text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Musk's temperament not right to be CEO: Expert 2 Hours Ago NYU Professor Helio Fred Garcia addresses the question of whether Elon Musk is temperamentally fit to be CEO of his company. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/musks-temperament-not-right-to-be-ceo-expert.html |
May 24, 2018 / 4:32 PM / Updated 44 minutes ago UAW accuses Musk of threatening Tesla workers over unionization Daniel Wiessner 2 Min Read
(Reuters) - The United Auto Workers union (UAW) has filed a complaint accusing Tesla Inc ( TSLA.O ) Chief Executive Elon Musk of illegally threatening to take away benefits from workers who join the union. FILE PHOTO: Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo
The UAW, which is seeking to represent workers at Tesla’s facility in Fremont, California, filed the complaint with the National Labor Relations Board late on Wednesday.
Musk in a tweet on Monday said there was nothing stopping Tesla workers from joining a union, but “why pay union dues & give up stock options for nothing?”
The union says Musk violated the National Labor Relations Act, which prohibits employers from making threats or promises to workers to discourage them from joining unions.
Tesla in a statement said Musk’s comment simply recognised that other automakers whose workers are represented by the UAW do not provide stock options.
“UAW organizers have consistently dismissed the value of Tesla equity as part of our compensation package,” the company said.
In a separate tweet on Tuesday, Musk accused the UAW of driving General Motors and Chrysler to bankruptcy and losing “200,000+ jobs for people they were supposed to protect.”
He was apparently referring to effects of the crisis in the U.S. auto industry in 2008-2010.
UAW President Dennis Williams during a press briefing in Detroit on Thursday called Musk’s comments “ridiculous.”
“I don’t know what the hell Musk is up to,” Williams said. “Sometimes I scratch my head.” Reporting by Daniel Wiessner in Albany, New York and Joe White in Detroit, Michigan; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tesla-union/union-accuses-tesla-ceo-musk-of-threatening-workers-idUKKCN1IP2XF |
May 9, 2018 / 12:22 PM / Updated 7 minutes ago BRIEF-Future FinTech Appoints New Independent Director Reuters Staff
May 9 (Reuters) - Future Fintech Group Inc: * FUTURE FINTECH ANNOUNCES APPOINTMENT OF NEW DIRECTOR
* FUTURE FINTECH GROUP INC SAYS YILIANG LI APPOINTED AS AN INDEPENDENT DIRECTOR Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-future-fintech-appoints-new-indepe/brief-future-fintech-appoints-new-independent-director-idUSASC0A0YY |
Valeant Pharmaceuticals International Inc:
* VALEANT ANNOUNCES PRICING OF PRIVATE OFFERING OF NOTES * VALEANT - UNIT PRICED PREVIOUSLY ANNOUNCED OFFERING OF $750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 8.50% UNSECURED SENIOR NOTES DUE 2027 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-valeant-announces-pricing-of-priva/brief-valeant-announces-pricing-of-private-offering-of-notes-idUSASC0A2VB |
When European politics get volatile, eurozone banks feel the chill.
The collapse in Italy of attempts to form a populist government over the weekend led to a nasty sell-off in Italian government bonds and European bank stocks broadly on Monday and Tuesday.
But even worse has been the reaction of investors in banks’ bonds. This matters because... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/bank-investors-fear-return-of-european-doom-loop-1527603286 |
LAKE BLUFF, Ill.--(BUSINESS WIRE)-- To support the ongoing growth of Bernie’s Book Bank, the organization today announced it has appointed Darrin Utynek as Chief Executive Officer, a new role to the organization. Founder Brian Floriani will transition to Founder and Chief Advancement Officer.
Utynek brings a wealth of experience to Bernie’s Book Bank. He previously served as Chief Operating Officer of the American Red Cross. His responsibilities included business operations of the Chicago and Northern Illinois Region, the fourth largest region in the country.
Prior to that, Utynek held a variety of leadership roles in both the for-profit and nonprofit sectors; he served as the Vice President of Administration for the Habitat Company and as the Senior Director of Risk Management for the YMCA of Metropolitan Chicago. As CEO, Utynek will apply his diverse experience to lead the organization and advance the mission of Bernie's Book Bank.
Utynek will be the first CEO of Bernie’s Book Bank. Since the creation of this nonprofit organization in 2009, founder Brian Floriani has served as the Executive Director. Moving forward, Floriani will assume the role of Founder and Chief Advancement Officer, focused on strategic fundraising, partner management and nationwide market expansion.
“I have never been more excited about our mission and the future of Bernie’s Book Bank, especially for the children we serve and will serve,” shared Floriani. “I am grateful for the dedication of the team who has done incredible work to get us to where we are today. Our organization will rise to a whole new level with Darrin Utynek as CEO.”
The addition of a CEO strengthens the organization as Bernie’s Book Bank works toward its long-term goal to replicate in every major city across the country.
“We are excited to welcome Darrin to the Bernie’s Book Bank team as our new CEO,” said Jamie Wildman, Bernie’s Book Bank Board of Directors Chair. “As the organization continues to grow and evolve, we require additional organizational leadership to execute our plan. The Board of Directors is confident in Darrin’s ability to take our organization to the next level.”
Utynek assumes CEO responsibilities on May 21, 2018. "I am honored and excited to join such an amazing organization. The opportunity to work with a visionary founder, exceptional Board of Directors, and high-quality team is what drew me to Bernie's Book Bank,” shared Utynek. “I believe the organization is uniquely positioned to build on its success.”
Founded as a 501(c)(3) in September of 2009, Bernie’s Book Bank sources, processes and distributes quality new and gently used children’s books to significantly increase book ownership among at-risk infants, toddlers and school-age children throughout Chicagoland. Bernie’s Book Bank delivers twelve quality books per year to at-risk children; because book ownership enables and empowers them in their pursuit of a brighter future and a better life through reading. For more information about Bernie's Book Bank, visit www.berniesbookbank.org .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005104/en/
Bernie’s Book Bank
Sarna Goldenberg
847-780-7323
[email protected]
Source: Bernie’s Book Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-bernieas-book-bank-names-new-ceo.html |
May 23 (Reuters) - Transenterix Inc:
* TRANSENTERIX, INC. ANNOUNCES LOAN AGREEMENT WITH HERCULES CAPITAL
* TRANSENTERIX INC - ENTERED INTO A DEBT FINANCING AGREEMENT FOR UP TO $40.0 MILLION IN TERM LOANS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transenterix-inc-announces-loan-ag/brief-transenterix-inc-announces-loan-agreement-with-hercules-capital-idUSASC0A3FS |
Regarding the May 7 letter from Cuban Ambassador José Ramón Cabañas Rodríguez: It is the same communist propaganda used by the Castro government for the last 59 years.
Not even during the Spanish colonization have the Cuban people been so oppressed as we have been during the Castro government.
The ambassador also insults the majority of the... | ashraq/financial-news-articles | https://www.wsj.com/articles/we-differ-with-the-ambassador-about-cuba-1526066084 |
April 30 (Reuters) - Transocean Ltd:
* Q1 LOSS PER SHARE $0.48 * QTRLY TOTAL CONTRACT DRILLING REVENUES WERE $664 MILLION
* QTRLY TOTAL REVENUE $664 MILLION VERSUS $785 MILLION REPORTED LAST YEAR
* COMBINED COMPANY’S CONTRACT BACKLOG WAS $12.5 BILLION AS OF APRIL 2018 FLEET STATUS REPORT
* QTRLY RIG UTILIZATION WAS 52 PERCENT VERSUS 43 PERCENT REPORTED LAST YEAR
* Q1 EARNINGS PER SHARE VIEW $-0.37, REVENUE VIEW $636.6 MILLION — THOMSON REUTERS I/B/E/S
* QUARTER-END CASH AND SHORT-TERM INVESTMENTS BALANCE OF APPROXIMATELY $2.9 BILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-transocean-reported-q1-loss-per-sh/brief-transocean-reported-q1-loss-per-share-of-0-48-idUSASC09YC5 |
MONACO, May 11, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE:NM) announced today that it will host a conference call on Tuesday, May 15, 2018 at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2018. The Company will report results for the first quarter ended March 31, 2018, prior to the conference call.
A supplemental slide presentation will be available on the Navios Holdings website at www.navios.com under the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Tuesday, May 15, 2018 at 8:30 am ET
Call Title: Navios Holdings Q1 2018 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 322 5559
The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 322 5559
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com .
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
[email protected]
Source:Navios Maritime Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-navios-maritime-holdings-inc-announces-the-date-for-the-release-of-first-quarter-2018-results-conference-call-and-webcast.html |
EU's GDPR introduction on May 25 is just the start of the process: Citi 11 Hours Ago Citi European Media Analyst Catherine O'Neill speaks about the impact of changes to consumer data regulation in the European Union. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/eus-gdpr-introduction-on-may-25-is-just-the-start-of-the-process-citi.html |
LONDON (Reuters) - Campaigners aiming to stop Britain selling arms to Saudi Arabia to prevent their use in Yemen’s war can appeal after losing their case last year, a British court ruled on Friday.
Last July, the Campaign Against Arms Trade (CAAT) sought a High Court order to block export licenses for British-made fighter jets, bombs and other munitions it said were being used by a Saudi-led military coalition that intervened in Yemen’s conflict in 2015, leading to hundreds of civilian deaths.
The High Court ruled that the granting of licenses for arms exports from Britain to Saudi Arabia was not unlawful. CAAT took its case to the Court of Appeal, which decided on Friday to hear the case in the coming months.
Andrew Smith of CAAT said his group believed the sales were immoral. “The Saudi-led bombardment of Yemen has killed thousands of people and created one of the worst humanitarian disasters in the world,” he said after Friday’s judgment.
“Despite this, the Saudi regime has been armed and supported every step of the way by successive UK governments. We believe that these arms sales are immoral, and are confident that the Court of Appeal will agree that they are unlawful.”
Over 10,000 people have died in Yemen since Saudi Arabia’s Western-backed alliance launched its campaign to restore the internationally recognized Yemeni government. It has carried out thousands of air strikes against the Iran-allied Houthi movement that controls much of north Yemen including the capital Sanaa.
Errant air strikes have killed hundreds of civilians at hospitals, schools and markets. Two weeks ago, coalition warplanes killed at least 20 people attending a wedding in a village in northwestern Yemen.
The coalition denies targeting civilians in its campaign.
The United Nations says food shortages caused by the warring parties blocking supplies has created the world’s worst humanitarian crisis. The conflict has displaced more than 2 million people and triggered a cholera epidemic that has infected about 1 million people.
British exports to Saudi Arabia have provided billions of pounds of revenue for the British arms trade, but opposition has grown as the conflict and humanitarian crisis in Yemen worsened.
Prime Minister Theresa May has defended British arms exports to Saudi Arabia, saying all such sales are strictly regulated, that Saudi involvement in the Yemen conflict is backed by the U.N. Security Council and her government supports it.
The issue has provoked heated debate in parliament, with the main opposition Labour party saying arms export licenses should be suspended and Britain must be held partly responsible for civilian casualties in Yemen.
“It cannot be right that the government is colluding in what the United Nations says is evidence of war crimes,” Labour leader Jeremy Corbyn told parliament in March.
Britain’s Department for International Trade said it would defend last July’s High Court decision.
“We remain confident that the UK operates one of the most robust export control regimes in the world and will continue to defend the decisions being challenged,” a spokesman said.
“We keep our defense exports under careful review to ensure they meet the rigorous standards of the Consolidated EU and National Arms Export Licensing Criteria.”
Reporting by Stephen Addison; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-saudi-britain/court-allows-appeal-against-british-arms-sales-to-saudi-arabia-idUSKBN1I51JR |
May 16, 2018 / 1:28 PM / Updated 21 hours ago Judge halts spiraling Redstone-CBS dispute, to issue ruling Thursday Jessica Toonkel , Tom Hals 4 Min Read
(Reuters) - A Delaware judge on Wednesday essentially called a time out in the escalating feud between the board of CBS Corp ( CBS.N ) and its controlling shareholder National Amusements Inc, owned by the Redstone family, which wants to merge it with Viacom Inc ( VIAB.O ). FILE PHOTO: The CBS television network logo is seen outside their offices on 6th avenue in New York, U.S. on May 19, 2016. REUTERS/Shannon Stapleton/File Photo
Chancellor Andre Bouchard said he would rule on Thursday on the request for a temporary restraining order (TRO) to prevent Shari Redstone from interfering with a special board meeting on Thursday, when the CBS directors will consider stripping her of control.
Wednesday’s hearing capped three days of maneuvers with little precedent in corporate boardroom battles.
Earlier on Wednesday, National Amusements amended CBS’s bylaws to thwart the company’s directors from issuing a special stock dividend. Under the change, the dividend requires 12 of CBS’ 14 directors to approve the dividend.
That dividend is aimed at cutting National Amusements’ voting power to 17 percent from 80 percent.
National Amusements called the dividend “invalid.”
Bouchard appeared troubled by the move to amend the CBS bylaws moments before the court hearing.
“I’ve never seen anything like what transpired here in terms of moving parts before TRO hearing and I need to protect my jurisdiction,” he said. He said he would take the matter under advisement and rule on Thursday regarding the TRO.
The CBS board is set to meet at 5 p.m. EDT (2100 GMT) on Thursday to consider issuing the special dividend.
National Amusements (NAI) said it was compelled to act to protect its controlling position and the media company.
“NAI believes the irresponsible action taken by CBS and its special committee put in motion a chain of events that poses significant risk to CBS,” National Amusements said in a statement.
In court filings on Wednesday, both sides said they were being forced to take extreme measures. National Amusements said it might have to sack the board to protect its voting power, and CBS said it might have to dilute the Redstones’ voting control to prevent abuses.
The showdown comes as the Redstones were seeking to merge CBS and Viacom to create a company they say will be better able to compete in the media landscape that has been reshaped by the video-streaming companies like Netflix Inc ( NFLX.O ).
A CBS special board committee has resisted that deal, citing in part concerns about corporate governance of the merged company.
National Amusements has said it believed CBS sought a temporary restraining order because National Amusements had raised specific concerns about incidents of bullying and intimidation by one CBS director, Charles Gifford.
“The allegations regarding him (Gifford) are not only vague and unsubstantiated, they are utterly inconsistent with our knowledge of him,” CBS said in a statement. GOLDEN PARACHUTES
National Amusements said on Monday it did not intend to replace the board, but on Wednesday signaled that had changed. It said it was facing a choice of accepting massive dilution or “taking various stockholder action to protect itself from dilution.”
If forced out, directors and management could collect large “golden parachute” payments, according to National Amusements.
CBS Chief Executive Les Moonves could collect more than $150 million, and Barclays estimated the CBS management would receive $375 million in total.
CBS has said it is acting to protect shareholders and the company from abuses by Shari Redstone, whom the CBS board accused of undermining management by talking to potential CEO replacements and rejecting a potential acquirer of CBS.
The proposed dividend would not dilute the economic interests of any CBS stockholder, but would help the company to operate as an independent, non-controlled company and fully evaluate strategic alternatives, CBS has said.
Shares of CBS ended down over 1 percent at $53.83 on the New York Stock Exchange. Viacom share were flat at $28.27. Reporting by Jessica Toonkel in New York and Tom Hals in Wilmington, Delaware; Additional reporting by Greg Roumeliotis in New York; Editing by Susan Thomas, Lisa Shumaker and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-nationalamusement-cbs/redstone-family-says-special-cbs-dividend-would-be-invalid-idUKKCN1IH1RE |
May 1 (Reuters) - Hi Crush Partners LP:
* HI-CRUSH PARTNERS LP REPORTS FIRST QUARTER 2018 RESULTS
* Q1 REVENUE $218.1 MILLION VERSUS I/B/E/S VIEW $214.9 MILLION
* Q1 EARNINGS PER SHARE $0.59 * Q1 EARNINGS PER SHARE VIEW $0.56 — THOMSON REUTERS I/B/E/S
* FOR THE SECOND QUARTER OF 2018, THE PARTNERSHIP EXPECTS TOTAL SALES VOLUMES TO INCREASE TO A RANGE OF 2.9 TO 3.1 MILLION TONS
* EXPECTS CONTINUED IMPROVEMENT IN CONTRIBUTION MARGIN DURING THE SECOND QUARTER OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hi-crush-partners-reports-q1-earni/brief-hi-crush-partners-reports-q1-earnings-per-share-0-59-idUSASC09YSE |
Updated 8 minutes ago BRIEF-KP Tissue Posts Qtrly Basic Loss Per Share $0.09 KP Tissue Inc: * KP TISSUE RELEASES FIRST QUARTER 2018 FINANCIAL RESULTS
* KP TISSUE INC - REVENUE INCREASED BY 11.9% TO $323.7 MILLION IN Q1 2018
* KP TISSUE INC - EXPERIENCED CONTINUING ESCALATION IN PULP AND FREIGHT COSTS IN QUARTER
* KP TISSUE INC QTRLY BASIC LOSS PER SHARE $0.09 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kp-tissue-posts-qtrly-basic-loss-p/brief-kp-tissue-posts-qtrly-basic-loss-per-share-0-09-idUSASC0A1CT |
BERLIN—Germany will cut public-sector investment to maintain a budget surplus while welfare spending soars, according to Berlin’s latest fiscal plans released on Wednesday.
The move will help Chancellor Angela Merkel’s governing coalition reconcile the contradictory pledges of more welfare assistance and more fiscal discipline. But several economists warned it was shortsighted, unsustainable and could endanger growth.
“The... | ashraq/financial-news-articles | https://www.wsj.com/articles/germany-to-cut-public-sector-investment-as-welfare-spending-rises-1525279008 |
May 9, 2018 / 4:59 AM / Updated 10 minutes ago Japan says to normalise N. Korea ties if nuclear, abduction issues are solved Reuters Staff 1 Min Read
TOKYO (Reuters) - Abe said on Wednesday his nation will are Japan's Prime Minister Shinzo Abe attends the 6th JAPAN-CHINA-KOREA Business Summit with South Korea's President Moon Jae-in and Chinese Premier Li Keqiang (not in picture) in Tokyo, Japan May 9, 2018. REUTERS/Toru Hanai
Abe was speaking after a trilateral summit with Chinese Premier Li Keqiang and South Korean President Moon Jae-in held in Tokyo.
at the same news conference he supported the idea of dialogue between Japan and North Korea.
Reporting by Kiyoshi Takenaka; Editing by Paul Tait | ashraq/financial-news-articles | https://in.reuters.com/article/japan-summit-northkorea/japan-says-to-normalise-n-korea-ties-if-nuclear-abduction-issues-are-solved-idINKBN1IA0FB |
Washington, D.C., May 31, 2018 (GLOBE NEWSWIRE) --
RUIZ FOOD PRODUCTS, INC. RECALLS 12-COUNT FROZEN BREAKFAST BURRITOS DUE TO POSSIBLE FOREIGN MATTER CONTAMINATION
WASHINGTON, MAY 31, 2018 – Ruiz Food Products, Inc., a Denison, Texas establishment, is recalling approximately 50,706 pounds of frozen breakfast burritos that may be contaminated with extraneous material, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.
The frozen cook and serve breakfast burritos were produced on March 3, 2018. The following products are subject to recall:
3.38-lb. plastic wrapped packages containing 12 Count, 4.5-ounce individually wrapped frozen “EL MONTEREY SIGNATURE BURRITOS, EGG, SAUSAGE, CHEESE & POTATO” with lot code 18062 and 18063, and a best if used date of 3/3/2019 or 3/4/2019. The products subject to recall bear establishment number “EST. 17523A” on the back of the packaging. These items were shipped to retail locations nationwide.
The problem was discovered after the company received complaints from consumers who reported finding white, semi-rigid plastic pieces in the product.
There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.
FSIS is concerned that some product may be in consumers’ freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.
FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers.
Consumers with questions about the recall should contact the company’s consumer line at 800-772-6474. Members of the media with questions can contact Pat Summers, Communications Manager, at 559-285-1100.
Consumers with food safety questions can "Ask Karen," the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov . The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: http://www.fsis.usda.gov/reportproblem .
NOTE: Access news releases and other information at FSIS’ website at http://www.fsis.usda.gov/recalls .
Follow FSIS on Twitter at twitter.com/usdafoodsafety or in Spanish at: twitter.com/usdafoodsafe_es .
USDA RECALL CLASSIFICATIONS Class I This is a health hazard situation where there is a reasonable probability that the use of the product will cause serious, adverse health consequences or death. Class II This is a health hazard situation where there is a remote probability of adverse health consequences from the use of the product. Class III This is a situation where the use of the product will not cause adverse health consequences.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).
Attachment
FSIS Recall 042-2018 Foreign Material USDA FSIS USDA Food Safety and Inspection Service 202-720-9113 [email protected]
Source: USDA Food Safety and Inspection Service | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-ruiz-food-products-inc-recalls-12-count-frozen-breakfast-burritos-due-to-possible-foreign-matter-contamination.html |
May 2 (Reuters) - TURKIYE IS BANKASI:
* RENEWS AMOUNT OF GLOBAL COVERED BOND PROGRAM AT EUR 2.00 BILLION FOR 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-is-bankasi-renews-amount-of-global/brief-is-bankasi-renews-amount-of-global-covered-bond-program-at-eur-2-00-bln-for-2018-idUSFWN1S911O |
In testimony before the Senate Intelligence Committee on Wednesday, Gina Haspel, President Donald Trump’s nominee to run the Central Intelligence Agency, said she wouldn’t resume the agency’s controversial interrogation program. Ms. Haspel also addressed her role in the destruction of detainee videotapes more than a decade ago. Here are some key exchanges from the hearing:
On following morally objectionable orders:
... | ashraq/financial-news-articles | https://www.wsj.com/articles/hearing-highlights-what-cia-pick-gina-haspel-said-about-interrogations-and-immoral-orders-1525906873 |
2018 Code Conference's big themes 1 Hour Ago CNBC's Julia Boorstin provides a preview of this year's Code Conference where data privacy and unchecked power of big tech companies will likely top the conversation. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/2018-code-conferences-big-themes.html |
Dialing in a new era - Vodafone CEO to step down Tuesday, May 15, 2018 - 01:46
Vodafone Chief Executive Vittorio Colao will step down in October after 10 years in which he reshaped the world's second-largest mobile operator into a digital communications powerhouse with a string of major deals. As Kate King reports, the fortunes of the world's largest mobile operator contrast with French telecoms group Iliad which saw its shares tumble 16 percent.
Vodafone Chief Executive Vittorio Colao will step down in October after 10 years in which he reshaped the world's second-largest mobile operator into a digital communications powerhouse with a string of major deals. As Kate King reports, the fortunes of the world's largest mobile operator contrast with French telecoms group Iliad which saw its shares tumble 16 percent. //reut.rs/2L46Cdp | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/dialing-in-a-new-era-vodafone-ceo-to-ste?videoId=427106775 |
May 12, 2018 / 1:10 AM / Updated 12 hours ago Cash may convince some teens to stay off smartphones while driving Lisa Rapaport 4 Min Read
(Reuters Health) - Getting teens to put down their phones when they get behind the wheel is no easy task, but a small study suggests that parents may have more luck when they offer cash rewards.
Researchers examined data from an online survey of 152 teens who owned smartphones and admitted to texting and driving. Even though they confessed to this dangerous habit, 90 percent said they were willing to give up reading texts while driving, 95 percent could consider no longer sending texts and 99 percent said they might stay off social media.
The trick that would make many commit to these promises wasn’t a parent threatening to take away the keys. It was the promise of cash prizes, and as little as $5 a week looked like enough to make a difference.
“Just telling your teen to stop texting while driving is not going to work, particularly for those who do it a lot,” said lead study author M. Kit Delgado of the Perelman School of Medicine at the University of Pennsylvania in Philadelphia.
All of the teens surveyed were 16 to 17 years old, fairly inexperienced drivers and very attached to their smartphones.
They were much more willing to consider giving up texting in the car than they were willing to entertain the thought of driving without the navigation or music apps on their phones. Only 59 percent would give up Google Maps and other navigation apps, and just 43 percent would drive without using their phone as a virtual jukebox.
Even though the cash rewards researchers tested were all valued around $250 a year, not all of the prizes were equally appealing to teens.
Individual prizes were the most popular - three of four teens said they would reduce texting while driving if they could earn $5 in cash or gift cards each week they avoided this habit. Starting out with $250 in an account and losing $5 every week they texted behind the wheel only appealed to 63 percent of the participants, however.
A little more than half of the teens were willing to consider giving up texting in order to work toward this goal with a group of friends and share a $1,000 prize at the end of the year. Roughly half of them would also stop texting to get a $250 discount on their annual insurance premiums.
Fewer than one in five said they would stop texting just because their parents expressed concern, researchers report in Traffic Injury Prevention.
Beyond its small size, another limitation of the study is that it wasn’t a controlled experiment designed to prove whether or how specific rewards would actually motivate teens to stop texting and driving.
“I think in general most teens know that texting while driving is dangerous. It is among the most dangerous of all distractions behind the wheel, because it requires the driver to take his/her hands off the wheel (manual distraction), eyes off the road (visual distraction), and mind off the road (cognitive distraction),” said Despina Stavrinos, a psychology researcher at the University of Alabama at Birmingham who wasn’t involved in the study.
Teens who perceive texting while driving as very dangerous are also the same individuals who continue to engage in this very activity quite frequently, Stavrinos said by email.
“I think parents need to model safe driving behaviors for their kids starting an early age (before they begin driving),” Stavrinos added. “Parents also can importantly set rules and restrictions on what happens in the vehicle and limiting cell phone use.”
SOURCE: bit.ly/2IdUzZd Traffic Injury Prevention, online April 13, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-teens-driving/cash-may-convince-some-teens-to-stay-off-smartphones-while-driving-idUKKBN1ID016 |
1.17 +0.00 ( +0.05% ) Lisnr wants to make airline and concert tickets a thing of the past using sound waves Kellie Ell Reblog Lisnr, a Cincinnati-based technology company, has created a data-transfer system that doesn't require an internet connection or use of vulnerable QR codes or expensive NFC chips. Lisnr has a deal with Live Nation's Ticketmaster to offer audio-based entry to events. " If I was going to use some type of mobile pay scenario, I only have a QR code or a NFC [chip] as an alternative," Williams told CNBC, referring to two popular methods of communication used by current mobile devices. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/making-airline-concert-tickets-a-thing-of-the-past-using-sound-waves.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 7(Reuters) - Tasly Pharmaceutical Group Co Ltd
* Says it issued 2018 first tranche medium-term notes worth 1 billion yuan, with a term of three years and an interest rate of 5.39 percent
Source text in Chinese: goo.gl/QawdpJ
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tasly-pharmaceutical-group-issues/brief-tasly-pharmaceutical-group-issues-2018-first-tranche-medium-term-notes-worth-1-bln-yuan-idUSL3N1SE1WL |
Sandra Poole named chief operating officer
Paul Herzich named senior director of manufacturing
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- LogicBio Therapeutics, Inc ., a genetic medicine company founded to develop safe and lasting treatments for children with life-threatening early onset diseases, today announced the appointment of Sandra Poole as chief operating officer, and Paul Herzich as senior director of manufacturing.
“I am very pleased to welcome Sandra and Paul to the LogicBio team,” said Fred Chereau, president and chief executive officer of LogicBio Therapeutics. “Sandra’s experience building and leading organizations, combined with her operational expertise in the development and manufacturing of biologics, adds critical leadership strength as we move towards clinical development. Paul’s deep expertise in gene and biologic manufacturing gives us an extremely strong team in one of the most important areas for a genetic medicine company.”
Ms. Poole brings over 25 years of combined product and technology development, manufacturing, strategic alliances and general management experience in the biotechnology industry. Previously, she served as executive vice president, technical operations and commercial development at ImmunoGen, Inc. Prior to ImmunoGen, Ms. Poole spent more than 15 years at Genzyme in leadership roles of increasing responsibility, eventually rising to senior vice president of global biologics manufacturing. Ms. Poole is a member of the supervisory board of directors of Valneva SE. She holds a master’s and bachelor’s degree in Chemical Engineering from the University of Waterloo in Canada, is a licensed professional engineer and has completed the Executive Program in Business Management at the MIT Sloan School of Management. As chief operating officer, Ms. Poole will direct the company’s internal operations and help advance its robust portfolio of genome editing therapies.
“I am thrilled to be joining a rapidly emerging company with a novel platform and a mission to develop groundbreaking solutions for patients with severe genetic diseases,” said Ms. Poole. “I look forward to working with Fred and the LogicBio team to move our lead candidate into the clinic as quickly as possible, while working with our partners to advance our portfolio of pipeline products.”
Mr. Herzich joins LogicBio from Pfizer’s Bamboo Therapeutics, where he served as director of clinical gene therapy manufacturing. In this role, Mr. Herzich managed facilities, compliance and cGMP manufacturing of the company’s gene therapy products. Prior to Bamboo, he served as head of technical development manufacturing at Seqirus. Mr. Herzich holds an MBA from North Carolina State University and a bachelor’s degree in Biology from Rutgers University. In his new role as senior director of manufacturing, Herzich will establish and guide the development of manufacturing processes for LogicBio’s platform technology, GeneRide™.
“I look forward to working with this dedicated and driven team to build out LogicBio’s broad therapeutic pipeline and extend the benefits of genome editing to pediatric patients,” said Mr. Herzich.
About LogicBio Therapeutics
LogicBio Therapeutic is a genetic medicine company, founded to deliver the benefits of genome editing to the fight against early onset childhood diseases. Launched in 2016 by pioneers in gene therapy from Stanford University and funded by leading life science investors, LogicBio is developing a pipeline of safe and durable treatments for pediatric indications. Our core technology, GeneRide™, enables the site-specific integration of a therapeutic transgene, in a nuclease-free and promotorless approach by relying on the native process of homologous recombination to drive lifelong expression. With a world-class global team headquartered in Cambridge, Massachusetts, LogicBio is committed to developing medicines that will transform the lives of pediatric patients and their families.
For more information, please visit www.logicbio.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005412/en/
Ten Bridge Communications
Paul Goldsmith, 617-697-3479
[email protected]
Source: LogicBio Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-logicbio-therapeutics-strengthens-leadership-team-with-key-appointments.html |
Published 3:25 AM ET Tue, 8 May 2018 CNBC.com
— This is the script of CNBC's news report for China's CCTV on May 2, Wednesday.
There are 2 highlights on the annual developer conference. First, Facebook introduced a new "Dating" feature that helps to connect people who are not Facebook friends with each other, builds a real, sincere and long-term exclusive relationship. But users whose status is on stable love relationship can't use this feature.
Zuckerberg said "there are around 0.2 billion Facebook users whose emotional status is Single, so it's obvious that Facebook can do something for them" The market holds an positive view to this new feature, cause the Dating feature gives the advertisers a new chance. This service, however, also challenge the predominant existing dating apps, Dating service not only affect the latter's profitability but also influences the latter's potential for acquiring new users.
This service is free and can compensate the increasing cost with potential ads' income. For example, Match Group that owns Tinder and OkCupid is the major dating apps in the US, making profits by user subscription.
The stock price of Facebook climbed 1.08% in the overnight trading and a 0.24 increase was seen in the after-hours session after Facebook announced this new feature.
The stock price of Match Group took a tumble after Facebook's announcement, slumping 22.09%, which is the largest one-day drop for 2 years.
IAC, the parents of Match Group also closed down 17.77%. So Facebook enters the dating market will led to a new round industry shuffle.
Meanwhile, another highlight on the developer's conference is that Facebook launched more transparent and stricter data protection test tied to the data leakage scandal. In a related move, Facebook announced an upcoming feature called "Clear History"
That means users can see information about websites or the third-party apps that update ads and use analyze tools on Facebook, delete personal related information from your account, and turn off storing information from the third party. Zuckerberg hopes this kind of responsibility can help to rebuild the public's confidence to Facebook.
[Zuckerberg] "We are all here because we are optimistic about the future. we have real challenges to address, but we have to keep that sense of optimism too. What I leant this year is that we need to take a broader view of responsibility. It's not enough to just build powerful tools, but we also need to make sure they are used for good. and we will."
New feature and new regulation are 2 major developing trends for Facebook, but will they bring more profit to Facebook and prevent Facebook from data leakage scandal? We will keep an eye on this issue. Business | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/cctv-script-020518.html |
May 21 (Reuters) - SenesTech Inc:
* SENESTECH - CALIFORNIA DEPARTMENT OF PESTICIDE REGULATION PROPOSED TO REGISTER CONTRAPEST FOR USE IN CALIFORNIA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-senestech-california-department-of/brief-senestech-california-department-of-pesticide-regulation-proposed-to-register-contrapest-for-use-in-california-idUSFWN1SS0IN |
* Japan’s Treasury holdings hit lowest since October 2011
* U.S. bonds in Ireland rises after record drop in February
* Offshore investors bought most agencies in nearly two years
* Foreigners shed most U.S. stocks since September 2015 (Adds details on latest TIC data)
By Richard Leong
NEW YORK, May 15 (Reuters) - China’s holdings of U.S. Treasuries grew for a second month in March to $1.188 trillion, its highest level since October, even as overall foreign purchases of Treasuries fell, data from the Treasury Department showed on Tuesday.
Overseas investors also grew discontent with Wall Street, reducing their U.S. stock exposure by the largest monthly clip in 2-1/2 years.
The increase in China’s U.S. bond ownership may soothe concerns about whether Beijing may pare back its Treasuries stockpile in retaliation against the Trump administration which has sought to slap stiff tariffs and erect barriers against nations it perceives are conducting unfair trade practices.
Japan’s holdings of Treasuries, on the other hand, fell in March to $1.044 trillion, the lowest since October 2011, data showed.
Back in March, the dollar hit a 16-month low against the yen , making it less attractive for Japanese investors to own dollar-denominated investments, analysts said.
From their peak holdings of Treasuries in November 2014, Japan has now slashed its stake by $198 billion.
Meanwhile, the amount of Treasuries held in Ireland rose in March to $317 billion after a record $13.5 billion fall in February, which stoked speculation whether U.S. multinational companies may be repatriating some money back home in the wake of the massive tax overhaul enacted by Congress in December.
Dublin is a major hub for international fund management and custody businesses, but also reflects Ireland’s hosting of the European centers of U.S. technology and pharmaceutical companies.
While China’s and Ireland’s holdings of Treasuries increased, foreigners overall sold U.S. government securities. Their net sales totaled $4.92 billion in March, compared with $43.19 billion in net purchases in February.
Offshore investors unloaded $23.05 billion in Treasuries in March, their steepest monthly sale since December 2016, while foreign central banks added $18.39 billion in U.S. government debt on top of the $19.06 billion they purchased in February, according to the latest Treasury data.
APPETITE FOR AGENCIES, CORPORATES Foreigners, while less keen on Treasuries, scooped up agency securities and corporate bonds in March.
Their net purchases of agencies totaled $25.28 billion, the most since July 2016, while they bought $22.39 billion in corporate debt, the highest monthly increase since November, Treasury data showed.
In contrast, overseas investors sold $24.15 billion in stocks in March, the biggest monthly outflow since September 2015.
The S&P 500 index fell 2.7 percent in March, marking its first quarterly loss since the third quarter of 2015 due to worries about a possible trade war, rising interest rates and pricey technology stocks.
Additional reporting by Dan Burns; Editing by Jonathan Oatis and James Dalgleish
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-treasury-securities/update-1-china-holds-most-u-s-treasuries-since-october-foreigners-dump-stocks-idUSL2N1SM27E |
Outlook for banks remains strong in the US, analyst says 3 Hours Ago Gerard Cassidy, RBC Capital Markets banking analyst, discusses the slide in financial stocks and gives his best picks in the sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/outlook-for-banks-remains-strong-in-the-us-analyst-says.html |
North Korea: denuclearization not due to U.S. sanctions 11:23am EDT - 01:38
North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion.
North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion. //reut.rs/2rne4HC | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/06/north-korea-denuclearization-not-due-to?videoId=424432190 |
OLDWICK, N.J.--(BUSINESS WIRE)-- The U.S. life/annuity (L/A) industry’s net income in the first quarter of 2018 declined 54.6% from the same period a year ago, to $3.5 billion from $7.6 billion, mainly due to a drop in pretax net operating income coupled with higher net realized capital losses. These preliminary financial results are detailed in a new Best’s Special Report, titled, “First Look—First Quarter 2018 Life/Annuity Financial Results,” and the data is derived from companies’ three months 2018 interim period statutory statements that were received by May 22, 2018, representing an estimated 85% of total industry premiums and annuity considerations.
According to the report, premiums and annuity considerations declined 11.7% from the prior-year period, driven by a $23.1 billion reduction in premiums at American General Life Insurance Company in connection with the execution of modified coinsurance agreements with a wholly owned Bermudan reinsurer.
The L/A industry’s capital and surplus increased slightly from year-end 2017 to $376.3 billion as $4.7 billion in net income and contributed capital was negated by $1.6 billion in unrealized losses and a $3.3 billion in stockholder dividends. Pretax net operating gain for the industry declined to $10.6 billion in first-quarter 2018, down 26.1% from the prior-year period. Net realized capital losses of $5.7 billion, partially offset by a $1.9 billion reduction in federal and foreign taxes, helped to bring about the decline in net income.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=273929 .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005699/en/
A.M. Best
Matthew Coppola, +1-908-439-2200, ext. 5627
Associate Director – Corporate Data Management
[email protected]
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
[email protected]
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
[email protected]
Source: A.M. Best | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-bestas-special-report-u-s-lifeannuity-insurersa-net-income-drops-sharply-in-first-quarter-2018.html |
Demo days are a dime a dozen in Silicon Valley, but there was something slightly unusual about one that happened in San Francisco late last week. It was taking place in one of Google's city offices, but was mostly made up of people who had decided to pursue success by leaving Google.
Hosted by a community called Xoogler.co , the event featured 24 startups founded by former Googlers, with an audience of 118 angel or early-stage investors, many of whom were current employees or alumni themselves.
The popularity of the "Xoogler" network has popped in recent years, marking an interesting symbiosis between Alphabet , which has increasingly tried to keep its entrepreneurial talent on board, and ex-employees who feel pulled to venture out on their own while still relying on its extensive network.
Xoogler founder Chris Fong (right) poses on Google's deck to snap a photo with one of the startup founders. Since its founding in 2015, the Xoogler community has sought to connect former Googlers interested in entrepreneurship: offering meet-ups, formal events, a Slack group, funding opportunities through a Xoogler syndicate , and some benefits from Google itself.
As it has in the past , Google hosted this most recent demo day and donated food, drinks, staff, and signs. It also gives Xoogler-run startups $20,000 in Cloud credit , a perk that benefits both the founders and its own Cloud business, which can hook potentially hot companies into its ecosystem before they blow up.
"In some ways, the money is like seed funding from Google," Julia Enthoven, founder of an online video editor called Kapwing, says.
show chapters Google has a lot of data on you — here's how to download it 8:59 AM ET Fri, 30 March 2018 | 01:39 She worked as a product manager Google for two years and tells CNBC that she had started to apply to its internal startup incubator, Area 120 , but ultimately decided to take her idea outside the company instead. Since Google created Area 120 roughly two years ago , it has launched a handful of apps , but Enthoven knew she wouldn't learn as much about recruiting or scaling if she stayed within the tech giant.
Plus, building something that's already owned by Google isn't as sexy as potentially getting bought by Google some day, even if you have to forgo free lunches and steady paychecks in the meantime.
"Startups are risky, but there is a great upside if you're successful," Enthoven says. "With Area 120, there doesn't seem to be a great upside."
Last week's event was Xoogler's second demo day in the Bay Area. It's also held one in London, and has upcoming plans for Los Angeles and Singapore, too.
Presentations at the most recent event had a strong artificial intelligence and blockchain bent, with applications as varied as boat chartering, fertility tracking, and voice journaling. The network doesn't track how many startups get funding due to its demo days, but half a dozen founders and investors told CNBC that they'd set up one or more meetings following the event.
Startups came from around the country (and some flew in from Europe and Asia) to participate in the demo day. "There have been exits on a smaller scale in the past, but we have grand visions," says Kevin Yen, one of the event's organizers. "We've had 'pony' level exits but we believe that there's unicorn potential."
It may take a while to reach that milestone, as most venture-backed startups fail (of the 33 startups that presented at the 2016 Xoogler demo day , fewer than two-thirds still have an active web presence).
However, for new angel investors, knowing that founders worked at Google feels like a form of due diligence.
Investor Sri Gorthy, who worked at Google for 8 years himself, says that Xoogler-run companies have become his "sweet spot," since he trusts that anyone who worked there has a strong work ethic. He has previously invested in two, plans to find three more to contribute funding to this year, and is in the process of setting up meetings with several he saw at the demo day.
During one of the mingling sessions, for which Google provided sandwiches and cookies, participants swap business cards. Besides funding potential, participants said that the demo day was just a good time to catch up with former coworkers. Yarden Horowitz, who came in from New York, said that she enjoyed bonding with her fellow Xooglers over demo dry runs, beers and Uber rides. Vijay Koduri, who spent 7 years at Google and now contributes to the Xoogler investment fund, says that the loves the community because the people are what he misses most about his old job.
Although Alphabet's expanding footprint in the Bay Area means that the company never feels that far away.
As one startup entrepreneur joked, between events, meetings, and lunch dates with friends, he felt like he was spending nearly as much time at Google's offices as a founder as he did when he actually worked there.
All photos courtesy of Nikhil Yerasi. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/xoogler-demo-day-2018-startup-pitches-from-former-google-employees.html |
May 3 (Reuters) - Dawson Geophysical Co:
* DAWSON GEOPHYSICAL REPORTS FIRST QUARTER 2018 RESULTS AND ANNOUNCES STOCK DIVIDEND
* Q1 REVENUE ROSE 18 PERCENT TO $49.88 MILLION * APPROVED A 2018 CAPITAL BUDGET IN AMOUNT OF $10 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dawson-geophysical-reports-q1-loss/brief-dawson-geophysical-reports-q1-loss-per-share-0-07-idUSASC09ZE7 |
President Vladimir Putin has set ambitious growth targets for Russia but the country must not sacrifice macro-economic stability to get there, the central bank governor told CNBC.
"Our president has set us the objective whereby the Russian economy grows at rates above world levels, this means almost 4 percent," Elvira Nabiullina told CNBC's Geoff Cutmore .
"Of course this requires a rise in the potential growth rates. It requires structural reforms, in terms of labor productivity, private investment and then the economy can grow at higher rates than it is now," the governor said.
The central bank governor — who said that for 2018, 2019 and 2020 thereafter growth is expected to be in the 1.5 – 2 percent range — believes that Russia's economy has recovered.
"The Russian economy has pretty much emerged from recession and has recovered, reaching growth rates close to potential," she said, going on to state Putin's challenge to the central bank to promote higher growth.
But she cautioned that higher growth rates should be pursued alongside structural reforms in Russia, and that growth in itself should not be pursued at the expense of stability.
"But I would like to stress that it is very important, including from the standpoint of the central bank, that structural reforms of this kind should go together with macroeconomic stability," she said.
"In other words, a rise in economic growth rates should not be to the detriment or at the expense of … macro-stability, low inflation, a well-balanced budget deficit," she said.
show chapters Russian economy adapted pretty quickly to latest sanctions: Central bank 11 Hours Ago | 03:24 Beware 'cheap money' Achieving growth whilst maintaining stability was "within the abilities" of the new government, the governor said, adding that "naturally, the central bank will perform its part of the work in supporting macroeconomic stability."
Other central banks in the U.S., U.K., Japan and the euro zone have used quantitative easing programs — essentially increasing the money supply in order to stimulate economic activity. But that "cheap money," as it is also known, is now being wound down, leaving economists, investors and even central bankers wondering where a more "normalized" monetary policy will lead. Nabiullina said there were dangers to cheap money being used to boost the economy.
"If cheap money, as some have suggested, is used in an attempt to stimulate higher growth rates at the same time as the economy is already growing close to potential rates, this could only lead to an overheating, to a short-lived spike in economic growth and then it could fall back once more, and we have seen this with certain countries," she said.
"Therefore, I believe, the central bank believes, that high and stable economic growth rates may be on the basis of a combination of macroeconomic stability and structural reforms," she said.
What Putin wants Putin's desire for higher growth comes at a tricky time for Russia, both economically and politically.
Russia's economy is growing tentatively, the economy expanding 1.5 percent in 2017 after two previous years of recession, but the economy is still largely predicated on oil and gas exports. Russia learned the cost of its reliance on oil when the recession prompted by sanctions, capital outflows and a ruble rout was compounded by a prolonged slump in oil prices.
On the political front, Russia is something of a "persona non grata" in the West. Not only is is still subject to international sanctions for its illegal annexation of Crimea and its perceived role in a pro-Russian uprising in eastern Ukraine but its support for the rogue regime of Bashar Assad in Syria , its alleged responsibility for a nerve agent attack in the U.K. and suspected meddling in U.S. elections have not won it any friends either.
Domestically, however, things are looking up and Putin remains as popular as ever following his re-election in March to a fourth-term as president.
Ahead of the election, Putin pledged to boost welfare spending, create jobs and improve regional infrastructure, from roads to hospitals and affordable housing — but not much has been mentioned about funding such ambitious and costly promises.
There are also concerns that structural reforms could fall by the wayside — reforms that Nabiullina said were crucial.
"I think that structural reforms in Russia are possible, not to mention that they are essential," she said, adding that she expected the government to propose specific structural reforms by October.
Structural reforms (which essentially means changing the regulations and structures in an economy) that Russia needs range from an overhaul of its legal and administrative system to making the labor and product market more productive, flexible and efficient. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/putin-wants-growth-russias-central-bank-governor-says.html |
A first-quarter beat was not enough for Walmart 's stock to bounce. One trader sees positive signs in its technicals that could bring about a rebound instead.
"Walmart is at a critical spot," said Frank Cappelleri, senior equity trader at Instinet, on CNBC's " Trading Nation " on Wednesday.
Shares of the world's largest retailer have seen a four-month rate of change of nearly negative 20 percent, he points out. That kind of decline is one so rare it's only happened twice in the past 10 years – once in 2009 and again in 2015.
"The positive is that this led to bounces every time," said Cappelleri.
Even as it has seen a sharp decline, its technicals still suggest some strength, Cappelleri added.
"Walmart is now getting close to a very impressive support line -- $80, $82, it's been able to bounce there over the last week or so and, coincidentally, we're also near an uptrending support line – again near that 2015 low," he said. "We like to have two areas of support together when we can as opposed to one. So, I think all those factors together could help Walmart bounce."
Walmart's stock has not broken below $80 a share since October of last year. It did hit a year-to-date low of $81.95 a share last Friday, but has since recovered to trade in Thursday's session at just under $85.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Walmart's stock depends on investors keeping the faith in its long-term strategy, said Boris Schlossberg , managing director of FX strategy at BK Asset Management. Its recent deal to buy Indian company Flipkart, a multibillion-dollar bet, will likely put pressure on earnings for the next few years.
"The bulls are arguing that this is a huge bet on the future (essentially kind of like when Google bought YouTube for way too much money) ... and clearly Walmart is trying to make this whole strategy of clicks and bricks" work, Schlossberg told "Trading Nation" on Wednesday.
Any short-term strength will need to come from growth at its physical locations to make up for its investments in e-commerce, warns Schlossberg.
"If they can't grow in their bricks-and-mortar business while waiting for e-commerce to take off, the market will lose patience ," Schlossberg told CNBC in an email Thursday.
Walmart posted a 2.1 percent increase in same-store sales for its first quarter, while online sales in the U.S. rose 33 percent.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-last-two-times-walmart-shares-did-this-the-stock-saw-a-huge-rally.html |
Apple stock hits an all-time high. Thanks Buffett 1:50pm EDT - 01:36
Call it the Buffett bump. Every time billionaire investor Warren Buffett takes a bite out of Apple, the iPhone maker's shares jump.
Call it the Buffett bump. Every time billionaire investor Warren Buffett takes a bite out of Apple, the iPhone maker's shares jump. //reut.rs/2rkWaFy | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/apple-stock-hits-an-all-time-high-thanks?videoId=423878633 |
May 10 (Reuters) - Yelp Inc:
* YELP REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $223 MILLION VERSUS I/B/E/S VIEW $220.2 MILLION
* QTRLY LOSS PER SHARE $0.03 * FULL YEAR 2018 REVENUE IS NOW EXPECTED TO BE IN THE RANGE OF $943 MILLION TO $967 MILLION
* SEES FULL YEAR 2018 ADJUSTED EBITDA OF $179 MILLION TO $188 MILLION
* SEES Q2 2018 NET REVENUE $230 MILLION TO $233 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.05 — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $953.3 MILLION — THOMSON REUTERS I/B/E/S
* Q2 REVENUE VIEW $230.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yelp-qtrly-loss-per-share-003/brief-yelp-qtrly-loss-per-share-0-03-idUSASC0A1JW |
WINDSOR, England, May 18 (Reuters) - Britain’s Queen Elizabeth and Prince Philip met Meghan Markle’s mother, Doria Ragland, on the eve of Prince Harry’s wedding to the U.S. actress at Windsor Castle, Buckingham Palace said.
A spokesman said the queen and Philip met Ragland, a yoga instructor, with Harry and Markle on Friday afternoon. (Reporting by Michael Holden; editing by Guy Faulconbridge)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-queen-markle/britains-queen-elizabeth-meets-meghan-markles-mother-idUSL9N1S101M |
May 9, 2018 / 8:16 AM / Updated 11 hours ago Earthquake of magnitude 6.2 strikes off Papua New Guinea: USGS Reuters Staff 1 Min Read
SINGAPORE (Reuters) - An earthquake of magnitude 6.2 struck of Papua New Guinea in the southwest Pacific Ocean on Wednesday, the United States Geological Survey said.
There were no immediate reports of damage or casualties in the quake, which struck at a depth of 52 km (32 miles) about 97 km (60 miles) south of the town of Rabaul. Reporting by Clarence Fernandez; Editing by Richard Borsuk | ashraq/financial-news-articles | https://www.reuters.com/article/us-papua-quake/earthquake-of-magnitude-6-2-strikes-off-papua-new-guinea-usgs-idUSKBN1IA0Y1 |
May 3, 2018 / 11:49 AM / Updated 7 minutes ago BRIEF-SNC-Lavalin Group Reports Q1 Earnings Per Share Of C$0.44 Reuters Staff
May 3 (Reuters) - SNC-Lavalin Group Inc:
* SNC-LAVALIN REPORTS FIRST QUARTER RESULTS FOR 2018 AND RECONFIRMS ITS AMBITIOUS FULL YEAR OUTLOOK * Q1 EARNINGS PER SHARE C$0.44
* Q1 EARNINGS PER SHARE VIEW C$0.55 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE C$2.4 BILLION VERSUS I/B/E/S VIEW C$2.7 BILLION * 2018 OUTLOOK MAINTAINED
* SNC-LAVALIN - ATKINS INTEGRATION CONTINUES TO PROGRESS, REMAINS ON TRACK TO DELIVER COST SYNERGIES OF $120 MILLION FROM DEAL BY 2018-END Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-snc-lavalin-group-reports-q1-earni/brief-snc-lavalin-group-reports-q1-earnings-per-share-of-c0-44-idUSASC09ZI9 |
SAN DIEGO, May 01, 2018 (GLOBE NEWSWIRE) -- Mitek (NASDAQ:MITK) ( www.miteksystems.com ), a global leader in mobile capture and digital identity verification software solutions, today announced its financial results for the second quarter of fiscal 2018 ended March 31, 2018.
Fiscal Second Quarter 2018 Financial Highlights
Revenue increased 25% year over year to a record $14.3 million. SaaS revenue increased 91% year over year to $3.3 million. GAAP net loss of $(1.2) million, or $(0.03) per share. Non-GAAP net income of $2.1 million, or $0.06 per diluted share. Total cash and investments of $45.3 million at the end of the fiscal second quarter.
Commenting on the results, James DeBello, Chairman and CEO of Mitek, said:
“The rapid erosion of trust in the digital world and the need to rebuild that trust is presenting a greater opportunity for Mitek than ever before. Mitek’s identity solutions squarely address this pain point and provide a solution for consumer facing companies looking to deploy ID solutions to rebuild trust in a digital world. We believe Mitek is well positioned to address the need for a digital trust solution in the multi-billion dollar consumer identity market.”
Fiscal 2018 Financial Guidance
For the fiscal year ending September 30, 2018, the Company is raising its previously provided guidance for full year total revenue of $57 million to $59 million to a new range of $59 million to $60 million, which would represent growth between 30% and 32% year over year. The Company continues to expect to generate a non-GAAP profit margin of approximately 19% to 20% for fiscal 2018.
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company’s financial results.
To listen to the live conference call, parties in the United States and Canada should dial 800-239-9838, access code 9848306. International parties should dial 323-794-2551, access code 9848306. Please dial in approximately 15 minutes prior to the start of the call.
A live and archived webcast of the conference call will be accessible on the “Investor Relations” section of the Company’s website at www.miteksystems.com . In addition, a phone replay will be available approximately two hours following the end of the call and it will remain available for one week. To access the call replay dial-in information, please click here .
About Mitek
Mitek (MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s identity verification solution allows an enterprise to verify a user’s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile user experience with advanced data prefill. These innovative mobile solutions are embedded into the apps of more than 6,100 organizations and used by tens of millions of consumers daily for mobile check deposit, new account opening, insurance quoting and more. Learn more at www.miteksystems.com . [(MITK-F)]
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s long-term prospects and market opportunities are . Such are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.
Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s for the fiscal year ended September 30, 2017 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov . Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its and you are cautioned not to place undue reliance on these , which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these , whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-GAAP financial measures for non-GAAP net income and non-GAAP net income per share that exclude stock compensation expenses, intellectual property litigation costs, acquisition-related costs and expenses, and deferred taxes. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors utilize these non-GAAP financial measures to gain a better understanding of the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the Company’s underlying business and provides a better understanding of how management plans and measures the Company’s underlying business.
MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(amounts in thousands except share data)
March 31, 2018 September 30, 2017 ASSETS Current assets: Cash and cash equivalents $ 25,238 $ 12,289 Short-term investments 19,146 30,279 Accounts receivable, net 7,797 7,099 Other current assets 3,359 1,209 55,540 50,876 Long-term investments 939 3,780 Property and equipment, net 2,278 613 Goodwill and intangible assets 18,245 5,311 Deferred income taxes 14,903 11,065 Other non-current assets 430 74 Total assets $ 92,335 $ 71,719 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,304 $ 1,918 Accrued payroll and related taxes 3,411 3,709 Deferred revenue, current portion 3,953 3,305 Other current liabilities 4,659 602 14,327 9,534 Deferred revenue, non-current portion 609 85 Other non-current liabilities 3,678 692 Total liabilities 18,614 10,311 Stockholders’ equity: Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding — — Common stock, $0.001 par value, 60,000,000 shares authorized, 35,058,864 and 33,724,392 issued and outstanding, as of March 31, 2018 and September 30, 2017, respectively 35 34 Additional paid-in capital 89,109 78,677 Accumulated other comprehensive income 668 147 Accumulated deficit (16,091 ) (17,450 ) Total stockholders’ equity 73,721 61,408 Total liabilities and stockholders’ equity $ 92,335 $ 71,719 MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Revenue Software and hardware $ 8,773 $ 7,797 $ 15,979 $ 13,780 SaaS, maintenance, and consulting 5,504 3,622 10,434 6,908 Total revenue 14,277 11,419 26,413 20,688 Operating costs and expenses Cost of revenue—software and hardware 485 154 1,204 368 Cost of revenue—SaaS, maintenance, and consulting 1,232 676 2,130 1,353 Selling and marketing 5,348 3,704 10,123 7,542 Research and development 3,501 2,401 6,781 4,852 General and administrative 3,773 2,742 7,290 4,985 Acquisition-related costs and expenses 1,203 518 2,462 1,036 Total operating costs and expenses 15,542 10,195 29,990 20,136 Operating income (loss) (1,265 ) 1,224 (3,577 ) 552 Other income, net 204 67 394 132 Income (loss) before income taxes (1,061 ) 1,291 (3,183 ) 684 Income tax provision (99 ) (74 ) (3,713 ) (74 ) Net income (loss) $ (1,160 ) $ 1,217 $ (6,896 ) $ 610 Net income (loss) per share—basic $ (0.03 ) $ 0.04 $ (0.20 ) $ 0.02 Net income (loss) per share—diluted $ (0.03 ) $ 0.03 $ (0.20 ) $ 0.02 Shares used in calculating net income (loss) per share—basic 34,976 32,786 34,587 32,582 Shares used in calculating net income (loss) per share—diluted 34,976 34,815 34,587 34,818 MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Net income (loss) $ (1,160 ) $ 1,217 $ (6,896 ) $ 610 Non-GAAP adjustments: Acquisition-related costs and expenses 1,203 518 2,462 1,036 Litigation costs — — 50 — Stock compensation expense 2,058 1,223 3,947 2,308 Income tax effect of pre-tax adjustments (978 ) — (1,938 ) — Impact of tax reform on deferred taxes — — 4,417 — Cash tax difference (1) 1,024 — 1,136 — Non-GAAP net income 2,147 2,958 3,178 3,954 Non-GAAP income per share—basic $ 0.06 $ 0.09 $ 0.09 $ 0.12 Non-GAAP income per share—diluted $ 0.06 $ 0.08 $ 0.09 $ 0.11 Shares used in calculating non-GAAP net income per share—basic 34,976 32,786 34,587 32,582 Shares used in calculating non-GAAP net income per share—diluted 36,667 34,815 36,526 34,818 (1) The Company’s non-GAAP net income per share is calculated using the cash tax rate of 3%. The estimated cash tax rate is the estimated tax payable on the Company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The Company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, the utilization of research and development tax credits, and the utilization of loss carryforwards which currently have an overall effect of reducing taxes payable. The Company believes that the cash tax rate provides a more transparent view of the Company’s operating results. The Company’s effective tax rate used for the purposes of calculating GAAP net loss for the three and six months ended March 31, 2018 was negative 9% and negative 117%, respectively. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-mitek-reports-record-second-quarter-revenue-up-25-percent-year-over-year-raises-full-year-revenue-guidance.html |
May 15 (Reuters) - Callidus Capital Corp:
* CALLIDUS CAPITAL REPORTS FIRST QUARTER 2018 RESULTS * TOTAL REVENUE OF C$56.2 MILLION IN Q1 OF 2018 INCREASED 78% (C$24.7 MILLION) FROM SAME PERIOD IN 2017
* QTRLY LOSS EARNINGS PER SHARE C$0.13 * COMPANY CONTINUES TO PURSUE A PRIVATIZATION AND HAS NO MATERIAL FACTS OR CHANGES TO REPORT Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-callidus-capital-reports-first-qua/brief-callidus-capital-reports-first-quarter-loss-per-share-of-c0-13-idUSASC0A2J8 |
If you're interested in becoming a homeowner, experts typically recommend saving up 20 percent of the purchase price for a down payment. But if you can't afford the full 20 percent, that doesn't necessarily mean you can't become a homeowner, says AJ Smith, VP of financial education at SmartAsset .
If you're still interested in buying but know you can't afford to put down 20 percent, follow these three steps to see if you'll be able to swing it.
Take stock of your personal finances "It's really good to have a handle on your personal finance situation at the time," Smith tells CNBC Make It . "What your budget looks like, what you feel comfortable with, what not having that 20 percent down will do to your monthly mortgage payments."
In order to understand if you can still afford to buy, you need to take a deep dive into your own expenses, bills and income, and see how much you're able to dedicate toward housing each month. If you find that you're already struggling to stay on top of your bills, this might not be the right time.
Be thorough and honest when you crunch the numbers, so you're getting an accurate representation of your overall financial picture. For example, how much are you paying in rent? Are you considering moving to a cheaper rental while you continue to save? If that's the case, you'll want to factor in the cost of moving twice into your current expenses, Smith says. You might find that it's cheaper to go ahead and buy the house, even if it means ponying up for private mortgage insurance.
You should also take the time to calculate how buying will affect other financial goals, such as retirement or college funds. After all, "there's a bigger financial picture to be thinking about," and buying a place is just "one piece of it," Smith says.
show chapters Real estate moguls Sean Conlon and Sidney Torres agree: There is a right amount for a down payment 1:16 PM ET Tue, 27 June 2017 | 01:03 Figure out how much you can comfortably spend Next, understand how much you can comfortably put towards housing each month without taking on an overwhelming amount of debt . Smith warns that overstretching your budget is one of the biggest mistakes homeowners can make.
"The general rule of thumb is to no spend more than 30 percent of your gross monthly income on housing," she says. But outside of that, the amount of debt you can handle depends on a host of other factors.
"It's really what you're comfortable with, how secure you are in your job, how much savings you'll have left over," Smith says. "It's a good idea not to deplete your savings for that down payment and those upfront costs because you do want to maintain that emergency fund in case something were to happen."
show chapters The biggest mistake millennial homebuyers make 1:47 PM ET Fri, 9 June 2017 | 00:53 Factor in PMI A house's sticker price never tells the full story. Don't forget to factor in how much private mortgage insurance would affect your monthly payments, Smith says. PMI is a type of insurance that protects lenders if you aren't able to fulfill your monthly obligations. It's typically required of anyone who makes a down payment of less than 20 percent.
Ask yourself: How much will PMI increase your monthly costs? Would you have to deplete your savings to put a full 20 percent down? What are your other housing options if you don't buy right now?
In addition to paying PMI, you'll also want to consider other expenses such as closing costs, insurance fees, property taxes and repairs and maintenance.
" Look at a calculator that shows you so you're not just guessing," Smith advises. "Don't say, 'It's probably better to buy right now,' or 'My cousin said it was better to buy right now.' Running those numbers is the key thing, because then you can actually see what are you talking about."
Don't miss: Don't make this mistake if you think you can't afford to buy a home
Like this story? Like CNBC Make It on Facebook !
show chapters Don't buy a home until you've considered these factors 7:56 AM ET Thu, 13 April 2017 | 01:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/what-to-do-if-you-cant-afford-a-20-percent-down-payment.html |
May 4, 2018 / 11:08 AM / Updated 9 minutes ago BRIEF-New Jersey Resources Reports Qtrly Basic Earnings Per Share Of $1.60 Reuters Staff
May 4 (Reuters) - New Jersey Resources Corp:
* NEW JERSEY RESOURCES CORP - QTRLY BASIC EARNINGS PER SHARE $1.60
* NEW JERSEY RESOURCES CORP - QTRLY NET FINANCIAL EARNINGS $142.1 MILLION VERSUS $104.1 MILLION
* NEW JERSEY RESOURCES CORP - REAFFIRMS FISCAL 2018 NFE GUIDANCE Source text: [ bit.ly/2rlDkOi ] | ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-jersey-resources-reports-qtrly/brief-new-jersey-resources-reports-qtrly-basic-earnings-per-share-of-1-60-idUSFWN1SB0NK |
BRUSSELS (Reuters) - The European Commission urged Italy to maintain its efforts to reduce its giant public debt in line with European Union fiscal rules, as talks continue to form a eurosceptic government in Rome that wants to boost public spending.
FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, March 12, 2018. REUTERS/Yves Herman/File Photo The coalition partners of the possible new Italian executive, the anti-establishment 5-Star Movement and the far-right League, are looking to implement massive tax cuts, abolish unpopular pension reform and introduce new welfare payments - all moves that are likely to increase the country’s debt and deficit.
“It’s very clear that in current times of economic growth Italy needs to put its debt on a downwards trajectory,” the commission’s vice president in charge of the euro, Valdis Dombrovskis, said at an event organized by Politico in Brussels on Tuesday.
Next week the European Commission will publish its annual economic recommendations to member states and will reiterate its call for Italy to continue reducing its deficit and debt, which is the second highest in the euro zone, Dombrovskis said, urging the new government to stay “on the current course” on fiscal policies.
Brussels forecast this month that Italy’s public debt will slightly decline this year, but will remain above 130 percent of the country’s gross domestic product (GDP), more than double the 60 percent ceiling envisaged in EU rules.
“We have to make sure that everybody understands the commitments,” the commissioner responsible for jobs and investments, Jyrki Katainen, told a news conference later on Tuesday.
He said the commission had all reasons to believe Italy will continue respecting EU fiscal rules, which require over-indebted countries to cut their debt and oblige member states to keep their deficits below three percent of gross domestic product.
Katainen stressed that decisions on reforming fiscal rules had to be taken together with other states.
“I don’t see any signs that member states would like to change the rules at least anytime soon or give exceptions to any member state,” he added.
Reporting by Francesco Guarascio, Editing by Alison Williams, William Maclean
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-budget-commission/eu-commission-urges-italy-not-to-deviate-from-fiscal-commitments-idUSKCN1IG1NG |
THOMASVILLE, Ga., May 24, 2018 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Wonder, Dave's Killer Bread, Tastykake and other bakery foods, today announced that its board of directors has declared a quarterly dividend of $0.18 per share, an increase of 5.9% over the same quarter last year. This is the 63rd consecutive quarterly dividend paid by the company and is payable on June 21, 2018 to shareholders of record on June 7, 2018. This action increases the annualized dividend rate to $0.72 per share from $0.68 per share at this time last year.
"This dividend increase reflects confidence by Flowers' board and management team in the company's long-term ability to generate solid cash flows and deliver value to shareholders," said Allen L. Shiver, Flowers Foods' president and CEO. "As we make significant progress with our strategic initiatives under Project Centennial, we intend to use our strong financial position to support brand growth, make capital investments, deliver shareholder returns, and pursue strategic acquisitions."
Flowers' annual shareholders meeting will be held today at 11:00 a.m. Eastern in Thomasville, Ga.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States with 2017 sales of $3.9 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Wonder, Dave's Killer Bread, and Tastykake. Learn more at www.flowersfoods.com .
Forward-Looking Statements
Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements relate to current expectations regarding our future financial condition, performance and results of operations, planned capital expenditures, long-term objectives of management, supply and demand, pricing trends and market forces, and integration plans and expected benefits of transactions and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) general economic and business conditions and the competitive conditions in the baked foods industry, including promotional and price competition, (b) changes in consumer demand for our products, including changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store-branded products, (c) the success of productivity improvements and new product introductions, (d) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (e) fluctuations in commodity pricing, (f) energy and raw material costs and availability and hedging and counterparty risk, (g) our ability to fully integrate recent acquisitions into our business, (h) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value, (i) our ability to successfully implement our business strategies, including those strategies the company has initiated under Project Centennial, which may involve, among other things, the integration of recent acquisitions or the acquisition or disposition of assets at presently targeted values, the deployment of new systems and technology and an enhanced organizational structure, (j) consolidation within the baking industry and related industries, (k) disruptions in our direct-store delivery system, including litigation or an adverse ruling from a court or regulatory or government body that could affect the independent contractor classification of our independent distributors, (l) increasing legal complexity and legal proceedings that we are or may become subject to, (m) product recalls or safety concerns related to our products, and (n) the failure of our information technology systems to perform adequately, including any interruptions, intrusions or security breaches of such systems. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other public disclosures made by the company, including the risk factors included in our most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and disclosures made in other filings with the SEC and company press releases, for other factors that may cause actual results to differ materially from those projected by the company. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law.
FLO-IR FLO-DIV
View original content: http://www.prnewswire.com/news-releases/flowers-foods-increases-quarterly-dividend-300654337.html
SOURCE Flowers Foods, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-flowers-foods-increases-quarterly-dividend.html |
BUENOS AIRES, May 8 (Reuters) - Argentina’s state-run oil company YPF had a first quarter net profit of $297 million (6 billion pesos), the company said in a statement on Tuesday. (Reporting by Jorge Otaola and Walter Bianchi Editing by Chris Reese)
| ashraq/financial-news-articles | https://www.reuters.com/article/ypf-results/argentinas-ypf-posts-1st-quarter-net-profit-of-297-million-idUSE6N1PV02T |
Manufacturers want China held accountable for distorted trade practices: NAM CEO 2 Hours Ago Jay Timmons, National Association of Manufacturers (NAM) president and CEO, explains why sealing a trade deal with the Chinese will benefit both the United States and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/china-trade-practices.html |
BRUSSELS (Reuters) - European Union Brexit negotiators told their British counterparts this week that a suggestion from London to make a backstop solution for avoiding a hard border on Ireland “time-limited” was unacceptable.
FILE PHOTO: An EU flag flies from a lamp post opposite the Houses of Parliament, on a sunny day in London, Britain, May 8, 2018. REUTERS/Hannah McKay “A strictly time-limited backstop would defeat the purpose of the backstop,” a senior EU official told reporters after three days of talks in Brussels. Britain had promised to come back, possibly within two weeks, with a different proposal.
Talks were not going quickly, the official added, saying that Britain appeared to want to retain access to many EU program and systems while not accepting obligations and supervision by EU courts.
Reporting by Alastair Macdonald; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-backstop-official/eu-told-britain-time-limited-backstop-wont-work-eu-official-idUSKCN1IP2VD |
Australian shares are expected to rise on Friday on the back of energy stocks supported by strong oil prices, while miners are likely to be pressured by weak iron ore prices. Oil prices climbed above $80 a barrel for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged. The local share price index futures rose 0.23 percent, or 14 points, to 6,122, a 27.7-point premium to the underlying S&P/ASX 200 index close. The benchmark closed 0.2 percent lower on Thursday. New Zealand's benchmark S&P/NZX 50 index rose 0.20 percent at 2226 GMT. (Reporting by Shanima A in Bengaluru Editing by Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-set-to-rise-nz-gains-idUSL3N1SO5SM |
(Updates with fresh levels throughout, adds analyst comment)
* Asian shares down as markets wait for US payrolls
* Eurozone inflation, US data fail to boost dollar
* Indonesian stocks fall heavily, Argentine peso at record low
By Vidya Ranganathan
SINGAPORE, May 4 (Reuters) - Asian shares stepped back on Friday while the dollar ran into some profit-taking after a strong week of gains as financial markets turned their attention to looming U.S. payrolls data for fresh catalysts.
Investors were cautious after a largely weak performance on Wall Street overnight as some disappointing earnings reports offset strong economic data, while bond yields slid after a surprising slowdown in euro zone inflation.
The U.S. dollar weakened from a recent four-month peak against major currencies during a choppy session a day after the Federal Reserve ended a policy meeting with no change in rates and a less hawkish statement than investors had anticipated.
Disappointing U.S. company earnings, upbeat data on factory orders and the U.S. trade balance as well as the underwhelming eurozone inflation data made for a challenging trading environment.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, and looked set to end the week marginally lower, while the dollar slipped 0.16 percent against the yen to 109.01.
Indonesian stocks led the declines, falling as much as 1.5 percent in early trading before recouping some of those losses.
Regional trading was relatively quieter as Japan was on holiday.
“The price action since the FOMC statement indicates a real division of opinion in markets over the US dollar outlook,” said Sean Callow, a strategist at Westpac.
The Fed’s reminder that its inflation target was symmetric was a clear negative for Treasury yields, and so the U.S. currency’s recovery was encouraging for dollar bulls, Callow said.
Yet the dollar had failed to breach key levels such as 110 versus the yen, $1.20 against the euro and $0.75 versus the Australian dollar, he added.
“A 13-month low in eurozone inflation should have been a big boost for the dollar index - it was not. The payrolls report may not resolve this market battle.”
The U.S. dollar had erased all its 2018 losses in the past two weeks on expectations the Fed will continue to raise rates, even as other major central banks around the world, including the European Central Bank, take longer to reduce stimulus.
The dollar index has risen about 1 percent so far this week and is on track for a third straight weekly gain.
JOB AND WAGES The focus for markets will be on the U.S. jobs data due later in the global day, with the April report likely to 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.
But it will be the wages figure that could shift views on future Fed hikes, analysts said.
“A further pick-up in the pace of wage gains could be the ‘smoking gun’ for the Fed to express any shift away from ‘roughly balanced’ risks to inflation,” said Mizuho analyst Vishnu Varathan in a note.
“For now, we expect that reactions may still be subdued given that the runway of evidence remains short; and so the bearish UST and bullish USD trades may not be taking off aggressively just yet.”
Investors were also keeping a close watch on U.S.-China trade talks, though analysts said they had little confidence that the U.S. delegation in Beijing, led by Treasury Secretary Steven Mnuchin, will achieve any breakthrough on the tariff standoff between the world’s two biggest economies.
Chinese shares nudged lower, with the blue-chips off 0.2 percent and Shanghai’s SSE Composite down 0.1 percent.
The euro was flat on the day at $1.1991 and has lost 0.74 percent in a month.
Overnight, Argentina’s peso, which has been among the worst hit emerging market currencies during the past couple of months on rising U.S. yields, tumbled again to a record low.
The currency has been hit by a lack of investor confidence in Latin America’s No. 3 economy, which has been blighted by one of the world’s highest inflation rates.
Argentina’s central bank raised its benchmark interest rate by 300 basis points to 33.25 percent on Thursday, but the second steep rate increase in less than a week failed to stop the peso currency from plunging.
Elsewhere, U.S. crude dipped 7 cents to $68.36 a barrel, while Brent crude down a shade at $73.59.
Gold was slightly higher. Spot gold was traded at $1313.4 per ounce.
Additional reporting by Swati Pandey; Editing by Shri Navaratnam and Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-stocks-ease-dollar-off-highs-before-us-payrolls-idUSL3N1SB20A |
May 20, 2018 / 8:55 PM / Updated 4 hours ago Hawaii faces new threat of fumes from volcano's lava Terray Sylvester 5 Min Read
PAHOA, Hawaii (Reuters) - Hawaii faced a new hazard on Sunday as lava flows from Kilauea’s volcanic eruption could produce clouds of acid fumes, steam and glass-like particles as they reach the Pacific, authorities said.
Civil defense notices cautioned motorists, boaters and beachgoers to beware of caustic plumes of “laze” formed from two streams of hot lava pouring into the sea after cutting across Highway 137 on the south coast of Hawaii’s Big Island late on Saturday and early Sunday.
The bulletins also warned that reports of toxic sulfur dioxide gas being vented from various points around the volcano had tripled, urging residents to “take action necessary to limit further exposure.”
Laze - a term combining the words “lava” and haze” - is a mix of hydrochloric acid fumes, steam and fine volcanic glass specks created when erupting lava, which can reach 2,000 degrees Fahrenheit (1,093 degrees Celsius), reacts with sea water, Hawaii County Civil Defense said in a statement.
“Be aware of the laze hazard and stay away from any ocean plume,” the agency said, warning that potential hazards include lung damage, as well as eye and skin irritation.
Under Sunday’s conditions, with strong winds and copious amounts of lava hitting the ocean, the laze plumes could extend as far as 15 miles (24 km), mostly along the coast and offshore, though the hazard would diminish the farther out to sea it blows, according to USGS geologist Janet Babb.
Authorities cautioned, however, that wind patterns can change abruptly. The U.S. Coast Guard was “actively monitoring” the area to keep away all vessel traffic except permitted tour boats, the civil defense office said.
Laze killed two people when a lava flow reached the coast in 2000, and even a wisp can cause eye and respiratory irritation, the U.S. Geological Survey said. Acid rain from laze has corrosive properties equivalent to diluted battery acid, the agency said.
The section of coastal Highway 137 and a nearby a state park in the area where lava was pouring into the ocean were both closed, and another road in the vicinity was restricted to local traffic as a precaution due to elevated levels of sulfur dioxide gas.
An air quality index for Kona, about 40 miles (64 km) northwest of the eruption site, was at “orange” level, meaning that older individuals and those with lung problems could be affected. EARTHQUAKES, ASH ERUPTIONS
Kilauea, one of the world’s most active volcanoes, began extruding red-hot lava and sulfuric acid fumes through newly opened fissures on the ground along its eastern flank on May 3, marking the latest phase of an eruption cycle that has continued nearly nonstop for 35 years. Flames are seen in a lava flow on Highway 137 southeast of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 20, 2018. REUTERS/Terray Sylvester
The occurrence of new lava-spewing vents, now numbering at least 22, have been accompanied by flurries of earthquakes and periodic eruptions of ash, volcanic rock and toxic gases from the volcano’s summit crater.
The lava flows have destroyed dozens of homes and other buildings, ignited brush fires and displaced thousands of residents who were either ordered evacuated or fled voluntarily.
The volcano has also fed a phenomenon called vog, a hazy mix of sulfur dioxide, aerosols, moisture and dust, with fine particles that can travel deep into lungs, the USGS said.
On Saturday, authorities reported the first known serious injury from the eruptions - a homeowner whose leg was shattered by a hot, solid lumb of lava called a “lava bomb” while standing on the third-floor balcony of his home.
Mark Clawson, a friend of the victim who did not want his name used, lives near where his friend was staying as caretaker, and heard screaming and saw the harrowing aftermath, he told Reuters.
Apparently a fiery 5-pound “lava bomb” about the size of a dinner plate was launched from a fissure about 200 yards from the house, Clawson said.
“Most of them (lava bombs) arc high in the air, but every now and again there’s one that gets shot like a rifle, more horizontal and that’s what happened here,” he said.
It also started a small fire, which Clawson helped douse.
He said doctors had to pick sharp, hardened fragments of lava out of the wound, but the prognosis is good for his friend.
With Highway 137 severed, authorities were trying on Sunday to open up nearby Highway 11, which was blocked by almost a mile of lava in 2014, to serve as an alternate escape route. Slideshow (21 Images)
The Hawaii National Guard has warned of additional mandatory evacuations if more roads become blocked.
Officials at the Hawaii Volcano Authority have said hotter and more viscous lava could be on the way, with fountains spurting as high as 600 feet (182 meters), as seen in a 1955 eruption. Additional reporting by Jolyn Rosa in HONOLULU, Ian Simpson in WASHINGTON, and Steve Gorman in LOS ANGELES; additional writing by Rich McKay in Atlanta; Editing by Sandra Maler and Matthew Mpoke Bigg | ashraq/financial-news-articles | https://in.reuters.com/article/us-hawaii-volcano/hawaii-faces-new-threat-from-volcano-gassy-glassy-laze-idINKCN1IL0U2 |
There's trouble brewing for big tech, says trader 1 Hour Ago Todd Gordon of TradingAnalysis.com sees trouble brewing in a few big tech stocks, and there's one in particular he wants to short. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/theres-trouble-brewing-for-big-tech-says-trader.html |
WASHINGTON—The Trump administration is casting the widest possible net in considering whether imported autos should be subject to tariffs based on national security grounds, worrying auto exporters from Mexico to Germany and generating complaints from Republican lawmakers.
The Commerce Department, which is directing the probe into whether a national security trade law should apply to imported autos, hasn’t ruled out the possibility that such tariffs would apply to countries such as Canada and Mexico, where the U.S. has a free-trade... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/trumps-gop-allies-worry-over-possible-new-u-s-auto-tariffs-1527179893 |
May 10 (Reuters) - THRIVE GLOBAL :
* THRIVE GLOBAL CLOSES SERIES B EXTENSION WITH $43 MILLION RAISED TO DATE, GOLDEN STATE WARRIORS’ KEVIN DURANT, SAN FRANCISCO 49ERS ENTERPRISES AND JEFFREY KATZENBERG’S WNDRCO AMONG NEW FUNDERS
* THRIVE GLOBAL - CLOSED EXTENSION OF SERIES B FUNDING ROUND WITH NEW STRATEGIC PARTNERS, RAISED $43 MILLION AT $121.5 MILLION VALUATION Source text for Eikon: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-thrive-global-closes-series-b-exte/brief-thrive-global-closes-series-b-extension-with-43-million-raised-to-date-idUSASC0A1EO |
May 7 (Reuters) - Servtech Global Holdings Ltd:
* TECHNOBRAVE PTY AWARDED 2-YEAR SERVICES CONTRACT DEAL WITH EMERGE GAMING SOLUTIONS PTY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-servtech-global-says-technobrave-p/brief-servtech-global-says-technobrave-pty-awarded-2-year-services-contract-deal-idUSFWN1SD03L |
May 1, 2018 / 8:09 PM / Updated 6 minutes ago BRIEF-Ultimate Software Reports Q1 Non-GAAP Earnings Per Share $1.30 Reuters Staff
May 1 (Reuters) - Ultimate Software Group Inc: * ULTIMATE REPORTS Q1 2018 FINANCIAL RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $1.30 * Q1 GAAP EARNINGS PER SHARE $0.67
* Q1 REVENUE $276.8 MILLION VERSUS I/B/E/S VIEW $270.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.13 — THOMSON REUTERS I/B/E/S
* SEES Q2 RECURRING REVENUES OF APPROXIMATELY $237 TO $239 MILLION,
* SEES 2018 TOTAL REVENUES TO INCREASE IN EXCESS OF 18% OVER 2017
* SEES Q2 TOTAL REVENUES OF APPROXIMATELY $267 TO $269 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ultimate-software-reports-q1-non-g/brief-ultimate-software-reports-q1-non-gaap-earnings-per-share-1-30-idUSASC09YP3 |
Veteran turnaround executive Jay Alix is suing consulting giant McKinsey & Co. over claims the company has failed to adequately disclose conflicts of interests in its bankruptcy and restructuring business.
AlixPartners founder Jay Alix claims McKinsey’s restructuring unit, RTS, has received tens of millions of dollars in bankruptcy fees “that it would not have otherwise earned had it disclosed its numerous connections to interested parties and conflicts of interests as required by law,” according to a lawsuit filed Wednesday... | ashraq/financial-news-articles | https://www.wsj.com/articles/turnaround-veteran-jay-alix-sues-consulting-giant-mckinsey-1525903763 |
(Reuters) - Rafa Nadal returned to the top of the world rankings on Monday after winning his eighth Italian Open title at the weekend to confirm once more his status as the king of the clay court.
Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal celebrates after winning the final against Germany's Alexander Zverev REUTERS/Tony Gentile Sunday’s 6-1 1-6 6-3 victory over German Alexander Zverev on the Rome dirt ensured the 31-year-old would leapfrog Roger Federer and become world number one for a sixth time ahead of the French Open.
If the rankings were based solely on claycourt play, however, the Spaniard would rarely have left the pinnacle in the 13 years since he won the first of his 10 Roland Garros crowns.
With Federer skipping the claycourt season and top seeding long assured, Nadal will head to Paris next week a strong favorite to get his hands on the Coupe des Mousquetaires for a record-extending 11th time.
Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal celebrates with the trophy after winning the final against Germany's Alexander Zverev REUTERS/Tony Gentile “Everything will be different in Paris,” Nadal said somewhat disingenuously after his victory at the Foro Italico.
“Of course a win like this helps but in Paris the conditions will be different in every respect. Today is the time to enjoy this victory, not for thinking about Roland Garros.”
Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal in action during the final against Germany's Alexander Zverev REUTERS/Tony Gentile Despite losing his first service game on Sunday, Nadal removed any doubts over his fitness and form for the year’s second major in the opening set.
“I played one of the best sets that I played on clay this year. First set was fantastic, in my opinion, in terms of everything,” he added.
“Feeling, good shots, tactically — everything was, in my opinion great in the first set, no. Returning great. All the things that I wanted to do happened. So, it was a great set.”
Zverev, who had won back-to-back claycourt titles over the previous two weeks in Munich and Madrid, hit back to win the second set but a rain delay disrupted his rhythm and Nadal reeled off the last five games to seal his 78th career title.
The 21-year-old German will be second seed at Roland Garros and he took some positives from his performance in Rome.
“I was not far away from beating Rafa on a clay court in a Masters final,” he said.
“So I guess I can take that to Paris.”
Writing by Nick Mulvenney in Sydney; Editing by John O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-nadal/nadal-back-at-number-one-ahead-of-bid-for-11th-french-open-crown-idUSKCN1IM0RG |
May 17, 2018 / 12:20 PM / Updated 21 minutes ago Venezuelan challenger Falcon aspires to vote upset Andrew Cawthorne 5 Min Read
CARACAS (Reuters) - Striding a small stage in a poor hillside neighbourhood of Venezuela’s capital, Caracas, presidential aspirant Henri Falcon fulminates against hunger, malnutrition and hyperinflation under socialist rule. FILE PHOTO: Venezuelan presidential candidate Henri Falcon of the Avanzada Progresista party, delivers a speech to supporters during a campaign rally in Caracas, Venezuela May 14, 2018. REUTERS/Carlos Jasso/File Photo
“It’s time to tell Nicolas, the hunger candidate, ‘Go away!’ He is nothing but a nightmare for this country,” Falcon shouts of incumbent leftist leader Nicolas Maduro, who is favoured to win the OPEC nation’s election on Sunday.
Yet despite Falcon’s personal energy and stirring words - plus the depth of Venezuela’s crisis - only a few hundred people turned up in the sprawling, working-class district of Petare at one of his last rallies. Organizers placed him in a narrow street, exaggerating the apparent size of the crowd.
In the most subdued election campaign in living memory, Maduro’s main rival has failed to ignite the masses or bring into his fold major opposition leaders, who are boycotting the vote on grounds it is rigged.
Two of the opposition’s biggest names - Leopoldo Lopez and Henrique Capriles - have been barred from running. The former is under house arrest, and the latter accused of misusing funds while a state governor.
Falcon has also failed to join forces with another presidential candidate, evangelical pastor Javier Bertucci, who has created a surprising stir on the street - not least with soup handouts - and could have lent him extra votes.
Opinion polls are mixed and unreliable given the probably lower-than-usual turnout. Some, however, still show the 56-year-old former soldier and state governor leading Maduro slightly. FILE PHOTO: People walk pass a campaign poster of Henri Falcon for the 2018 presidential elections in Caracas, Venezuela May 11, 2018. REUTERS/Carlos Jasso/File Photo
But higher-than-normal abstention is likely to hurt Falcon, not to mention the government’s institutional advantages, including an election board run by loyalists and the flagrant use of state resources for campaigning.
“The result is a foregone conclusion. Maduro will buy, bully and cheat his way to victory,” said Nicholas Watson of Teneo Intelligence consultancy. “For Maduro, Falcon’s candidacy is a useful means to claw back some legitimacy.” “IF WE VOTE, WE WIN”
There is fury by some in the mainstream opposition at Falcon for breaking ranks with their coalition and running. By so doing, he has undermined their strategy of making Maduro look foolish by running in an essentially one-man election.
“Henri Falcon decided to back the dictatorship,” the hard-line opposition Popular Will party carped recently on Twitter, accusing him of cutting a deal to be Maduro’s vice president in the next government. FILE PHOTO: A supporter of Venezuelan presidential candidate Henri Falcon, holding a fake hundred dollar bill that reads, "Dollarization with Henri Falcon" and "Salaries and pensions in dollars", takes part in a campaign rally in Caracas, Venezuela May 14, 2018. REUTERS/Carlos Garcia Rawlins/File Photo
Falcon’s campaign team has angrily denied the allegation.
So as well as battling Maduro, Falcon has been dedicating his campaign to fighting former opposition comrades.
“There’s no point in abstaining. If we vote, we defeat this government,” he exhorted supporters in Petare, making a point that polls back up: a majority want change.
“No one in their right mind can stand with their arms crossed during this crisis,” Falcon said. “This country cannot bear another six years of Maduro.”
Falcon supporters are deeply frustrated with the opposition split, saying Venezuelans may be giving up a golden opportunity to topple the Socialist Party’s nearly two-decade rule.
“People don’t like Maduro, but the fracture inside the opposition had done big damage. It’s a huge waste not to go into the election as a united bloc,” said Petare social worker Ingrid Palacios, 42, who supported Falcon at this week’s rally.
Some, though, still believe Falcon could spring a surprise on Sunday when voters are in the privacy of the ballot box, given the level of fury against Maduro over hyperinflation, food shortages and the growing exodus of young Venezuelans.
“Either we get rid of Maduro and ‘Chavismo,’ or we all die of hunger,” said Coromoto Martinez, 53, in the poor rural state of Barinas that was home to Maduro’s predecessor, Hugo Chavez.
Like hundreds of thousands of others, her son left recently for the Colombian city of Medellin in search of a better future.
“I am voting for Falcon so my son can come home!” Additional reporting by Francisco Aguilar in Barinas; editing by Girish Gupta and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-election-falcon/venezuelan-challenger-falcon-aspires-to-vote-upset-idUKKCN1II1PE |
May 9, 2018 / 11:36 AM / in 7 minutes BRIEF-Adaptimmune Reports Q1 Loss Per Share $0.04 Reuters Staff
May 9 (Reuters) - Adaptimmune Therapeutics PLC:
* ADAPTIMMUNE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND BUSINESS UPDATE * Q1 REVENUE $8.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.24, REVENUE VIEW $9.1 MILLION — THOMSON REUTERS I/B/E/S
* GUIDANCE CONFIRMED, FUNDED THROUGH TO EARLY 2020 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-adaptimmune-reports-q1-loss-per-sh/brief-adaptimmune-reports-q1-loss-per-share-0-04-idUSASC0A0XT |
VILNIUS (Reuters) - The European Central Bank will analyze “geopolitical factors” before deciding on its asset purchase program at the next governing council meeting in Riga on June 14, Lithuanian central bank governor Vitas Vasiliauskas said on Thursday.
FILE PHOTO: Lithuania's central bank governor Vitas Vasiliauskas speaks during the Euro Conference in Vilnius September 25, 2014. REUTERS/Ints Kalnins/File Photo “We see that the markets have already reacted (to the Italian government changes), we have to take that into account,” Vasiliauskas, who is a member of the governing council, told reports in Vilnius on Thursday.
Reporting By Andrius Sytas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-italy-factors/ecb-will-weigh-geopolitical-factors-before-decision-on-asset-buys-lithuania-cbank-idUSKCN1IP1EP |
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- OFG Bancorp (NYSE:OFG) today announced its Board of Directors declared a regular quarterly cash dividend of $0.06 per common share for the quarter ending June 30, 2018, payable on July 16, 2018, to holders of record on June 29, 2018, with an ex-dividend date of June 28, 2018.
About OFG Bancorp
Now in its 54 th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a wide range of retail and commercial banking, lending and wealth management products, services and technology, primarily in Puerto Rico. Investor information can be found at www.ofgbancorp.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006339/en/
Puerto Rico:
OFG Bancorp
Idalis Montalvo, 787-777-2847
[email protected]
or
US:
Gary Fishman, 212-532-3232
[email protected]
or
Steven Anreder, 212-532-3232
[email protected]
Source: OFG Bancorp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-ofg-bancorp-declares-regular-quarterly-common-stock-cash-dividend.html |
May 1 (Reuters) - Tapestry Inc, formerly Coach, reported a 33 percent rise in quarterly net sales on Tuesday, helped by demand for its Coach bags in North America.
The company, which also makes Kate Spade handbags and Stuart Weitzman shoes, said net income rose to $140.3 million, or 48 cents per share, in the third quarter ended March 31, from $122.2 million, or 43 cents per share, a year earlier.
Net sales rose to $1.32 billion from $995.2 million, also helped by the acquisition of handbag maker Kate Spade. (Reporting by Nivedita Balu and Jaslein Mahil in Bengaluru Editing by Saumyadeb Chakrabarty)
| ashraq/financial-news-articles | https://www.reuters.com/article/tapestry-results/coach-handbag-maker-tapestrys-sales-rise-33-percent-idUSL3N1S825N |
* Company sees only limited profit growth this year
* Bad weather and sporting results have put off gamblers
* Merged group stepping up marketing spending (Adds share price, CEO and analyst Quote: s)
By Padraic Halpin
DUBLIN, May 2 (Reuters) - Paddy Power Betfair said profit growth could stall this year after earnings fell in the first quarter on higher taxes and a subdued performance in its main European online business.
Betting exchange Betfair’s tie-up with Paddy Power, which runs high street betting shops as well as an online business, was hailed by both in 2016 as a merger that would allow the two brands to better compete through increased scale.
However their full integration was completed only this year and the combined group acknowledged that left the Paddy Power brand in particular suffering from a lack of product investment in the fiercely competitive British market.
The bookmaker’s first quarter earnings fell 6 percent on a constant currency basis, putting its shares on course for their worst day in almost two years, down 5.8 percent at 77.50 euros by 1005 GMT.
This was despite the confirmation of plans to return 500 million pounds ($683 million) to investors over the next 12 to 18 months in a share buyback programme.
The shares traded at around 140 euros shortly after the deal was finalised in February 2016.
“While this Q1 performance is disappointing, we have made good progress on the key strategic priorities I outlined in March,” Paddy Power Betfair Chief Executive Peter Jackson, who took over in January, told an analyst call.
“It’s clearly too soon for these initiatives to have an impact but we’re seeing early signs of success.”
The bookmaker said that excluding one-off annualisation of taxes and start-up losses in the U.S, core quarterly earnings would have been flat.
For the year as a whole, it forecast something between a slight decline and 5 percent increase.
The guidance for underlying EBITDA of 470-495 million pounds compares to 18 percent growth last year, when earnings came in ahead of expectations at 473 million pounds.
MARKETING INVESTMENT Quarterly revenue was flat on constant currency terms as the company said customer activity in its main market of Britain and Ireland was hit by a sustained period of bookmaker friendly sports results and a high level of racing fixture cancellations.
The gambling group said in March that it would increase its marketing spend by 20 million pounds this year, an investment drive analysts said was welcome but nevertheless led to some short term earnings downgrades.
It said on Wednesday that it would invest an additional 10 million pounds in promotional activity in its Sportsbet business in Australia to take advantage of the potential disruption to competitors amid market consolidation there.
It said the share buyback programme was a step towards taking its medium term leverage to a target of 1 to 2 times net debt to earnings.
“Overall, we believe that the update re-emphasises what many holders already knew; returning the group to double-digit growth is going to take time,” analysts at Davy Stockbrokers wrote in a note, saying they would cut their earnings forecasts for this year and next by around 3 percent.
“The next quarter should see an improvement; the development team will have had a further quarter to roll out new product, while the (soccer) World Cup will provide an excellent opportunity to re-engage with customers.” ($1 = 0.7346 pounds) ($1 = 0.7321 pounds) (Reporting by Padraic Halpin Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/paddypower-outlook/update-1-paddy-power-betfair-shares-hit-by-dip-in-quarterly-earnings-idUSL8N1S91MS |
Gabelli & Company: here's why GE is a buy at this level 2 Hours 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/2018/05/16/gabelli-company-heres-why-ge-is-a-buy-at-this-level.html |
MINNEAPOLIS, May 23, 2018 /PRNewswire/ --
First quarter traffic growth of 3.7 percent is the strongest quarterly performance in over 10 years. First quarter digital sales increased 28 percent, on top of 21 percent growth in first quarter 2017. GAAP EPS from continuing operations were $1.33, up 9.1 percent from last year. Adjusted EPS 1 were $1.32, up 9.4 percent from last year. The Company saw broad market share gains across its core merchandise categories. In the first quarter the Company completed 56 remodels, opened 7 new stores, introduced 3 new brands and a successful limited-time collaboration with Hunter, launched its new Drive-Up service in more than 250 stores, expanded Target Restock nationwide and rolled out same-day delivery from more than 700 stores, enabled by its recent acquisition of Shipt. In the second quarter, Target expects an acceleration in its comparable sales into the low to mid single-digit range. The midpoint of Target's second quarter EPS guidance range is approximately 15 percent higher than second quarter 2017 GAAP EPS from continuing operations of $1.21 and Adjusted EPS of $1.22. For additional media materials, please visit: https://corporate.target.com/article/2018/05/q1-2018-earnings
Target Corporation (NYSE: TGT) today announced its first quarter 2018 financial performance 2 , including first quarter comparable sales growth of 3.0 percent and 3.7 percent traffic growth. The Company reported GAAP earnings per share (EPS) from continuing operations of $1.33 in first quarter 2018, up 9.1 percent from $1.21 in first quarter 2017. First quarter Adjusted EPS were $1.32, up 9.4 percent from $1.20 in first quarter 2017. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.
"We're very pleased that our business continued to generate strong traffic and sales growth in the first quarter, as we made significant progress in support of our long-term strategic initiatives," said Brian Cornell, chairman and chief executive officer of Target Corporation. "Our first quarter performance reflects the benefit of our unique multi-category portfolio. Strong sales growth in our home, essentials and food & beverage categories offset the impact of delayed sales in temperature-sensitive categories, which accelerated rapidly in recent weeks as weather improved across the country. Additionally, our team is delivering excellent execution and guest service every day, and momentum in our traffic has accelerated in the second quarter. As a result, we expect Target's second quarter comparable sales growth will move into the low to mid single-digit range, and the midpoint of our second quarter EPS guidance represents approximately 15 percent growth over last year."
1 Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items. See the tables of this release for additional information about the items that have been excluded from Adjusted EPS.
2 Beginning February 4, 2018, the Company adopted the new accounting standard for revenue recognition, leases and pensions. The financial information included in this earnings release reflects the adoption of these standards, with prior periods adjusted to conform with the current period presentation. Detail on the new accounting standards and adjusted prior period financials were provided in the Company's Form 8-K filed on May 11, 2018.
Second Quarter and Full-Year 2018 Guidance
Target expects second quarter comparable sales growth to accelerate into the low to mid single-digit range. For the second quarter, the Company expects both GAAP EPS from continuing operations and Adjusted EPS of $1.30 to $1.50, compared with GAAP EPS from continuing operations of $1.21 and Adjusted EPS of $1.22 in first quarter 2017.
For full-year 2018, Target continues to expect a low-single digit increase in comparable sales, and both GAAP EPS from continuing operations and Adjusted EPS of $5.15 to $5.45.
Second quarter and full-year 2018 GAAP EPS from continuing operations may include the impact of certain discrete items which will be excluded in calculating Adjusted EPS. The Company is not currently aware of any such discrete items, beyond those matters reported in first quarter 2018.
Operating Results
Total revenue of $16.8 billion increased 3.4 percent from $16.2 billion last year, reflecting sales growth of 3.5 percent combined with a slight decline in other revenue. First quarter sales growth reflected comparable sales growth of 3.0 percent combined with the contribution from non-mature stores. Comparable digital channel sales grew 28 percent and contributed 1.1 percentage points of comparable sales growth. Operating income was $1,041 million in first quarter 2018, down 9.9 percent from $1,155 million in 2017.
First quarter operating income margin rate was 6.2 percent, compared with 7.1 percent in 2017. First quarter gross margin rate was 29.8 percent, compared with 30.0 percent in 2017, reflecting pressure from digital fulfillments costs and sales mix, partially offset by the benefit of the Company's cost saving efforts and the net impact of changes to the Company's pricing and promotions. First quarter SG&A expense rate was 21.1 percent in 2018, compared with 20.7 percent in 2017, driven by higher compensation costs, including investments in store team member hours and wage rates.
Interest Expense and Taxes from Continuing Operations
The Company's first quarter 2018 net interest expense was $121 million, down 13.4 percent from $140 million last year, reflecting debt retirement and refinancing activity conducted in 2017. First quarter 2018 effective income tax rate from continuing operations was 22.6 percent, compared with 34.5 percent last year, primarily due to the impact of recently-enacted federal tax reform legislation (the Tax Act).
Capital Deployment
In first quarter 2018 the Company made capital investments of $827 million in property and equipment, and returned $828 million to shareholders, including:
Dividends of $334 million, compared with $332 million in first quarter 2017, reflecting an increase in the dividend per share offset by a decline in share count. Share repurchases totaling $494 million that retired 6.9 million shares of common stock at an average price of $71.24.
As of the end of the first quarter, the Company had approximately $2.8 billion of remaining capacity under its current $5 billion share repurchase program, reflecting first quarter purchases and an accelerated share repurchase transaction which will settle in the second quarter.
For the trailing twelve months through first quarter 2018, after-tax return on invested capital (ROIC) was 15.2 percent, compared with 13.8 percent for the twelve months through first quarter 2017. The year-over-year increase in first quarter 2018 reflected discrete impacts of the Tax Act combined with the benefit of a lower structural tax rate and lower working capital, partially offset by the impact of lower pretax earnings. Excluding the discrete impacts of the Tax Act, ROIC was 13.5 percent for the trailing twelve months ended May 5, 2018. See the tables of this release for additional information about the Company's ROIC calculation.
Conference Call Details
Target will webcast its first quarter earnings conference call at 7:00 a.m. CDT today. Investors and the media are invited to listen to the call at investors.target.com (hover over "company" then click on "events & presentations" in the "investors" column). A telephone replay of the call will be available beginning at approximately 10:30 a.m. CDT today through the end of business on May 25, 2018. The replay number is 866-505-9259.
Miscellaneous
Statements in this release regarding second quarter and full-year 2018 earnings per share and comparable sales guidance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended Feb. 3, 2018. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,829 stores and at Target.com . Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For more information, visit Target.com/Pressroom . For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
Contacts:
John Hulbert, Investors, (612) 761-6627
Erin Conroy, Media, (612) 761-5928
Target Media Hotline, (612) 696-3400
TARGET CORPORATION
Consolidated Statements of Operations
Three Months Ended
(millions, except per share data) (unaudited)
May 5,
2018
April 29,
2017
As Adjusted (a)
Change
Sales
$
16,556
$
15,995
3.5
%
Other revenue
225
228
(1.2)
Total revenue
16,781
16,223
3.4
Cost of sales
11,625
11,199
3.8
Selling, general and administrative expenses
3,545
3,353
5.7
Depreciation and amortization (exclusive of depreciation included in cost of sales)
570
516
10.5
Operating income
1,041
1,155
(9.9)
Net interest expense
121
140
(13.4)
Net other (income) / expense
(7)
(15)
(51.2)
Earnings from continuing operations before income taxes
927
1,030
(10.0)
Provision for income taxes
210
355
(41.0)
Net earnings from continuing operations
717
675
6.3
Discontinued operations, net of tax
1
3
Net earnings
$
718
$
678
5.9
%
Basic earnings per share
Continuing operations
$
1.34
$
1.22
9.4
%
Discontinued operations
—
0.01
Net earnings per share
$
1.34
$
1.23
8.9
%
Diluted earnings per share
Continuing operations
$
1.33
$
1.21
9.1
%
Discontinued operations
—
0.01
Net earnings per share
$
1.33
$
1.22
8.7
%
Weighted average common shares outstanding
Basic
536.9
552.4
(2.8)
%
Dilutive impact of share-based awards
4.1
2.8
Diluted
541.0
555.2
(2.6)
%
Antidilutive shares
2.2
3.0
Dividends declared per share
$
0.62
$
0.60
3.3
%
Note: Per share amounts may not foot due to rounding.
(a) Beginning with the first quarter 2018, we adopted the new accounting standards for revenue recognition, leases, and pensions. We are presenting prior period results on a basis consistent with the new standards and conformed to the current period presentation. We provided additional information about the impact of the new accounting standards on previously reported financial information in a Form 8-K filed on May 11, 2018.
TARGET CORPORATION
Consolidated Statements of Financial Position
(millions) (unaudited)
May 5,
2018
February 3,
2018
As Adjusted (a)
April 29,
2017
As Adjusted (a)
Assets
Cash and cash equivalents
$
1,060
$
2,643
$
2,680
Inventory
8,652
8,597
7,920
Other current assets
1,164
1,300
1,116
Total current assets
10,876
12,540
11,716
Property and equipment
Land
6,090
6,095
6,105
Buildings and improvements
28,363
28,131
27,320
Fixtures and equipment
5,135
5,623
5,177
Computer hardware and software
2,511
2,645
2,546
Construction-in-progress
639
440
379
Accumulated depreciation
(17,971)
(18,398)
(17,285)
Property and equipment, net
24,767
24,536
24,242
Operating lease assets
1,958
1,884
1,879
Other noncurrent assets
1,328
1,343
723
Total assets
$
38,929
$
40,303
$
38,560
Liabilities and shareholders' investment
Accounts payable
$
8,131
$
8,677
$
6,537
Accrued and other current liabilities
3,630
4,094
3,973
Current portion of long-term debt and other borrowings
283
281
1,729
Total current liabilities
12,044
13,052
12,239
Long-term debt and other borrowings
11,107
11,117
10,916
Noncurrent operating lease liabilities
2,007
1,924
1,923
Deferred income taxes
744
693
843
Other noncurrent liabilities
1,869
1,866
1,660
Total noncurrent liabilities
15,727
15,600
15,342
Shareholders' investment
Common stock
44
45
46
Additional paid-in capital
5,664
5,858
5,674
Retained earnings
6,187
6,495
5,885
Accumulated other comprehensive loss
(737)
(747)
(626)
Total shareholders' investment
11,158
11,651
10,979
Total liabilities and shareholders' investment
$
38,929
$
40,303
$
38,560
Common Stock Authorized 6,000,000,000 shares, $.0833 par value; 532,916,612, 541,681,670 and 551,657,501 shares issued and outstanding at May 5, 2018, February 3, 2018 and April 29, 2017, respectively.
Preferred Stock Authorized 5,000,000 shares, $.01 par value; no shares were issued or outstanding during any period presented.
(a) Additional information is provided on page 6.
TARGET CORPORATION
Consolidated Statements of Cash Flows
Three Months Ended
(millions) (unaudited)
May 5,
2018
April 29,
2017
As Adjusted (a)
Operating activities
Net earnings
$
718
$
678
Earnings from discontinued operations, net of tax
1
3
Net earnings from continuing operations
717
675
Adjustments to reconcile net earnings to cash provided by operations
Depreciation and amortization
631
581
Share-based compensation expense
42
16
Deferred income taxes
48
2
Noncash losses / (gains) and other, net
40
(19)
Changes in operating accounts
Inventory
(55)
323
Other assets
26
22
Accounts payable
(604)
(715)
Accrued and other liabilities
(333)
372
Cash provided by operating activities—continuing operations
512
1,257
Cash provided by operating activities—discontinued operations
2
48
Cash provided by operations
514
1,305
Investing activities
Expenditures for property and equipment
(827)
(486)
Proceeds from disposal of property and equipment
4
13
Other investments
5
(9)
Cash required for investing activities
(818)
(482)
Financing activities
Reductions of long-term debt
(12)
(10)
Dividends paid
(334)
(332)
Repurchase of stock
(524)
(317)
Accelerated share repurchase pending final settlement
(425)
—
Stock option exercises
16
4
Cash required for financing activities
(1,279)
(655)
Net (decrease) / increase in cash and cash equivalents
(1,583)
168
Cash and cash equivalents at beginning of period
2,643
2,512
Cash and cash equivalents at end of period
$
1,060
$
2,680
(a) Additional information is provided on page 6.
TARGET CORPORATION
Operating Results
Three Months Ended
Rate Analysis
(unaudited)
May 5,
2018
April 29,
2017
As Adjusted (a)
Gross margin rate (b)
29.8
%
30.0
%
SG&A expense rate (c)
21.1
20.7
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate (b)
3.4
3.2
Operating income margin rate (c)
6.2
7.1
(a) Additional information is provided on page 6.
(b) Calculated as gross margin (sales less cost of sales) divided by sales.
(c) Calculated as the applicable amount divided by total revenue. Other revenue includes $167 million and $171 million of profit-sharing income under our credit card program agreement for the three months ended May 5, 2018 and April 29, 2017, respectively.
Three Months Ended
Comparable Sales
(unaudited)
May 5,
2018
April 29,
2017
Comparable sales change
3.0
%
(1.3)
%
Drivers of change in comparable sales
Number of transactions
3.7
(0.8)
Average transaction amount
(0.6)
(0.6)
Note: Amounts may not foot due to rounding.
Contribution to Comparable Sales Change
(unaudited)
Three Months Ended
May 5,
2018
April 29,
2017
Stores channel comparable sales change
1.9
%
(2.2)
%
Digital channel contribution to comparable sales change
1.1
0.8
Total comparable sales change
3.0
%
(1.3)
%
Note: Amounts may not foot due to rounding.
Three Months Ended
Sales by Channel
(unaudited)
May 5,
2018
April 29,
2017
As Adjusted (a)
Stores
94.8
%
95.8
%
Digital
5.2
4.2
Total
100
%
100
%
(a) Additional information is provided on page 6.
Three Months Ended
REDcard Penetration
(unaudited)
May 5,
2018
April 29,
2017
Target Debit Card
13.5
%
13.6
%
Target Credit Cards
10.6
11.1
Total REDcard Penetration
24.1
%
24.7
%
Note: Amounts may not foot due to rounding. In Q1 2018, we refined our calculation of REDcard penetration. The prior period amount has been updated to conform with the current period methodology, resulting in an increase of 0.2 percentage points to the Total REDcard Penetration at April 29, 2017.
Number of Stores and Retail Square Feet
(unaudited)
Number of Stores
Retail Square Feet (a)
May 5,
2018
February 3,
2018
April 29,
2017
May 5,
2018
February 3,
2018
April 29,
2017
170,000 or more sq. ft.
274
274
276
48,951
48,966
49,328
50,000 to 169,999 sq. ft.
1,502
1,500
1,505
189,258
189,030
189,746
49,999 or less sq. ft.
53
48
26
1,477
1,359
709
Total
1,829
1,822
1,807
239,686
239,355
239,783
(a) In thousands, reflects total square feet less office, distribution center, and vacant space.
TARGET CORPORATION
Reconciliation of Non-GAAP Financial Measures
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measure is diluted earnings per share from continuing operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.
Three Months Ended
May 5, 2018
April 29, 2017
As Adjusted (a)
(millions, except per share data) (unaudited)
Pretax
Net of
Tax
Per Share
Amounts
Pretax
Net of
Tax
Per Share
Amounts
Change
GAAP diluted earnings per share from continuing operations
$
1.33
$
1.21
9.1
%
Adjustments
Income tax matters (b)
$
—
$
(5)
$
(0.01)
$
—
$
(7)
$
(0.01)
Adjusted diluted earnings per share from continuing operations
$
1.32
$
1.20
9.4
%
Note: Amounts may not foot due to rounding.
(a) Additional information is provided on page 6. Lease standard adoption resulted in a $0.01 reduction in both GAAP and Adjusted diluted earnings per share from continuing operations for the three months ended April 29, 2017.
(b) Represents income from income tax matters not related to current period operations.
Consolidated earnings from continuing operations before interest expense and income taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures which we believe provide meaningful information about our operational efficiency compared to our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and for EBITDA, capital investment. These measures are not in accordance with, or an alternative for, GAAP. The most comparable GAAP measure is net earnings from continuing operations. Consolidated EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP. Other companies may calculate consolidated EBIT and EBITDA differently, limiting the usefulness of the measure for comparisons with other companies.
EBIT and EBITDA
Three Months Ended
(millions) (unaudited)
May 5,
2018
April 29,
2017
As Adjusted (a)
Change
Net earnings from continuing operations
$
717
$
675
6.3
%
+ Provision for income taxes
210
355
(41.0)
+ Net interest expense
121
140
(13.4)
EBIT (a)
$
1,048
$
1,170
(10.4)
%
+ Total depreciation and amortization (b)
631
581
8.6
EBITDA (a)
$
1,679
$
1,751
(4.1)
%
(a) Additional information is provided on page 6. Adoption of the new accounting standards resulted in an $8 million decrease in EBIT for the three months ended April 29, 2017, with no impact on EBITDA.
(b) Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales on our Consolidated Statements of Operations.
We have also disclosed after-tax return on invested capital from continuing operations (ROIC), which is a ratio based on GAAP information. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.
After-Tax Return on Invested Capital
Numerator
Trailing Twelve Months
(dollars in millions) (unaudited)
May 5,
2018 (a)
April 29,
2017
As Adjusted (b)
Operating income
$
4,110
$
4,723
+ Net other income / (expense)
51
93
EBIT
4,161
4,816
+ Operating lease interest (c)
80
75
Adjusted EBIT
4,241
4,891
- Income taxes (d)
692
(e)
1,633
Net operating profit after taxes
$
3,549
$
3,258
Denominator
(dollars in millions) (unaudited)
May 5,
2018
April 29,
2017
As Adjusted (b)
April 30,
2016
As Adjusted (b)
Current portion of long-term debt and other borrowings
$
283
$
1,729
$
1,634
+ Noncurrent portion of long-term debt
11,107
10,916
12,431
+ Shareholders' equity
11,158
10,979
12,506
+ Operating lease liabilities (f)
2,157
2,049
1,902
- Cash and cash equivalents
1,060
2,680
4,036
- Net assets of discontinued operations (g)
—
17
249
Invested capital
$
23,645
$
22,976
$
24,188
Average invested capital (h)
$
23,310
$
23,582
After-tax return on invested capital (i)
15.2
%
(e)
13.8
%
After-tax return on invested capital excluding discrete impacts of Tax Act
13.5
%
(e)
(a) Consisted of 53 weeks.
(b) Additional information is provided on page 6.
(c) Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.
(d) Calculated using the effective tax rates for continuing operations, which were 16.3 percent and 33.4 percent for the trailing twelve months ended May 5, 2018, and April 29, 2017, respectively. For the twelve months ended May 5, 2018, and April 29, 2017, includes tax effect of $679 million and $1,608 million, respectively, related to EBIT and $13 million and $25 million, respectively, related to operating lease interest.
(e) The effective tax rate for the trailing twelve months ended May 5, 2018, includes discrete tax benefits of $343 million related to the Tax Cuts and Jobs Act (Tax Act), and the impact of the new lower U.S. corporate income tax rate.
(f) Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities on the Consolidated Statements of Financial Position.
(g) Included in Other Assets and Liabilities on the Consolidated Statements of Financial Position.
(h) Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.
(i) Adoption of the new lease standard reduced ROIC by approximately 0.5 percentage points for all periods presented.
Beginning with the first quarter 2018, we adopted the new accounting standards for revenue recognition, leases, and pensions. To inform investors how Adjusted EPS from prior periods are affected, the following presents Adjusted EPS reflecting the impact of these accounting standards for the last three fiscal years, calculated in the same manner as described on page 11. We provided additional information about the impact of the new accounting standards on previously reported financial information in a Form 8-K filed on May 11, 2018.
As previously reported
Full-Year
(dollars in millions) (unaudited)
2017
2016
2015
GAAP diluted earnings per share from continuing operations
$
5.32
$
4.58
$
5.25
Adjustments
Tax Act (b)
$
(0.64)
$
—
$
—
Loss on early retirement of debt
0.14
0.44
—
Gain on sale (c)
—
—
(0.77)
Restructuring costs (d)
—
—
0.14
Pharmacy Transaction-related costs (e)
—
—
—
Data breach-related costs, net of insurance (f)
(0.01)
—
0.04
Impairments (g)
—
—
0.05
Other income tax matters (h)
(0.10)
(0.01)
(0.01)
Adjusted diluted earnings per share from continuing operations
$
4.71
$
5.01
$
4.69
Amounts may not foot due to rounding. Footnote explanations are provided on page 14.
As adjusted (a)
Full-Year
(dollars in millions) (unaudited)
2017
2016
2015
GAAP diluted earnings per share from continuing operations
$
5.29
$
4.58
$
5.25
Adjustments
Tax Act (b)
$
(0.62)
$
—
$
—
Loss on early retirement of debt
0.14
0.44
—
Gain on sale (c)
—
—
(0.77)
Restructuring costs (d)
—
—
0.14
Pharmacy Transaction-related costs (e)
—
—
—
Data breach-related costs, net of insurance (f)
(0.01)
—
0.04
Impairments (g)
—
—
0.05
Other income tax matters (h)
(0.10)
(0.01)
(0.01)
Adjusted diluted earnings per share from continuing operations
$
4.69
$
5.00
$
4.69
Amounts may not foot due to rounding. Footnote explanations are provided on page 14.
As previously reported
Quarterly
2017
2016
(dollars in millions) (unaudited)
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
GAAP diluted earnings per share from continuing operations
$
2.02
$
0.87
$
1.22
$
1.22
$
1.46
$
1.06
$
1.07
$
1.02
Adjustments
Tax Act (b)
$
(0.64)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Loss on early retirement of debt
—
0.14
—
—
—
—
0.17
0.26
Pharmacy Transaction-related costs (e)
—
—
—
—
—
—
(0.01)
0.01
Data breach-related costs, net of insurance (f)
(0.01)
—
—
—
—
—
—
—
Other income tax matters (h)
—
(0.10)
0.01
(0.01)
—
(0.01)
—
—
Adjusted diluted earnings per share from continuing operations
$
1.37
$
0.91
$
1.23
$
1.21
$
1.45
$
1.04
$
1.23
$
1.29
Amounts may not foot due to rounding.
As adjusted (a)
Quarterly
2017
2016
(dollars in millions) (unaudited)
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
GAAP diluted earnings per share from continuing operations
$
1.99
$
0.87
$
1.21
$
1.21
$
1.46
$
1.06
$
1.06
$
1.01
Adjustments
Tax Act (b)
$
(0.63)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Loss on early retirement of debt
—
0.14
—
—
—
—
0.17
0.26
Pharmacy Transaction-related costs (e)
—
—
—
—
—
—
(0.01)
0.01
Data breach-related costs, net of insurance (f)
(0.01)
—
—
—
—
—
—
—
Other income tax matters (h)
—
(0.10)
0.01
(0.01)
—
(0.01)
—
—
Adjusted diluted earnings per share from continuing operations
$
1.36
$
0.90
$
1.22
$
1.20
$
1.45
$
1.04
$
1.22
$
1.28
Amounts may not foot due to rounding.
(a) Additional information is provided on page 6.
(b) Represents discrete impacts of the Tax Cuts and Jobs Act legislation (the Tax Act) enacted in December of 2017, including remeasurement of our net deferred tax liabilities at the new 21 percent U.S. corporate income tax rate, providing deferred taxes for accumulated foreign earnings we no longer consider indefinitely reinvested, and other items not individually significant.
(c) Represents the gain on the December 2015 sale of our pharmacy and clinic businesses (Pharmacy Transaction).
(d) Costs related to our corporate restructuring announced during the first quarter of 2015.
(e) Represents items related to the Pharmacy Transaction.
(f) Represents costs related to the 2013 data breach, net of insurance recoveries.
(g) Represents impairments related to our decision to wind down certain noncore operations.
(h) Represents expense / (income) from other income tax matters not related to current period operations.
View original content with multimedia: http://www.prnewswire.com/news-releases/target-reports-first-quarter-2018-earnings-and-affirms-full-year-guidance-300653457.html
SOURCE Target Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-target-reports-first-quarter-2018-earnings-and-affirms-full-year-guidance.html |
NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- Palewater Advisory Group Inc. (“Palewater”), a multinational corporate finance and public affairs advisory firm with headquarters in New York, is pleased to announce the appointment of Alexander Nwuba as CEO for its Africa operations. The Advisory Group seeks to expand its footprint in Africa by establishing its new Headquarters for African operations in Lagos, Nigeria. Palewater Advisory Group Inc., seeks to purchase a new building in Victoria Island which will be a home to its African Advisory operations with expectation to commence business on July 1.
In this role, Alex will lead Palewater Advisory Group Inc.'s African strategy across the group's operations, to deliver the full strength and product innovation of the group to our entrepreneur, corporate and institutional clients in this important market. He will also steer the development of our leadership teams to deepen and broaden client relationships and will be responsible for maintaining all of the Group's regulatory relationships across Africa.
Commenting on the appointments, Mandla J. Gwadiso , Palewater Advisory Group's Chairman & CEO, said: "Alex is very strong leader. He has led successful and profitable businesses and has a client-focused, results-oriented approach, as well as a strong risk and control mind-set. He is highly experienced in driving collaboration across our integrated platform. I am confident that with his credentials, coupled with his existing product responsibilities in IBCM and Financing, we will significantly accelerate our momentum in Africa and further capitalize on the tremendous opportunities in this strategically important market. Alex will begin to build teams that will tirelessly work with him as they collaborate take the Group to the fore of IBCM in Nigeria and Africa at large."
Alexander Nwuba, Chief Executive Officer of Palewater Advisory Group Africa, also stated, “it is an honour to join the Palewater Advisory Group in this role that enables me to continue to leverage my desire for the development of the African continent. Palewater brings to this process a world class team of individuals and platforms that will enable African entrepreneurs, corporate and institutional clients scale to their maximum potential as they position into the global marketplace. I thank the Board for the privilege of this major step into the continent and look forward to building an outstanding team of a broad-based African talent pool with local-global knowledge backed by the global resources and reach of the Palewater companies.”
Mr Nwuba joined Palewater Advisory from a UAE based private equity group where he was in charge of the group’s African investment portfolio and advisory services advising both corporate and government clients. With an extensive corporate leadership background across multiple sectors including oil and gas, aviation, telecommunications, financial services, payment systems, and technology, serving on various intergovernmental technical committees and on the global boards of organizations such as The ATM Industry Association Worldwide (ATMIA), Smartcard Society of Nigeria (Founding Board), Nigerian Economic Development Forum (NEDF) and West African Payment Integration Committee WAMZ/WAMU (Technical sub–committee), the mix of talent, experiences and local access will be a key factor in the provision of IBCM services to our clients
As a leading global advisory group in Africa, Palewater Advisory Group Inc., has a long-term commitment to Africa, which today represents one of the Group's most important growth markets globally.
About Palewater Advisory Group Inc.
We are a multinational corporate finance and public affairs advisory firm with Headquarters in New York. We specialise in cross border and domestic M&A transactions, financing and we also specialize in public affairs advisory and campaign capital raising. As a team, we have had an excellent track record with more than 1000 references in our line of business.
We have a robust and yet solid network of contacts with specific focus on certain core industries and investment communities. Our Directors, Advisory Council members and Senior Advisers collectively provide access to senior industrial, political and financial decision makers throughout the world. We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the Partners involved.
As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflicts of interest.
For more information
Tel: +1-212-709-8206
Fax: +1-212-943-2300
[email protected]
Source:Palewater Advisory Group Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-palewater-advisory-announces-the-appointment-of-the-new-ceo-for-africa.html |
GENEVA (Reuters) - The first vaccine campaign against cholera in Yemen has started, 18 months after war and a sanitation crisis triggered an epidemic, but the World Health Organization said it did not yet have permission nationwide to do the vaccinations.
A woman sits with her sons while they are treated at a cholera treatment center in Sanaa, Yemen October 8, 2017. Picture taken October 8, 2017. REUTERS/Khaled Abdullah/Files Some senior Houthi officials, whose forces control the capital Sanaa, have objected to vaccinations and this has already delayed the programme by nearly a year, aid workers say.
There have been more than one million suspected cases of cholera in Yemen, and 2,275 recorded deaths since Nov 2016, the WHO says.
The oral vaccination campaign, which began in four districts in Aden on Sunday targeting 350,000 people, coincides with the rainy season, which health workers fear could spread the disease further.
“We have plans in place for extending that to all of the at-risk zones and we are still negotiating with health authorities in the north of the country, in Sanaa, in order to plan those campaigns,” Michael Ryan, WHO Assistant Director-General, told a news briefing on Monday.
“As of yet we don’t have established dates for those campaigns, but we are ready to move... just as soon as we get those necessary approvals,” he added.
WHO cholera expert Lorenzo Pizzoli said in a tweet from Aden on Sunday that the campaign hoped to cover at least four million people in areas at risk.
The disease is spread by faeces in sewage contaminating water or food, and it can kill because patients quickly lose fluids through vomiting and diarrhoea.
Caught early it can be treated with oral rehydration salts.
“Cholera is still present and this is the classic situation where we’ve had a first big wave last year, and we fully expect another wave this year. That wave could be as large or potentially even larger,” Ryan said.
Water sanitation and treatment systems have been destroyed in many parts of Yemen, and access to health care remains extremely limited, he added.
Yemen’s war, a proxy conflict between Iran-aligned Houthis and the internationally recognised government of President Abd-Rabbu Mansour Hadi, which is backed by a Saudi-led alliance, has killed more than 10,000 people since 2015 and displaced more than two million.
In July 2017, the International Coordinating Group on Vaccine Provision - which manages a global stockpile - earmarked one million cholera vaccines for Yemen. But the WHO and local authorities together decided to scrap a vaccination plan on logistical and technical grounds and the doses were diverted to South Sudan.
The largest cholera vaccination drive in history, targeting more than two million people across Africa, is now being carried out in five countries - Zambia, Uganda, Malawi, South Sudan and Kenya - the WHO and GAVI vaccine alliance said on Monday.
Reporting by Stephanie Nebehay; Editing by Gareth Jones
| ashraq/financial-news-articles | https://in.reuters.com/article/health-cholera/cholera-vaccination-campaign-starts-in-yemen-who-idINKBN1I815G |
A Chinese company has said it is "preposterous" that Stan Lee, the former editor-in-chief at Marvel Comics, did not know he was signing over his name, image and likeness to it on an exclusive basis.
Lee, who co-created Spider-Man, the Hulk and the X-Men, filed a $1 billion suit against Pow Entertainment, a company he co-founded in 2001, on Tuesday. He alleges that his identity and work was taken fraudulently so that Pow could then be sold to the Chinese firm Camsing International Holdings.
Lee claims that the co-founders of Pow, Shane Duffy and Gill Champion, used deception to make him sign-over his name, image and likeness on a wholly exclusive basis.
Source: Marvel A promotion image from Marvel's 2018 hit "The Black Panther". In the lawsuit filed in state Superior Court in Los Angeles, the 95-year-old comic book legend said his signature was either forged, imposed from another document or induced by a bait-and-switch tactic.
In a response Friday, Camsing International Holdings issued a statement to CNBC through a firm run by Los Angeles-based publicity consultant Howard Bragman.
In it, Camsing said it had reviewed the complaint, adding that "the notion that Mr Lee did not knowingly grant Pow exclusive rights to his creative works or his identity is so preposterous that we have to wonder whether Mr. Lee is personally behind this lawsuit."
show chapters Stan Lee: Special effects revitalized comics 1:23 PM ET Mon, 18 July 2016 The statement added that the complaint, although published, had not yet been properly served but that when it was, Camsing would "look forward to presenting its evidence in court."
In April, Lee issued a separate suit against former business partner Jerardo Olivarez claiming that he had transferred $4.6 million out of his bank account without authorization. He also claimed Olivarez was carrying out bogus schemes to enrich himself. Olivarez could not be located for comment.
Pow Entertainment did not immediately respond to a CNBC request for comment from Duffy and Champion. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/marvel-comics-stan-lee-1-billion-lawsuit-preposterous-says-chinese-firm.html |
May 1 (Reuters) - P H Glatfelter Co:
* Q1 EARNINGS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $0.26 — THOMSON REUTERS I/B/E/S
* CONSOLIDATED NET SALES TOTALED $410.6 MILLION AND $390.7 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 AND 2017, RESPECTIVELY
* CONSOLIDATED CAPITAL EXPENDITURES FOR FULL YEAR ARE EXPECTED TO BE BETWEEN $67 MILLION AND $72 MILLION
* P H GLATFELTER-PLANS TO COMPLETE ANNUAL MAINTENANCE OUTAGES AT U.S. FACILITIES IN Q2, EXPECTED TO IMPACT OPERATING INCOME BY ABOUT $26 MILLION TO $28 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glatfelter-q1-adjusted-earnings-pe/brief-glatfelter-q1-adjusted-earnings-per-share-0-19-idUSASC09YIA |
May 3 (Reuters) - Superior Uniform Group Inc:
* SUPERIOR UNIFORM GROUP® ANNOUNCES ACQUISITION OF CID RESOURCES®
* SUPERIOR UNIFORM GROUP INC - TO ACQUIRE ALL OF OUTSTANDING STOCK OF CID RESOURCES FOR APPROXIMATELY $88.4 MILLION
* SUPERIOR UNIFORM GROUP INC - TRANSACTION IS EXPECTED TO BE ACCRETIVE TO EPS AND OTHER OPERATING RESULTS IN 2018
* SUPERIOR UNIFORM GROUP INC - ENTERED INTO AN AMENDED AND RESTATED CREDIT AGREEMENT
* SUPERIOR UNIFORM GROUP INC - EXISTING REVOLVING CREDIT FACILITY WAS INCREASED FROM $35 MILLION TO $75 MILLION
* SUPERIOR UNIFORM GROUP INC - EXISTING LENDER PROVIDED AN ADDITIONAL TERM LOAN IN PRINCIPAL AMOUNT OF $85 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-superior-uniform-group-announces-a/brief-superior-uniform-group-announces-acquisition-of-cid-resources-idUSASC09ZGW |
EditorsNote: fixes Progressive Field in lede
Joey Gallo and Isiah Kiner-Falefa hit back-to-back homers with one out in the 12th inning as the Texas Rangers recovered from blowing a six-run lead — including allowing four runs in the ninth — for an 8-6 victory over the Cleveland Indians on Tuesday at Progressive Field.
Gallo hit his ninth homer of the season and Kiner-Falefa hit his second off Nick Goody (0-2), who entered with two outs in the 10th inning.
Nomar Mazara and Delino DeShields also homered for the Rangers, who won for the fourth time in six games.
Michael Brantley brought Cleveland all the way back from a 6-0 deficit when he hit a two-out grand slam off Texas right-hander Keone Kela in the ninth inning after Tyler Naquin opened the inning with a single and Francisco Lindor and Jason Kipnis singled with one out to load the bases.
The Rangers failed to turn a double play after Naquin’s single when shortstop Jurickson Profar made an off-target throw to second base on Bradley Zimmer’s grounder. Brantley hit an 0-2 pitch for his first grand slam of his career.
Left-hander Alex Claudio (1-1) pitched three innings for his first win of the season.
Kipnis had two hits including a two-run double in the seventh inning and Yan Gomes, Lindor, Edwin Encarnacion and Jose Ramirez had two hits apiece for Cleveland, which has lost four of six.
Profar had two doubles and drove in three runs, Kiner-Falefa had four hits and DeShields had two hits for the Rangers.
DeShields hit his first homer of the season with two outs in the fifth inning to break a scoreless tie, and Mazara hit a two-run homer to cap a four-run seventh inning as the Rangers took a 6-0 lead.
Rangers starter Doug Fister gave up six hits and two unearned runs in 6 2/3 innings while striking out four and walking two.
Cleveland starter Mike Clevinger gave up seven hits and three runs in 6 2/3 innings, striking out seven and walking one.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cle-tex-recap/rangers-go-back-to-back-beat-indians-in-12-idUSMTZEE522XRA7T |
NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- GreenSky, Inc. (NASDAQ:GSKY), a digital commerce platform, visited the Nasdaq MarketSite in Times Square today in celebration of its initial public offering (IPO) on The Nasdaq Stock Market.
GreenSky, Inc. (NASDAQ: GSKY), a digital commerce platform, visits the Nasdaq MarketSite in Times Square in celebration of its initial public offering (IPO).
GreenSky, Inc. powers commerce at the point of sale for a growing ecosystem of merchants, consumers and banks. Its highly scalable, proprietary technology platform enables over 12,000 merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage GreenSky’s technology to provide loans to super-prime and prime consumers nationwide. Since the company’s inception, 1.7 million consumers have financed over $12 billion of commerce using GreenSky’s paperless, real-time “apply and buy” technology.
“GreenSky’s technology addresses a large and growing opportunity to accelerate commerce at the point of sale,” said David Zalik, founder and chief executive officer. “Our roadmap to capture growth opportunities and deliver profitability to our shareholders is clear: continue to grow our current business, expand our network of merchants, enter new verticals, and broaden the solutions we offer to both businesses and consumers.”
“We are proud to welcome GreenSky, a company at the forefront of innovation in financial technology, to the Nasdaq family,” said Nelson Griggs, President, Nasdaq Stock Exchange. “As home to the visionaries and technology leaders, we look forward to supporting GreenSky as it continues to innovate and revolutionize point of sale commerce.”
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Information about the company is provided by the company or comes from the company’s public filings and is not independently verified by Nasdaq. Neither Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: http://business.nasdaq.com
About GreenSky
GreenSky, Inc. (NASDAQ:GSKY) powers commerce at the point of sale for a growing ecosystem of merchants, consumers and banks. Our highly scalable, proprietary technology platform enables over 12,000 merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage GreenSky’s technology to provide loans to super-prime and prime consumers nationwide. Since our inception, over 1.7 million consumers have financed over $12 billion of commerce using our paperless, real time “apply and buy” technology. GreenSky is headquartered in Atlanta, Georgia. For more information, please visit www.greensky.com .
NasDaq Media Relations Contact: Emily Pan (646) 441-5120 [email protected] GREENSKY Media Relations Contact: Rebecca Gardy 404-334-7334 [email protected] - NDAQG -
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/eb591aa6-a70f-4234-ac48-ade48537f9aa
Source:Nasdaq, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-nasdaq-welcomes-greensky-inc-nasdaq-gsky-to-the-nasdaq-stock-market.html |
NORFOLK, Va., May 02, 2018 (GLOBE NEWSWIRE) -- PRA Group, Inc. (Nasdaq:PRAA), a global leader in acquiring nonperforming loans, will report its first quarter 2018 results after market close on Wednesday, May 9, 2018, followed by a webcast and conference call at 5 p.m. E.T.
To listen to PRA Group’s webcast and view the corresponding slides, visit http://ir.pragroup.com/events-and-presentations . To listen by phone on May 9, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 5969585. To listen to a replay of the call until May 16, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 5969585.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With more than 5,100 employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com .
Investor Contact:
Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
[email protected]
Media Contact:
Nancy Porter
Vice President, Corporate Marketing
(757) 431-7950
[email protected]
Source:PRA Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-pra-group-to-announce-first-quarter-2018-results-on-may-9.html |
May 3 (Reuters) - Hardinge Inc:
* HARDINGE REPORTS FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.31
* Q1 EARNINGS PER SHARE $0.14 * Q1 SALES $79.9 MILLION Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hardinge-q1-earnings-per-share-014/brief-hardinge-q1-earnings-per-share-0-14-idUSASC09ZQB |
CNBC.com Mars Wrigley Confectionary
Can you distinguish all the fruity flavors from the Skittles "rainbow" or blow bubbles with chewing gum that are greater than 5 inches in diameter?
If so, you're qualified for one of the sweetest summer internships.
Mars Wrigley Confectionary , the world's largest maker of chocolate, chewing gum, mints and fruity confections, is looking to hire a "Confectionery Connoisseur" in its Chicago office.
The eight- to 12-week internship from June to August is not only paid (compensation is based on qualifications, according to Mars), the newly hired will get to visit manufacturing sites to see how products are made and sample all the goods — that includes new flavors that have yet to reach the public. The intern will also produce a personalized batch of chewing gum.
After completion of the internship, there is an additional bonus of one year's worth of free candy.
The connoisseur will also have the opportunity to interview business leaders within the company; be a part of social media strategy content development; lead ideation and planning for Chicago-based Mars Volunteer Program events; and support the global Mars Wrigley Corporate Affairs team on media relations campaigns.
Travel is required, including trips to factory locations in key Illinois cities, like Yorkville (where Juicy fruit, Doublemint and Skittles are made); Oak Park (where Dove and Snickers are made); and Mars ice cream operation in Burr Ridge.
Applicants must be 21 or older and, according to the job listing , "possess the mindset of a kid in a candy shop."
The deadline is June 1. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/summer-internship-with-mars-wrigley-includes-free-candy-for-a-year.html |
Degree of ‘cautious optimism’ embedded in flow pattern: Strategist 2:41 AM ET Thu, 10 May 2018 Wei Li, head of iShares EMEA investment strategy at Blackrock, discusses equities and currencies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/degree-of-cautious-optimism-embedded-in-flow-pattern-strategist.html |
BUDAPEST/NEW YORK, May 11 (Reuters) - Placido Domingo, one of the world’s most famous opera singers, is backing a classical music talent show for children, aiming to bring the Hungarian television contest to an international audience.
The Spanish-born tenor has become a shareholder in UK-based company, Virtuosos Holding Ltd, which has the international rights of the show and its spin-offs, its founder and chief executive Mariann Peller said in New York on Friday.
The show, which is one of Hungary’s most popular, makes classical music accessible by showcasing young undiscovered talent.
US company Fulwell 73 also joins in by acquiring rights of production and distribution for the international version of the show in the US and Britain. Fulwell has produced hit TV series Sounds Like Friday Night, The Late Late Show and Roast Battle.
“I have been incredibly impressed by the talent discovered in Hungary and am sure this will be repeated in other countries as the format finds new audiences and new lovers of classical music,” Domingo, who is director general of the Los Angeles Opera, said in a statement.
“He has supported Virtuosos since conception and has been a true inspiration to the talented young people we have discovered,” Peller said in the statement.
Violinist Amira Abouzahra, 12, who won the contest last year in the youngest category, said the show motivates young people.
“They see others play and want to be better than the others so they practice a lot more,” she said in her Budapest home where she was practicing. Abouzahra, whose mother is Hungarian and her father is from Egypt, started playing aged four.
The show’s most popular contestants are given the chance to take part in a global tour performing at some of the world’s most prestigious venues including New York’s Carnegie Hall.
Peller told Reuters the show aimed to give a modern and fresh appeal to classical music by featuring young talent.
“Classical music is a little bit dusty by now and we wanted to dust it off,” Peller said. (Reporting by Krisztina Fenyo Writing by Krisztina Than Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/television-virtuosos-placido-domingo/hungary-talent-show-for-young-classical-musicians-taps-domingo-for-global-appeal-idUSL8N1SI4NN |
May 25, 2018 / 11:55 PM / Updated 34 minutes ago It's 'Love, Actually' as bachelor Hugh Grant marries at 57 Reuters Staff 2 Min Read
(Reuters) - Hugh Grant, best known for playing bumbling Britons in romantic comedies like “Four Weddings and a Funeral,” has married for the first time, British media reported on Friday. FILE PHOTO - Hugh Grant and Anna Eberstein arrive for the British Academy of Film and Television Awards (BAFTA) at the Royal Albert Hall in London, Britain, February 18, 2018. REUTERS/Hannah McKay
Grant, 57, who has played a string of commitment-phobic characters, married Swedish television producer Anna Eberstein, 39, at a low-key civil ceremony in London’s Chelsea district, photos of the pair printed in British newspapers showed.
Eberstein is the mother of three of Grant’s young children. The “Love, Actually” star has two other children with former partner Tinglan Hong.
The photos showed Grant and Eberstein leaving the Chelsea register office in London on Friday and posing for pictures on the steps outside with a small group of family members. Grant wore a dark blue suit, while Eberstein was dressed in a blue shirt and white miniskirt and wearing a simple gold wedding band.
Grant’s publicist did not return a Reuters request for comment.
Grant, one of Britain’s best-known comic actors, is also famous for his own reluctance to marry. He split up in 2000 with his actress girlfriend Elizabeth Hurley after 13 years together.
“I’m not really a believer in marriage,” he told People magazine in 2015. “I’ve seen very few good examples, maybe five, in my life, but I think otherwise it’s a recipe for mutual misery.”
Grant, the star of two “Bridget Jones” comedies, also made headlines when he was arrested in Los Angeles in 1995 with a prostitute. Reporting by Jill Serjeant in Los Angeles; Editing by Sandra Maler | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-hugh-grant/its-love-actually-as-bachelor-hugh-grant-marries-at-57-idINKCN1IQ37Y |
May 15, 2018 / 10:26 AM / Updated 21 minutes ago Harry, Meghan and Megan to crew British Airways royal wedding flight Reuters Staff 2 Min Read
LONDON (Reuters) - A British Airways flight will celebrate Britain’s royal wedding on Saturday by flying to Canada with crew who are all named Harry or Meghan. Prince Harry and Meghan Markle attend an event at Millennium Point to celebrate International Women's Day in Birmingham, March 8, 2018. REUTERS/Ian Vogler/Pool
Harry, 33, Queen Elizabeth’s grandson and the sixth-in-line to the British throne, and Meghan Markle, 36, will marry on Saturday at St George’s Chapel in Windsor Castle, in a ceremony set to attract huge attention around the world.
British Airways said the flight from London Heathrow to Toronto, the city where Markle used to live and where the pair made their first public appearance together, will be staffed by two Harrys, seven Megans and one Meghan, and flown by Senior First Officer Harry Blake.
BA customer Service Manager Megan Horsley will lead the onboard crew and said the specially-staffed flight was a fitting homage but admitted it would have its drawbacks. Slideshow (2 Images)
“I’ve flown with another Megan once or twice before, but never seven so we might have to all call each other by our surnames during this very special flight,” she said.
Companies like BA are seeking a slice of the action as wedding fever builds ahead of the big day, when thousands of royal fans are expected to descend on Windsor.
BA also said any passengers named Harry, Meghan or Megan flying on Saturday will be allowed to use its first-class lounge and all customers on the day will be given lemon and elderflower Victoria sponges, the same flavour as the royal couple’s wedding cake.
Wedding highlights will also be available to watch on flights from the day after, BA said, as well as “Suits,” the TV series where Markle made her name, and documentaries on the couple and Windsor Castle. Reporting by Sarah Young; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding-british-airway/harry-meghan-and-megan-to-crew-british-airways-royal-wedding-flight-idUKKCN1IG1E1 |
May 3 (Reuters) - GECINA SA:
* SIGNS 3 BAILS FOR 3 BUILDINGS REPRESENTING 36,000 SQ.M Source text: bit.ly/2HObqS5 (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gecina-signs-3-bails-representing/brief-gecina-signs-3-bails-representing-36000-sq-m-idUSFWN1SA194 |
0 COMMENTS ThoughtSpot co-founder Ajeet Singh Photo: ThoughtSpot
Analytics startup ThoughtSpot raised $145 million in new funding as data-driven decision-making becomes standard across the enterprise.
The Series D round brings ThoughtSpot’s total funding to $306 million, and values the startup at more than $1 billion. Investors include Lightspeed Ventures, Sapphire Ventures, Khosla Ventures, the Australian Government Future Fund and General Catalyst.
ThoughtSpot, co-founded in 2012 by Nutanix co-founder Ajeet Singh, provides an analytics platform that uses artificial intelligence to analyze enterprise data. After creating a cache of corporate information spanning sales, HR and other sources, the platform allows users to type in a phrase such as “product sales state last quarter” and generate a visualization. A new product, SpotIQ, uses machine learning to identify trends or relationships between different data sources.
An example of a visualization generated by ThoughtSpot Photo: ThoughtSpot
Customers include three of the Fortune 5, Mr. Singh said, as well as firms including Capital One Financial Corp., Chevron Corp., diamond firm De Beers, and Bed Bath & Beyond Inc. BT Group PLC uses the technology to power a tool that lets the telecom provider analyze their bills on the company’s website.
Analytics and business intelligence was an $18.3 billion market in 2017, according to Gartner Inc. By 2022, it’s expected to grow to nearly $28 billion. The research firm predicts that “augmented analytics,” which includes using natural-language queries and visual-based data discovery, will be a key driver of enterprise purchasing decisions.
Platforms that slice and dice corporate data are not new, but demand for high-powered, easy-to-use analytics platforms has risen as the need for data analytics skills grows outside the IT department. Teams in marketing, finance, HR and other functions increasingly are expected to crunch data ranging from sales figures to weather patterns to help drive their decision making.
Much of the process remains manual, Gartner analyst Rita Sallam said. If an analyst sees sales are declining in a certain region, for example, he or she has to conduct additional analysis to figure out if it’s due to pricing, seasonality, product quality or any number of other factors.
“It’s virtually impossible for an analyst to do an exhaustive, unbiased, accurate assessment of what’s going on in the business,” Ms. Sallam said.
Platforms like ThoughtSpot helps automate some of the process, parsing corporate data to find connections and create visualizations. The ability to enter natural-language search terms makes it easier for non-experts to query the data, she said.
ThoughtSpot plans to use the funding to build out its platform, expand in the Europe and Asia-Pacific regions, and grow its R&D centers. The company also is working on tools that help users discover information on the platform, such as a recommendation engine that points employees to popular charts being generated within the company, Mr. Singh said.
Write to [email protected]
Share this: AJEET SINGH ANALYTICS ARTIFICIAL INTELLIGENCE DATA VISUALIZATION THOUGHSPOT Previous MuleSoft Founder Connects with Salesforce in Massive Acquisition Next The Morning Download: AI Startup ThoughtSpot Raises $145 Million | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/08/thoughtspot-raises-145-million-to-expand-ai-driven-analytics-platform/ |
May 25, 2018 / 12:38 PM / Updated 30 minutes ago Putin says some countries using sanctions as part of trade policy Reuters Staff 1 Min Read
ST PETERSBURG, Russia (Reuters) - Russian President Vladimir Putin said on Friday that some countries were using sanctions as part of their trade policy and complained that protectionism was on the rise globally. FILE PHOTO: Russian President Vladimir Putin delivers a speech during a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Grigory Dukor
Putin, speaking at an economic forum in St. Petersburg, said the rules of global trade were being undermined. Reporting by Chistian Lowe and Katya Golubkova; Writing by Maria Tsvetkova; Editing by Andrew Osborn | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-economy-forum-putin-sanctions/putin-says-some-countries-using-sanctions-as-part-of-trade-policy-idUSKCN1IQ1P5 |
California took a major step Wednesday toward becoming the first U.S. state to require solar panels on nearly all new homes.
The California Energy Commission voted 5-0 to approve a requirement that residential buildings up to three stories high, including single-family homes and condos, be built with solar installations starting in 2020.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/california-set-to-require-solar-on-new-homes-1525866318 |
SAO PAULO, May 10, 2018 /PRNewswire/ -- Net operating revenue of BRF reached 8.2 billion BRL in Q1 2018 - an increase of 5% over the same quarter of the previous year. The growth reflects the progress of the volumes sold especially in Brazil, Turkey, China, and Hong Kong, which together have registered a high of 5.7%. Gross profit in the period increased 11.7%, reaching 1.5 billion BRL. Net losses declined 60.2% to 114 million BRL. Adjusted EBITDA totaled 802 million BRL - up 40.7% compared to the same period last year.
In Brazil, the highlight is the volume growth of 9.6%, driven by an increase of 22.5% y/y and 4.7% y/y in the in-natura and processed segments, respectively. In fact, the performance reflects the strategy of offering a portfolio of products more suited to the current reality of consumption in the country, adjusting the trade execution in a market with greater availability of products. In addition, volume was also driven by a larger number of customers, which reached 191,000 points of sale in Q1 2018.
The Muslim market-driven unit OneFoods also recorded a good operational performance in the period, with a total net revenue of 1.8 billion BRL in Q1 2018, an increase of 39.6% over the same quarter of the previous year. When the acquisition of Banvit, in June 2017, is excluded from the analysis, the net revenue shows a growth of 1.4% and a drop of 10.4% in volume. The result reflects the best balance of supply and demand and a local effort for the recovery of margin.
The highlight in the international division, which includes the operations of Asia, Europe, the Americas, and Africa, was the expansion of the adjusted EBITDA margin, with a growth of 8%. In this period, the net revenue totaled 1.08 billion BRL, compared to 943 million BRL recorded in the previous year - a high of 12.9%.
Net revenue in the Southern Cone -- Argentina, Bolivia, Chile, Paraguay, and Uruguay -- increased by 12.4% compared to the previous quarter, reaching 592 million BRL. The index was impacted positively by a growth of 13.2% with the sale of in natura turkey in Chile. On the other hand, the higher cost of the raw material for bovine, turkey, swine and poultry put a pressure on the gross margin of 1.1% in the region.
Logo - http://mma.prnewswire.com/media/154600/brf_logo.jpg
View original content: http://www.prnewswire.com/news-releases/brfs-net-revenue-reaches-r-8-2-billion-in-q1-2018--300646846.html
SOURCE BRF | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-brfs-net-revenue-reaches-r-8-point-2-billion-in-q1-2018.html |
Net income attributable to Prudential Financial of $1.363 billion or $3.14 per Common share versus $1.369 billion or $3.09 per share for year-ago quarter. After-tax adjusted operating income of $1.340 billion or $3.08 per Common share versus $1.237 billion or $2.79 per share for year-ago quarter. Significant items: Net income and adjusted operating income include a net benefit of 3 cents per Common share, in the current quarter and in the year-ago quarter, from items discussed later in this release.
John Strangfeld, Chairman and CEO, commented on results:
“Prudential delivered solid overall results in the first quarter as fundamentals and momentum remain robust. Our strong cash flows and capital position enabled us to return approximately $760 million to shareholders through dividends and share repurchases. As we look to the future, we continue to see solid growth and strong return prospects, while continuing to invest in our businesses to capture long-term opportunities.”
FIRST QUARTER BUSINESS HIGHLIGHTS
Individual Annuities gross sales of $1.7 billion, up 20% from the year-ago quarter. Higher net fees and return on assets reflect record-high average separate account balances and more favorable estimates of the profitability of the business as compared to the year-ago quarter. U.S. Individual Life sales of $125 million, down 14% from the year-ago quarter, reflects lower guaranteed universal life sales from prior year pricing actions partially offset by increases in other product sales, including variable life. Retirement account values of $427.6 billion, up 8% from a year earlier, reflects positive net flows and market appreciation over the past four quarters. Group Insurance sales of $383 million, up 27% from the year-ago quarter, includes increases in market segments targeted for growth. Investment Management segment assets under management of $1.156 trillion includes a record-high $604.8 billion of unaffiliated third-party institutional and retail assets under management, up 11% from a year earlier. Unaffiliated third-party net inflows, excluding money market, totaled $800 million for the current quarter. International Insurance constant dollar basis sales of $745 million, down 17% from the year-ago quarter, reflects elevated sales in the prior year in advance of premium rate increases in Japan. Life Planner count, relatively consistent with the prior year, includes a 4% increase in Japan.
OTHER FINANCIAL HIGHLIGHTS
Returned approximately $760 million to shareholders through Common Stock repurchases and dividends in the first quarter. Book value per Common share, based on generally accepted accounting principles (GAAP), was $120.99 at March 31, 2018, compared to $125.63 at December 31, 2017. Adjusted book value per Common share amounted to $93.55 at March 31, 2018, an increase of $4.88 from December 31, 2017, after payment of a quarterly Common Stock dividend of 90 cents per share. Book value per Common share and adjusted book value per Common share benefited by $0.13 and $2.09, respectively, as a result of implementing Accounting Standards Update (“ASU”) 2016-01, a new accounting standard for equity investments. In addition, both book value per Common share and adjusted book value per Common share as of December 31, 2017 have been adjusted to reflect a $0.39 benefit as a result of eliminating the one-month reporting lag in the Gibraltar Life and Other operations. During the first quarter of 2018, the Company acquired 3.3 million shares of its Common Stock at a total cost of $375 million, for an average price of $112.46 per share, under the December 2017 authorization by Prudential’s Board of Directors to repurchase, at management’s discretion, up to $1.5 billion of the Company’s outstanding Common Stock during the period from January 1, 2018, through December 31, 2018. From the commencement of repurchases in July 2011, through March 31, 2018, the Company has acquired 105 million shares of its Common Stock at a total cost of $8 billion, for an average price of $76.40 per share. Excluding holdings of the Closed Block division, net unrealized gains on general account fixed maturity investments were $27.0 billion at March 31, 2018, compared to $32.0 billion at December 31, 2017; gross unrealized losses were $3.2 billion at March 31, 2018, compared to $1.5 billion at December 31, 2017.
SIGNIFICANT ITEMS
Net income and adjusted operating income each include a pre-tax benefit of $16 million, or 3 cents per Common share, in Individual Annuities to reflect the impact of market performance on deferred policy acquisition and other costs and reserves for guaranteed minimum benefits. In the year-ago quarter, net income and adjusted operating income each included a benefit of $19 million, or 3 cents per Common share, reflecting the impact of market performance on Individual Annuities results.
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE:PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc., was $1.363 billion ($3.14 per Common share) for the first quarter of 2018, compared to $1.369 billion ($3.09 per Common share) for the first quarter of 2017. After-tax adjusted operating income was $1.340 billion ($3.08 per Common share) for the first quarter of 2018, compared to $1.237 billion ($2.79 per Common share) for the first quarter of 2017.
Adjusted operating income does not equate to net income as determined in accordance with GAAP, but is the measure used by the Company to evaluate segment performance and to allocate resources, and is the measure of segment performance presented below. Consolidated adjusted operating income is a non-GAAP measure of financial performance. Adjusted book value is a non-GAAP measure of financial position. These measures are discussed later in this press release under “Forward-Looking Statements and Non-GAAP Measures.” Reconciliations of these measures to the most comparable GAAP measures are provided in the tables that accompany this release.
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include the U.S. Individual Solutions, U.S. Workplace Solutions, Investment Management, and International Insurance divisions, as well as Corporate and Other operations. In the following business-level discussion, adjusted operating income refers to pre-tax results.
U.S. Individual Solutions Division:
The U.S. Individual Solutions division , consisting of the Individual Annuities and Individual Life segments, reported adjusted operating income of $555 million for the first quarter of 2018, compared to $586 million in the year-ago quarter.
INDIVIDUAL ANNUITIES SEGMENT ($ millions) 1Q:18 1Q:17 Adjusted operating income $519 $468 Significant items included above: Impact from updated estimates of profitability driven by market performance in relation to our assumptions $16 $19 The Individual Annuities segment reported adjusted operating income of $519 million in the current quarter, compared to $468 million in the year-ago quarter. Updated estimates of the profitability for this business driven by market performance in relation to our assumptions, resulted in a net benefit of $16 million in the current quarter and a benefit of $19 million in the year-ago quarter.
Excluding the effect of the foregoing items, results for the Individual Annuities segment increased $54 million from the year-ago quarter. This increase reflects higher policy fees, net of associated risk management and other related costs, partially offset by a lower contribution from net investment spread results. The increase in net policy fees was driven by an increase in average variable annuity account values and lower risk management costs. The current quarter contribution from net investment spread included returns on non-coupon investments and prepayment fees that were approximately $5 million below our average expectations, as compared to returns approximately $15 million above our average expectations in the year-ago quarter.
INDIVIDUAL LIFE SEGMENT ($ millions) 1Q:18 1Q:17 Adjusted operating income $36
$118
The Individual Life segment reported adjusted operating income of $36 million for the current quarter, compared to $118 million in the year-ago quarter. The decrease primarily reflects lower underwriting results, including the ongoing impact of the second quarter 2017 annual review and update of actuarial assumptions and other refinements, and a lower contribution from net investment spread results. The current quarter claims experience, inclusive of reinsurance, associated reserve updates and amortization, was approximately $45 million less favorable than our average expectations in comparison to approximately $50 million less favorable than our average expectations in the year-ago quarter. In addition, underwriting results included a negative impact of approximately $20 million from current quarter updates of reserves. The contribution from net investment spread in the current quarter included returns on non-coupon investments and prepayment fees approximately $10 million below our average expectations, as compared to returns approximately $15 million above our average expectations in the year-ago quarter.
U.S. Workplace Solutions Division:
The U.S. Workplace Solutions division , consisting of the Retirement and Group Insurance segments, reported adjusted operating income of $372 million for the first quarter of 2018, compared to $431 million in the year-ago quarter.
RETIREMENT SEGMENT ($ millions) 1Q:18 1Q:17 Adjusted operating income $317 $397 The Retirement segment reported adjusted operating income of $317 million for the current quarter, compared to $397 million in the year-ago quarter. This decrease reflects a lower contribution from net investment spread results and higher expenses, partially offset by a more favorable contribution from case experience. The current quarter contribution from net investment spread included returns on non-coupon investments and prepayment fees that were approximately $20 million below our average expectations, as compared to returns approximately $65 million above our average expectations in the year-ago quarter. The current quarter contribution to results from case experience was approximately $55 million more favorable than our average expectations in comparison to approximately $50 million more favorable than our average expectations in the year-ago quarter.
GROUP INSURANCE SEGMENT ($ millions) 1Q:18 1Q:17 Adjusted operating income $55
$34
The Group Insurance segment reported adjusted operating income of $55 million in the current quarter, compared to $34 million in the year-ago quarter. The increase reflects more favorable underwriting results, partially offset by a lower contribution from net investment spread results and higher expenses.
Investment Management Division:
Investment Management reported adjusted operating income of $232 million for the current quarter, compared to $196 million in the year-ago quarter.
INVESTMENT MANAGEMENT ($ millions) 1Q:18 1Q:17 Adjusted operating income $232 $196 The increase in Investment Management adjusted operating income was driven by higher asset management fees, reflecting an increase in assets under management primarily from fixed income net inflows and equity market appreciation. In addition, results reflect a $16 million higher contribution from the segment’s incentive, transaction, strategic investing and commercial mortgage activities, which amounted to $45 million for the current quarter. These increases were partially offset by higher expenses.
International Insurance Division:
The International Insurance division reported adjusted operating income of $856 million for the first quarter of 2018, as compared to $799 million in the year-ago quarter.
LIFE PLANNER OPERATIONS ($ millions) 1Q:18 1Q:17 Adjusted operating income $416 $408 Adjusted operating income of Life Planner operations was $416 million for the current quarter, compared to $408 million in the year-ago quarter. This increase was primarily driven by business growth, partially offset by a lower contribution from net investment spread results and higher expenses. The current quarter contribution from net investment spread results included returns on non-coupon investments and prepayment fees approximately $5 million below our average expectations in comparison to returns approximately $10 million above our average expectations in the year-ago quarter. Claims experience was approximately $15 million less favorable than our average expectations in both the current quarter and year-ago quarter. Foreign currency exchange rates had a negligible impact on results in comparison to the year-ago quarter.
GIBRALTAR LIFE AND OTHER OPERATIONS ($ millions) 1Q:18 1Q:17 Adjusted operating income $440 $391 Adjusted operating income of Gibraltar Life and Other operations was $440 million for the current quarter, compared to $391 million in the year-ago quarter. This increase primarily reflects seasonally higher earnings previously reported in the second quarter now being reflected in the first quarter due to the elimination of a one-month reporting lag. In addition, current quarter results benefited from more favorable policy benefits experience and business growth, partially offset by a lower contribution from net investment spread results. The current quarter contribution from net investment spread results included returns on non-coupon investments and prepayment fees approximately $10 million below our average expectations in comparison to returns approximately $5 million above our average expectations in the year-ago quarter. Foreign currency exchange rates had a negligible impact on results in comparison to the year-ago quarter.
Corporate and Other Operations:
Corporate and Other operations reported a loss, on an adjusted operating income basis, of $294 million in the first quarter of 2018, compared to a loss of $352 million in the year-ago quarter.
CORPORATE AND OTHER OPERATIONS ($ millions) 1Q:18 1Q:17 Adjusted operating income $(294) $(352) The decreased loss compared to the year-ago quarter primarily reflects lower net expenses in the current quarter, including lower costs for employee benefit and compensation plans tied to equity market returns, and higher income from the qualified pension plan, partially offset by lower net investment income.
ASSETS UNDER MANAGEMENT
Assets under management amounted to $1.389 trillion at March 31, 2018, compared to $1.299 trillion a year earlier.
NET INCOME AND INVESTMENT PORTFOLIO
Net income attributable to Prudential Financial, Inc. amounted to $1.363 billion for the first quarter of 2018, compared to $1.369 billion for the year-ago quarter.
Current quarter net income includes $64 million of pre-tax net realized investment gains and related charges and adjustments. The foregoing net gains include net pre-tax gains of $340 million from products that contain embedded derivatives or guarantees and associated hedging activities, largely driven by the impact of widening credit spreads on our risk of non-performance, and net pre-tax gains of $28 million from general portfolio and related activities. The foregoing gains were partially offset by net pre-tax losses of $269 million primarily related to derivatives used for risk management including foreign currency and asset and liability duration management and other risk mitigation activities, and $35 million from impairments and sales of credit-impaired investments.
Net income for the current quarter reflects a pre-tax decrease of $403 million in recorded asset values and a pre-tax decrease of $418 million in recorded liabilities representing changes in value which are expected to ultimately accrue to contractholders. These changes primarily represent mark-to-market adjustments.
Net income for the current quarter also reflects a pre-tax loss of $81 million from divested businesses, primarily related to derivatives used for asset and liability duration management in the Long-Term Care business.
Net income for the year-ago quarter included $38 million of pre-tax net realized investment gains and related charges and adjustments. The foregoing gains include pre-tax gains of $180 million from general portfolio and related activities and $48 million from products that contain embedded derivatives or guarantees and associated derivative portfolios that are part of a hedging program related to the risks of these products. The foregoing gains were partially offset by pre-tax losses of $171 million primarily related to derivatives used in risk management activities including foreign currency and asset and liability duration management and $19 million from impairments and sales of credit-impaired investments.
Excluding holdings of the Closed Block division, gross unrealized losses on general account fixed maturity investments at March 31, 2018 amounted to $3.239 billion, including $2.803 billion on high and highest quality securities based on NAIC or equivalent ratings, and amounted to $1.507 billion at December 31, 2017. Net unrealized gains on these investments amounted to $26.990 billion at March 31, 2018, compared to $32.013 billion at December 31, 2017.
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES
Certain of the statements included in this release constitute within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.
Consolidated adjusted operating income and adjusted book value are non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in this release.
Adjusted operating income excludes “Realized investment gains (losses), net,” as adjusted, and related charges and adjustments. A significant element of realized investment gains and losses are impairments and credit-related and interest rate-related gains and losses. Impairments and losses from sales of credit-impaired securities, the timing of which depends largely on market credit cycles, can vary considerably across periods. The timing of other sales that would result in gains or losses, such as interest rate-related gains or losses, is largely subject to our discretion and influenced by market opportunities as well as our tax and capital profile.
Realized investment gains (losses) within certain of our businesses for which such gains (losses) are a principal source of earnings, and those associated with terminating hedges of foreign currency earnings and current period yield adjustments are included in adjusted operating income. Adjusted operating income generally excludes realized investment gains and losses from products that contain embedded derivatives, and from associated derivative portfolios that are part of an asset-liability management program related to the risk of those products. However, the effectiveness of our hedging program will ultimately be reflected in adjusted operating income over time. Adjusted operating income also excludes gains and losses from changes in value of certain assets and liabilities relating to foreign currency exchange movements that have been economically hedged or considered part of our capital funding strategies for our international subsidiaries, as well as gains and losses on certain investments that are designated as trading. Additionally, adjusted operating income excludes the changes in fair value of equity securities that are recorded in net income beginning on January 1, 2018 as a result of the adoption of ASU 2016-01.
Adjusted operating income also excludes investment gains and losses on assets supporting experience-rated contractholders liabilities and changes in experience-rated contractholder liabilities due to asset value changes, because these recorded changes in asset and liability values are expected to ultimately accrue to contractholders. In addition, adjusted operating income excludes the results of divested businesses, which are not relevant to our ongoing operations. Discontinued operations and earnings attributable to noncontrolling interests, each of which is presented as a separate component of net income under GAAP, are also excluded from adjusted operating income. The tax effect associated with pre-tax adjusted operating income is based on applicable IRS and foreign tax regulations inclusive of pertinent adjustments.
Adjusted book value is calculated as total equity (GAAP book value) excluding accumulated other comprehensive income (loss), the cumulative effect of foreign currency exchange rate remeasurements and currency translation adjustments corresponding to realized investment gains and losses, and as of December 31, 2017 certain deferred taxes resulting from the change in the U.S. tax rate enacted with the Tax Cuts and Jobs Act. These items are excluded in order to highlight the book value attributable to our core business operations separate from the portion attributable to external and potentially volatile capital and currency market conditions.
We believe that our use of these non-GAAP measures helps investors understand and evaluate the Company’s performance and financial position. The presentation of adjusted operating income as we measure it for management purposes enhances the understanding of the results of operations by highlighting the results from ongoing operations and the underlying profitability of our businesses. Trends in the underlying profitability of our businesses can be more clearly identified without the fluctuating effects of the items described above. Adjusted book value augments the understanding of our financial position by providing a measure of net worth that is primarily attributable to our business operations separate from the portion that is affected by capital and currency market conditions and by isolating the accounting impact associated with insurance liabilities that are generally not marked to market and the supporting investments that are marked to market through accumulated other comprehensive income under GAAP. However, adjusted operating income and adjusted book value are not substitutes for income and equity determined in accordance with GAAP, and the adjustments made to derive these measures are important to an understanding of our overall results of operations and financial position. The schedules accompanying this release provide a reconciliation of adjusted operating income to net income in accordance with GAAP and a reconciliation of adjusted book value to GAAP book value. The information referred to above, as well as the risks of our businesses described in our Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent Quarterly Reports on Form 10-Q, should be considered by readers when reviewing contained in this release. Additional historic information relating to our financial performance is located on our Web site at www.investor.prudential.com .
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference call on Thursday, May 3, 2018, at 11 a.m. ET, to discuss with the investment community the Company’s first quarter results. The conference call and an accompanying slide presentation will be broadcast live over the Company’s Investor Relations Web site at www.investor.prudential.com . Please log on 15 minutes early in the event necessary software needs to be downloaded. The call will remain on the Investor Relations Web site for replay through May 18. Institutional investors, analysts, and other members of the professional financial community are invited to listen to the call and participate in Q&A by dialing (877) 777-1971 (domestic callers) or (612) 332-0226 (international callers). All others are encouraged to dial into the conference call in listen-only mode, using the same numbers. To listen to a replay of the conference call starting at 2 p.m. on May 3, through May 10, dial (800) 475-6701 (domestic callers) or (320) 365-3844 (international callers). The access code for the replay is 439433.
Prudential Financial, Inc. (NYSE: PRU) , a financial services leader with more than $1 trillion of assets under management as of March 31, 2018, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com .
Financial Highlights (in millions, unaudited) Three Months Ended March 31
2018 2017 Income Statement Data: Net income attributable to Prudential Financial, Inc. $ 1,363 $ 1,369 Income attributable to noncontrolling interests 1 3 Net income 1,364 1,372 Less: Earnings attributable to noncontrolling interests 1 3 Income attributable to Prudential Financial, Inc. 1,363 1,369 Less: Equity in earnings of operating joint ventures, net of taxes and earnings attributable to noncontrolling interests 22 22 Income (after-tax) before equity in earnings of operating joint ventures 1,341 1,347 Less: Reconciling Items: Realized investment gains, net, and related charges and adjustments 64 38 Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net (403 ) 44 Change in experience-rated contractholder liabilities due to asset value changes 418 (12 ) Divested businesses: Closed Block Division (9 ) 34 Other divested businesses (72 ) 6 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (26 ) (28 ) Total reconciling items, before income taxes (28 ) 82 Less: Income taxes, not applicable to adjusted operating income (29 ) (28 ) Total reconciling items, after income taxes 1 110 After-tax adjusted operating income (1) 1,340 1,237 Income taxes, applicable to adjusted operating income 381 423 Adjusted operating income before income taxes (1) $ 1,721 $ 1,660 See footnotes on last page. Financial Highlights (in millions, except per share data, unaudited) Three Months Ended March 31 2018 2017 Earnings per share of Common Stock (diluted): Net income attributable to Prudential Financial, Inc. $ 3.14 $ 3.09 Less: Reconciling Items: Realized investment gains, net, and related charges and adjustments 0.15 0.09 Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net (0.94 ) 0.10 Change in experience-rated contractholder liabilities due to asset value changes 0.97 (0.03 ) Divested businesses: Closed Block Division (0.02 ) 0.08 Other divested businesses (0.17 ) 0.01 Difference in earnings allocated to participating unvested share-based payment awards - - Total reconciling items, before income taxes (0.01 ) 0.25 Less: Income taxes, not applicable to adjusted operating income (0.07 ) (0.05 ) Total reconciling items, after income taxes 0.06 0.30 After-tax adjusted operating income $ 3.08 $ 2.79 Weighted average number of outstanding Common shares (basic) 422.0 429.9 Weighted average number of outstanding Common shares (diluted) 430.9 439.1 Earnings related to interest, net of tax, on exchangeable surplus notes $ 5 $ 4 Earnings allocated to participating unvested share-based payment awards for earnings per share calculation:
Net income $ 16 $ 16 After-tax adjusted operating income $ 16 $ 15 Prudential Financial, Inc. Equity (as of end of period): GAAP book value (total PFI equity) at end of period (7) $ 51,830 $ 46,951 Less: Accumulated other comprehensive income (AOCI) 14,761 14,643 GAAP book value excluding AOCI (7) 37,069 32,308 Less: Cumulative effect of foreign exchange rate remeasurement and currency translation adjustments corresponding to realized gains/losses
(2,892 ) (3,060 ) Adjusted book value (7) 39,961 35,368 Number of diluted shares at end of period (2) 432.5 435.8 GAAP book value per Common share - diluted (3)(7) 120.99 107.46 GAAP book value excluding AOCI per share - diluted (4)(7) 86.86 74.13 Adjusted book value per Common share - diluted (4)(7) 93.55 81.15 Adjusted operating income before income taxes, by Segment (1): Individual Annuities $ 519 $ 468 Individual Life 36 118 Total U.S. Individual Solutions Division 555 586 Retirement 317 397 Group Insurance 55 34 Total U.S. Workplace Solutions Division 372 431 Investment Management 232 196 Total Investment Management Division 232 196 International Insurance 856 799 Total International Insurance Division 856 799 Corporate and Other operations (294 ) (352 ) Adjusted operating income before income taxes 1,721 1,660 Reconciling Items: Realized investment gains, net, and related charges and adjustments 64 38 Investment gains (losses) on assets supporting experience-rated contractholder liabilities, net (403 ) 44 Change in experience-rated contractholder liabilities due to asset value changes 418 (12 ) Divested businesses: Closed Block Division (9 ) 34 Other divested businesses (72 ) 6 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (26 ) (28 ) Total reconciling items, before income taxes (28 ) 82 Income before income taxes and equity in earnings of operating joint ventures for Prudential Financial, Inc. $ 1,693 $ 1,742 See footnotes on last page. Financial Highlights (in millions, or as otherwise noted, unaudited) Three Months Ended March 31 2018 2017 U.S. Individual Solutions Division: Fixed and Variable Annuity Sales and Account Values: Gross sales $ 1,724 $ 1,440 Net redemptions $ (1,171 ) $ (913 ) Total account value at end of period $ 164,651 $ 160,319 Individual Life Insurance Annualized New Business Premiums (5): Term life $ 49 $ 49 Guaranteed Universal life 21 53 Other Universal life 26 21 Variable life 29 23 Total $ 125 $ 146 U.S. Workplace Solutions Division: Retirement Segment: Full Service: Deposits and sales $ 9,922 $ 6,736 Net additions $ 1,768 $ 46 Total account value at end of period $ 236,120 $ 210,400 Institutional Investment Products: Gross additions $ 688 $ 4,042 Net withdrawals $ (4,201 ) $ (199 ) Total account value at end of period $ 191,518 $ 185,115 Group Insurance Annualized New Business Premiums (5): Group life $ 243 $ 186 Group disability 140 115 Total $ 383 $ 301 Investment Management Division: Investment Management Segment: Assets managed by Investment Management (in billions, as of end of period): Institutional customers $ 489.6 $ 445.2 Retail customers 246.2 217.6 General account 420.0 406.1 Total Investment Management $ 1,155.8 $ 1,068.9 Institutional Customers - Assets Under Management (in billions): Gross additions, other than money market $ 19.4 $ 15.9 Net additions (withdrawals), other than money market $ (0.2 ) $ 0.5 Retail Customers - Assets Under Management (in billions): Gross additions, other than money market $ 14.6 $ 13.0 Net additions, other than money market $ 1.0 $ 0.1 International Insurance Division: International Insurance Annualized New Business Premiums (5)(6): Actual exchange rate basis $ 758 $ 891 Constant exchange rate basis $ 745 $ 894 See footnotes on last page. Financial Highlights (in billions, as of end of period, unaudited) Three Months Ended March 31 2018
2017
Assets and Asset Under Management Information: Total assets (7) $ 829.7 $ 797.6 Assets under management (at fair market value): U.S. Individual Solutions Division 115.7 119.1 U.S. Workplace Solutions Division 86.2 84.3 Investment Management Division 1,155.8 1,068.9 International Insurance Division 30.8 26.5 Total assets under management 1,388.5 1,298.8 Client assets under administration 218.4 185.2 Total assets under management and administration $ 1,606.9 $ 1,484.0 See footnotes on last page. (1) Adjusted operating income is a non-GAAP measure of performance. See FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES within the earnings release for additional information. Adjusted operating income, when presented at the segment level, is also a segment performance measure. This segment performance measure, while not a traditional U.S. GAAP measure, is required to be disclosed by U.S. GAAP in accordance with FASB Accounting Standard Codification (ASC) 280 – Segment Reporting. When presented by segment, we have prepared the reconciliation of adjusted operating income to the corresponding consolidated U.S. GAAP total in accordance with the disclosure requirements as articulated in ASC 280. (2) Diluted shares as of March 31, 2018 include 5.88 million shares due to the dilutive impact of conversion of exchangeable surplus notes (“ESNs”) when book value per common share (i.e., book value per common share, book value excluding AOCI per share and adjusted book value per common share) is greater than $85.00. Diluted shares as of March 31, 2017 do not include shares related to ESNs due to the antidilutive impact of conversion of ESNs when book value per common share (i.e., book value excluding AOCI per share and adjusted book value per common share) is less than $86.92. (3) Reflecting the dilutive impact of ESNs when book value per common share is greater than $85.00, to calculate book value per common share as of March 31, 2018, equity is increased by $500 million and diluted shares include 5.88 million shares. As of March 31, 2017, book value per common share includes a $500 million increase in equity and a 5.75 million increase in diluted shares, reflecting the dilutive impact of ESNs when book value per common share is greater than $86.92. (4) The exchangeable surplus notes are subject to customary antidilution adjustments and the exchange rate is accordingly revalued in the fourth quarter of each year. Reflecting the dilutive impact of ESNs when book value per common share is greater than $85.00, to calculate book value excluding AOCI per share and adjusted book value per common share as of March 31, 2018, equity is increased by $500 million and diluted shares include 5.88 million shares. As of March 31, 2017, the conversion of ESNs is antidilutive as book value excluding AOCI per share and adjusted book value per common share is less than $86.92. (5) Premiums from new sales are expected to be collected over a one-year period. Group insurance annualized new business premiums exclude new premiums resulting from rate changes on existing policies, from additional coverage issued under our Servicemembers' Group Life Insurance contract, and from excess premiums on group universal life insurance that build cash value but do not purchase face amounts. Group insurance annualized new business premiums include premiums from the takeover of claim liabilities. Excess (unscheduled) and single premium business for the company's domestic individual life and international insurance operations are included in annualized new business premiums based on a 10% credit. (6) Actual amounts reflect the impact of currency fluctuations. Constant amounts reflect foreign denominated activity translated to U.S. dollars at uniform exchange rates for all periods presented, including Japanese yen 111 per U.S. dollar and Korean won 1,150 per U.S. dollar. U.S. dollar-denominated activity is included based on the amounts as transacted in U.S. dollars. (7) In the first quarter of 2018, the Company eliminated the one-month reporting lag for balance sheet and results of operations of Gibraltar Life Insurance Company, Ltd. (“Gibraltar Life”) consolidated operations. As a result, prior period amounts include an increase resulting from the elimination of Gibraltar Life's one-month reporting lag.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006330/en/
MEDIA:
Prudential Financial, Inc.
Laura Burke, 973-802-9489
[email protected]
Source: Prudential Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-prudential-financial-inc-announces-first-quarter-2018-results.html |
May 15 (Reuters) - Soros Fund Management:
* SOROS FUND MANAGEMENT TAKES SHARE STAKE IN AMERICAN EXPRESS TO 181,847 SHARES - SEC FILING
* SOROS FUND MANAGEMENT UPS SHARE STAKE IN BANK OF AMERICA TO 2.4 MILLION SHARES FROM 264,600 SHARES - SEC FILING
* SOROS FUND MANAGEMENT REPORTS SHARE STAKE IN NEW YORK TIMES OF 126,400 SHARES - SEC FILING
* SOROS FUND MANAGEMENT DISSOLVES SHARE STAKE IN QUALCOMM - SEC FILING
* SOROS FUND MANAGEMENT CUTS SHARE STAKE IN URBAN OUTFITTERS TO 569,339 SHARES FROM ABOUT 1 MILLION SHARES - SEC FILING
* SOROS FUND MANAGEMENT DISSOLVES SHARE STAKE IN TWITTER - SEC FILING
* SOROS FUND MANAGEMENT UPS SHARE STAKE IN ADVANCED MICRO DEVICES TO 392,000 SHARES FROM 26,300 SHARES - SEC FILING
* SOROS FUND MANAGEMENT REPORTS SHARE STAKE IN AIG OF 298,763 SHARES - SEC FILING
* SOROS FUND MANAGEMENT UPS SHARE STAKE IN COTY TO 1.1 MILLION CLASS A SHARES FROM 130,100 CLASS A SHARES - SEC FILING
* SOROS FUND MANAGEMENT - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source For the quarter ended Mar 31, 2018: bit.ly/2L5ptEX Source For the quarter ended Dec 31, 2017: bit.ly/2C2PHH3
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-soros-fund-management-dissolves-sh/brief-soros-fund-management-dissolves-share-stake-qualcomm-twitter-idUSFWN1SM1EK |
The Meghan Markle effect has spread to yellow gold jewelry, helping boost United States sales in the first quarter of 2018 with further gains expected, jewelers said.
The first three months of the year were the strongest first quarter for gold jewelry demand in the United States since 2009, according to the World Gold Council. Sellers say that is due in no small part to the public's fascination with American actor Meghan Markle, who was engaged to Britain's Prince Harry last November and who married him in a dazzling ceremony on Saturday.
Meghan, Duchess of Sussex, favors yellow gold. Around that time (of the engagement), we started seeing more sales of yellow gold and the last couple months its increased more," David Borochov, of New York-based R&R Jewelers, said on Thursday.
show chapters 29.2 million US viewers tuned in for the royal wedding 4:38 PM ET Mon, 21 May 2018 | 01:54 Yellow gold jewelry sales have risen about 30 percent this year. For the last 15 years, white gold, silver, and platinum have been the metals of choice for jewelry and couples tying the knot, jewelers said.
Over the last few years, rose gold has become a favorite, while yellow gold was considered outdated. Borochov said he typically sells about 70 to 80 percent in white gold and platinum, and 20 to 30 percent in yellow and rose gold. He expects the latter to increase.
"We saw an increase of about 20 percent (in yellow gold jewelry sales) from the beginning of the year," said Nerik Shimunov, owner of Crown Jewelers in New York, which specializes in custom jewelry pieces for celebrities. Meghan and Harry told the BBC in November that yellow gold is her favorite; her engagement ring is set in that metal.
Gold jewelry sales at Chicago-based Daniel Levy Jewelry increased by 10 percent after the engagement, primarily because of the surplus of white gold, said Daniel Levy, though he noted a recognizable shift to yellow gold.
Celebrity purchases influence jewelry sales, said Alistair Hewitt, the World Gold Councils director of market intelligence. Council research from 2016 found that 22 percent of U.S. women buying jewelry or luxury fashion were inspired by magazines and newspapers, with another 11 percent citing influence from celebrities. It would not be surprising to see the coverage of the royal wedding including the choice of engagement ring and wedding band influence shoppers behavior, he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/meghan-markle-makes-gold-sales-sparkle.html |
April 30, 2018 / 10:11 AM / 3 days ago BRIEF-U.S. Concrete Announces Qtrly Loss Per Share $0.23 Reuters Staff
April 30 (Reuters) - US Concrete Inc: * U.S. CONCRETE ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 ADJUSTED EARNINGS PER SHARE $0.18 FROM CONTINUING OPERATIONS
* Q1 REVENUE $327.8 MILLION VERSUS I/B/E/S VIEW $320.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.47 — THOMSON REUTERS I/B/E/S
* QTRLY LOSS PER SHARE $0.23 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-us-concrete-announces-qtrly-loss-p/brief-u-s-concrete-announces-qtrly-loss-per-share-0-23-idUKASC09Y59 |
WASHINGTON—Secretary of State Mike Pompeo on Tuesday lifted a hiring freeze at the department, reversing an unpopular policy introduced by his predecessor, Rex Tillerson.
A State Department official said the move applied to both foreign-service and civil-service job classifications and would allow hiring to resume at current funding levels.
‘’This... | ashraq/financial-news-articles | https://www.wsj.com/articles/mike-pompeo-lifts-state-department-hiring-freeze-1526406261 |
May 2 (Reuters) - CAPITAL BANK OF JORDAN:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 7 MILLION DINARS VERSUS 3.5 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 13.9 MILLION DINARS VERSUS 11.8 MILLION DINARS YEAR AGO Source:( bit.ly/2HJsgS1 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-bank-of-jordan-q1-profit-r/brief-capital-bank-of-jordan-q1-profit-rises-idUSFWN1S901O |
WASHINGTON—The White House on Wednesday announced a new acting secretary at the Department of Veterans Affairs, ending days of confusion about who is in charge of the massive federal agency.
Peter O’Rourke, the VA’s chief of staff, replaces Robert Wilkie, who President Donald Trumphas nominated to become VA secretary. Mr. O’ Rourke was elevated to the acting secretary position on Tuesday, according to an announcement from the White House released Wednesday morning.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/veterans-affairs-department-gets-a-new-acting-secretary-1527710916 |
Venezuela, Iran worries@
* WTI rises above $70 per barrel, Brent jumps over $75 a barrel
* Economic crisis in Venezuela threatens its oil exports
* U.S. deadline over Iran looms on May 12
* But highest U.S. oil drilling since 2015 holds market back (Re-leads with WTI above $70, adds Venezuela detail)
SINGAPORE, May 7 (Reuters) - U.S. oil prices rose above $70 a barrel on Monday for the first time since November 2014, as a deepening economic crisis in Venezuela threatened the country's already tumbling oil supplies.
The concerns added to worries over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, keeping international oil markets on edge.
U.S. West Texas Intermediate (WTI) crude futures rose 0.7 percent to trade at $70.18 per barrel at 0242 GMT, up 46 cents from their last settlement.
Brent crude oil futures were at $75.22 per barrel, up 35 cents, or 0.5 percent from their last close.
Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports.
Shannon Rivkin, investment director of Australia's Rivkin Securities, said that oil prices had been driven up due to "growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration."
U.S. oil firm ConocoPhillips has moved to take key Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award, actions that could further impair PDVSA's declining oil production and exports.
Venezuela's oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry.
Beyond Venezuela's woes Greg McKenna, chief market strategist at futures brokerage AxiTrader, said "the big story this week is going to be about oil and the Iran Nuclear deal." Most market participants expect Trump to withdraw from the pact, he said.
Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran's nuclear program.
Expressing doubts over Iran's sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran's oil exports.
Some traders, however, are becoming cautious about ever higher oil prices.
Hedge funds cut their net long U.S. crude futures and options positions in the week to May 1 by 11,825 contracts to 444,060, according to the U.S. Commodity Futures Trading Commission.
Looming over markets is surging U.S. output <C-OUT-T-EIA>, which has soared by more than a quarter in the last two years, to 10.62 million bpd.
U.S. output will likely rise further this year, towards or past Russia's 11 million bpd, as its energy firms keep drilling for more.
U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.
(Reporting by Henning Gloystein; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/reuters-america-update-2-u-s-oil-rises-above-70-for-first-time-since-nov-2014-on-venezuela-iran-worries.html |
PARIS--(BUSINESS WIRE)-- Regulatory News:
ESI Group (Paris:ESI) (FR0004110310 – ESI), leader and pioneer in Virtual Prototyping solutions, announces today the appointment of Olfa Zorgati as Chief Financial Officer (CFO), effective June 4, 2018. This nomination, key for the company’s transformation, completes ESI’s Group Executive Committee.
“I’m excited to join ESI Group and be a part of a seasoned team at such a pivotal period for the company on the path of transformation” said Olfa Zorgati. “ESI has a great opportunity in the market as the company accelerates its unique positioning in the Product Performance Lifecycle TM market with its solution of Hybrid Twin TM .”
Olfa brings almost 20 years of experience in international management roles; both financial and operational. Most recently with MetaPack, a London-based SaaS business and a global leader in e-commerce delivery management systems, she was in the past two years overseeing all the financial reporting for the company. Prior to this, Olfa was CFO, then Chief Operating Officer (COO), at VentureBeat in San Francisco, USA, the leading source for news & research on technology innovation. There she played a key role in a business model shift (subscription vs advertising revenues) that led to an exponential growth period. Her focus during those years, was to introduce agile practices and transform internal business processes. Among other positions, she spent 3 years with Ventadis, an independent multi-channel retail group (M6 Group) and 7 years with the Vivendi Group where she held various positions in finance and M&A. Olfa started her career at Societe Generale in M&A.
Olfa holds a Master of Business Administration from HEC Paris, an international business school, and has developed a broad experience, as a transformational and data-driven manager, in e-commerce & Media and in SaaS enabler technology businesses. She has worked in high profile roles for global, multi-billion European companies and fast-growing start-ups and delivered outstanding results in these high pressurized environments.
“Olfa Zorgati will bring the benefit of her experience in financial and operational functions, both in France and internationally. We are delighted that she is joining our top management team, and truly believe that her skills and expertise will prove invaluable to ESI Group as we drive our transformation to become the indisputable Virtual Prototyping partner of our clients in their Industry 4.0 journey. She will lead ESI’s ongoing efforts to foster growth, improve performance, and enhance shareholder value.” commented Alain de Rouvray, Chairman, CEO and founder of ESI Group.
About ESI Group
ESI Group is a leading innovator in Virtual Prototyping software and services. Specialist in material physics, ESI has developed a unique proficiency in helping industrial manufacturers replace physical prototypes by virtual prototypes, allowing them to virtually manufacture, assemble, test and pre-certify their future products. Coupled with the latest technologies, Virtual Prototyping is now anchored in the wider concept of the Product Performance Lifecycle TM , which addresses the operational performance of a product during its entire lifecycle, from launch to disposal. The creation of Hybrid Twin TM , leveraging simulation, physics and data analysis, enables manufacturers to deliver smarter and connected products, to predict product performance and to anticipate maintenance needs.
ESI is a French company listed in compartment B of Euronext Paris. Present in more than 40 countries, and addressing every major industrial sector, ESI Group employs about 1200 high-level specialists around the world and reported annual sales of €135 million in 2017.
For further information, go to www.esi-group.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531006063/en/
Investor Relations
ESI Group
Corinne Romefort-Régnier / Justine Brosset
+33 1 53 65 14 41
or
NewCap
Emmanuel Huynh
Louis-Victor Delouvrier, +33 1 44 71 98 53
or
Press Relations
ESI Group
Florence Barré, + 33 1 53 65 14 51
Source: ESI Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-esi-group-announces-the-nomination-of-olfa-zorgati-as-chief-financial-officer.html |
(Reuters) - The NSE Nifty index ended marginally lower after volatile trading on Wednesday, while the BSE Sensex was nearly flat, as IT stocks and public sector lenders weighed on sentiment but auto stocks rose, boosted by strong monthly sales.
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files BSE Sensex closed up 0.05 percent at 35,176.42.
The broader NSE Nifty ended 0.20 percent lower at 10,718.05, with Vedanta Ltd and HCL Technologies among the top percentage losers.
Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair
| ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-nifty-little-changed-auto-stocks-shine-idINKBN1I30O1 |
* Iran says US lacks courage for military fight
* France sees risk of boosting Iran hardliners
* Pompeo demands end to Iranian regional activity
* Zarif criticises Pompeo remarks as indecent
* Graphic: tmsnrt.rs/2rvkaq6 (Adds Guard, Pompeo remarks)
By Bozorgmehr Sharafedin
LONDON, May 23 (Reuters) - Iran on Wednesday launched a fresh barrage of criticism at U.S. demands for sweeping change in its foreign policy and nuclear programme, and Tehran’s ally Damascus flatly dismissed a U.S. call for a withdrawal of Iranian forces from Syria.
Iran’s Revolutionary Guard Corps (IRGC) said the U.S. government would be defeated like Iraq’s deposed leader Saddam Hussein if it attacked Iran, Iranian state TV reported.
France, one of several European powers dismayed by the U.S. withdrawal from a 2015 nuclear accord, said Washington’s method of adding more sanctions on Tehran would reinforce the country’s dominant hardliners.
U.S. Secretary of State Mike Pompeo on Monday threatened Iran with “the strongest sanctions in history” if it did not curb its regional influence, accusing Tehran of supporting armed groups in countries such as Syria, Lebanon and Yemen.
Pompeo was speaking two weeks after President Donald Trump pulled out of an international nuclear deal with Iran that had lifted sanctions on Iran in exchange for curbs to its nuclear programme. European powers see the accord as the best chance of stopping Tehran acquiring a nuclear weapon.
Iran’s Foreign Minister Mohammad Javad Zarif said Pompeo had repeated old allegations against Tehran “only with a stronger and more indecent tone”.
“Mr Pompeo and other U.S. officials in the current administration are prisoners of their wrong illusions, prisoners of their past and have been taken hostage by corrupt pressure groups,” he told state television.
A senior Iranian military official, Major General Mohammad Bagheri, said Iran would not bow to Washington’s pressure to limit its military activities. The United States “does not have the courage for military confrontation and face-to-face war with Iran,” he said.
The elite Guard said in a statement: “The American leaders ... have got this message that if they attack Iran, they will encounter a fate similar to that of Saddam Hussein.”
“ENDANGERING THE REGION” In Damascus, Syria’s deputy foreign minister dismissed the notion of a withdrawal of Iranian forces.
In Syria’s seven-year-old conflict, Iran has provided vital support to President Bashar al-Assad’s military. Its forces and the militias it backs from the region, including Lebanon’s Hezbollah, helped Damascus claw back control of major cities from militants and rebels.
“Whether Iranian forces or Hezbollah withdraw or stay in Syria is not up for discussion because it’s the (business) of the Syrian government,” Lebanon’s al-Mayadeen TV cited Faisal Mekdad as saying.
Pompeo on Wednesday told a House Foreign Affairs Committee hearing that the administration intended to work with “as many partners, friends and allies as possible” to stop what he described as all of Tehran’s nuclear and non-nuclear threats.
In Paris, France’s foreign minister said the U.S. decision to scrap the Iran nuclear deal and implement a tough strategy on the country would strengthen Tehran’s hardliners and endanger the region.
“We disagree with the method because this collection of sanctions which will be set up against Iran will not enable dialogue and, on the contrary, it will reinforce the conservatives and weaken President Rouhani. This posture risks endangering the region more,” Jean-Yves Le Drian told France Inter radio.
He said Paris would continue to implement the agreement even if it did agree with the United States that Iran’s ballistic missile activity and regional hegemonic ambitions needed to be curbed.
He said Paris shared Washington’s concerns over Iran’s ballistic missile “frenzy” and regional ambitions, but the 2015 nuclear deal was the best chance of stopping Tehran developing a nuclear bomb.
Deputy foreign ministers of the remaining parties to the accord - Britain, China, France, Germany and Russia - will meet their Iranian counterpart on Friday in Vienna.
The meeting will assess what can be done to keep the deal and circumvent extraterritorial American sanctions that are impacting foreign business appetite for Iran.
Additional reporting by John Irish in Paris and Parisa Hafezi in Ankara, Ellen Francis in Beirut, Editing by William Maclean, Janet Lawrence and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear/wrapup-2-iran-steps-up-broadsides-against-us-syria-signals-iran-wont-leave-idUSL5N1SU51U |
May 10 (Reuters) - Goosehead Insurance Inc:
* MICHAEL C. COLBY REPORTS 14.04 PERCENT STAKE IN GOOSEHEAD INSURANCE INC AS OF MAY 1 - SEC FILING Source text: ( bit.ly/2jMfPus ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-michael-colby-reports-1404-pct-sta/brief-michael-colby-reports-14-04-pct-stake-in-goosehead-insurance-idUSFWN1SH1NK |
(Changes day from Tuesday to Thursday in first paragraph)
LONDON, May 31 (Reuters) - Investors returned to the Italian government bond market on Thursday, forcing the country’s borrowing costs lower, on increased expectations an early election could be avoided and a political crisis could ease.
Italy searched for a last-minute exit from almost three months of political turmoil on Wednesday, with its biggest party 5-Star Movement looking to make a renewed attempt to form a coalition government with the right-wing League.
Italy’s 2-year government bond yield, which has been the focus of a recent selloff, was down as much as 50 basis points at 1.45 percent.
The country’s benchmark 10-year bond yield was down 20 bps at 2.85 percent, while the closely watched Italy/Germany 10-year bond yield spread tightened to 248 bps, as much as 22 bps tighter than Wednesday’s close. (Reporting by Abhinav Ramnarayan; Editing by Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/italian-yields-drop-on-renewed-attempt-to-form-government-idUSL5N1T20WE |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.