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Good morning from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY The US took a step toward cutting Iran off from the global economy, levying sanctions on a financing network WSJ City PM: Bank of England Holds Fire for Now, Economists Predict a 2020 Recession, Why RBS Is Investible Again Next WSJ Wealth Adviser Briefing: CEO Pay, MetLife Pensions, Overworked Parents | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/11/wsj-city-us-moves-to-cut-iran-from-world-economy-buybacks-support-jittery-stock-market/ |
WAYNE, Pa., Egalet Corporation (Nasdaq: EGLT) ("Egalet"), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and marketing innovative treatments for pain and other conditions, today reported financial results for the first quarter ended March 31, 2018 and provided updates on its commercial products: SPRIX ® (ketorolac tromethamine) Nasal Spray, OXAYDO ® (oxycodone HCI, USP) tablets for oral use only –CII and ARYMO ® ER (morphine sulfate) extended-release tablets for oral use —CII.
"With recent formulary wins, we believe we are expanding the potential commercial opportunity for SPRIX Nasal Spray and ARYMO ER," said Bob Radie, president and chief executive officer of Egalet. "While we work to expand the market access for ARYMO ER, we have shifted our 82 sales representatives to promote all three of our products with a focus on where we have better payer coverage and we are placing a greater emphasis on SPRIX Nasal Spray in the near term."
Q1 2018 and Recent Highlights
National pharmacy benefit manager placed SPRIX Nasal Spray in a preferred position and placed ARYMO ER in an unrestricted Tier 3 position; Large regional health plan placed ARYMO ER and Sprix Nasal Spray in preferred formulary positions; Two large Northeast regional plans placed ARYMO ER in a preferred formulary position; OraPharma's 141-person sales force began promotion of SPRIX, along with OraPharma's portfolio products, to dentists and oral surgeons; Co-hosted Category 1 focus group meeting with industry, researchers and the Food and Drug Administration (FDA) to discuss best practices with in vitro (Category 1) studies of abuse-deterrent formulations; and ARYMO ER data published in Current Medical Research and Opinion Journal and presented at the 34 th Annual Meeting of the American Academy of Pain Medicine (AAPM) in Vancouver, Canada.
2018 First Quarter Financial Results
Cash Position: As of March 31, 2018, Egalet had cash, marketable securities and restricted cash totaling $74.9 million. Net Product Sales: There were net product sales of $6.3 million for the quarter ended March 31, 2018 compared to $5.4 million for the same period in 2017. The increase in the period was due to continued growth in SPRIX Nasal Spray and OXAYDO sales. ARYMO ER was launched at the end of the first quarter of 2017. Due to the adoption of the ASC 606, net product sales in quarter ended March 31, 2018 reflect shipments to customers compared to net product sales for the same period in 2017, which reflected prescriptions dispensed to patients. Cost of Sales (excluding product rights amortization) : Cost of sales was $2.2 million for the quarter ended March 31, 2018 and $1.3 million for the same period in 2017. Cost of sales for the quarter ended March 31, 2018 reflected the average cost of inventory shipped to customers and charges related to the minimum manufacturing requirements for ARYMO ER. Cost of sales for the quarter ended March 31, 2017 reflected the average cost of inventory produced and dispensed to patients and included a write down of SPRIX Nasal Spray inventory. G&A Expenses: General and administrative expenses were $7.1 million for the quarter ended March 31, 2018 compared to $8.5 million for the same period in 2017. The decrease in the period was driven primarily by decreased salary and stock-based compensation expense and decreased legal fees. S&M Expenses: Sales and marketing expenses were $9.1 million for the quarter ended March 31, 2018 compared to $9.3 million for the same period in 2017. R&D Expenses: Research and development expenses were $1.3 million for the quarter ended March 31, 2018 compared to $6.5 million for the same period in 2017. The decrease in the period was driven primarily by decreased costs for the development of Egalet-002, ARYMO ER and OXAYDO. Change in Fair Value of Warrant Liability and Derivative Liability: Change in fair value of warrant liability and derivative liability was $5.1 million for the quarter ended March 31, 2018 compared to $12,000 for the same period in 2017. The change in the quarter ended March 31, 2018 included a decrease in the fair value of the warrant liability of $3.2 million, associated with the July 2017 equity and warrant issuance, and a decrease in the fair value of the derivative liability related to the 6.50% convertible notes of $1.5 million. Interest Expense: Interest expense for the quarter ended March 31, 2018 was $3.6 million compared to interest expense of $4.5 million for the same period in 2017. Interest expense in the first quarter 2018 included non-cash interest of $450,000 compared to $1.7 million in the same period in 2017. Net Loss: Net loss for the quarter ended March 31, 2018 was ($12.4 million), or ($0.26) per share, compared to a net loss of ($25.4 million), or ($1.02) per share for the same period in 2017.
Earnings Conference Call Information
Egalet's management will host a conference call to discuss the first quarter 2018 financial results today:
Date:
Tuesday, May 8, 2018
Time:
8:30 a.m. EDT
Webcast (live and archive):
egalet.com (Events & Webcasts, Investor page)
Dial-in numbers:
1-888-346-2615 (domestic)
1-412-902-4253 (international)
Replay numbers:
1-877-344-7529 (domestic)
1-412-317-0088 (international)
Conference number:
10117571
About Egalet
Egalet, a fully integrated specialty pharmaceutical company, is focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions. Egalet has three approved products: ARYMO ® ER (morphine sulfate) extended-release tablets for oral use —CII, developed using Egalet's proprietary Guardian™ Technology, OXAYDO ® (oxycodone HCI, USP) tablets for oral use only —CII and SPRIX ® (ketorolac tromethamine) Nasal Spray. Using Guardian Technology, Egalet is developing a pipeline of clinical-stage, product candidates for which we are seeking partners including Egalet-002, an abuse-deterrent, extended-release, oral oxycodone formulation for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Guardian Technology can be applied broadly across different classes of pharmaceutical products and can be used to develop combination products that include multiple active pharmaceutical ingredients with similar or different release profiles.
For full prescribing information on ARYMO ER, including the boxed warning and medication guide, please visit arymoer.com . For full prescribing information on SPRIX, including the boxed warning and medication guide, please visit sprix.com . For full prescribing information on OXAYDO, including the boxed warning and medication guide, please visit oxaydo.com .
Safe Harbor
Statements included in this press release (including but not limited to upcoming milestones) that are not historical in nature and contain the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "suggest," "target," "potential," "will," "would," "could," "should," "continue," "look forward to" and other similar expressions are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and are subject to known and unknown uncertainties and risks. Actual results could differ materially from those discussed due to a number of factors, including, but not limited to: Egalet's ability to continue as a going concern; Egalet's stock price and ability to remain listed on the Nasdaq, including the potential need to redeem portions of our outstanding indebtedness in the event of such a delisting; our current and future indebtedness; the potential of ARYMO ER to play an important role in helping to deter opioid abuse; the potential impact of strengthening the ARYMO ER label or the labels of any of Egalet's other products; the success of Egalet's clinical trials, including the timely recruitment of trial subjects and meeting the timelines therefor; Egalet's ability to obtain and maintain regulatory approval of Egalet's products and product candidates and the labeling claims that Egalet believes are necessary or desirable for successful commercialization of its products and product candidates; the entry of any generic products for SPRIX or any delay in or inability to reformulate SPRIX; Egalet's ability to maintain the intellectual property position of Egalet's products and product candidates; Egalet's ability to identify and reliance upon qualified third parties to manufacture its products; Egalet's ability to execute on its sales and marketing strategy, including developing relationships with customers, physicians, payors and other constituencies; the costs of commercialization activities, including marketing, sales and distribution; the size and growth potential of the markets for Egalet's products and product candidates, and Egalet's ability to service those markets; Egalet's ability to obtain reimbursement and third-party payor contracts for its products; Egalet's ability to service its debt obligations; Egalet's ability to raise additional funds to execute its business plan and growth strategy on terms acceptable to Egalet, if at all; Egalet's ability to find and hire qualified sales professionals; the rate and degree of receptivity in the marketplace and among physicians to Egalet's products; the success of products that compete with Egalet's that are or become available; the regulatory environment and social concerns about limiting the use of opioids; Egalet's ability to integrate and grow any businesses or products that it may acquire; general market conditions; and other risk factors set forth in Egalet's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the United States Securities and Exchange Commission (SEC) and in other filings Egalet makes with the SEC from time to time. While Egalet may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking-statements contained in this press release whether as a result of new information or future events, except as may be required by law.
Media and Investor Contact:
E. Blair Clark-Schoeb
Senior Vice President, Communications
Email: [email protected]
Tel: 484-259-7370
Egalet Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2017
March 31, 2018
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
31,090
$
33,679
Marketable securities, available for sale
59,953
40,786
Accounts receivable
4,120
14,983
Inventory
3,225
2,113
Prepaid expenses and other current assets
2,672
2,232
Other receivables
893
911
Total current assets
101,953
94,704
Intangible assets, net
6,583
6,091
Restricted cash
400
400
Property and equipment, net
9,911
9,252
Deposits and other assets
1,011
851
Total assets
$
119,858
$
111,298
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable
10,160
10,142
Accrued expenses
16,104
25,143
Deferred revenue
7,456
-
Debt - current
1,081
1,099
Warrant liability
8,166
5,000
Total current liabilities
42,967
41,384
Debt - non-current portion, net
98,890
99,166
Deferred income tax liability
26
946
Derivative liability
16,623
2,167
Other liabilities
727
685
Total liabilities
159,233
144,348
Stockholders' deficit
Common stock--$0.001 par value; 75,000,000 and 275,000,000
shares authorized at December 31, 2017 and March 31, 2018,
respectively; 45,939,663 and 53,481,201 shares issued and
outstanding at December 31, 2017 and March 31, 2018,
respectively
46
49
Additional paid-in capital
254,871
271,551
Accumulated other comprehensive income
1,008
1,102
Accumulated deficit
(295,300)
(305,752)
Total stockholders' deficit
(39,375)
(33,050)
Total liabilities and stockholders' deficit
$
119,858
$
111,298
Egalet Corporation and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended
March 31,
2017
2018
Revenues
Net product sales
$
5,427
$
6,261
Total revenue
5,427
6,261
Cost and Expenses
Cost of sales (excluding amortization of product rights)
1,325
2,216
Amortization of product rights
503
537
General and administrative
8,491
7,073
Sales and marketing
9,258
9,055
Research and development
6,520
1,303
Total costs and expenses
26,097
20,184
Loss from operations
(20,670)
(13,923)
Other (income) expense:
Change in fair value of warrant and derivative liability
(12)
(5,125)
Interest expense, net
4,534
3,556
Other gain
181
—
4,703
(1,569)
Net loss
$
(25,373)
$
(12,354)
Per share information:
Net loss per share of common stock, basic and diluted
$
(1.02)
$
(0.26)
Weighted-average shares outstanding, basic and diluted
24,766,147
47,303,659
with multimedia: releases/egalet-reports-first-quarter-2018-financial-results-300644016.html
SOURCE Egalet Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-egalet-reports-first-quarter-2018-financial-results.html |
NEW YORK, May 18, 2018 /PRNewswire/ -- 5W Public Relations ( 5WPR ), one of the top 10 independently owned PR firms in the U.S., today announced that senior PR executive Leslie Bishop has joined the agency as Senior Vice President of Travel, Entertainment and Hospitality.
Leslie joins 5W with 15+ years of experience building and implementing insightful communications campaigns, and a proven ability to lead teams, grow business, and expand client relationships. In her role as Senior Vice President, Bishop will provide strategic advice and counsel to 5W clients, as well as further developing the agency's services and communications programs within the travel, hospitality and entertainment spaces.
Prior to joining the team at 5W, Leslie was the Senior Communications Director at Exposure Communications, overseeing the fashion, lifestyle, and consumer practice in addition to having oversight of the agency as a whole. During her tenure at Exposure, Leslie lead the charge on globally recognized brands including Dr. Martens, KITH, Quiksilver, G-Shock, Converse, Herschel, Uniqlo, and Polaroid. Leslie was also previously PR Director at Aritzia, responsible for third-party agency management in New York and Quebec, and overall PR direction and strategy.
"We're excited to welcome Leslie to 5W," said Ronn Torossian, 5WPR CEO . "Her proven experience in the consumer and lifestyle space, driving innovative programs for a multitude of leading brands, will help 5W continue to provide the highest level of service to our clients and further 5W's growth as an agency. We couldn't be happier to have her on our team."
Leslie holds a degree in Communications from The Surrey Institute of Art & Design in London, England.
About 5W Public Relations:
5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 150 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and digital strategy, 5W brings leading businesses a resourceful, bold and results-driven approach to communication.
Media Contact
Ronn Torossian
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/leslie-bishop-joins-5w-as-senior-vice-president-300650980.html
SOURCE 5W Public Relations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-leslie-bishop-joins-5w-as-senior-vice-president.html |
May 11, 2018 / 7:02 PM / Updated a day ago Golf-Schwartzel co leader as Woods struggles to make cut at Players Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla., May 11 (Reuters) - Charl Schwartzel put his surprisingly poor Players Championship record behind him to earn a share of the clubhouse lead with Patrick Cantlay in the second round on Friday.
On another ideal morning for low scoring at TPC Sawgrass, Schwartzel, without a top-25 finish in seven starts at the tournament, showed glimpses of what he is capable of with a bogey-free six-under-par 66.
At 10-under, Schwartz and American Cantlay led by one stroke from American Chesson Hadley, while Tiger Woods faced a nervous wait to find out whether he would make the cut after another mediocre round.
Woods carded 71 for one-under 143, a distant nine strokes behind the leaders.
“I didn’t quite swing it right today, and I didn’t quite have the shape, ball flight,” said 14-times major champion Woods.
“With these greens as soft as they are, I didn’t take advantage of the opportunities I had today to really shoot a good number.”
Schwartzel, conversely, said all facets of his game had been strong, and that he had started playing better since receiving some recent advice from compatriot Louis Oosthuizen to focus on swing tempo.
“If I can keep the right tempo going, I’m going to keep hitting good shots,” said the 33-year-old South African, who has won only twice in 173 starts on the PGA Tour.
One of those victories, however, came with a green jacket, at the 2011 U.S. Masters, where Schwartzel birdied the final four holes to storm to victory.
Once ranked as high as sixth in the world, Schwartzel has dropped to 62nd after an indifferent couple of years.
“My last two years, maybe even two and a half years, have been pretty frustrating,” he said, adding that he was now using an instructor for the first time in his career.
Co-leader Cantlay, in his second Players Championship, is proving a quick learner, as he showed by carding 68.
“My game’s been trending in the right direction,” said Cantlay, who teamed with U.S. Masters champion Patrick Reed at the PGA Tour event in New Orleans two weeks ago.
Hadley, meanwhile, threatened to break clear of the field, but fell at the final couple of hurdles, inexplicably finding the water at the island-green par-three 17th, before adding bogey at the last.
“I did not hit the shot the way I wanted to, but I didn’t feel like I hit it bad enough for it not to get to the front of the green or maybe even five steps on the front,” he said of the 17th.
“So might have caught a gust (but) it’s my fault at the end of the day.” (Reporting by Andrew Both Editing by Toby Davis) | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-players/golf-schwartzel-co-leader-as-woods-struggles-to-make-cut-at-players-idUKL1N1SI1GA |
May 18, 2018 / 12:28 PM / Updated 21 minutes ago Putin promotes ex-bodyguard to new cabinet Denis Pinchuk 5 Min Read
SOCHI, Russia (Reuters) - Russian President Vladimir Putin handed ministerial jobs to a former bodyguard and the son of an ex-intelligence chief on Friday, promoting trusted lieutenants with security ties at the start of what, under the constitution, will be his last term in office.
In a new Cabinet line-up approved by Putin, established big-hitters, such as veteran Foreign Minister Sergei Lavrov, kept their jobs, suggesting there would be little change of tack on policy in the new presidential term.
One new entrant to the Cabinet was Yevgeny Zinichev, 51, a former deputy director of the Federal Security Service (FSB), who becomes head of the high-profile emergencies ministry.
A biography carried by state-run media said he was born in St Petersburg, which is also Putin’s home city. Then from 1987 to 2015 he served in the state security services, a similar career path to the one taken by Putin, himself a former KGB spy.
Zinichev’s biography did not specify what jobs he held in the security services. However, multiple photographs of Putin at public events dating over several years show Zinichev standing at Putin’s shoulder, or walking down the steps of his official plane a few steps after the Russian leader.
The only people allowed in such regular proximity to Putin at public events, apart from senior officials and aides, are his security detail.
Zinichev was briefly appointed acting governor of the Kaliningrad region in 2016, although he only served for a few months before leaving for what the Kremlin called family reasons. Russian media said he had struggled with the publicity demands of the job. Related Coverage Factbox - Composition of Russia's new government
Putin also approved Dmitry Patrushev, son of former FSB chief Nikolai Patrushev, for the job of agriculture minister. He had previously been the chairman of the board of directors of Russian Agricultural Bank.
Nikolai Patrushev is also from St Petersburg and was a career intelligence officer before becoming head of the FSB, the main successor agency to the Soviet KGB. He is now Secretary of Putin’s Security Council.
The two appointments illustrated how officials with intelligence ties have emerged under Putin at the core of a ruling caste, said Moscow-based political analyst Dmitry Oreshkin.
“They are forming a fairly closed ruling caste with support from the ‘siloviks’,” said Oreshkin, using a word to describe officials who have served in the security services.
Putin has in the past recruited intelligence officers and state bodyguards for official roles. Russian President Vladimir Putin meets with Prime Minister Dmitry Medvedev in the Black Sea resort of Sochi, Russia May 18, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS
In 2016, Putin named Alexei Dyumin, who served in the Federal Guard Service (FSO), responsible for Kremlin security, as the governor overseeing Tula region south of Moscow. TERM LIMITS
The Cabinet appointments will be analysed by Kremlin-watchers for any indications that Putin could be grooming someone as a successor.
Sworn in for a new term this month after he won a March 18 presidential election, Putin, 65, can not under the constitution run again because of term limits. He is now on his second consecutive term, and the fourth in total.
Analysts say he may find a way to de facto retain power after his term ends in 2024, or could seek to anoint a successor. Putin, though, has given no indication he wants to do that, or of who that person might be.
Dmitry Medvedev, whom Putin had already reappointed as prime minister, unveiled the new cabinet at a meeting with Putin in the Black Sea resort of Sochi.
Most of the incumbents kept their jobs, among them Foreign Minister Lavrov, Defence Minister Sergei Shoigu, and Alexander Novak, the energy minister who helped mastermind a global deal to prop up crude oil prices. Slideshow (6 Images)
Maxim Oreshkin, named economy minister in late 2016, will retain his job, as will trade and industry minister Denis Manturov, and Sports Minister Pavel Kolobkov. His role is under the spotlight because Russia is hosting the soccer World Cup next month.
The currency market reacted negatively to the appointments in the minutes after the lineup was unveiled.
The rouble pared gains and weakened to 62.19 versus the dollar from levels of 62.08 seen before the announcement. Writing by Andrey Ostroukh and Tom Balmforth; Editing by Christian Lowe and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-government-putin-approval/putin-favours-status-quo-with-new-government-lineup-idUKKCN1IJ1J5 |
TOKYO (Reuters) - A Japanese cabinet minister called on Friday for a law to strengthen relief and protection for victims of sexual harassment, but stopped short of urging legal changes to make such acts a crime.
Japan's Internal Affairs and Communications Minister Seiko Noda, who is also minister in charge of women's empowerment, speaks during an interview with Reuters in Tokyo, Japan May 11, 2018. REUTERS/Issei Kato Victims of sexual harassment in Japan have traditionally been reluctant to speak out for fear of being blamed, but heated debate and protests have followed the resignation last month of a top finance bureaucrat over accusations in a weekly magazine.The official, Junichi Fukuda, denied that he had sexually harassed several female reporters, but the ministry later acknowledged he had sexually harassed a reporter and docked his pay by 20 percent for six months.
“What is needed legally is protection and relief for victims,” said Internal Affairs Minister Seiko Noda, who is one of only two women in Prime Minister Shinzo Abe’s cabinet and often seen as a longshot contender to succeed him.
“Because they are not protected, women are afraid to speak out,” Noda, who holds the portfolio for women’s empowerment, told Reuters in an interview.
A legal revision in 1997 required Japanese employers to prevent sexual harassment in the workplace but it does not prescribe penalties, and similar rules apply to civil servants.
Noda stopped short of calling for sexual harassment to be made a crime, citing possible negative effects such as causing men to decline to talk to female reporters one-on-one.
“I don’t agree that we should start the debate assuming legal penalties (are needed),” said Noda, adding that men in Japan had treated a serious problem lightly.
Finance Minister Taro Aso, 77, has drawn fire for his response to the Fukuda case, saying, for example, that the possibility Fukuda was entrapped could not be ruled out.
“Minister Aso is not a bad person, but he is from a generation that was not educated about sexual harassment and unlike our generation, he didn’t need to be very aware of sexual harassment,” said Noda, 57.
Aso repeated his comment on Friday in parliament but later withdrew it, Japanese media said. Aso was not available for further comment outside business hours, a finance ministry spokesman told Reuters.
Japan ranked 114 among the 144 nations rated by the 2017 Global Gender Gap report of the World Economic Forum, flanked by Guinea and Ethiopia, and down 13 places since Abe took power.
Noda, who recalled being sexually harassed herself when a young politician, said she wanted to announce steps to fill gaps in how Japan tackles the issue before parliament’s session ends in June.
“Comments like, ‘If you want a vote, let me touch your breasts,’ were a daily occurrence at that time,” she said.
“I think this is a problem that I must solve. It’s not something that those who were not victims can clear up.”
Abe’s “Womenomics” policy to improve women’s status had borne some fruit but more was needed, Noda said.
“Without fundamental changes in workstyles, the women who can lay the golden egg will not come.”
Additional reporting by Ami Miyazaki; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-women-noda/japan-must-boost-protection-for-sexual-harassment-victims-says-abe-rival-noda-idUSKBN1IC1D4 |
May 31, 2018 / 9:51 AM / Updated an hour ago Kremlin calls staging of Russian journalist's death in Kiev strange Reuters Staff 1 Min Read
MOSCOW (Reuters) - The Kremlin said on Thursday it was glad Russian dissident journalist Arkady Babchenko was alive, but that the staging of his death was strange to say the least. Russian journalist Arkady Babchenko, who was reported murdered in the Ukrainian capital on May 29, attends a news briefing by the Ukrainian state security service in Kiev, Ukraine May 30, 2018. REUTERS/Valentyn Ogirenko
Babchenko who was reported murdered in Kiev dramatically reappeared alive on Wednesday in the middle of a briefing by the Ukrainian state security service about his own killing.
Kremlin spokesman Dmitry Peskov said Moscow still considered Ukraine a dangerous place for journalists to work. Reporting by Polina Ivanova; Writing by Tom Balmforth; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-journalist-kremlin/kremlin-calls-staging-of-russian-journalists-death-in-kiev-strange-idINKCN1IW153 |
May 4, 2018 / 4:01 AM / in 19 minutes SE Asia Stocks-Indonesia hits 9-mth low on growth concerns Reuters Staff 4 Min Read * Indonesia to release annual GDP data on Monday * Malaysia headed for third straight session of declines * Singapore touches over two-week low By Sumeet Gaikwad May 4 (Reuters) - Most Southeast Asian stock markets fell on Friday, as investors turned cautious ahead of the release of U.S. payrolls data later in the day, with Indonesia down on fears economic growth rate will weaken in the first quarter. The U.S. jobs report for April will likely underscore labour market strength. Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists, after rising only 103,000 in March. Indonesia's GDP growth rate likely was a touch weaker in 2018's first three months than in the previous quarter as lacklustre consumption continued to constrain the pace, a Reuters poll showed. The country is due to release its annual GDP data on May 7. Indonesian stocks fell to their lowest since August 2017 as financials weighed, with Bank Central Asia falling 1 percent and Bank Negara Indonesia declining 2.3 percent. An index of the country's 45 most liquid stocks fell nearly 1 percent. Foreign investors net sold $55.3 million worth of Indonesian stocks on Thursday, stock exchange data showed. "We suspect the murky economic outlook amid low inflationary pressures have triggered the selloff. Further, we remain concerned that Bank Indonesia may be too much behind the yield curve," said Taye Shim, head of research at Mirae Asset Sekuritas. "If the exogenous risk factors persist, pre-emptive policy tightening might need to be accompanied by politically-sensitive decisions of raising fuel and energy prices," DBS Bank said in a note. Singapore hit its lowest in over two weeks, with lenders DBS Group Holdings falling 1.7 percent and United Overseas Bank sliding 1.3 percent. Malaysian shares shed 0.3 percent on financials. Index heavyweights CIMB Group Holdings fell 1.6 percent, while Public Bank was off 0.6 percent. Markets are expected to closely watch the outcome of general elections scheduled next week. "Investors will be looking forward to policy continuity which will be crucial to ensuring economic stability after the election," DBS Bank said in a note. Philippine shares were flat, while Thailand edged lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: AS AT 0324 GMT Change on day Market Current Previous Close Pct Move Singapore 3546.15 3575.68 -0.83 Bangkok 1787.42 1790.8 -0.19 Manila 7539.03 7535.1 0.05 Jakarta 5815.856 5858.732 -0.73 Kuala Lumpur 1846.16 1851.8 -0.30 Ho Chi Minh 1029.46 1026.46 0.29 Change on year Market Current End 2016 Pct Move Singapore 3546.15 3402.92 4.21 Bangkok 1787.42 1753.71 1.92 Manila 7539.03 6840.64 10.21 Jakarta 5815.856 6355.654 -8.49 Kuala Lumpur 1846.16 1796.81 2.75 Ho Chi Minh 1029.46 664.87 54.84 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Biju Dwarakanath) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-indonesia-hits-9-mth-low-on-growth-concerns-idUSL3N1SB1P1 |
IRVINE, Calif., May 16, 2018 /PRNewswire/ -- Ubiquity, Inc. ("Ubiquity" or the "Company"), is a vertically integrated, technology-focused media company. Ubiquity's portfolio covers virtual, augmented, mixed and immersive reality as well as the Internet-of-Things.
Since the departure by Chris Carmichael in late July, Ubiquity continues to push forward to re-structure the company. Chris Carmichael, who had originally been succeeded by Nick Mitsakos, returned to CEO in June of 2017 in an effort to assist the company in its financial filings. Carmichael resigned as Chairman and CEO in late July 2017 due to illness.
As previously reported, Robert Fernander stepped into the role as Chairman in August of 2017 and Brenden Garrison who had been running the company since Carmichael's absence, was named President and CEO in December 2017.
Robert ("Bob") is a seasoned business executive experienced in connecting new technologies to high growth markets who originally joined the Company's board of directors in April of 2017. "We expect Carmichael's vision and positive influence on the company to continue as we connect these emerging technologies to the consumer," stated Mr. Fernander. He continued to say, "I am looking forward to continuing Ubiquity's restructuring plan that Carmichael started to establish a clear strategy for revenue and growth."
Garrison who has played a major role in the Company's management since joining the company in 2006 and was officially named Chief Financial Officer in 2013 said, "I believe that the company will succeed in its restructuring efforts, as we take the groundwork laid by Carmichael in VR, AR, and Mixed Reality along with the innovative Sprocket to market," Garrison said.
About Ubiquity
Irvine, California, Ubiquity is a vertically integrated, technology-focused media company.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," "will," "would" or the negative of these terms or other comparable terminology. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Contact:
(949) 489-7600
View original content with multimedia: http://www.prnewswire.com/news-releases/ubiquity-continues-to-push-forward-its-restructure-plans-300649393.html
SOURCE Ubiquity Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-ubiquity-continues-to-push-forward-its-restructure-plans.html |
MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed underwritten public offering of its common stock consisting of approximately $50.0 million of shares to be sold by USAT and up to 553,187 shares to be sold by certain selling shareholders. In addition, USAT expects to grant the underwriter a 30-day option to purchase up to an additional 15% of the total shares sold in the offering to cover over-allotments.
William Blair & Company, L.L.C. is acting as sole book-running manager for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The offering of these securities will be made only by means of a prospectus, copies of which, when available, may be obtained from William Blair & Company, L.L.C., Attn: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, or by calling (800) 621-0687 or by e-mail at [email protected] .
This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.
About USA Technologies
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. Through its recent acquisition of Cantaloupe, the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management solutions. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.
Forward-Looking Statements
USAT cautions you that statements in this press release that are not a description of historical facts are forward- looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the filing of the registration statement and the proposed public offering. The inclusion of forward-looking statements should not be regarded as a representation by USAT that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to conditions affecting the capital markets, general economic, industry, or political conditions, and the satisfaction of customary closing conditions related to the proposed public offering, and other risks described in our prior press releases and in USAT’s filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in the registration statement. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and USAT undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
F-USAT
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006588/en/
The Blueshirt Group
Investors:
Monica Gould, +1 212-871-3927
[email protected]
or
Lindsay Savarese, +1 212-331-8417
[email protected]
Source: USA Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-usa-technologies-inc-files-registration-statement-on-form-s-1-for-proposed-public-offering.html |
May 2 (Reuters) - Ramco Systems Ltd:
* P&N BANK SIGNED AGREEMENT WITH CO TO LAUNCH DIGITAL HR TRANSFORMATION WITH RAMCO HCM INTEGRATED WITH GLOBAL PAYROLL Source text - bit.ly/2HJ2cql Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-ramco-systems-signs-agreeme/brief-indias-ramco-systems-signs-agreement-with-australias-pn-bank-idUSFWN1S9095 |
May 2 (Reuters) - Aptargroup Inc:
* APTAR ADDS CAPABILITIES TO BETTER SERVE THE GROWING COLOR COSMETICS MARKET; ACQUIRES REBOUL, AN ESTABLISHED AND INNOVATIVE LEADER IN PRESTIGE BEAUTY PACKAGING
* APTARGROUP INC - AS OF MAY 1, 2018, IT HAS ACQUIRED REBOUL FROM VACHERON INDUSTRIES SAS
* APTARGROUP INC - DEAL FOR AN ENTERPRISE VALUE OF EUR 14 MILLION (APPROXIMATELY $17 MILLION) IN CASH, LESS AMOUNT OF NET DEBT ASSUMED AT CLOSING DATE
* APTARGROUP - AGREEMENT ALSO PROVIDES AN EARN-OUT PROVISION BASED ON 2018 RESULTS, WHICH COULD INCREASE ENTERPRISE VALUE TO A MAXIMUM OF EUR 23 MILLION
* APTARGROUP INC - PURCHASE WILL BE FUNDED WITH AVAILABLE CASH ON HAND Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptar-adds-capabilities-to-better/brief-aptar-adds-capabilities-to-better-serve-the-growing-color-cosmetics-market-acquires-reboul-idUSASO00044Z |
May 2, 2018 / 2:52 AM / Updated 8 minutes ago China media say Taiwan has sour grapes as another ally goes Reuters Staff 4 Min Read
BEIJING (Reuters) - Taiwan has a case of sour grapes, Chinese state media said on Wednesday, after the self-ruled island accused China of using a $3-billion aid pledge to persuade the Dominican Republic to switch long-standing diplomatic ties to Beijing. A police officer stands next to the Dominican Republic flag (L) inside the Taiwan's Ministry of Foreign Affairs in Taipei, Taiwan, May 1, 2018. REUTERS/Tyrone Siu
China, which denied there were any economic pre-conditions for establishing relations with the Caribbean nation, says Taiwan is simply a wayward province with no right to state-to-state ties.
Taiwan’s government says the Dominican Republic accepted false promises of aid from China. A Taiwan official told Reuters that China had dangled a package of investments, financial assistance and low-interest loans worth at least $3.1 billion to the country, which shares an island with Haiti to the west.
The overseas edition of China’s ruling Communist Party’s People’s Daily said Taiwan’s governing Democratic Progressive Party was unfairly trying to cast aspersions on the move.
“Once again they are playing the shirking responsibility game of laying the blame on others, creating tragedy and inciting confrontation, slandering the Dominican Republic’s choice of China with an axe to grind,” it wrote in a front page commentary.
However, it added, the real story was that the Dominican Republic abandoned Taiwan because that was the irresistible trend of the times and what the people demanded.
Chinese Foreign Ministry spokeswoman Hua Chunying reiterated on Wednesday that no “coercion or trade” was involved, saying the decision was “right and proper, and fair and above board”.
The changeover leaves Taiwan with formal relations to just 19 countries, many of them poor nations in Central America and the Pacific, such as Belize and Nauru.
Widely-read Chinese tabloid the Global Times said Taiwan was now a step closer to having no diplomatic allies.
“In the end, Taiwan’s diplomacy will be suffocated,” it added.
China and Taiwan have tried to poach each other’s allies over the years, often dangling generous aid packages in front of developing nations, though Taipei struggles to compete with an increasingly powerful China.
Beijing has stepped up the pressure on Taiwan since the 2016 election of Tsai Ing-wen, from the pro-independence Democratic Progressive Party, as president. China fears she will push for Taiwan’s formal independence, but Tsai says she wants to maintain the status quo.
The official China Daily said there was now “shrinking space for secessionists’ tricks” and that nearly all of the international community recognised Taiwan was an inalienable part of China.
“It shows that no matter how hard the Taiwan authorities try to maintain the island’s ‘international space’, their efforts to secure recognition of the island as an ‘independent country’ are doomed to failure,” it said in an editorial.
The Dominican Republic is the fourth country to cut ties with Taiwan since Tsai came to office, following the Gambia, Sao Tome and Principe and Panama.
The Vatican is possibly next, as the Holy See and China edge closer to an accord on the appointment of bishops there. Reporting by Ben Blanchard; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-dominicanrepublic-taiwan/china-media-say-taiwan-has-sour-grapes-as-another-ally-goes-idUKKBN1I308X |
May 23 (Reuters) - Oragenics Inc:
* ORAGENICS, INC. AND TEXAS A&M UNIVERSITY SYSTEM GRANTED U.S. PATENT FOR LANTIBIOTIC MU1140
* ORAGENICS INC - AMONG OTHER THINGS, PATENT COVERS UNIQUE VARIANTS OF LANTIBIOTIC 1140 (MU1140) Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oragenics-texas-am-university-syst/brief-oragenics-texas-am-university-system-granted-u-s-patent-for-lantibiotic-mu1140-idUSFWN1SU0Y5 |
(Reuters) - Canada’s Nemaska Lithium ( NMX.TO ) said on Tuesday it had secured funding of up to C$402 million ($314 million) from investors, which it plans to use to build a mine and processing plant to produce lithium, the key ingredient for rechargeable batteries.
This brings to more than C$1.1 billion the amount of money Nemaska has raised this year for its proposed operations, as the Quebec-based company rides a wave of interest in lithium for batteries used in electric vehicles and mobile phones.
“Today marks a big day in the life of Nemaska Lithium, as we are announcing the last piece of financing required to start the commercial development of the Whabouchi lithium mine project,” Nemaska Chief Executive Guy Bourassa said in a statement.
Nemaska is developing the Whabouchi hard rock lithium project in Quebec, one of North America’s largest spodumene deposits.
Under the deal announced on Tuesday, Nemaska said National Bank Financial, BMO Capital Markets and Cantor Fitzgerald Canada had agreed to purchase 280 million of its shares at C$1 each in a bought deal. They have the option to increase this by C$42 million.
In addition, Nemaska has agreed to do a private placement of 80 million shares at C$1 each with an unnamed institutional investor. Nemaska’s shares closed at C$1.18 on the Toronto Stock Exchange on Tuesday, down 9 Canadian cents.
In April, Nemaska said Japan’s SoftBank Group Corp ( 9984.T ) would invest in its shares. It has also done a stream financing and a bond offering.
Reporting by Nicole Mordant in Vancouver, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nemaska-lithium-fundraising/nemaska-lithium-secures-funding-for-mine-with-c400-million-equity-raise-idUSKCN1IN35C |
May 10 (Reuters) - TRACON Pharmaceuticals Inc:
* TRACON PHARMACEUTICALS INC FILES FOR OFFERING OF UP TO 27.4 MILLION SHARES OF COMMON STOCK BY THE SELLING STOCKHOLDERS Source text: [ bit.ly/2KQef7f ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tracon-pharmaceuticals-files-for-o/brief-tracon-pharmaceuticals-files-for-offering-of-up-to-27-4-mln-shares-of-common-stock-by-the-selling-stockholders-idUSFWN1SH0GD |
SEOUL—South Korea in a major policy turnaround has decided to gradually disclose details on its veiled foreign-exchange interventions to enhance transparency and ease lingering U.S. suspicion that it may be manipulating its currency to boost exports.
South Korean authorities had previously opposed any disclosure of their foreign-exchange operations for fear that speculative hot money investors might abuse such information for profit and destabilize local currency markets. They stepped in to tame market volatility.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/south-korea-to-gradually-disclose-foreign-exchange-intervention-details-1526519208 |
YANGON (Reuters) - A Myanmar judge will rule on Tuesday whether to allow the submission of evidence police say they obtained from the mobile phones of two Reuters reporters arrested in December for alleged possession of secret documents.
The court in Yangon has been holding hearings since January to decide whether Wa Lone 32, and his Reuters colleague Kyaw Soe Oo, 28, will be charged under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.
On Monday, Judge Ye Lwin ordered Major Aung Kyaw San, a police IT expert summoned by the prosecution, to demonstrate at Tuesday’s hearing how he says he extracted data from phones taken from the reporters after their Dec. 12 arrest.
The order was made after Aung Kyaw San read out extracts from documents he said had been stored on the devices. Prosecutor Kyaw Min Aung then asked the judge to accept printed copies of the documents as evidence in what has become a landmark free speech case in Myanmar.
(Follow latest updates on detained reporters here )
Defense lawyers objected, arguing the police major had not demonstrated the documents had indeed been extracted from the reporters’ phones, prompting the judge to rule that Aung Kyaw San must give additional testimony before they could be admitted as evidence.
“Tomorrow, that expert witness will come and by looking at the phone handset and laptop that were seized from the defendants, he will explain how he extracted (the documents) ... whether it’s technically correct,” defense lawyer Khin Maung Zaw told Reuters after the hearing.
Aung Kyaw San did not say how the 21 documents he identified in court - some allegedly confidential government letters, others documents related to a tourism development plan on an island off Myanmar’s western coast - were relevant to the case.
“I couldn’t understand the situation because they are submitting unknown documents which we don’t even know,” said Wa Lone, standing on the steps of the court before being shoved to the back of a police pick-up truck.
Prosecutor Kyaw Min Aung declined to comment after Monday’s hearing.
Detained Reuters journalist Wa Lone leaves the court handcuffed, in a police vehicle, after a hearing in Yangon, Myanmar May 21, 2018. REUTERS/Ann Wang Myanmar government spokesman Zaw Htay was not immediately available for comment. Previously, he has said Myanmar courts were independent and the case would be conducted according to the law.
ARMY CRACKDOWN At the time of their arrest, the reporters had been working on an investigation into the killing of 10 Rohingya Muslim men and boys in a village in western Myanmar’s Rakhine state. The killings took place during an army crackdown that United Nations agencies say sent nearly 700,000 people fleeing to Bangladesh.
The reporters have told relatives they were arrested almost immediately after being handed some rolled up papers at a restaurant in northern Yangon by two policemen they had not met before, having been invited to meet the officers for dinner.
Last month, Police Captain Moe Yan Naing testified that a senior officer had ordered his subordinates to plant secret documents on Wa Lone to “trap” the reporter.
Senior police officials have dismissed the testimony as untruthful.
After his court appearance, Moe Yan Naing was sentenced to a year in jail for violating police discipline and his family was evicted from police housing. Police have said the eviction and his sentencing were not related to his testimony.
Global advocates for press freedom, human rights activists, as well the United Nations and several Western countries, have called for the release of the Reuters journalists.
Slideshow (4 Images) On Monday, diplomats from Denmark, France and the European Union - as well as others - observed the proceedings.
Reporting by Thu Thu Aung and Sam Aung Moon; Writing by Antoni Slodkowski
| ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-journalists/myanmar-judge-to-rule-on-evidence-allegedly-taken-from-reuters-reporters-phones-idUSKCN1IM1B9 |
TOKYO (Reuters) - Japan’s core consumer price growth slowed in April for a second straight month, showing little of the inflationary momentum needed to reach the central bank’s elusive 2 percent target.
A clerk talks to a customer at a flower shop selling new year's decorations at a shopping mall in Tokyo, Japan December 26, 2017. REUTERS/Kim Kyung-Hoon The weakness in April inflation is particularly unwelcome for the Bank of Japan, which had hoped companies would rush to hike prices at the start of a new business year.
The slowdown, which came in the wake of first-quarter data showing the economy may have reached its peak, could discourage BOJ policymakers from signaling their intention to end its ultra-easy monetary policy, analysts say.
“The broad-based moderation in price pressures in April underlines that the Bank of Japan won’t be able to tighten monetary policy anytime soon,” said Marcel Thieliant, senior Japan economist at Capital Economics.
“We expect GDP growth to slow this year which suggests that capacity shortages won’t intensify any further.”
The core consumer price index, which includes oil products but excludes volatile fresh food costs, rose 0.7 percent in April from a year earlier, slightly less than a median market forecast for a 0.8 percent rise.
It followed a 0.9 percent gain in March, marking the second straight month of slowdown, despite recent gains in oil prices that pushed up electricity and gasoline bills.
The pace of increase in the core-core CPI, an index closely watched by the BOJ that strips away the impact of fresh food and energy costs, slowed to 0.4 percent from 0.5 percent in March.
Processed food prices rose 1.1 percent in April from a year earlier, the same rate of increase as March, a sign few firms took the start of a new business year as an opportunity to pass rising costs on to consumers.
The ratio of goods that saw prices rise stood at 53.9 percent in April, roughly unchanged from March.
DEFLATIONARY MINDSET PERSISTS The pressure to keep prices down is particularly strong for mass-market retailers with acutely cost-conscious customers.
Fast food operator Yoshinoya Holdings Co ( 9861.T ) has said it has no plans to raise the price of its famed beef bowl dish this year despite rising labor costs, having suffered a decline in sales after a price hike in 2014.
Torikizoku Co Ltd ( 3193.T ) continues to see customer numbers fall since it raised the price of its grilled chicken skewers last October for the first time in nearly 30 years.
“The economy isn’t necessarily doing that well,” said Soichi Okazaki, president of retail giant Aeon ( 8267.T ) Co Ltd.
While recent rises in oil costs may underpin price growth, analysts expect inflation to fall short of the BOJ’s goal in coming years given slow wage growth and weak consumption.
“Companies remain cautious of raising prices,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.
“Price rises for non-energy goods will likely remain slow, so we can’t expect core CPI to accelerate much,” he said, adding that core consumer inflation will likely hover below 1 percent for the time being.
Japan’s economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades.
While analysts expect growth to rebound in the current quarter, any sign of the economy hitting a plateau could further push back market expectations of an exit from easy monetary policy.
The BOJ last month dropped a timeframe for hitting its price goal and Governor Haruhiko Kuroda has conceded that pushing up inflation expectations would take time.
Almost half the economists polled by Reuters this month do not expect the BOJ to change its ultra-easy policy until 2020 or later, given sluggish inflation.
Reporting by Leika Kihara; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-inflation/bank-of-japan-inflation-target-recedes-as-consumers-resist-price-rises-idUSKCN1IJ07G |
NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- Nosto , the industry leader in online retail personalization, today announced the appointment of a new CEO, Jim Lofgren. Lofgren will replace Matti Rönkkö, who has served as CEO of Nosto for the past five years and announced his intent to leave for personal reasons at the end of last year. Lofgren has most recently served as the North American CEO of Klarna, a leading payments solutions provider, and one of the most successful and fastest growing companies out of the Nordics. He will begin his new role on June 4th and be based in New York.
“Throughout our search process, we were incredibly impressed with Jim. We’re confident that under his guidance and leadership, we’ll take the company to the next level. The Board sees huge growth potential in Nosto with the rapid expansion of ecommerce coupled with Nosto’s impressive performance across all markets,” said Moaffak Ahmed, Chairman of the Board for Nosto. “With more than 2,500 of the world’s leading brands now using Nosto to deliver their customers personalized experiences and a compound annual growth rate in North America of 260% between 2015-2017, we’re confident that these great results will continue. We are grateful to Matti for his leadership, and confident that a very sound foundation and promising future are in place for Jim to drive significant growth for Nosto.”
“I am honored by the opportunity to lead this tremendous organization, and continue to be impressed by its innovation and talented team. Nosto has created a stellar reputation in the area of AI and personalization -- nobody does it better -- and I fully expect to see continued growth and momentum for this company going forward,” said Jim Lofgren, Nosto’s new CEO. “I’m eager to get started and to expand Nosto’s footprint by leveraging its patented advanced technology and machine learning that helps retailers predict the best products and offers for customers based on their unique needs, wants and behaviors.”
Recently, Nosto secured $17 million in funding from the European Investment Bank to further accelerate the company’s U.S. expansion and continued product development. Nosto has recently expanded its presence to the West Coast with the launch of a new office in Los Angeles, its second U.S. hub after New York. The U.S. market represents an area where Nosto is seeing hyper-growth.
This past month, Nosto received the Thought Leader award at the annual Magento Imagine conference. The Magento Thought Leader award recognizes the leading solution and technology partners that have delivered the greatest impact to the commerce industry over the past year. Nosto also won an Excellence Award with its agency partner Guidance and customer, Kate Somerville Skincare.
About Nosto
Nosto enables online retailers to deliver their customers personalized shopping experiences at every touch point, across every device. A powerful personalization platform designed for ease of use, Nosto empowers retailers to build, launch and optimize 1:1 multi-channel marketing campaigns without the need for dedicated IT resources. Leading retail brands in over 100 countries use Nosto to grow their business and delight their customers. Nosto supports its retailers from its offices in Helsinki, London, Berlin, Stockholm, New York, Los Angeles and Paris. More information can be found at http://www.nosto.com/ .
Media Contacts:
Heidi Davidson
Galvanize Worldwide for Nosto
(914) 441-6862
[email protected]
Source:Nosto Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-nosto-names-new-ceo-to-drive-rapid-growth-in-ecommerce-personalization.html |
Adobe acquires Magento Commerce for $1.7B 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/adobe-acquires-magento-commerce-for-1-point-7b.html |
Eric Cantor: Middle East one of the most exciting regions to be in 3 Hours Ago Eric Cantor, former House of Representatives majority leader, said the U.S.' relationship with Saudi Arabia has shifted under Trump. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/eric-cantor-middle-east-one-of-the-most-exciting-regions-to-be-in.html |
China state media slams shock U.S. tariff threat Wednesday, May 30, 2018 - 02:11
China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war. ▲ Hide Transcript ▶ View Transcript
China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L6VjAt | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/china-state-media-slams-shock-us-tariff?videoId=431622394 |
Dr. Roper led expansion efforts in education, research, and clinical care that improved health for all North Carolinians
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- Dr. William L. Roper, who has helped transform UNC Health Care and the UNC School of Medicine into one of the nation’s top academic medical institutions, plans to step down as CEO and dean in May 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531006107/en/
William L. Roper, MD, MPH, CEO, UNC Health Care System and Dean, UNC School of Medicine (Photo: Business Wire)
“It has been a high honor to serve with so many talented and committed people. I know that our team is well equipped to continue taking on the challenges of a rapidly evolving medical and health care landscape,” Roper said. “Our mission, our patients and our providers are in good hands.”
Roper joined UNC-Chapel Hill as dean of the School of Public Health in 1997. In 2004, he became CEO of UNC Health Care, dean of the School of Medicine and vice chancellor for medical affairs. In those roles, he has expanded the reach of the health care system and medical school and helped improve the health of all North Carolinians. He’s also been a passionate advocate for health issues that affect residents of North Carolina at the state and federal levels.
“Dr. Roper has championed a broad range of innovative teaching, treatment and patient-care initiatives that have expanded and rippled across our state to provide patients with quality, accessible and affordable health care,” said UNC-Chapel Hill Chancellor Carol L. Folt. “Bill has provided a remarkable record of leadership, always with the people of North Carolina in his heart and on his mind.”
Under Roper’s leadership, UNC Health Care has expanded into a statewide system with more than a dozen hospitals, more than 30,000 employees and nearly $5 billion in annual revenue. His commitment to teaching and training the next generation of physicians has improved access across the state, especially in rural areas.
“Without question, Dr. Roper has a proven track record of service to our state, our people and to our future health,” said Dale Jenkins, chair of the UNC Health Care Board of Directors. “Throughout a long career of public service, he has made an impact on health care nationally, but most importantly, he has elevated health care to new levels here in North Carolina.”
At the UNC School of Medicine, total research funding has increased more than 50 percent since 2004 to $441 million last year, making it one of the preeminent medical research programs in the country. Roper has spearheaded efforts to expand its footprint across the state. He has cultivated relationships with other medical leaders and opened doors for medical students to train in Asheville, Charlotte and Wilmington. Today, the medical school trains more than 2,400 inter-professional health care providers and medical students annually, including many who choose to practice in our state after their education. Roper also has helped expand and add numerous medical, teaching and research facilities at UNC-Chapel Hill and UNC Health Care.
“Since Dr. Roper arrived at UNC, he has leveraged his expertise, experience and political acumen to guide this institution’s medical program and the state’s health care system into the 21st century,” said UNC System President Margaret Spellings. “His robust vision has ensured that we will be ready to meet the needs of our state’s aging and growing population.”
Roper, who turns 70 this summer, plans to step down on May 15, 2019. The University and UNC Health Care soon will begin a national search for his successor.
Photo of Roper: https://tinyurl.com/roper-william
About the University of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill , the nation’s first public university, is a global higher education leader known for innovative teaching, research and public service. A member of the prestigious Association of American Universities, Carolina regularly ranks as the best value for academic quality in U.S. public higher education. Now in its third century, the University offers 77 bachelor’s, 111 master’s, 65 doctorate and seven professional degree programs through 14 schools and the College of Arts and Sciences. Every day, faculty, staff and students shape their teaching, research and public service to meet North Carolina’s most pressing needs in every region and all 100 counties. Carolina’s more than 323,000 alumni live in all 50 states, the District of Columbia and 149 countries. More than 169,000 live in North Carolina.
About UNC Health Care
UNC Health Care is an integrated health care system comprised of UNC Hospitals and its provider network, UNC Faculty Physicians, UNC Physicians Network , the clinical patient care programs of the UNC School of Medicine . Additional hospital entities and health care systems include UNC REX Healthcare , Chatham Hospital , Johnston Health , Pardee Hospital , High Point Regional Health , Caldwell Memorial , Nash Health Care , Wayne Memorial , UNC Lenoir Health Care and UNC Rockingham Health Care .
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UNC School of Medicine
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Source: UNC School of Medicine | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-unc-health-care-ceo-medical-school-dean-bill-roper-plans-to-step-down-in-2019.html |
May 14, 2018 / 8:33 AM / Updated 8 hours ago Exclusive - Jumping ship: Brexit-hit EU staff ditch UK passports Samantha Koester , Alastair Macdonald 6 Min Read
BRUSSELS (Reuters) - About one in 10 British civil servants at the European Commission has taken another EU nationality since the Brexit vote, but are nonetheless resigned to scant prospects of future promotion. FILE PHOTO: A British passport is pictured in front of an European Union flag in this photo illustration taken in Brussels, Belgium, June 20, 2016. REUTERS/Francois Lenoir/Illustration/File Photo
Figures from European Union data provided to Reuters and interviews reflect a pessimistic view of the future in Brussels for nearly 900 remaining British staff on the EU executive once Britain leaves the bloc in March next year following its June 2016 referendum.
They also highlight the role of nationality in EU career advancement despite a formal taboo on discrimination according to passport — as some Britons have already found to their cost.
“As Brits, our careers here are already finished,” said one mid-ranking official with over 20 years service at the Commission who, like many of those switching, has now acquired an Irish passport through descent.
“But no one will see me as Irish. This is basically just an insurance policy for now.”
President Jean-Claude Juncker gave British staff a formal undertaking in late March that the Commission would not exercise its right to dismiss them after March 29, 2019, when they lose the EU citizenship that is a normal requirement for employment.
But despite such sympathy at the top for their plight, Britons have already been voting with their feet.
Public data shows that on Jan. 1 this year there were 894 Commission employees whose officially recorded first nationality was British. That was down 135, or 13 percent, from a year earlier and 240, or 21 percent, fewer than at the start of 2016.
Internal data cited by an EU official showed that since May 2016 “slightly above 150” Britons retired, resigned or left at the end of the kind of temporary contract given to a quarter of the Commission’s 32,000 staff; some 65 British citizens were hired, but all but four of these were on short-term contracts. NEW PASSPORTS
Strikingly, compared to that net decline of 85, “slightly above 100” more Britons also switched their “first nationality” to another of the 27 EU states, notably to Ireland, where many millions of British people have roots, as well as to France.
In a tweet sent on the day after the Brexit vote devastated his colleagues, one British EU official with dual nationality posted a photo of a bottle of Irish whiskey. He wrote: “Time to connect with my Irishness to numb my wounded Britishness.”
Britain allows dual nationality, so those switching in the EU are not obliged to renounce their private UK citizenship.
Conversations with EU officials — none would speak on the record about personal choices — shows some Britons already had dual citizenship and have merely switched to the “first nationality” recorded in Commission records.
Some raced to acquire new passports after the referendum. Others also have another citizenship but have yet to formally switch to it, while many are thinking of or are applying to other countries.
Among these, notably, is Belgium. It has resisted granting citizenship to some EU officials, despite many having spent decades living in Brussels, on the grounds they have not been in the local tax system. Juncker appealed personally to the Belgian prime minister this month to show them compassion.
The issue of nationality in EU careers is a delicate one. Formally, officials “leave their passports at the door”, though officials also expect teams to reflect the bloc’s diversity.
A Commission spokeswoman told Reuters: “We can’t see how changing first nationality ... could result in any sort of advantage. Promotions of EU officials are based on merit only.”
Even before Brexit, that view is contested by some who say privately that British colleagues have been passed over for expected promotions or removed from work that superiors feared could cause a conflict of loyalties between Brussels and London.
Some British EU staff say that has offended them, arguing that, if anything, they feel the Brexit vote has strengthened their commitment to a project people back home have abandoned.
“It’s been painful,” said one veteran staffer.
“Since the referendum, I feel much less British — but the world sees me as much less European,” STIFF UPPER LIP
Even those switching passports see little hope — certainly not in senior positions, where national governments are unlikely to lobby for what one Irish official described as “re-badged Brits”. Like other capitals, Dublin wants jobs for its own.
The number of Commission officials recording Irish first nationality rose by 37 to 520 in the two years to January.
An Irish EU embassy spokesman said the issue of British EU officials taking Irish nationality was “complex” and that the government was “continuing to monitor matters”.
Even without Brexit, Euro-Brits have been a vanishing breed, reflecting what many of them see as long growing indifference to the EU among British voters and successive London governments.
While they once made up closer to the 13 percent of the current EU population that Britain accounts for, they are today just 3 percent of Commission, albeit better represented in the senior ranks, reflecting longer EU membership than most states and more effort to see “national balance” across the top jobs.
Some British staffers speak of serving out time till their pension; others are sticking to EU ambitions, knowing that the Commission does hire some non-EU nationals with special skills.
Rather than linger in roles of diminishing responsibility, some are looking to follow colleagues into the private sector.
A few are tempted to move to a London civil service that may grow thanks to Brexit; others see little welcome from a British establishment they feel has done little for them. Amid anger, grief and uncertainty, there is deal of British stiff upper lip:
“It’s not the end of the world,” said one. “No one’s going to be helicoptered off the embassy roof, Saigon-style.” Writing by Alastair Macdonald; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-jobs-exclusive/exclusive-jumping-ship-brexit-hit-eu-staff-ditch-uk-passports-idUKKCN1IF0XC |
Closing Bell Exchange: The year of geopolitical risk 1 Hour Ago Andy Kapyrin, Regent Atlantic; Stephen Guilfoyle, Real Money contributor; and CNBC's Rick Santelli, discuss what moved the markets today. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/closing-bell-exchange:-the-year-of-geopolitical-risk.html |
QUINCY, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp (NASDAQ:PLBC), has announced that Shelley Macdonald has joined the bank as vice president, ag/commercial loan officer for the northern California region. With over 26 years of agricultural lending experience, Macdonald is responsible for generating ag and commercial loans and managing relationships for business clients throughout Tehama County and the northern California region. Previously, her position was vice president, assistant branch manager for Northern California Farm Credit/Golden State Farm Credit in Red Bluff, California.
“Shelley is an excellent addition to our team of talented ag and commercial lenders. Her focus on providing outstanding service and extensive knowledge of the local community will be tremendous assets to our clients and to Plumas Bank as we expand into Tehama County and beyond. We are confident that Shelley will be a significant contributor to our success,” commented Executive Vice President and Chief Credit Officer, Kerry D. Wilson.
Macdonald commented, "I am pleased to join Plumas Bank because it has a strong, community-oriented reputation. As an active member of the Tehama County community, I am eager to offer the hometown personal banking service that Plumas Bank is so well-known for and that this community deserves."
Macdonald lives in Red Bluff with her family. She has a lifetime of experience in agriculture and a Bachelor of Science degree in Agricultural Business Management from California State University, Chico. Macdonald is very active in her community: she is vice president and ag education chairperson for the Tehama County Farm Bureau, and a past president and current board member of the Tehama County Education Foundation. Macdonald is also active on the Chico State Superior Ag Committee and the Shasta College Ag Advisory Board, she is a member of Tehama County CattleWomen, and she is an Antelope 4-H Sheep Leader. In 2004 Macdonald was recognized as the Tehama County Volunteer of the Year, in 2012 was awarded the Tehama County Woman of the Year Award and in 2014 she received the Common Threads California Distinguished Women in Ag Award.
About Plumas Bank
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Northeastern California. The Bank operates twelve branches: eleven located in the California counties of Plumas, Lassen, Shasta, Placer, Nevada, and one branch in the Nevada County of Washoe. The Bank also operates three loan production offices: two located in the California Counties of Placer and Butte, and one located in the Oregon County of Klamath. Plumas Bank offers a wide range of financial and investment services to consumers and businesses with a strong focus on Ag and SBA lending. Plumas Bank has received nationwide Preferred Lender status with the United States Small Business Administration. For more information, please visit our website at www.plumasbank.com .
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Source: Elizabeth Kuipers Vice President, Marketing Manager & Investor Relations Officer, Plumas Bank 35 S. Lindan Ave. Quincy, CA 95971 Ph: 530.283.7305 x8912 Fx: 530.283.9665 [email protected]
Source:Plumas Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-macdonald-joins-plumas-bank-as-vice-president-agcommercial-loan-expert.html |
NEW YORK, May 7, 2018 /PRNewswire/ -- TransPerfect, the world's largest provider of language and technology solutions for global business, today announced that Co-Founder Phil Shawe has completed the purchase of the remaining shares of TransPerfect Global, Inc. not already controlled by Phil and Shirley Shawe, allowing the company to move forward under consolidated ownership.
Mr. Shawe will continue to lead the day-to-day operations of the organization as he has done for the past 25 years, in the role of President and CEO. Mr. Shawe was previously Co-CEO. No major operational changes are expected as a result of the transaction, which marks the end of a court-approved sale process.
TransPerfect has delivered 100 consecutive quarters of profitable growth, making it one of the most successful companies in America. From its start in an NYU dorm room 25 years ago, TransPerfect has grown to be the largest company in the language industry, with $615 million in revenue in 2017. Most recently, TransPerfect posted Q1 2018 revenues totaling $154 million, an increase of nearly 16% over the same period in 2017.
"This is a historic day for TransPerfect. I want to thank the employees, who have driven the company's continued success over the last 25 years. I am making a promise to each of you who have stood by this company: We will continue to grow, to innovate, and to lead—and we will continue to do so as a team—and with our clients' best interests at heart," said Shawe. "The message to our employees, our vendors, and our clients is the same: Full steam ahead."
The company confirmed it will continue making significant investments in expansion and innovation, and has multiple major technology product releases slated for 2018. In addition, the company plans to continue its history of profitable growth, creating jobs, further expanding its global footprint, and pursuing strategic mergers and acquisitions—all with the overarching purpose of better serving the international business requirements of its prestigious and ever-growing client base.
Mr. Shawe's litigation team was led by Kruzhkov Russo PLLC; Rabinowitz, Boudin, Standard, Krinsky & Lieberman; and Finger & Slanina. Baker Botts LLP served as Mr. Shawe's transaction counsel and CDX (Cyndx) Advisors acted as Mr. Shawe's strategic advisor. Ms. Shawe's legal team was led by Professor Alan Dershowitz and Eicher Law LLC. Owl Rock Capital Advisors financed the transaction, the details of which are publicly available.
ABOUT TRANSPERFECT
TransPerfect is the world's largest provider of language services and technology solutions for global business. From offices in over 90 cities on six continents, TransPerfect offers a full range of services in 170+ languages to clients worldwide. More than 4,000 global organizations employ TransPerfect's GlobalLink® Product Suite to simplify management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at www.transperfect.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/transperfect-ceo-phil-shawe-completes-buyout-of-his-co-founder-in-court-approved-sale-300643814.html
SOURCE TransPerfect | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-transperfect-ceo-phil-shawe-completes-buyout-of-his-co-founder-in-court-approved-sale.html |
LONDON (Reuters) - Pro-Brexit members of parliament heaped pressure on British Prime Minister Theresa May on Wednesday over her future customs plans with the European Union, calling on her to drop what some say is her preferred proposal.
Britain's Prime Minister Theresa May walks out of 10 Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay Before May met her so-called Brexit war cabinet, a group of MPs criticised her proposal for a customs partnership, saying the arrangement that would see Britain essentially act as the EU’s tariff collector was unworkable.
Her spokesman said the government’s ideas were evolving.
May’s decision to leave the EU’s customs union, which sets tariffs for goods imported into the bloc, has become one of the main flashpoints in the Brexit debate in Britain, pitting companies and pro-EU campaigners against a vocal group of hardline eurosceptic MPs.
With the added pressure of trying to prevent the return of a “hard” border in Ireland and find something Brussels might agree to, May has delayed putting any firm plans for future customs arrangements on the table, hoping to plot a route that could at least please more than one side.
Her challenge was writ large when members of the European Research Group, a group of MPs in May’s Conservative Party, said they had presented their argument to the government that a customs partnership would not work.
“It is more of a statement of our position, with supporting arguments,” a member of the ERG said, denying it was an ultimatum to the prime minister or an attempt to undermine her.
Some pro-Brexit MPs fear the customs partnership is little more than an attempt to stay in the customs union — something they say would not deliver the kind of divorce the government has promised to pursue.
May is not only under pressure at home.
She also faces increasingly urgent demands from Brussels to come up with a customs plan to avoid a return to a hard border between British-ruled Northern Ireland and the Irish Republic, which some fear could reignite sectarian violence.
In Dublin, Irish Prime Minister Leo Varadkar said there was a risk that Britain and the EU would fail to reach a withdrawal deal by an October deadline unless “real and meaningful” progress was made by a summit in June of the bloc’s leaders.
Related Coverage May's latest Brexit headache - a customs deal with the EU Ideas on post Brexit customs setup are evolving - May's spokesman EVOLVING After losing her party’s majority at an ill-judged election last year, May has put off committing to a single plan, offering Brussels two options — the customs partnership or a technology-based streamlined customs arrangement, both of which EU negotiators have dismissed.
In parliament, May said there were a number of ways to solve the customs issue, in what seemed to suggest that her government could be looking beyond the two proposals already made.
Asked whether there were other options, her spokesman said: “Work has been ongoing on two options, that work has been proceeding. Ideas obviously are evolving as we go along and the prime minister said there are a number of ways to proceed.”
The easiest way to solve the problem, May’s critics say, is to stay in the customs union or negotiate a new one along the lines proposed by the main opposition Labour Party.
Her spokesman said earlier this week the government would “move forward with a single option”, but the question is when?
On Wednesday, her minister for the cabinet office, David Lidington, said it would most probably take a few weeks to decide on a final position, playing down any expectations of a quick decision at Wednesday’s meeting of the Brexit committee.
Brexit campaigners are hoping that the appointment of free-market advocate Sajid Javid as Home Secretary this week could shift the balance in their favour on the sub-committee.
But by leaving the question open May has been vulnerable to attempts both in the upper and lower houses of parliament to try to force the customs union back onto the agenda.
FILE PHOTO: A demonstrator carries a Union Jack and a European Union flag as the EU's chief Brexit negotiator Michel Barnier visits Downing Street in London, Britain February 5, 2018. REUTERS/Hannah Mckay/File Photo - RC1EB97A3AE0 Her government was defeated in the House of Lords earlier this week, and has postponed votes in the House of Commons after several MPs in her party said they would support attempts to draw a commitment to stay in the customs union.
Additional reporting by Alistair Smout and Andrew MacAskill; editing by David Stamp
| ashraq/financial-news-articles | https://in.reuters.com/article/uk-britain-eu/pro-brexit-mps-pressure-may-over-customs-plan-idINKBN1I3178 |
May 18, 2018 / 4:11 PM / in an hour Trump proposes taking funds away from abortion providers Roberta Rampton 4 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday issued a proposal that would effectively stop giving government funds that subsidize birth control for low-income women to Planned Parenthood and other clinics that provide abortions.
The plan is aimed at fulfilling Trump’s campaign pledge to defund Planned Parenthood, an organization that provides abortions and other health services for women, and comes as Republicans push to energize Trump supporters ahead of November congressional elections.
Congress provided $286 million in Title X grants in 2017 to Planned Parenthood and other health centers to provide birth control, screening for diseases and cancer, and other reproductive counseling to low-income women.
The funding cannot be used for abortions, but abortion opponents have long complained that the money subsidizes Planned Parenthood itself.
“You can still get an abortion in this country. You can get it in many different places. We don’t just don’t think taxpayers should have to pay for that,” said Kellyanne Conway, a top adviser to Trump, on Fox News Channel.
Planned Parenthood said it would not back down from providing abortions and counseling, and would fight the rule in court if needed.
The group provides healthcare services to about 40 percent of the 4 million people covered by the Title X program, and said community health centers would not be able to absorb its patients.
The organization called it a “gag rule” that would roll back a requirement that medical professionals provide information about abortions.
“If a woman is pregnant and wants or needs an abortion, under this rule, her provider will be prohibited from telling her where she could get one,” Dawn Laguens, executive vice president of the group, told reporters. REVIEW PROCESS
Groups that oppose abortion said the plan would not ban abortion counseling, but would ensure that taxpayer funding does not support clinics that also perform abortions.
The Susan B. Anthony List, a group that backs political candidates who oppose abortion, praised the move. Trump is scheduled to speak at its fundraising gala next week.
“This is a major victory which will energize the grassroots as we head into the critical midterm elections,” the group said in a statement.
The timelines and details of the proposal from the Department of Health and Human Services were not immediately available. The plan will go through a review process run by the White House Office of Management and Budget.
“The proposal would require a bright line of physical as well as financial separation between Title X programs and any program (or facility) where abortion is performed, supported, or referred for as a method of family planning,” an administration official said in a statement.
In February, the Trump administration shifted guidelines for the Title X grants toward prioritizing groups that are faith-based and counsel abstinence.
Earlier this month, Planned Parenthood and the National Family Planning & Reproductive Health Association filed lawsuits seeking to block the change. U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque Reporting by Roberta Rampton; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-abortion/trump-takes-aim-at-planned-parenthood-in-proposed-abortion-regulation-idUSKCN1IJ268 |
Exclusive: Comcast readies bid for 21st Century Fox 1:13am BST - 00:51
Comcast is speaking to investment banks about obtaining bridge financing for an all-cash bid to displace Walt Disney on its $52 billion deal to acquire most of Twenty-First Century Fox assets, three people familiar with the matter said on Monday.
Comcast is speaking to investment banks about obtaining bridge financing for an all-cash bid to displace Walt Disney on its $52 billion deal to acquire most of Twenty-First Century Fox assets, three people familiar with the matter said on Monday. //reut.rs/2KJQsFS | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/exclusive-comcast-readies-bid-for-21st-c?videoId=424812709 |
May 3 (Reuters) - Lawreshwar Polymers Ltd:
* SAYS PRATEEK JAIN, CHIEF FINANCIAL OFFICER (CFO) OF COMPANY HAS RESIGNED
* SAYS APPOINTED RAKESH KUMAR SONI AS CHIEF FINANCIAL OFFICER Source text - bit.ly/2HPdE3M
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lawreshwar-polymers-appoints-rakes/brief-lawreshwar-polymers-appoints-rakesh-kumar-soni-as-cfo-in-place-of-prateek-jain-idUSFWN1SA02Y |
UNITED NATIONS (Reuters) - The United Nations Security Council will begin talks on Monday on a Kuwait-drafted resolution that condemns Israeli force against Palestinian civilians and calls for an “international protection mission” to be deployed to the occupied territories.
The draft resolution, seen by Reuters on Friday, asks U.N. Secretary-General Antonio Guterres to report within 30 days of its adoption on “ways and means for ensuring the safety, protection and well-being of the Palestinian civilian population.”
The United States, an Israeli ally, is likely to veto the move if it is put to a vote by Kuwait, the diplomats said. A resolution needs nine votes in favor and no vetoes by the United States, Britain, France, Russia or China to be adopted.
The U.S. mission to the United Nations did not immediately respond to a request for comment. It was unclear when the resolution could be put to a vote.
The push for a resolution comes after the bloodiest day for Palestinians since the 2014 Gaza war. Dozens of Palestinians were killed on Monday in gunfire and tear gas from Israeli troops on the Gaza-Israel border, the Palestinian Health Ministry said as the United States opened its new embassy in contested Jerusalem.
Israel has said it is acting in self-defense to protect its borders and communities. Both Israel and the United States said Hamas, which rules Gaza, instigated the violence, an allegation denied by the militant group opposed to Israel’s existence.
Israel’s U.N. Ambassador Danny Danon dismissed the draft Security Council resolution as a “shameful” proposal “to support Hamas’ war crimes against Israel and the residents of Gaza who are being sent to die for the sake of preserving Hamas’ rule.”
During a Security Council meeting on Tuesday, U.S. Ambassador to the United Nations Nikki Haley blamed Hamas for “inciting violence for years, long before the United States decided to move our embassy.”
On Monday, the United States blocked a Kuwait-drafted council statement that would have expressed “outrage and sorrow at the killing of Palestinian civilians” and called for an independent and transparent investigation, diplomats said.
Reporting by Michelle Nichols; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-un-resolution/u-n-council-mulls-calling-for-palestinian-protection-force-idUSKCN1IJ1P6 |
CHENNAI, India (Thomson Reuters Foundation) - Shoppers at malls in the Indian city of Bengaluru may have gotten more than they bargained for on Labour Day, as campaigners used the occasion to highlight the plight of victims of modern slavery.
Screens with images and information about bonded labor joined advertisements for Labour Day sales in at least four popular malls in Bengaluru, in the southern state of Karnataka.
Shoppers were encouraged to snap selfies in front of the digital displays and post them to social media in order to raise awareness of the crime, so they would be more likely to recognize and report it.
“Lack of awareness is a hurdle in effectively combating the crime,” said Jagadish Kempalakkegowda, a state government official who spoke about the issue on three popular radio stations on Tuesday.
“We have released more than 100 people from bondage in the last eight months from around the city, and are appealing to citizens to complain if they spot such cases,” he told the Thomson Reuters Foundation.
Banned in 1976, bonded labor remains widespread across India, with tens of thousands of women, children and men trapped in a cycle of debt.
Most are duped into working without wages to pay off loans or inherited debts. But there is often no documentation of how much debt has been incurred or cleared, say activists, and the cycle can continue for months or even years.
The government, in its efforts to clamp down on the crime, has said it plans to rescue more than 18 million people by 2030 and strengthen the prosecution of perpetrators.
Campaigners like the End Bonded Labour Coalition, which organized the mall displays, are trying to let the public know that the crime continues to this day.
“Most think bonded labor does not exist anymore, but it does and most of us don’t recognize it,” said Nupur Singh a marketing manager at the Mantri Square mall, which sees an average of more than 1 million visitors every month.
“They don’t stop to think about the child selling them roses at the traffic lights,” she said by telephone. “We wanted them to pause and think as part of the campaign.”
Singh said Tuesday was the perfect chance to raise awareness.
“A lot of people came to malls because it was a holiday and we wanted them to know why Labour Day was important,” she said.
Reporting by Anuradha Nagaraj, Editing by Jared FerriePlease credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking and climate change. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-labour-shoppingmalls/glitzy-shopping-malls-spotlight-bonded-labor-in-south-india-idUSKBN1I31FV |
May 29, 2018 / 7:48 PM / Updated 10 hours ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 29 (OPTA) - Scoreboard at close of play of between Kent and Somerset on Tuesday at Canterbury, England Kent win by 28 runs (DLS Method) Somerset 1st innings Johann Myburgh b Matt Henry 8 Steve Davies c Alex Blake b Matt Henry 2 Peter Trego c&b Calum Haggett 25 James Hildreth lbw Darren Stevens 12 Matthew Renshaw c Harry Podmore b Calum Haggett 56 Tom Banton c Alex Blake b Darren Stevens 3 Lewis Gregory b Mitchell Claydon 60 Roelof van der Merwe c Heino Kuhn b Calum Haggett 3 Ben Green Not Out 26 Jamie Overton c Sam Billings b Matt Henry 7 Paul van Meekeren Not Out 9 Extras 0b 3lb 2nb 0pen 5w 10 Total (42.0 overs) 221-9 Fall of Wickets : 1-4 Davies, 2-17 Myburgh, 3-44 Hildreth, 4-56 Trego, 5-65 Banton, 6-168 Renshaw, 7-172 van der Merwe, 8-184 Gregory, 9-209 Overton Bowling Ov Md Rn Wk Econ Ex Mitchell Claydon 8 0 32 1 4.00 1nb Matt Henry 9 0 37 3 4.11 Darren Stevens 8 0 36 2 4.50 1w Calum Haggett 9 0 42 3 4.67 1w Harry Podmore 7 0 61 0 8.71 3w Joe Denly 1 0 10 0 10.00 Kent 1st innings Daniel Bell-Drummond c Steve Davies b Lewis Gregory 0 Heino Kuhn Not Out 36 Joe Denly Not Out 44 Extras 0b 6lb 0nb 0pen 2w 8 Total (16.0 overs) 88-1 Fall of Wickets : 1-1 Bell-Drummond Did Not Bat : Billings, Dickson, Blake, Stevens, Haggett, Henry, Podmore, Claydon Bowling Ov Md Rn Wk Econ Ex Lewis Gregory 4 0 19 1 4.75 1w Paul van Meekeren 2 0 11 0 5.50 Peter Trego 3 0 15 0 5.00 Ben Green 3 0 18 0 6.00 Jamie Overton 3 0 17 0 5.67 1w Roelof van der Merwe 1 0 2 0 2.00 Umpire Nicholas Cook Umpire David Millns Video Martin Saggers Home Scorer Lorne Hart Away Scorer Gerry Stickley | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5TI9JAP7 |
What happens when you ask Alexa, Google and Siri if they are spying on you 19 Hours Ago CNBC's Todd Haselton asked Siri, Alexa and Google Assistant if they are spying on him. Here's what each voice assistant had to say. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/amazon-alexa-google-home-apple-homepod-spying.html |
NEW YORK, May 21, 2018 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against LaSalle Hotel Properties (NYSE: LHO) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by Blackstone. Stockholders will receive $33.50 for each share of LaSalle Hotel Properties stock that they hold. The transaction is valued at approximately $4.8 billion and is expected to close third quarter of 2018.
If you are a stockholder of LaSalle Hotel Properties and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/lho . You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at [email protected] , or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com .
Attorney Advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-lasalle-hotel-properties-300651987.html
SOURCE Rowley Law PLLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-lasalle-hotel-properties.html |
May 1 (Reuters) - Ironwood Pharmaceuticals Inc:
* IRONWOOD PHARMACEUTICALS ANNOUNCES INTENT TO SEPARATE SOLUBLE GUANYLATE CYCLASE (SGC) BUSINESS FROM COMMERCIAL AND GASTROINTESTINAL BUSINESS
* IRONWOOD PHARMACEUTICALS INC - SEPARATION EXPECTED TO RESULT IN TWO INDEPENDENT, PUBLICLY TRADED COMPANIES
* IRONWOOD PHARMACEUTICALS INC - EXPECTS TO INCUR CHARGES RELATED TO TRANSACTION
* IRONWOOD - ASSETS EXPECTED TO CONTINUE TO INCLUDE THREE IN-MARKET PRODUCTS AND TWO DEVELOPMENT CANDIDATES TARGETING GI DISEASES AND ABDOMINAL PAIN
* IRONWOOD - ANTICIPATES BEING PROFITABLE WITH “STRONG REVENUE GROWTH” FROM ITS IN-MARKET PRODUCTS FOLLOWING SEPARATION
* IRONWOOD PHARMACEUTICALS INC - PLANS TO HAVE SEPARATE BOARDS AND MANAGEMENT TEAMS FOR EACH BUSINESS
* IRONWOOD - ALL OF IRONWOOD’S CURRENT LINACLOTIDE COLLABORATIONS ARE EXPECTED TO REMAIN WITH IRONWOOD
* IRONWOOD PHARMACEUTICALS INC - INTENDS TO TRANSITION EMPLOYEES TO NEW BUSINESSES AS ORGANIZATION DESIGN IS COMPLETED OVER COMING MONTHS
* IRONWOOD PHARMA - PLANS TO PROVIDE UPDATE ON IMPACT OF TRANSACTION CHARGES ON 2018 GUIDANCE DURING Q2 INVESTOR UPDATE
* IRONWOOD PHARMACEUTICALS INC - IRONWOOD EXPECTED TO RETAIN U.S. RIGHTS TO LESINURAD FRANCHISE FOR UNCONTROLLED GOUT
* IRONWOOD PHARMACEUTICALS INC - AFTER SEPARATION, COMMERCIAL BUSINESS TO CONTINUE TO BE NAMED IRONWOOD, NAME OF RESEARCH AND DEVELOPMENT CO. TO BE ANNOUNCED LATER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ironwood-pharmaceuticals-to-separa/brief-ironwood-pharmaceuticals-to-separate-into-two-independent-publicly-traded-companies-idUSASC09YKD |
Wall Street bull explains why earnings are soaring, but markets are not 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/wall-street-bull-reveals-why-earnings-are-soaring-markets-not-so-much.html |
May 11 (Reuters) - JetBlue Airways Corp:
* JETBLUE ANNOUNCES PILOT AGREEMENT UPDATE * JETBLUE AIRWAYS - REACHED AGREEMENT IN PRINCIPLE WITH AIR LINE PILOTS ASSOCIATION (ALPA) REGARDING JETBLUE’S PILOTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jetblue-reached-agreement-in-princ/brief-jetblue-reached-agreement-in-principle-with-air-line-pilots-association-regarding-jetblues-pilots-idUSASC0A1TL |
AT&T paid Michael Cohen for guidance on its proposed $85 billion acquisition of Time Warner , according to company documents obtained by The Washington Post .
The documents describe Cohen's contract with the company, a relationship that earned President Donald Trump's personal lawyer $600,000.
The telecommunications giant declined to comment on the documents to the Post. The newspaper said, however, that AT&T did not challenge the authenticity of the documents.
Cohen's lawyer declined to comment to the Post.
AT&T had already confirmed it paid Cohen for "insights" on the Trump administration. In a Wednesday memo to employees, AT&T said that Cohen was one of the consultants it hired to better understand how the White House would approach a number of issues including antitrust enforcement.
The Justice Department sued to block the deal in November.
AT&T did not immediately respond to CNBC's request for further comment.
Read the full story in The Washington Post. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/att-reportedly-paid-michael-cohen-for-guidance-on-time-warner-deal.html |
BENGALURU, May 8 (Reuters) - Gold prices rose slightly on Tuesday, after easing in the previous session, as the dollar held steady after marking a fresh 2018 peak. FUNDAMENTALS * Spot gold rose 0.1 percent to $1,315.24 per ounce at 0051 GMT. * U.S. gold futures for June delivery were up 0.1 percent at $1,315.80 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, was little changed at 92.697 after hitting its best since December at 92.974 on Monday. * Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. * Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, as Tehran hinted it might stay in the 2015 accord even if Washington pulls out. * China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday, after discussions in Beijing last week failed to produce agreement on a long list of U.S. trade demands. * As benchmark oil prices touched $70 a barrel, Federal Reserve officials on Monday said that rising U.S. inflation and wage pressures are not enough yet to prompt a change in the central bank's rate outlook. * Government bond yields in the euro area rose in late Monday trading after the European Central Bank's chief economist Peter Praet said an unexpected drop in euro zone core inflation may be a one-off. * The Bank of Japan's decision to drop a timeframe for hitting its inflation target shows it is losing confidence in its price outlook and could mean it puts off exiting easy policy for years to come, a former central bank executive said. DATA/EVENT AHEAD (GMT) * China Trade data Apr 0600 Germany Industrial output Mar 0600 Germany Trade data Mar 1000 U.S. NFIB business optimism Apr * No exact timing (Reporting by Apeksha Nair in Bengaluru; editing by Richard Pullin)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-prices-inch-up-on-steady-dollar-idUSL3N1SF0AB |
May 11, 2018 / 7:51 PM / Updated 7 hours ago Pompeo promises North Korea future 'brimming with prosperity' if it denuclearises Lesley Wroughton , David Brunnstrom 5 Min Read
WASHINGTON (Reuters) - North Korea can look forward to “a future brimming with peace and prosperity” if it agrees to quickly give up its nuclear weapons, U.S. Secretary of State Mike Pompeo pledged on Friday ahead of a historic summit between U.S. President Donald Trump and Kim Jong Un. U.S. Secretary of State Mike Pompeo holds a joint press availability with South Korean Foreign Minister Kang Kyung-wha after their meeting at the State Department in Washington, U.S., May 11, 2018. REUTERS/Kevin Lamarque
“If North Korea takes bold action to quickly denuclearise, the United States is prepared to work with North Korea to achieve prosperity on the par with our South Korean friends,” Pompeo told a news conference after talks with his South Korean counterpart in Washington.
“If Chairman Kim chooses the right path, there is a future brimming with peace and prosperity for the North Korean people,” he said, adding that the United States had a track record of support for the Korean people that was “second to none.”
Pompeo, who returned from Pyongyang this week with three Americans who had been held prisoner by North Korea, said the release of men had helped set conditions for a successful meeting between Trump and Kim in Singapore on June 12.
However, his comments made clear that the two sides remained far apart on the key issue of what they mean by denuclearization.
Pompeo said he had “good, substantive” conversations with Kim in Pyongyang in what was his second meeting with the North Korea leader in less that six weeks, and believed both sides understood the ultimate goal of the summit.
“We had good conversations, substantive conversations. Conversations that involved deep complex problems, challenges; the strategic decision that Chairman Kim has before him about how it is he wishes to proceed and if he is prepared, in exchange for the assurances we are ready to provide to him, if he is prepared to fully denuclearise.” U.S. Secretary of State Mike Pompeo speaks during a joint press availability with South Korean Foreign Minister Kang Kyung-wha after their meeting at the State Department in Washington, U.S., May 11, 2018. REUTERS/Kevin Lamarque
North Korea’s development of nuclear weapons and missiles capable of reaching the United States brought exchanges of bellicose rhetoric between Trump and Kim last year that raised fears of a new war on the Korean peninsula. DIFFERENT CONCEPTS
In spite of an easing of tensions and a return to dialogue in recent months, North Korea has given no indication that it is willing to go beyond statements of broad support the for concept of denuclearisation and unilaterally abandon a nuclear weapons program its ruling family has seen as crucial to its survival.
North Korea’s former spy chief Kim Yong Chul, director of the country’s United Front Department, boasted in a toast to Pompeo over lunch in Pyongyang on Wednesday that North Korea had “perfected” it nuclear capability.
He said its policy was now “to concentrate all efforts into economic progress,” but stressed that this had nothing to do with international sanctions imposed on the country. U.S. Secretary of State Mike Pompeo arrives for a a joint press availability with South Korean Foreign Minister Kang Kyung-wha after their meeting at the State Department in Washington, U.S., May 11, 2018. REUTERS/Kevin Lamarque
Pompeo said U.S. aim was clear - “to ensure that North Korean doesn’t possess the capacity to threaten, not only the United States but the world, with nuclear weapons.”
He described his conversations with Kim as “warm” and said both had tried “our best to make sure that we were communicating clearly and had shared understanding about what our mutual objectives were.”
“We had good conversations about the histories of our two nations,” he added.”We talked about the fact that America has often in history had adversaries who we are now close partners with and our hope that we can achieve the same with respect to North Korea.”
Pompeo said the complete denuclearisation of the Korean peninsula would require a robust verification” program by the United States and other countries.
South Korean Foreign Minister Kang Kyung-wha stressed that sanctions against Pyongyang would not be lifted until it had taken concrete steps to denuclearise.
“We very much hope to see further steps, more concrete steps toward denuclearisation at the U.S.-North Korea summit, so we’re not talking about sanctions relief at this point,” she said.
On Thursday, U.S. Vice President Mike Pence praised Kim Jong Un for making moves toward peace, but expressed caution.
“What Kim Jong Un has said publicly and in discussions is that he is prepared to negotiate to achieve complete denuclearisation of the Korean Peninsula,” he said. “Those words are important, but we’ll see what they mean.” Reporting by Lesley Wroughton and David Brunnstrom; Editing by Jonathan Oatis and Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-southkorea-pompeo/u-s-says-denuclearisation-by-pyongyang-will-require-robust-oversight-idUKKBN1IC2GR |
If it seems like several female CEOs have lost or left their jobs lately, it is because they have. But so, too, have many male chief executives. So why do the women’s departures seem so conspicuous?
One reason is there are so few females at the helm of major corporations to begin with. One year ago, a record 32 women were running Fortune 500 firms. Today that number is 24.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/corner-office-churn-women-leave-ceo-posts-1527098239 |
May 9, 2018 / 10:11 AM / in a minute BRIEF-Cincinnati Bell Reports Q1 Loss Per Share Of $0.26 Reuters Staff
May 9 (Reuters) - Cincinnati Bell Inc: * Q1 REVENUE ROSE 18 PERCENT TO $296 MILLION
* FIOPTICS INTERNET SUBSCRIBERS INCREASED 6,200 DURING QUARTER AND TOTAL INTERNET SUBSCRIBERS WERE UP 2,200
* REAFFIRMS ITS PREVIOUS 2018 FINANCIAL GUIDANCE PROVIDED ON FEBRUARY 15
* 2018 GUIDANCE DOES NOT INCLUDE ANY CONTRIBUTION FROM PENDING MERGER WITH HAWAIIAN TELCOM Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cincinnati-bell-reports-q1-loss-pe/brief-cincinnati-bell-reports-q1-loss-per-share-of-0-26-idUSASC0A0VD |
SALT LAKE CITY, May 15, 2018 /PRNewswire/ -- MountainWest Capital Network (MWCN) today released its 23 rd annual Deal Flow Report, which provides an analysis of Utah's capital market and total number of transactions within the state. The report revealed an increase in the number of capital transactions from 423 in 2016 to 514 in 2017, indicating Utah companies are involved in more transactions.
Notably, Utah's tech industry has continued to grow, with several companies becoming large enough to initiate transactions and acquire smaller businesses. Two Utah-based tech companies led mergers and acquisitions within the technology sector, with Ivanti's transactions totaling $1.1 billion and a single deal from Digicert, Inc. valued at $950 million.
"It's powerful to see Utah companies are now getting big enough to do more of the acquiring rather than being bought by out-of-state businesses," said Katie Chandler from Tanner LLC, chair of MWCN's Deal Flow Event. "As Utah's economy continues to grow stronger, it'll be interesting to see how capital transactions evolve in coming years."
The report also notes that the technology/software segment has the highest percentage of total transactions, but consumer retail has seen a six percent increase over the past three years. Younique LLC, Woodside Homes, Inc. and Nutraceutical International Corporation were all named in the top 10 mergers and acquisitions within the consumer retail category. The top three private placement transactions were all tech companies: Nikola Motor Company ($520 million), Qualtrics ($180 million) and Domo ($115 million).
The Deal Flow Report is published each year by MWCN, a nonprofit organization, to further its mission of fostering the dynamic flow of information about capital formation and distribution. It also serves to educate and mentor, recognize and reward successful business performance and relationship fostered through networking. It does not report on transactions that were either confidential or otherwise not publicly disclosed. The full 2017 MWCN Deal Flow Report can be viewed at: https://www.mwcn.org/deal-flow/
About MountainWest Capital Network
MountainWest Capital Network is Utah's first and largest business networking organization devoted to supporting entrepreneurial success, and dedicated to the flow of financial, entrepreneurial and intellectual capital. Like us on Facebook and follow us on Twitter @MWCN and LinkedIn. www.mwcn.org
Media Contact
Jacob Moon
Method Communications
801-461-9797
[email protected]
Cheri Waldron , MountainWest Capital Network
801-966-1430
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/mountainwest-capital-network-deal-flow-report-shows-increase-in-utah-mergers-and-acquisitions-more-deals-in-2017-300649065.html
SOURCE MountainWest Capital Network | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-mountainwest-capital-network-deal-flow-report-shows-increase-in-utah-mergers-and-acquisitions-more-deals-in-2017.html |
* Dollar firm as U.S. bond yields rise
* U.S. consumer price data due at 1230 GMT
* Bank of England expected to keep rates on hold
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Tom Finn
LONDON, May 10 (Reuters) - The dollar held firm on Thursday underpinned by gains in long-term U.S. Treasury yields and investors focused on U.S. consumer price data later in the day that could show inflation rising.
The dollar index stood little changed against a basket of six major currencies .DXY, =USD at 93.06 after hitting a 4-1/2-month high of 93.42, extending its gains from its April low to 4.7 percent.
“The market is focused on interest rates today,” said Ulrich Leuchtmann, head of FX strategy at Commerzbank.
“The U.S. exit from the Iran nuclear deal has not had much of an impact so it’s become a risk-off environment where interest rate differentials get to decide where the dollar goes next,” he said.
A three-week long rally for the U.S. currency, in which it has reversed several months of weakness, has caused the unwinding of popular long bets on emerging market and G10 currencies.
U.S. yields have risen in recent weeks with 10-year bond yields above a psychologically important 3 percent on Wednesday, edging near a 2014 peak of 3.041 percent.
U.S. consumer price data due at 1230 GMT is expected to show that annual core CPI inflation USCPFY=ECI rose to 2.2 percent in April, which would be the highest in more than a year, from 2.1 percent in March.
The euro hit a 4-1/2-month low of $1.1823 on Wednesday, having fallen in six of the last seven sessions. It last traded at $1.1868.
Discussions on forming a new government in Italy to end nine weeks of political stalemate are continuing and could remain a source of market volatility.
Italian government bond yields jumped to a seven-week high on an increased possibility that a government of anti-establishment parties comes into power in the euro zone’s third largest economy.
The British pound hovered above Monday’s four-month low as traders expect the Bank of England to keep rates on hold at its meeting later in the day as a weak UK economic data and renewed worries about Brexit have led markets to price out the possibility of a rate hike this month.
The pound was up 0.1 percent at $1.3561 not far from $1.3485 touched on Monday.
The New Zealand dollar shed as much as 1.1 percent to a five-month low of $0.6916 after the Reserve Bank of New Zealand held interest rates steady and said the next move in rates could just as easily be a cut as a hike. (Editing by Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-stands-tall-underpinned-by-higher-yields-idUSL8N1SH1G1 |
May 24, 2018 / 1:31 PM / in 9 minutes Trump rejects push for moderate immigration deal, wants 'whole package' Reuters Staff 3 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday rejected a push by moderate congressional Republicans for a ‘Dreamer’ immigration deal, saying he would only back sweeping immigration legislation that met all of his demands, including a U.S-Mexico border wall. U.S. President Donald Trump speaks during a roundtable on immigration and the gang MS-13 at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Kevin Lamarque
“Unless it includes a wall, and I mean a wall, a real wall, and unless it includes very strong border security, there’ll be no approvals from me,” Trump told Fox News. Any bill would also have to end a visa lottery program and curb visas for legal immigrants’ relatives, he added.
“It’s time to get the whole package,” he said in an interview on the “Fox and Friends” program taped on Wednesday that aired on Thursday.
Some centrist Republicans in the U.S. House of Representatives are negotiating a bill to address the future of young immigrants known as “Dreamers” who were brought to the United States illegally as children.
A group of more conservative House Republicans, however, has said they are closing in on a measure with tough new controls on legal and illegal immigration that would win Trump’s support. That plan, however, is unlikely to win over their more moderate colleagues or Democrats.
House Speaker Paul Ryan has so far avoided pressure from both sides of his caucus to take up the contentious issue ahead of the November elections that could create headaches for Republicans as they seek to maintain control of the House and the Senate.
Ryan has said he is working with the White House on a plan that Trump would sign into law.
Moderate House Republicans want to force a series of votes on four separate immigration bills in defiance of the House Republican leadership, hoping to join with Democrats to pull off a rare procedural maneuver.
The bipartisan measure would put “Dreamer” immigrants on a path to citizenship and includes border security but no wall funding.
The plan backed by conservative Republicans, spearheaded by House Judiciary Committee Chairman Bob Goodlatte, offers Dreamers temporary protections but not citizenship in addition to immigration curbs.
A third measure would simply protect Dreamers from deportation, while a fourth from Ryan remains largely unwritten.
Trump told Fox he was optimistic that Democrats would get on board. “I think there’s a lot of pressure on the Democrats to get it approved, frankly, and also to change the immigration laws to toughen them up a lot,” he said.
The 2012 Deferred Action for Childhood Arrivals (DACA) program protects around 700,000 young adults, mostly Hispanics, from deportation and gives them work permits for two-year periods, after which they must reapply. Reporting by Susan Heavey; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-congress/trump-rejects-push-for-moderate-immigration-deal-wants-whole-package-idINKCN1IP25F |
May 14, 2018 / 2:51 PM / Updated 41 minutes ago South Sudan conflict mediator warns against wasting talks Reuters Staff 2 Min Read
JUBA (Reuters) - South Sudan should not waste the opportunity of forthcoming peace talks even though an agreement to end its conflict has been violated several times by warring parties, an international mediator said on Monday. South Sudan's President Salva Kiir Mayardit reacts upon arrival at Khartoum airport, Sudan November 1, 2017. REUTERS/Mohamed Nureldin Abdallah/Files
Despite several agreements and ceasefires, fighting has rumbled on in South Sudan with barely any break since civil war erupted at the end of 2013, just two years after independence.
Troops loyal to President Salva Kiir clashed with forces loyal to Riek Machar, then the vice president. Tens of thousands of people have been killed and much of the nation face dire food shortages.
The government and rebel groups signed the latest ceasefire in December in the Ethiopian capital, aiming to revive a pact reached in 2015. But the truce was violated within hours.
The parties will hold a forum in Addis Ababa from May 17-21 to try to jumpstart the peace process. The forum is organised by the regional East Africa group IGAD.
“This country has missed so many opportunities to make durable peace and we should not allow the High level Revitalization Forum to be squandered,” Festus Mogae, the former president of Botswana said in a speech.
Mogae chairs the Joint Monitoring and Evaluation Commission, which was set up to monitor the failed 2015 truce and peace deal implementation. South Sudan has since launched its own national dialogue, while fighting has continued across the country.
He accused the parties of engaging in human rights violations and urged IGAD to take action.
“The parties continue to wage a campaign of defiance and commit human rights abuses with impunity. This is unacceptable and I call on IGAD to make good its promise to hold spoilers accountable,” he said. Reporting by Denis Dumo; Writing by Duncan MiririEditing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/southsudan-unrest/south-sudan-conflict-mediator-warns-against-wasting-talks-idINKCN1IF212 |
May 19, 2018 / 5:42 PM / Updated 28 minutes ago Cycling - Froome conquers Zoncolan climb as Yates extends Giro lead Reuters Staff 2 Min Read
(Reuters) - Chris Froome proved to be king of the mountain as the British rider raced back into the reckoning by winning Stage 14 of the Giro d’Italia on Saturday, finishing the brutal climb up Monte Zoncolan ahead of race leader Simon Yates. Cycling - the 101st Giro d'Italia - Pre-race news conference, Jerusalem - May 2, 2018 - Team Sky rider Chris Froome of Britain is seen during a news conference. REUTERS/Ammar Awad
Yates stretched his overall lead over defending champion Tom Dumoulin of the Netherlands to one minute 24 seconds, with Froome’s first-ever stage win at the Italian road race rocketing him up to fifth place from 12th in the general classification.
The four-times Tour de France champion, whose first two weeks in Italy were blighted by injury, still trails Yates by three minutes 10 seconds.
Froome finished the 186km stage with a lead of six seconds as the peloton disintegrated on what is widely regarded to be one of the most punishing climbs in European cycling.
Zoncolan averages an 11.9 percent gradient over 10km, rising to 22 percent at its steepest point.
“It is a really special feeling winning on top of that climb,” Froome said. “Winning on such a monumental climb for the race and in general is such a good feeling after a such a tough start to this race for me.”
Froome and his Team Sky team mate Wout Poels had their noses in front heading into the final 5km, with Yates in third and world time-trial champion Dumoulin neck-and-neck with Frenchman Thibaut Pinot, but behind Bahrain–Merida’s Domenico Pozzovivo.
Froome attacked with just over 4km remaining and, with 3km to go, Yates followed suit and began reeling in the leader.
“I felt like 4km was the moment when the race was on the limit and was the moment to go,” Froome said. “The team had done a great job pulling me to that point, but right to the line Simon was right on me.
“I didn’t know if he was going to catch me, so it was such a relief to get into that final 100m.”
Froome’s break was timed to perfection and despite his frantic final effort, Yates fell just short. Reporting by Simon Jennings, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro/cycling-froome-conquers-zoncolan-climb-as-yates-extends-giro-lead-idUKKCN1IK0P2 |
MILAN, May 28 (Reuters) - Italy’s Serie A soccer league has annulled a contract awarding Spain’s Mediapro TV rights to broadcast Serie A soccer matches for 2018-2021, a source close to the matter said on Monday.
In February, Serie A accepted Mediapro’s offer for the rights to broadcast the almost 400 matches of the 2018-2021 seasons at just above 1.05 billion euros ($1.2 billion).
It was not immediately possible to contact Mediapro. ($1 = 0.8598 euros) (Reporting by Elvira Pollina, writing by Stephen Jewkes, editing by Paola Arosio)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-soccer-mediapro-rights/italys-serie-a-annuls-mediapro-contract-for-2018-2021-tv-rights-source-idUSI6N1SN00D |
CEO outlook shows confidence in growth: KPMG survey 1 Hour Ago Lynne Doughtie, KPMG U.S. CEO and chairman, talks about the results of an exclusive new study of 400 American chief executives and their read on the economy, growth and biggest fears for the future of their companies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/ceo-outlook-shows-confidence-in-growth-kpmg-survey.html |
May 6, 2018 / 1:10 PM / in a minute ZTE applies to U.S. Commerce department for suspension of business ban Reuters Staff 1 Min Read
(Reuters) - China’s ZTE Corp ( 0763.HK ) ( 000063.SZ ) has submitted an application to the U.S. Commerce Department’s Bureau of Industry and Security for the suspension of a business ban, it said in a filing to Shenzhen stock exchange on Sunday. FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo
Washington imposed a seven-year ban on U.S. companies selling components and software to ZTE after finding the Chinese telecoms company breached U.S. sanctions on Iran.
A U.S. trade delegation has said it would report back to President Donald Trump about China’s representations on ZTE after the two sides’ meet on May 3-4. Reporting by Min Zhang, John Ruwitch; Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte/zte-applies-to-u-s-commerce-department-for-suspension-of-business-ban-idUSKBN1I70FR |
April 30 (Reuters) - BONAVA AB (PUBL):
* BONAVA CARRIES OUT INVESTOR TRANSACTION AND SELLS 106 APARTMENTS IN FINLAND
* BONAVA CARRIES OUT INVESTOR TRANSACTION AND SELLS 106 APARTMENTS IN FINLAND
* PROJECT IS ESTIMATED TO BE HANDED OVER TO CUSTOMER AND RECOGNISED IN PROFIT IN Q3 OF 2019. Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bonava-sells-106-apartments-in-fin/brief-bonava-sells-106-apartments-in-finland-idUSASO00040T |
Ex-Google exec: 3 traits that make Elon Musk an exceptional leader—and one major flaw Zameena Mejia Reblog There is no question that Elon Musk has a lot on his plate as the head of Tesla TXL-CA , SpaceX , Neuralink and The Boring Company. Scott, a sought-after Silicon Valley CEO coach and author of the New York Times bestselling book " Radical Candor ," details three traits that make Musk an exceptional leader, as well as one weakness he may want to work on. 1. Executives who are clear about where they stand can win over the trust of their employees and investors, Scott says. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/ex-google-exec-kim-scott-top-leadership-traits-of-tesla-ceo-elon-musk.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
LOS ANGELES--(BUSINESS WIRE)-- Randy Record, chairman of the board of directors of the Metropolitan Water District of Southern California, issues the following statement regarding the formation of the Delta Conveyance Design and Construction Joint Powers Authority for California WaterFix:
“With today’s formation of the Delta Conveyance Design and Construction Joint Powers Authority, we are taking another important step forward to build California WaterFix and provide much of our state with the water supply reliability it needs in a climate change world.
“Using a Design and Construction Authority, Metropolitan and the other public water agencies that are investing in California WaterFix will be able to safely manage, design and construct the project with transparency and accountability, while the state Department of Water Resources maintains a strong and important oversight role. We are confident this partnership is the best structure to manage risk and ensure WaterFix is built on time, on budget and to the highest engineering standards.”
The Metropolitan Water District of Southern California is a cooperative of 26 cities and water agencies serving nearly 19 million people in six counties. The district imports water from the Colorado River and Northern California to supplement local supplies, and helps its members to develop increased water conservation, recycling, storage and other resource-management programs.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006445/en/
Metropolitan Water District of Southern California
Rebecca Kimitch
(213) 217-6450
(202) 821-5253, mobile
or
Bob Muir
(213) 217-6930
(213) 324-5213, mobile
Source: Metropolitan Water District of Southern California | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-metropolitan-board-chairmanas-statement-on-formation-of-california-waterfix-design-and-construction-authority.html |
May 7, 2018 / 6:04 AM / in 5 minutes Dollar surge bringing emerging market rate cut cycle to a halt Marc Jones , Karin Strohecker 5 Min Read
LONDON (Reuters) - A resurgent dollar and higher borrowing costs are smashing through Argentina and Turkey’s currencies like a wrecking ball and raising the likelihood more broadly that emerging markets’ three-year long interest rate cutting cycle is at an end. FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
Emerging markets came into the year flying, riding on the back of a healthy global economy and rising commodity prices alongside tame inflation and a weak dollar. It looked more than likely that a wave of rate cuts would keep rolling, allowing a bond rally to continue.
From Brazil and Russia to Armenia and Zambia, developing countries, big and small, have been on a rate cutting spree. With hundreds of rate cuts since Jan. 2015, the average emerging market borrowing cost fell under 6 percent earlier this year from over 7 percent .JGEGDCM at the time.
Fund managers’ profits too have soared in this time, with emerging local currency debt among the best performing asset classes, with dollar-based returns of 14 percent last year. Even in the first quarter of 2018, returns were a buoyant 4.3 percent
Now though, almost exactly five years since the so-called taper tantrum shook an emerging market rally, these gains appear to be on the cusp of reversal.
Argentina has jacked up its interest rates to 40 percent in response to a rout in its peso currency, while Turkey was also forced into a rate rise as its lira hit record lows against the dollar. Indonesia, after heavy interventions to stem rupiah bleeding, has also said it could resort to policy tightening.
As emerging currencies slide almost everywhere, yields on bonds denominated in emerging market currencies are back up near 6.2 percent and returns are now negative for 2018 .JGEGDCM
“The rate cut trade has unwound,” Naveen Kunam, a portfolio manager at Allianz Global Investors said, citing the increased uncertainty on monetary policy.
For decades, a rising dollar has spelt bad news for emerging markets and despite all the progress in the developing world in recent years, latest price moves show not that much has changed.
With the dollar on the rise, emerging currencies have weakened some 3 percent in the past two weeks, as measured by a JPMorgan index .JPMELMIPUSD.
Figures from the Institute of International Finance this week showed that the result has been a faster exodus from EM debt than at a similar stage of the 2013 taper tantrum. At $5.5 billion in two weeks the IIF described it as the “ghost of tantrums past”. RATE EXPECTATIONS
It has looked as though emerging economies had the upper hand over their old enemy — inflation. Inflation has fallen below target to record lows in Russia, slipped to five-month lows in India and is projected at a below-target 3.8 percent in Brazil this year.
Indonesian inflation in April was a 100 bps off year ago levels, data last week showed.
But the shifts of recent weeks have prompted some analysts to reassess whether interest rate cuts can continue. In Russia for instance, analysts have reduced their bets on rate cuts after the central bank held rates in late April and now predict only one or two moves this year versus earlier calls for deeper cuts.
Sberbank CIB analysts said they did not now expect a Russian rate cut to come before September.
India, like all energy-importing emerging economies, is being hit also by the oil price rise — each $10 rise in oil prices adds 0.8 percent to inflation there, analysts at TS Lombard calculate.
In the past week, expectations for an interest rate hike in India over the coming 12 months have jumped — markets now price more than two rate hikes compared to just over one, a week ago. Last year it was cutting rates.
The question emerging market policymakers may ask themselves has changed, said Sebastien Barbe, global head of EM research and strategy at Credit Agricole.
“Now the question for many central banks is: should they increase (rates) more quickly?” he said.
It is not only those that are normally vulnerable either. Even in the relatively calm backwaters of eastern Europe, the Czech central bank has warned it may have to raise rates again following a sudden slump in the crown.
All that is a huge blow to fund managers who have piled into the EM asset class in anticipation the returns would continue. It may be especially painful for newcomers — a raft of new funds have launched this year, including one from Franklin Templeton’s high-profile portfolio manager Michael Hasenstab.
Countries such as Indonesia where foreigners own a large share of their local bond markets have consequently been among the worst hit as investors jostle to sell.
“If there are worries, this money will get out,” Credit Agricole’s Barbe said. Additional reporting by Sujata Rao; Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-emerging-debt/dollar-surge-bringing-emerging-market-rate-cut-cycle-to-a-halt-idUSKBN1I80FD |
SPOKANE, Wash., May 03, 2018 (GLOBE NEWSWIRE) -- PotlatchDeltic Corporation (Nasdaq:PCH) today reported net income of $14.6 million, or $0.29 per diluted share, on revenues of $199.9 million for the quarter ended March 31, 2018.
First Quarter 2018 Highlights
Merged with Deltic Timber on February 20, 2018 to form PotlatchDeltic
On track with $50 million in after-tax annual cash synergy run rate in year two; achieved $30 million run rate as of March 31, 2018
Adjusted EBITDDA of $64.7 million and Adjusted EBITDDA margin of 32.4%
Closed new $380 million revolver with $420 million accordion
Moody’s upgraded PotlatchDeltic to Baa3 (investment grade)
“First quarter 2018 marked a key milestone in our company history as we successfully closed our merger and began a new chapter as PotlatchDeltic,” said Mike Covey, chairman and chief executive officer. “Significant work has been accomplished toward integrating the two companies and we have made meaningful progress capturing $30 million of our $50 million annual synergy target on a run-rate basis. Our employees have also done a tremendous job this quarter achieving excellent operating results, taking advantage of strong market conditions in lumber and favorable sawlog demand,” stated Mr. Covey.
Financial Highlights ($ in millions, except per share data) Q1 2018 Q4 2017 Q1 2017 Revenues $ 199.9 $ 175.2 $ 149.7 Net income $ 14.6 $ 11.6 $ 16.9 Weighted average shares outstanding, diluted (in thousands) 50,786 41,301 41,071 Net income per diluted share $ 0.29 $ 0.28 $ 0.41 Adjusted net income $ 35.2 $ 25.7 $ 16.9 Adjusted net income per diluted share $ 0.69 $ 0.62 $ 0.41 Adjusted EBITDDA $ 64.7 $ 50.5 $ 36.9 Distribution per share $ 0.40 $ 0.40 $ 0.375 Net cash from operations $ 34.9 $ 33.3 $ 41.9 Cash and cash equivalents $ 102.3 $ 120.5 $ 101.7 Consolidated results for first quarter of 2018 as presented include the results of Deltic Timber for the period February 21, 2018 through March 31, 2018. The financial statements included within this release do not include Deltic Timber’s financial results for any period prior to the merger date.
Excluding $8.8 million attributable to Deltic Timber, first quarter 2018 Adjusted EBITDDA was $55.9 million, a $5.4 million increase from fourth quarter 2017.
Business Performance: Q1 2018 vs. Q4 2017
Resource
First Quarter 2018 Highlights
Harvest volumes increased 9%; southern sawlog volumes up nearly 45% due to the addition of Deltic operations Forestry costs declined due to accelerated southern fertilization in Q4 2017 and seasonally lower activity in Idaho Partially offset by lower southern sawlog pricing due to mix and seasonally lower northern sawlog volumes Northern sawlog pricing remained relatively flat
($ in millions) Q1 2018 Q4 2017 $ Change Segment Revenues $ 76.5 $ 75.8 $ 0.7 Adjusted EBITDDA $ 37.7 $ 35.5 $ 2.2 Excluding $4.7 million attributable to Deltic Timber operations, first quarter 2018 Resource segment Adjusted EBITDDA was $33.0 million, a $2.5 million decrease from fourth quarter 2017.
Wood Products
First Quarter 2018 Highlight s
Lumber shipments increased nearly 11% due to solid demand and the addition of Deltic operations Lumber pricing increased 4% with strong markets supported by improving housing demand and transportation disruptions Adjusted EBITDDA benefitted from the addition of El Dorado MDF and higher industrial plywood shipments and realizations
($ in millions) Q1 2018 Q4 2017 $ Change Segment Revenues $ 139.8 $ 114.6 $ 25.2 Adjusted EBITDDA $ 29.0 $ 21.8 $ 7.2 Excluding $5.7 million attributable to Deltic Timber operations, first quarter 2018 Wood Products segment Adjusted EBITDDA was $23.3 million, a $1.5 million increase from fourth quarter 2017.
Real Estate
First Quarter 2018 Highlight s
Sold 6,144 acres of rural real estate; average pricing of $1,438 per acre Sold 12 residential lots in Chenal with average pricing of $99,000 per lot No commercial acreage sales in Chenal; several indications of interest
($ in millions) Q1 2018 Q4 2017 $ Change Segment Revenues $ 10.6 $ 4.8 $ 5.8 Adjusted EBITDDA $ 8.0 $ 3.4 $ 4.6 Excluding $0.5 million attributable to acquired Deltic Timber operations, first quarter 2018 Real Estate segment Adjusted EBITDDA was $7.5 million, a $4.1 million increase from fourth quarter 2017.
Outlook
“We remain optimistic that improving U.S. housing starts and strong repair and remodel activity will continue to support favorable fundamentals for our resource and wood products businesses. The merger with Deltic is off to a very successful start, we are confident that our synergies and operational efficiencies are attainable, and we continue to identify additional opportunities. We are well positioned with a strong balance sheet, significant financial flexibility and a conservative dividend payout ratio,” concluded Mr. Covey.
Non-GAAP Measures
This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP.
Management uses Adjusted EBITDDA to evaluate the performance of the company. This is a non-GAAP measure that represents EBITDDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses.
Adjusted Net Income and Adjusted Net Income Per Diluted Share are non-GAAP measures that represent GAAP net income and GAAP net earnings per diluted share before certain items that impact the ability of investors, securities analysts and other interested parties to compare the performance of our business, either period-over-period or with other businesses.
Reconciliations to GAAP are set forth in the accompanying schedules.
Conference Call Information
A live conference call and webcast will be held Friday, May 4, 2018, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investor Resources link or by conference call at 1-866-393-8403 for U.S./Canada and 1-706-679-7929 for international callers. Participants will be asked to provide conference I.D. number 5047548. Supplemental materials that will be discussed during the call are available on the website.
A replay of the conference call will be available two hours following the call until May 11, 2018 by calling 1-800-585-8367 for U.S./Canada or 1-404-537-3406 for international callers. Callers must enter conference I.D. number 5047548 to access the replay.
About PotlatchDeltic
PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com .
Forward-Looking Statements
This press release contains certain the Private Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the U.S. housing market; strong repair and remodel market; lumber demand and pricing; increased capital investment in manufacturing in the U.S. South; the expected synergies and operational efficiencies from the Deltic merger; the estimated distribution of Deltic’s accumulated earnings and profits; and the integration of Deltic’s operations. You should carefully read , including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about Potlatch. A number of important factors could or events those indicated by such , many of which are beyond PotlatchDeltic’s control, including the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company's lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies; changes in interest rates; changes in the level of construction activity; changes in Asia demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; changes in share price; the successful execution of the company’s strategic plans; the company’s ability to meet expectations regarding the accounting and tax treatments of the merger transaction; the possibility that any of the anticipated benefits of the merger will not be realized or will not be realized within the expected time period; the risk that integration of Deltic’s operations with those of Potlatch will be materially delayed or will be more costly or difficult than expected; the effect of the merger on customer relationships and operating results (including, without limitation, difficulties in maintaining relationships with employees or customers); the estimation of Deltic’s accumulated earnings and profits is preliminary and may change with further due diligence; and the other factors described in Potlatch’s Annual Report on Form 10-K and in the company’s other filings with the SEC. Potlatch assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these , all of which speak only as of the date hereof.
PotlatchDeltic Corporation
Consolidated Statements of Income
Unaudited
Three Months Ended March 31, December 31, March 31, (Dollars in thousands, except per share amounts) 2018 2017 2017 Revenues $ 199,897 $ 175,244 $ 149,681 Costs and expenses: Cost of goods sold 1 139,155 120,817 112,498 Selling, general and administrative expenses 1 13,656 12,304 11,368 Deltic merger-related costs 19,255 3,382 — Loss on lumber price swap — 97 — 172,066 136,600 123,866 Operating income 27,831 38,644 25,815 Interest expense, net (5,660 ) (7,395 ) (4,970 ) Non-operating pension and other postretirement costs 1 (1,857 ) (1,596 ) (1,906 ) Income before income taxes 20,314 29,653 18,939 Income tax (5,717 ) (18,065 ) (2,018 ) Net income $ 14,597 $ 11,588 $ 16,921 Net income per share: Basic $ 0.29 $ 0.28 $ 0.41 Diluted $ 0.29 $ 0.28 $ 0.41 Dividends per share $ 0.40 $ 0.40 $ 0.375 Weighted-average shares outstanding (in thousands): Basic 50,425 40,839 40,778 Diluted 50,786 41,301 41,071 We adopted ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , retrospectively on January 1, 2018 and have reclassified non-service costs from operating expenses to non-operating costs. There was no change to income before income taxes.
PotlatchDeltic Corporation
Condensed Consolidated Balance Sheets
Unaudited
(Dollars in thousands) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 102,340 $ 120,457 Customer receivables, net 28,212 11,240 Inventories 62,153 50,132 Other current assets 21,824 11,478 Total current assets 214,529 193,307 Property, plant and equipment, net 343,176 77,229 Investment in real estate held for development and sale 78,454 — Timber and timberlands, net 1,704,341 654,476 Deferred tax assets, net — 19,796 Trade name and customer relationships intangibles 19,000 — Other long-term assets 12,853 8,271 Total assets $ 2,372,353 $ 953,079 LIABILITIES AND STOCKHOLDERS ’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ 75,241 $ 55,201 Current portion of long-term debt — 14,263 Current portion of pension and other postretirement employee benefits 6,057 5,334 Total current liabilities 81,298 74,798 Long-term debt 782,974 559,056 Pension and other postretirement employee benefits 131,959 103,524 Deferred tax liabilities, net 22,927 — Other long-term obligations 17,753 15,159 Total liabilities 1,036,911 752,537 Commitments and contingencies Stockholders' equity: Common stock, $1 par value 62,755 40,612 Additional paid-in capital 1,480,402 359,144 Accumulated deficit (90,334 ) (104,363 ) Accumulated other comprehensive loss (117,381 ) (94,851 ) Total stockholders’ equity 1,335,442 200,542 Total liabilities and stockholders' equity $ 2,372,353 $ 953,079
PotlatchDeltic Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited
For the three months ended (Dollars in thousands) March 31, 2018 December 31,
2017 March 31, 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 14,597 $ 11,588 $ 16,921 Adjustments to reconcile net income to net cash from operating activities: Depreciation, depletion and amortization 12,635 8,004 6,702 Basis of real estate sold 3,605 476 4,790 Real estate development expenditures (608 ) — — Change in deferred taxes (1,058 ) 16,289 (351 ) Pension and other postretirement employee benefits 3,814 3,288 3,771 Equity-based compensation expense 3,094 1,186 1,157 Other, net (542 ) (405 ) (1,007 ) Funding of qualified pension plans (8,098 ) — — Change in working capital and operating-related activities, net 7,475 (7,112 ) 9,966 Net cash from operating activities 34,914 33,314 41,949 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (3,632 ) (3,410 ) (3,636 ) Timberlands reforestation and roads (2,860 ) (3,630 ) (2,645 ) Acquisition of timber and timberlands — (10 ) — Other, net 232 191 (102 ) Cash and cash equivalents acquired in Deltic merger 3,419 — — Net cash from investing activities (2,841 ) (6,859 ) (6,383 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends to common stockholders (25,102 ) (16,245 ) (15,228 ) Revolving line of credit repayment (106,000 ) — — Proceeds from issue of long-term debt 100,000 — — Repayment of long-term debt (14,250 ) (6,000 ) — Debt issuance costs (2,409 ) — — Other, net (2,429 ) (556 ) (1,258 ) Net cash from financing activities (50,190 ) (22,801 ) (16,486 ) Change in cash and cash equivalents (18,117 ) 3,654 19,080 Cash and cash equivalents at beginning of period 120,457 116,803 82,584 Cash and cash equivalents at end of period $ 102,340 $ 120,457 $ 101,664
PotlatchDeltic Corporation
Segment Information
Unaudited
For the three months ended March 31, December 31, March 31, (Dollars in thousands) 2018 2017 2017 Revenues Resource $ 76,506 $ 75,802 $ 51,768 Wood Products 139,815 114,549 95,592 Real Estate 10,555 4,733 14,504 226,876 195,084 161,864 Intersegment Resource revenues (26,979 ) (19,840 ) (12,183 ) Consolidated revenues $ 199,897 $ 175,244 $ 149,681 Adjusted EBITDDA 1 Resource $ 37,697 $ 35,507 $ 19,343 Wood Products 28,950 21,862 10,769 Real Estate 8,002 3,387 13,460 Corporate (8,716 ) (8,493 ) (7,692 ) Eliminations and adjustments (1,201 ) (1,840 ) 1,040 Total Adjusted EBITDDA 64,732 50,423 36,920 Basis of real estate sold (3,605 ) (476 ) (4,790 ) Depreciation, depletion and amortization (12,196 ) (7,636 ) (6,329 ) Interest expense, net (5,660 ) (7,395 ) (4,970 ) Non-operating pension and other postretirement employee benefits (1,857 ) (1,596 ) (1,906 ) Gain (loss) on fixed assets 4 (188 ) 14 Loss on lumber price swap — (97 ) — Inventory purchase price adjustment in cost of goods sold (1,849 ) — — Deltic merger-related costs (19,255 ) (3,382 ) — Income before income taxes $ 20,314 $ 29,653 $ 18,939 Depreciation, depletion and amortization Resource $ 8,646 $ 5,611 $ 4,384 Wood Products 3,354 1,860 1,827 Real Estate 40 1 1 Corporate 156 164 117 12,196 7,636 6,329 Bond discounts and deferred loan fees 2 439 368 373 Total depreciation, depletion and amortization $ 12,635 $ 8,004 $ 6,702 Basis of real estate sold Real Estate $ 3,723 $ 640 $ 4,809 Eliminations and adjustments (118 ) (164 ) (19 ) Total basis of real estate sold $ 3,605 $ 476 $ 4,790 Management uses adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of consolidated Adjusted EBITDDA on page 9, Reconciliations .
Bond discounts and deferred loan fees are included in the computation of interest expense, net in the Consolidated Statements of Income .
PotlatchDeltic Corporation
Reconciliations
For the three months ended (Dollars in thousands) March 31,
2018 December 31,
2017 March 31,
2017 Adjusted EBITDDA Net income (GAAP) $ 14,597 $ 11,588 $ 16,921 Interest, net 5,660 7,395 4,970 Income tax provision 5,717 18,065 2,018 Depreciation, depletion and amortization 12,196 7,636 6,329 Basis of real estate sold 3,605 476 4,790 Non-operating pension and other postretirement benefit costs 1,857 1,596 1,906 Deltic merger-related costs 19,255 3,382 — Inventory purchase price adjustment in cost of goods sold 1,849 — — Loss on lumber hedge — 97 — (Gain) loss on fixed assets (4 ) 188 (14 ) Adjusted EBITDDA $ 64,732 $ 50,423 $ 36,920 Adjusted net income Net income (GAAP) $ 14,597 $ 11,588 $ 16,921 Special items: Impact of tax legislation — 10,668 — Deltic merger-related costs 19,255 3,382 — Inventory purchase price adjustment in cost of goods sold, after tax 1,368 — — Adjusted net income $ 35,220 $ 25,638 $ 16,921 Adjusted net income per share Net income per diluted share (GAAP) $ 0.29 $ 0.28 $ 0.41 Special items: Impact of tax legislation — 0.26 — Deltic merger-related costs 0.38 0.08 — Inventory purchase price adjustment in cost of goods sold, after tax 0.02 — — Adjusted net income per diluted share $ 0.69 $ 0.62 $ 0.41
Contact: (Investors) (Media) Jerry Richards Mark Benson 509.835.1521 509.835.1513
Source:PotlatchDeltic Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-potlatchdeltic-corporation-reports-first-quarter-2018-results.html |
May 4 (Reuters) - Balchem Corp:
* ORATION REPORTS RECORD FIRST QUARTER SALES OF $161.4 MILLION, RECORD FIRST QUARTER NET EARNINGS OF $19.3 MILLION, RECORD ADJUSTED NET EARNINGS OF $24.4 MILLION AND RECORD ADJUSTED EBITDA OF $40.9 MILLION
* Q1 EARNINGS PER SHARE $0.60 * Q1 SALES ROSE 17.2 PERCENT TO $161.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-balchem-corp-q1-adjusted-eps-076/brief-balchem-corp-q1-adjusted-eps-0-76-idUSASC09ZVW |
May 1, 2018 / 12:39 AM / Updated 15 hours ago Qualcomm's patent deals aim to ease Apple, regulator tensions, exec says Stephen Nellis 4 Min Read
(Reuters) - Qualcomm Inc ( QCOM.O ) has broadened its use of a lower-cost licensing model for the next generation of mobile data networks, a move that could help in contentious talks with two customers including iPhone maker Apple Inc ( AAPL.O ), the wireless tech company’s patent licensing chief said on Monday. FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo
The patent business traditionally has supplied much of Qualcomm’s profit but has also spurred conflict with Apple, Samsung Electronics Ltd ( 005930.KS ) and Huawei Technologies Co Ltd as well as regulators in China, South Korea and the United States.
New deals could lower the licensing rate that Qualcomm receives while making the business more dependable if regulators view the terms favourably and two major customers - Apple and a company widely believed to be Huawei - resolve their disputes and resume paying Qualcomm.
“It’s a good context for dealing with the two licensee issues we have now,” Alex Rogers, the head of Qualcomm’s licensing division, told Reuters in an interview, naming Apple but leaving Huawei unnamed as is the company’s policy when a dispute hasn’t become public through a court proceeding.
Rogers did not comment directly on the likelihood of resolving either customer dispute. Apple and Huawei did not immediately respond to requests for comment.
Qualcomm sells chips for mobile phones but has a second, much older business licensing technology for wireless networks. The licensing business has generated global controversy and resulted in billions of dollars in regulatory fines, some of which remain on appeal.
Handset makers can licence one of two sets of Qualcomm patents: The full suite that costs makers about 5 percent of the cost of a handset or a smaller set of so-called “standard essential patents” for 3.25 percent, which includes only the patents needed for gear to work on mobile data networks.
In the past, most of Qualcomm’s customers licensed both sets of patents to avoid lawsuits. But Qualcomm has been defusing tensions by making it easier for customers to licence just the smaller, lower-cost set of standard patents and by adding patents for the next generation 5G wireless network to the suite at no additional cost.
That essentially extends a 2015 settlement with China’s chief antitrust regulator. Qualcomm began to licence only its standard patents for 3G and 4G networks to Chinese handset makers for a rate of 3.25 percent. More than 100 device makers have signed on for such deals.
“We have not lowered the rate. What we’re doing is including more technology, more (intellectual property) in the offering without increasing the price,” Rogers added.
Qualcomm also announced last week that it would assess its patent fees against only the first $400 of a phone’s net selling price. Rogers said the previous price cap was $500, a figure that was well known among industry insiders but that Qualcomm did not make public.
“What we’re doing here is creating a foundation for stability going forward,” Rogers said, describing Qualcomm’s 5G licensing moves as “regulator friendly”.
The question now is whether more handset makers will opt for Qualcomm’s lower-cost standard patents rather than its pricier full portfolio.
“What we perceive here is there will be more of a mix than there was in the past of companies opting for (standard essential patents) only,” Rogers said. “How much more, depends on each individual company.”
While Qualcomm has made no public disclosures about the status of talks with the two major customers in licence disputes, the company’s approach to licensing patents for upcoming 5G networks will look different than its initial approaches for 3G and 4G networks of years past.
“Both of those issues (disputes) are essentially now being handled within the framework of the current programme we’re offering,” Rogers said. Reporting by Stephen Nellis; Editing by Peter Henderson and Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/qualcomm-licensing/qualcomms-patent-deals-aim-to-ease-apple-regulator-tensions-exec-says-idINKBN1I22IN |
May 25, 2018 / 11:26 AM / Updated 6 hours ago Exclusive: China Inc tightens reins on debt, raises specter of slowdown Adam Jourdan , Gaurav Dogra 6 Min Read
SHANGHAI/BENGALURU (Reuters) - Debt growth for Chinese companies has slowed to the lowest rate in more than a decade, according to Reuters analysis, which could provide relief for policymakers worried about the fallout from years of loose lending practices across the economy. A man stands on the Bund in front of Shanghai's financial district of Pudong in Shanghai, China February 26, 2018. REUTERS/Aly Song
But this growing caution about taking on new debt, along with tighter profit margins and slowing revenue growth, could point to rising risks facing the world’s second largest economy amid fears of a slowing growth.
The overall debt levels of Chinese companies grew three percent in the first quarter of this year, according to analysis by Reuters of 1,843 firms listed in Shanghai and Shenzhen, the slowest pace in at least 13 years.
Combined total debts - including borrowing via loans and bond issuances - amounted to 13.2 trillion yuan ($2.1 trillion) at the end of March, the slowest pace of growth year-on-year since at least 2005, the analysis showed.
That amount was down 6.2 percent from the fourth quarter, a steep drop after companies ramped up leverage during 2017.
For a graphic on China firms' net profit margin, click reut.rs/2Lnvddc
Revenue growth, meanwhile, more than halved to 12.3 percent in the first three months of 2018 from 26.7 percent a year ago. Net profit margins were also squeezed to their lowest level in two years, with sectors like information technology particularly hard hit.
“What it says to me is that many of these companies are quite cautious in terms of expansion and taking on new debt,” said Christopher Lee, Hong Kong-based managing director for corporate ratings at S&P Global, referring to the data.
“The side effects will be slower industrial growth and slower GDP growth than what was achieved in 2017,” he added.
The signs of slowing revenue growth in the Reuters analysis adds to a series of data pointing to vulnerabilities in China’s economy, even as policymakers try to navigate debt risks and defuse a trade row with the United States.
Despite stronger-than-expected first-quarter economic growth, economists polled by Reuters still expect a gradual slowdown to around 6.5 percent this year from 6.9 percent in 2017, as rising borrowing costs weigh on consumption and investment.
China saw fixed asset investment grow at its slowest rate since 1999 in April, while retail sales growth hit a four-month low. Home sales have also slowed as the government tightens controls in order to fight speculation and tame property prices.
For a graphic on China firms' revenue growth, click reut.rs/2LjtJB3
Firms, meanwhile, are worrying about higher financing costs, as the government cracks down on riskier lending practices.
“As soon as we have the cash then we’ll make repayments because if our debt-to-asset ratio is too high then our costs are also high,” said an official at Xinjiang Youhao Group, which runs supermarkets and malls. “We need to think about financing costs.”
The retailer’s total debt of 1.3 billion yuan is at its lowest level since 2012.
The slower growth could put credit in the spotlight. Cutting debt levels has been Beijing’s aim, but any signs that this may have gone too far - risking a broader drag on the economy - could prompt a rethink about financial tightening.
“The stronger-than-expected credit slowdown since December 2017 has led policymakers to take some action towards easing,” Oxford Economics said in a report this week, pointing to overall credit growth slowing more than expected this year.
Borrowing costs are on the rise. The weighted average lending rate for non-financial firms, a key indicator reflecting corporate funding costs, rose 22 basis points in the first quarter.
The proportion of loans priced above the benchmark borrowing rate also jumped by 9.9 percentage points to 74.4 percent in the first quarter, the highest since China started releasing such numbers in 2004, according to Nomura.
Creditors and investors have also become more picky about where they put their money as credit risks have climbed, making it harder for some corporate issuers to raise funds.
Last month, 81 Chinese bond issues worth 47 billion yuan were postponed or canceled, according to data compiled by Reuters. That followed 47.4 billion yuan of bond issues that suffered a similar fate in March.
Beijing Orient Landscape & Environment Co Ltd this month attracted just 50 million yuan for a bond issue that was meant to raise as much as 1 billion yuan.
A spate of bond defaults hasn’t helped, with 11 companies in China defaulting on bond payments since January.
For a graphic on China listed companies' total debt, click reut.rs/2LmhoMb
Beijing is already working to reduce business costs, cutting electricity prices twice in recent months, and is trying to channel more bank funding to smaller firms, which hasn’t done much yet to ease concerns over rising costs.
“Because of rising defaults many investors are taking another look at the market and are becoming much more cautious in committing new investment,” said S&P’s Lee.
“Many investors now realize this deleveraging campaign and liquidity tightening is affecting a much broader number of companies than was initially thought.” Reporting by Adam Jourdan in SHANGHAI and Guarav Dogra in BENGALURU; Additional reporting by Shanghai Newsroom; Editing by Miyoung Kim and Philip McClellan | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-companies-debt/exclusive-china-inc-tightens-reins-on-debt-raises-specter-of-slowdown-idUSKCN1IQ1GR |
May 10, 2018 / 6:34 PM / in 8 minutes Aerodynamics changes to make F1 cars slower in 2019 Reuters Staff 1 Min Read
BARCELONA (Reuters) - Aerodynamic rule changes are expected to make Formula One cars one-and-a-half seconds slower per lap in 2019, the governing FIA said on Thursday.
Speaking at the Spanish Grand Prix, the International Automobile Federation’s head of technical matters for single seater racing, Nikolas Tombazis, said race performance would definitely be affected.
“We expect this rule change to be approximately half way or one third ... less performance,” the former Ferrari chief designer told reporters. “So we expect to lose about one-and-a-half seconds maybe.”
“But it’s a bit difficult to predict exactly the amount of development the teams will put on.”
The FIA this month announced modifications to front and rear wings and front brake ducts for next season to make it easier for cars to follow each other and increase overtaking.
The measures followed research carried out by most teams and backed by commercial rights holders Liberty Media. Reporting by Alan Baldwin; Editing by Kevin Liffey | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-spain-aerodynamics/aerodynamics-changes-to-make-f1-cars-slower-in-2019-idUSKBN1IB2OY |
The heart of the political primary season begins Tuesday, with Indiana, North Carolina, Ohio and West Virginia holding contests to select candidates for November’s general elections.
Eight more states will pick nominees in the next two weeks and 18 more have primaries in June.
The two biggest races Tuesday are the GOP Senate primaries in... RELATED VIDEO West Virginia Has Tuesday's Wildest Primary Four states will hold primaries on Tuesday, May 8. WSJ's Gerald F. Seib previews the key races, and explains why West Virginia's Republican Senate primary has become the main event. Photo: Getty | ashraq/financial-news-articles | https://www.wsj.com/articles/what-to-watch-in-tuesdays-primaries-1525771801 |
April 30 (Reuters) - RumbleON Inc:
* RUMBLEON, INC. ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER 2018
* Q1 LOSS PER SHARE $0.28 * Q1 EARNINGS PER SHARE VIEW $-0.29 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rumbleon-inc-reports-q1-loss-per-s/brief-rumbleon-inc-reports-q1-loss-per-share-0-28-idUSASC09Y5M |
May 3, 2018 / 11:38 AM / Updated 3 hours ago South Africa miners reach $400 million silicosis settlement with mining companies Ed Stoddard , Patricia Aruo 4 Min Read
JOHANNESBURG (Reuters) - South African gold producers agreed a 5 billion rand ($400 million) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said on Thursday. FILE PHOTO: Former gold miner Thulani Bitsha, 39, who contracted silicosis while working underground, stands in the doorway to his home near Bizana in South Africa's impoverished Eastern Cape province, March 7, 2012. REUTERS/Mike Hutchings/File Photo
The most far-reaching class action settlement ever reached in South Africa follows a long legal battle by miners to win compensation for illnesses they say they contracted over decades because of negligence in health and safety.
The six companies involved had already set aside the settlement amount in provisions in previous financial statements and it should not affect future earnings, unless the number of claimants who come forward exceed the current provisions.
Estimates for the number of potential claimants range from tens of thousands to hundreds of thousands. Three smaller gold producers are not party to the settlement and the class action against them will continue.
The class action suit was launched six years ago on behalf of miners suffering from silicosis, an incurable disease caused by inhaling silica dust from gold-bearing rocks.
It causes shortness of breath, a persistent cough and chest pains, and also makes people highly susceptible to tuberculosis.
Almost all the claimants are black miners from South Africa and neighboring countries such as Lesotho, whom critics say were not provided with adequate protection during and after apartheid rule ended in 1994.
The settlement is broken into three parts and a trust will have 12 years to track down the claimants and distribute the funds - no easy task as many are in remote rural areas and may do not have proper medical and other records.
Out of the 5 billion rand, 845 million rand will be used to cover the administration expenses of the trust over the 12 years and 370 million rand will be paid to the law firms.
The remainder is for compensation and the final total will depend on the number of claims that are processed.
“If there are more claimants the actuaries have estimated, then that five billion number could increase. If there are less then it will decrease,” Graham Briggs, who chaired the Occupational Lung Disease Working Group, a unit put together by the six companies, told a news conference. FILE PHOTO: Former gold miner Dabula Mnyaka scans a notice board before a registration meeting in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
In addition to the anticipated settlement payout, there is also close to 4 billion rand in a compensation fund which companies have been contributing to for years.
The companies involved are Harmony Gold, Gold Fields, African Rainbow Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American South Africa. The latter no longer has gold assets but historically was a bullion producer. SAME BALL PARK
“Our numbers differ slightly from the industry, we think there are more claimants and that the numbers will be higher than what they anticipate. While we differ slightly with the industry we think it’s all in the same ball park,” said Richard Spoor, one of the lawyers representing the mine workers.
It is the first class-action settlement in South Africa involving so many companies and claimants.
“The settlement is the product of commercial negotiation and compromise, but we believe this is a beneficial settlement,” said Carina du Toit, a lawyer with the Legal Resources Centre, one of the law groups representing the workers.
Abrahams Kiewitz Inc and Richard Spoor Attorneys and two other companies also represented the mine workers.
The parties said the compromise settlement was preferable for all concerned rather than a lengthy and expensive litigation process, and would enable the claimants to receive compensation and relief for their conditions more quickly.
The settlement still needs approval by the Johannesburg High Court before being implemented. FILE PHOTO: Former gold miner Senzele Silewise, 81, diagnosed with silicosis, talks to paralegals in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
In recent years the gold mining industry has taken precautions to prevent its workers from contracting silicosis, including the use of masks and other measures. Editing by James Macharia and Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/us-safrica-mining-silicosis/south-africa-gold-producers-gold-miners-reach-class-action-silicosis-settlement-idINKBN1I41B9 |
MINNEAPOLIS--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW) announced that its Board of Directors today declared a regular quarterly cash dividend of 46 cents ($0.46) per share, payable on June 29, 2018, to shareholders of record on June 1, 2018.
C.H. Robinson has distributed regular dividends for more than twenty-five years. As of May 10, 2018, there were 139,237,319 shares outstanding.
In addition, on May 10, 2018, the Board of Directors increased the company’s share repurchase authorization by an additional 15 million shares of common stock. C.H. Robinson had approximately 1.2 million shares remaining under its share repurchase authorization, which was authorized by the Board in 2013. Repurchases may be made from time to time at prevailing prices in the open market or in privately negotiated transactions, subject to market conditions and other factors.
About C.H. Robinson
At C.H. Robinson, we believe in accelerating global trade to seamlessly deliver the products and goods that drive the world’s economy. Using the strengths of our knowledgeable people, proven processes and global technology, we help our customers work smarter, not harder. As one of the world’s largest third-party logistics providers (3PL), we provide a broad portfolio of logistics services, fresh produce sourcing and Managed Services for more than 120,000 customers and 73,000 active contract carriers through our integrated network of offices and more than 15,000 employees. In addition, the company, our Foundation and our employees contribute millions of dollars annually to a variety of organizations. Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been publicly traded on the NASDAQ since 1997. For more information, visit http://www.chrobinson.com or view our company video .
Source: C.H. Robinson
CHRW-IR
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006162/en/
C.H. Robinson Worldwide, Inc.
Robert Houghton
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Adrienne Brausen
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Source: C.H. Robinson Worldwide, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-c-h-robinson-worldwide-declares-quarterly-cash-dividend-and-increases-share-repurchase-authorization.html |
CLINTON, N.J., May 10, 2018 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (NASDAQ:UNTY), the parent company of Unity Bank , was the top ranked New Jersey community bank on the American Banker magazine list of the Top 200 Publicly Traded Community Banks. Unity was ranked 19 th nationally on the respected industry list, which reviewed 633 institutions throughout the U.S.
“We are honored to have Unity climbing the American Banker list as it illustrates the continued financial strength and performance of the bank,” said Unity Bank President & CEO James A. Hughes. “We truly believe that the bank and community grow stronger together because our fiscal health means the bank is better positioned to invest in the community. Our continued success is a tribute to the bank’s sales and service culture, and the diversity of our products.”
The magazine ranked banks and thrifts that had total assets of less than $2 billion as of Dec. 31, 2017 and are publicly traded. Nationally, 633 institutions fit the category for the list. Unity Bank climbed the list from 27 th in 2017 to its current ranking.
The ranking is based on three-year average return on equity (ROE), a measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. The average ROE for the 633 institutions was 6.74 percent. Unity Bancorp’s ROE was 13.24 percent, placing Unity in the top 10 percent of the SNL Financial group.
The impressive showing on the American Banker list comes on the heels of Unity Bank’s best quarter financially in its history, a milestone that Hughes attributes to the continued commitment of the bank’s employees. First quarter earnings were up 64% from the first quarter of 2017, which resulted in Return on Assets (ROA) of 1.53%.
“Unity continues to outperform our peers and we feel our results are a direct result of the hard work and sales efforts of each and every employee,” Hughes said. “For that reason, each quarter that we achieve an ROA of 1.50% or greater, all employees that were employed for the full quarter will receive a bonus check of $250. We foster an entrepreneurial culture at Unity where the employees and bank can grow together and believe staff deserves to enjoy the benefits of our success.”
In December 2017, Unity became one of the first companies nationally to reward employees with the benefits of federal corporate tax reform, providing all staff with $750 bonuses. The employee incentives came as Unity continued to grow its service area, adding a new branch in Ramsey and relocated a branch facility in Phillipsburg, for a total of 18 branch locations. The bank continues to grow its residential and commercial loan portfolios as well with total loans exceeding $1.15 billion. Unity, which will open another new branch in Bethlehem, Pennsylvania this spring, has approximately $1.5 billion in assets and $1 billion in deposits.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ:UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, N.J. Unity Bank provides financial services to businesses and consumers at 18 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit www.unitybank.com or call 800-618-BANK (800-618-2265).
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Fred Feiner
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Source:Unity Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-unity-bank-is-top-ranked-new-jersey-community-bank-on-american-banker-magazineas-top-200-list.html |
* Q1 earnings down pct at 252 mln euros vs 348 mln Rtrs poll
* Blames harsh winter echoing rival LafargeHolcim
* Confirms 2018 outlook
* Shares down 1.3 pct (Adds trader comment, share reaction, context)
By Christoph Steitz
FRANKFURT, May 9 (Reuters) - HeidelbergCement on Wednesday said a weak dollar and cold winter temperatures that hampered construction activity contributed to a 34 percent drop in first-quarter core earnings.
Freezing weather conditions in North America and Europe, coupled with fewer working days, were behind the fall in profits from current operations before depreciation and amortisation (RCOBD) to 252 million euros ($299 million) in the quarter.
That was below the 348 million euros average expected by analysts in a Reuters poll.
Bigger rival LafargeHolcim, which reported results on Tuesday, also blamed the harsh winter for a 13-percent decline in first-quarter earnings.
HeidelbergCement, the world’s second biggest cement maker, said deliveries of aggregates and ready-mixed concrete were both down 2 percent, as growth in the Asia-Pacific region could not offset the weather-related weakness in Europe and the U.S. market.
“Weak earnings were feared but quite significant earnings miss should at least weigh on shares at trading start as guidance will be more ambitious,” a Frankfurt-based trader said.
Heidelberg’s shares were down nearly 1.3 percent by 0718 GMT, among the biggest decliners in Frankfurt’s blue-chip index.
Year-to-date, its shares have underperformed those of LafargeHolcim.
HeidelbergCement kept its forecast for 2018, still expecting profit from current operations to increase by a mid- to high-single digit percentage before exchange rate and consolidation effects.
“With the positive underlying market dynamics, we’re confident that we can significantly increase our operational performance in the coming quarters,” Chief Executive Bernd Scheifele said.
Keeping an equal-weight rating on the stock, analysts at Morgan Stanley said the weak results would only have a limited impact on the brokerage’s forecasts due to the traditionally weak contribution of first-quarter results to the full year.
HeidelbergCement also faced currency pressures from a weaker dollar in the United States, one of its main markets. This resulted in a 264 million euro hit to first-quarter sales, which were down 4 percent.
$1 = 0.8436 euros Editing by Maria Sheahan and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/heidelbergcemnt-results/update-1-cold-winter-hits-heidelbergcement-core-profit-idUSL8N1SG0UT |
Lucas Duda drove in four runs, three other Kansas City batters homered and the Royals slugged their way past the Detroit Tigers 10-6 on Thursday afternoon.
Duda had three hits, as did Alex Gordon, who scored twice and smacked a solo homer. Salvador Perez hit a two-run shot, while Jorge Soler added a solo homer and scored three runs.
Kevin McCarthy (3-0) recorded the victory with 1 2/3 innings of scoreless relief.
Royals starter Eric Skoglund gave up five runs on eight hits in 4 2/3 innings. Detroit’s Mike Fiers allowed five runs on six hits in four innings.
Nicholas Castellanos had three hits, including a homer, and drove in two runs for Detroit. Leonys Martin contributed three hits and scored twice and Jeimer Candelario knocked in two runs.
Losing pitcher Chad Bell (0-1) surrendered five runs on five hits in 1 2/3 innings.
Tigers designated hitter Miguel Cabrera departed in the sixth with a hamstring injury.
The Royals grabbed a 2-0 lead in the first on run-scoring singles by Duda and Jon Jay.
Detroit tied the game in the third on Candelario’s one-out double to left.
The Royals regained the lead at 4-2 on Perez’s second home run of the season, a no-doubter to left field. That followed Mike Moustakas’ one-out double.
James McCann’s RBI single cut Kansas City’s lead to one in the fourth.
Gordon made it 5-3 in the bottom of the fourth when he crushed a changeup for his second homer of the season.
The Tigers scored twice in the fifth to tie it. Castellanos ripped his third homer, a solo shot to left. Following two walks, Jose Iglesias drilled an RBI single.
Soler greeted Bell with a solo blast to left in the bottom of the inning. Duda’s run-scoring single later in the inning nudged the Royals’ advantage to 7-5.
Castellanos’ RBI single in the sixth cut Detroit’s deficit to one run but Kansas City roared right back with three runs in the bottom of the frame. Moustakas had a sacrifice fly and Duda followed with a two-run single.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-kc-det-recap/duda-drives-in-four-as-royals-beat-tigers-10-6-idUSMTZEE5369FS9T |
May 4 (Reuters) - Kencana Agri Ltd:
* EXPECTS TO REPORT A CONSOLIDATED NET LOSS FOR QUARTER ENDED 31 MARCH 2018
* EXPECTED RESULT DUE TO DEPRECIATION OF IDR AGAINST USD, LOWER FFB PRODUCTION AND LOWER CRUDE PALM OIL PRICES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kencana-agri-expects-to-report-a-c/brief-kencana-agri-expects-to-report-a-consolidated-net-loss-for-quarter-ended-31-march-2018-idUSFWN1SB0PK |
11 Hours Ago | 03:03
Italy's deepening political turmoil has pushed European democracy to the brink of collapse, the leader of the UNI Global Union has said.
Rome's power struggle has rattled global financial markets in recent days, amid renewed fears that euroskeptic parties in the euro zone's third-largest economy could frame a new election as a de facto referendum on Italy's role in Europe.
Philip Jennings, the general secretary of a union that represents more than 20 million workers from over 900 trade unions, told CNBC Tuesday that a "deserved" backlash against globalization was threatening a fundamental pillar of the European project.
Speaking on the sidelines of the Organization for Economic Cooperation and Development's (OECD) annual forum in Paris, Jennings told CNBC's Joumanna Bercetche : "Two-thirds of the people doing some kind of work in this world have no proper contract and no proper terms and conditions of employment so this backlash against globalization is real."
"Politicians have to reconnect with the concerns of people, they have to reconnect to improve their condition, improve their work experience and to say that we're going to accompany you through this revolution," he added. Five Star Movement and Lega
Italy has been without a government since an inconclusive vote in early March, with the president finally nominating former International Monetary Fund official Carlo Cottarelli as interim prime minister until a snap poll is held sometime between September and spring 2019.
The decision to appoint Cottarelli prompted the populist Five Star Movement (M5S) and the right-wing Lega party (League) to switch back into campaign mode. Jason Alden | Bloomberg | Getty Images Philip J. Jennings, general secretary of UNI Global Union
When asked whether he shared some sympathy with the core messages of Italy's populist groups, Jennings replied: "These parties and others are taking some of our analysis but twisting it and distorting it for their political message. We don't like the populist parties because it is a step away from hate, it's a step away from xenophobia (and) it's a step away from some of the fascist tendencies that we see."
"We feel that democracy in Europe is going through a very difficult phase, if not, a crisis … Because, at the end of the day, I don't think these (populist) parties have an economics agenda," he added. Sam Meredith Digital Reporter, CNBC.com Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/italy-crisis-romes-power-struggle-is-threatening-european-democracy.html |
GENEVA (Reuters) - Democratic Republic of Congo reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths, the World Health Organization said on Monday.
A health worker is sprayed with chlorine after visiting the isolation ward at Bikoro hospital, which received a new suspected Ebola case, in Bikoro, Democratic Republic of Congo May 12, 2018. REUTERS/Jean Robert N'Kengo It said 393 people who identified as contacts of Ebola patients were being followed up. Information about the outbreak in Bikoro, Iboko and Wangata health zones in Equateur province was still limited, the WHO said in a statement.
At present the outbreak did not meet the criteria for declaring a “public health event of international concern”, which would trigger the formation of an emergency WHO committee.
Reporting by Tom Miles, Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/us-ebola-health-congo/who-says-19-dead-39-infected-so-far-in-congo-ebola-outbreak-idINKCN1IF1CP |
May 30, 2018 / 3:47 PM / Updated 11 minutes ago UPDATE 1-South Africa's rand gains as dollar rally eases, stocks lower Reuters Staff
* Rand up more than 1 pct
* Bourse falls for third day (Updates stocks and rand, adds trader comment)
JOHANNESBURG, May 30 (Reuters) - South Africa’s rand bounced back over 1 percent on Wednesday as the dollar fell from nearly seven month highs seen on Tuesday.
Stocks fell for another session as emerging market stocks fell to five month lows.
At 1516 GMT, the rand was up 1.16 percent to the dollar at 12.5550.
The greenback eased off its recent rally as first quarter GDP growth data released on Wednesday was at 2.2 percent, lower than forecast.
The dollar was down 0.50 percent.
“The rand has been quite resilient against its emerging market peers because our fundamentals are looking a bit better,” said Andre Botha, currency trader at Treasury One.
Botha said that April trade data being released on Thursday was expected to be upbeat and positive for the rand. The trade balance was in surplus for the previous two months.
The yield for the government bond due 2026 was barely changed, up 1 basis point to 8.540.
Stocks ended lower, extending the losing streak to the third straight session in line with emerging markets peers as investors fret over Italy’s political crisis.
The benchmark JSE Top-40 index fell 0.7 percent to 49,287 and the broader All-share index was off 0.6 percent to 55,601.
Among movers, Gold Fields lost 2.4 percent as the price of bullion faltered. On the upside, Spar and Nampak gained 2.3 percent and 2.9 percent, boosted stronger earnings reports. (Reporting by Patricia Aruo and Tiisetso Motsoeneng Editing by Alison Williams) | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/update-1-south-africas-rand-gains-as-dollar-rally-eases-stocks-lower-idUSL5N1T158A |
Screaming isn’t just for metal musicians. Rock vocal instructor Melissa Cross deconstructs the techniques of four types of screamers, from Roger Daltrey to the Cookie Monster. Photo: Natalia V. Osipova/The Wall Street Journal. | ashraq/financial-news-articles | http://live.wsj.com/video/how-to-scream-like-a-rocker/3F5A1C1A-00AF-4C63-97A1-73F0E385B2B5.html |
NEW YORK--(BUSINESS WIRE)-- Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared their distributions for the month of May 2018.
The following dates apply to the distribution schedule below:
Month Record Date Ex-Dividend Date Payable Date May 5/24/2018 5/23/2018 5/31/2018 Ticker Fund Name Amount Change from Previous Distribution CEM ClearBridge Energy MLP Fund Inc. $0.3550 - EMO ClearBridge Energy MLP Opportunity Fund Inc. $0.3200 - CTR ClearBridge Energy MLP Total Return Fund Inc. $0.2900 - CBA ClearBridge American Energy MLP Fund Inc. $0.2000 - The distributions may be treated as dividend income, return of capital or a combination thereof for tax purposes. This press release is not for tax reporting purposes. In early 2019, after definitive information is available, the Funds will send stockholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Funds during the prior calendar year should be characterized for purposes of reporting the distributions on a stockholder’s tax return (e.g., dividend income or return of capital).
For more information about the Funds, please call 1-888-777-0102 or consult the Funds’ website at www.lmcef.com . Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Funds.
//www.businesswire.com/news/home/20180514005155/en/
For Legg Mason Partners Fund Advisor, LLC:
Fund Investor Services, 1-888-777-0102
Source: Legg Mason Partners Fund Advisor, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-legg-mason-partners-fund-advisor-llc-announces-distributions-for-the-month-of-may-2018.html |
Abbie has enjoyed a brilliant start to her new job as a junior fund manager at AllianceBernstein, a $500bn investment group in New York. In her first three months she has handled thousands of bond trades worth nearly $19bn, never complaining, messing up or even taking a break.
That's because she is an algorithm.
AllianceBernstein's latest robotic employee did initially have a problem understanding some of the niceties of her human bosses — at first Abbie was stumped by what they meant with the word "please" — but she already handles about 35 per cent of their bond trades. The asset manager, which is considering the relocation of its headquarters to Nashville, Tennessee, is optimistic that Abbie will soon be able to automate large parts of the work of its two dozen human assistant portfolio managers.
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Abbie might seem unremarkable to observers who have seen a series of technological revolutions reshape the stock market. But the bond market has historically been a vast but old-fashioned corner of the financial system, with little transparency and trading often conducted by phone.
Yet a confluence of factors is now beginning to have a profound impact on the $50tn fixed income market.
Banks complain that more onerous regulations have hamstrung their ability to play their traditional role in lubricating activity in the bond market. That has spurred efforts to explore new ways to trade debt. The hope is that modernising the market's technological architecture can cut costs and improve its efficiency.
The "electronification" of the bigger government debt markets — such as US Treasuries or UK Gilts — is already well under way, and some experts predict that less traded markets such as corporate, municipal or emerging market debt will be the next to succumb to the march of the machines.
There is still scepticism that bonds can ever trade in a similar fashion to equities. Doubters point out that a company might only have issued one stock, but dozens of unique bonds. In fact, there are only 43,000 stocks in the world, but there are millions of bonds, each with their own legal and financial idiosyncrasies. Bigger chunks of debt are especially hard to trade without human finesse: sceptics compare it to how people might be comfortable buying a TV online, but not a house.
But if modern regulations have plunged bond trading into a funk, then modern technology has handed the finance industry the means to turn the predicament into an opportunity. Stocks may be fundamentally different from fixed income, but that does not mean the latter cannot benefit from advances in data science and artificial intelligence.
Moreover, electronification is just one facet of how bond trading is being dragged into the 21st century, with banks and investors exploring myriad ways to modernise the entire fixed income market — as Abbie attests to.
"Before the crisis the technology available was pretty archaic. But the liquidity available was so good that we didn't care. Then 2008 happened," says Douglas Peebles, AllianceBernstein's fixed income chief. "We want to make the market better, stronger, faster."
When Richie Prager started on Wall Street in 1981 he had to punch trades into a Telex machine, the keys so cumbersome it felt like they were fighting back. The majority of bond deals were arranged by phone and trading floors resembled boisterous street markets.
Today Mr Prager oversees trading at BlackRock, the world's biggest investment group, where quiet data scientists have replaced many bellowing traders, and workstations look more like a desk at Nasa. "The technology [change] is like night and day over the past five years," Mr Prager says. "It's hugely exciting."
BlackRock is one of several firms that are pouring money into technology in order to cut costs and improve the efficiency of its bond trading operations — a trend catalysed by concerns over the health of the bond market. While debt issuance has surged, traders say liquidity has deteriorated sharply in recent years, as a torrent of regulations forced banks to reduce their trading desks.
Putting precise numbers around this decline is tricky, as liquidity is an ephemeral concept. Asking a dozen traders will typically yield at least as many answers. But broadly speaking, liquidity is how easy it is to trade a financial asset without significantly moving its price. Most experts agree that liquidity has atrophied for bonds — especially at times of stress in the market.
That has led to a series of warnings over the years. Blackstone chief Stephen Schwarzman has argued that the "liquidity drought can exacerbate, or even trigger, the next financial crisis", while the economist Nouriel Roubini has predicted that "market illiquidity will eventually trigger a bust and collapse". Even regulators have voiced concerns, albeit in more cautious terms.
Thus far the doomsayers might seem like Eeyore, AA Milne's permanently pessimistic donkey, as fixed income markets have weathered big tests without any significant dislocations. Yet even if a crisis has failed to materialise, that does not mean the bond market is in fine fettle. And a number of banks and investment groups think that part of the solution will lie in the modernisation of fixed income trading.
This has accelerated the shift towards electronic, equity-style trading on exchanges, as opposed to "over the counter" trading. The "rates" market, where the debt of major governments is traded, is already mostly electronic, and corporate debt is also beginning to migrate on to trading platforms — at least for smaller chunks of debt.
There are also signs that the traditional divide between the "dealer-to-dealer" bond market, where banks trade with each other, and the "dealer-to-client" area, where they arrange trades for other investors, is beginning to blur, with some experts heralding the dawn of an "all-to-all" market for the biggest, most liquid bond markets.
Greenwich Associates estimates that a fifth of all investment-grade US corporate bond trades are now done electronically — almost double the volume of a decade ago. Even riskier "junk bonds" are beginning to move that way.
One of the biggest winners from this shift is MarketAxess, the largest electronic bond trading forum, which has seen the average monthly volume of bonds traded across its platform more than double since 2014 to nearly $150bn in 2018. "There's a secular trend towards more electronic trading globally," says Rick McVey, the company's chief executive.
Banks have also begun to automate smaller bond trades to free up traders for the bigger deals that still require a human touch. For example, Goldman Sachs' "bond pricing engine" calculates values for 10,000 bonds every day, allowing its algorithms to handle smaller trades.
At first the " Goldman Sachs Algorithm " only handled trades below $500,000, but today anything below $2m "doesn't get touched by a human", according to Justin Gmelich, a senior executive at the investment bank. "In four-five years I wouldn't be surprised if we have a lower trader headcount, and have more staff on the algorithmic side," he adds.
Yet modernising bond market trading is just one aspect of a much broader, seismic shift. Even sceptics concede there is a panoply of other areas where modern data science and computing can deliver valuable improvements.
"People are focusing a lot on efficiency," says Steve Zamsky, chief operating officer for fixed income at Morgan Stanley. "The conversation has been transformed from talking about electronification of corporate debt trading to increasing the efficiency of the ecosystem across the board."
Take AllianceBernstein's Abbie. Although primarily an order management algorithm built into the asset manager's messaging system, its success in automating the humdrum work of sizing and organising trades has fed optimism that it will be able to perform more significant tasks. By combining Abbie with the bond pricing and trading platform Alfa and research platform Prism, AllianceBernstein hopes the combined trio can become a virtual fund manager.
"It's only been two years that we've embraced the potential of technology, and what we've achieved in a short period of time is phenomenal," says Jim Switzer, head of credit trading at AllianceBernstein. "The bond market is going to look radically different in three years' time."
Disruption is also coming to bank "syndication" desks, which arrange and sell new debt sales by companies and countries. The author Michael Lewis once described syndication desks as an "omniscient, omnipotent, omnivorous presence" on trading floors, but banks are working on new digital platforms to overhaul a process that has long consisted of phone calls, emails, instant messaging services and unwieldy spreadsheets to collect and collate the orders.
Even mobile phones are coming into play. JPMorgan surveyed more than 400 fixed income traders at investment groups last autumn, and 61 per cent said they were "extremely" or "somewhat" likely to use a mobile trading app in 2018, up from 31 per cent the year before. "We want salespeople and traders focused on selling and trading, rather than spending time on the clunky bits we can automate," says Guy America, head of credit trading at JPMorgan.
Underscoring the sense of a tipping point, the US Securities and Exchange Commission last year established an advisory committee on fixed income's market structure, made up of big money managers, exchanges, borrowers and bankers. This was a vital development, says Amar Kuchinad, head of strategy at Trumid, a new bond trading platform and one of the committee's members.
"Regulatory attention was what really drove innovation in the equity market," he says. "Evolution is a process. Sometimes it feels so slow that you don't appreciate how much has changed [in fixed income] already."
But the regulatory interest also highlights concerns over the evolving bond market. Technological disruption can often be painful, and lead to unwanted side-effects. As bond markets become faster and more algorithmic, they will also likely become more prone to the glitches that have plagued equity markets in recent years.
A vivid example of this came on October 15 2014, when the 10-year US Treasury bond yield suddenly tumbled and then roared higher again, a 37-basis point intraday move so sharp that in theory it should only be expected once every 1.6bn years.
The mayhem was enabled by the advent of faster, algorithmic traders in the US Treasury market who have stepped into the breach left by retreating banks. Similar "flash events" could become more prevalent across fixed income as automated trading becomes more widespread, the Bank for International Settlement said in a 2016 report.
"Given the importance of fixed income markets for the funding of the real economy and financial stability more broadly, policymakers have a strong interest in assessing how electronification may be affecting market quality," the report said.
However, bankers and investors argue that yearning for the pre-crisis golden years of bond trading is pointless. "People inherently don't like change, but some of these trends have taken root," Mr Prager says. "We are not going back."
More from the Financial Times:
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Argentines shocked by IMF loan request | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-robots-are-coming-to-the-bond-market.html |
OTTAWA, May 07, 2018 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV:PFM), the global leader in smart mobile forms for enterprise, today announced that it will report its first quarter 2018 earnings for the period ended March 31, 2018, before market open on May 10 th , 2018.
ProntoForms will hold a conference call on May 10 th , 2018 at 8:30am EST hosted by CEO Alvaro Pombo and CFO Dave Croucher. A question and answer session will follow.
Date: Thursday, May 10 th , 2018
Time: 8:30 AM Eastern Time
Participant Dial-in Numbers:
Local Ottawa – (+1) 613 627 2402
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 50751710
Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 751710 #
Expiry Date: Thursday, May 17 th , 2018 11:59 PM
A live audio webcast and archive of the conference call will be available by visiting the Company’s website at www.prontoforms.com/company/investor-relations . Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
About ProntoForms Corporation
ProntoForms is a leading provider of smart mobile forms for enterprise. The Company's solution is used to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to corporate systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
For additional information, please contact:
Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
[email protected] Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]
Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the lead flow the Company may receive from its partnering strategy and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might results suggested in any . The Company’s business and value may not grow as anticipated or at all, its partnering strategy may not generate increasing lead flow or maintain current lead flow levels and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the , or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 16, 2018 found at www.sedar.com for a discussion of such factors.
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.
Source:ProntoForms Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-prontoforms-announces-q1-2018-financial-results-conference-call.html |
NEW YORK, May 29, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business, part of the Commercial Finance division, has closed on a $15.3 million loan to finance the purchase of a San Diego, Calif., medical office building.
The Coast Medical Center is a four-story medical office building located on nearly two acres, roughly 10 miles from downtown San Diego and less than a mile from two neighboring hospitals. Tenants offer a wide range of medical services, including surgery, urology, orthopedics and dentistry.
The borrower is a joint venture between Kayne Anderson Real Estate and MB Real Estate.
"CIT Healthcare Finance has backed several of our acquisitions in recent years by providing senior debt capital in support of our growing medical office portfolio," said Joe Magliochetti, senior vice president and managing director with MB Real Estate. "CIT is very proficient in healthcare real estate and has a specialized medical office financing program. Their combined healthcare and real estate expertise is evident in their very efficient underwriting process and ability to close in a timely fashion. We highly value this strategic relationship."
"We are pleased to continue supporting Kayne Anderson and MB Real Estate with financing as they add to their growing portfolio of medical office buildings," said William Douglass, managing director and group head of CIT's Healthcare Finance business.
"As more care shifts from inpatient to outpatient, investment in medical office buildings continues to increase and our Healthcare Finance team is well positioned with the experience and market knowledge to quickly evaluate and execute transactions for our clients," Douglass added.
CIT's Healthcare Finance business provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter , LinkedIn , YouTube and Facebook .
CIT MEDIA RELATIONS:
John M. Moran
212-461-5507
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/cit-closes-on-15-3-million-loan-for-acquisition-of-medical-office-building-300655450.html
SOURCE CIT Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-cit-closes-on-15-point-3-million-loan-for-acquisition-of-medical-office-building.html |
ZURICH/PARIS (Reuters) - Worldline’s ( WLN.PA ) $2.75 billion deal to buy the payments unit of Swiss exchange operator SIX Group, announced on Tuesday, could herald more consolidation in the industry, SIX’s chairman told Reuters.
France’s Worldline beat competition from U.S. bidders to land the SIX business, reflecting a drive by financial sector companies to gain scale to benefit from the shift towards electronic and online payments.
As part of the arrangement, SIX will get a 27 percent stake and two board seats in the French company, which paid for most of the purchase with 49 million new shares.
“We believe that this will be a landmark deal in Europe and in different countries and regions and further consolidation will occur as domestic markets break up,” SIX Chairman Romeo Lacher said in an interview, adding that the merged company would be well placed to lead the charge.
The payment processing business relied on scale, he said, with size increasingly important because of the need to invest in technology and innovation.
Other recent M&A activity in the sector include the multi-billion pound sale of Britain’s Worldpay and Paysafe last year.
Related Coverage Worldline payments deal lends dealmaking firepower: SIX SIX’s payments business is the market leader in Switzerland, Austria and Luxembourg, helping process payments and providing debit and credit card terminals to retailers, restaurants and hotels.
Worldline said in a presentation that it would have more than 2 billion euros ($2.4 billion) to spend on deals by the end of 2019 to “further consolidate the European payment market”.
“That means we have an extreme amount of firepower to drive consolidation in Europe if it goes down the M&A track,” Lacher said.
POTENTIAL TARGETS For decades, payments firms existed as a backwater in the banking landscape. Usually set up by banks, they enjoyed a cosy relationship with them as customers but had little funds at their disposal to invest in technology.
As well as investing in innovation, payments companies now also need scale to navigate increasing regulatory complexity.
Smaller companies like SIA ( IPO-SIA.MI ) in Italy or Germany’s Concardis could be among the targets for larger industry players, while banks could be tempted to sell off their payments services to raise cash, analysts say.
Potential targets could include the payment services arms of France’s Credit Mutuel, Societe Generale ( SOGN.PA ) and Nataxis ( CNAT.PA ), or Spain’s Bankia ( BKIA.MC ), BBVA ( BBVA.MC ) or Sabadell ( SABE.MC ), according to analysts.
“They can hand it over to specialists with companies like Worldline who are particularly well positioned to make these acquisitions because of the flexibility they offer,” said Bob Liao at Macquarie.
“They can say to the bank: ‘We know this business is your baby and you don’t really want to give it up, but you cannot invest in it, so why not a joint venture or a shared ownership deal?’”
Other industry bidders could include France’s Ingenico ( INGC.PA ), while Denmark’s Nets ( NTTSY.PK ), owned by U.S. buyout fund Hellman & Friedman, could also enter future auctions.
Nets was one of the bidders that lost out to Worldline in the auction for SIX’s payment services business.
Worldline, which is 51 percent owned by Atos ( ATOS.PA ), will pay 283 million euros in cash on top of the new shares to acquire the business.
Editing by Sherry Jacob-Phillips and Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-worldline-m-a/french-payments-firm-worldline-to-buy-six-payment-services-for-2-75-billion-idUSKCN1IG0KF |
April 30 (Reuters) - Merck & Co Inc:
* FDA GRANTS PRIORITY REVIEW TO MERCK’S SBLA FOR KEYTRUDA® (PEMBROLIZUMAB) IN COMBINATION WITH PEMETREXED (ALIMTA®) AND PLATINUM CHEMOTHERAPY BASED ON RESULTS FROM PHASE 3 KEYNOTE-189 TRIAL AS FIRST-LINE TREATMENT OF METASTATIC NONSQUAMOUS NSCLC
* MERCK & CO INC - U.S. FDA HAS SET A PDUFA DATE OF SEPT. 23, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-merck-co-says-us-fda-has-set-pdufa/brief-merck-co-says-u-s-fda-has-set-pdufa-date-of-sept-23-2018-idUSASC09Y5R |
TORONTO, May 2, 2018 /PRNewswire/ - Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the "Company") reports its financial and operational results ended March 31, 2018.
HIGHLIGHTS:
Gold production of 57,616 ounces in the first quarter of 2018, in line with the first quarter of 2017 (57,795 ounces) Stronger than expected gold production from the Wassa complex (35,506 ounces) due to the continued ramp up of the Wassa Underground Gold Mine ("Wassa Underground") Cash operating cost per ounce 1 of $909 and All-In Sustaining Cost ("AISC") per ounce 1 of $1,171 in the first quarter of 2018 Higher than expected costs due to the challenges experienced at the Prestea Underground Gold Mine ("Prestea Underground") in the first quarter of 2018 Prestea Underground's performance has improved significantly since the start of the second quarter of 2018 Average production rate at Prestea Underground since the commencement of ore draw down from the second stope 2 of 613 tonnes per day ("tpd") and achieving a maximum rate of 851 tpd Grades being delivered to the processing plant in line with the grades forecasted in the block model Production from the Prestea Open Pits is expected to continue into the third quarter of 2018, having previously been anticipated to complete at the end of the first half of 2018 31% decrease in capital expenditures to $11.6 million in the first quarter of 2018 compared to the first quarter of 2017 Cash provided by operations before changes in working capital 1 of $0.8 million ($0.00 per share) in the first quarter of 2018 and mine operating margin 1 of $3.0 million Consolidated cash balance of $26.2 million at March 31, 2018, with $12.6 million of the total $18.6 million (68%) severance expenses now complete Golden Star is on track to achieve its consolidated full year ("FY") 2018 guidance on all stated metrics of gold production, cash operating cost per ounce 1 , AISC per ounce 1 and capital expenditures
Notes:
1. See "Non-GAAP Financial Measures".
2. Between April 17 and April 29, 2018.
Sam Coetzer, President and Chief Executive Officer of Golden Star, commented:
"With both underground mines now in commercial production, Golden Star has differentiated itself from its peers. We are one of the few primarily underground producers in the West African gold sector and as a result, we benefit from a significantly lower risk profile. Wassa Underground is continuing to ramp up robustly, delivering stronger grades and productivity than expected. Prestea Underground is now finding its stride and we look forward to improved results in the second quarter of 2018. Our focus for 2018 continues to be operational delivery coupled with demonstrating our organic growth potential through exploration, particularly in light of our recent success at Wassa Underground. With the majority of the severance payments behind us and with our operations on track to achieve on consolidated full year 2018 guidance, we are well-positioned to strengthen our balance sheet and deliver value for shareholders."
First Quarter 2018 Conference Call Details
The Company will conduct a conference call and webcast to discuss its results of 2018 on Thursday, May 3, 2018 at 9:30 am ET.
The quarterly results call can be accessed by telephone or by webcast as follows:
Toll Free (North America): +1 866 393 4206
International: +1 734 385 2616
Conference ID: 9894939
Webcast: www.gsr.com
A recording and webcast replay of the call will be available from www.gsr.com following the call.
SUMMARY OF CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS
Three Months Ended
March 31,
OPERATING SUMMARY
2018
2017
Wassa gold sold
oz
35,853
31,531
Prestea gold sold
oz
22,507
26,613
Total gold sold
oz
58,360
58,144
Wassa gold produced
oz
35,506
31,349
Prestea gold produced
oz
22,110
26,446
Total gold produced
oz
57,616
57,795
Average realized gold price 1
$/oz
1,258
1,179
Cost of sales per ounce – Consolidated 2
$/oz
1,204
1,029
Cost of sales per ounce – Wassa 2
$/oz
1,000
1,217
Cost of sales per ounce – Prestea 2
$/oz
1,562
806
Cash operating cost per ounce – Consolidated 2
$/oz
909
798
Cash operating cost per ounce – Wassa 2
$/oz
683
942
Cash operating cost per ounce – Prestea 2
$/oz
1,306
628
All-In Sustaining cost per ounce – Consolidated 2
$/oz
1,171
977
Notes:
1. Average realized gold price per ounce for the three months ended March 31, 2018 excludes 2,049 pre commercial production ounces sold at Prestea Underground in January 2018.
2. See "Non-GAAP Financial Measures".
Three Months Ended
March 31,
FINANCIAL SUMMARY
2018
2017
Gold revenues
$'000
70,819
68,545
Cost of sales excluding depreciation and amortization
$'000
59,574
51,406
Depreciation and amortization
$'000
8,221
8,439
Mine operating margin
$'000
3,024
8,700
General and administrative expense
$'000
1,109
7,992
Gain on fair value of financial instruments, net
$'000
(5,442)
(2,498)
Net income attributable to Golden Star shareholders
$'000
1,015
170
Adjusted net (loss)/income attributable to Golden Star shareholders 1
$'000
(1,409)
3,411
Income per share attributable to Golden Star shareholders - basic
$/share
0.00
0.00
(Loss)/income per share attributable to Golden Star shareholders - diluted
$/share
(0.01)
0.00
Adjusted (loss)/income per share attributable to Golden Star shareholders – basic 1
$/share
0.00
0.01
Cash (used in)/provided by operations
$'000
(3,971)
9,438
Cash provided by operations before working capital changes 1
$'000
810
17,725
Cash (used in)/provided by operations per share - basic
$/share
(0.01)
0.03
Cash provided by operations before working capital changes per share – basic 1
$/share
0.00
0.05
Capital expenditures
$'000
11,582
16,703
Notes:
1. See "Non-GAAP Financial Measures".
OPERATIONAL PERFORMANCE
In the first quarter of 2018 Golden Star produced 57,616 ounces of gold. The Company became a primarily underground-focused gold producer in January 2018 following the cessation of production from the Wassa Main Pit. The Prestea Open Pits are also expected to complete production during the third quarter of 2018. Subsequently, Golden Star intends to focus on high margin, underground ore with the objective of strengthening its financial position and creating a robust platform to deliver shareholder value.
Gold production from the Wassa complex increased by 13% in the first quarter of 2018 to 35,506 ounces compared to the first quarter of 2017. 83% of Wassa's production was attributable to Wassa Underground, which delivered stronger than anticipated production as a result of higher grades and higher tonnages. Consequently, the Wassa complex delivered its lowest cash operating cost per ounce 1 in over two years of $683.
Gold production from the Prestea complex was 22,110 ounces in the first quarter of 2018, which represents a 16% decrease compared to the same period in 2017. This is as a result of the anticipated lower production from the Prestea Open Pits, as the operation approaches the end of its mine life, and the challenges experienced at Prestea Underground during the first quarter of 2018. Since mid-April 2018, when Golden Star began drawing down ore from the second stope at Prestea Underground, the mine's production rate has increased significantly (averaging 613 tpd between April 17 and April 29, 2018) and management expects the results of the second quarter of 2018 to reflect these improvements.
Golden Star's consolidated cash operating cost per ounce 1 was $909 in the first quarter of 2018, a 14% increase compared to the first quarter of 2017. This was due primarily to the increase in mine operating expenses associated with Prestea Underground declaring commercial production on February 1, 2018 and the decrease in ounces sold in the first quarter of 2018 at the Prestea complex compared to the first quarter of 2017. This was partially offset by the 27% decrease in cash operating cost per ounce 1 at the Wassa complex.
The AISC per ounce 1 in the first quarter of 2018 was $1,171, an increase of 20% compared to the first quarter of 2017, as a result of an increase in capitalized development costs at Wassa Underground. Sustaining capital incurred at Wassa Underground in the first quarter of 2017 was very low as mining operations had not yet accessed the B Shoot zone. In the first quarter of 2017 underground development costs were attributed to development capital expenditures (and therefore not included in the AISC per ounce 1 ) until mining began in the B Shoot. The cost of sales per ounce 1 was $1,204. Golden Star expects its operating costs to decrease in the second half of 2018 as production at both underground operations continues to ramp up.
At the end of the first quarter, $12.6 million (68%) of severance expenses had been paid. The majority of the severance payments relating to the Wassa Main Pit workforce are now complete and Golden Star expects to pay the severance expenses relating to the Prestea Open Pits workforce during the remainder of 2018. The total severance expenses across both operations are expected to be $18.6 million.
At the end of the first quarter of 2018, Golden Star is on track to achieve its consolidated FY 2018 guidance on all stated metrics. As stated in the press release dated January 11, 2018, Golden Star expects production to be weighted to the second half of 2018 and consequently, cash operating cost per ounce 1 and AISC per ounce 1 are anticipated to decrease in the second half of 2018.
Notes
1. See "Non-GAAP Financial Measures".
Wassa Complex ("Wassa")
Three Months Ended
March 31,
2018
2017
WASSA FINANCIAL RESULTS
Revenue
$'000
45,352
37,250
Mine operating expenses
$'000
21,226
28,225
Royalties
$'000
3,394
954
Operating Costs from (to) metals inventory
$'000
2,366
1,913
Operating costs from metals inventory
$'000
3,251
1,482
Inventory net realizable value adjustment
$'000
-
505
Cost of sales excluding depreciation and amortization
$'000
30,237
33,079
Depreciation and amortization
$'000
5,608
5,304
Mine operating margin/(loss)
$'000
9,507
(1,133)
Capital expenditures
$'000
6,606
3,033
WASSA OPERATING RESULTS
Ore mined - Main Pit
t
54,281
362,224
Ore mined - Underground
t
213,392
153,862
Ore mined - Total
t
267,673
516,086
Waste mined - Main Pit
t
72,538
1,908,825
Waste mined - Underground
t
73,528
54,117
Waste mined -Total
t
146,066
1,962,942
Ore processed - Main Pit
t
215,552
501,368
Ore processed - Underground
t
213,392
155,383
Ore processed - Total
t
428,944
656,751
Grade processed - Main Pit
g/t
0.90
1.27
Grade processed - Underground
g/t
4.54
2.47
Recovery
%
95.2
93.1
Gold produced - Main Pit
oz
5,992
19,867
Gold produced - Underground
oz
29,514
11,482
Gold produced - Total
oz
35,506
31,349
Gold sold - Main Pit
oz
6,339
20,049
Gold sold - Underground
oz
29,514
11,482
Gold sold - Total
oz
35,853
31,531
Cost of sales per ounce 1
$/oz
1,000
1,217
Cash operating cost per ounce 1
$/oz
683
942
Notes
1. See "Non-GAAP Financial Measures".
Wassa Operational Overview
Gold production from the Wassa complex increased by 13% in the first quarter of 2018 to 35,506 ounces compared to the first quarter of 2017. The first quarter of 2018 represented the first quarter of primarily underground production, with 83% of Wassa's production attributable to Wassa Underground (29,514 ounces).
The grade of the underground ore in the first quarter of 2018 increased by 84% to 4.54 grams per tonne ("g/t") of gold ("Au") compared to the first quarter of 2017 and by 12% compared to the fourth quarter of 2017. Mining rates at Wassa Underground also continued to exceed expectations, at approximately 2,400 tpd on average in the first quarter of 2018. This represents a 40% increase compared to the first quarter of 2017 and a 26% increase compared to the fourth quarter of 2017. During March 2018, the mining rate exceeded 2,600 tpd.
The targeted average mining rate for Wassa Underground in FY 2018 is 2,700-3,000 tpd, but the Company expected to achieve an average of 2,300 tpd during the first quarter of 2018 . The mining team is well-positioned to continue to increase the tonnage profile in 2018 and beyond, with the mining sequence working well and an increasing number of stopes prepared and developed.
Gold production ceased from the Wassa Main Pit in January 2018, as planned, however, stockpiled ore will continue to be fed to the processing plant until the third quarter of 2018.
The Wassa complex reported a 27% decrease in cash operating cost per ounce 1 of 2018 to $683 compared to the first quarter of 2017. This represents Wassa's lowest cash operating cost per ounce 1 since the fourth quarter of 2015. This strong performance was due primarily to the increase in higher grade ore from Wassa Underground being fed to the processing plant and the subsequent increase in gold sold. The cost of sales per ounce 1 for Wassa in the first quarter of 2018 was $1,000.
$3.4 million of severance expenses were paid during the first quarter of 2018 as a result of the cessation of production from Wassa Main Pit in January 2018. The severance payments relating to the Wassa Main Pit workforce are now largely complete.
Notes
1. See "Non-GAAP Financial Measures".
Prestea Complex ("Prestea")
Three Months Ended
March 31,
2018
2017
PRESTEA FINANCIAL RESULTS
Revenue
$'000
25,467
31,295
Mine operating expenses
$'000
22,920
16,828
Royalties
$'000
1,464
1,610
Operating costs from (to) metals inventory
$'000
3,790
(111)
Inventory net realizable value adjustment
$'000
1,163
-
Cost of sales excluding depreciation and amortization
$'000
29,337
18,327
Depreciation and amortization
$'000
2,613
3,135
Mine operating (loss)/margin
$'000
(6,483)
$9,833
Capital expenditures
$'000
4,976
13,670
PRESTEA OPERATING RESULTS
Ore mined - Open pits
t
228,707
340,539
Ore mined - Underground
t
32,446
1,055
Ore mined - Total
t
261,153
341,594
Waste mined - Open pits
t
505,997
583,062
Waste mined - Underground
t
2,211
8,038
Waste mined -Total
t
508,208
591,100
Ore processed
t
377,138
388,530
Grade processed - Open pits
g/t
1.50
2.31
Grade processed - Underground
g/t
8.22
-
Recovery
%
88.6
88.9
Gold produced - Open pits
oz
14,629
26,446
Gold produced - Underground
oz
7,481
-
Gold produced - Total
oz
22,110
26,446
Gold sold - Open pits
oz
15,026
26,613
Gold sold - Underground
oz
7,481
-
Gold sold - Total
oz
22,507
26,613
Cost of sales per ounce 1
$/oz
1,562
806
Cash operating cost per ounce 1
$/oz
1,306
628
Notes
1. See "Non-GAAP Financial Measures".
Prestea Operational Overview
Gold production from Prestea was 22,110 ounces in the first quarter of 2018. 66% of production was attributable to the Prestea Open Pits and 34% to Prestea Underground.
The Prestea Open Pits produced 14,629 ounces of gold in the first quarter of 2018, compared to 26,446 ounces in the same period in 2017. This decrease in production was anticipated, as the Prestea Open Pits had been expected to complete gold production at the end of 2017. However additional ore was sourced during the first quarter of 2018 so mining is now expected to continue throughout the first half of 2017, with ore supply from the Prestea Open Pits being processed until the middle of the third quarter of 2018. The grade of the ore from the Prestea Open Pits decreased by 35% in the first quarter of 2018, as expected, to 1.50 g/t Au as a result of the higher grade pits being mined earlier in the operation's mine life.
Commercial production was achieved at Prestea Underground on February 1, 2018 and the mine produced 7,481 ounces of gold in the first quarter of 2018 compared to nil in the first quarter of 2017. The challenges experienced with the blasting of the first stope at Prestea Underground, which were described in the press release dated January 11, 2018 1 , continued during the period. As a result, the blasted ore from the first stope contained higher than anticipated levels of dilution and the grade processed from Prestea Underground was 8.22 g/t Au, compared to the average Mineral Reserve grade of 12.35 g/t Au. However the mining team learnt important lessons from the first stope and further changes have been made to drill design patterns, blasting practice, raise layouts and stope ventilation, in order to address these dilution issues.
Consequently, the initial results from the second stope have been much stronger. The ore draw down of the second stope commenced in mid-April 2018 and during the 12 days from April 17 to April 29, 2018 the average production rate from Prestea Underground was 613 tpd, achieving a maximum of 851 tpd. This compares to the average production rate during the first quarter of 2018 of 361 tpd and demonstrates that the Company is making significant progress in moving towards the targeted production rate for Prestea Underground of 650 tpd. The initial grades from the second stope being fed to the processing plant are also in line with the block model.
The operational management team at Prestea Underground was strengthened during the first quarter of 2018, with the objective of delivering continuous improvement to the mine's performance. Golden Star's management team expects the mine's performance to improve significantly during the second quarter of 2018.
Prestea reported a cash operating cost per ounce 2 of $1,306 in the first quarter of 2018, which represents a 108% increase compared to the same period in 2017. This was due primarily to the increase in mine operating expenses associated with Prestea Underground declaring commercial production and the decrease in ounces sold in the first quarter of 2018 compared to the same period in 2017. In addition, there was a $3.8 million drawdown of ore stockpiles at Prestea during the first quarter of 2018 compared to a $0.1 million build up in the same period in 2017. The cost of sales per ounce 2 at Prestea in the first quarter of 2018 was $1,562.
Golden Star expects to pay $4.4 million in severance expenses relating to the Prestea Open Pits workforce during the remainder of 2018 as the Company streamlines the operation to focus on high margin, underground production.
Notes
1. See press release entitled, 'Golden Star Achieves 2017 Production Guidance and Provides Guidance for 2018', dated January 11, 2018
2. See "Non-GAAP Financial Measures".
Exploration
Updated Wassa Underground Inferred Mineral Resource Estimate
On April 12, 2018, the Company released an updated Inferred Mineral Resource estimate for Wassa Underground. The updated estimate delivered a 147% increase in Wassa Underground's Inferred Mineral Resources to 5.2 million ounces of gold, in the B Shoot South and F Shoot South areas. The grade of the Inferred Mineral Resources also increased by 9% to 3.6 g/t Au compared to 3.3 g/t Au in the December 31, 2017 estimate.
Golden Star is conducting further drilling of the Wassa South extensions currently and the Company expects that Wassa Underground's Inferred Mineral Resources will continue to grow with further step out drilling.
Golden Star is planning to undertake a Preliminary Economic Assessment ("PEA") on the Inferred Mineral Resources of the Wassa Underground deposit. The objective of the PEA is to demonstrate the viability of the Inferred Mineral Resources, potentially including a new access shaft and new ventilation infrastructure. As Golden Star has significant under-utilized capacity in the Wassa processing plant, this additional material could be processed without the need for Golden Star to build any additional processing capacity. Golden Star expects to commence work on the PEA late in the second quarter of 2018 and the Company anticipates it will be completed in the third quarter of 2018.
Drilling at Prestea
Golden Star drilled on surface and from underground on the Prestea licence area during the first quarter of 2018.
Drilling at Prestea Underground continued to test the Inferred Mineral Resources along the edges of the West Reef ore body with the objective of Mineral Resource expansion. The Company is planning to begin step out drilling to the north of the West Reef in the third quarter of 2018 to test the potential down plunge extension of the deposit, once drilling chambers have been established. Golden Star believes the West Reef is larger than the current estimate suggests.
Elsewhere on the Prestea licence area, one surface rig continued to test the South Gap target between the two historic underground shafts, Bondaye and Tuapim. The South Gap is one of the five new potential underground targets that Golden Star outlined in its 2018 exploration strategy. The drilling is expected to be completed in the second quarter of 2018 and once all results have been received, the Company will provide an update to the market. Pending the completion of the South Gap drilling, the drill rig will be mobilized to test several other targets along the Company's 85 kilometre strike length of the Ashanti Gold Trend.
FINANCIAL PERFORMANCE
Capital Expenditures
Having largely completed the development of both Wassa Underground and Prestea Underground, capital expenditures of 2018 totaled $11.6 million compared to $16.7 million in the first quarter of 2017, representing a 31% decrease. Development capital accounted for 50% of capital expenditures ($5.8 million), related primarily to Prestea Underground ($3.6 million) and exploration drilling ($1.9 million).
First Quarter 2018 Capital Expenditures Breakdown (in millions)
Item
Sustaining
Development
Total
Wassa Underground
$3.5
$0.1
$3.6
Wassa Equipment Purchases
$1.4
-
$1.4
Wassa Exploration
-
$1.3
$1.3
Other Development
$0.2
$0.1
$0.3
Wassa Subtotal
$5.1
$1.5
$6.6
Prestea Open Pit Mines
$0.5
-
$0.5
Prestea Underground
-
$3.6
$3.6
Prestea Exploration
-
$0.6
$0.6
Other Development
$0.2
$0.1
$0.3
Prestea Subtotal
$0.7
$4.3
$5.0
Consolidated
$5.8
$5.8
$11.6
Other Financial Highlights
Gold revenues of 2018 totaled $70.8 million from gold sales of 58,360 ounces, at an average realized gold price of $1,258 per ounce. This represents a 3% increase in revenues compared to the first quarter of 2017, which was due primarily to a 22% increase in gold revenue at the Wassa complex. This increase was offset partially by a 19% decrease in gold revenue from the Prestea complex, resulting from the expected decrease in production from the Prestea Open Pits and higher levels of dilution impacting production at Prestea Underground.
Cost of sales excluding depreciation and amortization of 2018 totaled $59.6 million, an increase of 16% from the same period in 2017. This increase can be attributed primarily to a $5.7 million increase in operating costs from metals inventory related to a planned drawdown of ore stockpiles at Wassa and Prestea, offset partially by a 2% decrease in consolidated mine operating expenses. In addition, there was a $2.4 million increase in severance expenses related to the suspension of production at the Wassa Main Pit.
Depreciation and amortization expenses of 2018 totaled $8.2 million, a 3% decrease compared to the first quarter of 2017 due mainly to lower gold production at Prestea.
As a result, Golden Star reported a mine operating margin of $3.0 million in the first quarter of 2018, compared to $8.7 million in the first quarter of 2017. This decrease was due primarily to the higher cost of sales in the first quarter of 2018.
General and administrative ("G&A") expenses of 2018 totaled $1.1 million, compared to $8.0 million in the same period in 2017, an 86% decrease. The decrease in G&A costs of 2018 was due primarily to a $7.4 million decrease in share-based compensation expense compared to the same period in 2017, resulting from a decrease in the Company's share price during the quarter.
Golden Star recorded a fair value gain of $5.4 million on financial instruments in the first quarter of 2018, compared to a $2.5 million gain in the same period in 2017. The $5.4 million fair value gain relates to a non-cash revaluation gain on the embedded derivative liability of the 7% Convertible Debentures.
The net income attributable to Golden Star shareholders in the first quarter of 2018 was $1.0 million or $0.00 income per share, compared to a net income of $0.2 million or $0.00 income per share in the first quarter of 2017. The higher net income attributable to Golden Star shareholders in the first quarter of 2018 compared to the same period in 2017 was due primarily to a higher mine operating margin at Wassa, a higher gain on fair value of financial instruments and lower G&A costs, offset partially by the mine operating loss at Prestea of 2018 compared to a higher mine operating margin in the same period in 2017.
Cash provided by operations before working capital changes in the first quarter of 2018 was $0.8 million compared to $17.7 million in the same period in 2017. This decrease was due primarily to the $5.7 million decline in the consolidated mine operating margin and the $10.0 million advance payment received during the first quarter of 2017 from RGLD Gold AG ("RGLD") pursuant to the gold purchase and sale agreement (the "Streaming Agreement"). The $10.0 million payment received in January 2017 was the final advance payment under the Streaming Agreement.
The Company's consolidated cash balance was $26.2 million at March 31, 2018. Working capital used $4.8 million during the first quarter of 2018, compared to $8.3 million in the same period in 2017. The working capital changes in the first quarter of 2018 included an $11.4 million decrease in accounts payable and accrued liabilities, offset by a $5.0 million decrease in inventory, a $1.0 million decrease in accounts receivable and a $0.7 million decrease in prepaids and other.
For further information about Golden Star's operational and financial performance, please visit the Financial and Operational database at http://apps.indigotools.com/IR/IAC/?Ticker=GSC&Exchange=TSX . The data relating to the first quarter of 2018 will be available 24 hours after release at the latest.
Notes
1. See "Non-GAAP Financial Measures".
Other Corporate Developments
Commercial production achieved at Prestea Underground
On February 1, 2018, commercial production was achieved at Prestea Underground. Gold production is anticipated to ramp up during 2018 and exploration drilling is underway at the mine, with the objective of increasing the annual production rate and extending the mine life.
Outlook
Golden Star remains on track to achieve its guidance on all stated metrics for FY 2018. This includes consolidated full year production of 230,000 - 255,000 ounces of gold at a cash operating cost per ounce 1 of between $650 and $730, an AISC per ounce 1 of between $850 and $950 and capital expenditures of $36.5 million, which include $6.6 million for exploration.
Golden Star expects gold production to be weighted towards the second half of the year, due to the continued ramp up of production at both Wassa Underground and Prestea Underground. Consequently, Golden Star anticipates that its cash operating cost per ounce 1 and AISC per ounce 1 will be higher during the first half of 2018.
Notes
1. See "Non-GAAP Financial Measures".
All monetary amounts refer to United States dollars unless otherwise indicated.
Company Profile
Golden Star is an established gold mining company that owns and operates the Wassa and Prestea mines in Ghana, West Africa. Listed on the NYSE American, the Toronto Stock Exchange and the Ghanaian Stock Exchange, Golden Star is focused on delivering strong margins and free cash flow from its two high grade, low cost underground mines. Gold production guidance for 2018 is 230,000-255,000 ounces at a cash operating cost per ounce of $650-730. As the winner of the PDAC 2018 Environmental and Social Responsibility Award, Golden Star is committed to leaving a positive and sustainable legacy in its areas of operation.
GOLDEN STAR RESOURCES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(Stated in thousands of U.S. dollars except shares and per share data)
(unaudited)
Three Months Ended
March 31,
2018
2017
Revenue
$
70,819
$
68,545
Cost of sales excluding depreciation and amortization
59,574
51,406
Depreciation and amortization
8,221
8,439
Mine operating margin
3,024
8,700
Other expenses/(income)
Exploration expense
706
672
General and administrative
1,109
7,992
Finance expense, net
4,783
2,793
Other income
(628)
(174)
Gain on fair value of financial instruments, net
(5,442)
(2,498)
Loss on conversion of 7% Convertible Debentures, net
-
165
Income/(loss) before tax
2,496
(250)
Deferred income tax expense
2,891
-
Net loss and comprehensive loss
$
(395)
$
(250)
Net loss attributable to non-controlling interest
(1,410)
(420)
Net income attributable to Golden Star shareholders
1,015
170
Net income/(loss) per share attributable to Golden Star shareholders
Basic
$
0.00
$
0.00
Diluted
$
(0.01)
$
0.00
Weighted average shares outstanding-basic (millions)
380.9
359.0
Weighted average shares outstanding-diluted (millions)
438.1
371.2
GOLDEN STAR RESOURCES LTD.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Stated in thousands of U.S. dollars)
(unaudited)
As of
March 31,
December 31
2018
2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
26,224
$
27,787
Accounts receivable
2,420
3,428
Inventories
44,196
50,653
Prepaids and other
4,217
5,014
Total Current Assets
77,057
86,882
RESTRICTED CASH
6,505
6,505
MINING INTERESTS
256,935
254,058
DEFERRED TAX ASSETS
10,054
12,944
Total Assets
$
350,551
$
360,389
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities
$
84,562
$
94,623
Current portion of rehabilitation provisions
5,825
6,566
Current portion of deferred revenue
15,911
17,894
Current portion of long term debt
21,863
15,864
Current portion of other liability
15,464
13,498
Total Current Liabilities
143,625
148,445
REHABILITATION PROVISIONS
62,215
64,146
DEFERRED REVENUE
110,973
92,062
LONG TERM DEBT
88,580
79,741
LONG TERM DERIVATIVE LIABILITY
5,521
10,963
LONG TERM OTHER LIABILITY
-
6,786
Total Liabilities
410,914
402,143
SHAREHOLDERS' EQUITY
SHARE CAPITAL
First preferred shares, without par value, unlimited shares authorized.
No shares issued and outstanding
-
-
Common shares, without par value, unlimited shares authorized
783,325
783,167
CONTRIBUTED SURPLUS
35,692
35,284
DEFICIT
(812,145)
(794,180)
Equity attributable to Golden Star shareholders
7,072
24,271
NON-CONTROLLING INTEREST
(67,435)
(66,025)
Total Deficit
(60,363)
(41,754)
Total Liabilities and Shareholders' Equity
$
350,551
$
360,389
GOLDEN STAR RESOURCES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in thousands of U.S. dollars)
(unaudited)
Three Months Ended
March 31,
2018
2017
OPERATING ACTIVITIES:
Net loss
$
(395)
$
(250)
Reconciliation of net income/(loss) to net cash provided by
operating activities:
Depreciation and amortization
8,228
8,444
Share-based compensation
(2,638)
4,715
Deferred income tax expense
2,891
-
Gain on fair value of 7% Convertible Debentures
(5,442)
(3,131)
Recognition of deferred revenue
(3,239)
(3,289)
Proceeds from Royal Gold stream
-
10,000
Reclamation expenditures
(1,343)
(1,491)
Other
2,748
2,727
Changes in working capital
(4,781)
(8,287)
Net cash (used in)/provided by operating activities
(3,971)
9,438
INVESTING ACTIVITIES:
Additions to mining properties
(309)
(155)
Additions to plant and equipment
(245)
-
Additions to construction in progress
(11,028)
(16,548)
Change in accounts payable and deposits on mine equipment
and material
(71)
(1,693)
Increase in restricted cash
-
(29)
Net cash used in investing activities
(11,653)
(18,425)
FINANCING ACTIVITIES:
Principal payments on debt
(939)
(846)
Proceeds from debt agreements
15,000
-
Shares issued, net
-
24,524
Net cash provided by financing activities
14,061
23,678
(Decrease)/increase in cash and cash equivalents
(1,563)
14,691
Cash and cash equivalents, beginning of period
27,787
21,764
Cash and cash equivalents, end of period
$
26,224
$
36,445
Non-GAAP Financial Measures
In this press release, we use the terms "cash operating cost", "cash operating cost per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "adjusted net income attributable to Golden Star shareholders", "adjusted income per share attributable to Golden Star shareholders", "cash provided by operations before working capital changes", and "cash provided by operations before working capital changes per share - basic". These should be considered as non-GAAP financial measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
"Cost of sales excluding depreciation and amortization" as found in the statements of operations includes all mine-site operating costs, including the costs of mining, ore processing, maintenance, work-in-process inventory changes, mine-site overhead as well as production taxes, royalties, severance charges and by-product credits, but excludes exploration costs, property holding costs, corporate office general and administrative expenses, foreign currency gains and losses, gains and losses on asset sales, interest expense, gains and losses on derivatives, gains and losses on investments and income tax expense/benefit.
"Cash operating cost" for a period is equal to "cost of sales excluding depreciation and amortization" for the period less royalties, the cash component of metals inventory net realizable value adjustments and severance charges, and "cash operating cost per ounce" is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. We use cash operating cost per ounce as a key operating metric. We monitor this measure monthly, comparing each month's values to prior periods' values to detect trends that may indicate increases or decreases in operating efficiencies. We provide this measure to investors to allow them to also monitor operational efficiencies of the Company's mines. We calculate this measure for both individual operating units and on a consolidated basis. Since cash operating costs do not incorporate revenues, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Changes in numerous factors including, but not limited to, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance.
"All-in sustaining costs" commences with cash operating costs and then adds the cash component of metals net realizable value adjustment, royalties, sustaining capital expenditures, corporate general and administrative costs (excluding share-based compensation expenses), and accretion of rehabilitation provision. "All-in sustaining costs per ounce" is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. This measure seeks to represent the total costs of producing gold from current operations, and therefore it does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, interest costs or dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, the calculation of all-in sustaining costs does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. Share-based compensation expenses are now also excluded from the calculation of all-in sustaining costs as the Company believes that such expenses may not be representative of the actual payout on equity and liability based awards. Share-based compensation expenses were previously included in the calculation of all-in sustaining costs. The Company has presented comparative figures to conform with the computation of all-in sustaining costs as currently calculated by the Company.
The Company believes that "all-in sustaining costs" will better meet the needs of analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing the operating performance and also the Company's ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. Due to the capital intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a disconnect between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine.
"Cash provided by operations before working capital changes" is calculated by subtracting the "changes in working capital" from "net cash provided by operating activities" as found in the statements of cash flows. "Cash provided by operations before working capital changes per share - basic" is "Cash provided by operations before working capital changes" divided by the basic weighted average number of shares outstanding for the period.
"Adjusted net income attributable to Golden Star shareholders" is calculated by adjusting Net income/(loss) attributable to Golden Star shareholders for (gain)/loss on fair value of financial instruments, share-based compensation expenses, loss on conversion of 7% Convertible Debentures, severance charges and income tax recovery on previously unrecognized deferred tax assets. "Adjusted income per share attributable to Golden Star shareholders" for the period is "Adjusted net income attributable to Golden Star shareholders" divided by the weighted average number of shares outstanding using the basic method of earnings per share.
Changes in numerous factors including, but not limited to, our share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. The Company believes that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance.
In the current market environment for gold mining equities, many investors and analysts are more focused on the ability of gold mining companies to generate free cash flow from current operations, and consequently the Company believes these measures are useful non-IFRS operating metrics ("non-GAAP measures") and supplement the IFRS disclosures made by the Company. These measures are not representative of all of Golden Star's cash expenditures as they do not include income tax payments or interest costs. Non-GAAP measures are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.
For additional information regarding the Non-GAAP financial measures used by the Company, please refer to the information under the heading "Non-GAAP Financial Measures" in the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations for the full year ended December 31, 2017, which is available at www.sedar.com .
Cautionary note regarding forward-looking information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the business, operations and financial performance and condition of Golden Star. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation or grammatical variation thereof. Forward-looking information and statements in this MD&A include, but are not limited to, information or statements with respect to: production, cash operating costs and all-in sustaining costs estimates for 2018, on a consolidated basis and for each of Wassa and Prestea; the sources of gold production at Wassa during 2018 and the timing thereof; the sources of gold production at Prestea during 2018 and the timing thereof; the commencement and completion in 2018 of the Preliminary Economic Assessment on the Inferred Mineral Resources of Wassa Underground; the cessation of production from the Prestea Open Pits; the weighting of gold production towards the second half of 2018; planned exploration and drilling at Wassa and Prestea; the mining rate and grade from Wassa and the timing for further delineating the B Shoot and F Shoot down plunge extensions at Wassa Underground; capital expenditures, including sustaining capital and development capital, for 2018, on a consolidated basis and for each of Wassa and Prestea; the nature of development capital expenditures at both Wassa and Prestea during 2018; the feed of stockpiled lower grade ore from Wassa Main Pit to the processing plant during 2018; the timing for completion of mining from the Prestea Open Pits during 2018 and the processing of stockpiled ore therefrom; severance charges in 2018; the Company's debt repayment obligations for 2018; the potential requirement for the Company to make excess cash flow payments under the Royal Gold loan; rehabilitation obligations of the Company and provisions therefor, as well as the expected undiscounted cash flows for rehabilitation provisions; the sufficiency of cash available to support the Company's operations and mandatory expenditures for the next twelve months; the sufficiency of the Company's existing cash balance; and working capital, debt repayments and requirements for additional capital.
Forward-looking information and statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Golden Star to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Golden Star will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Golden Star to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: risks related to international operations, including economic and political instability in foreign jurisdictions in which Golden Star operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; environmental risks; future prices of gold; possible variations in Mineral Reserves, grade or recovery rates; mine development and operating risks; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and risks related to indebtedness and the service of such indebtedness. Although Golden Star has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking information and statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Golden Star does not undertake to update any forward-looking information and statements that are included in this news release except in accordance with applicable securities laws.
Technical Information and Quality Control
The technical contents of this press release have been reviewed and approved by S. Mitchel Wasel, BSc Geology, a "Qualified Person" pursuant to National Instrument 43-101 ("NI 43-101"). Mr. Wasel is Vice President Exploration for Golden Star and an active member of the Australasian Institute of Mining and Metallurgy.
The technical contents of this press release have been reviewed and approved by Dr. Martin Raffield, P. Eng., a Qualified Person pursuant to NI 43-101. Dr. Raffield is Senior Vice President of Project Development and Technical Services for Golden Star.
Additional scientific and technical information relating to the mineral properties referenced in this news release are contained in the following current technical reports for those properties available at www.sedar.com : (i) Wassa - "NI 43-101 Technical Report on feasibility study of the Wassa open pit mine and underground project in Ghana", effective date December 31, 2014; (ii) Bogoso/Prestea – "NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources, Bogoso/Prestea Gold Mine, Ghana", effective date December 31, 2017.
Cautionary Note to U.S. Investors
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101. These definitions differ from the definitions of the Securities and Exchange Commission (the "SEC") set forth in Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). Under SEC Industry Guide 7 standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.
In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101, however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.
For the above reasons, information contained in this news release or in the documents referenced herein containing descriptions of our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
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SOURCE Golden Star Resources Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-golden-star-reports-first-quarter-2018-results.html |
SINGAPORE, May 17 (Reuters) -
* Commodities trading in Singapore, Asia’s main trade hub, generated close to $1.2 trillion in revenue in 2017, 33 percent more than a year earlier on the back of higher prices and surging demand, a senior government official said on Thursday.
* “Notwithstanding current uncertainties and rising trade tensions we face today, the commodities market is broadly on an upturn compared to previous years,” Koh Poh Koon, senior minister of state at the Ministry of Trade and Industry, said at an industry event.
* “Prices have risen over the past three years across various commodities, such as oil, coal and non-ferrous metals,” he said.
* The sector was also seeing strong growth in demand from key markets, such as natural gas, nickel and copper, Koh said. (Reporting by Florence Tan; Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/singapore-commodities/singapore-commodities-trade-revenue-jumps-by-a-third-1-2-trillion-in-2017-idUSL3N1SO3YI |
May 3 (Reuters) - ILG Inc:
* Q1 EARNINGS PER SHARE $0.34 * Q1 REVENUE $501 MILLION VERSUS I/B/E/S VIEW $476.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ilg-reports-q1-adjusted-earnings-p/brief-ilg-reports-q1-adjusted-earnings-per-share-0-36-idUSASC09ZID |
PARIS--(BUSINESS WIRE)-- Dr. Helmut Reisinger is the new chief executive officer (CEO) of Orange Business Services, effective today, taking over from Thierry Bonhomme, who becomes special advisor to the Chairman and CEO of Orange before retirement later this year. Following the March 5 announcement of the creation of a more diversified and international Executive Committee within Orange, Helmut will report to Stéphane Richard, Chairman and CEO of Orange, and will be a member of the Group’s Executive Committee.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502005669/en/
Dr. Helmut Reisinger is the new chief executive officer (CEO) of Orange Business Services (Photo: Orange)
Most recently Helmut was executive vice president, International at Orange Business Services, in charge of all international enterprise business activities, excluding France.
As CEO, he will direct the company strategy to support the digital transformation of enterprise customers in France and around the world.
"I am honored and excited to lead Orange Business Services on its ambition to be at the forefront of the data-driven economy. I believe our global talent, expertise and assets position us to deliver an unmatched experience for our enterprise customers worldwide. With a relentless customer focus – combined with people empowerment and commitment to innovation – I am confident that we will achieve continued success and growth for both our customers and Orange,” said Dr. Helmut Reisinger, chief executive officer, Orange Business Services.
Leveraging more than 20 years of experience in the enterprise market and solutions space, Helmut has an extensive international and customer-focused background with multiple leadership roles. Before joining Orange Business Services in 2007, Helmut held management positions across Europe at Avaya Inc, NextiraOne Germany and Alcatel Austria.
About Orange Business Services
Orange Business Services, the B2B branch of the Orange Group, and its 22,000 employees, is focused on supporting the digital transformation of multinational enterprises and French SMEs across five continents. Orange Business Services is not only an infrastructure operator, but also a technology integrator and a value-added service provider. It offers companies digital solutions that help foster collaboration within their teams (collaborative workspaces and mobile workspaces), better serve their customers (enriched customer relations and business innovation), and support their projects (enriched connectivity, flexible IT and cyberdefense). The integrated technologies that Orange Business Services offer range from Software Defined Networks (SDN/NFV), Big Data and IoT, to cloud computing, unified communications and collaboration, as well as cybersecurity. Orange Business Services customers include over 3,000 renowned multinational corporations at an international level and over two million professionals, companies and local communities in France.
Learn more at www.orange-business.com or follow us on LinkedIn , Twitter and our blogs .
Orange is one of the world’s leading telecommunications operators with annual sales of 41 billion euros in 2017 and has 263 million customers in 28 countries at 31 March 2018. Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).
Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005669/en/
Orange Business Services
Press:
Elizabeth Mayeri, +1 212 251 2086
[email protected]
Source: Orange Business Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-dr-helmut-reisinger-named-ceo-of-orange-business-services.html |
NEW YORK - What is the backstory behind Reuters Backstory?
A statue of news agency founder Paul Julius Reuter is seen in the financial district of the City of London August 19, 2011. . REUTERS/Chris Helgren (BRITAIN - Tags: BUSINESS) - LM1E78J0V5D01 Click here to read more about Backstory and how it relates to the Thomson Reuters Trust Principles that ensure integrity, independence and freedom from bias.
In addition, listen to four Reuters journalists discuss what it takes to deliver trusted news here #Podcast
| ashraq/financial-news-articles | https://www.reuters.com/article/us-backstory-annualreport/helping-people-see-the-real-story-idUSKBN1I24FJ |
BEIJING (Reuters) - China and the United States have reached a consensus on some areas of their trade dispute but still have relatively big disagreements on others, China’s official Xinhua news agency said in a microblog post on Friday.
The two sides committed to resolve trade disputes through dialogue and exchanged opinions on expanding U.S. exports to China, Xinhua said.
Reporting by Beijing Monitoring Desk; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-dialogue/u-s-china-commit-to-solve-trade-dispute-through-dialogue-xinhua-idUSKBN1I50QJ |
Oil prices climbed to 3 1/2 year highs Wednesday after President Donald Trumppulled the U.S. out of the Iran nuclear pact, triggering renewed economic sanctions that could reduce the oil supply of an already increasingly tight market.
Brent crude, the global benchmark, was up 2.85% at $76.98 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 2.78% at around $70.98 a barrel.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-futures-rebound-on-bullish-u-s-inventory-data-1525834122 |
ROSEVILLE, Calif.--(BUSINESS WIRE)-- Public relations and marketing firm, Prosio Communications, has been awarded its third-largest government contract since opening its doors nearly five years ago. The firm recently won the contract to lead the advertising, public relations, and community outreach efforts for the Spare the Air program managed by the Bay Area Air Quality Management District.
In the last 12 months, the firm has also counted among its other business development successes an award of a $14.5 million dollar, three-year contract with the California Office of Traffic Safety to handle statewide public education efforts for various traffic safety initiatives, including drugged and alcohol impaired driving, distracted driving and pedestrian safety. Prosio Communications was recently named by the Sacramento Business Journal as the 7 th largest public relations firm, the 8 th largest advertising firm and the 7 th fastest growing business in the Sacramento region. To accommodate its growth, Prosio has recently hired three additional staff, further enhancing its social/digital media and PR teams to meet increasing client needs. Prosio anticipates hiring at least two additional employees in 2018.
“We are very excited to add the Bay Area Air Quality Management District to our client roster, and this new client win supports our overall business mission of working on projects that make an impact,” said Lori M. Prosio, founder and CEO of Prosio Communications. “We are so fortunate to have the opportunity to continue to build our business while working with some truly amazing clients on initiatives that make a real difference in people’s lives.”
The Bay Area Air Quality Management District is an exciting addition to the team’s existing robust client portfolio, which includes work for other notable clients such as the Sacramento Metropolitan Air Quality Management District, the California Office of Traffic Safety, Yuba Water Agency, El Dorado County Water Agency, Patra Corporation, Van Dermyden Maddux Law Corporation, UC Davis Health System, the Roseville Area Chamber of Commerce, 7-Eleven and International Sportsmen’s Expo.
Prosio Communications is a Sacramento area public relations, marketing, graphic design and community outreach firm based in Roseville, California. Services include social and digital media, public relations, community outreach, graphic design, advertising and crisis communication for B2B, B2C, nonprofit and government agencies. For more information, visit www.prosiopr.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005084/en/
Prosio Communications
Lori Prosio, 916-251-1281
[email protected]
Source: Prosio Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-prosio-communications-wins-third-multi-million-dollar-contract-expands-team-and-services.html |
ATLANTA, May 1, 2018 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, announced today that it will hold its First Quarter 2018 Earnings Conference Call on Tuesday, May 15, at 9 a.m. ET.
A webcast will be available by logging onto http://ir.homedepot.com/events-and-presentations and selecting the First Quarter Earnings Conference Call icon. The webcast will be archived and available beginning at approximately noon on May 15.
The Home Depot is the world's largest home improvement specialty retailer, with 2,285 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2017, The Home Depot had sales of $100.9 billion and earnings of $8.6 billion. The company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
View original content with multimedia: http://www.prnewswire.com/news-releases/the-home-depot-to-host-first-quarter-2018-earnings-conference-call-on-may-15-300639977.html
SOURCE The Home Depot | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-the-home-depot-to-host-first-quarter-2018-earnings-conference-call-on-may-15.html |
VAUGHAN, ON, May 15, 2018 /PRNewswire/ - CannTrust Holdings Inc. ("CannTrust" or the "Company" | TSX: TRST), a licensed producer of medical cannabis under the Health Canada Access to Cannabis for Medical Purposes Regulation ("ACMPR") program, today announced financial and operating results for the three months ending March 31, 2018. All amounts expressed are in Canadian dollars.
Revenue for the three month period ended March 31, 2018 was $7,839,847 compared to $3,033,245 in the comparable 2017 period. Net Income for the three month period ended March 31, 2018 was $11,442,110 compared to a net loss of ($777,904) in the comparable 2017 period. Earnings per share for the three month period ended March 31, 2018 was $0.12 compared to a loss per share of ($0.01) in the comparable 2017 period. During our most recent quarter a number of regular grow rooms at our Langstaff Facility were used to harvest Mother Plants for Phase 1 of the Niagara Greenhouse Facility. As a result, the Company used third party product purchases during the quarter as a temporary harvest replacement and bridge to meet the demand for the Company's products. Multiple harvests have now been completed at the Niagara Greenhouse Facility and these temporary third party product purchases have now been replaced with home grown product. Earnings were also impacted by one-time start-up costs at the Niagara Greenhouse Facility. The higher cost of these short-term third party purchases and start-up costs negatively impacted earnings for the three months ended March 31, 2018 by approximately $2.9 million.
2018 First Quarter Highlights
Record Revenues of $7.8M in Q1 2018, a 158% increase from the comparable prior year period Positive Net Income for the third consecutive quarter Active patients increased to more than 40,000, a 186% increase from the comparable prior year period Closed a $15 million mortgage financing on the Niagara Greenhouse Facility Executed a long-term agreement with Envest Corp. to provide cogen derived heat and power at the Niagara Greenhouse Facility. The implementation of a 10 MW cogen solution at this facility will ensure that the Company can control its power costs and remain a low-cost producer Executed a Joint Venture with Stenocare, a Danish Company. CannTrust received a 25% equity stake in Stenocare. Stenocare is one of the first Danish companies to receive its license to grow and produce medical cannabis, as well as to import and sell cannabis products in Denmark The Company's shares commenced trading on the Toronto Stock Exchange under the trading symbol "TRST". In conjunction with the listing on the TSX, the shares of the Company were voluntarily delisted from the CSE
Developments subsequent to the Quarter
Increased active patients to over 42,000, a 194% increase from Q1 2017 Higher production yields are being generated at the Niagara Greenhouse Facility. This has increased the expected annual production capacity for this facility from 40,000 kg to 50,000 kg Increased the Vaughan Facility to 60,000 square feet allowing for increased processing and manufacturing space to support recreational and international demand Launched three different formats of cannabis oil vegan hard shell capsules using state-of-the-art extraction technology Entered into a letter of intent with Grey Wolf Animal Health Inc. to develop industry leading cannabis products to support the well-being of pets Entered into an agreement with NexgenRx, Canada's only independent full service claims adjudicator, to provide a first of its kind seamless medical cannabis ordering process for NexgenRx plan sponsors and their health plan members
2018 First Quarter Financial Summary
Three Months
March 31,
CAD$ (except grams sold)
2018
2017
Dried Cannabis
$3,017,403
$1,890,050
Extracts
4,477,526
1,048,164
Other
344,918
95,031
Total Revenue
7,839,847
3,033,245
Gross Profit
22,485,165
3,789,898
Adjusted EBITDA (loss)*
(1,356,359)
165,372
Net Income (loss)
11,442,110
(777,904)
Earnings (loss) per share - basic
0.12
(0.01)
Earnings (loss) per share - diluted
0.12
(0.01)
Total grams sold
982,269
332,408
Average net selling price per gram - Dried Cannabis
7.27
8.33
Average net selling price per gram - Extracts
7.89
9.85
Total average net selling price per gram
7.63
8.84
*Non-IFRS Measures
A comprehensive discussion of CannTrust's financial condition and results of operations are provided in the Company's Management Discussion & Analysis and Condensed Interim Consolidated Financial Statements filed with SEDAR and can be found on www.sedar.com .
Management Overview
"We are very pleased with our Q1 results. We continued to experience dynamic growth in all areas of the Company as we execute our business plan aimed at being a market leader and innovator in the development of products and services to better serve our patients and physicians and to position us for the pending legislation to legalize the adult consumer recreational use of cannabis. Graduating to the TSX reflects the amazing progress we have made since listing on the CSE and represents yet another important milestone for CannTrust as we continue our successful journey as one of Canada's leading cannabis companies," said Eric Paul CEO.
Paul continued, "Our pharmaceutically standardized products and our physician education programs continue to position us as one of the premier providers of quality cannabis. Our recently introduced cannabis oil vegan hard shell capsules make it safe and easy for patients to self-administer the correct dosage in a familiar format. Our shipments to Australia, our Joint Venture with Stenocare of Denmark and our partnership with Grey Wolf are just the beginning of what we believe will be a Global market opportunity for us."
"CannTrust is an experienced and advanced Licensed Producer of pharmaceutical grade cannabis. The higher production yields being achieved together with the soon to be completed Phase 2 of our 430,000 square feet Niagara Greenhouse Facility are perfectly timed in order for us to supply the international orders we have recently received and to position us for the pending legislation to legalize the adult consumer recreational use of cannabis," said Brad Rogers, President of CannTrust Inc.
About CannTrust
Since its inception in 2014, CannTrust has led the Canadian market in producing pharmaceutically standardized product.
As a federally regulated licensed producer, CannTrust brings more than 40 years of pharmacy and healthcare experience to the medical cannabis industry. CannTrust currently operates a 60,000 square foot state-of-the-art hydroponic facility in Vaughan, Ontario, as well as the recently completed 250,000 square foot Phase 1 redevelopment of its 430,000 square foot Niagara Greenhouse Facility. The Phase 2 expansion is underway and is anticipated to be completed and in cultivation towards the middle of 2018.
CannTrust is committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Our product development teams along with our exclusive global pharma partner, Apotex Inc., are diligently innovating and developing products that will make it easier for patients to use medical cannabis. We support ongoing patient education about medical cannabis and have a compassionate use program to support patients with financial needs.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon CannTrust's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, CannTrust does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for CannTrust to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in CannTrust's Final Long Form Prospectus dated August 11, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com . The risk factors and other factors noted in CannTrust's Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
Copyright © 2017 CannTrust Holdings Inc.
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SOURCE CannTrust Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-canntrusta-reports-record-revenue-for-q1-2018.html |
May 22, 2018 / 6:09 PM / Updated 38 minutes ago As US shrinks refugee operations, new arrivals in Kansas town lose a lifeline Mica Rosenberg 7 Min Read
GARDEN CITY, Kansas (Reuters) - In his first whirlwind weeks in the United States, Wimber Htoo, 23, racked up a list of accomplishments. He learned to use the bus, applied for a social security card and obtained a state ID, all new experiences for Htoo, a member of the Karen minority who fled Myanmar as a teenager for a refugee camp in Thailand. Amy Longa (L) gives Wimber Htoo (middle) a high-five after he gets his new local phone number correct at the IRC office in Garden City, Kansas, U.S., March 26, 2018. Picture taken March 26, 2018. REUTERS/Adam Shrimplin
But the most daunting challenge facing Htoo as a resettled refugee in Garden City, Kansas still loomed: finding work.
Through all the confusing experiences since they arrived in February, Htoo, his wife Htoo Say and their 2-year-old child had been guided by a refugee centre run by the non-profit International Rescue Committee (IRC), one of nine designated resettlement agencies in the country. Now, on an overcast March morning, staff members were eager to help him land a job quickly.
They were up against a deadline: in September the office will close, leaving Htoo and other recent refugees in the area without a key source of support as they start their new lives.
Across the United States this year, two dozen resettlement offices, which are partially funded by the federal government, will be shuttered. Dozens more are being downsized.
The closing of offices receiving fewer than 100 refugees per year, first reported by Reuters, were directed by the U.S. State Department in response to sharp cutbacks in the number of refugees accepted by the United States under President Donald Trump.
The closure of the offices will make it more difficult for recently arrived refugees to become productive members of their new communities, refugee advocates say. This runs counter to the Trump administration’s stated desire for refugees to assimilate quickly, both to promote national security and to hasten self-sufficiency.
Generally, refugees are eligible for at least a month of intense case management and about $1,000 in cash assistance from the government. After that, they can receive up to five more years of services at the centres, including help navigating immigration matters, healthcare, and school enrolment. Half-a-dozen Garden City refugees interviewed by Reuters said the assistance made their transitions far smoother.
Critics of the U.S. refugee program, including Trump, say government resources are better spent helping refugees abroad, nearer their original homes.
The closure of the centre will remove support for more than 250 people the IRC has resettled in Garden City since opening in 2014, as well as for hundreds of refugees who initially landed in other states and moved to the region.
Amy Longa, the centre’s director has been scrambling to quickly assist new refugees like Htoo and his family, organising their important records in three-ring binders for them to keep when the centre closes, helping them spend their cash assistance as quickly as possible so they don’t lose it and scrambling to make sure job placements are completed.
“I am trying to get the message across that we are not going to be here, so you better get your act together fast,” she said. RISKS, COSTS
Trump campaigned on a promise to reduce the number of refugees, citing security risks. Soon after his inauguration in January 2017, he temporarily suspended refugee admissions.
The program was restarted in October with new guidelines and a sharply reduced cap of 45,000 refugees, the lowest level since 1980.
A State Department official said the agency said closing about 15 percent of the nation’s resettlement centres was appropriate given the lower number of refugees.
“We are really trying hard to be good stewards of taxpayer dollars,” the official said. “Our responsibility here is to continue to manage program that remains nationwide in scope even if that doesn’t necessarily mean in every state and every town.” Amy Longa (2nd R) and Hlu You Esther (R) lead Wimber Htoo (L) and Htoo Lwae Say from the Kansas Driver License building as they start the process of getting their new IDs in Garden City, Kansas, U.S., March 28, 2018. Picture taken March 28, 2018. REUTERS/Adam Shrimplin
Between 2015 and 2017, the Garden City office resettled about 90 people per year. In the first months of the 2018 fiscal year, the number dwindled to 12.
In late March, just five weeks after Htoo’s arrival, Longa helped him fill out an application for work at the nearby Tyson meatpacking plant, where many area refugees have found their first jobs.
When she asked about his work history, he shyly explained that his only experience was as a volunteer runner in his refugee camp, delivering messages and recruiting other volunteers.
Speaking through an interpreter, Longa was encouraging. She told him she, too, had been a refugee after fleeing Uganda and understood the work he described.
“Those skills are transferable,” she said. “You can put it down as your past work history.” PITCHING IN
Employers, local businesses and government offices in the area say one reason the refugee program has worked in the town of 26,000 residents is that the centre pitches in when problems arise.
When a Somali woman become inexplicably upset during a gynecological examination, her doctor called Longa, who learned from the woman that she was concerned about revealing she had undergone female genital mutilation in her home country.
Officials at the Department of Motor Vehicles have called Longa to confirm that identity documents refugees provide are valid. A local pastor said he called her for advice about comforting grieving refugees in his congregation. Teachers call for help communicating with refugee parents about their children.
“I don’t know what we are going to do without them here,” said Kayte Fulton, director of community health at St. Catherine Hospital, echoing concerns also voiced by the police chief and the superintendent of schools. “No one has the skill set that the IRC does.”
Even with the centre in place, tensions over the refugee influx in the town have occasionally boiled over.
In 2016, the Justice Department uncovered a plot by an anti-Muslim militia group to blow up a Garden City apartment complex where many Somali refugees lived.
After news of the plot broke, Longa said she fielded calls from nearly a dozen anxious refugees, many of whom had fled their home countries because of violence directed at them. Longa participated with police and local leaders at a community forum for refugees and other town residents to calm tensions.
Janette Uwimana, 28, who fled the Democratic Republic of Congo with her family when she was 14 and grew up in a camp in Uganda, has leaned heavily on the centre.
Uwimana said she comes to the office at least four times a month, getting help with confusing forms or picking up donated clothing and furniture for her and her new baby. Slideshow (2 Images)
“They have helped me with everything,” Uwimana said through an interpreter. “It’s like losing my own parents.”
Htoo, meanwhile, is pushing ahead, grateful for the help he has gotten from the centre since his arrival. On April 20, he started a job butchering beef at the Tyson meatpacking plant where the starting salary is $16.30 per hour. Reporting by Mica Rosenberg; Editing by Sue Horton and Ross Colvin | ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-refugees/as-us-shrinks-refugee-operations-new-arrivals-in-kansas-town-lose-a-lifeline-idINKCN1IN2KQ |
April 30 (Reuters) - Flour Mills Kepenos SA:
* FY 2017 REVENUE AT EUR 34.0 MILLION VERSUS EUR 33.6 MILLION YEAR AGO
* FY 2017 NET PROFIT AT EUR 0.3 MILLION VERSUS PROFIT EUR 1.9 MILLION YEAR AGO
* FY 2017 EBITDA EUR 1.6 MILLION VERSUS EUR 3.8 MILLION YEAR AGO
* NET CASH ON DEC. 31, 2017 AT EUR 7.3 MILLION VERSUS EUR 5.0 MILLION YEAR AGO Source text : bit.ly/2ransy1 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-flour-mills-kepenos-fy-2017-net-pr/brief-flour-mills-kepenos-fy-2017-net-profit-at-eur-0-3-million-idUSFWN1S7111 |
Reblog About 10 minutes after I decided to try temporarily removing Google from my life—an experiment I hoped would illuminate how much Alphabet’s giant dominates online existence—I messed it all up. A few seconds in, I realized I was watching YouTube—Google’s YouTube. Google is so woven into the fabric of the internet it’s all but impossible to avoid. | ashraq/financial-news-articles | https://www.wsj.com/articles/how-to-keep-google-from-owning-your-online-life-1525795372?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
May 9, 2018 / 1:43 PM / Updated an hour ago Google to ban all ads related to Irish abortion referendum Graham Fahy 2 Min Read
DUBLIN (Reuters) - Google is to suspend all advertisements related to Ireland’s May 25 abortion referendum from Thursday amid worries about election integrity, the U.S. firm said in an emailed statement. Pro-Life and Pro-Choice posters are seen outside the home of Amy Callahan who received a fatal foetal diagnosis at 12 weeks into her pregnancy and travelled to Liverpool for a termination in Dublin, Ireland, May 7, 2018. REUTERS/Clodagh Kilcoyne
The policy change comes a day after a similar move by Facebook, which said it would no longer accept ads from outside the country that seek to influence the referendum.
Google has gone one step further and will not accept any ads related to the May 25 referendum, not just advertisements from groups or individuals seeking to sway the vote.
“Following our update around election integrity efforts globally, we have decided to pause all ads related to the Irish referendum on the Eighth Amendment,” a Google spokesperson said on Wednesday.
The policy change is in effect across Google and YouTube ads, and will remain in place until after the referendum.
Ireland’s referendum on whether to liberalize its abortion laws will give voters the first opportunity in 35 years to repeal a constitutional amendment that has long divided the once deeply Catholic nation. Reporting by Graham Fahy; Editing by Catherine Evans | ashraq/financial-news-articles | https://in.reuters.com/article/us-ireland-abortion-alphabet/google-to-ban-all-ads-related-to-irish-abortion-referendum-idINKBN1IA244 |
MISSISSAUGA, Ontario, May 10, 2018 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX:KPT) reports the Q1 2018 financial and operational results of KPT and Kruger Products L.P. (KPLP). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere, Purex, SpongeTowels, Scotties, and White Swan) and the Away-From-Home market, and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 15.9% interest in KPLP.
KPLP Q1 2018 Business and Financial Highlights
Revenue increased by 11.9% to $323.7 million in Q1 2018 compared to Q1 2017 Adjusted EBITDA was $27.0 million in Q1 2018 compared to $33.8 million in Q1 2017 Experienced continuing escalation in pulp and freight costs in the quarter Issued $125 million of senior unsecured notes on April 24, and used the net proceeds to reduce the outstanding balance of the existing credit facility, and the credit facility was reduced from $300 million to $200 million Declared a quarterly dividend of $0.18 per share to be paid on July 16, 2018
“We continued to show revenue growth in the first quarter, driven by our leadership position in Canada, focused growth in the U.S., and last year’s selling price increase moving through the Canadian market. Despite this strong revenue growth, we faced sustained market headwinds from rising pulp and freight costs,” said Dino Bianco, CEO of KP Tissue and KPLP.
“We remain committed to our long-term strategy of building our brands in Canada and growing our business in the United States, for both the Consumer and Away-from-Home segments. Looking forward, with industry forecasters expecting input costs to continue to remain high all year, we will take the necessary steps to mitigate the impact on our results including additional cost reduction programs, but expect second quarter Adjusted EBITDA to be lower than Q2 2017,” concluded Mr. Bianco.
KPLP Q1 2018 Financial Results
Revenue in Q1 2018 was $323.7 million, compared to $289.3 million in Q1 2017, an increase of $34.4 million or 11.9%. The increase in revenue was due to the combination of: an additional 6 days of sales in Q1 2018 compared to Q1 2017; the favourable impact of increased sales volume; and a Consumer selling price increase in Canada in Q4 2017; partially offset by the unfavourable impact of foreign exchange fluctuations on U.S. dollar sales.
Cost of sales in Q1 2018 increased to $287.4 million from $244.3 million in Q1 2017. Manufacturing costs increased primarily due to increased sales volume and significantly higher pulp costs, partially offset by the favourable impact of foreign exchange fluctuations on U.S. dollar denominated costs. Freight costs increased primarily due to increased sales volume and higher carrier rates. As a percentage of revenue, cost of sales were 88.8% in Q1 2018 compared to 84.4% in Q1 2017.
Selling, general and administrative (SG&A) expenses in Q1 2018 were $22.9 million, compared to $23.2 million in Q1 2017. The decrease was primarily due to lower advertising and promotion expenses. As a percentage of revenue, SG&A expenses were 7.1% in Q1 2018, compared to 8.0% in Q1 2017.
Adjusted EBITDA in Q1 2018 was $27.0 million, compared to $33.8 million in Q1 2017, lower by $6.8 million or 20.1%, due to significantly higher pulp costs and increased freight costs. These were partially offset by increased sales volume, the Canadian Consumer selling price increase and the net favourable impact of foreign exchange fluctuations.
Net income in Q1 2018 was $1.6 million, compared to $6.9 million in Q1 2017, primarily due to lower Adjusted EBITDA of $6.8 million, higher depreciation expense of $1.1 million, an increase in interest expense of $1.0 million, a decrease in foreign exchange gain of $0.4 million and the loss on sale of fixed assets of $0.4 million. These items were partially offset by a decrease in tax expense of $3.8 million and the change in fair value of derivatives of $0.6 million.
Total liquidity, representing cash and cash equivalents and availability under the credit line within covenant limitations, was $30.2 million as of April 1, 2018, compared to $53.3 million as of December 31, 2017. With the issuance of the senior unsecured notes on April 24, 2018, total liquidity increased by $25 million.
KPT Q1 2018 Financial Results
KPT incurred a net loss of $0.8 million in Q1 2018. Included in the net loss was $0.3 million representing KPT’s share of KPLP’s income. The income was reduced by depreciation expense of $1.5 million related to adjustments to carrying amounts on acquisition, partially offset by an income tax recovery of $0.3 million.
Dividends on Common Shares
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on July 16, 2018 to shareholders of record at the close of business on June 29, 2018.
Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and KPLP for the first quarter ended April 1, 2018 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com .
First Quarter Results Conference Call Information
KPT will hold its first quarter conference call on Thursday, May 10, 2018 at 8:30 a.m. Eastern Time.
Via telephone: 1-877-223-4471 or 647-788-4922
Via the internet at: www.kptissueinc.com
Presentation material referenced during the conference call will be available at www.kptissueinc.com .
A rebroadcast of the conference call will be available until midnight, May 17, 2018 by dialing 800-585-8367 or 416-621-4642 and entering passcode 8486799.
The replay of the webcast will remain available on the website until midnight, May 17, 2018.
About KP Tissue Inc. (KPT)
KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP, which is accounted for as an investment on the equity basis. KPT currently holds a 15.9% interest in KPLP. For more information visit www.kptissueinc.com .
About Kruger Products L.P. (KPLP)
KPLP is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties® and White Swan®. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,500 employees and operates eight FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca .
Non-IFRS Measures
This press release uses certain non-IFRS financial measures which KPLP believes provide useful information to management of KPLP and the readers of the financial information in measuring the financial performance and financial condition of KPLP. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Beginning with Q4 2015 in accordance with Canadian Securities Administrators Staff Notice 52-306 (Revised), we reference Adjusted EBITDA as a non-IFRS financial measure. This term replaces the previously referenced non-IFRS financial measure EBITDA. Our definition of Adjusted EBITDA is unchanged from our former definition of EBITDA. Accordingly, this change in terminology has no impact on our reported financial results for prior periods. Adjusted EBITDA is not a measurement of operating performance computed in accordance with IFRS and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with IFRS. “Adjusted EBITDA” is calculated by KPLP as net income (loss) before (i) interest expense, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) impairment (gain on sale) of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities, (ix) changes in amortized cost of Partnership units liability, and (x) one-time costs due to pension revaluations related to past service. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the MD&A of KPT and KPLP for the first quarter ended April 1, 2018 available on SEDAR at www.sedar.com .
Forward-Looking Statements
Certain statements in this press release about KPT's and KPLP's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute . Forward-looking statements in this press release include, but are not limited to, items such as: the potential installation of a second TAD paper machine; KPLP’s expansion efforts in U.S. premium private label; and KPLP’s future business strategy. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify . The are based on certain key expectations and assumptions made by KPT or KPLP, including expectations and assumptions concerning: the impact of the TAD Project on Adjusted EBITDA; the expectation of continued growth in sales of TAD products in the U.S.; a successful ramp-up of the Crabtree paper machine; improved performance of the Away-From-Home business; and expanded distribution of White Cloud to select U.S. retailers. Although KPT and KPLP believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the since no assurance can be given that such expectations and assumptions will prove to be correct.
The outlook provided in respect of Adjusted EBITDA for Q2 2018 is forward-looking information and is subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding KPLP’s future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.
Many factors could cause KPLP’s actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from the corporation’s economic interest in KPLP) those expressed or implied by the , including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to KPLP’s Business” section of the KPT Annual Information Form dated March 9, 2018 available on SEDAR at www.sedar.com : Kruger Inc.’s influence over KPLP; KPLP’s reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the Memphis TAD machine; operational risks; Gatineau Plant land lease; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; KPLP’s inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of KPLP or KPLP’s brands; KPLP’s sales being less than anticipated; KPLP’s failure to implement its business and operating strategies; KPLP’s obligation to make regular capital expenditures; KPLP’s entering into unsuccessful acquisitions; KPLP’s dependence on key personnel; KPLP’s inability to retain its existing customers or obtain new customers; KPLP’s loss of key suppliers; KPLP’s failure to adequately protect its intellectual property rights; KPLP’s reliance on third party intellectual property licenses; adverse litigation and other claims affecting KPLP; material expenditures due to comprehensive environmental regulation affecting KPLP’s cash flow; KPLP’s pension obligations are significant and can be materially higher than predicted if KPLP Management’s underlying assumptions are incorrect; labour disputes adversely affecting KPLP’s cost structure and KPLP’s ability to run its plants; exchange rate and U.S. competitors; KPLP’s inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology, cyber-security, insurance, internal controls, and trade.
Readers should not place undue reliance on made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
INFORMATION:
Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: 905.812.6936
[email protected]
INVESTORS:
Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
[email protected]
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Financial Position
(thousands of Canadian dollars)
April 1, 2018 December 31, 2017 $ $ Assets Current assets Cash and cash equivalents 10,477 8,837 Trade and other receivables 137,724 113,194 Receivables from related parties 54 85 Current portion of advances to partners 6,008 1,928 Inventories 210,728 192,394 Income tax recoverable 333 522 Prepaid expenses 15,597 8,007 380,921 324,967 Non-current assets Advances to partners - 4,489 Property, plant and equipment 768,289 761,610 Other long-term assets - 6,331 Goodwill 160,939 160,939 Intangible assets 15,032 15,327 Deferred income taxes 28,387 26,092 Total assets 1,353,568 1,299,755 Liabilities Current liabilities Bank indebtedness 9,140 9,051 Trade and other payables 194,087 190,698 Payables to related parties 8,287 2,596 Income tax payable 729 498 Distributions payable 10,447 10,382 Current portion of provisions 280 333 Current portion of long-term debt 198,204 190,947 421,174 404,505 Non-current liabilities Long-term debt 262,316 225,368 Provisions 6,086 5,973 Pensions 103,285 119,558 Post-retirement benefits 60,100 60,457 Liabilities to non-unitholders 852,961 815,861 Current portion of Partnership units liability 1,928 1,928 Long-term portion of Partnership units liability 159,131 158,381 Total Partnership units liability 161,059 160,309 Total liabilities 1,014,020 976,170 Equity Partnership units 361,300 356,240 Deficit (97,683 ) (99,742 ) Accumulated other comprehensive income 75,931 67,087 Total equity 339,548 323,585 Total equity and liabilities 1,353,568 1,299,755
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Comprehensive Income (thousands of Canadian dollars) 3-month
period ended
April 1, 2018 3-month
period ended
March 26, 2017 $ $ Revenue 323,735 289,271 Expenses Cost of sales 287,369 244,254 Selling, general and administrative expenses 22,953 23,221 (Gain) loss on sale of non-financial assets (215 ) 13 Restructuring costs, net - 11 Operating income 13,628 21,772 Interest expense 11,313 10,264 Other expense 1,788 1,945 Income before income taxes 527 9,563 Income taxes (1,050 ) 2,614 Net income for the period 1,577 6,949 Other comprehensive income Items that will not be reclassified to net income: Remeasurements of pensions 16,806 (2,567 ) Remeasurements of post-retirement benefits 638 (884 ) Items that may be subsequently reclassified to net income: Cumulative translation adjustment 8,844 (765 ) Total other comprehensive income (loss) for the period 26,288 (4,216 ) Comprehensive income for the period 27,865 2,733
Kruger Products L.P. Unaudited Condensed Consolidated Statement of Cash Flows (thousands of Canadian dollars)
3-month
period ended
April 1, 2018 3-month
period ended
March 26, 2017 $ $ Cash flows from (used in) operating activities Net income for the period 1,577 6,949 Items not affecting cash Depreciation 12,815 11,748 Amortization 295 240 Loss (gain) on sale of property, plant and equipment 434 (2 ) Change in amortized cost of Partnership units liability 2,678 2,529 Foreign exchange gain (241 ) (584 ) Change in fair value of derivatives (649 ) - Interest expense 11,313 10,264 Pension and post-retirement benefits 3,344 2,513 Provisions 48 244 Income taxes (1,050 ) 2,614 Loss (gain) on sale of non-financial assets (215 ) 13 Total items not affecting cash 28,772 29,579 Net change in non-cash working capital (36,621 ) (28,860 ) Contributions to pension and post-retirement benefit plans (3,987 ) (3,738 ) Provisions paid (41 ) (334 ) Income tax payments (352 ) (1,507 ) Net cash from (used in) operating activities (10,652 ) 2,089 Cash flows from (used in) investing activities Purchases of property, plant and equipment (15,718 ) (12,734 ) Capitalized interest paid - (222 ) Government assistance received - 916 Proceeds on sale of property, plant and equipment 331 1,043 Net cash used in investing activities (15,387 ) (10,997 ) Cash flows from (used in) financing activities Proceeds from long-term debt 38,050 28,015 Repayment of long-term debt (285 ) (126 ) Payment of deferred financing fees (232 ) (9 ) Interest paid on long-term debt (3,240 ) (2,558 ) Distributions and advances paid, net (7,025 ) (9,018 ) Net cash from financing activities 27,268 16,304 Effect of exchange rate changes on cash and cash equivalents held in foreign currency 322 (56 ) Increase in cash and cash equivalents during the period 1,551 7,340 Cash and cash equivalents - Beginning of period (214 ) 27,504 Cash and cash equivalents - End of period 1,337 34,844
Kruger Products L.P. Segment and Geographic Results (thousands of Canadian dollars) 3-month
period ended
April 1, 2018 3-month
period ended
March 26, 2017 $ $ Segment Information Segment Revenue Consumer 267,696 238,927 AFH 53,525 48,674 Other 2,514 1,670 Total segment revenue 323,735 289,271 Segment Adjusted EBITDA Consumer 29,871 32,972 AFH (331 ) 655 Other (2,583 ) 155 Total segment Adjusted EBITDA 26,957 33,782 Reconciliation to Net Income: Depreciation and amortization 13,110 11,988 Interest expense 11,313 10,264 Change in amortized cost of Partnership units liability 2,678 2,529 Change in fair value of derivatives (649 ) - (Gain) loss on sale of property, plant and equipment 434 (2 ) (Gain) loss on sale of non-financial assets (215 ) 13 Restructuring costs, net - 11 Foreign exchange gain (241 ) (584 ) Income before income taxes 527 9,563 Income taxes (1,050 ) 2,614 Net income 1,577 6,949 Geographic Revenue Canada 188,653 173,877 U.S. 115,552 104,649 Mexico 19,530 10,745 Total revenue 323,735 289,271
KP Tissue Inc.
Unaudited Condensed Statement of Financial Position
(thousands of Canadian dollars)
April 1, 2018 December 31, 2017 $ $ Assets Current assets Distributions receivable 1,665 1,658 Income tax recoverable 1,221 826 2,886 2,484 Non-current assets Investment in associate 99,519 98,674 Total Assets 102,405 101,158 Liabilities Current liabilities Dividend payable 1,665 1,658 Payable to Partnership 52 52 Current portion of advances from Partnership 975 309 2,692 2,019 Non-current liabilities Advances from Partnership - 731 Deferred income taxes 1,632 1,483 Total liabilities 4,324 4,233 Equity Common shares 15,548 15,014 Contributed surplus 144,819 144,819 Deficit (75,802 ) (74,952 ) Accumulated other comprehensive income 13,516 12,044 Total equity 98,081 96,925 Total liabilities and equity 102,405 101,158
KP Tissue Inc. Unaudited Condensed Statement of Comprehensive Income (Loss) (thousands of Canadian dollars, except share and per share amounts)
3-month
period ended
April 1, 2018 3-month
period ended
March 26, 2017 $ $ Equity loss (1,202 ) (363 ) Dilution gain 43 50 Loss before income taxes (1,159 ) (313 ) Income taxes (321 ) 248 Net loss for the period (838 ) (561 ) Other comprehensive income (loss) net of tax expense (recovery) Items that will not be reclassified to net loss: Remeasurements of pensions 2,332 (359 ) Remeasurements of post-retirement benefits 89 (87 ) Items that may be subsequently reclassified to net loss: Cumulative translation adjustment 1,472 (172 ) Total other comprehensive income (loss) for the period 3,893 (618 ) Comprehensive income (loss) for the period 3,055 (1,179 ) Basic loss per share (0.09 ) (0.06 ) Weighted average number of shares outstanding 9,245,170 9,116,437
KP Tissue Inc.
Unaudited Condensed Statement of Cash Flows
(thousands of Canadian dollars)
3-month
period ended
April 1, 2018 3-month
period ended
March 26, 2017 $ $ Cash flows from (used in) operating activities Net loss for the period (838 ) (561 ) Items not affecting cash Equity loss 1,202 363 Dilution gain (43 ) (50 ) Income taxes (321 ) 248 Total items not affecting cash 838 561 Net change in non-cash working capital - 697 Tax payments (244 ) (1,249 ) Tax Distribution received - 481 Advances received 244 71 Net cash from (used in) operating activities - - Cash flows from investing activites Partnership unit distributions received 1,144 1,176 Net cash from investing activities 1,144 1,176 Cash flows used in financing activities Dividends paid (1,144 ) (1,176 ) Net cash used in financing activities (1,144 ) (1,176 ) Increase (decrease) in cash and cash equivalents during the period - - Cash and cash equivalents - Beginning of period - - Cash and cash equivalents - End of period - -
Source: KP Tissue Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-kp-tissue-releases-first-quarter-2018-financial-results.html |
May 11, 2018 / 4:32 AM / Updated 14 minutes ago Malaysia's Mahathir says king willing to grant full pardon for Anwar Reuters Staff 1 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Friday the country’s monarch had indicated he was willing to grant a full pardon to jailed politician Anwar Ibrahim. New Malaysia’s Prime Minister Mahathir Mohamad speaks during a news conference in Kuala Lumpur, Malaysia May 10, 2018. REUTERS/Lai Seng Sin
Speaking at a news conference, Mahathir also said he would announce a 10-member cabinet on Saturday, including ministers for finance, defence and home affairs.
Anwar and Mahathir, former allies and then implacable foes, joined hands to contest this week’s election and oust the administration of Najib Razak. Anwar is in custody on charges of sodomy and corruption and cannot take any office until he is pardoned and released.
Mahathir has said he will step aside and hand over the prime minister’s post to Anwar once he is pardoned. Reporting by Praveen Menon; Editing by Raju Gopalakrishnan | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-conference/malaysias-mahathir-says-king-willing-to-grant-full-pardon-for-anwar-idINKBN1IC0B5 |
SOFIA (Reuters) - Negotiations between Greece and Macedonia on the former Yugoslav republic’s name have reached a “crucial” point but more needs to be done for a solution, Greek Prime Minister Alexis Tsipras said on Thursday.
“I believe we have covered a great part of the distance, but we have more to cover,” Tsipras told journalists. “We are not yet in a position to speak about a deal.”
Tsipras was speaking after meeting his Macedonian counterpart Zoran Zaev in Sofia, where they attended a summit of EU and Western Balkan leaders.
Tsipras said he hoped for a meeting with Zaev next month and Athens hoped for a deal that would “stand the test of time.”
Zaev said earlier the two had discussed a specific proposal but that they would “need to have further discussions” in their respective countries.
Reporting by Renee Maltezou
| ashraq/financial-news-articles | https://www.reuters.com/article/us-macedonia-greece-name-tsipras/greece-says-negotiations-with-macedonia-over-name-row-at-crucial-stage-idUSKCN1II20G |
BBVA chairman: Hope Turkey will take right decisions after elections 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/bbva-chairman-hope-turkey-will-take-right-decisions-after-elections.html |
May 18 (Reuters) -
* GOLDMAN CEO BLANKFEIN IS LIKELY TO STEP DOWN IN DECEMBER - NYT, CITING SOURCES
* GOLDMAN SACHS' PRESIDENT, DAVID M. SOLOMON, IS LIKELY TO BE NAMED CHIEF EXECUTIVE OFFICER BY THE END OF THIS YEAR - NYT Source text: nyti.ms/2k87hyn Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-goldman-ceo-blankfein-is-likely-to/brief-goldman-ceo-blankfein-is-likely-to-step-down-in-december-nyt-citing-sources-idUSFWN1SP0XC |
ATLANTA, Southern Company today announced that it has entered into agreements to sell Gulf Power Company, Florida City Gas and the entities holding Southern Power's interests in Plant Oleander and Plant Stanton to NextEra Energy for an aggregate purchase price of approximately $6.475 billion. Net of debt, this reflects an equity value of approximately $5.075 billion.
"This sale provides Southern Company the opportunity to deliver great value to our organization, bolster our financial profile and continue to build the future of energy as one of America's premier energy companies," said Thomas A. Fanning, chairman, president and CEO of Southern Company. "These Florida businesses are being sold at a price that provides substantial value to our stockholders, while entrusting the customers of these exceptional franchises to a high-quality utility company that has a well-established presence in the state."
The transactions are designed to allow Gulf Power and Florida City Gas to continue their customer-focused business models and strong commitments to safety, reliability, customer service and community engagement.
Proceeds from these transactions are intended to be used to reduce debt and improve Southern Company's balance sheet. Southern Company's goal remains to simultaneously provide benefits to customers, preserve solid credit metrics and improve the contribution of its state-regulated utilities to its value proposition. The opportunity to fund the business without raising significant additional capital makes the value proposition of these transactions even stronger.
Completion of each of these transactions is conditioned upon, among other things, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Gulf Power and Plant Oleander and Plant Stanton transactions also will require approval by the Federal Energy Regulatory Commission and the Federal Communications Commission. The target completion for the sales of Gulf Power and Southern Power's interests in Plant Stanton and Plant Oleander is the first half of 2019. The Florida City Gas transaction's target completion is third quarter 2018.
Southern Company will host a financial analyst call to discuss this announcement at 9:45 a.m. Eastern Time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss the transaction. Investors, media and the public may listen to a live webcast of the call and view associated slides that were posted this morning at http://investor.southerncompany.com/webcasts . A replay of the webcast will be available on the site for 12 months.
Headquartered in Juno Beach, Florida, NextEra (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, that operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com , www.FPL.com , www.NextEraEnergyResources.com .
Advisors
Citigroup Global Markets Inc. is serving as the exclusive financial advisor and Jones Day, Troutman Sanders LLP and Gibson Dunn & Crutcher LLP are serving as legal counsel to Southern Company.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are creating new products and services for the benefit of customers. We are building the future of energy by developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity and the number one Company for Progress by DiversityInc, and designated as one of America's Best Employers by Forbes magazine. Visit our website at www.southerncompany.com .
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning the expected timing of completion and financial and other benefits of the transactions described herein. These forward-looking statements are often characterized by the use of words such as "expect," "anticipate," "plan," "believe," "may," "should," "will," "could," "continue" and the negative or plural of these words and other comparable terminology. Although Southern Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including, but not limited to, factors and assumptions regarding the items outlined above. Actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: the failure to receive, on a timely basis or otherwise, the required approvals by government or regulatory agencies (including the terms of such approvals); the risk that a condition to closing of one or more of the transactions may not be satisfied; the inability to achieve the expected financial benefits of the proceeds generated by the transactions; and other risk factors relating to the energy industry, as detailed from time to time in Southern Company's reports filed with the Securities and Exchange Commission. There can be no assurance that any of the transactions will in fact be consummated.
Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1A. in Southern Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Southern Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to Southern Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the transactions or other matters attributable to Southern Company or any other person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of this release. Southern Company undertakes no obligation to update or revise any forward-looking statement, except as may be required by law.
View original content with multimedia: releases/southern-company-announces-sale-of-certain-florida-assets-to-nextera-energy-300651718.html
SOURCE Southern Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-southern-company-announces-sale-of-certain-florida-assets-to-nextera-energy.html |
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