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HUNTSVILLE, Ala., May 23, 2018 /PRNewswire-USNewswire/ -- Steve Miley has been named associate director of NASA's Marshall Space Flight Center in Huntsville, Alabama.
Marshall, one of NASA's largest field installations, has almost 6,000 civil service and contract personnel, an annual budget of approximately $2.5 billion, 4.5 million square feet of infrastructure and a broad spectrum of human spaceflight, science and technology development.
"With three decades of government acquisition and management experience, Steve is well prepared for his new position on the center's senior leadership team," said Marshall Center Director Todd May. "The leadership skills he has displayed while working with NASA Headquarters, other NASA field centers, the U.S. Air Force, government agencies and partners has been, and will continue to be, invaluable to Marshall and the nation's space exploration efforts."
As associate director, Miley will manage and lead development of business operations, guide daily business decisions and oversee Marshall's operational policy and processes. In addition, he will serve as a senior adviser in advancing the direction of the center's future.
The Dayton, Ohio, native most recently served as director of Marshall's Office of Procurement. Named to the position in December 2015, he managed the organization responsible for all aspects of the contracting and procurement processes at Marshall, NASA's Michoud Assembly Facility in New Orleans and associated contractor facilities.
In 2014, Miley began a second stint as the associate director for operations in Marshall's Engineering Directorate. He also held that post from 2007 to 2011. From 2011 to 2014, he was at Wright-Patterson Air Force Base near Dayton, Ohio, as director of contracting for the U.S. Air Force Life Cycle Management Center, the organization responsible for total lifecycle management of Air Force weapon systems. He led 13 acquisition directorates at three military sites, overseeing more than 2,000 contracting professionals, and guided more than $31 billion in annual obligations for 10 program offices with an active contract value of more than $196 billion.
In 2006, Miley was appointed to the Senior Executive Service at NASA Headquarters in Washington, where he supervised the agency's key technical capability portfolios as director of the Strategic Capabilities Assets Division. The Senior Executive Service is the personnel system that covers most of the top managerial, supervisory and policy positions in the executive branch of the federal government.
Miley began his career in 1988 as a contract negotiator at Wright-Patterson Air Force Base, supporting key military aviation and missile programs. After graduating from the Air Force contracting intern program in 1992, he transferred to NASA Headquarters in Washington as a contracting officer and procurement analyst. He was a contract negotiator for the NASA-Russian Space Agency contract for American support and use of Space Station Mir. In 1995, he transferred to NASA's Johnson Space Center in Houston, Texas, as a contracting officer and business team leader in the International Space Station Program Office. He returned to NASA Headquarters from 1998 to 2007 to take on a variety of positions, including manager of the Sponsored Research Business Office and acting assistant associate administrator for infrastructure management in NASA's Office of Space Flight.
He earned a master's degree from the Southern Baptist Theological Seminary in Louisville, Kentucky, in 1986, a master's degree in business administration from Wright State University in Dayton, Ohio, in 1992, and a bachelor's degree from Campbellsville University in Campbellsville, Kentucky, in 1983. He also received the Professional Designation in Contract Management from the Air Force Institute of Technology at Wright-Patterson Air Force Base, and the Certified Professional Contracts Manager designation from the National Contract Management Association, headquartered in Ashburn, Virginia, in 1992.
A 21-year Air Force reserve officer, Miley received his commission through the Air Force ROTC program at the University of Louisville in Louisville, Kentucky. He retired as a lieutenant colonel in 2008.
He and his wife Dana live in Huntsville.
For more information about Marshall, visit:
www.NASA.gov/Marshall
View original content with multimedia: http://www.prnewswire.com/news-releases/steve-miley-named-associate-director-of-nasas-marshall-space-flight-center-300653705.html
SOURCE NASA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-steve-miley-named-associate-director-of-nasas-marshall-space-flight-center.html |
May 3, 2018 / 1:34 AM / Updated 37 minutes ago BRIEF-Esprit Holdings Initiates Process To Divest Loss-Making Operations In Australia & NZ Reuters Staff
May 3 (Reuters) - Esprit Holdings Ltd:
* TO INITIATE PROCESS TO DIVEST LOSS-MAKING OPERATIONS IN AUSTRALIA AND NEW ZEALAND
* DIVESTMENT INVOLVES CLOSING DOWN 67 DIRECTLY MANAGED RETAIL STORES, INCLUDING 38 CONCESSION COUNTERS IN DEPARTMENT STORES AND 13 OFF-PRICE OUTLETS
* FOR FY ENDED 30 JUNE 2017, ANZ OPERATIONS CONTRIBUTED HK$297 MILLION TO GROUP’S REVENUE
* ONE-OFF COSTS EXPECTED TO HAVE A NEGATIVE IMPACT ON RESULTS FOR FY ENDING 30 JUNE 2018
* INTENDED DIVESTMENT TO RESULT IN ONE-OFF COSTS BETWEEN HK$150 MILLION TO HK$200 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-esprit-holdings-initiates-process/brief-esprit-holdings-initiates-process-to-divest-loss-making-operations-in-australia-nz-idUSFWN1S91E6 |
Discussing the economic issues faced by Taiwan 12 Hours Ago Benson Wong of Hong Kong Baptist University says a heavy dependence on China in the past eight years has made it hard for Taiwan President Tsai Ing-wen to diversify the economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/discussing-the-economic-issues-faced-by-taiwan.html |
SUNNYVALE, Calif., May 22, 2018 (GLOBE NEWSWIRE) -- Ooma, Inc. (NYSE:OOMA), a smart communications platform for businesses and consumers, today released financial results for the first quarter fiscal 2019 ended April 30, 2018.
First Quarter Fiscal 2019 Financial Highlights
Revenue : Total revenue was $30.2 million, up 10% year-over-year. Subscription and services revenue increased to $27.3 million and was 90% of total revenue, driven by 20% year-over-year growth in our business and residential subscription and services revenue. Net Loss : GAAP net loss was $3.7 million, or $0.19 per basic and diluted share, compared to GAAP net loss of $3.4 million, or $0.19 per basic and diluted share, in the first quarter fiscal 2018. Non-GAAP net loss was $0.8 million, or $0.04 per basic and diluted share, compared to non-GAAP net loss of $0.3 million, or $0.02 per basic and diluted share, in the prior year period. Adjusted EBITDA : Adjusted EBITDA was ($0.5) million compared to $0.1 million in the prior year period.
For more information about non-GAAP net loss and Adjusted EBITDA, see the section below titled "Non-GAAP Financial Measures" and the reconciliation provided in this release.
“We executed well in Q1 and once again achieved 20% year over year growth in core recurring revenue,” said Eric Stang, chief executive officer of Ooma. “Our Q1 performance represents a solid start to our fiscal year 2019. Looking ahead, we remain committed to our three key FY19 strategic initiatives, which are to continue the fast growth of Ooma Office for small businesses, capitalize on our Voxter acquisition to serve larger businesses with custom UCaaS solutions, and bring our home security solution to fruition including integration of the Butterfleye video security camera.”
Business Outlook
Our guidance below includes the effects of the new accounting standard ASC 606 and the impact of our recent acquisitions.
For the second quarter fiscal 2019, Ooma expects to report:
Total revenue in the range of $30.5 million to $31.3 million. GAAP net loss in the range of $3.8 million to $4.3 million and GAAP net loss per share in the range of $0.19 to $0.22. Non-GAAP net loss in the range of $0.8 million to $1.3 million and non-GAAP net loss per share in the range of $0.04 to $0.07.
For the full fiscal year 2019, Ooma expects to report:
Total revenue in the range of $124.5 million to $127.0 million. GAAP net loss in the range of $14.2 million to $16.7 million, and GAAP net loss per share in the range of $0.72 to $0.84. Non-GAAP net loss in the range of $2.5 million to $4.5 million, and non-GAAP net loss per share in the range of $0.13 to $0.23.
The following is a reconciliation of GAAP net loss to non-GAAP net loss and GAAP basic and diluted net loss per share to non-GAAP basic and diluted net loss per share guidance for the second fiscal quarter and the fiscal year ending January 31, 2019 (in millions, except per share data):
Projected range Three Months Ending Fiscal Year Ending July 31, 2018 January 31, 2019 (unaudited) GAAP net loss ($3.8)-($4.3) ($14.2)-($16.7) Stock-based compensation and related taxes 2.8 10.6-11.0 Acquisition-related costs and amortization of acquired intangible assets 0.2 1.1-1.2 Non-GAAP net loss ($0.8)-($1.3) ($2.5)-($4.5) GAAP basic and diluted net loss per share ($0.19)-($0.22) ($0.72)-($0.84) Stock-based compensation and related taxes 0.14 0.53-0.55 Acquisition-related costs and amortization of acquired intangible assets 0.01 0.06 Non-GAAP basic and diluted net loss per share ($0.04)-($0.07) ($0.13)-($0.23) Weighted-average number of shares used in per share amounts: Basic and diluted 19.5 19.9 Conference Call Information:
Ooma will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today, May 22, 2018. The news release with the financial results will be accessible from the company's website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (833) 233-4456, using conference ID 7132779. International parties can access the call by dialing +1 (647) 689-4135, using conference ID 7132779.
The webcast will be accessible on Ooma's investor relations website at http://investors.ooma.com for a period of one year. A telephonic replay of the conference call will be available through Tuesday, May 29, 2018. To access the replay, parties in the United States and Canada should call +1 (800) 585-8367 and use conference ID 7132779. International parties should call +1 (416) 621-4642 and enter conference ID 7132779.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including: non-GAAP net loss, non-GAAP net loss per share, non-GAAP gross profit and gross margin, non-GAAP operating loss, and Adjusted EBITDA. Adjusted EBITDA represents the net loss before interest and other expense or income, income tax benefit, depreciation and amortization and other non-GAAP expenses.
These non-GAAP financial measures exclude non-cash stock-based compensation expense and related taxes, acquisition related costs, amortization of intangibles and non-cash income tax benefit.
These non-GAAP financial measures are presented to provide investors with additional information regarding our financial results and core business operations. Ooma considers these non-GAAP financial measures to be useful measures of the operating performance of the company, because they contain adjustments for unusual events or factors that do not directly affect what management considers to be Ooma's core operating performance and are used by the company's management for that purpose. Management also believes that these non-GAAP financial measures allow for a better evaluation of the company's performance by facilitating a meaningful comparison of the company's core operating results in a given period to those in prior and future periods. In addition, investors often use similar measures to evaluate the operating performance of a company.
Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. A limitation of the non-GAAP financial measures presented is that the adjustments relate to items that the company generally expects to continue to recognize. The adjustment of these items should not be construed as an inference that the adjusted gains or expenses are unusual, infrequent or non-recurring. Therefore, both GAAP financial measures of Ooma's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.
Disclosure Information
Ooma uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Ooma's investor relations website in addition to following Ooma's press releases, SEC filings, and public conference calls and webcasts.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. In particular, statements regarding future economic performance, finances, and expectations and objectives of management constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. This press release also includes forward–looking statements regarding the company being well positioned to bring unique and differentiated solutions to the market place. Although the forward-looking statements contained in this press release are based upon information available at the time the statements are made and reflect management's good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from anticipated future results. Important factors that could cause actual results to differ materially from expectations include, among others: our inability to attract new customers on a cost-effective basis; our inability to retain customers; intense competition; our reliance on retailers and reseller partnerships to sell our products; our reliance on vendors to manufacture the on-premise appliances and end-point devices we sell; our reliance on third parties for our network connectivity and co-location facilities; our reliance on third parties for some of our software development, quality assurance and operations; our reliance on third parties to provide the majority of our customer service and support representatives; our limited operating history; and interruptions to our service. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including the risk factors contained in our annual filing on Form 10K for the year ended January 31, 2018, filed with the SEC on April 2, 2018. The forward-looking statements in this press release are based on information available to Ooma as of the date hereof, and Ooma disclaims any obligation to update any forward-looking statements, except as required by law.
About Ooma
Ooma (NYSE:OOMA) creates powerful connected experiences for businesses and consumers, delivered from its smart cloud-based SaaS platform. For businesses of all sizes, Ooma provides advanced voice and collaboration features that are flexible and scalable. For consumers, Ooma provides PureVoice HD voice quality, advanced functionality and integration with their mobile devices. Ooma’s groundbreaking home security solution delivers a full range of wireless security sensors and a smart video camera, putting consumers in charge of protecting their homes. Learn more at www.ooma.com .
Ooma, PureVoice HD, and the Ooma logo are trademarks of Ooma, Inc. All other company and product names may be trademarks of the respective companies with which they are associated. The detailed terms and conditions of Ooma's products, services, and support are fully set forth in the Terms and Conditions, available online under the "legal" tab on the bottom navigation bar of the Ooma Web site.
Investor Relations:
Matthew S. Robison
Director of IR and Corporate Development
Ooma, Inc.
[email protected]
(650) 300-1480
OOMA, INC CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, amounts in thousands) April 30, January 31, 2018 2018 Assets Current assets: Cash and cash equivalents $ 8,494 $ 4,483 Short-term investments 41,251 47,307 Accounts receivable, net 3,547 2,858 Inventories 6,394 6,079 Other current assets 3,429 4,397 Total current assets 63,115 65,124 Property and equipment, net 4,811 4,732 Intangible assets, net 3,231 1,292 Goodwill 3,803 1,947 Other assets 1,161 336 Total assets $ 76,121 $ 73,431 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,094 $ 5,453 Accrued expenses 16,192 14,777 Deferred revenue 14,629 15,556 Total current liabilities 38,915 35,786 Other liabilities 966 577 Total liabilities 39,881 36,363 Stockholders' equity: Common stock 2 2 Additional paid-in capital 131,231 128,081 Accumulated other comprehensive loss (85 ) (84 ) Accumulated deficit (94,908 ) (90,931 ) Total stockholders' equity 36,240 37,068 Total liabilities and stockholders' equity $ 76,121 $ 73,431
OOMA, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited, amounts in thousands, except share and per share data) Three Months Ended April 30, April 30, 2018 2017 Revenue: Subscription and services $ 27,312 $ 24,100 Product and other 2,910 3,478 Total revenue 30,222 27,578 Cost of revenue: Subscription and services 8,774 7,749 Product and other 3,510 3,796 Total cost of revenue 12,284 11,545 Gross profit 17,938 16,033 Operating expenses: Sales and marketing 8,895 9,154 Research and development 8,522 6,621 General and administrative 4,452 3,756 Total operating expenses 21,869 19,531 Loss from operations (3,931 ) (3,498 ) Interest and other income, net 177 106 Loss before income taxes (3,754 ) (3,392 ) Income tax benefit 69 — Net loss $ (3,685 ) $ (3,392 ) Net loss per share of common stock: Basic and diluted $ (0.19 ) $ (0.19 ) Weighted-average number of shares used in per share amounts: Basic and diluted 19,318,718 18,128,504
OOMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, amounts in thousands) Three Months Ended April 30, April 30, 2018
2017
Cash flows from operating activities: Net loss $ (3,685 ) $ (3,392 ) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation expense 2,314 2,971 Depreciation and amortization 504 468 Amortization of acquired intangibles 145 83 Amortization and accretion of premiums from investments (57 ) 75 Changes in operating assets and liabilities: Accounts receivable, net (874 ) 272 Inventories (311 ) (1,154 ) Other assets (564 ) 343 Accounts payable and other liabilities 2,770 569 Deferred revenue 52 (70 ) Net cash provided by operating activities 294 165 Cash flows from investing activities: Purchases of short-term investments (5,409 ) (5,441 ) Proceeds from maturities and sales of short-term investments 11,526 10,310 Purchases of property and equipment (405 ) (579 ) Acquisition of business, net of cash acquired (2,402 ) — Net cash provided by investing activities 3,310 4,290 Cash flows from financing activities: Shares repurchased for tax withholdings on vesting of restricted stock units (759 ) (300 ) Proceeds from issuance of common stock 1,166 863 Net cash provided by financing activities 407 563 Net increase in cash and cash equivalents 4,011 5,018 Cash and cash equivalents at beginning of period 4,483 3,990 Cash and cash equivalents at end of period $ 8,494 $ 9,008
OOMA, INC. Reconciliation of Non-GAAP Financial Measures (Unaudited, amounts in thousands, except percentages and per share data) Three Months Ended April 30, April 30, 2018 2017 Revenue $ 30,222 $ 27,578 GAAP gross profit $ 17,938 $ 16,033 Stock-based compensation and related taxes 202 322 Amortization of acquired intangible assets 115 40 Non-GAAP gross profit $ 18,255 $ 16,395 Gross margin on a GAAP basis 59 % 58 % Gross margin on a Non-GAAP basis 60 % 59 % GAAP operating loss $ (3,931 ) $ (3,498 ) Stock-based compensation and related taxes 2,409 3,018 Acquisition-related costs and amortization of acquired intangible assets 496 83 Non-GAAP operating loss $ (1,026 ) $ (397 ) GAAP net loss $ (3,685 ) $ (3,392 ) Stock-based compensation and related taxes 2,409 3,018 Acquisition-related costs and amortization of acquired intangible assets 496 83 Income tax benefit (69 ) — Non-GAAP net loss $ (849 ) $ (291 ) GAAP basic and diluted net loss per share $ (0.19 ) $ (0.19 ) Stock-based compensation and related taxes 0.13 0.17 Acquisition-related costs and amortization of acquired intangible assets 0.03 — Income tax benefit (0.01 ) — Non-GAAP basic and diluted net loss per share $ (0.04 ) $ (0.02 ) GAAP net loss $ (3,685 ) $ (3,392 ) Reconciling items: Interest and other income, net (177 ) (106 ) Income tax benefit (69 ) — Depreciation and amortization 504 468 Acquisition-related costs and amortization of acquired intangible assets 496 83 Stock-based compensation and related taxes 2,409 3,018 Adjusted EBITDA $ (522 ) $ 71
Source:Ooma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-ooma-reports-first-quarter-fiscal-year-2019-financial-results.html |
BEIJING (Reuters) - China’s central bank will speed up the drafting of financial regulations that govern the financing of small businesses, Central Bank Governor Yi Gang said on Tuesday, as part of wider efforts to beef up its private sector.
FILE PHOTO: China's Central Bank Governor Yi Gang arrives at IMFC plenary during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas In comments made at a conference in Beijing, Yi said the People’s Bank of China, the country’s central bank, would adopt monetary policy tools flexibly and promote innovation of financial products for small companies to finance their businesses.
Reporting by Zhang Min in Beijing and Lee Chyen Yee in Singapore, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-cenbank-enterprises/china-central-bank-aims-to-expedite-drafting-of-regulations-for-financing-of-small-businesses-idUSKCN1IU1LN |
May 12, 2018 / 5:50 AM / Updated 11 hours ago Sunwolves make it 10th time lucky with thumping win over Reds Jack Tarrant 3 Min Read
TOKYO (Reuters) - The Sunwolves picked up their first win of the Super Rugby season at the 10th attempt when Hayden Parker and Hosea Saumaki led the way in a rousing 63-28 victory over the slumping Queensland Reds in the Japanese capital on Saturday.
In the final match to be held in Tokyo this season — with the last two Sunwolves home games in Hong Kong and Singapore — flyhalf Parker amassed 36 points and winger Saumaki scored a hat-trick of tries to inspire a much-needed victory.
Tries from Parker and lock Grant Hattingh, as well as five penalties from the former, gave the Sunwolves a 15-point lead at halftime and Jamie Joseph’s men continued to punish the 2011 Super Rugby champions after the break.
Three second half scores from Saumaki and a penalty try sealed the comfortable victory.
“For me, as the coach of this team, this result wasn’t a surprise,” stressed Joseph.
“Every week we had been improving but we hadn’t been able to get over the line and get a win so today, for me, the team put everything together in the same match.”
Joseph made five changes to the side that lost to the Wellington Hurricanes two weeks ago, including a return for talismanic Brave Blossoms skipper Michael Leitch from injury.
However, it took some time for the revamped lineup to make an impact as converted tries from Brandon Paenga-Amosa and Ben Lucas in the first 22 minutes gave the Reds a 14-9 lead.
Parker slotted home four penalties in the first 28 minutes to keep the Sunwolves in the contest before the match turned on the half hour mark when Hattingh went over for the home side’s first try of the day. Related Coverage Sunwolves win hands Joseph timely boost ahead of June tests
Referee Egon Seconds awarded the score after almost five minutes deliberation as the television match official checked for a possible forward pass in the build-up.
After that it was all Sunwolves, with Parker touching down three minutes later following some slick handling from centre Michael Little.
The Reds were punished for further indiscretions at the breakdown as Parker added two more penalties either side of halftime before Saumaki went over in the corner to give the hosts a 39-14 lead with more than 30 minutes to play.
As the Sunwolves defence tired, Reds number eight Angus Scott-Young pulled a try back for the Australian team on 66 minutes but just moments later, Duncan Paia’aua’s high tackle resulted in a yellow card and a penalty try for the hosts.
In the final 10 minutes, Saumaki scored two more tries to complete an emphatic victory.
This was Joseph’s penultimate game in charge of the Sunwolves before he turns his attention to the Japan national team and their June tests against Italy and Georgia.
Reds head coach Brad Thorn said they had got “exactly what we deserved” from the game.
“It is a long way to come to perform like that. To dish that sort of performance up is pretty damn frustrating,” he added. Reporting by Jack Tarrant; Editing by John O'Brien/Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-sunwolves/sunwolves-make-it-10th-time-lucky-with-thumping-win-over-reds-idUKKBN1ID05E |
MANILA (Reuters) - Finance ministers and central bank governors of East and Southeast Asian countries discussed the threat of trade frictions and rising protectionism on Friday and pledged to stay vigilant and work preemeptively to avert threats to the global economy.
In a statement after the meeting of the ASEAN plus three on the sidelines of the annual Asian Development Bank meeting in Manila, representatives of the 13 countries said protectionism, geopolitical tensions and a faster-than-expected tightening in global financial conditions were adding to uncertainty about recovery.
“These risks, individually or collectively, threaten the recovery in the global economy, and could induce large capital outflow and financial volatility in our region,” they said.
The ASEAN plus three includes the 10 Association of South East Asian Nations members and Japan, China and South Korea.
Reporting by Neil Jerome Morales and Karen Lema; Writing by Martin Petty; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-adb-asia-asean/asean-3-countries-discuss-threats-from-rising-protectionism-geopolitics-idUSKBN1I519I |
May 9, 2018 / 11:36 AM / in 7 minutes BRIEF-Progenics Pharmaceuticals Announces Q1 Loss Per Share $0.19 Reuters Staff
May 9 (Reuters) - Progenics Pharmaceuticals Inc:
* PROGENICS PHARMACEUTICALS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND BUSINESS UPDATE * Q1 LOSS PER SHARE $0.19
* Q1 EARNINGS PER SHARE VIEW $-0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-progenics-pharmaceuticals-announce/brief-progenics-pharmaceuticals-announcesq1-loss-per-share-0-19-idUSASC0A0XQ |
May 10, 2018 / 9:16 AM / Updated an hour ago Mahathir's shock Malaysian election win raises populist economics specter Marius Zaharia 6 Min Read
HONG KONG (Reuters) - Mahathir Mohamad’s shock Malaysian election win has raised concerns his populist promises could undermine economic prospects at an increasingly challenging time for emerging markets, despite hopes elsewhere he may revive his bold approach to economic management. FILE PHOTO: A view of Kuala Lumpur City Centre (KLCC) in Malaysia August 15, 2017. REUTERS/Lai Seng Sin/File photo
The Southeast Asian economy, while vulnerable in some areas, is widely seen as being in better shape than regional peers, the Philippines and Indonesia, which run current account deficits. Malaysia has also halved its budget deficit since the global financial crisis.
Its economy is one of the fastest in the world, growing at close to 6 percent and its stock market in dollar terms is the second best performing in Asia. And a surge in crude prices to 3-1/2 year highs has helped the net energy exporter’s income.
But the country may be left without key sources of revenue if Mahathir keeps his pledge to remove the goods and services tax and toll fees, bring back fuel subsidies, raise minimum wages. Protectionist overtures on Chinese infrastructure projects have also raised concerns about foreign investment.
Such a policy shift comes amid heightened fears about capital outflows following a rise in U.S. Treasury yields.
“Some campaign promises, such as abolishing GST and reintroducing fuel subsidies, may boost consumption but, without offsetting measures, would adversely affect the country’s budget deficits and sovereign rating,” said Eli Lee, head of investment strategy at Bank of Singapore.
“At a time of growing pressure on emerging markets currencies and bonds, the situation in Malaysia bears careful watching for potential knock-on effects.”
Mahathir ruled Malaysia with an iron fist from 1981 to 2003. On Wednesday, his opposition coalition defeated his former mentee Prime Minister Najib Razak and the UMNO bloc, which has governed Malaysia for six decades.
Ratings agency Moody’s was prompt in warning Mahathir’s promises were credit negative for its A3 ratings if implemented without any other adjustments.
Local markets are closed for the week but a fall in the ringgit in offshore trading and a rise in the cost of insuring the country’s debt showed investors are nervous about the country’s first political change in six decades.
“This upset ranks up there with Brexit and Trump’s election,” said Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management. “I think there will be short term volatility.” CHINA CONNECTION
While Malaysia’s 6 percent GST sparked large street protests when it was introduced in 2015, it helped mitigate a 30 percent drop in oil revenues, pulling back the ringgit from 10-year lows.
Foreign investment has since returned as well, although largely fueled by China’s soft power push into Southeast Asia.
Projects such as the $100 billion Forest City residential development near the Singapore border and the $13 billion East Coast high-speed railway, part of Beijing’s Belt and Road Initiative, were seen as boosting jobs, but prompted discontent about increasing Chinese influence.
While many analysts have criticized some of the Chinese projects as white elephants, investors now fear the billions they penciled in from Beijing may not be forthcoming.
“The Sino-Malaysian relationship under Mahathir bears monitoring,” said Sue Trinh, head of Asia FX strategy at RBC Capital Markets. “Mahathir has pledged that Chinese investment in Malaysia will face much greater scrutiny.”
Additionally, Mahathir’s promise to seek a royal pardon for jailed political leader Anwar Ibrahim, his one-time deputy whom he famously fell out with in 1998, and let him become prime minister, might also raise questions about policy, if it happens.
“The market is uncertain about (Anwar) and also whether he will take over the administration,” Commerzbank analyst Charlie Lay said. “This election looked like the old UMNO versus the new UMNO. People don’t know where to put Anwar in that.” BOLD MAHATHIR
Despite the concerns, Mahathir has a record of bold measures that deliver. In the aftermath of the 1997 Asian financial crisis, he pulled Malaysia away from IMF-imposed austerity and slapped currency and capital controls, in moves that ultimately helped Malaysia endure a shallower loss of economic output than Indonesia, Thailand or South Korea.
His pledge to tackle corruption and nepotism raises hopes of a long-term fix of governance and public institutions.
A removal of GST and new subsidies may also boost consumption, which was at risk given Malaysia’s high level of household debt. Morgan Stanley analysts remain overweight in sectors such as banks, healthcare and telecommunications.
Analysts at Fidelity International note during his first stint in power, Mahathir initiated many of the country’s major infrastructure projects.
“We are looking at when to buy, given most of these pre-election promises are not adhered to,” said Fidelity’s head of Asian fixed income Bryan Collins.
“Back in the day, Mahathir was a pragmatic person and is less likely to completely close the economy.” Reporting by Marius Zaharia; Editing by Sam Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-economy/mahathirs-shock-malaysian-election-win-raises-populist-economics-specter-idUSKBN1IB12N |
OSLO, May 25 (Reuters) - * Norwegian shares traded down on Friday * Oslo’s benchmark index fell -0.24 pct, or -2.09 points, to 871.20 points and was up by 7.22 pct year-to-date * The broader Oslo All Share Index was down 0.35 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-1.72 to $77.07 a barrel * OPEC and Russia consider to raise oil production by 1 mln barrel per day, sources told Reuters * Among the biggest firms on the Oslo Bourse, Equinor fell 1.3 pct, Telenor fell 1.34 pct and DNB rose 0.82 pct * Turnover at the Oslo Bourse was 2.3 billion Norwegian crowns and most traded shares were Equinor, Aker BP and Subsea 7 * Shares of salmon farmers Marine Harvest, Salmar, Lerøy and Bakkafrost were up 0.3 to 1.1 pct * Salmon price is close to NOK 80 crowns per kilo in the spot market and all forward contracts in 2018 and 2019 are now above 60 crowns per kilo apart from September 2018, implying record profits to come for salmon firms * Salmon prices for next week will be set in the next few hours
* Biggest gainers: B2holding ASA 2.93 pct, Treasure ASA 2.03 pct and Otello Corporation ASA 1.83 pct * Biggest losers: Funcom NV -5.57 pct, DNO ASA -5.42 pct and Aker Solutions ASA -3.60 pct * Abroad European shares rose 0.33 pct, Japan’s main share index Nikkei ended up 0.06 pct, while in China Shanghai index was down -0.40 pct and Dow Jones index in the United States -0.30 pct on Thursday (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-stocks/norwegian-stocks-weak-oil-weighs-on-oslo-while-salmon-shares-rise-idUSL5N1SW3FQ |
Albert Pujols got his 3,000th career hit and Garrett Richards pitched 6 ? scoreless innings as the Los Angeles Angels defeated the host Seattle Mariners 5-0 Friday night at Safeco Field.
Pujols, 38, became the 32nd player in major league history to reach the milestone with his fifth-inning single off Seattle starter Mike Leake. He’s the second Dominican-born player to accomplish the feat, after Adrian Beltre.
Pujols added a two-run single in the ninth inning to cap the scoring.
In search of No. 3,000, Pujols lined out to Seattle shortstop Jean Segura in the first inning. Segura was playing so deep he was a couple of steps onto the outfield grass.
Pujols walked leading off the fourth after fouling off several 3-2 pitches, sparking a two-run rally to break a scoreless tie.
Shohei Ohtani then lined a single up the middle, with Mariners center fielder Dee Gordon nearly spiking the ball back to the infield, allowing Pujols to advance to third on the throwing error.
Andrelton Simmons hit a soft liner to center to score Pujols. Luis Valbuena then grounded a single into right field to load the bases. Ohtani scored when Kole Calhoun grounded into a double play.
The Angels, who have won 12 of their 14 road games this season, scored again in the fifth off Leake.
With one out, Mike Trout singled to left. He was erased on Justin Upton’s fielder’s choice before Pujols got his historic hit, a single to right field.
Angels teammates mobbed Pujols, the Seattle crowd of 41,705 gave him a standing ovation and the ball and first-base bag were taken out of play.
After a brief delay, Ohtani hit a run-scoring double to left to make it 3-0.
Richards (4-1) allowed four hits, walked one and struck out eight.
Justin Anderson and Jim Johnson combined for 2 ? innings of one-hit relief with three strikeouts to preserve the shutout.
Leake (3-3) went 5 ? innings, allowing three runs on seven hits. He walked four and struck out four.
The Angels scored their final two runs in the ninth off reliever Casey Lawrence.
With one out, Trout tripled to center field, the ball just eluding a diving Gordon. Upton walked and advanced to second on a wild pitch. Pujols lined a single to left to score both runners and make it 5-0.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sea-laa-recap/pujols-gets-no-3000-as-angels-top-mariners-5-0-idUSMTZEE558Q1OD3 |
May 14 (Reuters) - Kilroy Realty Corp:
* PRESS RELEASE - KILROY REALTY, L.P. AGREES TO SELL $250 MILLION OF SENIOR UNSECURED NOTES DUE 2026
* KILROY REALTY CORP - OPERATING PARTNERSHIP EXPECTS TO ISSUE $50 MILLION PRINCIPAL AMOUNT OF 4.30% SENIOR UNSECURED NOTES BY JULY 20, 2018
* KILROY REALTY CORP - OPERATING PARTNERSHIP EXPECTS TO ISSUE $200 MILLION PRINCIPAL AMOUNT OF 4.35% SENIOR UNSECURED NOTES BY OCTOBER 22, 2018
* KILROY REALTY CORP - 2018 SERIES A WILL PAY INTEREST SEMI-ANNUALLY AT A RATE OF 4.30% PER ANNUM AND MATURE ON JULY 18, 2026
* KILROY REALTY CORP - 2018 SERIES B WILL PAY INTEREST SEMI-ANNUALLY AT A RATE OF 4.35% PER ANNUM AND MATURE ON OCTOBER 18, 2026 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kilroy-realty-agrees-to-sell-250-m/brief-kilroy-realty-agrees-to-sell-250-mln-of-senior-unsecured-notes-due-2026-idUSASC0A23I |
The Federal Reserve will shed more light Wednesday on policy makers’ outlook for the second half of the year when it releases the minutes of its May 1-2 meeting. Officials voted then to hold steady their benchmark federal-funds rate in a range between 1.5% and 1.75%.
The minutes, to be released at 2 p.m. EDT, could offer new clues about how... | ashraq/financial-news-articles | https://www.wsj.com/articles/fed-minutes-to-offer-clues-on-where-rates-are-headed-1527070429 |
ROMA (Reuters) - One of the most radical proposals in the programme of Italy’s anti-establishment coalition is to issue securities to pay off individuals and companies who are owed money by the state as payment for services or as tax rebates.
Following are some questions and answers about the so-called “mini-BOTs”, named after Italy’s short-term Treasury bills.
HOW WOULD IT WORK? The Treasury would print billions of euros of non-interest-bearing, tradeable securities which could then be used by recipients to pay taxes and buy any services or goods provided by the state, including, for example, petrol at stations run by state-controlled oil company ENI.
According to Claudio Borghi, the economics chief of the far-right League, who is the main proponent of the scheme, the certificates would quickly become accepted more widely and used as a form of money to be “spent anywhere, to buy anything.”
Initially they would be used only domestically and would not be traded on international financial markets.
WHAT IS WRITTEN IN THE COALITION PROGRAMME? The programme says “something must be done to resolve the problem of the public administration debts to taxpayers.” It says the solution could be “the securitisation of tax credits, through instruments such as small-denomination state bonds.”
In order that these not be classified as additional public debt, it calls for “a redefinition of statistical indicators at the European level,” and “a reassessment of the definition of public debt.”
WHY ARE PEOPLE ALARMED? The League and its coalition partner, the anti-establishment 5-Star Movement, both have a history of euroscepticism, though their programme contains nothing that calls into question Italy’s membership of the single currency.
Critics see the mini-BOTs as a way of issuing a parallel currency with the aim of allowing Italy’s economy to continue to function if it leaves the euro zone.
Borghi is openly hostile to the euro and says it is only a matter of time before it collapses. Italy’s outgoing economy minister Pier Carlo Padoan last year called mini-BOTs “a plan to circulate a disguised parallel currency”.
Lorenzo Codogno, head of LC Macro Advisors and a former Italian Treasury chief economist, said the scheme would “increase both the budget deficit and the debt.”
“It would signal that Italy wants to issue a parallel currency to prepare a euro exit, which the real objective of the League,” he added.
WHAT ARE THE BENEFITS AND RISKS? Supporters of the plan say it will finally resolve the intractable problem of the state’s outstanding bills, which has weighed on Italy’s economy for years. They say that by providing money for consumers to spend and companies to invest, it can give a major boost to the country’s sluggish economy.
The impact on public finances is disputed. Critics say it will raise Italy’s public debt, already the highest in the euro zone after Greece’s. Supporters say mini-BOTs would not be new debt, but merely the securitisation of debt that already exists - hence the call for an official ruling by statistics authorities.
IS IT LEGAL? Some say it could be deemed in breach of EU rules giving the European Central Bank exclusive power to issue currency in the euro zone. The European Commission has said there can be only one legal tender in the currency bloc.
Dual currency proponents say there is no obstacle. They say “legal tender” is defined as a currency that sellers are obliged to accept. If there is no obligation, a dual currency does not infringe any EU treaties, they say. Borghi has drawn a parallel with luncheon vouchers, now used by millions of Italians to buy groceries in shops as well as meals in bars and restaurants.
Reporting by Giselda Vagnoni and Gavin Jones; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-minibots-factbox/factbox-how-italys-mini-bot-parallel-currency-would-work-idUSKCN1IQ2B1 |
- SRA737 Monotherapy Phase 1/2 trial expanded to enroll CCNE1-driven ovarian cancer cohort -
- SRA737 Low-Dose Gemcitabine Combination Phase 1/2 trial advanced into cohort expansion phase -
- $133.8 million cash expected to fund programs through approximately mid-2020 -
VANCOUVER, May 10, 2018 /PRNewswire/ - Sierra Oncology, Inc. (Nasdaq: SRRA), a clinical stage drug development company focused on advancing next generation DNA Damage Response (DDR) therapeutics for the treatment of patients with cancer, today reported its financial and operational results for the first quarter ended March 31, 2018.
"In late February 2018, we provided a comprehensive update on the development program for our Checkpoint kinase 1 (Chk1) inhibitor, SRA737. We also announced planned amendments to our SRA737 Monotherapy Phase 1/2 trial that are now being implemented, which include expanding the overall size of the trial and adding a sixth cohort targeting CCNE1-driven high grade serous ovarian cancer (HGSOC). This cohort is of high interest to us given mounting evidence for the role that CCNE1 amplification has in driving replication stress in cancer and the corresponding reliance on Chk1 in order to manage this replication stress. Analogous to poly ADP-ribose polymerase (PARP) inhibitors, which first exhibited robust activity in patients harboring BRCA mutations, emerging evidence suggests that Chk1 inhibitors such as SRA737 may prove effective in defined genetic backgrounds of high replication stress, such as CCNE1 amplification," said Dr. Nick Glover, President and CEO of Sierra Oncology. "We are also pleased to report that we have advanced our Phase 1/2 Low-Dose Gemcitabine Combination trial into the Cohort Expansion Phase 2 portion, which is targeting enrollment of 80 genetically-selected patients across four indications, with a comparable biological orientation based on both exogenous (low-dose gemcitabine) and intrinsic genetic drivers of replication stress. An update from this trial and preliminary data from the Monotherapy trial are anticipated in the fourth quarter of 2018."
During the first quarter, Sierra reported signing a supply agreement with Janssen Research & Development, LLC pursuant to which they will supply TESARO's ZEJULA® (niraparib), an orally administered PARP inhibitor, facilitating the initiation of a combination trial of niraparib with SRA737 in patients with prostate cancer in the fourth quarter of 2018. The trial is to be led by Professor Johann de Bono, Regius Professor of Cancer Research, Head of the Division of Clinical Studies and Professor in Experimental Cancer Medicine at The Institute of Cancer Research and The Royal Marsden NHS Foundation Trust.
Subsequent to the end of the quarter, Sierra presented preclinical results for SRA737, including late-breaking data, in two posters at the American Association of Cancer Research (AACR) 2018 Annual Meeting, demonstrating that SRA737 has anti-tumor activity across a broad range of settings, including as monotherapy in aggressive CCNE1-driven HGSOC patient-derived xenografts and in combination with a PARP inhibitor in tumor cells that have acquired resistance to PARP inhibitors and/or platinum therapy.
Sierra is also currently designing a clinical study evaluating SRA737 in combination with immuno-oncology agents, which potentially could be submitted to regulatory authorities in the fourth quarter of 2018.
In addition to SRA737, Sierra is also advancing SRA141, a potent, selective, orally bioavailable small molecule inhibitor of cell division cycle 7 kinase (Cdc7). SRA141 is currently undergoing preclinical research in preparation for an Investigational New Drug Application (IND) submission to the U.S. Food and Drug Administration (FDA) expected in the second half of 2018.
First Quarter 2018 Financial Results (all amounts reported in U.S. currency)
Research and development expenses were $8.3 million for the first quarter of 2018, compared to $8.0 million for the first quarter of 2017. The increase was primarily due to an increase of $1.7 million in clinical trial costs partially offset by decreases of $0.9 million in third-party manufacturing costs related to SRA737 and SRA141, and $0.5 million in research, preclinical and other support costs. Research and development expenses included non-cash stock-based compensation of $1.0 million for both the first quarter of 2018 and of 2017.
General and administrative expenses were $3.4 million for the first quarter of 2018, compared to $3.1 million for the first quarter of 2017. This increase was primarily due to an increase in personnel-related costs and professional fees. General and administrative expenses included non-cash stock-based compensation of $0.5 million for both the first quarter of 2018 and of 2017.
Net loss was $11.5 million for the first quarter of 2018, compared with a net loss of $11.1 million for the first quarter of 2017.
Cash and cash equivalents totaled $133.8 million as of March 31, 2018, compared to $100.3 million as of December 31, 2017. This increase was due to an underwritten public offering of 21,850,000 shares of common stock in March 2018, pursuant to which the company raised net proceeds of $46.0 million, net of underwriting discounts, commissions and offering expenses. The company believes that its existing cash and cash equivalents will be sufficient to fund current operating plans through approximately mid-2020. At March 31, 2018, there were 74,309,681 shares of common stock issued and outstanding and stock options to purchase 10,202,831 shares of common stock issued and outstanding.
About Sierra Oncology
Sierra Oncology is a clinical stage drug development company advancing next generation DDR therapeutics for the treatment of patients with cancer. Our lead drug candidate, SRA737, is a potent, highly selective, orally bioavailable small molecule inhibitor of Checkpoint kinase 1 (Chk1), a key regulator of cell cycle progression and the DDR Replication Stress response. SRA737 is currently being investigated in two Phase 1/2 clinical trials in patients with advanced cancer: SRA737-01, a monotherapy study evaluating SRA737 in patients with tumors identified to have genetic aberrations hypothesized to confer sensitivity to Chk1 inhibition via synthetic lethality; and SRA737-02, a drug combination study evaluating SRA737 potentiated by low-dose gemcitabine. Sierra is also preparing for potential clinical studies of SRA737 in combination with other agents where there is a strong biological rationale for synergy with Chk1 inhibition, such as immune oncology therapeutics and other DDR inhibitors including PARP inhibitors.
Sierra Oncology is also advancing SRA141, a potent, selective, orally bioavailable small molecule inhibitor of Cell division cycle 7 kinase (Cdc7) undergoing preclinical development. Cdc7 is a key regulator of DNA replication and is involved in the DDR network, making it a compelling emerging target for the potential treatment of a broad range of tumor types. For more information, please visit www.sierraoncology.com .
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Sierra Oncology's market and industry position, expectations from current data, anticipated clinical development activities, expectations regarding when trial data may be reported, use and adequacy of existing cash and cash equivalents, and potential benefits of Sierra Oncology's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that Sierra Oncology may be unable to successfully develop and commercialize product candidates, SRA737 and SRA141 are at early stages of development and may not demonstrate safety and efficacy or otherwise produce positive results, Sierra Oncology may experience delays in the preclinical and anticipated clinical development of SRA737 or SRA141, Sierra Oncology may be unable to acquire additional assets to build a pipeline of additional product candidates, Sierra Oncology's third-party manufacturers may cause its supply of materials to become limited or interrupted or fail to be of satisfactory quantity or quality, Sierra Oncology's cash resources may be insufficient to fund its current operating plans and it may be unable to raise additional capital when needed, Sierra Oncology may be unable to obtain and enforce intellectual property protection for its technologies and product candidates and the other factors described under the heading "Risk Factors" set forth in Sierra Oncology's filings with the Securities and Exchange Commission from time to time. Sierra Oncology undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.
SIERRA ONCOLOGY, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands )
March 31,
2018
December 31,
2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
133,829
$
100,348
Prepaid expenses and other current assets
2,159
1,377
Total current assets
135,988
101,725
Property and equipment, net
144
154
Other assets
303
319
TOTAL ASSETS
$
136,435
$
102,198
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accrued liabilities
$
4,898
$
6,133
Accounts payable
740
1,339
Total current liabilities
5,638
7,472
TOTAL LIABILITIES
5,638
7,472
STOCKHOLDERS' EQUITY:
Common stock
74
52
Additional paid-in capital
766,325
718,751
Accumulated deficit
(635,602)
(624,077)
TOTAL STOCKHOLDERS' EQUITY
130,797
94,726
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
136,435
$
102,198
SIERRA ONCOLOGY, INC.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)
Three Months Ended
March 31,
2018
2017
Operating expenses:
Research and development
$
8,334
$
8,008
General and administrative
3,420
3,146
Total operating expenses
11,754
11,154
Loss from operations
(11,754)
(11,154)
Other income
272
96
Loss before provision for income taxes
(11,482)
(11,058)
Provision for income taxes
43
34
Net loss
$
(11,525)
$
(11,092)
Net loss per share, basic and diluted
$
(0.19)
$
(0.26)
Weighted-average shares used in computing
net loss per share, basic and diluted
59,722,743
45,596,980
View original content: http://www.prnewswire.com/news-releases/sierra-oncology-reports-first-quarter-results-300645721.html
SOURCE Sierra Oncology | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-sierra-oncology-reports-first-quarter-results.html |
NEW YORK (Reuters) - A former partner and part-owner of Mexico’s InvestaBank SA was sentenced to six years and three months in prison on Tuesday after he pleaded guilty to a U.S. charge that he and others fraudulently obtained $21 million in tax refunds from the Mexican government.
Carlos Djemal Nehmad, 57, was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, federal prosecutors announced. Under a plea deal reached with prosecutors last year, he cannot appeal the sentence.
“I was extremely disappointed in the length of the sentence,” said Ronald Fischetti, Djemal’s lawyer. “He lived a law abiding life up to this one mistake. No one in the United States lost any money whatsoever.”
Djemal pleaded guilty to wire fraud in September. Under his plea agreement, the prosecutors agreed to drop related money-laundering charges. Djemal also agreed to a $21 million money judgment.
Djemal had been arrested in November 2016 along with three others accused of taking part in the scheme, Daniel Blitzer, Roberto Moreno and Max Fraenkel. They also pleaded guilty. Blizter and Moreno were each sentenced to six months while Fraenkel was sentenced to time served, according to court records.
Djemal was formerly a partner and 25 percent owner of InvestaBank, which was established in 2014 from a Mexican banking group’s acquisition of Royal Bank of Scotland’s operations in Mexico. Djemal’s involvement with InvestaBank ended in January 2017, a spokeswoman for the company told Reuters last year.
Prosecutors said that from 2011 to 2016, Djemal and the three other defendants fraudulently claimed tax refunds from the Mexican government by purchasing outdated cellular phones through front companies and selling them to front companies in the United States.
Exporting certain products, including cellular phones, from Mexico allows Mexican companies to claim tax refunds.
Prosecutors said that once the phones reached the United States, they were shipped back to Mexico so they could be used in the same way again. The scheme ran from 2011 to 2016, according to prosecutors.
In the course of the scheme, the Mexican government paid out about $21 million in tax refunds to the front companies, and the defendants moved more than $100 million through accounts maintained by those companies, prosecutors said.
Reporting By Brendan Pierson in New York; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-mexico-crime/mexican-businessman-gets-more-than-six-years-prison-in-u-s-fraud-case-idUSKCN1IU2RI |
4 minutes ago EU must defend firms against U.S. Iran sanctions -Macron Reuters Staff 2 Min Read
SOFIA, May 17 (Reuters) - French President Emmanuel Macron said on Thursday that the European Union must protect EU companies doing business with Iran from U.S. sanctions being reimposed over Tehran’s nuclear programme.
Asked on arrival at a summit of EU leaders in Bulgaria if he was concerned about an announcement by French oil major Total that it may pull out of Iran after Washington pulled out of an EU-backed nuclear accord, Macron said it was up to firms active in various markets to make their own decisions.
But while voicing understanding for big companies anxious to protect their U.S. sales, he added that the EU must stand by smaller companies which were willing to carry on Iran business.
“International companies with interests in many countries make their own choices according to their own interests. They should continue to have this freedom,” he said.
“But what is important is that companies and especially medium-sized companies which are perhaps less exposed to other markets, American or others, can make this choice freely.”
France, Macron said, backed proposals by the European Commission to protect and compensate European companies that might be hit by U.S. sanctions for trading with Iran.
In broader trade disputes with Washington, he also called for a complete exemption for the EU from new U.S. steel tariffs and said Europe must preserve its “trade sovereignty”. (Reporting by Alastair Macdonald in Brussels; editing by Robert-Jan Bartunek) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe/eu-must-defend-firms-against-u-s-iran-sanctions-macron-idUSB5N1PV01G |
KUALA LUMPUR (Reuters) - Malaysia’s Election Commission said it cannot make any statements regarding the “true results” of Wednesday’s general election until all the results have been validated.
“I hope people can be patient... We will try our best to get information from around the country,” Election Commission chairman Mohd Hashim Abdullah told reporters.
The opposition alliance led by Mahathir Mohamad said it had won enough parliament seats to form the next government.
Reporting by Praveen Menon; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-comment/malaysias-election-commission-says-cant-comment-on-poll-results-yet-idUSKBN1IA2T2 |
You've probably had that lingering feeling as you head out for a big trip: Am I forgetting something?
Chances are, you very well could be.
From passports that have expired to missing wallets to cell phones that do not work at your destination and other travel snafus, you could be caught off guard by the unexpected.
Travel experts weigh in on what you need to think about ahead of a big trip — and how to quickly regroup — when the unexpected happens.
Your passport is no longer valid Be sure to verify that you have your passport and that it has not expired well before your international trip.
Keep in mind that the expiration date on that document is misleading.
That is because you generally want to have a passport that is valid for at least six months from the date of your trip, according to Julie Hall, a spokeswoman at travel organization AAA.
If you need to renew your passport or apply for one, be sure to leave plenty of time. The process can take up to six weeks, Hall said.
It is possible to obtain expedited passports in some cities, such as New York, though those services may be harder to find in other locations, said Erika A. Richter, director of communications at the American Society of Travel Agents.
Not updating this key document could be a deal breaker if you arrive at the airport gate unprepared.
"That is a situation where you would have to have someone advocate on your behalf," Richter said. "If you're not insured, that's your whole vacation right there."
You lose your wallet or passport Be sure to make paper copies of all of the key documents and contents of your wallet before your leave.
Ideally, you want to leave a copy of these documents with a trusted family member or friend before you leave for your trip. Keep another copy with you, but separate from your actual wallet and passport while you travel.
"If you do lose it, you have it copied and ready to go and that makes that process a little smoother," AAA's Hall said.
Your cell phone, credit cards don't work Letting your bank or credit card company know that you are traveling ahead of time will prevent any hassles at your destination.
"They can put a note on your account so none of your charges get flagged and your credit card isn't declined," Hall said.
Likewise, you also want to make provisions for your cell phone so that your service isn't interrupted.
As more people travel, cell phone companies have started to offer different packages to accommodate them, Hall said.
"It's definitely worth calling and seeing what your options are," she said.
You have a health issue A major health scare at your destination that requires an emergency evacuation could cost you $100,000 or more if you are not covered by insurance, according to Megan Cruz, executive director at the US Travel Insurance Association.
"The wise thing to do is to think about all of the things that can go wrong and think about if you could afford the out of pocket expense for them," Cruz said.
The right travel insurance will help cover those medical emergencies and other unexpected developments.
The best way to find the right insurance for you is to shop around, said Richter at the American Society of Travel Agents.
There are many varieties of coverage depending on when you're traveling and how long you're staying, among other variables.
"It's always that one scenario where you think everything's going to be fine and you really wish you had protected your investment," Richter said. "Your vacation time is an investment."
Other things to know before you go Download the mobile app for your airline to keep tabs on your flight status in case of delays or cancellations. "A lot of times if you go on their app and tweet them, you can get quicker service," said Hall at AAA. Work with a travel agent. Booking your trip through a professional will not only help you if you encounter problems along the way, but can help you find better deals. "A lot of the costs, if they do add a fee, can be recouped and then some," Hall said. If you are traveling abroad, sign up for the State Department's Smart Traveller Enrollment Program , which lets U.S. citizens and nationals share their travel plans with the nearest U.S. embassy or consulate. show chapters Does vacation make you more productive? 12:20 PM ET Thu, 24 Aug 2017 | 02:49 More from Personal Finance:
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How to make sure your summer vacation won't wreck your finances | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/4-ways-your-vacation-can-go-wrong-and-how-to-avoid-them.html |
MEXICO CITY—The world’s largest energy companies are placing enormous bets on Latin America, a region rich with oil that many avoided in the past due to restrictive economic policies and the threat of resource nationalism.
Exxon Mobil Corp., Royal Dutch Shell PLC and others have flocked to offshore auctions in Mexico and Brazil, fracking prospects in Argentina and big discoveries in the small nation of Guyana.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/major-oil-companies-embrace-latin-america-1526907600 |
NEW YORK, May 23, 2018 /PRNewswire/ -- Global public relations leader Porter Novelli (PN) was appointed by The Economist for global support of the outlet's Pride and Prejudice event across three markets: New York, London and Hong Kong. The appointment follows the launch of Porter Novelli's global Purpose Practice, which specializes in purpose-driven brand strategy, corporate social responsibility (CSR), social marketing, social impact and brand communications.
Chaired by senior editors from The Economist, attendees and panelists at the Pride and Prejudice summit will continue to challenge and advance the global conversation around lesbian, gay, bisexual and transgender (LGBT) diversity and inclusion.
"We're delighted to have Porter Novelli as our official PR partner for this year's Pride & Prejudice," said Emma West, global head of marketing at The Economist. "We share many of the same values as Porter Novelli and together we hope to push the global LGBT agenda forward, improving the legal rights and societal treatment of LGBT people worldwide."
As a partner for Pride and Prejudice, Porter Novelli will support alliance building, media relations and content development initiatives. The project aligns with the agency's Purpose practice, which is dedicated to making a positive impact on business, brands and society.
"We're thrilled to partner with The Economist and their partners to publicize what has now become a major LGBT focused event," said Ravi Sunnak, executive vice president of sustainable development goals and social impact at Porter Novelli. "At Porter Novelli, we are committed to work that drives purposeful action and believe that this event can translate discussions into meaningful action."
This event follows a series of engagements Porter Novelli and The Economist have activated across New York and London.
The Pride and Prejudice summit takes place on May 24 th 2018. For more information on the event, please visit http://prideandprejudice.economist.com/ .
About Porter Novelli
Porter Novelli is a global public relations agency born from the idea that the art of communication can advance society. Over 45 years ago, we opened our doors – and people's eyes and minds – for brands driven to make a positive impact. Today, we are a global agency with the entrepreneurial spirit of boutique specialists. We continue to build that bridge between purpose and business imperatives, and believe that a healthy bottom line can also make a remarkable impact.
For additional information, please visit www.porternovelli.com . Porter Novelli is a part of the Omnicom Public Relations Group.
About The Economist Events Group
The Economist Events' philosophy is to tackle issues with a forward-looking, uniquely global perspective. We aim to create events for the intellectually curious: people who enjoy ideas and who are passionate about the issues that define our world.
For additional information, please visit: https://events.economist.com/
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SOURCE Porter Novelli | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-porter-novelli-enlisted-to-support-the-economists-pride-and-prejudice-event.html |
BRUSSELS (Reuters) - The world’s largest steelmaker ArcelorMittal ( MT.AS ) said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.
The group did not give a specific forecast for its own prospects, but repeated that it saw 2018 global apparent steel consumption, which takes into account inventory changes, growing by between 1.5 and 2.5 percent.
The steel industry, worth about $900 billion a year, is seen as a gauge of the world’s economic health.
ArcelorMittal said demand was likely to increase this year for steel in machinery and construction amid solid expansion in the United States and Europe, while Brazil, another of its large markets, had pulled clear of a two-year recession.
The spread between the price of steel and its raw materials was also healthy, the company said.
“The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilization rates and healthy steel spreads globally,” Chief Executive Lakshmi Mittal said in a statement.
First-quarter core profit (EBITDA), the figure most closely watched by analysts, rose 13 percent year-on-year to $2.51 billion, above the average $2.33 billion expected in a Reuters poll of 10 analysts.
ArcelorMittal shares matched a four-year high of 30.76 euros and were up 2.2 percent at 30.22 euros at 0820 GMT, making them among the strongest performers in the FTSEurofirst index .FTEU3 of leading European shares.
FILE PHOTO: Rolled up steel sits in the ArcelorMittal Dofasco steel plant in Hamilton, Ontario, Canada, March 13, 2018. REUTERS/Mark Blinch/File Photo Commerzbank analyst Ingo Martin Schachel said the results were strong at every level and mainly linked to higher profit margins, with plants running at full capacity after capacity reduction in Europe and North America and protective trade measures already in place.
“The first quarter was better than expected and the market backdrop for the second and third quarters is better than we imagined at the start of the year. It’s improving almost on a week-by-week basis,” he said.
ArcelorMittal said its average steel selling price was 18.2 percent higher than in the first quarter of 2017, with shipments up 1.4 percent. For iron ore, of which it mines more than 50 million tonnes a year, shipments rose 5.5 percent, while prices were down 13.1 percent.
The firm has been a vocal supporter of trade measures against cheap imports into both the United States and the European Union, where it has the bulk of its operations.
“Comprehensive solution for unfairly trade imports across geographies still required,” ArcelorMittal said in an overview of EU and U.S. measures, including the 25 percent import tariffs imposed since March 23 by Trump, with certain temporary exemptions, such as for EU steel.
The principal target of such measures has been China, the world’s largest consumer and producer of steel and a key gauge for the global industry, even though ArcelorMittal itself has no direct exposure to the Chinese market.
Chinese steel exports declined at the start of the year as local demand has grown and the state has reined its domestic steel capacity to curb stifling smog. However, they jumped in April despite the U.S. tariffs.
Reporting by Philip Blenkinsop, Editing by Sherry Jacob-Phillips and Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-arcelormittal-results/arcelormittal-beats-first-quarter-estimate-bullish-on-full-year-idUSKBN1IC0D7 |
WHEATON, IL--(BUSINESS WIRE)-- First Trust New Opportunities MLP & Energy Fund (the "Fund") (NYSE: FPL) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.105 per share payable on June 15, 2018, to shareholders of record as of June 4, 2018. The ex-dividend date is expected to be June 1, 2018. The monthly distribution information for the Fund appears below.
First Trust New Opportunities MLP & Energy Fund (FPL):
Distribution per share: $ 0.105 Distribution Rate based on the May 18, 2018 NAV of $10.03: 12.56% Distribution Rate based on the May 18, 2018 closing market price of $10.87: 11.59% It is anticipated that, due to the tax treatment of cash distributions made by master limited partnerships ("MLPs") in which the Fund invests, a portion of the distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital. The final determination of the source and tax status of all 2018 distributions will be made after the end of 2018 and will be provided on Form 1099-DIV.
The Fund is a non-diversified, closed-end management investment company that seeks a high level of total return with an emphasis on current distributions paid to common shareholders. The Fund will seek to provide its common shareholders with a vehicle to invest in a portfolio of cash-generating securities, with a focus on investing in publicly traded MLPs and MLP-related entities in the energy sector and energy utilities industries that are weighted towards non-cyclical, fee-for-service revenues. Under normal market conditions, the Fund will invest at least 85% of its Managed Assets in equity and debt securities of MLPs, MLP-related entities and other energy sector and energy utilities companies that the Fund's Sub-Advisor believes offer opportunities for growth and income. To generate additional income, the Fund currently expects to write (or sell) covered call options on up to 35% of its managed assets. The Fund is treated as a regular corporation, or a "C" corporation, for United States federal income tax purposes and, as a result, is subject to corporate income tax to the extent the Fund recognizes taxable income.
First Trust Advisors L.P. ("FTA"), a federally registered investment advisor, and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. FTA is the investment advisor to exchange-traded funds, closed-end funds, mutual funds, separate managed accounts and provides supervisory services to FTP sponsored unit investment trusts. FTA's assets under management were approximately $122 billion as of April 30, 2018. This includes the supervisory services FTA provides to FTP sponsored unit investment trusts, which are unmanaged. FTP is a sponsor of unit investment trusts and distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.
Energy Income Partners, LLC ("EIP") serves as the Fund's investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of April 30, 2018, EIP managed or supervised approximately $6.0 billion in client assets.
Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.
Principal Risk Factors: The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.
Because the Fund is concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
The Fund's use of derivatives may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.
The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.
//www.businesswire.com/news/home/20180521006068/en/
First Trust New Opportunities MLP & Energy Fund
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784
Source: First Trust New Opportunities MLP & Energy Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-first-trust-new-opportunities-mlp-energy-fund-declares-its-monthly-common-share-distribution-of-0-point-105-per-share-for.html |
(Adds comment on bond yields, prospect for deals, Kraft Heinz Co)
ON INFLATION
"One thing we know is, long-term bonds are a terrible investment at current rates, or anything close to current rates. Rates (on short-term bills) have gone up lately, so in 2018 my guess we'll have at least $500 million (more) in pre-tax income than we had last year."
ON DEALS
"I do not worry about the slowing deal flow. My phone is not ringing off the hook with good deals but we will be still the first (point) of call, irrespective of me or Charlie not being there."
ON KRAFT HEINZ
"The 3G people have gone into certain situations where there were probably ... A lot of expenses that were not delivering a dollar of value for a dollar expended. They made changes very fast to a situation that probably shouldn't have existed in the first place."
"Our managers have different techniques of keeping track of trying to maximize customer satisfaction at the same time that they don't incur other than necessary costs."
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/reuters-america-highlights-buffett-oracle-of-omaha-on-bonds-deals.html |
May 3 (Reuters) - Targa Resources Corp:
* TARGA RESOURCES CORP. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY TOTAL REVENUES $2,455.6 MILLION VERSUS $2,112.6 MILLION
* Q1 2018 NET INCOME ATTRIBUTABLE TO TARGA RESOURCES CORP. WAS $22.9 MILLION COMPARED TO LOSS OF $119.3 MILLION FOR Q1 OF 2017
* Q1 REVENUE VIEW $2.70 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-targa-resources-reports-qtrly-tota/brief-targa-resources-reports-qtrly-total-revenues-2455-6-mln-idUSASC09ZH1 |
May 21 (Reuters) - SailPoint Technologies Holdings Inc :
* SAILPOINT TECHNOLOGIES HOLDINGS INC FILES FOR OFFERING OF UP TO 15.0 MILLION SHARES OF COMMON STOCK BY THE SELLING STOCKHOLDERS - SEC FILING Source text: (nBw1tcg7La) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sailpoint-tech-files-for-offering/brief-sailpoint-tech-files-for-offering-of-up-to-15-mln-shares-of-common-stock-idUSFWN1SS0V7 |
May 11, 2018 / 3:17 PM / Updated 20 minutes ago California high school student detained after wounding classmate Reuters Staff 2 Min Read
(Reuters) - A 14-year-old student at a California high school shot and wounded a fellow student on Friday morning before being detained by police, the Los Angeles County Sheriff’s Department said. Police vehicles are seen on the road near Highland High School, in Palmdale, California, U.S., May 11, 2018 in this picture grab obtained from social media video. MELENDEZ N JUNIOR/via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT.
The victim, a 14-year-old boy, was hit in the arm and was in stable condition at a hospital. The suspect, also a boy, was detained off campus by officers, who recovered a rifle, according to the department.
Deputies responded to Highland High School in Palmdale, about 60 miles (97 km) north of Los Angeles, at around 7 a.m. (1400 GMT) after receiving multiple reports of an armed person on campus.
The initial reports of a possible school shooting drew immediate attention from major news outlets and cable TV networks. It underscored the national debate over gun control and gun rights that was reignited by the mass shooting of 17 students and staff members at Marjory Stoneman Douglas High School in Parkland, Florida.
Police were also called to a nearby elementary school after reports of gunfire but found no evidence of any crime.
Palmdale, a city of about 160,000 people, boasts that it is the “aerospace capital of the United States.” It is home to a U.S. Air Force aircraft manufacturing plant that includes production facilities operated by Boeing Co, Lockheed Martin Corp and Northrop Grumman Corp. Reporting by Joseph Ax, Jonathan Allen, Peter Szekely and Bernie Woodall; editing by Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-california-shooting/possible-shooting-reported-at-los-angeles-county-high-school-police-idUKKBN1IC1V9 |
CALGARY, Alberta, Seven Generations Energy Ltd. (TSX: VII) reports director election results from its annual meeting of shareholders held May 3, 2018 (the “ Meeting ”). All of the proposed nominees were elected to serve as directors until the next annual meeting of shareholders, or until their successors are duly elected or appointed.
308,430,997 class A common shares (being 86.89% of the shares eligible to be voted at the Meeting) were represented at the Meeting. The voting results are set forth below:
Nominee Votes For Votes Withheld Number Percentage
(%) Number Percentage
(%) Kent Jespersen 306,604,513 99.92 234,638 0.08 Marty Proctor 306,377,737 99.85 461,414 0.15 Kevin Brown 306,347,485 99.84 491,666 0.16 Avik Dey 301,827,941 98.37 5,011,210 1.63 Harvey Doerr 305,115,643 99.44 1,723,508 0.56 Paul Hand 306,748,413 99.97 90,738 0.03 Dale Hohm 306,476,440 99.88 362,711 0.12 Bill McAdam 306,726,949 99.96 112,202 0.04 Kaush Rakhit 306,349,668 99.84 489,483 0.16 Jackie Sheppard 305,090,533 99.43 1,748,618 0.57 Jeff van Steenbergen 304,869,457 99.36 1,969,694 0.64 All matters presented for approval at the Meeting were approved by 7G’s shareholders. A full report of voting results is available on SEDAR at www.sedar.com .
Seven Generations Energy
Seven Generations Energy is a low-supply cost, growth-oriented energy producer dedicated to stakeholder service, responsible development and generating strong returns from its liquids-rich Kakwa River Project in northwest Alberta. 7G’s corporate office is in Calgary, its operations headquarters is in Grande Prairie and its shares trade on the Toronto Stock Exchange under the symbol VII.
Further information on Seven Generations is available on the company’s website:
www.7genergy.com , or by contacting:
Marty Proctor, President & CEO
Email: [email protected]
Investor Relations
Derek Aylesworth, Chief Financial Officer
Email: [email protected]
Brian Newmarch, Vice President, Capital Markets
Email: [email protected]
Phone: 403-718-0700
Media Relations
Alan Boras, Director, Communications and Stakeholder Relations
Email: [email protected]
Phone: 403-767-0772
Seven Generations Energy Ltd.
Suite 4400, 525 - 8th Avenue SW
Calgary, AB T2P 1G1
Website: 7genergy.com
Seven Generations Energy Ltd. is also referred to as Seven Generations, Seven Generations Energy, 7G or the company.
Source:Seven Generations Energy Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-seven-generations-reports-voting-results-of-election-of-directors.html |
WASHINGTON (Reuters) - U.S. Defense Secretary Jim Mattis offered an upbeat assessment of prospects for U.S. negotiations with North Korea, suggesting he saw grounds for optimism on Wednesday as Pyongyang released three American detainees to America’s top diplomat.
U.S. Defense Secretary James Mattis testifies before the Senate Appropriations Defense Subcommittee hearing on funding for the Department of Defense, on Capitol Hill in Washington, U.S., May 9, 2018. REUTERS/Yuri Gripas “I think there is reason for some optimism that these talks could be fruitful,” Mattis said, referring to an unprecedented summit being planned for President Donald Trump and North Korean leader Kim Jong Un.
Reporting by Phil Stewart and Idrees Ali; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-mattis/mattis-reason-for-some-optimism-on-u-s-north-korea-talks-idUSKBN1IA2E0 |
May 16, 2018 / 10:49 AM / Updated an hour ago Estonian district adopts cannabis flag after online poll Reuters Staff 2 Min Read
KANEPI, Estonia (Reuters) - A local government in Estonia has narrowly approved using a flag with an image of a cannabis leaf as its symbol after a online poll overwhelmingly voted for it. A design for Kanepi municipality's flag and coat of arms featuring a cannabis leaf is seen during the municipality council's vote in Polgaste, Estonia May 15, 2018. Kanep is the Estonian word for cannabis. Picture taken May 15, 2018. REUTERS/Ints Kalnins
The name of the region, Kanepi, in southeastern Estonia, is derived from “kanep”, the Estonian word for marijuana and the hemp that their ancestors grew and processed into cloth, oil and ropes more than 150 years ago.
The need for a new flag came about after several different local government areas merged into the larger Kanepi.
An open online poll in January collected more than 12,000 votes for the cannabis symbol, despite the population of the rural district and village of Kanepi being less than 5,000. Slideshow (2 Images)
Nine members of the council then voted for the flag with eight against.
Kanepi council member Arno Kakk, who voted against the new symbol, told Reuters after the vote on Tuesday: “I must say that I am not for the fact that we will be marching under this kind of a flag.”
Council chairman Kaido Koiv, who supported adopting the leaf, said the process “was very democratic”, despite questions raised over the numbers involved in the online poll, and saw no reason to reject the symbol.
Drugs are illegal to sell in Estonia. Possession and use of small quantities of marijuana for personal use is a misdemeanor punishable with a fine. Reporting by Janis Laizans and additional reporting by David Mardiste; Editing by Johan Ahlander and Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-estonia-flag/estonian-district-adopts-cannabis-flag-after-online-poll-idUSKCN1IH19H |
May 28, 2018 / 4:40 PM / Updated an hour ago Most U.S. gun owners support stronger gun laws Carolyn Crist 6 Min Read
(Reuters Health) - While gun owners and non-gun owners disagree on a handful of proposed policies, they agree on many new measures to strengthen gun laws, according to a new study.
A majority in both groups supports universal background checks, greater accountability for licensed gun dealers, higher safety training standards for concealed-carry permit holders, improved reporting of records related to mental illness for background checks, gun prohibitions for those with temporary domestic violence restraining orders, and gun violence restraining orders.
“We dwell so much on the areas where Americans are divided on guns, and we wanted to look for the important areas where Americans can agree,” said lead study author Dr. Colleen Barry of the Johns Hopkins Center for Gun Policy and Research in Baltimore, Maryland.
Nearly 39,000 people die from firearm injuries in the United States each year, according to the Centers for Disease Control and Prevention. This has increased from 33,000 since 2014.
“We realized very little research has been done on Americans’ specific views on gun policies,” Barry told Reuters Health by phone. “This is the kind of information that politicians and state legislators need to figure out whether to enact specific laws.”
In January 2017, Barry and colleagues surveyed a representative sample of more than 2,000 Americans through an online panel and asked whether they supported 24 different policies. The policies covered background checks, gun dealers’ licenses, temporary domestic violence restraining orders, gun safety measures, and differentiation between types of guns and ammunition available for sale.
The policies with the highest support from both groups - in the 80 percent range - included universal background checks, stronger measures requiring accountability by gun dealers unable to account for missing guns, a test that demonstrates safe and lawful gun handling for those legally allowed to carry a concealed gun, improved reporting of people disqualified from owning a gun due to mental health criteria, gun prohibitions for people with temporary domestic violence restraining orders, and laws that create a civil process for families to petition the court for temporary removal of a firearm from those deemed to be at serious risk for harming themselves or others.
Eight of the 24 policies had more than a 10-point support gap between gun owners and non-gun owners. These included banning the sale of large-capacity magazines, banning the sale of semiautomatic assault weapons, allowing a person to carry a concealed gun onto school grounds, requiring the gun owner to lock up guns when not in use, prohibiting someone younger than 21 from having a handgun, requiring someone to obtain a license from local law enforcement before buying a gun, prohibiting someone convicted of assault and battery from having a gun for 10 years, and allowing cities to sue licensed gun dealers when evidence indicates the dealer’s careless sales allowed criminals to buy guns.
“Our intuition is that advancing policy might be more feasible where the differences are the smallest,” Barry said. “Given the scale of gun violence and our limited resources to push through change, we want to focus on the policies that could make the greatest impact.”
One limitation of the national survey is that it was unable to track opinion gaps at the state and local level, where many of these policies would be enacted, the study authors wrote. California, for instance, has a gun violence restraining order policy already, and several studies are now evaluating its effects. Legislators and researchers also are looking at ways to make comprehensive background checks more effective.
“Pairing background check policies with purchaser licenses might be more effective, so we’re looking at ways to design and implement a policy that would help,” said Rose Kagawa of the University of California at Davis Violence Prevention Research Program, who researches comprehensive background check policies and firearm homicide and suicide numbers.
Kagawa, who wasn’t involved with this study, said in a phone call with Reuters Health, “How many injuries could be avoided? What are the implications and tradeoffs? What are the pros and cons? Specific policies haven’t received the attention in research that you might expect. We need to be doing this research.”
The Harvard Medical School Gun Violence Prevention Coalition is also looking at what role doctors should play in the gun violence conversation. The group is investigating the best ways doctors and patients can talk about injury prevention and firearm safety, particularly the efficacy of screening high-risk patients for self-harm.
“Most clinicians don’t feel comfortable having this conversation, and it’s not difficult to understand why,” said Dr. Chana Sacks of the Harvard coalition. Sacks became involved when her cousin’s 7-year-old son, Daniel, was shot at Sandy Hook Elementary School in Connecticut in December 2012.
“How do we better connect them with community resources to help patients?” she told Reuters Health by phone. “What we want to know is, What opportunities do we have to make meaningful change now that don’t require laws to be passed?”
According to Sacks, the idea that Americans are hugely divided on gun issues is easy to perpetuate, but opinions are more nuanced when looking at particular policies.
“Look at how much common ground there is,” she said. “It really does offer a path forward.”
SOURCE: bit.ly/2ktRvxT American Journal of Public Health, online May 17, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-guns-opinions/most-u-s-gun-owners-support-stronger-gun-laws-idUKKCN1IT1Q6 |
AGRA, India (Reuters) - India’s white-marble Taj Mahal is turning yellow and green as the 17th century mausoleum weathers filthy air in the world’s eighth-most polluted city.
One of the seven Wonders of the World, the Taj Mahal flanks a garbage-strewn river and is often enveloped by dust and smog from belching smokestacks and vehicles in the northern city of Agra.
Tiny insects from the drying Yamuna River into which the city pours its sewage crawl into the Taj Mahal, their excrement further staining the marble, an environmental lawyer told India’s Supreme Court.
The court slammed the government for not doing enough to preserve the monument, which was built by Mughal emperor Shah Jahan as a mausoleum for his wife Mumtaz Mahal.
“If the Indian scientists and the (conservationists) can’t do the things, they should be able to contact foreign experts or conservationists, those who can come and they will be readily happy to help,” said lawyer M.C. Mehta, who has been fighting to save the Taj Mahal from pollution for three decades.
Restorers have been using a paste of a clay mineral to clean the marble. It pulls away impurities from the surface and can then be washed off with water.
Labourers clean the fountain in the historic Taj Mahal premises in Agra, India, May 19, 2018. REUTERS/Saumya Khandelwal Activists are also concerned that the falling water table in Agra may be weakening the wooden foundations. Other worries include roads clogged with polluting vehicles and rampant construction around the mausoleum.
Behind Taj’s back, plastic bags and garbage pile up by the river as smoke billows from a chimney in the distance. Outside the Taj complex, a group of people gathered near a funeral pyre.
The change in color has not come out of the blue. Environmentalists and historians have long warned about the risk of soot and fumes from factories and tanneries dulling the ivory monument.
There was no comment from government authorities. Bhuvan Vikram, superintendent archaeologist for Agra, said he was not authorized to speak to journalists. Culture Minister Mahesh Sharma, whose department oversees historical monuments, said the environment ministry was best placed to speak on the subject but the environment minister was not available.
Slideshow (5 Images) Tourists visiting the monument said they hoped steps would be taken to save it.
“I think the Taj Mahal is one of the biggest icons of India and I think the city would be better to be cleaner and for the government to do something about this,” said Francesco, a tourist from Argentina who only gave his first name. “Because it is a shame, you know. Yeah!”
Reporting by Sunil Kataria; Additional reporting by Sudarshan Varadhan; Writing by Krishna N. Das; Editing by Sanjeev Miglani and Nick Macfie
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-pollution-india-tajmahal/off-color-pollution-turns-indias-white-marble-taj-mahal-green-idINKCN1IN01S |
May 2, 2018 / 7:05 AM / Updated 8 hours ago British decision on post-Brexit customs position to take a few weeks, minister says Reuters Staff 1 Senior British ministers will likely take a few weeks to decide a final position on the future customs arrangement with the European Union after Brexit, a senior minister said ahead of a first major meeting to discuss the issue on Wednesday. People walk through the customs exit at Heathrow airport in London, Britain, December 11, 2017. Picture taken December 11, 2017. REUTERS/Clodagh Kilcoyne
Ahead of the first detailed discussion among ministers of the thorny issue of customs arrangements with the European Union, some Conservative lawmakers have demanded that May drop one of her proposed solutions.
“I think we’ll have a useful first discussion today, but then I’d expect we’d come to a conclusion over the next few weeks,” Minister for the Cabinet Office David Lidington told Sky News.
He said that May would stay on as prime minister even if she lost a vote on the customs arrangement. Reporting by Alistair Smout; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-eu-customs-lidington/british-decision-on-post-brexit-customs-position-to-take-a-few-weeks-minister-says-idUKKBN1I30PJ |
By Sarah Gray May 29, 2018
The original nine seasons of Roseanne will no longer be shown on Viacom’s cable networks, including CMT, Paramount Network, and TV Land, according to multiple reports . The original series ran from October 1988 to May of 1997 before the reboot premiered earlier this year.
Fortune contacted Viacom for more information and will update as necessary. NEW: @NewsHour can confirm that episodes from the **original** nine-season run of "Roseanne" will be pulled from Viacom’s cable networks Paramount Network, TV Land, and CMT tomorrow, per several Viacom sources.
— Courtney Norris (@courtneyknorris) May 29, 2018
The reboot, which debuted in March after 21 years off of the air, was canceled by ABC on Tuesday following a racist tweet by actress Roseanne Barr about former Obama Administration senior advisor Valerie Jarrett . Barr tweeted that Jarrett, an African-American, was a product of “muslim brotherhood & planet of the apes.”
“Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show,” ABC Entertainment president Channing Dungey said in a statement. That statement was tweeted out along with a comment from Robert Iger, CEO of Disney , which owns ABC, saying, “There was only one thing to do here, and that was the right thing.” From Channing Dungey, President of ABC Entertainment: "Roseanne's Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show."There was only one thing to do here, and that was the right thing.
The talent agency ICM also dropped Barr as a client , according to The Hollywood Reporter .
“We are all greatly distressed by the disgraceful and unacceptable tweet from Roseanne Barr this morning,” according to an internal memo sent to ICM employees that The Hollywood Reporter obtained. “What she wrote is antithetical to our core values, both as individuals and as an agency. Consequently, we have notified her that we will not represent her. Effective immediately, Roseanne Barr is no longer a client.”
Barr later apologized for the tweet. I apologize to Valerie Jarrett and to all Americans. I am truly sorry for making a bad joke about her politics and her looks. I should have known better. Forgive me-my joke was in bad taste.
— Roseanne Barr (@therealroseanne) May 29, 2018
During a MSNBC town hall titled Everyday Racism in America on Tuesday, Jarrett responded to Barr’s tweet by calling it a “teaching moment.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/29/report-viacom-owned-channels-paramount-network-tv-land-cmt-stop-showing-roseanne/ |
KUALA LUMPUR (Reuters) - The Malaysian Anti-Corruption Commission (MACC) found evidence in late 2015 that 42 million ringgit ($10.6 million) was transferred from a former subsidiary of state fund 1MDB into an account of then Prime Minister Najib Razak, but its recommendation for further investigation was rejected by the attorney general, a member of a panel that reviewed the commission’s case files told Reuters.
Najib, who was ousted in a shock election loss on May 9, has consistently denied wrongdoing in connection with alleged graft involving 1Malaysia Development Berhad (1MDB), and insisted $681 million of funds deposited in his personal bank account were a donation from a Saudi royal. The $10.6 million would be in addition to that sum.
Newly elected Prime Minister Mahathir Mohamad, who was sworn in on Thursday, has vowed to investigate the 1MDB scandal and take action against those who may have abetted or benefited from corruption at the fund. At least six countries, including the United States and Switzerland, are investigating claims that $4.5 billion was allegedly siphoned off from 1MDB.
In an interview with Reuters, panel member Lim Chee Wee said then attorney-general, Mohamed Apandi Ali, had been presented with evidence by MACC at the end of 2015 that Najib had received the $10.6 million from 1MDB unit SRC International.
Mohamed Apandi Ali, who was replaced as attorney general on Monday, declined to probe further, Lim said.
“AG refused to investigate further despite evidence suggesting that Najib received directly or indirectly 42 million ringgit from SRC,” Lim said, using the acronym for the attorney-general.
Mohamed Apandi declined to comment when contacted by Reuters. MACC did not respond to Reuters’ requests for comment.
COMPELLING EVIDENCE Lim, and another panel member, P. Sundramoorthy, a criminologist from the Malaysian Science University, also said that Mohamed Apandi declined repeated requests from MACC to seek legal assistance from foreign governments to trace missing funds from 1MDB. Lim said that they were unable to follow the money trail because it went outside the country.
“We kept telling the AG...please make mutual legal assistance from other jurisdictions to find out the money trail in those jurisdictions. We knew the movement of money in Malaysia, but once it leaves Malaysia, we didn’t know where the money went,” Lim said.
“Based on the panel review, we felt the case should not have been closed as there was compelling information to say that the case could be further investigated,” Sundramoorthy said.
However, he added that he could not recall the amount that MACC suspected Najib had received from SRC.
Neither Najib nor his spokesman could be reached by phone to comment for this report.
Najib’s lawyer told Channel News Asia in January 2016 that Najib denies receiving the 42 million ringgit from SRC into his personal bank account.
FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. REUTERS/Olivia Harris/File Photo 1MDB did not respond to a request for comment.
Lim, a lawyer, was part of an eight-member panel tasked in early 2016 with reviewing investigations by the MACC into a reported transfer of $681 million into Najib’s bank account, as well as the transactions linked to SRC. MACC appoints such panels when its recommendations have been rejected by the attorney general as part of a review process.
SRC is no longer a unit of 1MDB. It now reports to the finance ministry.
PUT ON LEAVE Newly elected Prime Minister Mahathir Mohamad said on Monday that Mohamad Apandi had been put on leave and the solicitor-general would take over his duties.
Both Lim and Sundramoorthy declined to go into specific details regarding the case files, as the documents are protected under Malaysia’s Official Secrets Act.
But the panel was given detailed briefings and full access to the MACC files, they said.
“The biggest disappointment to us was Apandi,” said Lim. “MACC was very professional, they did a very good job. But their hands were tied by the AG,” he said.
The U.S. Department of Justice (DOJ) alleged that about $4.5 billion was misappropriated from 1MDB, which was founded by Najib. The department has filed civil lawsuits seeking to seize about $1.7 billion worth of 1MDB-linked assets, and is also pursuing a criminal probe.
The DOJ has not named any targets of the probe but the civil lawsuits have named Malaysian financier Low Taek Jho, also known as Jho Low, and Najib’s stepson Riza Aziz among the alleged beneficiaries of misappropriated 1MDB funds. Both have denied wrongdoing.
A person described in the U.S. lawsuits as “Malaysian Official 1” was said to have received more than $1 billion in 1MDB funds, some of which was used to buy jewelry for the person’s wife. U.S. and Malaysian sources have said “Malaysian Official 1” refers to Najib.
FILE PHOTO: Malaysia's outgoing Prime Minister Najib Razak speaks at a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha Najib has denied any wrongdoing and said in 2016 that the Malaysian government will cooperate with U.S. investigations.
Reporting by Rozanna Latiff; Editing by Praveen Menon, John Chalmers and Martin Howell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-scandal-exclusive/exclusive-evidence-that-malaysias-najib-received-1mdb-funds-was-ignored-probe-panelists-say-idUSKCN1IG0GL |
ANNAPOLIS, Md.—Southwest Airlines Co. said it has completed engine inspections across its fleet of more than 700 jets after a fatal accident on one of its flights last month.
Chief Executive Gary Kelly on Wednesday said Southwest has sent a small number of engine fan blades back to their maker for further tests and is working with manufacturers and regulators on the potential redesign of parts and inspection protocols.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/southwest-completes-engine-inspections-1526493751 |
EditorsNote: rewords lede
Matt Chapman and Mark Canha laced two-run doubles Tuesday night, helping the visiting Oakland Athletics outlast the Boston Red Sox 5-3 in a game delayed 1 hour, 40 minutes.
Daniel Mengden pitched six strong innings after the delay for the A’s, who won a second in two days at Boston to clinch their second straight series win over the Red Sox.
Oakland wasted no time jumping on Red Sox starter Eduardo Rodriguez, with Marcus Semien and Chad Pinder opening the first with singles.
Two outs later, Chapman smacked his double to right field, chasing Semien and Pinder home and giving Mengden an early 2-0 lead.
Stephen Piscotty, batting for the first time since missing four games while on the bereavement list due to his mother’s death, made it 3-0 in the second inning with his third home run of the season.
The Red Sox chipped away at the Oakland lead, scoring once apiece in the fourth and fifth innings. Andrew Benintendi’s solo homer, his third of the season, got Boston within one in the fifth.
Canha then gave the Oakland bullpen some breathing room with his two-run double, which came with two outs in the eighth after Khris Davis and Chapman had singled.
Mengden (3-4) got the win, allowing two runs (one earned) and eight hits in six innings. He struck out three and did not walk a batter.
Lou Trivino retained Oakland’s 3-2 lead in the seventh and eighth innings, limiting the Red Sox to one hit and one walk.
Blake Treinen then survived a shaky ninth inning for his eighth save of the season.
Treinen struck out Rafael Devers to open the inning, but the third strike got past A’s catcher Jonathan Lucroy for a wild pitch, allowing Devers to reach first base safely.
After Brock Holt’s double put two runners aboard and brought the potential tying run to the plate, Treinen got Mookie Betts to ground out, scoring Devers. Treinen then retired Benintendi on a fly ball and Hanley Ramirez on a grounder to short to give the A’s their fourth win in five meetings with the Red Sox this season.
Oakland won two of three from Boston at home in April.
Rodriguez (3-1) took his first loss of the year in eight starts, giving up Oakland’s first three runs on six hits in five innings. He struck out four and did not walk anyone.
Chapman had two hits for the A’s, who improved to 3-2 on a tough trip east that began against the New York Yankees and ends later this week in Toronto.
Benintendi collected three hits, including a double to complement his homer, while Xander Bogaerts and Mitch Moreland had two hits apiece for the Red Sox, who have lost five of eight, including two straight to open a seven-game homestand.
Both of Moreland’s hits were doubles.
The Red Sox out-hit the A’s 10-9.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bos-oak-recap/mengden-as-roll-past-red-sox-5-3-idUSMTZEE5GT0AK14 |
LONDON, May 21 (Reuters) - The dollar hit a fresh five-month high on Monday as investors heaved a sigh of relief after U.S. Treasury Secretary Steven Mnuchin declared the U.S.-China trade war “on hold” following their agreement to suspend the tariff threats.
Against a basket of its peers, the greenback rose above the 94 line for the first time since late-December 2017.
Since its rally began on April 17, the dollar has surged more than 5 percent, its biggest rising streak since late 2015, just before the U.S. Federal Reserve’s first interest rate rise since the 2008 financial crisis. (Reporting by Saikat Chatterjee)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/dollar-surges-to-a-5-month-high-as-rally-spreads-idUSL5N1SS0W7 |
WASHINGTON—Trump lawyer Rudy Giuliani said the president had repaid his longtime attorney, Michael Cohen, for a $130,000 payment Mr. Cohen made to a former adult film star in October 2016 in exchange for her silence about an alleged sexual encounter.
Mr. Giuliani, who joined the legal team representing President Donald Trump in the Russia investigation last month, told The Wall Street Journal Wednesday evening that the president had repaid Mr. Cohen, but he suggested that Mr. Cohen made the payment without Mr. Trump’s knowledge... | ashraq/financial-news-articles | https://www.wsj.com/articles/giuliani-says-trump-repaid-cohen-for-stormy-daniels-payment-1525315656 |
CALGARY, Alberta, May 08, 2018 (GLOBE NEWSWIRE) -- Trinidad Drilling Ltd. (TSX:TDG) (“Trinidad” or “the Company”) is pleased to announce the voting results from its Annual Meeting of Shareholders held on May 8, 2018 (the Annual Meeting).
1. Shareholders elected the following directors :
Director Votes For Votes Withheld Michael Heier 59.16% 40.84% Jim Brown 90.48% 9.52% Brian Burden 90.48% 9.52% David Halford 90.72% 9.28% Nancy Laird 90.48% 9.52% Ken Stickland 90.46% 9.54% 2. Shareholders re-appointed PricewaterhouseCoopers LLP as Trinidad's auditors.
3. Shareholders confirmed the Amended and Restated By-Law No 1 .
Votes For Votes Against By-Law No.1 96.05% 3.95% The Amended and Restated By-Law No. 1 was approved by the board of directors of Trinidad on April 3, 2018 and confirmed by shareholders at the Annual Meeting. A copy of the Amended and Restated By-Law No. 1 can be found on Trinidad's SEDAR profile at www.sedar.com .
Trinidad has not been provided with an explanation as to why there were a significant number of votes withheld against the election of Mr. Heier, Trinidad’s Chair. However, Trinidad is aware of shareholder concerns regarding its past share price performance and is continuing to proactively take steps to enhance shareholder value. Trinidad believes that the current trading price does not reflect the value of the Company, despite improving industry fundamentals and recent steps taken to improve shareholder value. As a result, earlier in 2018, Trinidad initiated a strategic review process in an effort to enhance shareholder value. Progress is being made in this strategic process, including the recent sale of three underutilized rigs held by the Company’s Saudi Arabian joint venture. The Board is continuing to evaluate additional opportunities and is undertaking a comprehensive review of a wide range of alternatives and their potential to enhance shareholder value.
This strategic review process is not a reflection of the Company’s financial or operating situation. Trinidad remains in a strong financial position, generating free cash flow from its core business to fund its capital program, and has additional liquidity through its existing credit facilities. The Company has not set a definite schedule to complete this strategic review and does not intend to disclose developments unless the Board has approved a specific transaction or action plan, or decides that disclosure is necessary or appropriate.
About Trinidad Drilling
Trinidad is an industry-leading contract driller, providing safe, reliable, expertly-designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. Trinidad provides contract drilling and related services in the US, Canada, the Middle East and Mexico.
For further information, please contact:
Brent Conway
President & Chief Executive Officer
403.265.6525
Lesley Bolster
Chief Financial Officer
403.265.6525
Adrian Lachance
Chief Operating Officer
403.265.6525 Lisa Ottmann
Vice President, Investor Relations
403.294.4401
email: [email protected]
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements relating to Trinidad’s plans, strategies, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to:
the ability of the Company to continue to execute on its business strategy during the strategic review process, and the various risks and assumptions customarily related thereto; and
the likelihood that the Company will be able to identify and undertake alternatives which enhance shareholder value.
Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect Trinidad’s business, operations or financial results are described in reports filed with securities regulatory authorities, accessible through the SEDAR website ( www.sedar.com ) including but not limited to Trinidad’s annual management discussion and analysis, financial statements, Annual Information Form and Management Information Circular. The forward-looking information and statements contained in this news release speak only as of the date of this news release and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
Source: Trinidad Drilling Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-trinidad-drilling-announces-voting-results-from-the-2018-annual-meeting.html |
May 16 (Reuters) - ImmunoGen Inc:
* IMMUNOGEN ANNOUNCES POSITIVE FINDINGS FROM THE FORWARD II STUDY OF MIRVETUXIMAB SORAVTANSINE COMBINATION REGIMENS WITH AVASTIN® AND CARBOPLATIN IN OVARIAN CANCER
* IMMUNOGEN - UPDATED DATA FROM CARBOPLATIN DOSE-ESCALATION COHORT DEMONSTRATE INCREASED RESPONSE RATE AND DURABLE BENEFIT WITH LONGER-TERM FOLLOW UP Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-immunogen-announces-positive-findi/brief-immunogen-announces-positive-findings-from-forward-2-study-of-mirvetuximab-soravtansine-combination-regimens-idUSFWN1SN0YT |
May 18, 2018 / 1:41 PM / Updated 11 minutes ago CANADA STOCKS-TSX rises at open as retail stocks gain Reuters Staff 1 Min Read
(Reuters) - Canada’s main stock index opened higher on Friday led by gains in consumer discretionary stocks after data showed the country’s retail sales for March rose by the most in five months.
* At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 6.44 points, or 0.04 percent, at 16,149.99. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-rises-at-open-as-retail-stocks-gain-idUSL3N1SP4J0 |
May 6, 2018 / 9:24 PM / in a day Cuban artists stage alternative festival after government delay Sarah Marsh 4 Min Read
HAVANA (Reuters) - A group of Cuban artists launched an alternative arts festival this weekend in Havana in response to the Communist government saying it was postponing the official biennial by a year to prioritize funding on rebuilding after Hurricane Irma.
The artists had been indignant at the delay of the state-run arts extravaganza, which typically takes over Havana for a month and allows them to showcase their art to international collectors, galleries and curators.
They said they felt the decision to postpone it to 2019 had to do with the political transition this year and a fear of anything that could cause instability. Cuba named a new president last month, Miguel Diaz-Canel, to replace Raul Castro.
While the “00Biennial” which runs for 10 days until May 15 does not have the scope of the official one, it is offering an unusual independent platform for artists in a country where the state dominates all aspects of society.
The government has criticized it as a “provocative maneuver” but allowed it to go ahead, something unthinkable 10 years ago, according to organizer and artist Luis Manuel Otero Alcantara.
“We are not against the Havana biennial,” Otero Alcantara told the crowd at the event’s inauguration on Saturday outside his home in Old Havana which is hosting a dozen exhibits.
“But why should we not project our ideas from an alternative platform or that of individual art?”
Cuba punches above its weight culturally, partly because the Communist government has invested in heavily in the arts since the country’s 1959 revolution, seeking to make culture less elitist and more universally accessible.
Otero Alcantara said the 00Biennial, which is taking place in the independent studios that have flourished throughout Havana in recent years as the country has opened up, does not aim to attack Cuban institutions or showcase political art.
However, Cuba’s National Union of Writers and Artists accused it this week of creating “a climate propitious to promoting the interests of the enemies of the nation.”
Cuba’s longtime foe, the United States, has in the past provided funds to promote anti-establishment artists as part of efforts to foster political change on the island.
Many Cuban artists say they are tired of that being used as an excuse to shut down independent arts movements, and complained about pressure from authorities not to participate.
The 00Biennial is focused on a wide range of artists, including Cuba’s rappers who usually struggle to reach their public given a state monopoly on media and other public spaces.
But it is also showcasing artists working within the establishment, like Reynier Leyva Novo, who has exhibited work at the official Havana Biennial as well as the Cuban state pavilion at the Venice Biennial.
In what he called a performance, Leyva Novo sold an artwork to the National Council of Visual Arts and donated the $3,800 payment to the 00Biennial, to undercut government accusations of it receiving “funds of the mercenary counter-revolution.”
“They try to discredit you saying you are counterrevolutionary,” he said. “But really this is a genuine cultural project in the absence of an official space.” Reporting by Sarah Marsh; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-cuba-art/cuban-artists-stage-alternative-festival-after-government-delay-idUSKBN1I70WB |
There's a lot riding on Apple earnings Tuesday, including the potential for it to jump-start the tech sector — and possibly the market — if it issues a strong report with good guidance.
Apple stock traded up more than 1.8 percent Monday to $165.26 per share, ahead of its Tuesday afternoon earnings and amid chatter that it could announce a big stock buyback .
Apple stock is the largest by market cap, at $838.5 billion, and its decline has been felt. It was off 1.5 percent in April, but it has declined 9.9 percent from its March high, amid worries that iPhone sales will be soft.
Some big-cap tech companies already have reported earnings, and stocks have had lackluster performances. The hottest group in the market, FAANG, has had a choppy ride, due to regulatory concerns and fears that profits could be peaking.
However, FAANG members Facebook , Amazon and Netflix all gained solidly in April after good earnings. Google parent Alphabet was down 1.8 percent for the month.
"[Apple] still enjoys the biggest weighting in both the S&P 500 and NASDAQ 100 and therefore wields tremendous influence over the broader price action," writes Jeremy Klein, chief market strategist at FBN Securities.
"Shares of the tech giant have lagged the usual suspects of high fliers and sit at the same level from last summer. If [Apple CEO] Tim Cook can appease analysts by speaking effusively when delivering his profit and sales forecasts, then any lingering volatility should start to subside," he added.
Apple's earnings also come at a time when tech's leadership is in doubt because of its recent soggy performance. The S&P tech sector was flat for April, while the S&P 500 was up 0.3 percent.
"It's a big-cap stock. There's a lot of focus on these FANG stocks, and Apple has a ton of suppliers that rely on it. Smartphones are a huge market for [semiconductors] overall," said Peter Boockvar, chief market analyst at Bleakley Financial Group.
"In years past, Apple was its own asset class and what happened to Apple was specific to Apple. I just think nowadays the market is less forgiving if an important stock falters," he said.
When Apple declined, it took others with it. The S&P semiconductor and chip equipment subsector was down 4.4 percent in April, though it is up 30 percent over the past year. VanEck Vectors Semiconductor ETF was down 6.8 percent in April, its worst month in nearly three years.
Apple is expected to earn $2.68 per share for its fiscal second quarter, up from $2.10 a year ago, according to Thomson Reuters. Revenue is expected to come in at $60.9 billion, up 15 percent from a year ago.
Just based on earnings, the tech sector should be heading higher, said Keith Parker, chief U.S. equities strategist at UBS. "I would say the net mix for tech has been very positive for earnings and upgrades and outlooks, and the magnitudes of beats we're seeing."
"We have a few more reports," he said. "As we move out of this earnings season, the outlook for the sector looks very strong."
Parker had been expecting tech to lag temporarily but not the type of selling it has seen recently. An earnings beat or miss by Apple would be significant.
"I think it is a factor, and it helps set the tone for the sector," he said. "The weighting in the index is very large. You've had the stock pull back a bit and underperform. It's a very large stock with a big weight."
J.P. Morgan global strategists said the stock market could suffer if the tech sector "stalls out."
In a note Monday, they said U.S. tech has become expensive and technology earnings have "massively outgrown earnings for the broader market in this cycle." As a result, "it will be progressively more challenging for the tech sector to deliver significant EPS [earnings per share] growth rates, given the substantial EPS base currently, as well as the mounting regulatory uncertainty," they wrote.
show chapters Apple is down 10 percent from its March highs. Should investors be cautious into earnings? 22 Hours Ago | 03:27 Boockvar said the problem for the market is that another leading sector has not materialized. "I cannot tell you what group is going to carry that mantle. Tech is so important. It's the biggest group in the S&P, and it's so dominant in so many ETFs," said Boockvar.
Ryan Detrick, senior market strategist at LPL Financial, said tech "doesn't have to lead. It just can't lag by a wide margin."
"If it's truly lagging, that's going to hold things back," he said. "We think the overall bull market can continue as long as tech can pull its own weight."
Tech in general and Apple in particular have strong cash positions and that makes them appealing.
"We've been positive on tech. There is near-term risk given the regulatory headwinds to some of these stocks," said Jill Carey Hall, Bank of America Merrill Lynch equity strategist. "Fundamentally, the sector still looks good. It's one sector that has more cash than debt. Tech is one of the biggest beneficiaries of repatriation, so we could see elevated share buybacks."
Apple is one of those with a mountain of cash, and analysts say it could expand its buyback program by $100 billion or more.
Bernstein analyst Toni Sacconaghi sees neutral to slightly negative risk-reward going into Apple earnings, which will be released after the closing bell. Apple's "expected large capital return program could mitigate the impact, but we believe the investor narrative post-earnings will likely be dominated by whether iPhone can grow over time. Moreover, we see Apple's current valuation as relatively in line with historical averages," he wrote.
Sacconaghi also said there's a bear case to be made should sales of a new iPhone SE product, expected in the third fiscal quarter, not be enough to offset the iPhone X/8 cycle. "Moreover, the history of the 6S cycle suggests that the stock may have further room to fall if consensus numbers decline following earnings," he wrote.
WATCH: BMO lowers iPhone estimates ahead of Apple earnings show chapters BMO lowers iPhone estimates ahead of Apple earnings 3:07 PM ET Mon, 30 April 2018 | 04:34 | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/apples-quarterly-report-could-turn-the-tide-for-the-stock.html |
BERLIN (Reuters) - Germany’s Angela Merkel on Wednesday defended the Iran nuclear deal following its rejection by Washington, arguing the pact is the best way to tackle concerns about Tehran’s role in Syria and its ballistic missile programme.
German Chancellor Angela Merkel speaks during the 2018 budget debate at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke In a wide-ranging policy speech to the Bundestag lower house of parliament, the chancellor of 12-1/2 years addressed a range of individual issues from euro zone reform to digitalisation and defence, without laying out a cohesive strategic vision.
A multilateral approach, including towards Iran, is the only option, said Merkel, who with other European powers is struggling to keep alive the nuclear deal without the United States.
Merkel described the deal as “everything other than ideal”, but argued that international nuclear authorities said Iran was sticking to its commitments.
“This does not mean we are happy about everything Iran is doing, we have to talk about its role in Syria, its ballistic missile programme, other issues, but the question is whether you can talk better if you terminate an agreement or if you stay in it,” Merkel told lawmakers.
“We say you can talk better if you remain in it,” she added.
Last week, U.S. President Donald Trump abandoned the 2016 pact between Iran and six world powers which lifted most international sanctions in return for Tehran curbing its nuclear programme, under the surveillance of the U.N. nuclear watchdog.
“Despite all the difficulties that we have these days, the transatlantic relationship is and remains paramount,” Merkel, whose fourth term atop a coalition started in March after her conservatives made big losses in a Sept. vote, told lawmakers.
“But these transatlantic relationships also must be able to deal with differences of opinion.”
EURO ZONE BACKSTOP Merkel also called for a strengthening of the euro zone and threw her weight behind proposals from her Social Democrat Finance Minister Olaf Scholz to transform the European Stability Mechanism (ESM) fund, into a facility to wind down bad banks.
Merkel and Scholz are at odds with French President Emmanuel Macron over his more radical ideas to create a separate euro zone budget, appoint a finance minister and convert the bloc’s ESM emergency rescue fund into a European monetary fund.
Merkel, adamant that Germans will not take on greater risks, said that individual members must take responsibility for themselves within a currency union. She also said she supported developing the ESM “to give it tasks that come close to those of a international monetary fund”.
“I agree that when a lot of progress has been made on reducing risks nationally, we can have a common backstop and this common backstop could be domiciled in the ESM, as the finance minister said yesterday,” said Merkel.
Scholz had on Tuesday suggested the ESM become a common backstop as long as risks in national banks’ balance sheets were reduced first. This is a smaller step than Macron wants. He aims to turn it into a preventative fund to help members facing short-term financial problems.
Both leaders have said they will reach agreement before a summit in Brussels on June 28-29.
In a lively debate, the parliamentary leader of the far-right opposition Alternative for Germany (AfD), Alice Weidel, was scolded by Bundestag President Wolfgang Schaeuble for discriminating against women wearing headscarves in her speech.
“Burkas, headscarf girls, knifemen who live off benefits and other good-for nothings will not secure our prosperity, economic growth and above all the welfare state,” Weidel had said to boos from other lawmakers.
She also Quote: d Czech President Milos Zeman: “If you live in a country where you are punished for fishing without a licence but not for illegally crossing a border, then you are fully justified in saying the country is ruled by idiots.”
Additional reporting by Paul CarrelWriting by Madeline Chambers; Editing by Paul Carrel and Janet Lawrence, William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/germany-politics/best-to-talk-to-iran-and-stay-in-nuclear-deal-merkel-says-idINKCN1IH0OK |
FAIRMONT, W.Va.--(BUSINESS WIRE)-- MVB Financial Corp. (Nasdaq: MVBF) today announced the appointment of Brad Greathouse of Morgantown as Senior Vice President, Human Resources. A human resources professional with more than 20 years of progressive leadership experience, Greathouse will lead all aspects of human resources for MVB Financial, the holding company for MVB Bank, Inc., and the Bank’s subsidiaries, MVB Mortgage and MVB Community Development Corporation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510006366/en/
Brad Greathouse (Photo: Business Wire)
“Brad’s extensive experience in human resources will be a strong asset to us as MVB grows and we continue to invest in the success of our Team members,” said Larry F. Mazza, President and CEO, MVB Financial Corp. “Attracting and developing the best talent goes hand-in-hand with our commitment to providing the best possible client experience. Brad brings to the position strategic focus to strengthen human resources across MVB Financial to create a world-class operation.”
As Senior Vice President of Human Resources, Greathouse will lead his team in the creation and implementation of human resources strategies and programs to support the continued development of MVB’s growth-oriented culture, including Team member engagement and development, talent acquisition, performance management, compensation and benefits programs and organizational development activities.
“I am extremely excited to be part of Team MVB, an organization known for its passion for client service excellence and its focus on continued growth,” Greathouse said. “I am honored to have the opportunity to partner with a fantastic Senior Management Team and our dedicated members of Team MVB across the Company to continue and build upon their track record of success.”
For nearly eight years, Greathouse was part of Mylan’s North America leadership team. He served as Vice President, Human Relations, for Mylan’s U.S. P&L, from 2010 to 2012, through a period of tremendous of growth. Starting in 2012, he has been the Vice President of Human Relations for Mylan’s operations in North America and Brazil, which consisted of 11 sites, as well as the Scientific Affairs and Research and Development organizations—a total of 6,000 employees in the U.S., Puerto Rico, Canada and Brazil. During his tenure at Mylan, Greathouse was responsible for overseeing employee engagement and labor relations, succession planning and talent development, as well as leading and supporting a number of business transformation and restructuring projects across the region.
Prior to Mylan, Greathouse spent more than 12 years with GE Aviation in a number of senior human resources leadership roles for global organizations, including the Turbine Airfoils Manufacturing and Engineering Division, Finance and Legal Divisions and the Customer and Product Support Operations. In his most recent post with GE as the Executive Human Resources Leader, Assembly, Test and Overhaul Center of Excellence, Greathouse provided overall human resources direction and strategy for a production, services and engineering organization with 20 locations and 7,000 employees across Asia, Europe, South America and the U.S. He earned his Six Sigma Green Belt Certification during his tenure at GE and also attended several executive leadership development courses at GE’s Crotonville Development Center.
Greathouse has been involved in community service activities throughout his career. He was a long-serving Board Member for GE Aviation’s Community Service Fund and managed Mylan’s regional charitable contributions program. In 2013, Greathouse was a community campaign chairman for the United Way of Monongalia and Preston Counties and served on its Board of Directors for nearly six years.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.”
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com .
MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiary, MVB Mortgage, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region.
MVB Bank, Inc., is a strong community bank with more than $1.5 billion in total assets headquartered in Fairmont, W.Va. The MVB Bank footprint now encompasses 14 total locations- 12 in West Virginia and two in Northern Virginia. For more information about MVB Bank, please visit www.mvbbanking.com .
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Press Release. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as "believes," "expects," "anticipates," "may," or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include, but are not limited to: credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession, and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov . Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006366/en/
MVB Financial Corp.
Amy Baker, 844-682-2265
VP, Corporate Communications
[email protected]
Source: MVB Financial Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-mvb-financial-corp-names-brad-greathouse-as-svp-human-resources.html |
PHILADELPHIA, May 01, 2018 (GLOBE NEWSWIRE) -- Spark Therapeutics (NASDAQ:ONCE), a fully integrated gene therapy company dedicated to challenging the inevitability of genetic disease, will host a conference call on Tuesday, May 8, 2018, at 8:30 a.m. ET to discuss corporate and financial results for the first quarter that ended March 31, 2018, and recent business highlights.
The call can be accessed by dialing (855) 851-4526 (domestic) or (720) 634-2901 (international), and entering passcode 1483429. To access a live audio webcast, please visit the “Investors” section at www.sparktx.com .
A replay of the call will be available for one week following the call and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international), and entering passcode 1483429, or by visiting the “Investors” section at www.sparktx.com .
About Spark Therapeutics
At Spark Therapeutics, a fully integrated company committed to discovering, developing and delivering gene therapies, we challenge the inevitability of genetic diseases, including blindness, hemophilia and neurodegenerative diseases. We have successfully applied our technology in the first FDA-approved gene therapy in the U.S. for a genetic disease, and currently have three programs in clinical trials, including product candidates that have shown promising early results in patients with hemophilia. At Spark, we see the path to a world where no life is limited by genetic disease. For more information, visit www.sparktx.com , and follow us on Twitter and LinkedIn .
Investor Contact:
Ryan Asay
[email protected]
(215) 239-6424 Media Contact:
Monique da Silva
[email protected]
(215) 282-7470
Source:Spark Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-spark-therapeutics-to-host-conference-call-on-tuesday-may-8-at-830-a-m-et-to-discuss-first-quarter-results-and-recent.html |
LONDON (Reuters) - Activist investor Edward Bramson is calling on Barclays ( BARC.L ) to end the bulk of trading activities at its investment bank, in a radical plan to cut costs and boost returns at the British lender, three sources familiar with the matter told Reuters.
FILE PHOTO: A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko//File Photo Investors briefed by the New York-based financier, who took a surprise 5 percent stake in Barclays in February, said Bramson wanted it to axe all parts of its investment banking operation that did not directly serve corporate clients.
The plan would see Barclays keep its money-spinning M&A advisory business and the equity and debt capital markets teams responsible for leading high-value initial public offerings and bond sales, but cull its cash equities, currency and fixed income trading desks, the sources said.
Spokesmen for Bramson’s Sherborne Investors and Barclays, Britain’s third biggest bank by market capitalisation, declined to comment.
“The trading businesses lack scale, absorb too much risk capital and deliver too small a return,” one of the sources familiar with Bramson’s plan said.
“There is a route back to success and respectability for this bank, and this is to focus on the retail bank, Barclaycard and the good bits of the corporate and investment bank (CIB). Management just have to seize it.”
Bramson, described as a turnaround specialist on his company website, has until now managed to keep the finer details of his plan to revamp Barclays under wraps since his 700-million-pound ($947 million) investment vehicle - Sherborne Investors Guernsey C - made its stake-building public.
Bramson has a strong record of delivering change at his turnaround targets.
His previous targets have included British private equity firm Electra ( ELTA.L ), where he forced through an overhaul and his Sherborne fund achieved a return of 113 percent as of May 2017.
Sherborne realised returns of 138.4 percent and 143.5 percent respectively from earlier investments in promotional products supplier 4imprint ( FOUR.L ) and chemicals business Elementis ( ELM.L ), where Bramson also pushed through turnaround plans, according to documents accompanying the activist fund’s most recent fundraising last year.
His investment in Barclays, one of the largest activist plays in Europe’s banking sector for years, follows a decade of painstaking restructuring by Barclays’ board and management, including the sale of its African business and the shedding of 95 billion pounds of risk-weighted assets.
But the bank’s share price has continued to languish relative to peers including HSBC ( HSBA.L ) and Lloyds Banking Group ( LLOY.L ), which also boast higher dividend yields and return on equity, a key measure of profitability.
Barclays Chief Executive Jes Staley has championed its investment banking division despite its underperformance in recent years.
Staley has recruited a slew of high-fliers from his former employer JPMorgan including Australian investment banking chief Tim Throsby, and more than 40 managing directors charged with restoring profitability to a unit hit by years of upheaval and under-investment in technology.
Recent hirings have focused in particular on the trading business that Bramson is eager to see Barclays cut, highlighting the difference over strategy between the investor and Staley.
The bank has hired Michael Lublinsky from hedge fund Brevan Howard to head macro trading, Stephen Dainton from Credit Suisse as head of equities and Guy Saidenberg from Goldman Sachs as head of Sales. Staley has highlighted the trio by name as key to improving its profits.
The three all have internal mandates to hire more staff and are under intense pressure to boost revenues to justify the investment in the markets business, according to two sources familiar with the matter.
CIRCUMSPECT It is by no means clear that other Barclays investors are in favour of jettisoning the bank’s trading activities.
Some shareholders told Reuters they believed Bramson might be underestimating the challenge of stripping out the investment bank’s underperforming units without hurting stronger parts.
Others feared the move could send some corporate clients into the arms of rivals that could offer them a full range of investment banking services, rather than just the higher-margin business Bramson is keen to focus on.
Such doubts are shared by one of Sherborne’s largest investors.
“I am pretty sure returns in Cash Equities are fairly rubbish but it’s very hard to do ECM (equity capital markets business) and some M&A activities without it,” he told Reuters.
“I think the Markets bit of Barclays CIB is more profitable than he thinks it is, if anything it is the Commercial Bank that is the laggard,” he added.
One of Barclays’ 20 largest shareholders said Bramson’s plan would trigger significant upfront costs and risked reducing revenues even further.
“Closing down large parts of the investment bank would probably be extremely expensive and no doubt mean dividend and buyback restrictions being imposed by the Prudential Regulatory Authority for an extended period given the risks,” he said.
Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-barclays-bramson-plan-exclusive/exclusive-barclays-activist-bramson-eyes-trading-shutdown-at-under-fire-investment-bank-idUSKCN1II27N |
Money Helped People Quit Smoking More Than Other Stop-Smoking Aids Money Helped People Quit Smoking More Than Other Stop-Smoking Aids Jackky | May 25, 2018 |
Cash is king in terms of getting workers to give up smoking, in keeping with a brand new research.
“The very best way to help them quit is to offer them money,” Dr. Scott Halpern, affiliate professor on the University of Pennsylvania and lead writer of the research informed CBS News.
The research, printed by The New England Journal of Medicine , checked out 6,006 people who smoke at 54 U.S. corporations.
Of these, the researchers labeled 1,191 as “willing to quit,” in keeping with Reuters, then gave them completely different instruments to assist.
One group obtained literature about the advantages of quitting together with optimistic encouragement to give up smoking (lower than 1% of these give up for six months). Another group was given free stop-smoking aids like gum, patches, and lozenges (2.9% of these give up). A 3rd group obtained free e-cigarettes — digital units that vaporize nicotine — of the flavour of their alternative (4.8% of these stopped smoking).
Two different teams obtained an added bonus: money.
One group obtained each stop-smoking gadgets and a money reward: $100 after the primary month, a $200 bonus on the three month mark, and $300 extra on the six month mark. In the top 9.5% of them give up.
The different was given any stop-smoking product they wished, and the menace that $600 in an account could be taken away in the event that they smoked. A whopping 12.7% made it to the six month mark.
Half of those that reached the six month mark continued to abstain from smoking for a 12 months. gtag('config', 'UA-114047264-2');
“People are much more motivated to avoid losing $100 than they are to gain $100, even though, economically, they are flip sides of the same coin,” Halpern informed Reuters.
The research comes at a time when the effectiveness of e-cigarettes in serving to folks fairly smoking is being debated. While the Centers for Disease Control and Prevention say that e-cigarettes are much less dangerous than conventional cigarettes, it warns that there are nonetheless dangers related to them as a result of they comprise “cancer-causing agents.”
“E-cigarettes are not currently approved by the FDA as a quit smoking aid,” in keeping with the CDC. “The U.S. Preventive Services Task Force, a group of health experts that makes recommendations about preventive health care, has concluded that evidence is insufficient to recommend e-cigarettes for smoking cessation in adults, including pregnant women.”
In Halpern’s view, the outcomes of the research present that “we cannot detect any evidence that [e-cigarettes] are better than offering free conventional smoking cessation aids or just providing information.”
Critics of the research informed CBS News that the research didn’t truly present that e-cigarettes weren’t helpful, however simply in contrast it to different strategies.
The outcomes additionally offers workers a greater sense of how a lot it might value to get workers to give up smoking.
“The best estimates are, it costs $3,000 to $6,000 more per year to employ a smoker rather than a non-smoker,” Halpern informed Reuters. “So even if these programs cost $800 to $1000, they would be highly cost-saving from the standpoint of the employer and the insurer.”
The research was sponsored by worker wellness firm Vitality Group. | ashraq/financial-news-articles | https://fortune.com/2018/05/25/money-best-motivator-quit-smoking-new-study/ |
May 23 (Reuters) - Britain’s Restaurant Group, the owner of the Frankie & Benny’s chain, said on Wednesday it expects to meet annual results estimates despite a hit on its latest comparable sales from adverse weather.
Comparable sales for the 20 weeks to May 20 were down 4.3 percent as snow kept customers away.
A Siberian weather system that British forecasters dubbed the “Beast From the East” brought snow, strong winds and the coldest temperatures in years to many regions in the two months through March.
However, like-for-like sales for were still down 3.1 percent excluding the impact of snow — an outcome the company blamed on a challenging market.
Rising competition from food-focused pubs and a drop in visitors to retail shopping malls, where many of its outlets are located, have hit Restaurant Group’s brands in recent years.
Nonetheless, Restaurant Group, which operates more than 500 restaurants and pubs in the UK, said it expected full-year results in line with current market expectations.
Shares in the company were 2.6 percent higher at 322.6 pence at 0713 GMT. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/restaurant-grp-outlook/uks-restaurant-group-sees-results-in-line-despite-dent-from-snow-idUSL5N1SU1IS |
MOSCOW (Reuters) - Deutsche Bank ( DBKGn.DE ) views Russia as a priority, has completed a transformation of its operation there, and does not plan to cut its workforce there materially, the bank’s Russia head told Reuters in an interview.
FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo Deutsche Bank has cut back its investment banking operation in Moscow over the past few years, saying that was part of a global restructuring. Its Moscow operation was also caught up in allegations over sham trades which resulted in the German bank paying $630 million in fines to financial regulators in January 2017.
Borislav Ivanov was appointed Deutsche Bank’s Chief Country Officer for Russia in June last year, taking over from Annett Viehweg who left the bank after overseeing the Moscow operation’s restructuring.
“We now have 1,250 people working in Russia, of which more than 200 are bankers and over 1,000 employees in TechCentre,” said Ivanov, referring to a Moscow-based subsidiary of the bank that provides IT services to the bank globally.
“There are no plans to materially cut this number,” he told Reuters on the sidelines of the St Petersburg International Economic Forum last week.
“Russia is a priority for us. And here in Russia, we have already concluded most of the planned transformation, and (we) focus on growth in our key business of commercial banking now.”
Last week, Deutsche Bank’s new CEO, Christian Sewing, said the bank was cutting more than 7,000 jobs globally to cut costs and restore profitability.
Writing by Christian Lowe; Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-russia-ivanov/deutsche-bank-says-moscow-restructuring-done-no-plans-for-new-staff-cuts-idUSKCN1IU1KM |
BUFFALO, N.Y., May 21, 2018 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) announced today the election of Kevin J. Pearson to its Board of Directors effective May 15, 2018. He was also elected to the Board of Directors of M&T Bank Corporation's principal banking subsidiary, M&T Bank.
Mr. Pearson is Vice Chairman of M&T Bank with overall responsibility for the Commercial Banking Division, the Technology and Banking Operations Division, Credit Division and Wilmington Trust, which is M&T's wealth management and institutional client services arm.
Mr. Pearson began his career with M&T Bank in 1989 as part of the Private Banking Division in New York City and has held a number of management positions, including head of commercial lending in M&T Bank's Tarrytown region, Philadelphia Regional President and New York City Metro-Area Executive. He was named Executive Vice President and joined the M&T Bank Corporation Management Group in 2002. Mr. Pearson began his role as Vice Chairman of M&T Bank in 2014.
Mr. Pearson received a Bachelor of Science (BS) in Commerce and a Master of Business Administration (MBA) from Santa Clara University.
About M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
View original content with multimedia: http://www.prnewswire.com/news-releases/mt-bank-corporation-elects-kevin-j-pearson-to-board-of-directors-300652009.html
SOURCE M&T Bank Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-mt-bank-corporation-elects-kevin-j-pearson-to-board-of-directors.html |
Trump says expecting letter from Kim Jong Un 10:01am EDT - 01:45
As U.S. Secretary of State Mike Pompeo met with high-ranking North Korean official Kim Yong Chol for a second day of meetings in New York Thursday, President Trump told reporters that talks were ''positive'' and that he's expecting the delegation from Pyongyang to travel to Washington on Friday to deliver a letter to him from leader Kim Jong Un. Rough Cut (no reporter narration).
As U.S. Secretary of State Mike Pompeo met with high-ranking North Korean official Kim Yong Chol for a second day of meetings in New York Thursday, President Trump told reporters that talks were "positive" and that he's expecting the delegation from Pyongyang to travel to Washington on Friday to deliver a letter to him from leader Kim Jong Un. Rough Cut (no reporter narration). //reut.rs/2LbPYYC | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/trump-says-expecting-letter-from-kim-jon?videoId=431932173 |
The second of three women passengers who had survived the crash of a Mexican-operated airliner near Havana died Friday at a hospital from her injuries, pushing the death toll to 112 of the 113 people aboard the old Boeing 737 that crashed just after takeoff last week.
The first of the three survivors of the catastrophe died earlier this week, Cuban authorities said, and the remaining survivor continued in critical condition at the Calixto García Hospital in central Havana.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-survivor-of-cuban-air-crash-dies-1527282481 |
May 20, 2018 / 2:32 AM / Updated 3 hours ago Handbag and jewellery haul puts Malaysia's former first lady in spotlight A. Ananthalakshmi , Emily Chow 5 Min Read
KUALA LUMPUR (Reuters) - In early 2015, as Malaysians were protesting over government plans to introduce a consumption tax, the then first lady was complaining about the rising costs of her hairdresser. Malaysia's Prime Minister Najib Razak of Barisan Nasional (National Front) and his wife Rosmah Mansor show their ink-stained fingers after voting in Malaysia's general election in Pekan, Pahang, Malaysia, May 9, 2018. REUTERS/Athit Perawongmetha - RC11565B16D0
Rosmah Mansor lamented in a speech at a public forum on the implementation of the tax that she had to pay 1,200 ringgit ($300) for one hair-dyeing session, at a time when the minimum wage job in Malaysia paid 900 ringgit a month.
Rosmah’s comments angered many Malaysians, who had already noticed her luxury watches and handbags in public appearances with her husband Najib Razak, who was ousted as prime minister in an election on May 9.
But with tight controls on the media, there was little open criticism of her lavish lifestyle.
Now, after Friday’s seizure by police of hundreds of bags, including expensive Hermes ones, and a stash of jewellery from apartment units where Najib’s family was living, public attention is focusing on Rosmah.
An unshackled media and many Malaysians are openly demanding to know how Rosmah was able to afford an opulent lifestyle. Many have compared her with Imelda Marcos, who left behind more than 1,200 pairs of shoes when her husband Ferdinand Marcos was ousted as president of the Philippines in 1986.
Rosmah has long defended her tastes.
“There are some accessories and clothes that I have bought with my own money. What is wrong with that?,” Rosmah, 66, was quoted as saying in an authorised biography published in 2013, when asked about criticism over her opulent lifestyle.
“As a woman and as the wife of a leader, I have to look made up, neat and take care of my appearance. It is also embarrassing for Malaysians when other countries make fun of the sloppy wife of Malaysia’s prime minister,” she said.
Rosmah, through her law firm, issued a statement on Saturday to address “the recent spate of events leading to the media hailstorm” and asked authorities to follow the rule of law and due process to avoid a premature public trial. She said the inquiry process seemed to have been compromised due to leaks, including “details of the alleged items confiscated”.
Her law firm and aides did not respond to further queries from Reuters.
Since Najib was defeated in the election by his mentor-turned-rival, Mahathir Mohamad, he has become the subject of a money-laundering probe and, along with Rosmah, has been barred from leaving the country.
The new government is investigating allegations of fraud and corruption at the state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib. U.S. authorities say the former prime minister received nearly $700 million of funds diverted from the fund.
Najib has denied wrongdoing.
Nearly 300 boxes of designer handbags and dozens of bags filled with cash and jewellery were among the items taken away by police this week from the properties linked to Najib’s family.
Items such as Birkin handbags from Hermes and watches were among the items seized, police said. The police did not say who the bags belonged to.
Birkin bags, favoured by celebrities like Victoria Beckham, can be worth up to hundreds of thousands of dollars.
The seizure before dawn Friday came hours after a photo of Mahathir reportedly wearing what appeared to be $3 Bata sandals went viral on social media, drawing comparisons between the two leaders.
Local media reports said 52 designer handbags with brand names like Chanel, Louis Vuitton and Oscar de la Renta were also seized from Najib’s private residence, along with 10 luxury watches.
The U.S. Department of Justice alleged in civil lawsuits last year that some of the funds stolen from 1MDB were used to buy jewellery for Rosmah: $27 million for a rare pink diamond and another $1.3 million for 27 gold necklaces. “I AM NOT PERFECT”
Rosmah’s beginnings were humble. She was born in 1951 in Kuala Pilah, a small town in Peninsular Malaysia’s southwestern state of Negeri Sembilan.
According to her 2013 biography, she studied sociology and anthropology at a local public university, before pursuing a masters degree at Louisiana State University in the United States. In her biography she mentions her financial difficulties as a student and in her first job at an agriculture bank, where she earned 800 ringgit a month.
She stopped working in 1987 to focus on starting a family with Najib, who was then Malaysia’s youth and sports minister, according to the biography.
After Najib became prime minister, Rosmah focused on charity work, providing aid to underprivileged children, women’s support groups and health and sports advocacy.
A day after the U.S. allegation last year over Rosmah’s $27 million purchase of a pink diamond, her lawyers issued a notice threatening to sue anyone who produced “false, malicious publications or posting” against her.
In the last pages of her biography, Rosmah asks for Malaysians to accept her as she is.
“I hope people accept the reality that I am a regular human being. I am not perfect.” Reporting by A. Ananthalakshmi and Emily Chow; Additional reporting by Tom Westbrook and Rozanna Latiff; Editing by John Chalmers and Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-rosmah/handbag-and-jewellery-haul-puts-malaysias-former-first-lady-in-spotlight-idUKKCN1IL02W |
May 16 (Reuters) - INVENTIONMED SA:
* REPORTED ON TUESDAY Q1 NET LOSS OF 0.2 MILLION ZLOTYS VERSUS LOSS OF 41,284 ZLOTYS YEAR AGO
* NET RESULT AFFECTED BY CHANGE IN CO PROFILE OF BUSINESS Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN31L |
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday said that embattled Environmental Protection Agency Director Scott Pruitt still has his confidence.
FILE PHOTO: U.S. President Donald Trump arrives at South Bend International Airport in Indiana, U.S., May 10, 2018. REUTERS/Leah Millis Pruitt has been criticized for a series of potential ethics lapses, including flying first class, excessive spending on security, and the rental of a room in a Washington condominium owned by the wife of an energy lobbyist.
Asked during a meeting of automakers at the White House if he still has confidence in Pruitt, Trump responded: “Yes, I do.”
Reporting by James Oliphant
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-epa-pruitt/trump-says-he-still-has-confidence-in-epa-chief-pruitt-idUSKBN1IC21A |
May 2, 2018 / 11:32 AM / in 9 hours ECB designs cyber attack simulation for financial firms Reuters Staff 2 Min Read
FRANKFURT (Reuters) - The European Central Bank has designed a new test simulating cyber attacks on banks, stock exchanges and other firms that are critical for the functioning of the financial system, it said on Wednesday. The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
The move follows a string of heists and attacks by hackers on lenders and central banks over the past two years, including one that disrupted online and mobile services at the Netherlands’ three top banks earlier this year.
The ECB’s initiative aims to create a single framework for testing the cyber-resilience of financial firms in the European Union.
The framework envisages, among other tools, “red teams” (RTs) of external hackers hired to find and exploit vulnerabilities in the companies being tested, a technique derived from the military world and widely used in the private sector.
“The test objectives ... are the flags that the RT provider must attempt to capture during the test as it progresses through the scenarios,” the ECB said.
But its European Framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU) will simply serve as a guideline and it will be for other authorities to carry out any test.
“It is up to the relevant authorities and the entities themselves to determine if and when TIBER-EU based tests are performed,” the ECB said.
“Tests will be tailor-made and will not result in a pass or fail – rather they will provide the tested entity with insight into its strengths and weaknesses, and enable it to learn and evolve to a higher level of cyber maturity,” it added.
In of the most high profile cases to date, hackers breached the central bank of Bangladesh’s systems in early 2016 and tricked the Federal Reserve Bank of New York into sending as much as $81 million to accounts in the Philippines. Reporting by Francesco Canepa; editing by David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-cyber-tests/ecb-designs-cyber-attack-simulation-for-financial-firms-idUSKBN1I31H5 |
(Reuters) - Japanese investment group SoftBank ( 9984.T ), through a variety of affiliated companies such as its $100-billion SoftBank Vision Fund, holds stakes in more than a dozen startup companies involved in some aspect of future transportation.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato Among them are the following:
RIDE/DELIVERY SERVICES Uber
Didi Chuxing
Ola
Grab
Grofers
DoorDash
Naldo
Yummy Express
FlightCar
SUPPORT SERVICES YourMechanic – on-demand maintenance/repairs
Manbang – logistics
Keychain - logistics
SELF-DRIVING TECHNOLOGIES
Mapbox – mapping/localization
Nauto – data analytics/management
Innoviz – lidar
Brain – AI/machine learning
Mythic – AI/machine learning
Reporting by Paul Lienert in Detroit; Editing by Nick Zieminski
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gm-softbank-autonomous-factbox/factbox-softbank-backing-more-than-a-dozen-mobility-startups-idUSKCN1IW2FZ |
WHITE PLAINS, N.Y., May 2, 2018 /PRNewswire/ -- Bunge Limited (NYSE: BG)
Q1 GAAP EPS of $(0.20); $(0.06) on an adjusted basis that includes $120 million of negative mark-to-market on forward oilseed crushing contracts Higher Food & Ingredients results driven by lower costs and stronger demand Loders Croklaan integration progressing as expected Global Competitiveness Program on track to generate $100 million of savings in 2018 Increasing midpoint of total 2018 full-year EBIT outlook by $295 million
Financial Highlights
Quarter Ended
March 31,
US$ in millions, except per share data
2018
2017
Net income (loss) attributable to Bunge
$
(21)
$
47
Net income (loss) per common share from continuing operations-diluted
$
(0.20)
$
0.31
Net income (loss) per common share from continuing operations-diluted,
adjusted (a)
$
(0.06)
$
0.35
Total Segment EBIT (a)
$
61
$
133
Certain gains & (charges) (b)
(24)
(6)
Total Segment EBIT, adjusted (a)
$
85
$
139
Agribusiness (c)
$
52
$
109
Oilseeds
$
(34)
$
92
Grains
$
86
$
17
Food & Ingredients (d)
$
54
$
45
Sugar & Bioenergy
$
(20)
$
(11)
Fertilizer
$
(1)
$
(4)
(a) Total Segment earnings before interest and tax ("Total Segment EBIT"); Total Segment EBIT, adjusted; net income (loss) per common share
from continuing operations-diluted, adjusted; adjusted funds from operations and ROIC are non-GAAP financial measures. Reconciliations to
the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide
presentation posted on Bunge's website.
(b) Certain gains & (charges) included in Total Segment EBIT. See Additional Financial Information for detail.
(c) See footnote 10 of Additional Financial Information for a description of the Oilseeds and Grains businesses in Bunge's Agribusiness
segment.
(d) Includes Edible Oil Products and Milling Products segments.
Overview
Soren Schroder, Bunge's Chief Executive Officer, commented, "During the first quarter, we saw a dramatic change in the global soy crush market environment as margins expanded significantly from 2017 levels. Our teams managed the rapidly changing environment well and positioned the company for a strong performance for the balance of the year. In times like these, when trade flows and capacities shift among regions, the value of our global footprint and capabilities are demonstrated. In Food & Ingredients, results were better than expected with improvement in most regions. Looking ahead, we expect significant growth in Company earnings and returns in 2018.
Schroder continued, "We closed on Loders Croklaan during the quarter, which now positions us as a global leader in B2B oils, and when fully integrated will nearly double the size of our Edible Oils business. We also strengthened our milling footprint in the U.S. with the acquisition of two corn masa mills. These investments increase results from value added activities closer towards our targeted level of 35 percent. In addition, we continue to progress towards the separation of our Brazilian sugarcane milling business. We have recently secured debt financing for the business and are now in a position where the business could operate on a stand-alone basis.
"We also made solid progress on our cost objectives. Our Global Competitiveness Program is on track towards our target of $100 million this year. And, over the course of the year, we expect an additional $80 million of savings from industrial and supply chain initiatives."
First Quarter Results
Agribusiness
The agribusiness environment improved dramatically from conditions seen last year with reduced soybean supplies in Argentina and tightening global grain supplies, leading to increased volatility and improved margins, especially in soy crushing.
In Grains, higher results were driven by global trading & distribution, which benefitted from increased margins and effective risk management. Origination results were comparable to last year as improved performance in Brazil, which benefitted from increased farmer commercialization as local soy prices rose, offset lower results in North America and Argentina.
In Oilseeds, global soy crush margins significantly improved over the course of the quarter driven by the combination of strong underlying soymeal demand and crushing capacity constraints caused by reduced soybean production in Argentina. The increase in forward margins resulted in negative mark-to-market of $120 million related to forward oilseed crushing contracts. As we execute on these contracts during the balance of the year, we expect this impact will be offset by higher margins, which is embedded in our revised outlook.
Edible Oil Products
Results were higher in all regions with the exception of South America. In Europe, improved performance was driven by higher volumes and margins, reflecting increased value-added sales from recent acquisitions, as well as increased demand for margarine which benefitted from the rise in European butter prices. In North America, improved results reflected higher margins and lower costs, where the business is seeing the positive effects of cost improvement and restructuring initiatives. In Asia, results were higher in both India and China. In Brazil, however, lower costs were more than offset by lower margins as abundant oil supplies from the strong soy crushing environment pressured retail prices.
Milling Products
Higher results in North America were the primary driver of improved performance in the quarter. In Mexico, results benefitted from double digit volume growth, which was supported by a new sales force structure, and lower costs. Improved results in the U.S. were due to higher margins. Results in Brazil were slightly higher than last year, as higher volume and lower costs more than offset lower margins. We are starting to see signs of improvement as the Brazilian market transitions to a significantly smaller wheat crop this year.
Sugar & Bioenergy
The first quarter is the inter-harvest period in Brazil when sugarcane mills in the Center-South region typically do not operate for most of the quarter and are selling sugar and ethanol inventories from the previous sugarcane harvest.
Results were lower than last year as higher average ethanol prices were more than offset by lower sugar prices and volumes. Volumes were negatively impacted by carrying over a low inventory balance from 2017 into the intercrop period. Trading & distribution results in the quarter were higher than last year.
In addition to progressing towards the separation of our sugarcane milling business, we recently signed a share purchase agreement to sell our interest in our renewable oils joint venture to our partner, and are in the process of exiting our global sugar trading operation.
Fertilizer
Improved results in the quarter were primarily driven by higher margins and lower costs, reflecting in part the restructuring of our Argentine nitrogen fertilizer plant.
Global Competitiveness Program
The Global Competitiveness Program announced in July 2017 is expected to rationalize Bunge's cost structure and reengineer the way we operate, reducing our 2017 addressable baseline SG&A of $1.35 billion to $1.1 billion by 2020.
We reduced SG&A by $40 million in 2017 and expect to reduce it by an additional $60 million this year, totaling a $100 million reduction in 2018 as compared to the 2017 baseline. We have incurred a total of $69 million of program-related costs since inception, including $14 million this quarter.
Cash Flow
Cash used by operations in the quarter ended March 31, 2018 was approximately $1.5 billion compared to cash used of $603 million in the same period last year. The year-over-year variance is primarily due to changes in inventory, reflecting the improved agribusiness environment. Trailing four-quarter adjusted funds from operations was $811 million as of the quarter ended March 31, 2018.
Income Taxes
Income taxes for the quarter ended March 31, 2018 were $19 million.
Outlook
We expect 2018 to be a year of strong earnings growth, particularly in Agribusiness.
In Agribusiness, we are increasing our full-year EBIT outlook range to $800 million to $1.0 billion, primarily based on improved soy crush margins.
In Food & Ingredients, we are increasing our full-year EBIT outlook range to $290 to $310 million to account for the addition of our 70 percent ownership stake in Loders Croklaan, which we acquired in early March. Segment results are expected to improve sequentially.
In Sugar & Bioenergy, based on current sugar prices, we are reducing our full-year EBIT outlook range to $40 to $60 million. Results are expected to be seasonally weak until the second half of the year.
In Fertilizer, we continue to expect EBIT of approximately $25 million.
Savings from the Global Competitiveness Program and industrial and supply chain initiatives are reflected in our segment EBIT ranges.
Additionally, we expect the following for 2018, which incorporates Loders Croklaan: a tax rate range of 18% to 22%; net interest expense in the range of $255 to $275 million; capital expenditures of approximately $700 million, of which approximately $150 million is related to sugarcane milling; and depreciation, depletion and amortization of approximately $690 million.
Conference Call and Webcast Details
Bunge Limited's management at 8:00 a.m. EDT on Wednesday, May 2, 2018 to discuss the company's results.
Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com .
To listen to the call, please dial (877) 883-0383. If you are located outside the United States or Canada, dial (412) 902-6506. Please dial in five to 10 minutes before the scheduled start time and ask to join the Bunge Limited call. The call will also be webcast live at www.bunge.com .
To access the webcast, go to "Webcasts and presentations" in the "Investors" section of the company's website. Select "Q1 2018 Bunge Limited Conference Call" and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.
A replay of the call will be available later in the day on May 2, 2018, continuing through June 2, 2018. To listen to it, please dial (877) 344-7529 in the United States, (855) 669-9658 in Canada, or (412) 317-0088 in other locations. When prompted, enter confirmation code 10119049. A replay will also be available in "Past events" at "Webcasts and presentations" in the "Investors" section of the company's website.
Website Information
We routinely post important information for investors on our website, www.bunge.com , in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
About Bunge Limited
Bunge Limited ( www.bunge.com , NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 32,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed; produces edible oil products for consumers and commercial customers in the food processing, industrial and artisanal bakery, confectionery, human nutrition and food service categories; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and . All statements, other than statements of historical fact are, or may be deemed to be, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include our expectations regarding industry trends and our future financial performance, the completion and timing of acquisitions and dispositions, our assumptions and expectations for the Global Competitiveness Program and other efficiency initiatives and similar statements that are not historical facts. These reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to those expressed in, or implied by, these . The following important factors, among others, could affect our business and financial performance: industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products used in our business; fluctuations in energy and freight costs and competitive developments in our industries; the effects of weather conditions and the outbreak of crop and animal disease on our business; global and regional agricultural, economic, financial and commodities market, political, social and health conditions; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, dispositions, joint ventures and strategic alliances; our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other business optimization initiatives; changes in government policies, laws and regulations affecting our business, including agricultural and trade policies, tax regulations and biofuels legislation; and other factors affecting our business generally. The included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any to reflect subsequent events or circumstances.
Additional Financial Information
The following table provides a summary of certain gains and charges that may be of interest to investors, including a description of these items and their effect on net income (loss) attributable to Bunge, earnings per share diluted and total segment EBIT for the quarters ended March 31, 2018 and 2017.
(US$ in millions, except per share data)
Net Income (Loss)
Attributable to
Bunge
Earnings
Per Share
Diluted
Total Segment
EBIT (6)
Quarter Ended March 31,
2018
2017
2018
2017
2018
2017
Agribusiness: (1)
$
(8)
$
—
$
(0.05)
$
—
$
(10)
$
—
Severance, employee benefit, and other costs
(9)
—
(0.06)
—
(11)
—
Gain on disposition of subsidiaries
1
—
0.01
—
1
—
Edible Oil Products: (2)
$
(5)
$
—
$
(0.04)
$
—
$
(7)
$
—
Severance, employee benefit, and other costs
(2)
—
(0.01)
—
(2)
—
Acquisition and integration costs
(3)
—
(0.03)
—
(5)
—
Milling Products: (3)
$
(1)
$
—
$
(0.01)
$
—
$
(2)
$
—
Severance, employee benefit, and other costs
(1)
—
(0.01)
—
(2)
—
Sugar & Bioenergy: (4)
$
(4)
$
(6)
$
(0.03)
$
(0.04)
$
(4)
$
(6)
Severance, employee benefit, and other costs
(1)
—
(0.01)
—
(1)
—
Sugar restructuring charges
(3)
(6)
(0.02)
(0.04)
(3)
(6)
Fertilizer: (5)
$
(1)
$
—
$
(0.01)
$
—
$
(1)
$
—
Severance, employee benefit, and other costs
(1)
—
(0.01)
—
(1)
—
Total
$
(19)
$
(6)
$
(0.14)
$
(0.04)
$
(24)
$
(6)
Consolidated Earnings Data (Unaudited)
Quarter Ended
March 31,
(US$ in millions, except per share data)
2018
2017
Net sales
$
10,641
$
11,121
Cost of goods sold
(10,257)
(10,661)
Gross profit
384
460
Selling, general and administrative expenses
(344)
(378)
Foreign exchange gains (losses)
—
56
Other income (expense) – net
24
(3)
EBIT attributable to noncontrolling interest (a) (7)
(3)
(2)
Total Segment EBIT (6)
61
133
Interest income
8
12
Interest expense
(70)
(65)
Income tax (expense) benefit
(19)
(28)
Noncontrolling interest share of interest and tax (a) (7)
1
1
Income (loss) from continuing operations, net of tax
(19)
53
Income (loss) from discontinued operations, net of tax
(2)
(6)
Net income (loss) attributable to Bunge (7)
(21)
47
Convertible preference share dividends
(8)
(8)
Net income (loss) available to Bunge common shareholders
$
(29)
$
39
Net income (loss) per common share diluted attributable to Bunge
common shareholders (8)
Continuing operations
$
(0.20)
$
0.31
Discontinued operations
(0.01)
(0.04)
Net income (loss) per common share - diluted
$
(0.21)
$
0.27
Weighted–average common shares outstanding - diluted
141
141
(a) The line items "EBIT attributable to noncontrolling interest" and "Noncontrolling interest share of interest and tax" when
combined, represent consolidated Net (income) loss attributed to noncontrolling interests on a U.S. GAAP basis of presentation.
Consolidated Segment Information (Unaudited)
Set forth below is a summary of certain earnings data and volumes by reportable segment.
Quarter Ended March 31,
(US$ in millions, except volumes)
2018
2017
Volumes (in thousands of metric tons):
Agribusiness
35,805
35,023
Edible Oil Products
2,008
1,789
Milling Products
1,135
1,074
Sugar & Bioenergy
1,447
1,847
Fertilizer
172
162
Net sales:
Agribusiness
$
7,462
$
7,819
Edible Oil Products
2,149
1,880
Milling Products
409
382
Sugar & Bioenergy
563
988
Fertilizer
58
52
Total
$
10,641
$
11,121
Gross profit:
Agribusiness
$
203
$
278
Edible Oil Products
126
123
Milling Products
54
48
Sugar & Bioenergy
(4)
9
Fertilizer
5
2
Total
$
384
$
460
Selling, general and administrative expenses:
Agribusiness
$
(185)
$
(221)
Edible Oil Products
(91)
(86)
Milling Products
(39)
(37)
Sugar & Bioenergy
(24)
(29)
Fertilizer
(5)
(5)
Total
$
(344)
$
(378)
Foreign exchange gains (losses):
Agribusiness
$
—
$
49
Edible Oil Products
(1)
3
Milling Products
2
—
Sugar & Bioenergy
1
5
Fertilizer
(2)
(1)
Total
$
—
$
56
Segment EBIT:
Agribusiness
$
42
$
109
Edible Oil Products
28
36
Milling Products
17
9
Sugar & Bioenergy
(24)
(17)
Fertilizer
(2)
(4)
Total Segment EBIT (6)
$
61
$
133
Condensed Consolidated Balance Sheets (Unaudited)
March 31,
December 31,
(US$ in millions)
2018
2017
Assets
Cash and cash equivalents
$
287
$
601
Trade accounts receivable, net
1,686
1,501
Inventories (9)
6,952
5,074
Other current assets
4,451
3,227
Total current assets
13,376
10,403
Property, plant and equipment, net
5,735
5,310
Goodwill and other intangible assets, net
1,601
838
Investments in affiliates
462
461
Time deposits under trade structured finance program
318
315
Other non-current assets
1,592
1,544
Total assets
$
23,084
$
18,871
Liabilities and Equity
Short-term debt
$
1,293
$
304
Current portion of long-term debt
14
15
Letter of credit obligations under trade structured finance program
318
315
Trade accounts payable
3,909
3,395
Other current liabilities
3,016
2,186
Total current liabilities
8,550
6,215
Long-term debt
5,446
4,160
Other non-current liabilities
1,341
1,139
Total liabilities
15,337
11,514
Redeemable noncontrolling interest
470
—
Total equity
7,277
7,357
Total liabilities, redeemable noncontrolling interest and equity
$
23,084
$
18,871
Condensed Consolidated Statements of Cash Flows (Unaudited)
Quarter Ended March 31,
(US$ in millions)
2018
2017
Operating Activities
Net income (7)
$
(19)
$
48
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Foreign exchange (gain) loss on net debt
33
14
Depreciation, depletion and amortization
142
130
Deferred income tax (benefit)
(15)
(12)
Other, net
21
36
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Trade accounts receivable
47
27
Inventories
(1,466)
(252)
Secured advances to suppliers
(110)
10
Trade accounts payable and accrued liabilities
268
421
Advances on sales
(93)
(57)
Net unrealized gain (loss) on derivative contracts
435
(259)
Margin deposits
(187)
(83)
Marketable securities
(153)
(47)
Beneficial interest in securitized trade receivables (11)
(432)
(564)
Other, net
(13)
(15)
Cash provided by (used for) operating activities
(1,542)
(603)
Investing Activities
Payments made for capital expenditures
(105)
(182)
Acquisitions of businesses (net of cash acquired)
(968)
(367)
Proceeds from investments
336
59
Payments for investments
(620)
(65)
Proceeds from beneficial interest in securitized trade receivables (11)
431
556
Settlement of net investment hedges
10
—
Payments for investments in affiliates
(16)
(45)
Other, net
(6)
(7)
Cash provided by (used for) investing activities
(938)
(51)
Financing Activities
Net borrowings (repayments) of short-term debt
984
228
Net proceeds (repayments) of long-term debt
1,264
174
Proceeds from the exercise of options for common shares
4
46
Dividends paid
(73)
(67)
Other, net
(5)
(5)
Cash provided by (used for) financing activities
2,174
376
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
(7)
20
Net increase (decrease) in cash and cash equivalents, and restricted cash
(313)
(258)
Cash and cash equivalents, and restricted cash - beginning of period
605
938
Cash and cash equivalents, and restricted cash - end of period
$
292
$
680
Definition and Reconciliation of Non-GAAP Measures
This earnings release contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures below. These measures may not be comparable to similarly titled measures used by other companies.
Total Segment EBIT and Total Segment EBIT, adjusted
Bunge uses total segment earnings before interest and taxes ("Total Segment EBIT") to evaluate Bunge's operating performance. Total Segment EBIT is the aggregate of each of our five reportable segments' earnings before interest and taxes. Total Segment EBIT, adjusted, is calculated by excluding certain gains and charges as described above in "Additional Financial Information" from Total Segment EBIT. Total Segment EBIT and Total Segment EBIT, adjusted are non-GAAP financial measures and are not intended to replace net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge's management believes these non-GAAP measures are a useful measure of its reportable segments' operating profitability, since the measures allow for an evaluation of segment performance without regard to their financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge's industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other measure of consolidated operating results under U.S. GAAP.
Below is a reconciliation of Net income attributable to Bunge to Total Segment EBIT, adjusted:
Quarter Ended
March 31,
(US$ in millions)
2018
2017
Net income (loss) attributable to Bunge
$
(21)
$
47
Interest income
(8)
(12)
Interest expense
70
65
Income tax expense (benefit)
19
28
(Income) loss from discontinued operations, net of tax
2
6
Noncontrolling interest share of interest and tax
(1)
(1)
Total Segment EBIT
61
133
Certain (gains) and charges
24
6
Total Segment EBIT, adjusted
$
85
$
139
Net Income (loss) per common share from continuing operations–diluted, adjusted
Net income (loss) per common share from continuing operations-diluted, adjusted, excludes certain gains and charges and discontinued operations and is a non-GAAP financial measure. This measure is not a measure of earnings per common share-diluted, the most directly comparable U.S. GAAP financial measure. It should not be considered as an alternative to earnings per share-diluted or any other measure of consolidated operating results under U.S. GAAP. Net income (loss) per common share from continuing operations-diluted, adjusted is a useful measure of the Company's profitability.
Below is a reconciliation of Net income attributable to Bunge to Net income (loss) - adjusted (excluding certain gains & charges and discontinued operations).
Quarter Ended
March 31,
(US$ in millions, except per share data)
2018
2017
Net Income (loss) attributable to Bunge
$
(21)
$
47
Adjusted for certain gains and charges:
Severance, employee benefit, and other costs
14
—
Sugar restructuring charges
3
6
Acquisition costs
3
—
Gain on disposition of equity interests/subsidiaries
(1)
—
Adjusted Net Income attributable to Bunge
(2)
53
Discontinued Operations
2
6
Convertible Preference shares dividends
(8)
(8)
Net income (loss) - adjusted (excluding certain gains & charges and discontinued
operations)
$
(8)
$
51
Weighted-average common shares outstanding - diluted
141
141
Net income (loss) per common share - diluted, adjusted (excluding certain gains & charges
and discontinued operations)
$
(0.06)
$
0.35
Below is a reconciliation of Net income (loss) per common share from continuing operations - diluted, adjusted (excluding certain gains & charges and discontinued operations) to Net income (loss) per common share–diluted:
Quarter Ended
March 31,
2018
2017
Continuing operations:
Net income (loss) per common share - diluted adjusted (excluding certain gains & charges and
discontinued operations)
$
(0.06)
$
0.35
Certain gains & charges (see Additional Financial Information section)
(0.14)
(0.04)
Net income (loss) per common share - continuing operations
(0.20)
0.31
Discontinued operations:
(0.01)
(0.04)
Net income (loss) per common share - diluted
$
(0.21)
$
0.27
Severance, Employee Benefit and Other Costs
The following table summarizes the costs incurred as part of the Global Competitiveness Program and other associated cost reduction and strategic initiatives.
Quarter Ended March 31, 2018
Severance
and
Employee
Benefit Costs
Other Costs
Total Costs
Global Competitiveness Program:
Agribusiness
$
4
$
6
$
10
Edible Oil Products
1
1
2
Milling Products
—
1
1
Sugar & Bioenergy
—
1
1
Fertilizer
—
—
—
Costs included in Selling, general and administrative expenses
5
9
14
Other associated cost reduction and strategic initiatives:
Costs included in Cost of goods sold
2
—
2
Total GCP and Other costs
$
7
$
9
$
16
2017 baseline total SG&A was $1.45 billion. There was $100 million of SG&A determined not to be addressable through the GCP, leaving 2017 addressable baseline SG&A of $1.35 billion ("Addressable Baseline"). The items that are not addressable by the GCP relate to costs other than direct spending and personnel costs, such as amortization, bad debt charges and recoveries and financing fees and taxes.
GCP savings are determined by comparing Adjusted Actual Addressable SG&A to the Addressable Baseline. Adjusted Actual Addressable SG&A is equal to the total reported SG&A minus the items not addressable by the GCP, plus or minus items such as:
GCP program costs which include severance and related employee costs, consulting and professional costs and other costs specifically designated to the program, Changes in inflation and foreign exchange rates as compared to Addressable Baseline assumptions, Perimeter changes relating to acquisitions and divestitures and corporate transactions, Changes in variable compensation relating to business performance as compared to the Addressable Baseline assumptions, and Identified investments in new or enhanced capabilities.
We expect to reduce Actual Addressable SG&A from the Addressable Baseline level of $1.35 billion to $1.1 billion by 2020, achieving $250 million in run-rate savings by the end of 2019.
As previously announced, the Company has developed a high-level estimate of $200 - $300 million for the total pre-tax costs expected to be incurred in connection with the Global Competitiveness Program.
Notes
(1) Agribusiness:
2018 first quarter EBIT includes charges related to the Company's Global Competitiveness Program of $(10) million [$(4) million for severance and other employee benefit costs and $(6) million for other program costs], all of which was included in Selling, general and administrative expenses. 2018 first quarter EBIT also includes $(1) million for severance and other employee benefits related to other industrial initiatives recorded in Cost of goods sold and a $1 million gain on the sale of a subsidiary.
(2) Edible Oil Products:
2018 first quarter EBIT includes charges related to the Company's Global Competitiveness Program of $(2) million [$(1) million for severance and other employee benefit costs and $(1) million for other program costs], all of which was included in Selling, general and administrative expenses. Additionally, $(5) million of acquisition and integration costs related to the acquisition of IOI Loders Croklaan were incurred, all of which were included within Selling, general and administrative expenses.
(3) Milling Products:
2018 first quarter EBIT includes charges related to the Company's Global Competitiveness Program of $(1) million for other program costs, all of which was included in Selling, general and administrative expenses. 2018 first quarter EBIT also includes $(1) million for severance and other employee benefits related to other industrial initiatives recorded in Cost of goods sold.
(4) Sugar & Bioenergy:
2018 first quarter EBIT includes charges related to the Company's Global Competitiveness Program of $(1) million for other program costs, all of which was included in Selling, general and administrative expenses. 2018 first quarter EBIT also includes Sugar restructuring charges of $(3) million recorded in Cost of goods sold.
2017 first quarter EBIT also includes Sugar restructuring charges of $(6) million recorded in Cost of goods sold.
(5) Fertilizer:
2018 first quarter EBIT includes $(1) million for severance and other employee benefits related to other industrial initiatives recorded in Cost of goods sold.
Notes to Financial Tables:
(6)
See Definition and Reconciliation of Non-GAAP Measures.
(7)
A reconciliation of Net income (loss) attributable to Bunge to Net income (loss) is as follows:
Quarter Ended March 31,
2018
2017
Net income (loss) attributable to Bunge
$
(21)
$
47
EBIT attributable to noncontrolling interest
3
2
Noncontrolling interest share of interest and tax
(1)
(1)
Net income (loss)
$
(19)
$
48
(8)
Approximately 7 million and 2 million outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the quarters ended March 31, 2018 and 2017, respectively. Additionally, approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares were not dilutive and not included in the weighted-average number of shares outstanding for the quarters ended March 31, 2018 and 2017.
(9)
Includes readily marketable inventories of $5,410 million and $4,056 million at March 31, 2018 and December 31, 2017, respectively. Of these amounts, $4,095 million and $2,767 million, respectively, can be attributable to merchandising activities.
(10)
The Oilseed business included in our Agribusiness segment consists of our global activities related to the crushing of oilseeds (including soybeans, canola, rapeseed and sunflower seed) into protein meals and vegetable oils; the trading and distribution of oilseeds and oilseed products; and biodiesel production, which is primarily conducted through joint ventures.
The Grains business included in our Agribusiness segment consists primarily of our global grain origination activities, which principally conduct the purchasing, cleaning, drying, storing and handling of corn, wheat, barley, rice and oilseeds at our network of grain elevators; the logistical services for distribution of these commodities to our customer markets through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); and financial services and activities for customers from whom we purchase commodities and other third parties.
(11)
In accordance with new cash flow presentation requirements under U.S. Generally Accepted Accounting Principles, cash receipts from payments on beneficial interests in securitized trade receivables should be classified as cash inflows from investing activities. As such, we have made necessary changes to our cash flow presentation in current and prior periods presented, which resulted in an increase in cash inflows from investing activities and a corresponding decrease to cash from operating activities.
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SOURCE Bunge Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-bunge-reports-first-quarter-2018-results.html |
May 27, 2018 / 4:01 PM / Updated 14 minutes ago Germany's far-right supporters outnumbered by protesters in Berlin Reuters Staff 3 Min Read
BERLIN (Reuters) - Some 5,000 supporters of the far-right Alternative for Germany (AfD) marched through Berlin on Sunday, but they were heavily outnumbered by anti-AfD demonstrations, including one from the city’s club scene which blasted techno music across the capital. People stage a protest against Anti-immigration party Alternative for Germany (AfD) in Berlin, Germany May 27, 2018. Sign reads "Overcome fear". REUTERS/Hannibal Hanschke
The AfD’s anti-immigration, anti-European Union and anti-Muslim messages helped it become the third largest party in the German Bundestag in last September’s vote but it has had little impact on parliamentary debate since then.
The AfD demonstrators, bussed in from around Germany, marched from Berlin’s main station, down the banks of the Spree river to the Brandenburg Gate near the German parliament.
But there were around 20,000 anti-AfD protesters - according to police estimates - most of them younger people, highlighting the divisions that have emerged in Germany since the 2015 refugee crisis. Supporters of the Anti-immigration party Alternative for Germany (AfD) hold German flags during a protest in Berlin, Germany May 27, 2018. REUTERS/Hannibal Hanschke
“Our children, our country, our future: that is why we are here and we are the only party with this program,” AfD leader Alexander Gauland, speaking to supporters at a rally near the Brandenburg Gate, where the march ended.
The party, founded as an anti-EU party in 2013, reinvented itself with an anti-immigration stance after Chancellor Angela Merkel’s decision to open the Germany’s borders to more than a million refugees in 2015. Slideshow (8 Images)
The AfD supporters, mostly older, waved German and AfD flags and carried placards demanding “Democracy not Merkelatorship.”
Berliners responded with at least 13 registered counter-demonstrations. These included one by the city’s club scene, which put on a techno music party, aiming to “Bass the AfD away” with music blasting from speakers on 20 public address trucks.
“We want to be loud enough to drown out the racist speeches,” an activist named Rosa told RBB public television. The thudding techno beat echoed across the city center on Sunday afternoon.
Another group of anti-AfD protesters were on a boat on the Spree river holding up placards saying “You stink!”
The AfD is now the largest opposition party following the deal between Merkel’s conservatives and the Social Democrats to renew their grand coalition.
As a result, the AfD has a host of powerful committee chairmanships, but has so far failed to capitalize on them.
Sunday’s protests were broadly peaceful, with only one minor injury reported amid a heavy police presence. Reporting by Thomas Escritt. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-protest-afd/germanys-far-right-supporters-outnumbered-by-protesters-in-berlin-idUSKCN1IS0KG |
MOSCOW (Reuters) - Russia’s Prime Minister Dmitry Medvedev proposed on Monday that Finance Minister Anton Siluanov should retain this role in a new government, while combining his current job with a role of new first deputy prime minister, Interfax reported.
Reporting by Vladimir Soldatkin; Writing by Andrey Ostroukh; Editing by Alison Williams
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-government-siluanov-finmin/russias-pm-says-siluanov-to-remain-as-finance-minister-ifax-idUSKBN1I81M6 |
May 29, 2018 / 1:51 PM / Updated 15 minutes ago Soros warns US-Europe alliance 'destruction' may cause major crisis Reuters Staff 2 Min Read
PARIS (Reuters) - A growing rift between the United States and Europe, as well as the rise of populism and the refugee crisis means the European Union is facing an existential threat, billionaire investor George Soros said on Tuesday. FILE PHOTO: EU Commission President Jean-Claude Juncker (L) meets U.S. financier George Soros as part of consultations on a new Hungarian law that has threatened to force the closure of a university he funds prior to a meeting in Brussels, Belgium, April 27, 2017. REUTERS/Olivier Hoslet/Pool
“Looking ahead we are now facing the termination of the nuclear arms deal with Iran and the destruction of the transatlantic alliance,” Soros said in a speech in Paris.
This would have negative effects on the European economy and cause further dislocations, he said, citing the strength of the dollar and a flight from emerging market currencies as warning signs.
“We may be heading for another major financial crisis,” Soros said, adding that the EU should launch a 30 billion a year Marshall Plan for Africa to alleviate the migratory pressure.
“It is no longer a figure of speech to say that Europe is in existential danger; it is the harsh reality,” he said.
For a transcript of the whole speech, click on: here Reporting by Michel Rose; Editing by Leigh Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-usa-economy/soros-warns-us-europe-alliance-destruction-may-cause-major-crisis-idUSKCN1IU1PX |
Tesla chief executive Elon Musk took to Twitter early Friday to defend his peculiar behavior on an earnings conference call that caused shares of the electric car maker to lose more than 5 percent.
"The 'dry' questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis," Musk tweeted. "They are actually on the *opposite* side of investors. HyperChange represented actual investors, so I switched to them."
Tweet
Musk, in a Twitter rant that followed later Friday morning, promised those betting against Tesla would regret it.
Tweet
Tesla shares gained 1.3 percent Friday, a day after sliding 6 percent.
On Wednesday evening's conference call, in response to a question about capital requirements from Sanford Bernstein's Toni Sacconaghi, Musk said , "Boring, bonehead questions are not cool, Next?"
show chapters 5 outrageous Elon Musk moments from the bizarre Tesla call 17 Hours Ago | 02:21 In response to a question by RBC's Joseph Spak on the call about Model 3 reservations, Musk said, "We're going to go to YouTube. Sorry. These questions are so dry. They're killing me."
Despite Musk's characterization of Sacconaghi and Spak as short sellers, the two have hold ratings on Tesla's stock.
He then took several questions from Galileo Russell, a 25-year-old retail investor and owner of a YouTube Channel who asked Musk on Twitter if he could be on the earnings call, which is normally reserved for analysts, professional investors and sometimes, the media.
His failure to address questions from the analysts about Tesla's finances helped push the stock down 5.6 percent on Thursday. Analysts and investors said the performance hurt their confidence in Musk as the company's leader. Morgan Stanley's Adam Jonas said it was the most unusual call he's experienced in 20 years.
Sacconaghi blasted Musk on Thursday on CNBC, saying , "This is a financial analyst call, this is not a TED talk."
Musk continued on Twitter to argue with critics about his performance and defend his failure to answer questions from most of the analysts on the call.
The CEO in the middle of these tweets, acknowledged he shouldn't have dismissed the analysts.
"And once they were on the call, I should have answered their questions live. It was foolish of me to ignore them," he tweeted.
Musk begin a thread as to why the analyst questions were not "valid."
Tweet
Tweet
Tweet
Tweet
Tweet | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/elon-musk-defends-his-strange-conference-call-performance-says-analysts-were-trying-to-justify-their-tesla-short-thesis.html |
Among places that seem prime for a dockless bike-share program, Camden, N.J., doesn’t spring to mind.
The city of 74,000 across the river from Philadelphia has a median household income of $26,000 and just 11 miles of bike lanes out of 364 miles of local streets.
But this week, Camden got 200 dockless bikes thanks to Beijing-based bike-share... | ashraq/financial-news-articles | https://www.wsj.com/articles/camden-gets-a-bike-share-program-1525262400 |
May 21, 2018 / 11:34 AM / Updated 9 hours ago AstraZeneca potassium drug finally approved, threatening Vifor Reuters Staff 2 Min Read
LONDON (Reuters) - The decision by U.S. regulators to finally approve AstraZeneca’s much-delayed excess potassium drug Lokelma gives the group another new medicine launch, boosting its portfolio as it strives to offset declining sales of older products. FILE PHOTO: A man walks past a sign at an AstraZeneca site in Macclesfield, central England May 19, 2014. REUTERS/Phil Noble//File Photo
The U.S. Food and Drug Administration (FDA) had turned down the drug, formerly known as ZS-9, two times previously, casting doubt over AstraZeneca’s decision to buy its original developer ZS Pharma for $2.7 billion in 2015.
Analysts, reacting to the approval announced late on Friday, said on Monday that the label for Lokelma was modestly better than for Vifor Pharma’s rival therapy Veltassa, which also treats excess potassium levels or hyperkalemia.
In particular, AstraZeneca’s drug has a faster onset of action, a better drug-drug interaction profile and can be stored indefinitely at room temperature, Deutsche analysts said. However, both drugs are still deemed unsuitable for acute life-threatening hyperkalemia episodes.
“Whilst we must concede the label is not a best-case, we nonetheless see it as an improvement on the only incumbent option, Vifor’s Veltassa,” Barclays analysts said in a note. “Our thesis remains that Lokelma will be the dominant player in the eventual $3 billion hyperkalemia market.”
AstraZeneca is banking on a range of new drugs to return the company to sales growth in 2018. Last week it reported first-quarter results that showed the impact of generic competition to older medicines, but promising sales of newer ones.
AstraZeneca shares, which fell on Friday’s financial results, were up 2 percent on Monday. Reporting by Ben Hirschler; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/us-astrazeneca-launch/astrazeneca-potassium-drug-finally-approved-threatening-vifor-idUKKCN1IM13F |
May 30, 2018 / 11:04 AM / Updated 22 minutes ago Belgium's Bpost eyes cross-border deliveries boost with DHL partnership Alan Charlish 2 Min Read
(Reuters) - Belgian postal operator Bpost said on Wednesday it was teaming up with DHL for e-commerce deliveries in the Benelux region, in a move to boost its position in cross-border deliveries of online purchases. The logo of Belgium's national postal deliverer bpost is pictured outside the company's headquarters in Brussels, Belgium, October 9, 2017. REUTERS/Francois Lenoir/Files
E-commerce is the major growth business in the postal sector, and cashing in on its rise is crucial for companies faced with declining volumes of conventional mail.
DHL Parcel and Bpost will join forces in a non-exclusive partnership under the name “De Benelux bezorgers”, the Belgian company said.
“The partnership between Bpost and DHL gives Dutch online stores access to a huge potential market of Belgian online shoppers and facilitates cross-border shopping, delivery and returns,” Wouter van Benten, Chief Executive of DHL Parcel Benelux, said in a statement.
Cross-border deliveries are important in Belgium as many of the online stores Belgians use are located abroad, particularly in the Netherlands and Germany.
“Partnering with DHL enables them (Bpost) to better source from Germany for instance, where DHL is strong, and perhaps even combined with DHL attempt to take some share back from PostNL,” said ING analyst Marc Zwartsenburg.
Zwartsenburg added Bpost had been facing stiff competition from PostNL in cross-border parcels due to the Dutch company’s close relationship with popular online retailers in the Netherlands.
Shares in Bpost rose as much as 5 percent immediately after the announcement. They were up 3 percent at 1004 GMT.
The e-commerce partnership with DHL follows Bpost’s $820 million acquisition of U.S.-based e-commerce service provider Radial in October. Reporting by Alan Charlish; Editing by Thyagaraju Adinarayan and Mark Potter | ashraq/financial-news-articles | https://in.reuters.com/article/bpost-partnership-dhl/belgiums-bpost-eyes-cross-border-deliveries-boost-with-dhl-partnership-idINKCN1IV1B0 |
Disney’s CEO expressed confidence that his company would prevail in its bid for key assets of 21st Century Fox, despite recent moves by Comcast to make a competing offer.
Fox’s James Murdoch is planning to strike out on his own if the Disney deal closes. Lachlan Murdoch is expected to become CEO of the remaining so-called New Fox.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/whats-news-business-finance-1525838528 |
03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/earnings-moving-retail-stocks.html |
TORONTO--(BUSINESS WIRE)-- TMAC Resources Inc. (TSX: TMR) (“ TMAC ” or the “ Company ”) is filing its First Quarter 2018 Financial Statements and Management’s Discussion & Analysis for the period ended March 31, 2018. The documents may be found on the Company’s website at www.tmacresources.com or, once filed, on SEDAR at www.sedar.com . Please read this news release in conjunction with these documents.
Jason Neal, President and Chief Executive Officer of TMAC, stated, “We remain focused on improving performance in the processing plant. We achieved our throughput target consistently in February and March, although with modest improvement in recovery. This was expected as several key initiatives only came online after quarter end. We achieved positive cash flow from for the first time in the first quarter. We are also encouraged by an increase in recovery in April to 76%, and with a Falcon SB400 coming online for the beginning of May to improve gravity recovery, we expect further improvement. As we are not commenting quantitatively on the impact of this addition to the processing plant today, we will provide data on May’s performance once available.”
Gil Lawson, Chief Operating Officer of TMAC said, “We have been concentrating our efforts on increasing the overall gravity recoverable gold and have already seen some encouraging improvements with the installation of our first Falcon SB400 gravity concentrator. This unit alone will not allow us to meet our recovery targets, but its installation is a significant step. Engineering and procurement are underway for additional, larger gravity concentration units within the primary grinding circuit and a high velocity gravity concentration unit within the regrinding circuit to recover gravity recoverable gold. Historical and TMAC’s recent metallurgical tests have indicated that at least 70% of the Doris mine contained gold can be recovered by gravity processes, but throughout 2017 only around 20% of the gold was recovered by gravity, which put severe gold overloading and stress on both the flotation and concentrate treatment plant circuits. Additionally, installation of the second concentrator line is nearing completion and it too has a Falcon SB400 gravity concentrator as part of the primary grinding circuit.”
Mr. Lawson went on to say, “With additions in 2018, our operating team is substantially stronger today than ever before in the young history of our Company. Two senior metallurgists, our new Assistant General Manager and our Senior Director, Metallurgy, are making great contributions to improvements in the processing plant and our Director of Strategic Mine Planning will contribute to optimizing the Doris mine initially, and our other deposits on the horizon. We continue to make improvements to the performance and culture at site, and, with the new management and supervisory additions to our team, we expect to further accelerate our momentum towards establishing a best in class operation”.
FIRST QUARTER 2018 HIGHLIGHTS
Financial Results:
Cash and cash equivalents were $35.7 million and restricted cash was $42.3 million as at March 31, 2018. Cash flows from totalled $10.9 million. Loss from mining operations totalled $2.6 million. Net loss totalled $15.0 million, or $0.16 per share on a basic and fully diluted basis. 19,540 ounces of gold were sold during the three 2018 for proceeds of $33.0 million (US$26.0 million). Realized an average price for gold sold of $1,689 (US$1,332) per ounce during the three 2018. Cash Costs and All-in Sustaining Costs per ounce of gold sold were $1,331 (US$1,049) and $2,288 (US$1,807), respectively, during the three 2018.
Management Team:
Jason Neal joined TMAC as President and Chief Executive Officer and as a member of the board of directors on February 15, 2018. Maarten Theunissen was promoted to Chief Financial Officer and Ron Gagel assumed the role of Executive Vice President, Corporate Affairs, effective April 1, 2018. Jerome Girard joined TMAC as Assistant General Manager on March 6, 2018. Mike Samuels joined the TMAC as Senior Director, Metallurgy on April 2, 2018. Dan Redmond joined TMAC as Director of Strategic Mine Planning on April 23, 2018.
Operations:
Mined 82,600 tonnes of ore at a grade of 8.5 grams per tonne (“ g/t ”), containing 22,600 ounces of gold in the three 2018. A good correlation between the Mineral Resource block models and detailed geological mapping and chip sampling continues to be observed in the mine, demonstrating confidence in Mineral Reserve estimates. Processed 83,600 tonnes of ore at a grade of 10.9 g/t, containing 29,220 ounces of gold, with 20,650 ounces of gold being produced at an average recovery of 71% and 18,832 ounces being poured in the three 2018, compared with 69,600 tonnes of ore processed at a grade of 13.7 g/t, containing 30,700 ounces of gold, with 21,200 ounces of gold being produced at an average recovery of 69% and 19,151 ounces being poured during the three months ended December 31, 2017. In April, the Plant processed 33,619 tonnes of ore at a grade of 7.7 g/t, containing 8,330 ounces of gold, with 6,370 ounces of gold being produced at an average recovery of 76% and 6,750 ounces being poured. Further optimization of the crushing circuit resulted in more consistent throughput in downstream unit operations, and the Plant averaged 93% of design throughput during the three 2018 and achieved 101% of design throughput in March and 110% of design throughput in April. With the Plant operating at more stable levels from the beginning of February, further studies could be performed that identified that the gravity recovery of gold by the Plant is considerably less than the design specification of approximately 70%. The flotation circuit is designed to treat the remaining 30% of non-gravity recoverable gold. To improve gravity gold recovery, a Falcon SB400 gravity concentration unit was installed and commissioned at the end of April. Some of the high-grade stockpiled ore, with an estimated grade in excess of 28 g/t, will be used to increase the feed grade in May, once an improvement in recovery is observed; the grade of ore fed into the Plant during the month of April was intentionally kept low to minimize gold losses to tailings until there was evidence that gravity gold recovery had improved. The continued improvement in recovery by the new gravity unit, located in the primary grinding circuit, has allowed the Company to develop a strategy to increase the overall gravity gold recovery effort through the purchase and installation of additional gravity recovery units in 2018 with greater capacity, as well as allow for the continuous scavenging of very fine gold, which may be missed by flotation and the targeting of fine gold that is being liberated within the regrind circuit. The gold recovered by the additional gravity effort will report to the separate batch leaching circuit where more than 98% gold recovery has been demonstrated; this should also reduce loadings within the flotation, leaching and resin circuits and related recovery losses. Ore stockpiles at March 31, 2018 were estimated to contain 76,100 tonnes of ore at an average grade of 9.3 g/t, or 22,800 ounces of contained gold. Included in that balance is a segregated high-grade stockpile that contained 8,500 tonnes of ore at an estimated grade in excess of 28 g/t at March 31, 2018. Mining in April was at a substantially higher grade than processing in the month, and the high-grade stockpile increased to 12,500 tonnes of ore at an estimated grade in excess of 30 g/t as at April 30, 2018.
Financial and Corporate Developments:
On May 10, 2018, TMAC entered into a diesel fuel purchase and storage agreement with a subsidiary of Macquarie Bank Ltd (“ Macquarie ”) whereby Macquarie will purchase and deliver diesel fuel (the “ Diesel Purchase Agreement ”) to Hope Bay and store the fuel in TMAC’s tanks at Roberts Bay. TMAC will purchase and pay for the diesel fuel as it is used. There are certain conditions precedent that need to be finalized by the end of May 2018, including the finalization of an assignment agreement with TMAC’s current fuel and delivery supplier. The Diesel Purchase Agreement will reduce the upfront cash outlay of the 2018 sealift by approximately $21 million. Reducing peak working capital is strategically and financially impactful to TMAC given our cost of capital; Macquarie’s risk management and financing expertise in the commodities sector has been an excellent fit with this balance sheet initiative.
Exploration:
A total of 4,425 metres of drilling was completed on the Doris Connector zone (“ DCO ”) during the three 2018. Drilling commenced in early April on the first block of the BTD Extension zone and results will be released as each phase of the program is completed.
Environment and Permitting:
The Nunavut Impact Review Board (“ NIRB ”), in consultation with the Nunavut Water Board, accepted the final Environmental Impact Statement (“ EIS ”) allowing for the public and technical review of TMAC’s proposal for the development and mining of the Madrid and Boston gold deposits to commence. The NIRB’s final hearing dates for the Madrid-Boston project were set for May 8-12, 2018 in Cambridge Bay, Nunavut.
Table 1: Summary of operating and financial highlights for the period ended March 31, 2018
Description Units Three months
ended
March 31, 2018
Three months
ended
December 31,
2017
Three months
ended
March 31, 2017
Mining: Ore mined tonnes 82,600 53,500 29,000 Waste mined tonnes 72,300 66,100 71,300 Total mined tonnes 154,900 119,600 100,300 Average grade g/t 8.5 9.4 12.8 Contained gold ounces 22,600 16,200 12,000 Development metres 1,370 984 1,633 Processing: Ore processed tonnes 83,600 69,600 18,900 Grade g/t 10.9 13.7 19.2 Contained gold ounces 29,220 30,700 11,690 Recovery % 71 69 70 Gold produced ounces 20,650 21,200 8,220 Gold in circuit change ounces 1,820 2,050 3,330 Gold poured ounces 18,830 19,150 4,890 Gold sold ounces 19,540 17,350 4,250 Stockpile: Ore on surface (1) tonnes 76,100 66,600 131,600 Average grade g/t 9.3 13.8 13.4 Contained gold ounces 22,800 29,400 56,800 P&L Summary: Revenue (ounces) ounces 19,540 17,350 - Revenue $millions 33.0 28.2 - Cost of sales (1) $millions 35.6 34.3 - Profit (loss) from mining operations $millions (2.6) (6.1) - General and administrative $millions 4.2 4.9 3.3 Financing costs, net $millions (4.7) (4.5) 0.1 Foreign exchange gain (loss) $millions (5.8) (1.0) 1.0 Net profit (loss) $millions (15.0) (12.5) (2.4) Per share $/share (0.16) (0.14) (0.03) Unit Costs: Cost of sales (2) $/oz 1,822 1,977 - Cash Cost (3) $US/oz 1,049 1,228 - AISC (4) $US/oz 1,807 1,683 - (1) Includes reconciliation adjustment based on surveyed results of the stockpile (2) Includes depreciation (3) Refer to the definition of Cash Cost and AISC in the non-IFRS measures in the Management’s Discussion & Analysis (4) Translated using exchange rates at the time of incurring the expenditure Description Units Three months
ended
March 31,
2018
Three months
ended
December 31,
2017
Three months
ended
March 31,
2017
Cash Flow Summary: Cash from $millions 10.9 (12.6 ) (5.0 ) Cash used in investing activities $millions (17.2 ) (13.9 ) (31.2 ) Cash from financing activities $millions 0.1 51.3 2.6 Net increase/(decrease) in cash $millions (6.3 ) 24.7 (33.6 ) Cash at end of period $millions 35.7 42.0 28.9 USD Results: Average exchange rate CAD/USD 1.26 1.27 1.32 Revenue $USmillions 26.0 22.1 - Average realized sales price $US/oz 1,332 1,275 - Average spot price of gold – London PM Fix $US/oz 1,329 1,275 1,219 Cost of sales (2) $USmillions 28.1 26.8 - Cost of sales (2) $US/oz 1,438 1,547 - CAPEX Summary: Sustaining $millions 14.3 4.5 - Expansion $millions 3.0 6.0 19.0 Exploration and evaluation $millions 1.5 2.5 2.6 (1) Includes reconciliation adjustment based on surveyed results of the stockpile (2) Includes depreciation (3) Refer to the definition of Cash Cost and AISC in the non-IFRS measures in the Management’s Discussion & Analysis (4) Translated using exchange rates at the time of incurring the expenditure 2018 OBJECTIVES
Doris Operations and Capital Expenditures:
Description Units Actual Results for
the three months
ended
March 31, 2018
Full Year
2018
Objectives
Ore production will mainly come from the fully developed Doris North zone and the developed stopes in the Doris BTD zone. Ore production will be supplemented with ore from sill development in the DCO and other areas of the Doris BTD zone. ore tonnes 82,600 420,000 - 470,000 g/t
8.5 11 - 14 Underground development of the Doris BTD and DCO zones, including a decline towards the Doris Central zone to support 2019 and 2020 production from Doris, at an estimated total cost of $23 million for 2018.
waste
tonnes
$millions
72,300
5.3
250,000 - 270,000
23.0
The stockpile will be used to augment the ore being fed to the Plant. It is expected that the stockpile will end 2018 at approximately the same level as at December 31, 2017. tonnes 76,100 60,000 - 80,000 Expansion capital expenditures required to install, commission and commence ramp up of the second concentrating line (“ CL ”) by mid-2018 to increase the throughput of the Plant to a design capacity of 2,000 tonnes per day (“ tpd ”). Improvements made to the first CL are being incorporated into the second CL as part of the installation and commissioning. $millions 2.4 4.0 Sustaining capital expenditures, excluding underground development described above, to construct and acquire additional Doris surface infrastructure, including equipment, construction of the south dam in the tailings impoundment area (“ TIA ”), construction of a marine outfall pipeline and $8 million to continue the ramp up of the Plant to its design capacity. $millions 14.3 24.0 TMAC expects its lowest cash balances to be in the third quarter at the height of the sealift period. Cash flow from was positive for the first time during the three 2018; however, the underperformance of the Plant, from both a recovery and throughput perspective, resulted in approximately $24 million less revenue being generated than was expected from the time of the announcement of the equity financing on October 26, 2017 through to March 31, 2018. In addition, the cost of processing was in line with expectations (i.e., being the same as if the Plant was running at design capacity). The annual sealift requires significant cash reserves to be built up in the second quarter of 2018 and it is important that initiatives to improve Plant recoveries are successfully executed, the Plant’s throughput is successfully increased with the installation, commissioning and ramp up of the second CL and mining operations ramp up successfully to supply sufficient ore to the Plant.
Unit costs of production in 2018 are sensitive to grade, throughput and recovery rates. Cash Costs in 2018 of US$1,049 per ounce are lower than the Cash Costs of US$1,288 per ounce achieved in 2017. Costs for the three 2018 were in line with the costs incurred in 2017, with unit costs reducing as throughput increases. With improvements in recovery expected in the second quarter of 2018 combined with the increase in throughput from completing the installation and commissioning of the second CL later in 2018, the unit costs are expected to decline further. Maintenance costs are expected to decline from the high levels experienced in 2017 as improvements in the Plant are implemented.
AISC in 2018 of US$1,807 per ounce sold are lower than the AISC of US$1,870 per ounce sold achieved in 2017 but higher than the AISC of US$1,683 per ounce sold achieved in the fourth quarter of 2017. Cash Costs for 2018 were in line with the costs incurred in 2017. The change in AISC was mainly due to higher sustaining capital expenditures incurred in 2018 compared with the fourth quarter of 2017, due to the timing of surface infrastructure projects. AISC per ounce sold is expected to decrease as production from the Plant increases. Sustaining capital relates to underground development at Doris, expenditures related to the construction of the south dam in the TIA and the marine outfall pipeline that commenced in the three 2018.
Exploration:
The Exploration and Geoscience programs for 2018 are designed to support several aspects of exploration at Hope Bay ranging from immediate production support, through advanced exploration, to the generation of regional targets in preparation for drilling. A key strategy of the exploration program is to develop and maintain a project pipeline consisting of prospective exploration targets at various stages of evaluation. Expenditures on exploration will increase once excess cash flow is produced. Conduct 22,000 metres of underground definition diamond drilling on the Doris BTD Extension and DCO zones to support stope design and a resource update to facilitate conversion to reserve. 6,500 metres of surface diamond drilling are planned to refine the geological understanding of the Madrid North Naartok deposit to support an advanced exploration and bulk sampling program. Regional exploration plans include diamond drilling and gold in glacial till sampling. A total of 4,000 metres of diamond drilling is planned. The sonic drilling program has been cancelled due to logistical issues with moving the drill at site.
Environment and Permitting:
Obtain a project certificate for Madrid and Boston once NIRB completes the review of the EIS submitted in December 2017. NIRB recommends project certificates for approval by the Minister of Crown-Indigenous Relations Northern Affairs, formerly Indigenous and Northern Affairs Canada (INAC).
Madrid and Boston Projects:
Management continues to pursue the opportunity to replace the cash collateralized letters of credit issued for environmental rehabilitation security with surety bonds. Surety bonds could release approximately $25 million of cash currently deposited as collateral for letters of credit as well as additional environmental reclamation security that is expected to be placed with various entities in the future. If surety bonds are obtained, the additional cash would allow for the initial investment in Madrid that includes the acquisition of equipment, the initiation of surface infrastructure and the commencement of underground development required in 2018 to extract a bulk sample in 2019. Long-term planning and the development of exploration targets at Boston are ongoing and programs will be executed as funds permit.
FINANCIAL AND CORPORATE DEVELOPMENTS
The annual resupply of diesel fuel, consumables and spare parts inventory through the sealift requires a significant working capital investment as TMAC has to pay for more than 70% of its annual consumption upfront. On May 10, 2018, TMAC entered into a Diesel Purchase Agreement with Macquarie whereby Macquarie will purchase and deliver diesel fuel to Hope Bay and store the fuel in TMAC’s tanks at Roberts Bay.
TMAC will purchase and pay for the diesel fuel as it is used. The price of the diesel fuel is fixed in Canadian dollars at the time of delivery to site at the same terms as TMAC’s existing fuel supply and delivery agreement, plus an added premium.
There are certain conditions precedent that need to be finalized by the end of May 2018 for the Diesel Purchase Agreement to come into effect, including the finalization of an assignment agreement with TMAC’s current fuel and delivery supplier. The assignment agreement is a partial assignment of the Diesel Supply Agreement from TMAC to Macquarie. It is anticipated that the Diesel Purchase Agreement will reduce the upfront cash outlay of the 2018 sealift by approximately $21 million. As the increase and the development of Madrid and Boston commences in the future, the amount of funds invested in working capital is expected to increase considerably, and the Diesel Purchase Agreement provides a vehicle that will enable TMAC to manage the levels of working capital and reduce the seasonal volatility of the operating cash outflows.
CONFERENCE CALL AND WEBCAST
Senior management will host a conference call on Friday, May 11, 2018 at 10:00 am (ET).
In order to participate in the conference call please dial (416) 915-3239 (Toronto local or international) or 1 (800) 319-4610 for toll-free within Canada and the United States at least five minutes prior to the scheduled start of the call. Alternatively, a live audio webcast of the conference call will be available at http://services.choruscall.ca/links/tmacresources20180511.html . An archive of the webcast will be available on the Company’s website.
CONFERENCE ATTENDANCE
May 15 - 17, 2018
Jason Neal, President and Chief Executive Officer, will present on Thursday, May 17, 2018 at 10:00 am ET at the Bank of America Merrill Lynch 2018 Global Metals, Mining & Steel Conference taking place in Miami, FL, United States.
SCIENTIFIC AND TECHNICAL INFORMATION
Scientific and technical information was prepared by, and all other scientific and technical information contained in this document was reviewed and approved by Gil Lawson, P.Eng., Chief Operating Officer of TMAC, and David King, P.Geo., the Vice President, Exploration and Geoscience of TMAC, each of whom is a “qualified person” as defined by NI 43-101.
ABOUT TMAC RESOURCES
TMAC holds a 100% interest in the Hope Bay Project located in Nunavut, Canada. TMAC is a gold producer with the Doris mine achieving commercial production in 2017 and the Madrid and Boston deposits expected to commence production in 2020 and 2022, respectively. The Company has a board of directors with depth of experience and market credibility and an exploration and development team with an extensive track record of developing high grade, profitable underground mines. TMAC’s shares trade on the Toronto Stock Exchange under the trading symbol TMR.
FORWARD-LOOKING INFORMATION
This release contains "forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, bringing the timing for bringing Madrid and Boston into production and the rate of ramp up at Doris throughout 2018.
Forward-looking information is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s Annual Information Form dated February 22, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
STATEMENT OF FINANCIAL POSITION
(Expressed in Canadian dollars)
As at
March
31, 2018
As at
December
31, 2017
$millions $millions Assets Current assets Cash and cash equivalents 35.7 42.0 Amounts receivable 2.9 1.8 Inventories 90.3 94.7 Prepaid expenses 1.2 1.3 130.1 139.8 Non-current assets Property, plant and equipment 906.4 898.7 Goodwill 80.6 80.6 Restricted cash 42.3 43.9 Other assets 0.4 0.3 1,029.7 1,023.5 Total assets 1,159.8 1,163.3 Liabilities Current liabilities Accounts payable and accrued liabilities 33.1 25.8 Debt Facility 58.2 10.8 Gold Call Options 4.2 3.7 Other liabilities 4.0 4.0 99.5 44.3 Non-current liabilities Debt Facility 141.8 183.0 Provision for environmental rehabilitation 33.4 33.4 Deferred tax liabilities 53.7 57.1 Other liabilities 1.0 2.0 229.9 275.5 Total liabilities 329.4 319.8 Equity Share capital 886.7 885.8 Warrants 6.7 6.7 Contributed surplus 12.5 11.5 Accumulated deficit (75.5 ) (60.5 ) 830.4 843.5 Total equity and liabilities 1,159.8 1,163.3 STATEMENT OF PROFIT OR LOSS
(Expressed in Canadian dollars)
Three months
ended March
31, 2018
Three months
ended March
31, 2017
$millions $millions Revenue Metal sales 33.0 - Cost of sales Production costs 25.3 - Royalties & selling expenses 0.7 - Depreciation 9.6 - 35.6 - Profit (loss) from mining operations (2.6) - General and administrative Salaries and wages 1.4 1.7 Share-based payments 1.8 0.7 Other corporate 3.1 0.9 Profit (loss) before the following (6.8) (3.3) Net finance income (expense) (4.7) 0.1 Foreign exchange (loss) gain (5.8) 1.0 Fair value adjustments (0.5) (0.8) Other (expenses) income - (0.1) Profit (loss) before income taxes (17.8) (3.1) Current income tax expense (0.6) (0.1) Deferred income tax (expense) recovery 3.4 0.8 2.8 0.7 Profit (loss) and comprehensive profit (loss) for the period (15.0) (2.4) Profit (loss) per share Basic and diluted ($0.16) ($0.03) Weighted average number of shares (millions)
Basic and diluted 91.7 83.8 STATEMENT OF CASH FLOWS
(Expressed in Canadian dollars)
Three months
ended March
31, 2018
Three months
ended March
31, 2017
$millions $millions Profit (loss) for the period (15.0 ) (2.4 ) Operating activities
Adjusted for: Share-based payments 1.8 0.7 Depreciation 9.6 - Finance income (0.2 ) (0.2 ) Finance expense 4.9 0.1 Unrealized foreign exchange loss (gain) 5.8 (1.0 ) Fair value loss (gain) 0.5 0.8 Current income tax expense (recovery) 0.6 0.1 Deferred income tax expense (recovery) (3.4 ) (0.8 ) Increase (decrease) in non-cash operating working capital:
Amounts receivable (1.0 ) 5.9 Inventory 4.9 (8.2 ) Accounts payable 6.9 - Operating cash flows before interest and tax 15.4 (5.0 ) Cash tax paid (0.5 ) - Cash interest paid (4.0 ) - Cash flows from (used in) 10.9 (5.0 ) Investing activities Additions to property, plant and equipment (18.8 ) (23.8 ) Interest received 0.1 0.1 Restricted cash 1.5 (7.5 ) Cash flows from (used in) investing activities (17.2 ) (31.2 ) Warrants exercised - 2.6 Other 0.1 - Cash flows from (used in) financing activities 0.1 2.6 Effects of exchange rate changes on cash and cash equivalents (0.1 ) - Net increase (decrease) in cash and cash equivalents for the period (6.3 ) (33.6 ) Cash and cash equivalents at the beginning of the period 42.0 62.5 Cash and cash equivalents at the end of the period 35.7 28.9
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006398/en/
TMAC Resources Inc.
Jason Neal, 416-628-0216
President and Chief Executive Officer
or
Ann Wilkinson, 416-628-0216
Vice President, Investor Relations
www.tmacresources.com
or
Renmark Financial Communications Inc.
Daniel Gordon, 416-644-2020 / 514-939-3989
[email protected]
www.renmarkfinancial.com
Source: TMAC Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-tmac-reports-improving-operating-and-financial-results-for-first-quarter-of-2018.html |
They great debate heats up as the bears and bulls face off 18 Hours Ago The Laurel vs. Yanny market. The bulls and bears face off, with CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Brian Kelly, Karen Finerman and Steve Grasso. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/they-great-debate-heats-up-as-the-bears-and-bulls-face-off.html |
WASHINGTON (Reuters) - The U.S. State Department said on Wednesday it has ordered two Venezuelan diplomats to leave the United States within 48 hours, a move that follows Venezuela’s decision to expel two American diplomats.
The diplomats are the chargé d’affaires of the Venezuelan Embassy in Washington and the deputy consul general of the Venezuelan consulate in Houston, the State Department said in a statement.
Reporting by Eric Beech; Editing by Eric Walsh
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-usa-expulsion/u-s-in-tit-for-tat-expels-two-venezuelan-diplomats-idUSKCN1IP05F |
BANGKOK, May 23 (Reuters) - Thailand’s Minor International Pcl said on Wednesday that it acquired a stake in Spain-based NH Hotel Group SA for 192 million euros ($225.79 million) to grow its hospitality footprint in Europe.
Minor International will take an 8.6 percent stake in the 382-hotel European chain.
The acquisition was funded through bank loans.
“The investment is financially attractive, with high liquidity on the Madrid Stock Exchange and proven performance by the business,” Chief Executive of Minor Hotels, Dillip Rajakarier, said in a statement.
NH Hotels was benefiting from the improving European economy, Rajakarier said, adding that hotels in Spain, Benelux, Central Europe and Italy would be main growth drivers.
Minor, which also operates restaurants in Asia, could “support the NH hotels with its food and beverage expertise,” Rajakarier said.
The acquisition is the latest in Minor’s growing hospitality portfolio. In 2016, the company bought Portugal’s Tivoli Hotels for $320 million. ($1 = 0.8503 euros) (Reporting by Chayut Setboonsarng; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/minor-internat-nh-hoteles-investment/thai-minor-international-buys-226-mln-stake-in-spains-nh-hotels-idUSL3N1SU2E6 |
Forager teaches urbanites the secrets of sourcing food in the wild Friday, May 18, 2018 - 01:50
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports.
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports. //reut.rs/2La6rNG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/forager-teaches-urbanites-the-secrets-of?videoId=427911408 |
SANTIAGO, May 11 (Reuters) - The NuevaUnion gold and copper project in northern Chile plans to deliver its environmental impact statement by the end of 2018 after completing feasibility studies earlier this year, a source at the mine said on Friday.
The project joins two mines - one belonging to Goldcorp and the other to Teck Resources - into one. The company said preliminary investment could reach $3.5 billion.
“The plan is to present the EIA ... and that the project enter into operation by 2022-2023,” said the source who was not authorized to speak publicly about the matter.
NuevaUnion is expected to have a 36-year lifespan with an annual production of 224,000 tonnes of copper, 269,000 ounces of gold and 1,700 tonnes of molybdenum during its first 5 years of production.
Conservative President Sebastian Pinera, who took power in March, has promised to cut red tape and turbo-charge mining investments in the world’s top copper producer. (Reporting by Antonio De la Jara; Writing by Dave Sherwood; Editing by Richard Chang)
| ashraq/financial-news-articles | https://www.reuters.com/article/chile-mining/nuevaunion-gold-and-copper-project-to-deliver-eia-by-end-of-2018-source-idUSL1N1SI1WM |
* Annual profit to be driven by domestic, international business
* Sees FY pre-tax profit A$1.55-A$1.6 bln, analysts A$1.55 bln
* Qantas Q3 revenue up 7.5 percent to A$4.25 bln
* Shares up almost 7 percent, hit highest since November (Recasts throughout, adds analyst, shares)
By Byron Kaye
SYDNEY, May 2 (Reuters) - Qantas Airways Ltd said it expects to report record annual profit on strengthening global demand as well as hikes in domestic fares and cuts to capacity, sending its shares up almost 7 percent to their loftiest since November.
The promising outlook indicates Qantas’ international division is on the path to growth after years of sluggishness. Results for the so-called “Flying Kangaroo”, which controls nearly two-thirds of Australia’s domestic market, have been mainly propped up by its business at home.
“We’re seeing solid results from each of our business units, which is a reflection of broadly positive trading conditions and the work we’ve done to strengthen the group,” Chief Executive Officer Alan Joyce said in a statement on Wednesday.
Qantas projected pre-tax profit of between A$1.55 billion and A$1.60 billion ($1.16-$1.20 billion) for the year to end-June, versus A$1.4 billion a year ago. Pre-tax profit is the most closely watched measure of airline performance.
Following the airline’s annual projections, analysts bumped up their forecasts to reflect the range given by Qantas, from an earlier average of A$1.55 billion, Thomson Reuters data shows.
“International has been doing it tough for a while but competitor capacity growth is abating,” Sonadal Bensan, an analyst at Qantas’ biggest shareholder, BT Investment Management, said in an email.
“This will result in international earnings rising from here. In light of cost headwinds, that will be a great outcome.”
Carriers around the world have been experiencing weak sales for international flights because of competition and sluggish demand. Qantas saw its pre-tax profit from its international division dive 36 percent in the previous financial year, versus a 12 percent increase from its domestic unit.
In the third quarter ended March, Qantas’ international revenue rose 5.2 percent in terms of distance travelled per passenger. Domestic revenue rose 8 percent, continuing to benefit from fewer flights and more expensive tickets.
The airline did not give dollar figures for each division in its quarterly result, although it said group revenue rose 7.5 percent to A$4.25 billion for the three months.
Strength in the business units will help offset an expected A$200 million increase in fuel costs for the year, the airline said. Its fuel costs fell about the same amount in fiscal 2017.
Qantas said it had ordered six Boeing Dreamliners for its international fleet, enabling it to retire its last six 747s, although this would not change its capital expenditure guidance.
Shares of the airline were up more than 6 percent by midsession, their biggest one-day gain in two years, while the broader market was up 0.5 percent. ($1 = 1.3333 Australian dollars) (Reporting by Byron Kaye in SYDNEY and Rushil Dutta and Chandini Monnappa in BENGALURU; Editing by Stephen Coates and Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/qantas-results/update-1-australias-qantas-expects-record-annual-profit-despite-rising-fuel-bill-idUSL3N1S84NO |
WASHINGTON, May 9 (Reuters) - Boeing Co’s chief executive said on Wednesday the company will ensure its 737 production will not be hurt after the U.S. revoked its license to sell jets to Iran Air and that none of the 737 aircraft it had expected to sell to Iran were in the backlog of orders.
Dennis Muilenburg, who spoke at a luncheon for the Economic Club in Washington, D.C., also said the company continues to make progress in its talks to buy Brazil’s Embraer, adding the deal is not something Boeing “must do.” (Reporting by Mike Stone Editing by Marguerita Choy)
| ashraq/financial-news-articles | https://www.reuters.com/article/boeing-iran/boeing-ceo-says-end-of-iran-deal-wont-hurt-737-production-idUSL1N1SG1K6 |
Flight path for U.S. drones without Amazon, DJI 12:24am BST - 01:47
The Transportation Department on Wednesday announced 10 drone projects that will be part of a pilot program to test a much larger range of flights than is currently allowed. But Amazon and China's DJI aren't on any winning tickets. ▲ Hide Transcript ▶ View Transcript
The Transportation Department on Wednesday announced 10 drone projects that will be part of a pilot program to test a much larger range of flights than is currently allowed. But Amazon and China's DJI aren't on any winning tickets. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rz3qNZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/flight-path-for-us-drones-without-amazon?videoId=425394019 |
May 9, 2018 / 12:51 PM / Updated 8 minutes ago BRIEF-Pareteum Awarded $5 Million Contract From India-Based Telecom Company Reuters Staff
May 9 (Reuters) - Pareteum Corp:
* PARETEUM AWARDED $5 MILLION CONTRACT FROM INDIA-BASED TELECOM COMPANY
* PARETEUM CORP - HAS BEEN AWARDED A 3-YEAR CONTRACT WITH AN INDIA-BASED TELECOMMUNICATIONS COMPANY Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pareteum-awarded-5-million-contrac/brief-pareteum-awarded-5-million-contract-from-india-based-telecom-company-idUSFWN1SG17M |
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Najib Razak, facing a robust challenge from the opposition ahead of Wednesday’s general election, offered voters three policy promises if they return him to power, including the exemption of young people from income tax.
“These promises prove that we are not a bankrupt country or a failed state. A bankrupt country or a failed state would not be able to announce such measures,” Najib said at his final campaign rally late on Tuesday.
“Malaysia is a successful country... I want all Malaysians to wake up to a happy Malaysia,” he said in a speech that was carried live on national television.
Najib said that if his Barisan Nasional (BN) coalition wins the election, people aged 26 and under would no longer pay income tax and any that had paid in the past would be reimbursed.
He also promised to add two public holidays at the beginning of Ramadan, which starts next week, and said toll roads would be free for a period of five days starting two days before the Muslim Eid festival, which marks the end of the holy month.
Merdeka Center, an independent polling firm, said earlier on Tuesday that Najib’s coalition had lost ground in the lead-up to the election, but could still win enough parliamentary seats to cling on to power.
Scandal-hit Najib, whose BN alliance has ruled Malaysia for more than six decades, is pitted in a fierce contest against his mentor-turned-foe Mahathir Mohamad, who was prime minister of the Southeast Asian nation for 22 years.
Mahathir gave his last campaign speech at the same time as Najib. His rally was not broadcast on television but was livestreamed on the Internet.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-najib/malaysias-najib-makes-last-minute-promises-ahead-of-knife-edge-election-idUSKBN1I927A |
By Aaron Pressman and Adam Lashinsky 9:17 AM EDT This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
If you’re fortunate enough to practice a craft and to achieve some modest success at it, and if you have even a modicum of humility, then you’re hyper aware of the giants of your field, the people whose least impressive effort is better than you’ll ever accomplish.
Journalist and novelist Tom Wolfe was one of the finest practitioners of narrative nonfiction ever to write in English. Wolfe, who died Tuesday at age 88 , was a lion of 20th century journalism, a hard-working, creative, brilliant writer, and a colorful character in his own right. There may be no better example of the genre than The Right Stuff , Wolfe’s meticulously researched and entertainingly told tale of the early American astronauts and the daring test pilot, Chuck Yeager, who never joined their ranks. He excelled at literary criticism, cultural and political portraits, and then, as if there was nothing left to achieve, fiction. His Bonfire of the Vanities recorded an era, the 1980s on Wall Street, as well as any writer ever will.
This being Data Sheet, it may shock you to know that Wolfe also wrote one of the best magazine feature stories every published about Silicon Valley. His December, 1983, profile in Esquire of Intel co-founder Robert Noyce captured the early days of the technology industry, a feat all the more astounding given Wolfe’s outsider status in these parts.
Anyone who thinks today’s “brogrammer” culture in the Valley is somehow new needs to read Wolfe’s insightful account of the proclivity of Intel men to leave their wives for the young women at work who found the engineers’ stories and business triumphs far more entertaining than their homebound spouses did.
I first read Wolfe’s Esquire article a baker’s dozen years ago when I was reporting a profile of Intel’s new CEO , Paul Otellini, who died last year. I asked the legendary Andy Grove, also no longer with us, about the Wolfe profile of his long-deceased boss, and Grove unleashed a typically expletive-laden condemnation of Wolfe’s sendup, arguing that Wolfe didn’t understand Silicon Valley.
I could see why Grove didn’t cotton to Wolfe’s account. But I thought then—and continue to think now—that Wolfe perfectly nailed the self-righteous, entitled, narcissistic mentality of the Valley, a place whose accomplishments equal its hubris. And this was nearly 35 years ago.
Godspeed, Tom Wolfe.
Adam Lashinsky @adamlashinsky [email protected] NEWSWORTHY
All kinds of money . Digital currency startup Circle raised $110 million from private investors led by Chinese currency mining powerhouse Bitmain . The deal terms valued Circle at almost $3 billion, more than six times its value in 2016. Bitmain will work with Circle on efforts to tie new coins to actual currencies and make digital wallets more interoperable. “I think in the future the markets are not only about cryptocurrencies and ICOs but about stable tokens and traditional verticals like bonds and stocks,” Bitmain co-founder Jihan Wu tells Fortune . Elsewhere in cryptocurrency startup land, Canaan , one of the largest makers of mining hardware setups, filed to go public in China and raise $1 billion. And phone maker HTC is trying to jump on the bandwagon with its new phone, called Exodus, that is chock full of features for digital currency traders.
All kinds of filters. Another day, another 2.5 million pieces of hate speech on Facebook . The social network said on Tuesday that it found that many bad posts in the first quarter, with 38% flagged by automated means and the rest caught by humans. The New York Times reports that the Justice Department is investigating Cambridge Analytica, the firm at the center of Facebook’s data oversharing scandal. Meanwhile, Twitter said it was incorporating many more variables into its algorithms to detect inappropriate or abusive tweets so such posts could be filtered out sooner.
Vow of silence. So just how dangerous is social media? So dangerous that a new set of guidelines from the Vatican is telling cloistered nuns not to overindulge . “These means must therefore be used with sobriety and discretion, not only with regard to the contents but also to the quantity of information and the type of communication,” the document states. Hopefully Pope Francis will still be able to tweet regularly to his 18 million followers.
Stripped down . With Apple’s iPad still dominating the tablet market, Microsoft is planning to release a line of cheaper Surface tablets of its own, Bloomberg reports. The new line, coming in the second half of the year, will start at $400 and have 10-inch screens.
Burning a hole in his pocket. Japanese billionaire and SoftBank CEO Masayoshi Son isn’t done spending his $100 billion Vision Fund, but he’s still looking ahead. Son is trying to drum up interes t to launch a new fund as early as 2019, Bloomberg reported.
Finally . The more than 1.5 million subscribers to AT&T’s DirecTV Now Internet video service finally are getting DVR capability, a year and half after launch. The upgrade , which includes 20 hours of stored recordings at no extra charge, arrives first on apps for Apple TV, iOS and the web, with Android, Amazon Fire TV, and Roku coming soon.
Zoom zoom zoom . Electric scooter scourge–I mean startup– Lime is raising another $500 million to spread its green and white rides to more cities. Some of the financing may come through debt, Axios reports.
Cheaper by the dozen. More discounts for Amazon Prime members are coming to Whole Foods . The company said Wednesday that members will get 10% off items already on sale, among other new perks. “What we’ve seen is when we do special deals for Prime members, we get a lot of traffic,” Whole Foods CEO John Mackey told Fortune .
Advertisement FOOD FOR THOUGHT
With the changes wrought on our culture by smartphones and other digital technologies, the potential reach of marketing and promotion is deeper than ever before. But consumers are bombarded by so much information that marketers have to move beyond the usual kinds of advertising to cut through the clutter. In the Harvard Business Review , Antonis Kocheilas, managing director of strategy at Ogilvy Worldwide, examines how Nike is using new digital means to connect with its customers.
Space, as it relates to a brand system, denotes the proximity of a brand manifestation to a consumer. This goes beyond the traditional idea of physical availability — a term popularized by Byron Sharp, author of How Brands Grow, which he used to describe how brands can get their products physically in front of their consumers wherever they are, right when they want them. A successful brand must now be intimately integrated into the consumer’s life. It’s not enough for a brand to be physically available; it must also be relied upon.
Continuing with the example of Nike Plus, the Nike brand is granted access to personal health information so that it may help a consumer pursue their active lifestyle. As such, the Nike brand becomes spatially intimate with the consumer. Consumers trust and depend on Nike to help them carry out a certain aspect of their lifestyle. In this context, Nike acts as a lifestyle companion more so than a commercial entity. Thus, the consumer’s relationship with Nike becomes deeply personal, not just transactional.
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From Moscow to Zurich: Kaspersky Is Moving Customer Data Away from Russian Spies’ Reach By David Meyer
Keyless Cars Can Have Deadly Consequences By Sarah Gray
Google and Internet Archive Are Top Choices for ISIS Propaganda By Jeff John Roberts
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Researchers using digital imaging technology have uncovered the secrets of two pages of Anne Frank’s diary that the Holocaust victim covered over with brown paper. The newly discovered text reveals some of Frank’s thoughts about sexual topics, but also sheds light on her development as a writer.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/16/data-sheet-tom-wolfe-obit-silicon-valley/?iid=recirc_f500landing-zone2 |
5 COMMENTS BEIJING—North Korean leader Kim Jong Un reiterated a commitment to denuclearize the Korean Peninsula at a meeting with a senior Chinese envoy in Pyongyang, China’s Foreign Ministry said.
At their Thursday meeting, Mr. Kim told Chinese Foreign Minister Wang Yi that “realizing the denuclearization of the peninsula is North Korea’s firm stance,” the ministry said in a statement.
Mr. Kim’s reported remarks echo assurances he made to South Korean President Moon Jae-in in their summit last week and to Chinese President Xi Jinping in their meeting in Beijing in March, according to Seoul’s and Beijing’s official accounts of those conversations. Pyongyang and North Korean state media haven’t directly Quote: d Mr. Kim as making a commitment to denuclearize.
Related Coverage Denuclearization: Can Trump and Kim Find a Common Definition? North Korea’s Kim Jong Un and South Korean Leader to Pursue Peace Deal, Denuclearization (April 27) North Korea’s willingness to discuss denuclearization is a focal concern for Washington in its talks with Pyongyang over a planned summit between Mr. Kim and U.S. President Donald Trump. The absence of such a pledge by Mr. Kim in official North Korean accounts of his summits with South Korean and Chinese leaders has raised doubts about his commitment among some officials and analysts.
Pyongyang’s official Korean Central News Agency has published the joint declaration signed last week by Messrs. Kim and Moon stating that their governments shared the goal of “realizing, through complete denuclearization, a nuclear-free Korean Peninsula.” KCNA also reported that the two Korean leaders discussed the “denuclearization of the peninsula” during their summit.
On Thursday, Mr. Wang told Mr. Kim that Beijing supports the two Koreas’ joint plan to formally end hostilities, as well as North Korea’s efforts to safeguard its own security while advancing the denuclearization process, according to the Chinese statement.
Mr. Kim told Mr. Wang that Pyongyang “is willing—through restoring dialogue and building mutual trust—to explore eliminating the origins of threats to peace on the peninsula,” the Chinese statement said.
Mr. Wang’s two-day trip to Pyongyang, which ended Thursday, was the second such visit by a senior Chinese official since Mr. Kim traveled to Beijing to meet Mr. Xi, easing tensions between the neighbors and allies.
President Donald Trump and North Korean leader Kim Jong Un both say they want denuclearization, but they may have different definitions of the word. WSJ's Shelby Holliday explains. Write to Chun Han Wong at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/kim-jong-un-repeats-commitment-to-denuclearization-to-china-1525349761 |
May 8 (Reuters) - Tabula Rasa HealthCare Inc:
* TABULA RASA HEALTHCARE ANNOUNCES FIRST QUARTER 2018 OPERATING RESULTS
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.10
* Q1 LOSS PER SHARE $0.96 * Q1 REVENUE $43.9 MILLION VERSUS I/B/E/S VIEW $42.6 MILLION
* SEES FY 2018 REVENUE $188 MILLION TO $198 MILLION * Q1 EARNINGS PER SHARE VIEW $0.00 — THOMSON REUTERS I/B/E/S
* NET LOSS IN QUARTER WAS SIGNIFICANTLY IMPACTED BY A CHARGE OF $13.5 MILLION
* SEES REVENUE FOR TRHC’S Q2 IN 2018 TO BE IN RANGE OF $46 MILLION TO $47 MILLION
* Q2 NET INCOME IS EXPECTED TO BE IN RANGE OF $0.4 MILLION TO $0.9 MILLION
* Q2 ADJUSTED EBITDA IS EXPECTED TO BE IN RANGE OF $6.0 MILLION TO $6.5 MILLION
* EXPECTS A NET LOSS IN RANGE OF $7.4 MILLION TO $11.4 MILLION FOR 2018 FY
* Q2 REVENUE VIEW $46.6 MILLION — THOMSON REUTERS I/B/E/S * FY2018 REVENUE VIEW $190.5 MILLION — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE VIEW $0.00 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tabula-rasa-healthcare-q1-adjusted/brief-tabula-rasa-healthcare-q1-adjusted-non-gaap-earnings-per-share-0-10-idUSASC0A0NB |
NEW YORK, May 16, 2018 /PRNewswire/ -- iStar (NYSE: STAR) announced today that the Company's Board of Directors has declared quarterly dividends on the Company's outstanding shares of Preferred Stock. For all four series of Preferred Stock, dividends are payable on June 15, 2018 to holders of record on June 1, 2018.
Series of Preferred Stock
Liquidation
Preference
Dividend
Per Share
8.00% Series D Preferred Stock
$25.00
$0.50
7.65% Series G Preferred Stock
$25.00
$0.478125
7.50% Series I Preferred Stock
$25.00
$0.46875
4.50% Series J Preferred Stock
$50.00
$0.5625
* * *
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/istar-declares-preferred-stock-dividends-300648874.html
SOURCE iStar | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-istar-declares-preferred-stock-dividends.html |
May 24, 2018 / 2:45 PM / Updated 40 minutes ago Inogen's shares drop on short seller Citron's tweet Reuters Staff 1 Min Read
(Reuters) - Shares of Inogen Inc fell nearly 7 percent on Thursday after short seller Citron Research called the oxygen supply device maker the most expensive name in medical technology with no pipeline.
Shares of the company were trading down at $161.88. Reporting by Vibhuti Sharma in Bengaluru; Editing by Bernard Orr | ashraq/financial-news-articles | https://uk.reuters.com/article/us-inogen-stocks/inogens-shares-drop-on-short-seller-citrons-tweet-idUKKCN1IP2I7 |
As a Republican media consultant, I’m routinely invited to represent the right-leaning view on left-leaning news outlets, including CNN, MSNBC and NPR. Usually I’m invited to appear alongside two liberal panelists, a liberal show host, and a viewing audience rooting for my competitors. I’m not expected to take a dive, but everything is arranged to make it hard for me to win the argument.
Truth be told, I enjoy the challenge. The real reward, however, is the time spent beforehand in the greenroom. Hours waiting to go on air... | ashraq/financial-news-articles | https://www.wsj.com/articles/it-all-comes-out-in-the-greenroom-1527716872 |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased Molina Healthcare, Inc. ("Molina Healthcare, Inc.") (NYSE:MOH) securities between October 31, 2014 and August 2, 2017.
Click here to learn about the case: http://www.wongesq.com/pslra-c/molina-healthcare-inc-2?wire=2 . There is no cost or obligation to you.
According to the complaint, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that: (1) Molina's administrative infrastructure was never designed to handle the size and complexity of its rapid growth strategy; and (2) it failed to remediate systemic issues and costly disruptions with critical administrative infrastructure functions, including provider payment and utilization management. On April 28, 2016, Molina reported an earnings miss for the first quarter ended March 31, 2016 and reduced its full-year 2016 earnings guidance. On August 2, 2017, Molina withdrew its 2017 earnings projection, reported a net loss of $230 million for the second quarter ended June 30, 2017, and revealed it would exit certain ACA Health Exchange markets.
If you suffered a loss in Molina Healthcare, Inc. you have until June 29, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/molina-healthcare-inc-2?wire=2 .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005970/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-425-1140
Fax: 866-699-3880
E-Mail: [email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-moh-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-commencement-of-a-class-action-involving-molina.html |
May 16, 2018 / 8:12 AM / Updated 33 minutes ago UPDATE 1-Iran nuclear accord not ideal, but best to stick with it - Merkel Reuters Staff 2 Min Read
(Adds quotes, details)
BERLIN, May 16 (Reuters) - The best way to address international concern about Iran’s role in the region and its ballistic missile programme is within the framework of the nuclear deal, even after the United States pulled out, German Chancellor Angela Merkel said.
“The question is whether you can talk better if you terminate an agreement or if you stay in it ... we say you can talk better if you remain in it,” Merkel told lawmakers in the Bundestag lower house of parliament on Wednesday.
European powers this week vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran’s oil and investment flowing, but admitted they would struggle to provide the guarantees Tehran seeks.
The deal between Iran and six world powers lifted most international sanctions in 2016 in return for Tehran curbing its nuclear programme, under strict surveillance by the U.N. nuclear watchdog.
“This agreement is everything other than ideal, but Iran is, according to all the knowledge of the international nuclear authorities, sticking to the commitments of the agreement,” said Merkel.
Last week, U.S. President Donald Trump abandoned the pact he branded “the worst deal ever” and reimposed U.S. sanctions on Iran.
“Despite all the difficulties that we have these days, the transatlantic relationship is and remains paramount,” Merkel told lawmakers. “But these transatlantic relationships also must be able to deal with differences of opinion.” Reporting by Michelle Martin; Writing by Madeline Chambers; Editing by Paul Carrel and Janet Lawrence | ashraq/financial-news-articles | https://www.reuters.com/article/germany-politics-merkel/update-1-iran-nuclear-accord-not-ideal-but-best-to-stick-with-it-merkel-idUSL5N1SN20S |
EDMONTON, May 14, 2018 /PRNewswire/ - OncoQuest Inc. ("OncoQuest"), a privately held, cancer immunotherapy company, today announced the appointment of Dr. Eliel Bayever as Chief Medical Officer. Dr. Bayever has spent almost 20 years in the biopharmaceutical industry developing both biologics and small molecule oncology drugs globally.
Prior to joining OncoQuest, Dr. Bayever was Vice President and Head of Oncology at Glenmark Pharmaceuticals, responsible for leading the effort to develop novel biologics for cancer immunotherapy. Prior to that, he was Vice President, Medical, at Merrimack Pharmaceuticals, where he led the registration study, regulatory submission and global approval of ONIVYDE as a post-gemcitabine treatment of pancreatic cancer. Dr. Bayever has also held senior medical positions at Johnson & Johnson, Wyeth (now Pfizer), Human Genome Sciences (now Glaxo Smith Kline), and Bayer focusing primarily on oncology therapeutics, as well as related devices and diagnostics.
Before joining Bayer, Dr. Bayever was Associate Professor of Pediatrics at The George Washington School of Medicine and Health Services and Director of the Hematopoietic Stem Cell Transplantation Program, a senior investigator at the Center for Cancer and Transplantation Biology and a member of the Institutional Biosafety Committee at the Children's National Medical Center in Washington, DC. He was also on staff at the University of Nebraska Medical Center, and the Children's Hospital of Philadelphia.
Dr. Bayever received his medical degree from the Medical School of the University of Witwatersrand in South Africa, is a Member of the Royal College of Physicians of the United Kingdom after time spent at King's College Hospital in London and completed a Fellowship in Pediatric Hematology-Oncology at UCLA. Dr. Bayever has published over 30 research articles in peer-reviewed journals and contributed 15 editorials, reviews and chapters.
"We are delighted that Dr. Bayever is joining the OncoQuest team", said Dr. Madi R. Madiyalakan, OncoQuest's CEO. "The experience Eliel brings in leading early and late stage global clinical development and regulatory teams in oncology, including immunotherapy, will be very valuable as we move both our ovarian and pancreatic cancer therapeutics programs further in their clinical progress."
"I am very excited to be joining the OncoQuest leadership team at this important inflection in the Company's development. This is a pivotal time for OncoQuest's oregovomab, a novel immunotherapy, the Company's lead compound. In Phase 2, oregovomab showed great promise as a frontline therapy for ovarian cancer where the standard of care has not changed for decades, and I look forward to leading it to potential registration. The opportunity to help grow a company that has the possibility of altering the way in which cancer is treated is, as always, very compelling to an oncologist," commented Dr. Bayever.
About OncoQuest
OncoQuest is a subsidiary of Quest PharmaTech Inc. (TSXV-QPT) ("Quest"), and is a private biopharmaceutical company focused on the development and commercialization of immunotherapies for cancer. OncoQuest's technology platform includes a portfolio of tumor antigen specific monoclonal immunoglobulins including CA125, MUC1, PSA and Her2/neu. We are developing protocols utilizing these antibodies in combination with other immune modulating drugs or drug combinations to enhance tumor specific immunity and clinical outcome.
OncoQuest's lead product is oregovomab, an anti-CA125 antibody, for the treatment of ovarian cancer that is currently undergoing multiple Phase 2 clinical trials. OncoQuest's anti-MUC1 antibody program has already undergone a Phase 1 clinical trial in breast cancer patients, and its development is being led by OncoVent Co. Ltd., OncoQuest's joint venture partner that has licensed the rights of the immunotherapy technologies in the territory of Greater China. OncoQuest's next-generation products are based on immunoglobulin E licensed from UCLA, Stanford University and Advanced Immune Therapeutics, Inc. These antigen-specific monoclonal IgE antibodies are currently in preclinical development.
Forward Looking Statements
This press release includes . In some cases, can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any . The information in this release is provided only as of the date of this release and the company undertakes no obligation to update any contained in this release based on new information, future events, or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content: http://www.prnewswire.com/news-releases/dr-eliel-bayever-joins-oncoquest-as-chief-medical-officer-300647299.html
SOURCE OncoQuest Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-dr-eliel-bayever-joins-oncoquest-as-chief-medical-officer.html |
May 11, 2018 / 12:07 PM / Updated 20 minutes ago Burnley winger Gudmundsson signs new three-year deal Reuters Staff 2 Min Read
(Reuters) - Burnley winger Johann Berg Gudmundsson has signed a new three-year contract, the Premier League club announced on Friday. FILE PHOTO: Soccer Football - Premier League - Burnley vs Chelsea - Turf Moor, Burnley, Britain - April 19, 2018 Burnley's Johann Berg Gudmundsson in action with Chelsea's Victor Moses REUTERS/Andrew Yates
The 27-year-old Iceland international made 34 league appearances this season, scoring twice and assisting eight goals to help Burnley secure a seventh-placed finish and qualify for next season’s Europa League.
“This season has been a good season for myself and the team and being rewarded with a new contract is a great thing,” Gudmundsson told the club website.
“It’s something I wanted to do. I want to stay here. I feel comfortable here and my family likes it here, so I definitely wanted to sign a new contract.
“It’s a good thing to sign it before the World Cup, just to get everything out of the way and now I can concentrate on the last game and the World Cup.”
Gudmundsson becomes the sixth first-team player to sign a new deal at Burnley this season, joining Nick Pope, James Tarkowski, Ashley Barnes, Kevin Long and Stephen Ward.
Sean Dyche’s Burnley host 12th-placed Bournemouth in the final league game of the season on Sunday. Reporting by Hardik Vyas in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-bur-gudmundsson/burnley-winger-gudmundsson-signs-new-three-year-deal-idUKKBN1IC1DL |
BRUSSELS (Reuters) - The European Commission has opened an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped in Europe, according to a notice in the EU Official Journal on Thursday.
The investigation into a form of steel used in construction was launched following a complaint by EU steelmaker group Eurofer and could bring fresh measures against Chinese steel, increasing tensions between Beijing and Brussels.
The European Union already has 17 sets of anti-dumping and anti-subsidy measures in place on various grades of steel.
Brussels has tended to say sectoral problems are chiefly the result of overcapacity, particularly in China. China’s Commerce Ministry said a global economic downturn was the root cause of difficulties for the steel industry.
“Recklessly adopting trade restrictions will not help to solve the problem,” said Wang Hejun, the head of the ministry’s trade remedy and investigation bureau, adding they would also harm EU steel users.
The Journal said the complaint was lodged on behalf of three manufacturers making all of the product in the EU, later listing them as ArcelorMittal subsidiaries in Luxembourg and Poland and Vitkovice Steel of the Czech Republic.
The complaint says exports from China have increased significantly at prices that are artificially low.
Corrugated sheet piling is a steel segment used in construction, which represents 35 percent of total steel consumption. It is principally used for building foundations or retaining walls.
Reporting by Philip Blenkinsop in Brussels, Tom Daly in Beijing; Editing by Alastair Macdonald and Gareth Jones/Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-china-steel/eu-opens-new-investigation-into-chinese-steel-imports-idUSKCN1IP0ZC |
LEWISTON, Maine, May 24, 2018 (GLOBE NEWSWIRE) -- On October 1, 2017, ITC Capital Partners, LLC and LJMN Holdings, LLC partnered in the acquisition of Argo Contact Centers, adding BPO Contact Center Services to the ITC Capital Partners and LJMN portfolio of businesses. ITC Capital Partners brings a rich history of successful enterprises, while LJMN is leveraging the expertise of three industry leaders who have deep technology, software, services and BPO track records.
Michael Nessler, Lou Jablonski and Mark Veyette are providing leadership and direction to the newly acquired business and will focus on growth, strategic acquisition and integration of essential components.
ITC Capital Partners’ portfolio includes a broad array of services that provide valuable solutions in the Contact Center and BPO space. These include:
Utilization of social media and video technologies to recruit, assess and ultimately hire the best talent available. Leading edge LMS, Training, Messaging and Communication tools that significantly improve employee training effectiveness. Security applications that decrease fraud and protect client information during live service interactions. Payroll applications that provide flexible payment options to employees, resulting in reduced attrition and absenteeism.
ITC Capital Partners and LJMN are focused on leading edge technology solutions that will enable Argo to package services to improve clients’ overall business results. Argo will begin introducing new and expanded services to its clients immediately.
Press Contact:
Patricia DeFosse
Argo Contact Centers
Business Development Manager
[email protected]
[email protected]
About Argo Contact Centers
Argo Contact Centers is an outsourced customer contact services provider that has operated since 2003. Operating centers in Maine; Georgia; near-shore; as well as Work@Home, Argo supports a wide variety of clients in numerous industry groups. Argo was acquired by ITC Capital Partners, a privately held equity firm with a 100-year history, based in West Point, Georgia. Among the key differentiators that would support this position is the belief that core values coupled with a business systems approach to the contact center industry, would yield a better level of service, and a greater opportunity to enhance the market position of the customers it serves. This significant shift in management, together with several other attributes, contributes to the Argo difference.
About ITC Capital Partners, LLC
ITC Capital Partners, LLC was formed based upon the successful investment history of the ITC Holding Company, LLC which was founded in 1896. ITC Capital Partners, LLC invests in entrepreneurs whose ideas and values are consistent with those of our founders. We partner with innovative leaders with unique ideas, strong management teams and demonstrate ability to assist us in achieving our strategic goal of a minimum long term return to our shareholders of 20% annually.
A video accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0f2108be-8ef2-4866-bbb7-827cd35276d1
Source: Argo Contact Centers | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-itc-capital-partners-llc-acquires-argo-contact-centers.html |
May 17, 2018 / 11:28 AM / in 8 hours Britain rehearses carriage procession for Prince Harry and Meghan Markle's wedding Reuters Staff 1 Min Read
WINDSOR, England (Reuters) - British armed forces carried out a carriage procession rehearsal through the ancient streets of Windsor on Thursday ahead of Prince Harry’s wedding on Saturday to Meghan Markle. A carriage takes part in rehearsals for the wedding of Britain's Prince Harry and Meghan Markle in Windsor, Britain, May 17, 2018. REUTERS/Marko Djurica
Harry, sixth-in-line to the throne, and Markle, a star of TV drama “Suits”, will tie the knot at St George’s Chapel in Windsor Castle, home to the British royal family for nearly 1,000 years.
Crowds gathered to watch a practise run by the troops who will accompany the newlyweds on a carriage procession after the ceremony. Reporting by Guy Faulconbridge; editing by Michael Holden | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-procession-reh/britain-rehearses-carriage-procession-for-prince-harry-and-meghan-markles-wedding-idUSKCN1II1JB |
May 4, 2018 / 2:12 PM / Updated 36 minutes ago Little love for France's Macron in longtime socialist stronghold Richard Lough 4 Min Read
RENNES, France (Reuters) - In the cobbled streets of Rennes, there is scant affection for Emmanuel Macron among the voters who propelled France’s mould-breaking president to power, though hopes for a socialist revival in this bastion of left-wing support are muted. FILE PHOTO: French President Emmanuel Macron attends a meeting at the start-up incubator Soho3Q, in Beijing, China, January 9, 2018. Picture taken January 9, 2018. REUTERS/Charles Platiau/File Photo
Nearly nine in every ten voters here backed Macron in his run-off race against Marine Le Pen a year ago, but most did so to keep a far-right populist leader out of the Elysee Palace rather than open the door to a former investment banker promising to create jobs and improve workers’ lives by rebooting the economy.
A year on, Macron, who pitched himself as ‘neither of the left nor right’, faces simmering discontent over economic policies perceived as favouring the wealthy, as well as accusations of a controlling leadership style and intolerance for dissent.
“He’s too much of a neo-liberal for me,” said administrator Herve Garnier, a longtime supporter of the centre-left Socialist Party who voted for Macron last May’s second round.
“His government doesn’t listen, it imposes what it wants. But you’ve got to listen to the street,” the 50-year-added, a reference to the protests by public workers, students, pensioners and railworkers confronting Macron.
Macron has so far ignored voter anger and a precipitous decline in popularity, pressing ahead with policy to liberalise the heavily-regulated economy and confronting head-on labour unions and other vested interests he believes have choked growth in the past.
Some 58 percent of French consider his economic reforms “too radical”, an Odoxa poll showed this week, but Macron says he will not be distracted from his chance to reshape France. FILE PHOTO: French railway employees and CGT labour union members demonstrate against government reforms in Nantes, France, April 14, 2018. Placard reads, "Macron you're off track". Picture taken April 14, 2018. REUTERS/Stephane Mahe/File Photo
Unions complain Macron has eroded workers’ rights to the benefit of big business, while left-wing opponents have dubbed him the “president of the rich”.
“You can hope some bankers will be human beings. Now we realise he’s shown his true colours, he’s a true banker,” said retired history teacher Luis Guasco, a supporter of the far-left France Unbowed party.
Guasco is bitter about Macron’s move to increase a tax on pensioners while scrapping a wealth tax, and the lack of debate in a parliament where Macron’s Republic on the Move party holds a commanding majority.
“It’s a sham democracy,” he said. FILE PHOTO: Protesters attend a demonstration during a national day of strike against reforms in Marseille, France, March 22, 2018. March 22, 2018. REUTERS/Jean-Paul Pelissier/File Photo POLITICAL EARTHQUAKE
Macron’s stunning sweep to power all but wiped the traditional parties off the French political landscape. Twelve months on both the Socialist Party and centre-right party The Republicans are still searching for a response.
“For now there is no opposition in the making, quite simply because there is no credible alternative project. It’s either chaos with the National Front and France Unbowed, or a complete lack of ideas,” said Laurent Bigorgne, director of the Institut Montaigne think-tank.
An Elabe opinion poll this week showed almost half of all respondents saw no credible opposition to Macron. Just 4 percent considered the Socialist Party as a real opposition force, underscoring the scale of the former ruling party’s demise.
Macron and his party have, however, discovered early on that enacting broad social and economic reforms without a traditional power base can have its price, losing two by-elections in February.
Analysts say the Socialist Party will need to rebuild from local power bases in cities like Rennes, nearby Nantes and the northeast industrial city of Lille, where the party still holds control of the town halls.
“The socialists were hounded out on a national level, now they will hope to re-enter on the local stage,” said Pascal Perrineau, a political science professor at Sciences Po.
Municipal elections and then regional votes in 2020 will be a test of both Macron’s ability to extend his barely two-year old political movement into local communes and departments and of the mainstream parties ability to recover.
“If Macron’s movement at the national level doesn’t connect with grassroot-level politics then it will be a fragile force,” Perrineau said. Reporting by Richard Lough and Lucien Libert in Rennes, additional reporting by Michel Rose and Johnny Cotton in Paris; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-macron-disillusioned/little-love-for-frances-macron-in-longtime-socialist-stronghold-idUKKBN1I51OA |
Industry-leading provider of advanced spacecraft systems adds two key executives to reinforce focus on SmallSats and Earth Observation and leverage the collective power of Maxar businesses
PALO ALTO, CA, May 8, 2018 /PRNewswire/ - SSL , a Maxar Technologies company (formerly MacDonald, Dettwiler and Associates Ltd.) (NYSE: MAXR, TSX: MAXR) today announced two executives have joined the SSL leadership team to develop growth opportunities for the company's innovative spacecraft systems and expand the company's focus on small satellites and Earth observation. Adam Marks is assuming the role of Chief Strategy Officer, and Mark Sarojak will serve as Vice President of Commercial Earth Observation. The addition of these two leaders will augment SSL's strategic and satellite technology expertise and accelerate growth by leveraging the collective power of the Maxar Technologies businesses.
"With these innovative and dynamic thinkers we are bringing a wealth of knowledge and experience to drive growth at SSL," said Dario Zamarian, president, SSL. "This expansion of our leadership team will help us leverage the power of all four of the Maxar businesses to bring the value of our innovative spacecraft systems to the next-generation applications that are driving the new space economy."
Adam Marks, Chief Strategy Officer
As Chief Strategy Officer, Adam Marks will develop new markets and partnerships to optimize business opportunities for next-generation communications and space systems for commercial and government customers. He has 20 years of experience in high-tech businesses where he focused on key digital technologies such as cybersecurity, mobile broadband connectivity solutions and big data analytics.
Mr. Marks was most recently Vice President of Strategy & Corporate Development at Thales Group. Prior to that position, he was at Booz Allen Hamilton where he advised Department of Defense and aerospace industry clients. His expertise includes mergers and acquisitions and working with U.S.-based technology start-ups. He has a law degree from George Washington University, a master's degree in international affairs from Columbia University's School of International and Public Affairs, and a bachelor's degree in history from Yale University.
Mark Sarojak, Vice President of Commercial Earth Observation
As Vice President of the Commercial Earth Observation business, Mark Sarojak leads SSL's remote sensing business, and drives strategies for the wider adoption of satellite-enabled technologies and the growing smallsat applications market.
Mr. Sarojak has more than 20 years of experience in technology, geospatial intelligence and dynamic leadership including roles in strategy, sales and marketing. He joined SSL from GeoNeo Inc., where he served as CEO, and provided strategic leadership for the company's work in geospatial technologies. Previously, Mr. Sarojak spent 11 years at BAE Systems where he developed commercial strategies, led global sales and marketing teams, and grew partner networks. He holds a master's degree in engineering systems from Colorado School of Mines and a bachelor's degree in computer science from Wake Forest University.
About SSL
SSL, based in Palo Alto, California, is a leading provider of advanced spacecraft systems, with broad expertise to support commercial and government satellite operators and innovative space missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband internet, mobile communications, in-orbit servicing, space exploration, and Earth observation. As a Silicon Valley innovator for 60 years, SSL's advanced product line includes state-of-the-art small satellites, and sophisticated robotics and autonomous solutions for remote operations. SSL is a Maxar Technologies company (NYSE: MAXR; TSX: MAXR). For more information, visit www.sslmda.com .
About Maxar Technologies
Maxar Technologies (formerly MacDonald, Dettwiler and Associates) is a leading global provider of advanced space technology solutions for commercial and government markets including satellites, Earth imagery, robotics, geospatial data and analytics. As a trusted partner, Maxar Technologies provides unmatched integrated capabilities, solutions and expertise to help customers anticipate and address their most complex mission-critical challenges with confidence. With more than 6,500 employees in over 31 locations, the Maxar Technologies portfolio of commercial space brands includes MDA, SSL, DigitalGlobe and Radiant Solutions. Every day, billions of people rely on Maxar Technologies to communicate, share information and data, and deliver insights that Build a Better World. Maxar trades on the Toronto Stock Exchange and New York Stock Exchange as MAXR. For more information, visit www.maxar.com .
Contact
Wendy Lewis | SSL Media Contact | 1-650-852-5188 | [email protected]
Marissa Poratto | Maxar Investor Relations | 1-604-331-2044 | [email protected]
Nancy Coleman | Maxar Media Contact | 1-303-684-1674 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/maxars-ssl-expands-leadership-team-to-accelerate-innovation-and-growth-300644769.html
SOURCE Maxar Technologies Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-maxars-ssl-expands-leadership-team-to-accelerate-innovation-and-growth.html |
May 24, 2018 / 10:17 PM / Updated an hour ago U.S. Senate defence bill would bar Turkey from buying F-35 jets Patricia Zengerle 3 Min Read
WASHINGTON (Reuters) - A U.S. Senate committee passed its version of a $716 billion (534.49 billion pounds) defence policy bill on Thursday, including a measure to prevent Turkey from purchasing Lockheed Martin F-35 Joint Strike Fighter jets. FILE PHOTO: Three F-35 Joint Strike Fighters, (rear to front) AF-2, AF-3 and AF-4, flies over Edwards Air Force Base in this December 10, 2011 handout photo provided by Lockheed Martin. Darin Russell/Courtesy of Lockheed Martin/Handout via REUTERS
The amendment to the National Defense Authorization Act, or NDAA, from Democratic Senator Jeanne Shaheen and Republican Senator Thom Tillis, would remove Turkey from the F-35 programme over its detention of U.S. citizen Andrew Brunson, Shaheen’s office said.
Brunson, a Christian pastor who could be jailed for up to 35 years, denied terrorism and spying charges in a Turkish court this month. He has been in pre-trial detention since 2016.
It also faults NATO ally Turkey for its agreement with Russia in December to buy S-400 surface-to-air missile batteries. Ankara wants the system to boost its defence capabilities amid threats from Kurdish and Islamist militants at home and conflicts across its borders in Syria and Iraq.
According to Shaheen’s office, the intention to purchase the Russian system is sanctionable under U.S. law.
“There is tremendous hesitancy (about) transferring sensitive F35 planes and technology to a nation who has purchased a Russian air defence system designed to shoot these very planes down,” said Senator Shaheen.
Relations between Ankara and Washington have been strained over a host of issues in recent months, including U.S. policy in Syria and a number of legal cases against Turkish and U.S. nationals being held in the two countries.
Turkey has said it would retaliate if the United States enacted a law halting weapons sales to the country.
Turkey plans to buy more than 100 of the F-35 jets, and has had talks with Washington about the purchase of Patriot missiles.
The move to buy S-400s, which are incompatible with the NATO systems, has unnerved NATO member countries, which are already wary of Moscow’s military presence in the Middle East, prompting NATO officials to warn Turkey of unspecified consequences.
The NDAA is several steps from becoming law. The House of Representatives passed its version of the legislation earlier on Thursday. The Senate must still pass its version of the bill and the two versions must be reconciled before a final compromise bill can come up for a vote in both the House and Senate later this year. Reporting by Patricia Zengerle; editing by Diane Craft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-defense-congress-turkey/u-s-senate-defence-bill-would-bar-turkey-from-buying-f-35-jets-idUKKCN1IP3QL |
BEDFORD, Mass.--(BUSINESS WIRE)-- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic and regenerative medicines company specializing in therapeutics based on its proprietary hyaluronic acid (“HA”) technology , today announced that it will enter into an accelerated share repurchase (ASR) program to repurchase $30 million of its outstanding common stock.
“Our ASR program reflects Anika’s strong financial position and underscores our confidence in the outlook for the Company,” said Joseph Darling, President and CEO, Anika Therapeutics. “This program demonstrates our commitment to a balanced capital allocation strategy, as we transform Anika into a fully-integrated commercial organization to accelerate future growth and create long-term value for our shareholders.”
The Company will enter into an accelerated stock repurchase agreement with Morgan Stanley & Co. LLC pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction to purchase $30 million of shares of its common stock. The number of shares to be repurchased will be based generally on the volume-weighted average share price of Anika common stock over a valuation period. The Company plans to utilize existing cash on hand to fund the ASR program. Anika expects that the ASR program will commence in late May and that it will be completed in the fourth quarter of 2018.
About Anika Therapeutics, Inc.
Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic and regenerative medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology . Anika's orthopedic medicine portfolio includes ORTHOVISC ® , MONOVISC ® , and CINGAL ® , which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST , a solid HA-based scaffold to aid cartilage repair and regeneration. For more information about Anika, please visit www.anikatherapeutics.com .
Forward-Looking Statements
The statements made in this press release, which are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, those relating to the Company’s share repurchase program and future events pursuant to the ASR Agreement and any effects, results, or other matters related thereto. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties, and other factors. These statements can be affected by inaccurate assumptions and by known and unknown risks and uncertainties that are difficult to predict or beyond the Company's control, including, among others, the terms of the ASR Agreement and factors affecting the final number and price of shares to be purchased under the ASR Agreement, including the volume-weighted average stock price of the Company's common stock and actions taken by Morgan Stanley with respect to such arrangement, and events and transactions that could result in the termination of the ASR Agreement. Additional factors and risks are described in the Company's periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC's website at www.sec.gov . Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006272/en/
Anika Therapeutics, Inc.
Sylvia Cheung, 781-457-9000
Chief Financial Officer
Source: Anika Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-anika-therapeutics-announces-30-million-accelerated-share-repurchase.html |
MOSCOW (Reuters) - Russian President Vladimir Putin and Prime Minister Dmitry Medvedev are likely to discuss who will become ministers in the Russia’s new government on Tuesday, Dmitry Peskov, the Kremlin spokesman, told reporters on a conference call.
FILE PHOTO: Russian President Vladimir Putin (R) and Dmitry Medvedev, who was confirmed as Prime Minister by the lower house of parliament, attend a session of the State Duma in Moscow Russia May 8, 2018. REUTERS/Sergei Karpukhin Peskov did not name any names. Putin was sworn into the presidency last week and proposed Medvedev as prime minister.
Reporting by Katya Golubkova; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-putin-government/russias-putin-pm-medvedev-likely-to-discuss-members-of-new-government-on-tuesday-kremlin-idUSKCN1IG151 |
Russian journalist: pig's blood, make-up artist helped fake his death 5:43pm BST - 01:09
Russian journalist Arkady Babchenko details how Ukraine helped him fake his own death to evade what he says was a Russian plot to assassinate him. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Russian journalist Arkady Babchenko details how Ukraine helped him fake his own death to evade what he says was a Russian plot to assassinate him. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IZ2WMJ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/russian-journalist-pigs-blood-make-up-ar?videoId=431952460 |
Sanofi and Regeneron have agreed to lower the price of their cholesterol medicine in exchange for easier access for patients covered by pharmacy benefit manager Express Scripts , the first of a number of deals the drugmakers hope to strike to increase use of the medicine.
The Sanofi and Regeneron drug, called Praluent, will also be the only one in its class covered on Express Scripts' 25 million-member National Preferred Formulary Plan, which will exclude a competing medicine made by Amgen , the companies said Tuesday.
Amgen and Express Scripts shares were down nearly 2 percent in Tuesday's premarket, while Regeneron and Sanofi were down less than 1 percent.
Praluent's new price will be $4,500 to $8,000 per year, the range recommended in March by the Institute for Clinical and Economic Review, or ICER, an unaffiliated pharmacoeconomics group, Regeneron said. That's down from a list price of $14,600 set when the drug was approved in 2015.
The price reduction will come in the form of a rebate; the list price itself won't change. In March, Regeneron and Sanofi said they planned to strike such deals because so many patients were having trouble accessing the drug due to barriers from insurers and high co-pays.
"This paradigm-shifting agreement is designed to break the gridlock so that Praluent is finally able to reach patients most in need," Regeneron Chief Executive Officer Len Schleifer said in a statement Tuesday. He noted cardiologists in the U.S. "have experienced unprecedented challenges in securing access for Praluent for patients who were clearly appropriate, but were denied coverage."
Praluent, along with Amgen's drug, Repatha, is in a class of medicines known as PCSK9 inhibitors, first approved by the Food and Drug Administration in 2015 to lower LDL, or so-called bad cholesterol, in patients who don't get enough benefit from statins like Lipitor.
The medicines were expected to be commercial blockbusters, given the millions of Americans with high cholesterol, but sales have disappointed. Praluent drew $195 million in 2017 revenue, while Repatha brought in $319 million.
Analysts expected that longer-term studies proving that the drugs help reduce the risk of heart attack and stroke would help spur sales; Amgen's results came last year, while Regeneron and Sanofi's were reported in March.
But with the latter results, Regeneron and Sanofi also pledged to lower the price of Praluent to try to open up access, after a pattern of reimbursement trouble Schleifer started referring to as "#deniedRx."
A report in March took the new data into consideration. ICER calculated two price ranges for Praluent based on patients' risk levels. The $4,500 to $8,000 range was for higher-risk patients: those who had had a recent coronary event, like a heart attack, with LDL cholesterol of more than 100 milligrams per deciliter, despite intensive treatment with statins.
For all other patients who had recently had an acute coronary event, ICER recommended a price of $2,300 to $3,400 per year for Praluent. The deal with Express Scripts is for all patients eligible for the medicine.
A spokeswoman for Amgen, Kristen Davis, said Tuesday that the company is "disappointed" with Express Scripts' decision to exclude Repatha from its National Preferred Formulary, noting the pact will affect about 2,000 patients taking the medicine.
Davis also noted the plan represents about a third of Express Scripts' business, and "Amgen can still compete for the other two-thirds where we are continuing to offer significant discounts and rebates on Repatha in exchange for improved patient access."
Sales of Repatha more than doubled in the first quarter, compared with the same period last year, to $123 million.
"We have been aggressively negotiating with several payers for months now to expand patient access to Repatha," Davis said. "We are offering significant discounts that are in line with our competitors and have multiple offers pending."
Express Scripts Chief Medical Officer Steve Miller said the decision to only cover Regeneron and Sanofi's drug on that plan came down to the clinical data.
"The reason to exclude the Amgen product is: while both of them work in a very similar manner, the data is really good for Praluent," Miller said in an interview on CNBC's " Squawk Box " Tuesday.
Citing the longer-term study data presented in March, Miller noted "the drug could actually decrease heart attacks, decrease strokes, but actually also decrease mortality. So this drug can allow people to live longer and better lives."
The agreement is also designed to streamline prescribing of the medicine, the companies said.
Starting July 1, physicians will have to fill out a simplified form confirming the medicine is appropriate for the patient, based on what it has approved to treat and the patient's profile. The companies call that a "significant simplification" from the current system, which requires multiple steps and lots of paperwork, from lab results to detailed patient histories.
Also starting in July, Express Scripts will pass a portion of the rebates from Regeneron and Sanofi directly to patients, aiming to lower their out-of-pocket costs at the pharmacy counter. Payers are increasingly adopting these so-called point-of-sale rebates amid the debate over drug prices. That's a change from the practice of distributing rebates across plan beneficiaries to lower premiums.
Regeneron said it's in active discussions with other payers to strike similar deals. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/regeneron-sanofi-chop-cholesterol-drug-price-in-express-scripts-pact.html |
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