2470 -0.0800 +270bps -11bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.03 1.19 1.33 0.90 <PRIBOR= > Hungary 0.07 0.40 0.52 0.11 Poland 1.73 1.76 1.81 1.70 Note: FRA are for ask prices Quote: s | ashraq/financial-news-articles | https://www.reuters.com/article/easteurope-markets/cee-markets-forint-retreats-as-hungarian-cbank-shrugs-off-turbulence-idUSL5N1ST4F0 |
VICTORIA, Texas--(BUSINESS WIRE)-- Imperial Dade has acquired Gulf Coast Paper Co., Inc. (“Gulf Coast Paper”). The transaction represents the sixteenth acquisition for Imperial Dade, a leading national distributor of disposable food service and janitorial supplies, under the leadership of Robert and Jason Tillis, CEO and President of Imperial Dade, respectively.
Headquartered in Victoria, Texas, Gulf Coast Paper is a distributor of janitorial, sanitation, packaging and office supply products serving the southeast Texas region. The company operates out of seven strategically located facilities covering the major metro areas of Austin, Brownsville, Corpus Christi, Houston, and San Antonio. The acquisition represents Imperial Dade’s first expansion into the Texas market. Going forward, customers of Gulf Coast Paper can expect the same exceptional customized service with an expanded offering of distribution solutions.
Robert Tillis said, “Gulf Coast Paper’s history of excellence and commitment to service will fit well with the Imperial Dade platform. We enthusiastically welcome the Gulf Coast Paper team members to Imperial Dade and look forward to working together to further grow the business.”
Clay Dibble, Vice President of Sales and Marketing for Gulf Coast Paper, said, “Over the past 50 years, we have aimed to exceed our customers’ expectations. Our ability to do so will improve going forward under this new partnership. On behalf of the Gulf Coast Paper team, I look forward to growing under the leadership of Bob, Jason, and the Imperial Dade organization.”
“This acquisition is a critical step in our vision at Imperial Dade of creating the nation’s leading provider of food service disposables and janitorial supplies,” said Jason Tillis. “Gulf Coast Paper is a leading provider in the Texas market and will help us grow further in the Southwest region.”
About Imperial Dade
Founded in 1935, Imperial Dade is a leading distributor of disposable food service and janitorial supplies in the Northeast, Mid-Atlantic, Southeast, Southwest and Midwest regions and Puerto Rico. Since CEO Robert Tillis and President Jason Tillis assumed their roles in 2007, the company has grown both organically and through acquisitions to become a leader in the disposable food service and janitorial supplies industry. For additional information, please visit www.imperialdade.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005820/en/
Imperial Dade
Paul Cervino, 201-437-7440
Source: Imperial Dade | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-imperial-dade-announces-the-acquisition-of-gulf-coast-paper-co-inc.html |
CANNES, France (Reuters) - Cannes opened its doors on Monday for a festival that will show the new “Star Wars” spinoff but welcome fewer stellar names than usual.
71st Cannes Film Festival – Cannes, France, May 7, 2018. A general view shows the Croisette and the bay of Cannes on the eve of the opening of the festival. REUTERS/Regis Duvignau Critics have said a jury including Cate Blanchett, Kristen Stewart and Lea Seydoux has more A-list acting talent than the films - many from lesser-known European, Asian and African filmmakers - vying for the Palme d’Or.
“Solo: A Star Wars Story,” will be the only Hollywood blockbuster screened during the fortnight, and even that will have already premiered in Los Angeles.
Netflix, which brought a raft of A-listers last year, is boycotting Cannes due to French rules that would stop it streaming movies for three years after a cinema release.
This will also be the first festival in years without Harvey Weinstein, the movie mogul once famous on the Riviera for his lavish parties, but now the subject of sexual assault allegations that have shaken the global film industry.
Weinstein has denied all allegations of non-consensual sex.
Festival director Thierry Fremaux denied that the lack of U.S. movies indicated Cannes was losing its appeal in Hollywood, where studios increasingly release big films late in the year to get visibility in the run-up to the Oscars, which are awarded in late winter.
“You should never judge on one year,” he told a news conference, while adding that the perhaps the famously harsh press corp at Cannes - where movies are often booed during media screenings - might be “scaring certain productions” away.
Hollywood Reporter critic Scott Roxborough said Cannes remained “the number one film festival for quality cinema worldwide” and that its selection of less commercial movies showed “Cannes is going back to its roots.”
“It’s the only place really you can have an unknown film ... that within a hour of being shown everybody is talking about it ... within a day, a week, it’s the biggest name in arthouse cinema,” he told Reuters.
There are 21 films in the main competition and dozens more vying for other prizes and screening out of competition. Here are a handful of the most hotly anticipated:
Everybody Knows (Todos lo Saben)
The festival opens with this Spanish-language family drama starring Penelope Cruz and Javier Bardem. The writer-director is the Iranian Asghar Farhadi who won foreign language Oscars for “A Separation” and “The Salesman”, taut character-driven realist movies that explore the divisions imposed by social class and national boundaries. “Everybody Knows” is competing for the Palme d’Or.
The House That Jack Built
Danish provocateur Lars von Trier returns after being ejected from the festival in 2011 for telling a news conference he was a Nazi who sympathized with Adolf Hitler - comments he later said were taken out of context.
Matt Dillon stars as a serial killer of women. “We experience the story from Jack’s point of view, while he postulates each murder as an artwork in itself,” according to notes in the festival’s program.
Hollywood Reporter critic Roxborough said the film, screening out of competition, is one of his top-three must-sees, calling it: “a movie that could almost be seen as an answer to the MeToo movement, in a really nasty way”.
71st Cannes Film Festival – Cannes, France, May 7, 2018. A general view shows the Croisette and the bay of Cannes on the eve of the opening of the festival. REUTERS/Regis Duvignau BlacKkKlansman
Spike Lee returns to Cannes almost 30 years after “Do the Right Thing” was tipped for, but failed to get, the Palme d’Or. (“He said he was robbed, I agree with him,” said Roxborough.)
“BlacKkKlansman”, the true story of an African-American police officer who infiltrates the Ku Klux Klan, stars John David Washington (son of Denzel) and Adam Driver.
Lee says the story, set in the 1970s, is more relevant than ever in President Donald Trump’s America.
“Agent Orange refused to repudiate the Klan, the alt-right and the Nazis,” he told Hollywood Reporter.
“‘There’s good people on both sides.’ That’s going to be on his gravestone.”
In competition for the Palme d’Or, “BlacKkKlansman” will open in U.S. cinemas on Aug. 10, one day before the anniversary of the far-right rally in Charlottesville, Virginia where counter-protester Heather Heyer was killed by a car driven into the crowd.
The Man who Killed Don Quixote
Terry Gilliam’s two-decade struggle to make this film has entered movie folklore. An initial version, starring Johnny Depp and Vanessa Paradis, was dumped after a series of calamities meant shooting had to stop.
Finally finished, it remains to be seen if this version, with “Brazil” star Jonathan Pryce as the Spanish knight who tilts at windmills, can be shown at Cannes due to a last-minute legal challenge from a movie producer who says he has the rights over it.
“It’s taken him so long to make this movie I think we all owe it to the man to go and check it out,” said Roxborough of the film that should, but may not, close the festival, out of competition, on May 19.
A Paris court on Monday heard an application for an injunction on showing the film, but will not rule until Wednesday.
Leto (The Summer)/ 3 Faces
Two films in the main competition will screen without the presence of their directors - both prevented from traveling by national authorities in their home countries.
Leto, about the Leningrad rock music scene in the latter years of the Soviet Union, is directed by Kirill Serebrennikov who is under house arrest pending a fraud case his supporters say is part of a government crackdown on artistic freedoms.
Iranian director Jafar Panahi was arrested in 2010 and banned from making films, but has continued to work, to international acclaim. Like his 2015 film “Taxi”, “3 Faces” features Panahi playing himself on screen.
The Cannes Film Festival runs from May 8 to May 19.
Additional reporting by Sarah Mills; Writing by Robin Pomeroy; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes/in-a-film-festival-far-far-away-cannes-puts-art-over-commerce-idUSKBN1I81RP |
Net Sales for the fiscal year of $1.2 billion up 58.3% over prior fiscal year 2017 Gross Margin for fiscal year 2018 of 28.4% compared to 24.7% for the prior fiscal year 2017 Net Sales for the quarter up 3.8% to $318.0 million compared to the prior quarter ended December 31, 2017 Cash Balance at March 31, 2018 of $286.8 million up $177.1 million compared to prior year March 31, 2017
FORT LAUDERDALE, Fla., May 17, 2018 (GLOBE NEWSWIRE) -- KEMET Corporation (the “Company”) (NYSE:KEM), a leading global supplier of electronic components, today reported preliminary results for the fourth quarter and fiscal year ended March 31, 2018.
For the fiscal year ended March 31, 2018, net sales were $1.2 billion, up 58.3% compared to $757.8 million for the fiscal year ended March 31, 2017. Net sales of $318.0 million for the quarter ended March 31, 2018 increased 3.8% from net sales of $306.4 million for the prior quarter ended December 31, 2017, and increased 61.0% compared to net sales of $197.5 million for the quarter ended March 31, 2017.
“We finished the fiscal year strong in the March quarter with mix, shipments, and orders staying on pace, and even exceeding the prior quarter in all aspects. We continue to believe that this is a trend and not a bubble with the demand for our products remaining robust and our sales into the distribution channel balanced with distributor inventories,” stated Per Loof, the Company’s Chief Executive Officer. “Looking out to our next fiscal year that began April 1, we believe that we will see another strong year of market demand and performance by the Company with sales growing year over year as additional capacity comes on line over the course of the fiscal year,” continued Loof.
U.S. GAAP net income for the fiscal year ended March 31, 2018 was $254.5 million, or $4.34 per diluted share compared to net income of $48.0 million, or $0.87 per diluted share for the fiscal year ended March 31, 2017. U.S. GAAP net income for the quarter ended March 31, 2018 was $2.4 million, or $0.04 per diluted share, which included a $6.3 million unfavorable purchase accounting adjustment related to the TOKIN acquisition, compared to net income for the quarter ended March 31, 2017 of $52.9 million or $0.93 per diluted share.
For fiscal year 2018, our results include our 34% share of TOKIN's financial results for the period from April 1, 2017 to April 19, 2017 and all of TOKIN's financial results from April 20, 2017 to March 31, 2018. For fiscal year 2017, our results only included our 34% equity investment in TOKIN.
For the fiscal year ended March 31, 2018, non-U.S. GAAP Adjusted net income was $102.7 million, or $1.75 per diluted share compared to non-U.S. GAAP Adjusted net income of $23.9 million, or $0.43 per diluted share for the fiscal year ended March 31, 2017. Non-U.S. GAAP Adjusted net income for the quarter ended March 31, 2018 was $26.4 million or $0.45 per diluted share, compared to a non-U.S. GAAP Adjusted net income of $7.8 million or $0.14 per diluted share for the quarter ended March 31, 2017.
Net income (loss) for the fiscal quarters and years ended March 31, 2018 and 2017 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation tables included hereafter.
About KEMET
The Company’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE:KEM). At the Investor Relations section of our web site at http://www.kemet.com/IR , users may subscribe to KEMET news releases and find additional information about our Company. KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier of electronic component solutions demanding the highest standards of quality, delivery and service. Additional information about KEMET can be found at http://www.kemet.com .
Quiet Period
Beginning July 1, 2018, we will observe a quiet period during which the information provided in this news release and annual report on Form 10-K will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.
Cautionary Statement on Forward-Looking Statements
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about the Company’s financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates,” variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate and could cause a write down of long-lived assets or goodwill; (ii) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased raw materials; (iii) changes in the competitive environment; (iv) uncertainty of the timing of customer product qualifications in heavily regulated industries; (v) economic, political, or regulatory changes in the countries in which we operate; (vi) difficulties, delays, or unexpected costs in completing the restructuring plans; (vii) acquisitions and other strategic transactions expose us to a variety of risks; (viii) acquisition of TOKIN may not achieve all of the anticipated results; (ix) our business could be negatively impacted by increased regulatory scrutiny and litigation; (x) difficulties associated with retaining, attracting, and training effective employees and management; (xi) the need to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xii) exposure to claims alleging product defects; (xiii) the impact of laws and regulations that apply to our business, including those relating to environmental matters and cyber security; (xiv) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xv) changes impacting international trade and corporate tax provisions related to the global manufacturing and sales of our products may have an adverse effect on our financial condition and results of operations; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that could limit our flexibility in operating our business; (xx) disruption to our information technology systems to function properly or control unauthorized access to our systems may cause business disruptions; (xxi) economic and demographic experience for pension and other post-retirement benefit plans could be less favorable than our assumptions; (xxii) fluctuation in distributor sales could adversely affect our results of operations, (xxiii) earthquakes and other natural disasters could disrupt our operations and have a material adverse effect on our financial condition and results of operations, (xxiv) volatility in our stock price.
KEMET CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (Amounts in thousands, except per share data) (Unaudited) Quarter Ended March 31, Fiscal Year Ended 2018 2017 2018 2017 Net sales $ 318,047 $ 197,519 $ 1,199,926 $ 757,791 Operating costs and expenses: Cost of sales (1) 229,628 147,338 859,533 570,864 Selling, general and administrative expenses (1) 47,821 29,539 173,620 107,658 Research and development (1) 10,562 6,442 39,619 27,398 Restructuring charges 8,307 1,087 14,843 5,404 Gain (loss) on write down and disposal of long-lived assets (70 ) 4,171 (992 ) 10,671 Total operating costs and expenses 296,248 188,577 1,086,623 721,995 Operating income (loss) 21,799 8,942 113,303 35,796 Non-operating (income) expense: Interest income (396 ) (10 ) (809 ) (24 ) Interest expense 7,150 10,004 32,882 39,755 Acquisition (gain) loss 6,303 — (130,880 ) — Change in value of TOKIN options — (14,200 ) — (10,700 ) Other (income) expense, net 3,531 1,756 24,592 (3,871 ) Income (loss) before income taxes and equity income (loss) from equity method investments 5,211 11,392 187,518 10,636 Income tax expense (benefit) 3,091 (150 ) 9,181 4,290 Income (loss) before equity income (loss) from equity method investments 2,120 11,542 178,337 6,346 Equity income (loss) from equity method investments 313 41,372 76,192 41,643 Net income (loss) $ 2,433 $ 52,914 $ 254,529 $ 47,989 Net income (loss) per basic share $ 0.04 $ 1.13 $ 4.82 $ 1.03 Net income (loss) per diluted share $ 0.04 $ 0.93 $ 4.34 $ 0.87 Weighted-average shares outstanding: Basic 57,025 46,803 52,798 46,552 Diluted 59,063 57,130 58,640 55,389
(1) Quarter and fiscal year ended March 31, 2017 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
KEMET CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (Amounts in thousands, except per share data) (Unaudited) March 31, 2018 March 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 286,846 $ 109,774 Accounts receivable, net 144,076 92,526 Inventories, net 204,386 147,955 Prepaid and other current assets (1) 41,160 28,782 Total current assets 676,468 379,037 Property, plant and equipment, net 405,316 209,311 Goodwill 40,294 40,294 Intangible assets, net 59,907 29,781 Equity method investments 12,016 63,416 Deferred income taxes (1) 13,837 8,367 Other assets 10,431 4,119 Total assets $ 1,218,269 $ 734,325 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 20,540 $ 2,000 Accounts payable 139,989 69,674 Accrued expenses 122,377 57,752 Income taxes payable 2,010 715 Total current liabilities 284,916 130,141 Long-term debt 304,083 386,211 Other non-current obligations 151,736 60,131 Deferred income taxes 14,571 3,370 Total liabilities 755,306 579,853 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $0.01, authorized 10,000 shares, none issued — — Common stock, par value $0.01, authorized 175,000 shares, issued 56,641 and 46,689 shares at March 31, 2018 and 2017, respectively 566 467 Additional paid-in capital 462,737 447,671 Retained earnings (deficit) (1) 2,675 (251,854 ) Accumulated other comprehensive income (loss) (3,015 ) (41,812 ) Total stockholders’ equity 462,963 154,472 Total liabilities and stockholders’ equity $ 1,218,269 $ 734,325
(1) March 31, 2017 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory
KEMET CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) Fiscal Years Ended March 31, 2018 2017 Net income (loss) $ 254,529 $ 47,989 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 49,755 37,338 Equity (income) loss from equity method investments (76,192 ) (41,643 ) Acquisition (gain) loss (130,880 ) — Non-cash debt and financing costs 2,467 761 (Gain) loss on early extinguishment of debt 486 — Stock-based compensation expense 7,657 4,720 Write down of receivables 162 64 Change in value of TOKIN options — (10,700 ) Pension and other post-retirement benefits 4,717 2,543 Change in deferred income taxes 613 (19 ) Net (gain) loss on write down and disposal of long-lived assets (992 ) 10,671 Rent receivable 2,645 — Other, net (71 ) (327 ) Changes in assets and liabilities, net of the effect of acquisitions: Accounts receivable 30,084 (12 ) Inventories (13,827 ) 16,805 Prepaid expenses and other assets 4,330 (1,769 ) Accounts payable (16,053 ) 6,170 Accrued income taxes 1,317 144 Other operating liabilities 113 (1,068 ) Net cash provided by (used in) operating activities 120,860 71,667 Investing activities: Capital expenditures (65,004 ) (25,617 ) Investment in Novasentis (3,000 ) — Proceeds from dividend 2,745 — Acquisitions, net of cash received 163,985 — Proceeds from sale of assets 3,638 19 Net cash provided by (used in) investing activities 102,364 (25,598 ) Consolidated Statements of Cash Flows (Unaudited) (Continued)
Fiscal Years Ended March 31, 2018 2017 Financing activities: Proceeds from revolving line of credit — 12,000 Payments of revolving line of credit (33,881 ) (12,000 ) Proceeds from issuance of debt 334,978 2,314 Payment of long-term debt (365,938 ) (2,428 ) Debt issuance costs (5,002 ) — Proceeds from exercise of stock options 5,207 1,133 Proceeds from exercise of stock warrants 8,838 — Purchase of treasury stock — (1,144 ) Net cash provided by (used in) financing activities (55,798 ) (125 ) Net increase (decrease) in cash and cash equivalents 167,426 45,944 Effect of foreign currency fluctuations on cash 9,646 (1,174 ) Cash and cash equivalents at beginning of fiscal year 109,774 65,004 Cash and cash equivalents at end of fiscal year $ 286,846 $ 109,774 Non-U.S. GAAP Financial Measures
The Company utilizes certain Non-U.S. GAAP financial measures, including "Adjusted gross margin", "Adjusted operating income (loss)", “Adjusted net income (loss)”, “Adjusted net income (loss) per share” and “Adjusted EBITDA”. Management believes that investors may find it useful to review the Company’s financial results as adjusted to exclude items as determined by management as further described below.
Adjusted Gross Margin
Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided below. Management uses Adjusted gross margin to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided below which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with U.S. GAAP.
The following table provides a reconciliation from U.S. GAAP gross margin to Non-U.S. GAAP Adjusted gross margin (amounts in thousands, except percentages):
Quarters Ended Fiscal Years Ended March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 March 31, 2017 (Unaudited) Net sales $ 318,047 $ 306,408 $ 197,519 $ 1,199,926 $ 757,791 Cost of sales (1) 229,628 213,947 147,338 859,533 570,864 Gross Margin (U.S. GAAP) (1) 88,419 92,461 50,181 340,393 186,927 Gross margin as a % of net sales 27.8 % 30.2 % 25.4 % 28.4 % 24.7 % Non-U.S. GAAP-adjustments: Plant start-up costs 929 — — 929 427 Stock-based compensation expense 465 402 391 1,519 1,384 Adjusted gross margin (non-GAAP) (1) $ 89,813 $ 92,863 $ 50,572 $ 342,841 $ 188,738 Adjusted gross margin as a % of net sales 28.2 % 30.3 % 25.6 % 28.6 % 24.9 %
(1) Quarter and fiscal year ended March 31, 2017 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
Adjusted Operating Income (Loss)
Adjusted operating income (loss) represents operating income (loss), excluding adjustments which are outlined in the quantitative reconciliation provided below. We use Adjusted operating income (loss) to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided below which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted operating income (loss) is useful to investors because it provides a supplemental way to understand our underlying operating performance and allows investors to monitor and understand changes in our ability to generate income from ongoing business operations. Adjusted operating income (loss) should not be considered as an alternative to operating income (loss) or any other performance measure derived in accordance with U.S. GAAP.
Adjusted operating income (loss) is calculated as follows (amounts in thousands):
Quarters Ended Fiscal Year Ended March 31,
2018 December 31,
2017 March 31,
2017 March 31,
2018 March 31,
2017 (Unaudited) Operating income (loss) (U.S. GAAP) (1) $ 21,799 $ 32,077 $ 8,942 $ 113,303 $ 35,796 Adjustments: ERP integration costs/IT transition costs 80 — 1,760 80 7,045 Stock-based compensation expense 2,820 2,206 1,249 7,657 4,720 Restructuring charges 8,307 3,530 1,087 14,843 5,404 Legal expenses/fines related to antitrust class actions 1,738 1,482 406 6,736 2,640 TOKIN investment-related expenses — — 497 — 1,101 Plant start-up costs 929 — — 929 427 (Gain) loss on write down and disposal of long-lived assets (70 ) (902 ) 4,171 (992 ) 10,671 Adjusted operating income (loss) (non-GAAP) (1) $ 35,603 $ 38,393 $ 18,112 $ 142,556 $ 67,804
(1) Quarter and fiscal year ended March 31, 2017 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share
“Adjusted net income (loss)” and “Adjusted net income (loss) per basic and diluted share” represent net income (loss) and net income (loss) per basic and diluted share excluding adjustments which are outlined in the quantitative reconciliation provided below. The Company believes that these non-U.S. GAAP financial measures are useful to investors because they provide a supplemental way to understand the underlying operating performance of the Company and allows investors to monitor and understand changes in our ability to generate income from ongoing business operations. Management uses these non-U.S. GAAP financial measures to evaluate operating performance by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. Non-U.S. GAAP financial measures should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP.
The following table provides reconciliation from U.S. GAAP net income (loss) to non-U.S. GAAP adjusted net income (loss):
U.S. GAAP to Non- U.S. GAAP Reconciliation
Quarters Ended Fiscal Year Ended March 31,
2018 December 31,
2017 March 31,
2017 March 31,
2018 March 31,
2017 (Unaudited, Amounts in thousands, except per share data) U.S. GAAP Net sales $ 318,047 $ 306,408 $ 197,519 $ 1,199,926 $ 757,791 Net income (loss) $ 2,433 $ 18,641 $ 52,914 $ 254,529 $ 47,989 Net income (loss) per basic share $ 0.04 $ 0.33 $ 1.13 $ 4.82 $ 1.03 Net income (loss) per diluted share $ 0.04 $ 0.32 $ 0.93 $ 4.34 $ 0.87 Non-U.S. GAAP Net income (loss) (U.S. GAAP) 2,433 18,641 52,914 254,529 47,989 Adjustments: Change in value of TOKIN options — — (14,200 ) — (10,700 ) Equity (income) loss from equity method investments (313 ) (238 ) (41,372 ) (76,192 ) (41,643 ) Acquisition (gain) loss 6,303 (310 ) — (130,880 ) — Restructuring charges 8,307 3,530 1,087 14,843 5,404 ERP integration costs/IT transition costs 80 — 1,760 80 7,045 Stock-based compensation 2,820 2,206 1,249 7,657 4,720 Legal expenses/fines related to antitrust class actions 1,095 4,073 406 16,636 2,640 Net foreign exchange (gain) loss 3,972 2,239 1,507 13,145 (3,758 ) TOKIN investment related expenses — — 497 — 1,101 Plant start-up costs 929 — — 929 427 Amortization included in interest expense 647 696 200 2,467 761 (Gain) loss on write down and disposals of long-lived assets (70 ) (902 ) 4,171 (992 ) 10,671 Income tax effect of non-GAAP adjustments (1) 156 667 (374 ) (30 ) (741 ) (Gain) loss on early extinguishment of debt — — — 486 — Adjusted net income (loss) (non-GAAP) $ 26,359 $ 30,602 $ 7,845 $ 102,678 $ 23,916 Adjusted net income (loss) per basic share (non-GAAP) $ 0.46 $ 0.54 $ 0.17 $ 1.94 $ 0.51 Adjusted net income (loss) per diluted share (non-GAAP) $ 0.45 $ 0.52 $ 0.14 $ 1.75 $ 0.43 Weighted average shares outstanding: Basic 57,025 56,778 46,803 52,798 46,552 Diluted (2) 59,063 58,937 57,130 58,640 55,389 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-kemet-reports-preliminary-fiscal-year-and-fourth-quarter-2018-results.html |
LEXINGTON, Mass. and AMSTERDAM, The Netherlands, May 07, 2018 (GLOBE NEWSWIRE) -- uniQure N.V. (Nasdaq:QURE), a leading gene therapy company advancing transformative therapies for patients with severe unmet medical needs, such as hemophilia B, Huntington’s disease and congestive heart failure, today announced the closing of its previously announced underwritten public offering of 5,175,000 of its ordinary shares at a public offering price of $28.50 per share, which includes the full exercise of the underwriters' option to purchase 675,000 additional shares. The gross proceeds to uniQure from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by uniQure, are $147,487,500. All ordinary shares sold in the offering were sold by uniQure.
Leerink Partners, Evercore ISI and Wells Fargo Securities acted as joint book-running managers for the offering. Chardan and H.C. Wainwright & Co. acted as co-lead managers, and Janney Montgomery Scott acted as co-manager for the offering.
The securities described above were offered by uniQure pursuant to its shelf registration statement on Form S-3 (File No. 333-216701) filed with the Securities Exchange Commission (the "SEC") on March 15, 2017, as amended on May 15, 2017 and declared effective by the SEC on May 26, 2017. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC's website, located at www.sec.gov . Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525 ext. 6132 or by email at [email protected] ; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, or by telephone at (888) 474-0200, or by email at [email protected] ; and Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, or by telephone at (800) 326-5897, or by email at [email protected] .
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About uniQure
uniQure is delivering on the promise of gene therapy - single treatments with potentially curative results. We are leveraging our modular and validated gene therapy technology platform to advance a pipeline of proprietary and partnered gene therapies to treat patients with hemophilia, Huntington’s disease and cardiovascular diseases.
uniQure Contacts
For Investors: For Media: Maria Cantor Eva M. Mulder Tom Malone Direct : +339-970-7536 Direct: +31 20 240 6103 Direct: 339-970-7758 Mobile: 617-680-9452 Mobile: +31 6 52 33 15 70 Mobile: 339-223-8541 [email protected] [email protected] [email protected]
Source: uniQure Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-uniqure-announces-closing-of-public-offering-and-full-exercise-of-the-underwriters-option-to-purchase-additional-shares.html |
* Weak German data weighs on euro
* Fed meeting on Wednesday in focus for rate hike clues (New throughout, updates prices, market activity and comments to U.S. market open, new byline, changes dateline, previous LONDON)
By Karen Brettell
NEW YORK, April 30 (Reuters) - Weaker-than-expected German data hurt the euro against the U.S. dollar on Monday, with investors further unwinding short positions on the greenback that were based on assumptions that the European Central Bank was nearer to unwinding its stimulus.
German monthly retail sales unexpectedly dropped in March, dampening cheer around a consumer-led upswing in Europe’s biggest economy. Regional data showed annual inflation in four German states steady in April.
“It adds to the recent spate of weaker data coming out of the eurozone and really underlines the fact that the ECB can afford to be a little bit patient in terms of ramping up its hawkish rhetoric when it comes to its QE policy,” said Bipan Rai, director of foreign exchange strategy at CIBC Capital Markets in Toronto.
Positioning data shows net long euro positions by speculators fell last week, albeit from a record high, suggesting investors remain overwhelmingly bullish on the single currency but are reducing those bets.
The dollar index rose 0.37 percent to 91.874, but held below Friday’s high of 91.986, its strongest level since Jan. 11.
The dollar last week enjoyed its biggest weekly gain in more than two months. The euro dropped 0.44 percent to $1.2075, not far from its three-month lows last week of $1.2110.
U.S. data on Monday showed that consumer prices accelerated in the year to March, with a measure of underlying inflation surging to near the Federal Reserve’s 2 percent target as last year’s weak readings dropped out of the calculation.
Economists and Fed officials had anticipated the rise in the annual inflation measures reported by the Commerce Department on Monday, so it was not expected to alter the U.S. central bank’s gradual pace of interest rate increases.
The Fed is not expected to raise interest rates when it concludes its two-day meeting this Wednesday though investors will be watching for indications that a rate hike is likely in June.
“If there is no smoking gun regards to this week’s statement for a June hike then you could see the dollar come under some defensive pressure,” Rai said.
Investors are also focused on Friday’s employment report for April for further indications of the strength of the U.S. economy. (Additional reporting by Tommy Wilkes in London)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-near-three-month-highs-against-euro-idUSL1N1S70MA |
BEIJING (Reuters) - The Chinese city of Taiyuan in the coal-producing northern province of Shanxi tightened property controls on Friday, joining a slew of lower-tier cities that have rolled out fresh tightening measures in May, state media reported on Friday.
Local residents are now only allowed to buy two properties at most, according to Xinhua.
Buyers cannot resell their properties within the first two years of purchase, the Taiyuan government was Quote: d as saying.
Last week, China’s housing ministry told governments in 12 cities to rein in their fast-rising property prices and step up regulations, stressing that policies to control prices and prevent speculative investment will not be changed or loosened.
Taiyuan, a city of over 4 million people, as well as six other cities such as Chengdu and Xian, were among the cities summoned by the housing ministry.
Taiyuan’s new home prices rose 7.7 percent from a year earlier in April, official data showed.
On Tuesday, the southwestern metropolis of Chengdu introduced a lottery system for home buyers amid prevalent property speculation in the city as loose residency curbs attracted a large influx of property buyers.
Previous property restrictions are porous and speculative buyers have entered the market after they had obtained local residency, Xinhua Quote: d Chengdu’s housing bureau as saying. New rules now require home buyers to pay their social securities for at least a year.
China’s property prices are expected to cool steadily this year amid persistent curbs on buyers and tighter monetary conditions, but the market remains frothy and is subject to volatility, a government think tank said on Monday.
Economists polled by Reuters in late March predicted nationwide home prices would rise just 1 percent this year, after a gain of 5.3 percent in 2017.
But new home prices in China’s 70 major cities rose 0.5 percent in April from the previous month, up from a 0.4 percent rise in March, Reuters calculated from National Bureau of Statistics (NBS) data published on Wednesday.
On an annual basis, home prices increased 4.7 percent in April, slowing from a 4.9 percent gain in March.
Reporting by Stella Qiu and Yawen Chen and Ryan Woo; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-property/chinese-city-of-taiyuan-unveils-fresh-property-curbs-joins-six-others-idUSKCN1IJ0WX |
NASHVILLE, Tenn., May 08, 2018 (GLOBE NEWSWIRE) -- First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter ended March 31, 2018. A quarterly report can be found at www.otcmarkets.com/stock/FACO/disclosure .
Income before income taxes, for the three months ended March 31, 2018 was $7.2 million, compared with income before income taxes of $1.6 million for the three months ended March 31, 2017. Net income for the three months ended March 31, 2018 was $5.4 million, compared with net income of $0.7 million for the three months ended March 31, 2017. Basic and diluted net income per share were $0.13 for the three months ended March 31, 2018, compared with a basic and diluted net income per share of $0.02 for the same period in the prior year. Net income for the three months ended March 18, 2018 reflects the lowering of the federal corporate tax rate to 21% from 35% in the prior year as a result of the recent tax legislation.
For the three months ended March 31, 2018 and 2017, we recognized favorable prior period loss and loss adjustment expense development of $4.1 million and $0.5 million, respectively. For the three months ended March 31, 2018, we also recognized $386 thousand in unrealized losses on equity securities which are now a component of net income in accordance with newly-adopted accounting standards.
President and Chief Executive Officer, Ken Russell, commented, “Driven by an improved loss ratio for the current accident period and favorable loss development for prior periods, the Company’s first quarter results exceeded our expectations. Both reflect the significant efforts our team made over the past six quarters in appropriately pricing and risk-assessing our Acceptance-branded auto insurance products and improving the efficiency of our claims-handling processes. Along with the other strategic actions we have taken, I believe that these accomplishments have helped to establish a foundation upon which we can sustain profitable future growth.
Mr. Russell further added “The Company has also continued to take significant strategic actions that will benefit us in the near and longer term. In April, we made several organizational changes in our sales management team and other operational departments to position the Company towards a broader distribution of insurance products. In this regard, we have now deployed our agency model of offering third-party non-standard automobile insurance products alongside our Acceptance products in several key states, and plan to convert the other states throughout the remainder this year. Our intention is not for this model to reduce the premiums earned from our own product, but rather to supplement them by accommodating the insurance needs of the customer whose underwriting profile better suits other insurance carriers that we represent as an agency. Additionally, our retail agency efforts now incorporate an increased emphasis on “other-than-auto” insurance products in all of our markets. This effort towards a broader insurance product distribution will remain as an important focus for us throughout 2018.
Finally, I would like to acknowledge the passing of Mr. Harvey B. Cash, a member of our Board of Directors since 1996. For the many that have come to know him, “Berry” will be missed for both his dedication to the oversight and guidance of our Company and his warm influence on our organization.”
About First Acceptance Corporation
First Acceptance Corporation is principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Its insurance operations generate revenue from selling non-standard personal automobile insurance products and related products in 16 states. The company currently conducts its insurance servicing and underwriting operations in 13 states and operates only as an insurance agency in three states. The company is also licensed as an insurance company in 13 states where it does not conduct any business. Non-standard personal automobile insurance is sought after by individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type.
Forward-Looking Statements
This press release contains . All statements made other than statements of historical fact are . You can identify these statements from our use of the word “believe” or the negative of this term and similar expressions. These statements, which have been included in reliance on the “safe harbor” provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the possibility that there may not be an active trading market for our securities, the possibility that delisting and deregistration could adversely affect the price and liquidity of our securities, and the factors set forth under the caption “Risk Factors” in Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2017 and in our other filings with the SEC. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
First Acceptance Corporation and Subsidiaries Condensed Consolidated Statements of Income (amounts in thousands, except per share data) Three Months Ended March 31, 2018 2017 Revenues $ 82,707 $ 88,069 Income before income taxes $ 7,245 $ 1,576 Net income $ 5,440 $ 730 Net income per diluted share $ 0.13 $ 0.02 Average diluted shares outstanding 41,363 41,181 Loss Ratio 68.7 % 80.6 % Expense Ratio 19.1 % 16.6 % Combined Ratio 87.8 % 97.2 %
SOURCE: First Acceptance Corporation
INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
615.844.2885
Source: First Acceptance Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-first-acceptance-corporation-reports-operating-results-for-the-quarter-ended-march-31-2018.html |
May 24, 2018 / 7:33 PM / Updated an hour ago EPA slows release of formaldehyde cancer risk study: documents Valerie Volcovici 5 Min Read
WASHINGTON (Reuters) - The U.S. Environmental Protection Agency, under pressure from the chemical industry, has delayed release of a study detailing cancer risks from formaldehyde, according to internal communications seen by Reuters, potentially keeping important health information from the public.
Top EPA officials have declined to review the study or be briefed by its experts on the findings, the internal communications showed.
The EPA already lists formaldehyde, used in building materials like plywood and foam insulation, as a probable carcinogen. The new report is expected for the first time to detail its links to leukemia.
The report, an update of the EPA’s existing human health assessment of the widely used chemical, was completed by scientists from the agency’s Integrated Risk Information System (IRIS) late last year and must go through a months-long internal review process before it can be issued to the public for comment.
The delay could further heighten scrutiny of EPA, already fending off complaints that it and the White House considered blocking a study on water contamination by PFOA and PFOS, chemicals used in Teflon and firefighting. Politico reported on May 14 that a Trump administration aide had warned release of that study would cause a “public relations nightmare.”
The EPA told Congress in early February it expected to start the agency review process for the formaldehyde assessment “shortly,” according to the EPA staff communications.
But in follow-up communications between agency employees in late April, one career staffer wrote that EPA Chief of Staff Ryan Jackson, Assistant Administrator for the Office of Air and Radiation Bill Wehrum, and Wehrum’s deputy Clint Woods had not given their permission to initiate the review and had refused offers from EPA scientists to brief them on it.
“No office in the EPA is interested in formaldehyde,” the staffer wrote.
The 60-to-90-day agency review and a subsequent inter-agency review of a similar duration must happen before the study can be issued for public comment.
Prior to the communications, the chemistry industry’s main lobby group, the American Chemistry Council (ACC), had been pressuring the EPA to avoid drawing links between formaldehyde and leukemia in its assessment. SCIENTIFICALLY INDEFENSIBLE
The group met with EPA political staff, including Deputy Assistant Administrator for the EPA’s Office of Research and Development Richard Yamada, on January 24 to make a presentation on the subject, ACC Formaldehyde Panel spokeswoman Sarah Scruggs told Reuters.
She provided Reuters a link to the presentation, titled "Formaldehyde IRIS Assessment." [ tmsnrt.rs/2KRcVA2 ]
“Any draft assessment that attempts to associate formaldehyde exposure with leukemia is scientifically indefensible,” Scruggs said, adding that the ACC questions the “scientific rigor and methodologies” used by IRIS.
EPA spokeswoman Molly Block declined to comment on the delays or the ACC’s possible role.
“We continue to discuss the assessment with our agency program partners and have no further updates to provide at this time,” she said in an email.
Reuters was able to review the staff communications on condition that the identities of the people involved remained anonymous, given the sensitivity of the issue.
EPA’s last attempt to update its assessment of formaldehyde in 2010 had been criticized by the National Academy of Sciences (NAS) for failing to draw “clear links” between formaldehyde and leukemia. The new attempt was meant to resolve that.
The NAS, however, had supported the prior EPA assessment’s finding that formaldehyde can, in certain cases, cause cancer in the nose and throat.
Democratic senators Ed Markey, Sheldon Whitehouse and Tom Carper last week wrote to EPA chief Scott Pruitt to ask about delays to the report and request communications between the EPA and ACC related to the formaldehyde assessment, saying they were concerned the agency was bowing to industry pressure. Reporting By Valerie Volcovici; Editing by Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-epa-formaldehyde/epa-slows-release-of-formaldehyde-cancer-risk-study-documents-idUSKCN1IP3EX |
May 14, 2018 / 6:50 PM / Updated 18 minutes ago Turkey says patience will pay off with Euro 2024 bid Martyn Herman 3 Min Read
LONDON (Reuters) - Turkey does not regret turning down hosting the final week of Euro 2020 and its decision can be vindicated by earning the right to stage the 2024 tournament, said the vice-president of the country’s football federation (TFF).
The gateway nation between Europe and Asia has never hosted a major football tournament, bidding unsuccessfully to jointly stage Euro 2008 with Greece and the 2012 and 2016 tournaments which were went to Poland/Ukraine and France.
After losing to France by one vote, Turkey was offered the semi-finals and final of Euro 2020 — a tournament which will be staged across 12 cities in 12 nations — says TFF vice-president Servet Yardimci, a UEFA Executive Committee member.
Instead they told then UEFA president Michel Platini, who backed Turkey’s 2016 bid, they would rather hold out for 2024.
The Turkish bid, based in nine cities from Istanbul in the west to Trabzon in the east and Gaziantep in the south, is up against Germany with the decision on Sept. 27.
“We were given the semis and final (of 2020) but we said no because Turkey is ready and able to do the whole tournament rather than just a week,” Yardimci told reporters at a briefing in London to outline the bid.
“We were offered it first instead of England. We were upset we lost 2016 and we said we deserve to be able to have the whole tournament and we would wait, we would be patient.”
The multi-nation 2020 structure was Platini’s brainchild but Yardimci believes it will be a one-off.
“The 2020 concept has some pluses and minuses but I think at the end of the day you will have more minuses than pluses,” he said. “After 2020 we’ll go back to a normal level.
“There are question marks. It will have some logistical and planning complications. It will be successful but not as successful as organising in one country.”
Germany withdrew from bidding for the Euro 2020 semis-finals and final to concentrate on a 2024 bid — allowing England to host the tournament’s climax at Wembley.
While Germany’s slickly-organised 2006 World Cup finals will stand in its favour, Yardimci says Turkey is ready to host the tournament ‘today’ if it needed to.
“Turkey is a new frontier for UEFA, it can take it to places it has never been before,” he said. “It will be a ‘global’ Euro 2024 because of our unique location.”
Yardimci said eight stadiums are already complete with work beginning on the Ankara stadium set to commence next week.
“When we handed in our bid in 2010 (for 2016) we gave our promises and commitments to UEFA about what we would deliver. Eight years past we have exceeded our promises.
“We are ready to host 2024 today.”
He also allayed security fears after Turkey’s failed coup in 2016 and host city Gaziantep’s close proximity to Syria.
“The Turkish Government is tackling the safety issues very well and are very experienced,” he said. Reporting by Martyn Herman, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-turkey-bid/turkey-says-patience-will-pay-off-with-euro-2024-bid-idUKKCN1IF2N7 |
May 21, 2018 / 8:25 AM / Updated 10 hours ago Nadal back at number one ahead of bid for 11th French Open crown Reuters Staff 3 Min Read
(Reuters) - Rafa Nadal returned to the top of the world rankings on Monday after winning his eighth Italian Open title at the weekend to confirm once more his status as the king of the clay court. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal celebrates after winning the final against Germany's Alexander Zverev REUTERS/Tony Gentile
Sunday’s 6-1 1-6 6-3 victory over German Alexander Zverev on the Rome dirt ensured the 31-year-old would leapfrog Roger Federer and become world number one for a sixth time ahead of the French Open.
If the rankings were based solely on claycourt play, however, the Spaniard would rarely have left the pinnacle in the 13 years since he won the first of his 10 Roland Garros crowns.
With Federer skipping the claycourt season and top seeding long assured, Nadal will head to Paris next week a strong favourite to get his hands on the Coupe des Mousquetaires for a record-extending 11th time.
“Everything will be different in Paris,” Nadal said somewhat disingenuously after his victory at the Foro Italico.
“Of course a win like this helps but in Paris the conditions will be different in every respect. Today is the time to enjoy this victory, not for thinking about Roland Garros.”
Despite losing his first service game on Sunday, Nadal removed any doubts over his fitness and form for the year’s second major in the opening set. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal in action during the final against Germany's Alexander Zverev REUTERS/Tony Gentile
“I played one of the best sets that I played on clay this year. First set was fantastic, in my opinion, in terms of everything,” he added.
“Feeling, good shots, tactically — everything was, in my opinion great in the first set, no. Returning great. All the things that I wanted to do happened. So, it was a great set.”
Zverev, who had won back-to-back claycourt titles over the previous two weeks in Munich and Madrid, hit back to win the second set but a rain delay disrupted his rhythm and Nadal reeled off the last five games to seal his 78th career title.
The 21-year-old German will be second seed at Roland Garros and he took some positives from his performance in Rome.
“I was not far away from beating Rafa on a clay court in a Masters final,” he said.
“So I guess I can take that to Paris.” Writing by Nick Mulvenney in Sydney; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-nadal/nadal-back-at-number-one-ahead-of-bid-for-11th-french-open-crown-idUKKCN1IM0Q4 |
Reddit’s Alexis Ohanian On His Return to Venture Capital, Bitcoin's Price, and Internet Cats Photo credit: Plural Agency, Russ Roe 9:27 AM EDT
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here.
In February, Reddit co-founder Alexis Ohanian said he would step down from his daily role at the company to return to investing.
Ohanian is now full-time at Initialized Capital , the early-stage VC firm he co-founded with Garry Tan in 2012. The firm has more than $250 million in assets under management, and its investments include Coinbase, Instacart, Zenefits, Opendoor, Soylent, Cruise Automation, and Standard Cognition.
“I still use Reddit to discover burgeoning trends,” Ohanian told Term Sheet . “It’s a big part of why Initialized was the first check in Coinbase. You could see these trends popping on r/Bitcoin, for example. The early, organic communities served as really great focus groups.”
Ohanian, who recently had a daughter with wife and tennis champion Serena Williams, took 16 weeks of parental leave before making the decision to leave his operating role at Reddit.
In a conversation with Term Sheet , Ohanian discusses the elements he looks for in a founder before investing, his outlook on cryptocurrency, and the new data-driven investing platform he’s building in-house.
This Q&A has been edited for length and clarity.
TERM SHEET: You stepped away from your duties at Reddit to focus on Initialized Capital. Why now?
OHANIAN: We are at such an interesting time right now. The first time this Internet thing got built up, I was just a kid in my parents’ house building websites, but I couldn’t have a big impact. Right now, it feels like the innovations that will get started in the next 10 years will have a huge impact on the world.
I’m proud of all the work we did to turn around Reddit in the last three years, but I think about the impact I could have at one company versus the potential I could have investing in dozens of great, multibillion-dollar companies — and that’s the way I want to scale my next decade.
What are some of the key elements you look for in a company or founder before investing?
OHANIAN: There has to be a relentlessness to the founder. It’s easy to have an idea. It’s easy to print out some business cards. Where it starts getting hard is when you actually start testing some version of your idea, getting it in front of customers, and then finding out they’re not willing to buy your product. Even though we’re working with early-stage founders, there’s a clear indication very early on of what they’ve been able to build, not what they’re able to talk about. That makes a big difference.
I’m looking for the basic things — is the founder able to meet a deadline and execute? But I’m also looking for more complex things — are they able to operate in a world of uncertainty? There’s no syllabus for entrepreneurship.
You told me you were planning to double down on investment opportunities in emerging technologies such as blockchain. What are your views on what’s happening with cryptocurrency and the blockchain at the moment?
OHANIAN: Last year, it was all about AI and machine learning, This year, it’s all about blockchain. Most of it is just hype and BS, just like how it was with AI and ML. Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for. So those are the types of companies we’re investing in now. These are the types of things I think will build the foundation for a very different, much better Internet.
I was a kid in the 90s without much leverage when the first Internet was being built, so I see this as a hell of an opportunity. We’re still figuring it out. We still don’t have a Netscape, but it’s coming.
What’s interesting is we’re seeing more teams with business and product backgrounds moving to start or join blockchain projects. So you have your earliest adopters who are very hard core on the engineering side, and now we’re starting to see people who have experience at later-stage startups who understand the UX and business portion of it. This stuff doesn’t actually change the world unless everyone is using it. And the way everyone is using it is if there are interfaces that make sense and that there’s product that’s beautiful and effective. That’s just starting to happen now. As an investor, I get to have a front row seat to this new Internet.
Coinbase recently approached the SEC about registering as a licensed brokerage . The cryptocurrency market is still in its “Wild West” phase, so what do you think regulation will look like?
OHANIAN: Right now, it seems like we’re in a pretty low regulation environment in the United States. I would be surprised if there was anything other than a light touch. It’s important because there have been a lot of charlatans who have gotten into these initial coin offerings as a get-rich-quick scheme. It’s frustrating because it undermines what is a really innovative technology. These people should be punished full-stop.
The hope is that you can do enough to punish existing bad actors and deter future ones, but you also have to make sure that you don’t throw the baby out with the bathwater.
How high do you think Bitcoin will go?
OHANIAN: To the moon. [laughs] I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it. It’s still early days, but you know, we’ve got a few CryptoKitties. [CryptoKitties is a blockchain-based game that allows users to purchase, collect, breed and sell virtual cats. The company behind it raised $12 million in venture funding from investors including Andreessen Horowitz and Union Square Ventures.]
We didn’t invest, but it didn’t surprise me one bit that they raised [funding] because they had the first real application. It’s easy to laugh at, but I think the first version of so many things looks like a toy and often has something to do with cats. It’s because the Internet loves cats. And I think I know why. You want to know why?
Why?
OHANIAN: The reason cats are so popular on the Internet is because cat owners never got to associate or hang out with other cat owners doing cat-owner things. Until the Internet came along.
Oh wow. You’re not kidding, you really have a theory…
OHANIAN: Yes. This is all real and on the record. Dog owners take their dogs to the dog park, the dogs play with each other, the owners discuss this really cute thing that Chip did yesterday, and they do their dog bonding. But I don’t have a cat park to take my cat to. So we have no way to meet and talk about our silly cat things until the Internet. I’ve seen a lot of this happen before my eyes, and it finally clicked a few years ago.
So if you were to give a ballpark number for what you think Bitcoin and Ethereum will be worth by the end of the year, what would it be?
OHANIAN: At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000. Great, now people can call me out if I’m wrong.
At Initialized, you’re working on rolling out a new data-driven investing platform . The goal was to increase deal flow diversity and help founders gain access to the firm’s network. How is that project going?
OHANIAN: We’ve spent the better part of this year understanding our networks internally. Between and Garry, we have a lot of networks, but often the relationships of those networks are unclear. So the key step was aggregating those networks and figuring out who are the people we vouch for. And for the second version, we’re working on a more searchable version of this to roll out to our most trusted founders in the network.
In other words, the goal is to narrow down the best people to be working with — whether it’s a company that needs to hire someone or whether it’s someone we want to invest in. The challenge is how to make sure we’re going beyond the people who are thinking of emailing us. Who are the founders we’re not looking at but should be? As VCs, we need to use software to help us catch our blind spots. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/02/reddit-alexis-ohanian-bitcoin/ |
CORAL GABLES, Fla.--(BUSINESS WIRE)-- AlphaNet President and CEO Robert C. Barrett has announced his retirement after 20 years at the helm of the innovative not-for-profit organization. The AlphaNet Board of Directors has named Mark B. Delvaux as his successor effective June 25, 2018. Barrett will continue as an advisor to Board Chairman, Robert L. Greene, Jr.
Delvaux was most recently CFO of Miami Beach Community Health Center and has worked in healthcare finance for more than 25 years. He has a degree in accounting from the University of Wisconsin-Whitewater.
“We are pleased to welcome Mark as a seasoned financial executive who will be able to seamlessly carry on the fine work of Bob Barrett,” said Greene. “We will continue to build on the exemplary accomplishments of the past 20 years as we follow our mission of supporting the Alpha-1 community by providing top-notch health management services and funding research toward the cure.”
AlphaNet is a unique, innovative not-for-profit organization providing a wide range of integrated support services to Alpha-1 patients. Alpha-1 Antitrypsin Deficiency (Alpha-1) is a genetic disorder causing life-threatening liver and/or lung disease. Those with the disorder refer to themselves as “Alphas.”
“I’ve loved every minute of working for AlphaNet and with individuals in the Alpha-1 community,” said Barrett. “I am confident that Mark’s background in healthcare finance, reimbursement and negotiating will be a perfect fit.”
AlphaNet makes available a comprehensive disease management and prevention program to improve the quality of life for those affected by Alpha-1. Currently, the organization employs 60 Alphas as Patient Service Coordinators to serve more than 6,300 Alphas in the US and Canada.
During Barrett’s tenure, AlphaNet has grown into a successful patient-driven disease management organization. Over the years, Barrett has negotiated long-term contracts and fostered relationships with AlphaNet’s pharmaceutical partners, Grifols, CSL Behring and Shire. Under his leadership, AlphaNet expanded its health management services with the addition of AlphaNet Canada.
Barrett also served as Executive Vice President and Chief Financial Officer of the Alpha-1 Foundation. Since Barrett started working at AlphaNet, the organization has contributed more than $55 million to the Alpha-1 Foundation to support Alpha-1 research and fund programs.
What is Alpha-1?
Alpha-1 Antitrypsin Deficiency is one of the most prevalent, potentially lethal, hereditary disorders. Discovered in 1963, Alpha-1 can cause life-threatening lung disease and/or liver disease. It is a leading genetic killer of adults in the United States and a leading cause of liver transplants in children.
For more information about AlphaNet or Alpha-1, visit www.alphanet.org .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005789/en/
AlphaNet, Inc.
Christine L. Yllanes: 305-648-9526
Source: AlphaNet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-alphanetas-barrett-to-retire-new-ceo-named.html |
May 10 (Reuters) - The producer of a Broadway adaptation of Harper Lee’s “To Kill a Mockingbird” and the author’s estate have settled a legal dispute over the Aaron Sorkin-penned script, which will allow the production to go head on schedule.
In a joint statement on Thursday, the production company Rudinplay and Lee’s estate said they had “amicably settled ongoing litigation” following a court battle over the estate’s objections that Oscar-winner Sorkin’s script deviated too much from the 1960 novel about race relations in Depression-era U.S. South.
Terms of the settlement were not disclosed.
The months-long dispute staved off a potential loss of millions of dollars for producers if the play had to be scrapped or delayed. It is due to open for previews on Nov. 1 in New York and will be directed by Tony-winner Bartlett Sher.
Lee died in 2016 at age 89.
“To Kill a Mockingbird” won a Pulitzer Prize and Gregory Peck earned an Academy Award for best actor in the 1962 film adaptation. (Reporting by Eric Kelsey in Los Angeles)
| ashraq/financial-news-articles | https://www.reuters.com/article/theatre-tokillamockingbird/broadways-mockingbird-play-to-go-ahead-after-dispute-settled-idUSL1N1SH22X |
REVOLUTIONS—of the bicycle-wheel sort—have been taking place in cities across the U.S., with bike-sharing programs such as Nice Ride in Minneapolis, CitiBike in New York, and Metro Bikes in car-consumed Los Angeles springing up at a rapid clip. Cities have begun etching miles of designated bike lanes into their streets: New York City has paved the way, carving nearly 100 miles of such routes into its streets in the last decade (with 20 more miles coming in 2018), and other major cities are pedaling to keep up.
Another sign... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-best-guides-to-cycling-major-citieseven-los-angeles-1525960387 |
May 23, 2018 / 5:13 PM / Updated 15 minutes ago U.S. bank regulator encourages banks to reconsider small-dollar lending Pete Schroeder 3 Min Read
WASHINGTON (Reuters) - A leading U.S. bank regulator on Wednesday said banks should consider offering more short-term, small-dollar loans, inviting the industry to engage in lending it had once actively discouraged.
The new guidance from the Office of the Comptroller of the Currency (OCC) makes explicit that the regulator would be open to banks offering such short-term loans, inviting banks to compete with alternative financial products like payday loans.
“It’s my viewpoint that consumers should have more choices,” Comptroller Joseph Otting told reporters at a briefing. “What we’re really trying to do is encourage banks to look at this segment and think about how they can offer products in that market segment.”
The three-page bulletin from the OCC does not alter any existing regulations, but makes clear an about-face at the national bank regulator.
Under the Obama administration, the OCC had actively discouraged short-term lending by banks, issuing rules in 2013 that effectively drove banks away from that type of lending by imposing strict limitations on what customers could be extended that type of credit and on what terms.
The OCC rescinded those rules in 2017, and Otting said the purpose of Wednesday’s bulletin was to make clear where the regulator now stands.
“This is the signal that they have been looking for,” he said. “A lot of banks have been working on this, under the anticipation that we are going to release this bulletin.”
These short-term loans, usually ranging from $300 to $5,000, are usually relied on by consumers to help cover short-term gaps in funds. In the wake of the 2013 rules, few banks offered these types of loans, leading borrowers in need of short-term lending or with a subpar credit history to seek out alternative options, like payday lenders.
Critics of such short-term loans argue it can trap borrowers in a cycle of debt as they struggle to pay off the debt, which is often accompanied by extremely high interest rates.
Otting argued on Wednesday that banks could be in a position to service a portion of those lenders and offer products that are more appealing to borrowers without placing excessive risk on banks.
“I am an advocate for figuring out a way to get national banks back into that space,” he said.
Currently, rules established by the Consumer Financial Protection Bureau (CFPB) restrict the terms of loans with maturities of fewer than 45 days. Those rules will take effect in August 2019, but the CFPB, under new Republican leadership, has said it plans to revisit those restrictions.
The OCC said on Wednesday it wanted to work with the CFPB in that rewrite to ensure banks can offer short-term loans across a variety of maturities. Reporting by Pete Schroederd; editing by Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-occ-lending/u-s-bank-regulator-encourages-banks-to-reconsider-small-dollar-lending-idUSKCN1IO2PO |
Trump: Mexico will pay for the border wall 8:37am BST - 01:49
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally. The U.S. president also takes advantage of the public platform to complain about the ''spy'' he says the FBI planted in his 2016 campaign. Eve Johnson reports. ▲ Hide Transcript ▶ View Transcript
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally. The U.S. president also takes advantage of the public platform to complain about the "spy" he says the FBI planted in his 2016 campaign. Eve Johnson reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/30/trump-mexico-will-pay-for-the-border-wal?videoId=431601618&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/trump-mexico-will-pay-for-the-border-wal?videoId=431601618 |
SAO PAULO, May 1 (Reuters) - A 26-floor building engulfed in flames collapsed in the center of Brazil’s largest city early on Tuesday and firemen said at least one person was killed as he was being rescued, Globo TV reported.
Television images showed the horrifying moment when a fireman tried to reach the man clinging to the building as it went down more than one hour after the fire started.
Firemen continued to fight the fire that spread to an adjacent building that had been evacuated and was not in danger of collapsing, Sao Paulo Fire Brigade Lieutenant André Elias told Globo TV.
The fireman said the cause of the fire on the sixth-floor was still unknown and there could be more victims. Three people are still unaccounted for, he said.
The abandoned former office building had been occupied irregularly seven years ago and some 150 people lived in the lower 10 floors, Globo reported. (Reporting by Anthony Boadle Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-fire/blazing-building-collapses-in-sao-paulo-1-dead-3-missing-idUSL1N1S8088 |
May 10 (Reuters) - Sino-Global Shipping America Ltd :
* SINO-GLOBAL SHIPPING AMERICA LTD - ON MAY 4, 2018, BOARD APPROVED TO INCREASE SIZE OF BOARD FROM FIVE MEMBERS TO SIX MEMBERS - SEC FILING Source text: ( bit.ly/2KcofX8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sino-global-shipping-america-says/brief-sino-global-shipping-america-says-board-approved-to-increase-size-of-board-from-5-members-to-6-members-idUSFWN1SH1JE |
(Updates prices) SAO PAULO, May 22 (Reuters) - Brazil's real jumped more than 1 percent on Tuesday after central bank minutes reinforced investors' beliefs that the country's deepest monetary easing cycle in a decade was over, while other Latin American currencies also gained. Brazil's central bank unexpectedly kept the benchmark Selic rate at 6.50 percent last week, defying market expectations of a 25-basis-point cut. In minutes of that meeting released early Tuesday, the bank indicated that the recent strength of the U.S. dollar had reduced the likelihood of Brazilian inflation remaining below the official target for the foreseeable future. The body also indicated it would likely keep the rate steady in the near future. "In the central bank's argument, they say that inflation expectations have become unanchored toward the upside, which is to say that it's no longer necessary to cut the Selic rate," said Jose Francisco Gonçalves, head economist at Banco Fator in Sao Paulo. The real bid 1.2 percent stronger, following gains on Monday after the central bank almost quadrupled the value of its currency swap program. The real had previously weathered a rough streak, hitting its lowest level in two years on Friday. Elsewhere in Latin America, Chile's peso outdid the real to rise more than 2 percent, following global copper prices that jumped more than 1 percent as fears of a U.S.-China trade war appeared to fade. Mexico's peso rebounded slightly on Tuesday, benefiting from the weak greenback, a day after blowing past the 20 per dollar mark to a more than one-year low. Equities markets were relatively flat across the region with the exception of Brazil's benchmark Bovespa index, which rose 1.31 percent. Gainers included electricity utility Cia Energetica de Minas Gerais SA, whose shares rose 5 percent after the nation's electricity regulator approved a power tariff hike. Mexico's benchmark IPC index gained 0.65 percent, rebounding from a nearly 1-1/2-year low on a wave of opportunistic buying after weeks of gradual weakening. Key Latin American stock indexes and currencies at 2024 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,142.05 0.49 -1.42 MSCI LatAm 2,743.35 2.02 -3 Brazil Bovespa 82,738.88 1.13 8.29 Mexico IPC 45,600.87 0.65 -7.61 Chile IPSA 5,651.10 -0.3 1.55 Chile IGPA 28,540.84 -0.48 2.00 Argentina MerVal 30,973.72 -2.08 3.02 Colombia IGBC 12,130.18 0.38 6.68 Venezuela IBC 22,988.86 0.85 1719.98 Currencies Latest Daily YTD pct pct change change Brazil real 3.6440 1.2 -9.98 Mexico peso 19.7500 0.33 -0.26 Chile peso 623.95 2.01 -1.49 Colombia peso 2,853.05 0.77 4.52 Peru sol 3.271 0.37 -1.04 Argentina peso (interbank) 24.2750 0.47 -23.38 Argentina peso (parallel) 25.35 0.20 -24.14 (Reporting by Gram Slattery, Claudia Violante and Daina Beth Solomon; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-currency-boosted-by-rate-view-latam-fx-gains-idUSL2N1ST1R8 |
[SpaceX did not launch Thursday, as an automatic ground system caused the rocket to abort in the final minute of the launch countdown. The company said it is working towards the backup launch window on Friday at 4:14 p.m. ET.]
@SpaceX abort tweet.
SpaceX is set to launch Thursday evening from Florida , flying an enhanced version of its Falcon 9 rocket for the first time.
Elon Musk 's rocket company will begin the livestream about 20 minutes before the launch from Kennedy Space Center, targeting a liftoff time of 5:47 p.m. ET.
This is the inaugural launch for SpaceX's new variation of its Falcon 9 rocket, called "Block 5." After evolving Falcon 9 over nearly a decade, with upgrades between every launch, SpaceX anticipates this will be the final version of a workhorse rocket that completed more launches in 2017 than any other commercial vehicle.
Instagram | Elon Musk The new "Block 5" variation of SpaceX's Falcon 9 rocket, rolling out to launchpad 39A at Kennedy Space Center, Florida. Being able to launch, land and launch again with minimal refurbishment between flights has been a central focus for SpaceX. The company has become quite successful at landing the largest part of the rocket — known as the first stage or booster. But it has yet to complete more than two flights with the same Falcon 9 booster. Block 5 is set to change that.
"Block 5 is capable of at least 100 flights before being retired," Musk told a reporter on a conference call before the launch.
Musk expects each Block 5 to be able to launch 10 or more times before needing major refurbishment. He also said that SpaceX will have "30 to 50" of the Block 5 rockets in its fleet, but that "totally depends on what number of customers insist on launching a new rocket."
The new rocket type comes with a host of upgrades, Musk said, making it "significantly easier to produce." Block 5 has more powerful engines, more resilient hardware to survive the harsh conditions of re-entering the atmosphere and landing, less weight (notably through its unpainted components, such as the black interstage) and a more easily produced structure.
Block 5 arrives just as SpaceX is on pace to shatter its record 18 successful launches completed last year. With three more missions completed at this point than the same time in 2017 — including the debut of Falcon Heavy, the most powerful rocket in the world — SpaceX is aiming for about 30 launches this year, according to SpaceX President and COO Gwynne Shotwell.
The debut mission will launch Bangabandhu Satellite-1, a telecommunications satellite for the Bangladesh Telecommunication Regulatory Commission. The new satellite will bring communications and broadband coverage to Bangladesh , as well as to India , Nepal, Bhutan, Sri Lanka, the Philippines and Indonesia.
After pushing the satellite and Falcon 9's upper stage out of the Earth's lower atmosphere, the booster will return to land on the SpaceX autonomous ship in the Atlantic Ocean about 8 minutes after liftoff. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/spacex-livestream-watch-the-falcon-9-block-5-rocket-launch.html |
Amazon moves into blockchain with a new partnership 1 Hour Ago Amazon's cloud computing arm is looking to make it easier for customers to use blockchain with a new partnership announced Tuesday. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/amazon-blockchain.html |
The Apple Watch has a secret weapon that helps it dominate the market Tonya Riley Reblog Apple became the biggest shipper of wearables in 2017, owning 21 percent of market share, according to IDC. Apple has nurtured partnerships with heritage luxury brands, starting with Hermès in 2015. Since then, designers including Coach, Kate Spade and Nike NKE also have partnered with Apple to create trendy bands at high price points. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/apple-watch-has-a-secret-weapon-that-helps-it-dominate-the-market.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 3, 2018 / 7:25 PM / Updated 19 minutes ago Former Wilmington Trust executives convicted in U.S. fraud trial Nate Raymond 3 Min Read
(Reuters) - Four former Wilmington Trust Co executives were convicted on Thursday of U.S. charges that they concealed from regulators the amount of troubled loans still on the bank’s books after the 2008 financial crisis, prosecutors said.
The verdict by a federal jury in Wilmington, Delaware, came in one of the few criminal cases in which federal prosecutors sought to hold top executives at a well-known financial company accountable for conduct tied to the crisis.
The former Wilmington Trust executives are President Robert Harra, Chief Financial Officer David Gibson, Controller Kevyn Rakowski and Chief Credit Officer William North.
Jurors found them guilty on all counts they faced, including securities fraud, conspiracy and making false statements to federal regulators, prosecutors said. Their lawyers did not immediately respond to requests for comment.
In October, Wilmington Trust, now owned by M&T Bank Corp, reached a $60 million deal resolving related charges, a sum that included $16 million it paid in a U.S. Securities and Exchange Commission settlement in 2014.
Founded by the du Pont family in 1903, Wilmington Trust received $330 million of federal bailout money in 2008 under the Troubled Asset Relief Program, or TARP, which was meant to bolster U.S. lenders following the real estate market crash.
Two years later, Wilmington Trust raised $273.9 million in a February 2010 sale with the intention of repaying the TARP funds.
At the time, it reported to regulators just $10.8 million in commercial loans that were 90 days past due, but prosecutors said the real figure was $344 million, and continued to grow. Prosecutors accused the defendants of hiding the bank’s deteriorating finances.
Mounting losses from construction loans and commercial mortgages led to Wilmington’s November 2010 agreement to sell itself to Buffalo, New York-based M&T Bank at a 46 percent discount to its market value.
The case is U.S. v. Wilmington Trust Corporation, et al, U.S. District Court, District of Delaware, No. 15-cr-00023. Reporting by Nate Raymond in Boston; Editing by Marguerita Choy and Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-m-t-bnk-us-wilmingtontrust-crime/former-wilmington-trust-executives-convicted-in-u-s-fraud-trial-idUSKBN1I42GS |
May 7 (Reuters) - American States Water Co:
* Q1 EARNINGS PER SHARE $0.29 * Q1 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL OPERATING REVENUES $94.7 MILLION VERSUS $98.8 MILLION
* Q1 REVENUE VIEW $95.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-states-water-q1-earnings/brief-american-states-water-q1-earnings-per-share-0-29-idUSASC0A08K |
TSX-V: NDR
VANCOUVER, May 15, 2018 /PRNewswire/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") is pleased to announce that it has acquired a 100% interest in the Las Calandrias, Los Cisnes, and Sierra Blanca high grade gold-silver projects located in Santa Cruz province, Argentina (the "Transaction") from Sandstorm Gold Ltd. (TSX: SSL, NYSE American: SAND)("Sandstorm"). The Transaction was announced on February 20, 2018.
Key Points:
Acquisition of 86,000 hectares of highly prospective, advanced-stage gold-silver exploration properties in mining-favourable Santa Cruz, Argentina New leadership with appointment of former members of management of Sandstorm's subsidiary, Mariana Resources Limited ("Mariana Resources") Completed financing of $3.8M providing capital to advance exploration in Argentina, including drill-ready targets at the Las Calandrias and Los Cisnes Project Filed an updated NI 43-101 compliant technical report for the gold-silver mineral resource estimate at the flagship Las Calandria Project Share-restructuring and addition of Sandstorm as major shareholder and supporter of New Dimension
Acquisition of Santa Cruz Properties
New Dimension has acquired a 100% interest in the Santa Cruz Properties through an agreement dated February 19, 2018 amongst Sandstorm, New Dimension and certain subsidiaries of each entity. The agreement is available on the Company's SEDAR profile at www.sedar.com . Consideration for the acquisition is payable as:
A $400,000 amount payable to Sandstorm in cash or shares at New Dimension's election on each anniversary of the acquisition, until December 31, 2032 or earlier if certain events occur, including commencement of commercial production; a 2% net smelter returns royalty ("NSR") on each of the Santa Cruz Properties, pursuant to NSR agreements.
President and Chief Executive Officer, Eric Roth, commented today: "I'm pleased to see such high levels of support from investors, in particular from our new major shareholder Sandstorm Gold, as we embark on this exciting new phase for the Company. Concurrent with closing we expect to initiate a 5,000m drill program on high grade gold-silver targets at both the Las Calandrias and Los Cisnes Projects. In parallel, we will continue to generate targets on our Sierra Blanca Project and elsewhere within our regional property portfolio for future drill testing.
We are also fortunate to have retained most of Mariana Resources' highly successful management team, as well as Mariana's Argentine exploration team. This ensures that their many years of experience and expertise in Santa Cruz Province will be put to immediate use to quickly advance our projects. I look forward to keeping the market informed on progress with our drill programs."
Senior Management Changes
Concurrent with the closing of the Transaction, Eric Roth, Ph.D. (Economic Geology), F.AusIMM, F.SEG, former Chief Operating Officer of Mariana Resources and current director of the Company, has been appointed President and Chief Executive Officer of New Dimension. Fred Hewett, current President & CEO will remain on the Company's Board of Directors. The Company wishes to thank Mr. Hewett for his dedication and service to New Dimension and is very pleased that he will remain on as a director.
In addition, the following management changes will also be completed upon closing:
Karen Davies has assumed the role of VP Investor Relations ("IR") for New Dimension. Karen was previously IR representative for Mariana Resources, and takes over this role from Nancy Curry. Kathryn Witter has assumed the role of Corporate Secretary for New Dimension, taking over the role from Brenda Nowak. Kathryn had previously been Canadian Corporate Secretary for Mariana Resources.
Each of Ms. Curry and Ms. Nowak will remain involved with NDR to ensure an orderly transition, both have made significant contributions to the Company's successes to date. The Company is fortunate that they will remain engaged, and thanks them for their service.
Share Consolidation
Prior to the closing of the Transaction, the Company completed a consolidation of its issued common shares on the basis of one (1) post-consolidated share for every 2.5 pre-consolidated shares. The Company anticipates that the Company's common shares will commence trading on May 17, 2018.
Closing of Private Placement
The Company also announces the closing of an oversubscribed Private Placement through which 34,772,727 post-consolidated shares were issued at a price of $0.11 for gross proceeds of approximately $3.8M. The securities issued through the Private Placement are subject to a statutory hold period in Canada expiring September 15, 2018 (four months and one day from the issuing date). Cash fees of 6% (for a total of $100,393) were paid to finders in the Private Placement. The net proceeds from the Private Placement will be used for exploration activities and to advance the Argentinean portfolio. The Company also issued an additional 4,972,521 post-consolidated common shares to Sandstorm to settle outstanding debt owed by New Dimension to Sandstorm in connection with the acquisition of the Santa Cruz Properties.
Upon closing of the Private Placement, Sandstorm will become New Dimension's largest shareholder with approximately 10.3% of the issued common shares of the Company. Management and Directors also participated in the Private Placement and will collectively hold 14.1% of the issued common shares of the Company.
Early Warning Disclosure
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, Sandstorm is announcing the acquisition of an aggregate of 5,010,612 common shares ("New Dimension Shares") of New Dimension. Sandstorm acquired 38,091 shares pursuant to the Private Placement conducted by New Dimension. The remaining 4,972,521 shares were acquired by Sandstorm upon the conversion of certain debt owed by New Dimension to Sandstorm in connection with the Argentina transaction. With the acquisition of New Dimension Shares, Sandstorm now holds approximately 10.3% of the outstanding common shares.
The acquisition of the New Dimension Shares by Sandstorm was effected for investment purposes. Sandstorm may from time to time acquire additional securities of New Dimension, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by Sandstorm on New Dimension's SEDAR profile at www.sedar.com .
On Behalf of the Board of New Dimension Resources Ltd.
"Eric Roth" | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-new-dimension-completes-acquisition-of-santa-cruz-gold-and-silver-properties-and-closes-oversubscribed-private-placement.html |
* China 2018/19 soybean imports seen down 0.3 pct on year * Decline by world's top buyer would be first in 15 years * Trade spat has pushed up soymeal prices, curbing demand * Domestic output also set to rise by 4.9 pct (Adds table, details on impact on exporters, hog prices and feed alternatives) BEIJING, May 10 (Reuters) - China will cut its soybean imports for the first time in 15 years in 2018/19, the agriculture ministry forecast on Thursday, as a trade spat with the United States pushes pig farmers in the world's top buyer to seek cheaper proteins. In its first predictions for the upcoming crop year which starts in October, the Ministry of Agriculture and Rural Affairs said soybean imports were expected to dip 0.3 percent to 95.65 million tonnes. That would be the first decline since 2003/04, according to data from the United States agriculture department. The forecast will unnerve top exporter Brazil, which has harvested a record crop this year. It will also add to worries for farmers in the United States, who have already seen exports to China dry up after Beijing threatened to slap an additional 25 percent tariff on U.S. soybeans, in retaliation for trade actions taken by President Donald Trump. The threat of hefty tariffs has pushed up the price of soymeal and sent feedmakers scurrying to source alternative sources of protein for farmers already grappling with hog prices at multi-year lows. Live hog prices in China plunged by around 30 percent in the first quarter, one of the steepest declines ever recorded, after a significant increase in production by new farms boosted pork supplies. Prices are still at eight-year lows, with producers across the board losing money, and most expect losses to continue into next year. "While the development of livestock farmers is driving an increase in consumption of feed raw materials, the fall in profits for pig farming will lead to reduced use of protein in feed, and in addition to higher supply of DDGS and other meals, demand growth of soymeal will slow," said the ministry. China is expanding production of ethanol under a new policy to boost the consumption of corn. The push will see higher supplies of the ethanol byproduct, dried distillers grain (DDGS), reaching the animal feed market. China's own soybean production is also set to grow, with 2018/19 output forecast to rise 4.9 percent to 15.27 million tonnes, the ministry said. Soybean farmers are getting additional support following the launch of an "emergency" campaign this month to boost output. Soybean acreage will increase by 7.8 percent to 8.39 million hectares (20.7 million acres), although lower rainfall in Inner Mongolia will curb yields. Higher subsidies for soy farmers will eat into corn planting however, with output set to fall 2.9 percent to 210 million tonnes, it said. "Relatively severe" drought in some parts of the northeast was also expected to hurt corn yields. Beijing has embarked on a major push to reduce its corn planting to whittle down a huge overhang of stocks, while supporting soybean planting in its place. Key numbers from the Chinese Agricultural Supply and Demand Estimates (CASDE) 2017/2018 2017/2018 2018/19 (forecast in (forecast in (forecast in April) May) May) Corn Planted 35.45 35.45 34.95 acreage (mln hectares) Output (mln 215.89 215.89 209.53 tonnes) Imports (mln 1.50 1.50 1.50 tonnes) Ending Stocks -6.72 -6.42 -2.00 (mln tonnes) Soybean Planted 8.10 7.78 8.39 acreage (mln hectares) Output (mln 14.60 14.60 15.27 tonnes) Imports (mln 95.97 95.97 95.65 tonnes) Ending Stocks -0.22 -0.31 -0.50 (mln tonnes) Cotton Planted 3.35 3.35 3.19 acreage (mln hectares) Output (mln 5.89 5.89 5.55 tonnes) Imports (mln 1.10 1.10 1.20 tonnes) Ending Stocks 7.52 7.52 6.01 (mln tonnes) Sugar Planted 1.46 1.46 1.52 acreage (mln hectares) Cane 1.27 1.27 1.28 Beet 0.19 0.19 0.23 Output (mln 10.30 10.25 10.68 tonnes) Cane sugar 9.15 9.10 9.30 Beet sugar 1.15 1.15 1.43 Imports (mln 3.20 3.20 3.20 tonnes) Ending Stocks -1.62 -1.67 -1.47 (mln tonnes) (Reporting by Dominique Patton; editing by Richard Pullin and Christian Schmollinger)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-crops/update-1-china-set-to-trim-2018-19-soybean-imports-as-trade-row-boosts-prices-idUSL3N1SH26X |
× × The iPhone X has it's quirks, but six months later it's still the best phone you can buy 1 Hour Ago CNBC's Todd Haselton still loves the iPhone X overall, but there are some things that are stating to bother him. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/the-iphone-x-six-months-later.html |
May 3 (Reuters) - IKF Technologies Ltd:
* SAYS ARUN KUMAR AGARWAL HAS JOINED AS CFO Source text - bit.ly/2KxWadN
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ikf-technologies-appoints-arun-kum/brief-ikf-technologies-appoints-arun-kumar-agarwal-as-cfo-idUSFWN1SA0J8 |
May 10, 2018 / 2:19 AM / in 3 hours Hawaii's Kilauea Volcano channeling molten rock through fits and starts Steve Gorman , Jolyn Rosa 5 Min Read
(Reuters) - The latest bursts of molten rock, ash and toxic gas from Kilauea Volcano on the Big Island of Hawaii are part of an ever changing and still largely mysterious cycle of eruptions that have been at work for hundreds of thousands of years. Kilauea volcano's summit lava lake shows a significant drop of roughly 220 metres below the crater rim in this wide angle camera view showing the entire north portion of the Overlook crater in Hawaii, U.S. May 6, 2018. Picture taken on May 6, 2018. USGS/Handout via REUTERS
Kilauea, one of the world’s most active volcanoes and perhaps the most intensely studied, began extruding red-hot lava into populated areas through newly opened fissures in the ground last week, destroying dozens of homes and other buildings, and prompting mass evacuations.
The lava-spewing fissures were accompanied by a flurry of earthquakes. An ash plume belched from Kilauea’s long-active Pu’u ‘O’o side vent last week, and on Wednesday volcanic rock exploded from the main summit crater, which could portend a wave of similar eruptions to come.
All of this activity, according to geologists and vulcanologists, is driven by the underground ebb and flow of huge rivers of molten rock called magma — the term for lava before it reaches the surface — and is part of an eruption cycle that has continued nearly nonstop on the island for 35 years.
But experts say the behavior exhibited by Kilauea differs from one eruptive episode to the next, and they hope the latest sequence of events will help them better understand why.
“When all of this is over, and we digest the reams and mountains of data that we are collecting, we will know a lot more about Kilauea as a volcanic system,” Christina Neal, the vulcanologist in charge at the Hawaiian Volcano Observatory of the U.S. Geological Survey, told a news conference on Wednesday.
Scientists acknowledge having no idea how much longer the latest upheaval will last, though there were clear signs something was brewing before it started.
(GRAPHIC: Scorched Earth - tmsnrt.rs/2IldVyS ) A new fissure spraying lava fountains as high as about 230 feet (70 m), according to United States Geological Survey, is shown from Luana Street in Leilani Estates subdivision on Kilauea Volcano's lower East Rift Zone in Hawaii, U.S., May 5, 2018. Photo taken May 5, 2018. US Geological Survey/Handout via REUTERS EAST RIFT ZONE
Magma had steadily bubbled up for weeks inside the main crater at Kilauea’s summit, and at the separate Pu’u ‘O’o crater miles (kilometers) away on the volcano’s eastern flank called the east rift zone.
Instead of lava breaking through the outside wall of the Pu’u ‘O’o cone, as it did twice before in recent years, the crater floor abruptly collapsed on April 30. The pool of magma drained back into an underground reservoir and pushed its way into deep channels carrying the molten rock farther downslope.
This sequence of events created space for additional magma from Kilauea’s summit to recede back underground and likewise flow downhill into the sub-surface rift line. When that happened, a lava lake that had spilled over the crater rim just weeks before suddenly dropped by hundreds of feet (meters).
By last Thursday, the underground flows found their way to the surface in the community of Leilani Estates, opening large cracks in the ground to emit steam, toxic sulfur dioxide and other volcanic gases, and finally fountains of lava, some hundreds of feet (meters) high.
Fourteen such fissures had been counted as of Wednesday, and scientists said more were likely in the days and weeks ahead. Slideshow (8 Images)
“There’s still a fair bit of magma right underground that’s available to erupt,” Neal said.
The earthquakes, including a powerful magnitude 6.9 tremor on May 4 — the strongest in Hawaii since 1975 — were produced by the enormous pressure being exerted miles (km) beneath the surface on fault lines around the volcano from the massive intrusion of magma underground. NEW CHAPTER
On Wednesday, scientists observed what they believe may signal a new chapter in the latest series of disturbances — the violent explosion from the summit crater of rocky material that apparently fell into the remaining lava lake.
Such blasts could grow more frequent if the receding magma in the summit chamber drops below groundwater levels, allowing steam to rush into the void and become trapped by more rock falls, causing explosive pressure buildups, scientists said.
The filling and draining of Kilauea’s magma reservoirs has recurred countless times over the history of the volcano, which has been active for hundreds of thousands of years and helped build the largest island in the Hawaii archipelago.
But scientists remain uncertain what caused Kilauea’s latest buildup of molten rock and why the magma traveled so far underground to create new ground vents “when it had two release valves” already at the summit crater and at Pu’u ‘O’o, said Michael Garcia, a volcano expert at the University of Hawaii.
“Why it would push magma 10 miles (16 km) down from where it was erupting is a mystery,” he said.
Garcia said Kilauea’s current eruption cycle, which has persisted with no more than a month’s pause for 35 years, is already its longest in the last five centuries. But that record pales in comparison to a volcano in Costa Rica that has been continuously erupting since 1968.
How and when Kilauea will fall silent again has yet to be determined. Reporting and writing by Steve Gorman in Los Angeles; Additional reporting by Jolyn Rosa in Honolulu; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hawaii-volcano-science/hawaiis-kilauea-volcano-channeling-molten-rock-through-fits-and-starts-idUKKBN1IB06S |
May 3, 2018 / 6:18 PM / Updated 26 minutes ago IOC warns AIBA to speed up reforms or risk missing Tokyo Olympic Games Karolos Grohmann 3 Min Read
LAUSANNE, Switzerland (Reuters) - World boxing body AIBA is slow in implementing necessary reforms and needs to act now or risk being banned from the Tokyo 2020 Games, the International Olympic Committee President Thomas Bach said on Thursday. Thomas Bach, President of the International Olympic Committee (IOC) attends a news conference after an Executive Board meeting in Lausanne, Switzerland, May 3, 2018. REUTERS/Denis Balibouse
The IOC had warned AIBA in February to sort out its finances, the sport’s governance and anti-doping issues but a progress report presented this week was insufficient, Bach told a news conference.
“This report shows some progress and shows goodwill but still lacks execution and in some areas lacks substance,” the German former Olympic fencer said.
“So our concerns on governance, financial and sporting integrity are continuing and we think that we need to see action on the plans.”
AIBA has been riven with in-fighting for months, with former president CK Wu first provisionally suspended and then stepping down last November after a bitter dispute with his own executive committee.
AIBA then named Uzbek Gafur Rahimov as its new interim president following the unexpected resignation of previous interim chief Franco Falcinelli. Thomas Bach, President of the International Olympic Committee (IOC) attends a news conference after an Executive Board meeting in Lausanne, Switzerland, May 3, 2018. REUTERS/Denis Balibouse
Bach did not refer to the new leadership but said the slow pace of chances could affect boxing’s chances to make it to Tokyo 2020. He also said boxing would urgently need to review the way judges are appointed for matches.
“Therefore we retain our right to exclude boxing from the programme of the Tokyo 2020 Olympic Games,” Bach added.
The IOC has already frozen any payments to the association though it is not the first time AIBA has had IOC funds blocked.
The Olympic ruling body withheld payments of more than $1 million of television rights from the Athens 2004 Olympics after a refereeing scandal at those Games.
“The whole AIBA organisation has been working extremely hard in the last few months,” Tom Virgets, AIBA Executive Director said in a statement.
“In line with our commitment to transparency, we look forward to sharing the submitted report with all of our members as soon as possible. This is a new AIBA and we are fully committed to putting into action the values of Boxing and the Olympic Movement.” Reporting by Karolos Grohmann; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-olympics-ioc-boxing/ioc-warns-aiba-to-speed-up-reforms-or-risk-missing-tokyo-olympic-games-idUKKBN1I42CJ |
13 minutes ago Top seed Thiem to face Frenchmen Simon in Lyon final Reuters Staff 2 Min Read
(Reuters) - Top seed Dominic Thiem of Austria booked a place in the Lyon Open final by beating Serbia’s Dusan Lajovic 6-4 5-7 6-4 on Friday. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 16, 2018 Austria’s Dominic Thiem in action during his second round match against Italy’s Fabio Fognini REUTERS/Tony Gentile
The world number eight will face veteran Gilles Simon for the title, after the Frenchman ended Briton Cameron Norrie’s hopes with a 6-1 7-6(6) victory in the other semi-final.
Simon broke Norrie’s serve three times in the first set, but his 22-year-old opponent put up a better fight in the second and forced a tiebreak that he briefly led before Simon’s brought all his experience into play.
The 33-year-old saved two set points before seeing out the match, but Norrie will leave Lyon with his reputation greatly enhanced. The youngster’s run to the last four will see him break into the top 100 in the world for the first time.
Thiem was forced to play twice on Friday after his quarter-final match against Spain’s Guillermo Garcia-Lopez was suspended the previous day due to fading light.
The match resumed with the players level at one set apiece and the Austrian battled for 50 minutes before closing out a 6-7(4) 7-6(0) 6-4 victory.
His semi-final against Lajovic lasted just under two hours, and the 24-year-old will be aiming to win his 10th ATP title on Saturday to get a boost ahead of next week’s French Open. Reporting by Simon Jennings in Bengaluru; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-lyon-men/top-seed-thiem-to-face-frenchmen-simon-in-lyon-final-idUKKCN1IQ2S1 |
8 COMMENTS WASHINGTON—Throughout his campaign in West Virginia, Don Blankenship delivered a string of incendiary comments , including calling Mitch McConnell “Cocaine Mitch” and referring to the Senate majority leader’s in-laws as “China people.”
And whether he wins or loses, Mr. Blankenship, who ran for the Republican nomination in the state’s Senate primary on Tuesday, successfully employed Trump-style campaign tactics to get him to the precipice of the GOP nomination.
Mr. Blankenship, a former coal magnate who served a year in prison and remains on probation following a conviction for violating mine-safety standards after 29 miners were killed in a 2010 disaster, deftly adopted the president’s playbook during his campaign. On the eve of the primary he said he was “Trumpier than Trump.”
Mr. Blankenship’s viability as a candidate shows the extent to which the president’s approach can resonate with voters, even though, in Mr. Blankenship’s case, President Donald Trump told voters in a tweet to pick someone else in a state he won in 2016 by 42 percentage points.
The West Virginia contest, like Republican primaries Tuesday in Indiana and Ohio, was marked by the candidates building their campaigns around their allegiance to President Donald Trump.
Indiana Republicans nominated former state lawmaker Mike Braun over two members of Congress. In Ohio, Republicans chose Mike DeWine, the state’s attorney general, as their gubernatorial nominee. Mr. DeWine will face Richard Cordray, the former chairman of the Consumer Financial Protection Bureau.
Mr. Blankenship deliberately placed himself at the center of a weekslong media firestorm. It served as a distraction from politically troublesome facts, such as he is still on probation until Wednesday morning and he maintains a primary residence in Nevada.
How Trump Unites--and Divides--Republicans Mr. Blankenship said during an interview with Roll Call that his comment about Mr. McConnell’s wife, Taiwan-born Transportation Secretary Elaine Chao, wasn’t racist because “races are negro, white Caucasian, Hispanic, Asian.” Mr. McConnell hasn’t responded to the swipes from Mr. Blankenship.
At his primary night party Tuesday in Charleston, W.Va., Mr. Blankenship appeared confident. He also said he was relieved that the campaign was over and that his probation would end at midnight, enabling him to travel freely again and get back guns he had to surrender during his prosecution.
The state’s Republican primary voters seemed to rally around him. After trailing in polling two weeks prior to the primary, Mr. Blankenship appeared to be in a dead heat with the other two leading candidates, according to private polls conducted by several campaigns in the final days.
“A lot of Republican primary voters have replaced their anger with Obama with anger with the mainstream media,” said Josh Holmes, a former top aide to Mr. McConnell who remains a close ally. “There is a knee-jerk conservative defense of a candidate who finds themselves in the eye of a media firestorm. I think that is an extremely regrettable reality.”
Mr. Blankenship faced Rep. Evan Jenkins, West Virginia Attorney General Patrick Morrisey and three other minor candidates in Tuesday’s primary. The winner will take on Democratic Sen. Joe Manchin.
Mr. Manchin is counted among the Senate Democrats’ most vulnerable incumbents, given Mr. Trump’s wide margin of victory in the state in 2016.
Related
Attorney General Morrisey Wins GOP Senate Primary in West Virginia Cordray Wins Ohio Democratic Gubernatorial Primary Braun Wins Indiana’s Republican Senate Primary Pelosi Urges Democrats to Run on Economic Issues in Midterms Mr. Blankenship has spent $3.5 million of his own fortune on the race, according to the latest Federal Election Commission reports. Mr. Jenkins has spent $1.4 million and Mr. Morrisey $1 million, mostly from funds they raised.
Mr. Blankenship was head of Massey Energy at the time of the Upper Big Branch mining explosion of 2010 that killed 29 people. Rivals have attacked him for his criminal record and his culpability in the mine disaster.
Mr. Jenkins spent his last day before the primary at a memorial for coal miners. Mr. Morrisey released an online ad warning “liberal Democrats will easily defeat him.”
Washington Republicans have urged West Virginians to choose either Mr. Jenkins or Mr. Morrisey.
The Senate Leadership Fund, a super PAC run by Mr. McConnell’s allies, has spent $1.3 million attacking Mr. Blankenship during the primary contest. Mr. Blankenship has said he won’t support Mr. McConnell as the party’s leader in the Senate, and he attacked his rivals for refusing to say so as well.
Related Video Four states will hold primaries on Tuesday, May 8. WSJ's Gerald F. Seib previews the key races, and explains why West Virginia's Republican Senate primary has become the main event. Photo: Getty Mr. Trump, before he tweeted about the race, invited Messrs. Jenkins and Morrisey—but not Mr. Blankenship—to an April event in the state to tout the new tax law. If Mr. Blankenship wins the nomination, top GOP officials would likely abandon the state, effectively ceding the election to Mr. Manchin.
Top Washington Republicans involved in Senate campaigns quit the Alabama Senate special election contest last year after GOP nominee Roy Moore was engulfed by allegations of sexual misconduct with teenaged girls when he was in his mid-30s. He denies any misconduct.
Mr. Trump and the Republican National Committee eventually announced their support for Mr. Moore, who lost to Democrat Doug Jones in December. Mr. Jones is the first Democratic senator elected from the GOP-friendly state in 25 years, an upset that sent shock waves through Republican ranks.
West Virginia GOP Chairwoman Melody Potter said Tuesday that Mountain State Republicans will stick with whoever wins the primary.
“Regardless of if the NRSC is in or out, we’re going to get our guy across the line to beat Joe Manchin,” Ms. Potter said. “If Don Blankenship is the nominee, we’re going to get him across the line regardless of who is there to help us.”
Election 2018: Up Next View full election calendar —Kris Maher contributed to this article.
Write to Janet Hook at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/firebrand-candidate-tests-the-limits-in-west-virginia-1525823407 |
Employment growth in Australia is 'very strong': Finance minister 7 Hours Ago Australia's Finance Minister, Mathias Cormann, says wage growth in the country is expected to pick up as the employment situation continues to improve and competition expands for workers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/employment-growth-in-australia-is-very-strong-finance-minister.html |
May 30, 2018 / 2:38 PM / Updated 14 minutes ago Suspected poachers shot dead in Kenyan national park Reuters Staff 2 Min Read
NAIROBI (Reuters) - Wildlife troopers shot dead three armed men in Kenya’s Mount Elgon National Park on Wednesday while two other suspected poachers were injured but escaped, the Kenya Wildlife Service (KWS) said.
“The officers were on routine patrol inside the park when they encountered five poachers, two of whom were armed,” KWS said in a statement.
Poaching has declined sharply in Kenya from a peak in 2012 but it remains a problem, with some 69 elephants and nine rhinos killed last year.
Earlier this month, three rhinos were found dead with their horns missing in Meru National Park’s Rhino Sanctuary, in what Kenya’s tourism ministry said was an act of poaching.
Three months earlier, a prominent American investigator of the illegal ivory and rhino horn trade was found dead in his Nairobi home with a stab wound in his neck.
A conservation group said Esmond Bradley-Martin, who had spent decades tracking the movement of animal products from Africa to markets in Asia, was about to publish a report exposing how the ivory trade had shifted from China to neighbouring countries. Writing by Aaron Maasho; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-kenya-wildlife/suspected-poachers-shot-dead-in-kenyan-national-park-idUKKCN1IV1WL |
Cooler heads will prevail on China tariffs: PVH CEO 9 Hours Ago "Mad Money" host Jim Cramer sits down with PVH CEO Manny Chirico to talk tariffs, China and the company's earnings results. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/cooler-heads-will-prevail-on-china-tariffs-pvh-ceo.html |
CHESTERBROOK, Pa., Trevena, Inc. (NASDAQ:TRVN) today announced that the independent Compensation Committee of the Board of Directors of the Company approved, effective as of May 2, 2018, the grant of inducement stock options to purchase 27,000 shares of the Company's common stock to Richard Zimet, a new employee. These awards were granted pursuant to the Trevena, Inc. Inducement Plan as an inducement material to the new employees entering into employment with the Company, in accordance with NASDAQ Listing Rule 5635(c)(4).
The stock option has an exercise price per share of $2.07, the closing stock price on May 2, 2018. The option has a ten-year term and will vest with respect to one-sixteenth of the total number of shares subject to the option on each quarterly anniversary of the grant date.
About Trevena
Trevena, Inc. is a biopharmaceutical company focused on providing better, safer therapies to patients in pain. The Company has leveraged breakthrough science to discover and develop its investigational product, oliceridine injection, for the management of moderate-to-severe acute pain. Oliceridine has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration, and is intended to provide healthcare providers an innovative new option for patients who require an intravenous opioid. The Company also has an early stage pipeline of new chemical entities targeting novel mechanisms of action, including TRV250 for acute migraine, neuropathic pain, and other indications.
Contacts
Trevena, Inc.
Investors:
Jonathan Violin, Ph.D.
SVP, scientific affairs and investor relations officer
610-354-8840 x231
[email protected]
or
Media:
Public Relations
[email protected]
Source:Trevena Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-trevena-reports-inducement-grants-under-nasdaq-listing-rule-5635c4.html |
OSLO (Reuters) - The CEO of budget carrier Norwegian Air ( NWC.OL ), under pressure to staff its fleet as it ramps up transatlantic business, said the airline has “more than enough” pilots to cover strong bookings this summer.
FILE PHOTO: Bjorn Kjos, CEO of Norwegian Group, speaks during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina, March 8, 2018. REUTERS/Marcos Brindicci/File Photo The company, which has been courted by British Airways owner IAG ( ICAG.L ), struggled last summer to have enough pilots on duty and had to lease extra planes and staff, which weighed on its bottom line.
“We have more than enough pilots this year and we have hired many pilots that we have trained up. We are very well covered for the summer,” CEO Bjoern Kjos told Reuters.
Asked whether bookings for the busy summer season were strong, Kjos said: “Yes.”
Norwegian Air shares rose by as much as 10 percent before closing 1.25 percent up, against a 0.75 percent decline for the Oslo benchmark index .OSEBX.
Ryanair ( RYA.I ) last year approached Norwegian with a proposal to take a stake of about 20 percent in the Oslo-listed carrier, a source with close knowledge of the discussion told Reuters separately.
Europe’s largest and third-largest low-cost airlines respectively, Ryanair and Norwegian compete for passengers as well as pilots and crews across the continent.
Kjos said there had been contact between the companies, but declined to discuss any details.
“I can confirm that Ryanair has shown interest in Norwegian Air and that I brought it up with the board,” he said.
Ryanair disputed the statement. “There is no truth to these claims. We have not made an approach to Norwegian and we have no interest,” Ryanair said in an emailed statement to Reuters.
IAG last month disclosed it had bought a 4.6 percent stake in Norwegian, but the budget carrier later said it had rejected two takeover proposals.
“What the shareholders should think of is that we are in the initial phase of harvesting significant value following a strong expansion. Our growth will begin to level off in the autumn,” Kjos said.
He declined to say if there had been any more contact with IAG.
Additional reporting by Padraic Halpin in Dublin, writing by Terje Solsvik; Editing by Gwladys Fouche, Mark Heinrich and David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-norwegian-m-a/norwegian-air-ceo-says-summer-bookings-strong-well-covered-with-pilots-idUSKCN1IP1S8 |
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