text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
By Clifton Leaf 1:51 PM EDT
We have seen news story after new story highlighting the disconnect between what we spend on healthcare in the U.S. and what we get for that $3.3 trillion and change—particularly compared with other developed countries . The so-called “value proposition” for Americans in this regard hasn’t exactly been stellar. Access to care is neither even nor fair, we overtreat, often overcomplicate that treatment, and spend way too much for the drugs and hospital care we do receive. But through all the exposés and data dumps of our broken healthcare system—and FORTUNE has been proud to offer a lot of them—there has been one defensive refrain: “Sure, we pay too much for our meds, but at least we have them when we need them.”
Well, no more. As FORTUNE’s Erika Fry reports in a stunning, deeply reported, and frankly “Holy $%&@, I can’t believe this” feature for the June issue of the magazine, we’re running desperately short of scores of critically important medicines in this country. Or make that hundreds of medicines—there are 202 currently on the drug shortage list. They range from anti-pain and anti-nausea drugs to even elemental components of clinical care such as saline solution and sodium bicarbonate, the latter of which is used in heart surgeries and to help patients with kidney failure. Drugs in frighteningly short supply include those that treat rapid heart rate and ease pregnant women through difficult labors. It’s remarkably basic stuff—the staples of modern medicine. And shockingly, this “emergency waiting to be a disaster,” as one hospital pharmacist calls it, can be tied largely to a single company: Pfizer .
That said, the reasons for this crisis go well beyond a single company’s failings, as Erika explains. And so, ultimately, does the solution. Read “ Critical Condition: Inside Pfizer’s Drug Problem ,” which went online on Fortune.com yesterday. It is a truly terrific piece of reporting—and an important story too.
More news below. @CliftonLeaf DIGITAL HEALTH
FDA to fast track certain gene therapies. The Food and Drug Administration (FDA) has been on a mission to speed up drug approvals under Commissioner Scott Gottlieb. That approach will soon extend to certain gene therapies, Gottlieb announced Tuesday—and first up are treatments for the blood clotting disorder hemophilia. Gottlieb also asserted that gene and cellular therapies “will soon become the mainstay of how we treat a wide range of illness,” and that the agency will soon issue a broader policy framework on expedited approval processes in the space. ( STAT News ) Advertisement INDICATIONS
Congress passes Right to Try bill. Medical “Right to Try” legislation is headed to President Donald Trump’s desk after Congress passed the bill on Tuesday. If (as is widely expected) Trump signs it into law, some patients would have broader latitude to access experimental treatments while bypassing the FDA. But Right to Try is pretty controversial in its own right, with critics (including some patient advocacy groups like NORD) noting that there’s already a pretty substantial compassionate use initiative at the agency. THE BIG PICTURE
Rare brain virus spreads in India. A second Indian state may be facing an outbreak of a rare, brain-eating virus called Nipah virus. The pathogen may be carried by fruit bats and spread via bodily fluids—and it’s extraordinarily deadly at a 70% mortality rate. As is often the case in developing nations, infectious diseases are a particular concern in India given the country’s population density and a lack of sophisticated medical infrastructure and monitoring. ( Reuters ) Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/23/brainstorm-health-daily-05-23-18/ |
Don’t see move from dollar to yuan for oil trading, analyst says 8 Hours Ago Andy Critchlow, head of energy news at S&P Global Platts, discusses the potential impacts of Donald Trump withdrawing the U.S. from the Iran deal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/dont-see-move-from-dollar-to-yuan-for-oil-trading-analyst-says.html |
By Bloomberg 7:23 AM EDT
Subway Restaurants said Suzanne Greco is stepping down as chief executive officer and will be replaced on an interim basis by Trevor Haynes, who heads up the sandwich chain’s business development.
Haynes’ appointment took effect Wednesday, the company said in a statement. Greco, 60, will assist the transition and officially retire on June 30, becoming a senior adviser. She took the helm of closely held Subway in 2015 after the death of CEO Fred DeLuca, her older brother. She started at the company in 1973.
“Subway has been part of my life since I was 7 years old,” Greco said in the statement. “I love the brand and the company, and I always will, but it’s time for me to have more balance in my life.”
Subway has more restaurants than any other dining chain, with a count of about 43,700 across the globe. Greco told Bloomberg News in an interview last week that the company planned to shut about 500 of its U.S. shops this year , as its expands internationally. Subway closed more than 800 restaurants last year .
The chain, founded more than 50 years ago, is struggling to boost sales in the U.S. as newer, more modern rivals emerge. Greco said in the interview that Subway had been hurt by fierce competition in the U.S., including from McDonald’s Corp. (mcd) , whose domestic system sales rose 3.4% last year, according to data from researcher Technomic. Subway’s fell 4.4%.
“I feel very good about the strategic moves we’ve made in the last three years, and I have confidence in the future of the company,” she said in Wednesday’s statement. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/03/subaway-ceo-suzanne-greco-retirement-store-closing/ |
May 2 (Reuters) - Bellatrix Exploration Ltd:
* BELLATRIX ANNOUNCES ACQUISITION AND RETIREMENT OF US$10 MILLION OF ITS SENIOR UNSECURED NOTES DUE 2020
* ENTERED INTO AN EXCHANGE AGREEMENT WITH A HOLDER OF ITS 8.50% SENIOR UNSECURED NOTES DUE MAY 15, 2020
* PURSUANT TO EXCHANGE AGREEMENT, SENIOR NOTES WILL BE ACQUIRED AT A 10% DISCOUNT TO THEIR FACE VALUE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bellatrix-announces-acquisition-an/brief-bellatrix-announces-acquisition-and-retirement-of-10-mln-of-its-senior-unsecured-notes-due-2020-idUSASC09ZAE |
* Energy stocks jump over 1 pct as oil tops $80
* Cisco, Walmart drop after earnings reports
* U.S. expects China to bring proposal to trade talks
* Indexes up: Dow 0.12 pct, S&P 0.21 pct, Nasdaq 0.19 pct (Changes comment, adds details, updates prices)
May 17 (Reuters) - Energy and industrial stocks led Wall Street higher on Thursday and the small-cap Russell 2000 hit a record, even as a rise in U.S. bond yields to fresh seven-year highs suggested more competition for equities and investors fretted over geopolitics.
The energy sector rose 1.41 percent, giving the benchmark S&P 500 the biggest boost, as Brent crude hit $80 per barrel for the first time since November 2014 as renewed U.S. sanctions threatened a fall in exports from Iran in an already tightening market.
Smaller companies continued this year's trend of outperforming their larger rivals with the Russell 2000 reaching a record high for the second session in a row.
Data showed the number of Americans on unemployment rolls last week fell to the lowest since 1973. Other data showed a pickup in factory activity in the mid-Atlantic region this month, with manufacturers saying they were asking for higher prices for their products.
The industrial sector was up 0.61 percent, the second-biggest gainer among the 11 major S&P sectors.
"You have kind of a mixed bag of earnings numbers ... the economic data generally speaking was pretty good and that's leading to a little bit of mild buying in the market," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
On the Russell 2000, Nolte said, "I think you're starting to see people come into that because it's the only index that has put in a new high and you've got some interest."
At 11:46 a.m. EDT, the Dow Jones Industrial Average was up 30.33 points, or 0.12 percent, at 24,799.26, the S&P 500 was up 5.79 points, or 0.21 percent, at 2,728.25 and the Nasdaq Composite was up 14.08 points, or 0.19 percent, at 7,412.37.
The three rate-sensitive sectors, real-estate, utilities and telecoms, were slightly lower.
The market had opened in the red, weighed by a drop in Cisco and on jitters as U.S. 10-year Treasury yields hovered at 7-year highs and the United States and China started trade talks to try to avert a damaging tariff war.
White House Chief Economic Adviser Larry Kudlow expects China to bring a proposal to the talks which would "extend the conversation and permit additional negotiations".
Keeping the gains in check were Cisco's 2.8 percent drop, the most on the Dow, after the company's forecast indicated its transition to a software-focused business was a work in progress.
Walmart slipped 1.1 percent, reversing premarket gains, after it said profit margins were under pressure, despite sales and earnings beating expectations.
J.C. Penney tumbled 10.7 percent after its same-store sales missed estimates and the company cut its full-year profit forecast.
Advancing issues outnumbered decliners for a 1.55-to-1 ratio on the NYSE and for a 2.05-to-1 ratio on the Nasdaq.
The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 108 new highs and 20 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-us-stocks-oil-surge-spurs-wall-st-turnaround-sends-russell-2000-to-record.html |
(Adds background on case, quotes from ruling and dissent, paragraphs 3-8)
WASHINGTON, May 21 (Reuters) - The U.S. Supreme Court delivered a blow to the rights of workers on Monday by allowing companies to require them to sign away their ability to bring class-action claims against management, agreements already in place for about 25 million employees.
The justices, in a 5-4 ruling with the court's conservatives in the majority, endorsed the legality of the growing practice by companies to compel workers to sign arbitration agreements waiving their right to bring class-action claims on issues such as overtime wages or gender-based pay disparities either in court or before private arbitrators.
President Donald Trump's administration last year reversed the government's stance in the case, siding with the companies after former President Barack Obama's administration had supported a U.S. National Labor Relations Board decision invalidating such employment agreements.
Justice Neil Gorsuch, President Donald Trump's appointee to the court, wrote the ruling, saying federal arbitration law trumps the National Labor Relations Act.
Writing on behalf of the four liberal justices in dissent, Justice Ruth Bader Ginsburg said that the ruling was "egregiously wrong" and called for Congress to take action to protect workers' rights.
Growing numbers of employers have mandated that their employees sign waivers to guard against a rising tide of worker lawsuits on wage issues. Class-action litigation can result in large damages awards by juries and is harder for businesses to fight than cases brought by individual plaintiffs.
The NLRB argued that the waivers violate federal labor law and let companies evade their responsibilities under workplace statutes. Workers have fought back against the waivers, arguing that the cost of pursuing their cases individually in arbitration is prohibitively expensive.
The three consolidated cases that came before the court involved professional services firm Ernst & Young LLP, gas station operator Murphy Oil USA Inc and healthcare software company Epic Systems Corporation.
(Reporting by Lawrence Hurley; Editing by Will Dunham) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/reuters-america-update-1-u-s-top-court-backs-companies-over-worker-class-action-claims.html |
May 21, 2018 / 7:36 AM / Updated 25 minutes ago Three directors quit India's Fortis Healthcare board amid takeover battle
MUMBAI (Reuters) - Three directors of India’s Fortis Healthcare ( FOHE.NS ) have quit ahead of a shareholder vote on Tuesday to decide their future, the company said, the latest twist in a prolonged takeover battle for the hospitals operator. A Fortis hospital building is pictured in Gurgaon, India, May 11, 2018. REUTERS/Saumya Khandelwal
Fortis Healthcare organised the vote after two major shareholders -- Eastbridge Capital and Jupiter India which together control about 12 percent of the company -- called for the removal of four directors.( bit.ly/2IVl6y4 )
Three of those directors — Harpal Singh, Tejinder Singh Shergill and Sabina Vaisoha — resigned on Sunday citing personal reasons, Fortis said in separate statements.
A fourth director, Brian Tempest, still faces a vote on Tuesday.
Fortis Healthcare, which operates about 45 healthcare facilities in India, Dubai, Mauritius and Sri Lanka, has been the target of lengthy takeover tussle involving five suitors.
On May 11, Fortis said it planned to accept an offer from Hero Enterprise Investment Office and Burman Family Office to together invest 18 billion rupees (198 million pounds), valuing Fortis at 90 billion rupees.
That decision angered some investors and shares in the cash-strapped hospital operator fell almost 5 percent
A few days later, India’s Manipal Hospital and private equity firm TPG Capital Management TPG.UL sweetened their bid for Fortis, sparking a rally in the company’s shares.
The keen interest in Fortis has emerged as private healthcare spending in India is on the rise, and Indian Prime Minister Narendra Modi looks to implement a healthcare programme aimed at providing insurance cover to hundreds of millions of people in a country that lacks adequate heath facilities.
The scheme is expected to make private hospitals, such as those run by Manipal and Fortis, accessible to millions of poor families, say analysts. Reporting by Zeba Siddiqui in Mumbai; Additional reporting by Subrat Patnaik; Editing by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-fortis-health-m-a/three-directors-quit-indias-fortis-healthcare-board-amid-takeover-battle-idUKKCN1IM0LP |
May 24, 2018 / 3:27 PM / Updated 15 minutes ago About $1.2 billion in cryptocurrency stolen since 2017 - cybercrime group Gertrude Chavez-Dreyfuss 3 Min Read
NEW YORK (Reuters) - Criminals have stolen about $1.2 billion (0.9 billion pounds) in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday. High-end graphic cards are installed in a cryptocurrency mining computer at a computer mall in Hong Kong, China May 17, 2018. Picture taken May 17, 2018. REUTERS/Bobby Yip
The estimates were part of the non-profit group’s research on cryptocurrency and include reported and unreported theft.
“One problem that we’re seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys,” Dave Jevans, chief executive officer of cryptocurrency security firm CipherTrace, told Reuters in an interview.
Jevans is also chairman of APWG.
Of the $1.2 billion, Jevans estimates that only about 20 percent or less has been recovered, noting that global law enforcement agencies have their hands full tracking down these criminals.
Their investigations of criminal activity will likely take a step back with the European Union’s new General Data Protection Regulation, which takes effect on Friday.
“GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals,” said Jevans. “By restricting access to critical information, the new law will significantly hinder investigations into cybercrime, cryptocurrency theft, phishing, ransomware, malware, fraud and crypto-jacking,” he added.
GDPR, which passed in 2016, aims to simplify and consolidate rules that companies need to follow in order to protect their data and to return control of personal information to EU citizens and residents.
The implementation of GDPR means that most European domain data in WHOIS, the internet’s database of record, will no longer be published publicly after May 25. WHOIS contains the names, addresses and email addresses of those who register domain names for websites.
WHOIS data is a fundamental resource for investigators and law enforcement officials who work to prevent thefts, Jevans said.
He noted that WHOIS data is crucial in performing investigations that allow for the recovery of stolen funds, identifying the persons involved and providing vital information for law enforcement to arrest and prosecute criminals.
“So what we’re going to see is that not only the European market goes dark for all of us; so all the bad guys will flow to Europe because you can actually access the world from Europe and there’s no way you can get the data anymore,” Jevans said. Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-crypto-currency-crime/about-1-2-billion-in-cryptocurrency-stolen-since-2017-cybercrime-group-idUKKCN1IP2Q4 |
Soros NGO closing Hungary office amid crackdown 6:17pm IST - 01:07
George Soros' Open Society Foundations will close their office in Budapest and move to Berlin, leaving what it called an increasingly repressive political environment.
George Soros' Open Society Foundations will close their office in Budapest and move to Berlin, leaving what it called an increasingly repressive political environment. //in.reuters.com/video/2018/05/15/soros-ngo-closing-hungary-office-amid-cr?videoId=427075920&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/soros-ngo-closing-hungary-office-amid-cr?videoId=427075920 |
May 3 (Reuters) - Media company CBS Corp, which is in merger talks with Viacom Inc, on Thursday reported a 12.5 percent jump in quarterly revenue, driven by strength in its licensing business.
The owner of the most-watched U.S. television network reported net income from continuing operations of $511 million, or $1.32 per share, in the first quarter ended March 31, up from $454 million, or $1.09 per share, a year earlier.
CBS, home to popular shows such as “Big Bang Theory,” and “NCIS”, said revenue rose 12.5 percent to $3.76 billion. (Reporting by Munsif Vengattil in Bengaluru and Jessica Toonkel in New York; Editing by Bernard Orr)
| ashraq/financial-news-articles | https://www.reuters.com/article/cbs-corp-results/cbs-reports-12-5-percent-rise-in-quarterly-revenue-idUSL3N1SA5HV |
May 3, 2018 / 8:31 AM / Updated 7 hours ago Services firms struggle to recover from March slowdown - PMI David Milliken 4 Min Read
LONDON (Reuters) - Britain’s services sector struggled to recover in April from a sharp slowdown in March, according to a major survey which seals expectations that the Bank of England is now highly unlikely to raise interest rates rise next week. The City of London financial district is seen during early morning mist from Greenwich Park in London, Britain, January 22, 2017. REUTERS/Hannah McKay
The IHS Markit/CIPS services purchasing managers’ index (PMI) rose to 52.8 in April from March’s 20-month low of 51.7, a smaller increase than economists had forecast in a Reuters poll and its second-lowest level since September 2016.
Sterling fell and British government bonds rose as investors modestly marked down the chances of a rate rise on May 10, which now hover near 15 percent according to one measure BOEWATCH.
Britain’s economy, which has underperformed its peers for most of the period since the 2016 Brexit vote, grew by just 0.1 percent in the first three months of 2018, its weakest in five years, due in part to heavy snow in late February and early March.
But since then business surveys have recovered less than expected and BoE Governor Mark Carney has suggested the central bank could wait before raising rates for only the second time since the 2008-09 financial crisis, causing a sharp shift in financial markets away from bets on a rate hike next week.
“The disappointing services data will add to expectations that the Monetary Policy Committee will take its finger firmly off the rate hike trigger,” IHS Markit economist Chris Williamson said. “Any further slowing will also raise questions as to whether the November rate hike may have been ill-timed.”
Business said they were hurt both by weaker demand from consumers, whose budgets have been squeezed by a year of above-target inflation, and by the reluctance of corporate clients to spend due to an uncertain economic outlook.
Terms for Britain’s departure from the European Union in less than a year remain unclear, and the euro zone economy slowed in the first three months of 2018.
LIMITED BOUNCE-BACK
Britain’s smaller construction sector - the part of the economy most directly hurt by the harsh weather - showed a rebound last month, according to an IHS Markit survey published on Wednesday.
But April’s recovery in the manufacturing sector was muted and IHS Markit said the PMI data overall suggested Britain’s economy was growing at a quarterly rate of 0.25 percent, well below its long-run trend.
“These figures suggest that factors such as the continued uncertainty around the UK’s future trading relationships outweigh the impact of poor weather,” said Chris Sood-Nicholls, a managing director at Lloyds Bank’s business banking unit.
A separate survey by the Confederation of British Industry, also released on Thursday, showed small manufacturers reported the fastest growth in export orders on record.
But concern about Brexit and the economic outlook made them unwilling to invest in more capacity, despite a lack of machinery limiting production, the CBI said.
The sluggish PMI growth data contrasted with more upbeat figures on jobs and wages earlier in the year that prompted two BoE policymakers to vote for a rate rise in March.
Unemployment in the three months to February was the lowest since 1975 and wage growth has picked up, though some economists expect it will fizzle out, as has happened in past years.
IHS Markit said a rise in the minimum wage in April and employer pension contributions pushed up costs for businesses.
Hiring among services firms was the slowest in over a year. Some said they could not replace staff who left due to a lack of qualified applicants. Others said higher employment costs meant they were seeking to squeeze more from existing staff.
Passing higher costs on to consumers was getting harder, firms said, as they raised prices at the joint-slowest rate since July.
The survey gave a mixed view of the future. Business confidence was the highest since January, but the inflow of new orders was the second-weakest since August 2016. Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-pmi/services-firms-struggle-to-recover-from-march-slowdown-pmi-idUKKBN1I40QI |
PURCHASE, N.Y., May 23, 2018 (GLOBE NEWSWIRE) -- Atlas Air Worldwide Holdings, Inc. (Nasdaq:AAWW) today announced the election of Jane H. Lute and Sheila A. Stamps to the company’s board of directors. Ms. Lute is a recognized leader in the area of cybersecurity and is President and Chief Executive Officer of SICPA North America. Ms. Stamps is an accomplished business leader and has extensive executive experience in finance, accounting and risk management. She is a director of CIT Group, Inc. and CIT Bank N.A.; Commissioner and Audit Committee Chair of the New York State Insurance Fund; and director of IES Abroad.
Ms. Lute previously served as Deputy Secretary, U.S. Department of Homeland Security and is a member of several international commissions focused on cybersecurity and the future of the internet. Ms. Lute began her career in the U.S. Army and served on the National Security Council staff under both Presidents George H. W. Bush and William Jefferson Clinton. Ms. Lute holds a Ph.D. in political science from Stanford University and a J.D. from Georgetown University. She is a member of the Virginia bar. Ms. Lute is also a director of Union Pacific Corporation.
Ms. Stamps was Executive Vice President at Dreambuilder Investments, LLC., and has had a distinguished career at various financial institutions, including serving as a Managing Director at Bank of America (formerly FleetBoston Financial Corporation) and an executive with Bank One Corporation (now, JPMorgan Chase & Co.). Ms. Stamps holds an MBA from the University of Chicago and completed a Fellowship at Harvard University’s Weatherhead Center for International Affairs. She serves on the Board Advisory Services Faculty of the National Association of Corporate Directors, and is recognized as an NACD Board Leadership Fellow.
“Ms. Lute’s in-depth knowledge of cybersecurity and information technology and Ms. Stamp’s diversity of strategic and financial experience make them welcome and highly qualified additions to our board of directors,” said Robert F. Agnew, Chairman of the Board, Atlas Air Worldwide. “We look forward to their contributions and are confident that Atlas Air will benefit from their insights, judgment and counsel.”
About Atlas Air Worldwide:
Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world's largest fleet of 747 freighter aircraft and provide customers a broad array of Boeing 747, 777, 767, 757 and 737 aircraft for domestic, regional and international cargo and passenger operations.
Atlas Air Worldwide's press releases, SEC filings, and other information may be accessed through the company's home page, www.atlasair.com .
Contacts: Elizabeth Roach (Media) – (914) 701-6576 Dan Loh (Investors) – (914) 701-8200
Source:Atlas Air Worldwide Holdings | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-atlas-air-worldwide-elects-jane-h-lute-and-sheila-a-stamps-to-board-of-directors.html |
BRASILIA, May 24 (Reuters) - Brazilian Senate President Eunicio Oliveira has called an extraordinary Friday session to consider diesel fuel tax cuts demanded by protesting truck drivers, leaders of the Democrats (DEM) party said on Thursday.
Cassio Cunha Lima, vice president of the upper chamber, also called on senators to return from their states to the capital Brasilia to revive stalled legislative efforts addressing a four-day trucker protest paralyzing much of Brazil’s economy. (Reporting by Maria Carolina Marcello Editing by Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-senate/brazil-senate-calls-special-session-to-discuss-diesel-tax-cuts-idUSE6N1PY00B |
ATLANTA--(BUSINESS WIRE)-- logicpath, a leading provider of software and analytics for financial institutions and retailers has added Robert Mitchell and Ken Lai as developers to their team. As logicpath advances its application’s technology and expands its client base, the addition of exceptional developers like Mitchell and Lai will assist in its continued growth.
Mitchell is a talented full stack .Net software developer. He has experience in building numerous websites using languages such as HTML, CSS, Javascript/Jquery, AJAX, .NET MVC, XML and many others. Over the past three years he has worked as a .Net and SharePoint developer in a variety of roles with an IT services firm, KnackTek, and The Georgia Department of Revenue.
“It is an honor and a privilege to become a software developer for such a fast-growing and deeply-knowledgeable financial solutions company as logicpath. I was sold immediately on the direction of the company, its software platform and the roadmap for its future. I look forward to utilizing my talents to deliver the best product possible for our clients,” said Robert Mitchell.
Lai is a skilled developer with over 10 years’ experience in full stack software development. He is a Georgia State University graduate and a Microsoft Certified Solutions Developer (MCSD). Lai has experience in numerous software applications and development tools from MS SQL, HTML5, Java and many more. He has worked with companies ranging from Georgia-Pacific to REIT Funding, assisting them in development projects from start to finish.
“I am ecstatic about joining logicpath! Everyone has been more than welcoming and supportive. I have yet to meet a more close-knit, passionate and caring team. I am thrilled to begin achieving our goals together,” said Ken Lai.
“As we continue to enhance our existing products and prepare for new releases, Robert and Ken’s creative spirit and deep front end development experience is a welcome addition to the team. Their desire to always focus on the user’s experience makes them valuable assets to the logicpath development team,” said Douglas Ceto, president and CEO of logicpath.
About logicpath
Atlanta, Ga.-based logicpath provides software solutions and analytics to financial institutions and retail organizations. The firm has earned the trust of over 2,000+ clients in the United States and Canada. Logicpath is the designer of C3 Financial, a SaaS cash forecasting and management software. Deposit Reclassification, logicpath's Regulation D retail sweep program, is designed to eliminate reserve balances. PALMs is a SaaS asset/liability management simulation software, offered by logicpath, which provides accurate and detailed analysis asset-by-asset and liability-by-liability. Logicpath's solutions improve earnings, efficiency, risk management, and operations. For more information visit us at www.logicpath.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005989/en/
For logicpath
Cheryl Ceto, 678-648-5158 x280
[email protected]
Source: logicpath | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-logicpath-adds-robert-mitchell-and-ken-lai-as-developers.html |
NEW HOPE, Pa.--(BUSINESS WIRE)-- The Meet Group, Inc. (NASDAQ: MEET), a public market leader in the mobile meeting space, today reported financial results for its first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
Total revenue of $37.6 million, up 88% year over year Mobile revenue of $30.7 million, up 63% year over year GAAP net loss of $4.2 million, or a net loss of $0.06 per share, compared to GAAP net income of $0.4 million, or $0.01 per diluted share, in the prior year quarter Adjusted EBITDA of $5.2 million, up 9% year over year Non-GAAP net income of $4.1 million, or $0.05 per diluted share, compared to $4.3 million or $0.07 per diluted share in the prior year quarter
(See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measure, below.)
“We are off to a strong start to the year, with growth from live video monetization accelerating at an even faster pace than we had anticipated,” said Geoff Cook, Chief Executive Officer of The Meet Group. “Video revenue grew approximately 120% from December 2017 to March 2018, which we attribute to momentum on our MeetMe app, the launch of livestreaming monetization on Skout, and our focus on strengthening our livestreaming community and the quality of our livestreams. Our annualized video revenue run rate now exceeds $29 million based on April’s results, up 53% from February’s run rate.
“Key video metrics are improving, and we are setting new highs on a regular basis,” continued Cook. “We have been particularly pleased to see average revenue per paying video user grow to $76 for the month of March on MeetMe Live. Average revenue per daily active user for MeetMe Live, or vARPDAU, in the United States increased to 44 cents in March and is now nearing levels achieved by leading livestreaming companies in Asia. Total vARPDAU, which includes Skout and MeetMe, was 18 cents in March. Importantly, the percentage of MeetMe users engaged in video exceeded 25% for the first time in April.
“We are continuing to video-enable more of our large, global community and build our social entertainment platform. Having recently rolled-out our shared livestreaming platform on Tagged, we are pleased to announce that we have launched enhanced video monetization on that app, ahead of schedule. We expect to begin launching live video on Lovoo later this month, starting with Austria. We expect our rollout of live video to more of our users, combined with our deep product pipeline, to contribute to continued growth in video revenue.”
First Quarter 2018 Financial Results
For the first quarter of 2018, The Meet Group reported revenue of $37.6 million, an increase of 88% from $20.1 million in the prior year quarter. GAAP net loss was $4.2 million, or a net loss of $0.06 per share, compared to net income of $0.4 million, or $0.01 per diluted share in the prior year quarter. Adjusted EBITDA in the first quarter of 2018 was $5.2 million compared to $4.8 million in the prior year quarter.
The Company ended the quarter with $28.0 million in cash and cash equivalents. Cash flow from operating activities was $7.4 million.
Company Outlook
The Company is providing the following outlook for the second quarter of 2018 and is increasing its outlook for the full year 2018.
Second quarter 2018:
Revenue in the range of $38.0 million to $39.0 million Adjusted EBITDA in the range of $5.3 million to $5.6 million
Full year 2018:
Revenue in the range of $152.0 million to $155.0 million Adjusted EBITDA in the range of $21.5 million to $23.5 million
THE MEET GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31,
2018
December 31,
2017
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 27,969,456 $ 24,158,444 Accounts receivable, net of allowance of $519,306 and $527,958 at March 31, 2018 and December 31, 2017, respectively 20,365,174 26,443,675 Prepaid expenses and other current assets 3,417,675 3,245,174 Total current assets 51,752,305 53,847,293 Restricted cash 500,000 894,551 Goodwill 152,185,979 150,694,135 Property and equipment, net 4,149,034 4,524,118 Intangible assets, net 46,094,182 48,719,428 Deferred taxes 16,007,054 15,521,214 Other assets 1,863,590 1,144,032 Total assets $ 272,552,144 $ 275,344,771 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 4,666,271 $ 6,277,846 Accrued liabilities 21,868,691 19,866,438 Current portion of long-term debt 15,000,000 15,000,000 Current portion of capital lease obligations 227,678 254,399 Deferred revenue 5,225,506 4,433,450 Total current liabilities 46,988,146 45,832,133 Long-term capital lease obligations, less current portion, net 157,365 192,137 Long-term debt 36,973,633 40,637,106 Long-term derivative liability 4,512,878 2,995,657 Other liabilities 114,051 147,178 Total liabilities 88,746,073 89,804,211 STOCKHOLDERS’ EQUITY: Preferred stock, $.001 par value; authorized - 5,000,000 shares; 0 shares issued and outstanding at March 31, 2018 and December 31, 2017 — — Common stock, $.001 par value; authorized - 100,000,000 shares; 72,106,997 and 71,915,018 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 72,104 71,918 Additional paid-in capital 410,105,207 408,029,068 Accumulated deficit (225,632,074 ) (221,435,888 ) Accumulated other comprehensive loss (739,166 ) (1,124,538 ) Total stockholders’ equity 183,806,071 185,540,560 Total liabilities and stockholders’ equity $ 272,552,144 $ 275,344,771 THE MEET GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended
March 31,
2018 2017 Revenues $ 37,637,793 $ 20,058,797 Operating costs and expenses: Sales and marketing 7,047,993 5,105,508 Product development and content 22,101,537 8,457,494 General and administrative 5,469,178 2,862,427 Depreciation and amortization 3,629,603 1,684,839 Acquisition and restructuring 3,349,951 1,500,429 Total operating costs and expenses 41,598,262 19,610,697 (Loss) income from operations (3,960,469 ) 448,100 Other income (expense): Interest income 7,208 2,570 Interest expense (607,686 ) (2,332 ) Gain (loss) on foreign currency transactions 103,043 (2,200 ) Other (6,944 ) — Total other expense (504,379 ) (1,962 ) (Loss) income before income tax benefit (expense) (4,464,848 ) 446,138 Income tax benefit (expense) 252,187 (292 ) Net (loss) income $ (4,212,661 ) $ 445,846 Basic and diluted net (loss) income per common stockholder: Basic net (loss) income per common stockholder $ (0.06 ) $ 0.01 Diluted net (loss) income per common stockholder $ (0.06 ) $ 0.01 Weighted average shares outstanding: Basic 71,981,487 61,093,810 Diluted 71,981,487 66,204,620 THE MEET GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended
March 31,
2018 2017 Cash flows from operating activities: Net (loss) income $ (4,212,661 ) $ 445,846 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 3,629,603 1,684,839 Stock based compensation expense 2,168,925 1,134,158 Deferred taxes (539,231 ) (17,465 ) (Gain) loss on foreign currency transactions (103,043 ) 2,200 Bad debt expense (recovery) 213,598 (27,000 ) Amortization of loan origination costs 86,527 — Changes in operating assets and liabilities: Accounts receivable 5,988,039 7,942,814 Prepaid expenses, other current assets and other assets (793,908 ) 97,899 Accounts payable and accrued liabilities 273,716 (2,577,771 ) Deferred revenue 723,907 2,359 Net cash provided by operating activities 7,435,472 8,687,879 Cash flows from investing activities: Purchase of property and equipment (172,642 ) (150,510 ) Net cash used in investing activities (172,642 ) (150,510 ) Cash flows from financing activities: Proceeds from exercise of stock options — 764,547 Proceeds from issuance of common stock — 43,000,424 Proceeds from exercise of warrants — 443,750 Payments of capital leases (73,317 ) (69,817 ) Payments for restricted stock awards withheld for taxes (92,600 ) — Payments on long-term debt (3,750,000 ) — Net cash (used in) provided by financing activities (3,915,917 ) 44,138,904 Change in cash, cash equivalents, and restricted cash prior to effects of foreign currency exchange rate 3,346,913 52,676,273 Effect of foreign currency exchange rate (translation) 69,548 (2,200 ) Net increase in cash, cash equivalents, and restricted cash 3,416,461 52,674,073 Cash, cash equivalents, and restricted cash at beginning of period 25,052,995 22,246,015 Cash, cash equivalents, and restricted cash at end of period $ 28,469,456 $ 74,920,088 Supplemental disclosure of cash flow information: Cash paid for interest $ 516,940 $ 2,332 THE MEET GROUP, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (UNAUDITED) Three Months Ended
March 31,
2018 2017 Net (loss) income $ (4,212,661 ) $ 445,846 Interest expense 607,686 2,332 Income tax (benefit) expense (252,187 ) 292 Depreciation and amortization 3,629,603 1,684,839 Stock-based compensation expense 2,168,925 1,134,158 Acquisition and restructuring 3,349,951 1,500,429 (Gain) loss on foreign currency transactions (103,043 ) 2,200 Adjusted EBITDA $ 5,188,274 $ 4,770,096 GAAP basic net (loss) income per common stockholder $ (0.06 ) $ 0.01 GAAP diluted net (loss) income per common stockholder $ (0.06 ) $ 0.01 Basic adjusted EBITDA per common stockholder $ 0.07 $ 0.08 Diluted adjusted EBITDA per common stockholder $ 0.07 $ 0.07 Weighted average shares outstanding: Basic 71,981,487 61,093,810 Diluted 75,849,484 66,204,620 THE MEET GROUP, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (UNAUDITED) Three Months Ended
March 31,
2018 2017 GAAP Net (loss) income $ (4,212,661 ) $ 445,846 Stock-based compensation expense 2,168,925 1,134,158 Amortization of intangibles 3,056,609 1,226,155 Income tax (benefit) expense (252,187 ) 292 Acquisition and restructuring 3,349,951 1,500,429 Non-GAAP net income $ 4,110,637 $ 4,306,880 GAAP basic net (loss) income per common stockholder $ (0.06 ) $ 0.01 GAAP diluted net (loss) income per common stockholder $ (0.06 ) $ 0.01 Basic Non-GAAP net income per common stockholder $ 0.06 $ 0.07 Diluted Non-GAAP net income per common stockholder $ 0.05 $ 0.07 Weighted average shares outstanding: Basic 71,981,487 61,093,810 Diluted 75,849,484 66,204,620 Webcast and Conference Call Details
Management will host a webcast and conference call to discuss first quarter 2018 financial results today, May 2, 2018 at 4:30 p.m. Eastern time. To access the call dial 866-572-9351 (US and Canada) or 703-736-7482 (International) and when prompted provide the participant passcode 5377109 to the operator. An audio replay will be available at 855-859-2056 domestically or 404-537-3406 internationally, using passcode 5377109 through May 9, 2018. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.themeetgroup.com and a replay of the webcast will be available for 90 days.
About The Meet Group
The Meet Group (NASDAQ: MEET) is a portfolio of mobile social entertainment apps designed to meet the universal need for human connection. We leverage a powerful live-streaming video platform, empowering our global community to forge meaningful connections. Our primary apps, MeetMe®, LOVOO®, Skout®, and Tagged®, keep millions of mobile daily active users entertained and engaged and originate untold numbers of casual chats, friendships, dates, and marriages. Our apps, available on iPhone, iPad, and Android in multiple languages, use innovative products and sophisticated data science to let our users stream live video, send gifts, chat, and share photos. The Meet Group has a diversified revenue mix consisting of in-app purchases, subscription, and advertising, and we have offices in New Hope, Philadelphia, San Francisco, Dresden, and Berlin. For more information, visit themeetgroup.com , and follow us on Facebook , Twitter or LinkedIn .
Forward-Looking Statements
Certain statements in this press release are within the meaning of the Private Securities Litigation Reform Act of 1995, including whether second quarter 2018 revenue and Adjusted EBITDA will be in the projected range, whether video growth will continue as expected, whether average revenue per paying video user and average revenue per daily active user will continue to grow as expected, whether user engagement in video will continue to increase, whether and when we will launch live video on our Lovoo app and whether the rollout of video to more of our users combined with our deep product pipeline will contribute to continued growth in video revenue. All statements other than statements of historical facts contained herein are . The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify . We have based these largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Commission (“SEC”), including the Form 10-K for the year ended December 31, 2017 filed with the SEC on March 16, 2018. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Regulation G – Non-GAAP Measures
The Company defines mobile traffic and engagement metrics (including MAU, DAU, chats per day, and new users per day) to include mobile app traffic for all properties and mobile web traffic for MeetMe, Skout and Lovoo.
The Company uses Adjusted EBITDA and Non-GAAP Net Income, which are not calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), in evaluating its financial and operational decision making and as a means to evaluate period-to period comparison. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We refer you to the reconciliations below.
The Company defines Adjusted EBITDA as earnings (or loss) from operations before interest expense, benefit or provision for income taxes, depreciation and amortization, stock-based compensation, warrant obligations, non-recurring acquisition, restructuring or other expenses, gain or loss on cumulative foreign currency translation adjustment, gain on sale of asset, bad debt expense outside the normal range, and goodwill and long-lived asset impairment charges. The Company excludes stock-based compensation because it is non-cash in nature. The Company defines Non-GAAP Net Income as earnings (or loss) before benefit or provision for income taxes, amortization of intangibles, goodwill and long-lived asset impairment charges, non-recurring acquisition and restructuring costs, bad debt expense outside the normal range and non-cash stock based compensation.
Non-GAAP financial measures should not be considered as an alternative to net income, operating income, cash flow from operating activities, as a measure of liquidity or any other financial measure. They may not be indicative of the historical operating results of the Company nor is it intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as a substitute for performance measures calculated in accordance with GAAP.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006383/en/
The Meet Group, Inc.
Investor Contact:
Leslie Arena, 267-714-6418
[email protected]
or
Media Contact:
Brandyn Bissinger, 267-446-7010
[email protected]
Source: The Meet Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-the-meet-group-reports-first-quarter-2018-financial-results.html |
Trinseo CEO: We’re unaffected by China trade issues because we make everything locally 15 Hours Ago Jim Cramer sits down with Trinseo CEO Christopher Pappas on his thoughts about trade tensions between the U.S. and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/trinseo-ceo-were-unaffected-by-china-trade-issues-because-we-make-everything-locally.html |
BEIJING (Reuters) - Toyota Motor Corp is taking an unprecedented route to meet China’s stringent green car quotas: its showrooms will sell an electric vehicle without the Japanese company’s distinctive triple-oval logo.
Instead, it will feature the label of GAC Motor, Toyota’s Chinese partner, and will be built around GAC’s lower-cost technology.
The move - a first for Toyota - will give GAC access to the Japanese carmaker’s stringent quality control, prestige and sales channel. For Toyota, it presents a quick way to meet Beijing’s requirements that such vehicles represent 10 percent of an auto manufacturer’s production by 2019.
According to two company executives familiar with the matter, Toyota plans to start selling the GAC Toyota ix4 by the end of the year. The car is a battery-powered compact SUV based on GAC’s Trumpchi GS4, and has been in development for two years.
Selling a car derived from a Chinese partner’s vehicle would have been unthinkable just a few years ago. But the idea gained momentum at Toyota because of the Chinese government’s push to get more electric vehicles on the road, the executives said.
The government mandates have spurred other new alliances, such as Ford Motor Co’s agreement to develop electric vehicles with Zotye Automobile Co.
Ford is waiting for regulatory approval for its partnership, which calls for designing and manufacturing several jointly developed no-frills EVs and selling them through a new China-only brand.
It wasn’t immediately clear which parts of the ix4 Toyota would provide, or which company’s design standards were used. Quality experts say GAC cars rate relatively high.
According to Jeff Cai, a Beijing-based senior director at JD Power & Associates, some of GAC’s cars, such as the Trumpchi GS8 corssover SUV, already stack up well head-to-head with vehicles marketed by global automakers.
“The GS4 is a good car with acceptable quality,” Cai said. He added that the GS4 ranked No. 1 among Chinese brands and No. 3 among all brands for initial quality in the compact SUV category.
One question, however, is GAC cars’ longer-term reliability and dependability, Cai said.
Under the new Chinese regulations taking effect next year, carmakers must amass credits for so-called new-energy vehicles equivalent to 10 percent of annual sales by 2019. That level rises to 12 percent for 2020. New-energy vehicles are defined as all-electric battery and plug-in electric hybrid cars.
Although the ix4 gives Toyota a cheaper and quicker way to meet the quota, it also shows the company’s anxiety about getting a toehold in the Chinese EV market before its own all-battery vehicle is available in 2020, industry officials and experts said.
“It’s a creative solution to a critical issue all automakers face in China: how to meet the strict production quotas for electric cars,” said James Chao, Shanghai-based Asia-Pacific head of consultancy IHS Markit.
Until recently, Toyota was one of the industry’s major hold-outs against full electrification. The company had planned to more or less skip battery-powered cars and turn instead to hydrogen fuel-cell technology as a mainstream alternative to gasoline-fueled cars.
But China’s seemingly inexorable drive towards electric cars changed that attitude.
At the Beijing auto show last month, Toyota unveiled plug-in electric hybrid versions of its Corolla and Levin, due to go on sale in 2019. The company is also developing an all-electric battery car of its own, which the company has said should hit the market in 2020.
“All this means our partnership has entered a new phase,” the second Toyota executive said.
The GAC-Toyota joint venture, established in 2004, has always produced and sold Toyota vehicles modified to sell in China or China-only Toyota cars.
To be sure, industry officials and analysts believe GAC Motor cars such as the Trumpchi GS4 have been developed through studying global brands’ cars, including those from its partners Toyota and Honda Motor Co.
Toyota is negotiating to execute a similar EV deal with its second partner, FAW Group, but nothing has been finalised, according to the first Toyota executive.
Both executives declined to provide other details, including a target sales volume for the all-electric car or a pricing strategy for it. Toyota will assemble the vehicle at a factory in Guangzhou.
The second executive said, however, that Toyota and GAC Motor would have to sell a “fairly sizable number” of ix4s to help the Toyota-GAC joint venture meet Beijing’s quotas.
A logo is seen on the wheel of a GAC Enverge electric concept car during a media preview of the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee/Files Reporting By Norihiko Shirouzu; Editing by Gerry Doyle
| ashraq/financial-news-articles | https://in.reuters.com/article/toyota-china-gac/exclusive-toyota-plans-to-roll-into-chinas-ev-market-in-gac-motor-vehicle-idINKCN1IJ07O |
May 24, 2018 / 11:05 AM / Updated 25 minutes ago Thai court frees leaders of coup anniversary protest on bail Reuters Staff 3 Min Read
BANGKOK (Reuters) - A Thai court on Thursday freed on bail a group of activists who led a protest in Bangkok on the anniversary of a 2014 coup, forbidding them from holding another illegal protest, the group’s lawyer said.
Tuesday’s protest highlighted concern over the military’s prolonged rule and repeated delays in general elections originally promised in 2015, which Prime Minister Prayuth Chan-ocha this week said would be held in 2019.
“May dictatorship be destroyed. May democracy flourish,” one of the protest leaders, Rangsiman Rome, 26, shouted as he walked into court.
The 15 pro-democracy activists had been in police custody since the protest, when most of them surrendered to police, although a handful were forcibly taken away, Reuters reporters said at the time.
“The court agreed to release them on condition that they don’t participate in political gatherings that are illegal again,” the lawyer, Kisadang Nutjarat, told Reuters.
Bail was set at 100,000 baht ($3,123) for each activist.
Police had earlier asked for the men to be held in custody for 12 days during their investigations.
Hundreds of activists had joined in the protest at a university in Bangkok’s old town, near the regional headquarters of the United Nations, to demand a general election in November.
About 3,000 police blocked the demonstrators from marching to Government House, the site of the prime minister’s office.
The protesters later dispersed peacefully after the group’s leaders turned themselves in.
All 15 protesters have been charged with sedition, violating a junta ban on political gatherings of more than five people and illegal assembly that caused violence, among other charges.
They face up to seven years in prison if found guilty.
Rights group Amnesty International urged Thai authorities to drop all charges against them.
“Detaining and charging peaceful protesters makes a mockery of the promise that authorities will lift political restrictions within the next month,” Katherine Gerson, a Southeast Asia campaigner for the group, said in a statement.
The military government plans to meet political parties next month to discuss ground rules for the general election, among them easing curbs on political activities.
As army chief, Prayuth led the 2014 coup the military said was necessary to put an end to months of street protests and political gridlock. Reporting by Panu Wongcha-um, Panarat Thepgumpanat and Juarawee Kittisilpa; Editing by Amy Sawitta Lefevre and Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thailand-politics/thai-court-frees-leaders-of-coup-anniversary-protest-on-bail-idUKKCN1IP1MX |
May 17, 2018 / 9:45 AM / Updated 22 minutes ago Egypt's military kills 19, arrests 20 in Sinai operation Reuters Staff 2 Min Read
CAIRO (Reuters) - Egypt’s military and police forces have killed 19 militants in an exchange of gunfire and arrested 20 suspects, in a continuing crackdown in Sinai, the military said in a statement on Thursday.
Security forces launched a large-scale security operation in February to crush militants who have waged an insurgency that has killed hundreds of security forces and residents over many years.
The statement said the militants were killed over the past few days.
Their deaths bring the total of those killed since the beginning of the operation to at least 296 including 35 military personnel, according to Reuters calculations based on military statements.
Militants in Sinai intensified their attacks after the ousting by President Abdel Fattah al-Sisi and the military in 2013 of Egypt’s first freely elected president, Mohamed Mursi of the Muslim Brotherhood
Defeating Islamists and restoring security after years of unrest that followed Egypt’s 2011 popular uprising has been a promise of Sisi, who was re-elected in March in a landslide victory against no real opposition. Reporting by Ahmed Tolba, writing by Amina Ismail; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-security/egypts-military-kills-19-arrests-20-in-sinai-operation-idUKKCN1II161 |
Xerox Corp. said it will back out of its merger deal with Fujifilm Holdings Corp. as it reached a new settlement with two of its biggest shareholders, the latest twist in a monthslong tug of war over the future of the iconic American company.
The printer and copier company said it reached a settlement to replace its chief executive and overhaul its board after it ended a plan to combine with its joint venture with Fujifilm. This is Xerox’s second settlement with activist shareholders Carl Icahn and Darwin Deason; the company... | ashraq/financial-news-articles | https://www.wsj.com/articles/xerox-drops-fujifilm-merger-plan-strikes-a-deal-with-activists-1526251867 |
Royal wedding: pint-sized edition Thursday, May 24, 2018 - 01:45
Reliving the fairy-tale on a small scale, the glittering royal wedding of Prince Harry and Meghan Markle got reimagined kid-sized, in a Toddlewood photo shoot. Rough Cut (no reporter narration).
Reliving the fairy-tale on a small scale, the glittering royal wedding of Prince Harry and Meghan Markle got reimagined kid-sized, in a Toddlewood photo shoot. Rough Cut (no reporter narration). //reut.rs/2GNPeX0 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/royal-wedding-pint-sized-edition?videoId=430022200 |
May 27, 2018 / 5:31 AM / Updated 14 hours ago Tencent chairman pledges to advance China chip industry after ZTE 'wake-up' call: reports Reuters Staff 3 Min Read
HONG KONG (Reuters) - Tencent Holdings chairman pledged to advance China’s semiconductor industry, saying the blow to ZTE Corp from Washington’s ban on U.S. firms supplying telecommunications company was a “wake-up” call, local media reported. FILE PHOTO: Tencent Holdings Ltd Chairman and CEO Pony Ma attends a news conference announcing the company's annual results in Hong Kong, China March 21, 2018. REUTERS/Bobby Yip
China’s No.2 telecom equipment maker ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. American firms are estimated to provide 25-30 percent of the components used in ZTE’s equipment.
While the U.S. administration said on Friday it had reached a deal to put ZTE back in business after the company pays a $1.3 billion fine and makes management changes, the plan has run into resistance in Congress, indicating ZTE was still far from out of the woods. Also, ZTE is yet to confirm the deal. FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo
“The recent ZTE incident made everyone more clearly realize that however advanced one may be in mobile payment, without the mobile, the chips and the operating system, you still cannot compete,” Chinese media reports cited Tecent’s Pony Ma as saying at a forum in Shenzhen on Saturday. FILE PHOTO: A sign of ZTE Corp is pictured at its service centre in Hangzhou, Zhejiang province, China May 14, 2018. REUTERS/Stringer
Tencent, which alternates with Alibaba Group to be Asia’s most-valuable listed company, is the largest social media and gaming company in China and operates the popular WeChat app.
Ma said “even though the ZTE situation was in the process of being resolved, we must not lose vigilance at this time and should pay more attention to fundamental scientific research”.
Tencent is looking into ways it could help advance China’s domestic chip industry, which could include leveraging its huge data demand to urge domestic chip suppliers to come up with better solutions, or using its WeChat platform to support application developments based on Chinese chips, Ma said.
“It would probably be better if we could get in to support semiconductor R&D, but that is perhaps admittedly not our strong suit and may need the help of others in the supply chain.”
China has been looking to accelerate plans to develop its semiconductor market to reduce its heavy reliance on imports and has invited overseas investors to invest in the country’s top state-backed chip fund. Reporting by Sijia Jiang; Editing by Himani Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-zte-tencent-chairman/tencent-chairman-pledges-to-advance-china-chip-industry-after-zte-wake-up-call-reports-idUSKCN1IS03K |
2 COMMENTS | ashraq/financial-news-articles | https://www.wsj.com/articles/pepper-and-salt-1525200095 |
FRANKFURT (Reuters) - Bayer ( BAYGn.DE ) said on Tuesday said the European Commission had approved BASF ( BASFn.DE ) as a suitable buyer of the businesses Bayer will divest to win regulatory approval for the planned acquisition of Monsanto.
FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender//File Photo The EU commission, which is Europe’s antitrust regulator, ruled in March that the assets Bayer agreed to shed are sufficient to approve the Monsanto deal, but it had yet to give a final nod on whether BASF would sufficiently stoke competition as new owner.
Bayer is close to wrapping up the Monsanto deal following months of delays. Earlier on Tuesday it won conditional U.S. antitrust approval for the $62.5 billion transaction.
Reporting by Ludwig Burger; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-monsanto-m-a-bayer-basf/bayer-says-eu-approves-basf-as-buyer-of-antitrust-divestments-idUSKCN1IU2AH |
May 27, 2018 / 11:58 AM / Updated an hour ago Baby 'Miracle' born on rescue ship as Italy arrivals surge Guglielmo Mangiapane 3 Min Read
CATANIA, Italy (Reuters) - A baby boy named Miracle has been born on board a humanitarian ship - a bright spot as the tide of migrants risking sea crossings from Libya to Italy has increased as the weather has improved. A newborn baby called Miracle, who was born on board, is seen inside the clinic of the Aquarius, in the central Mediterranean Sea, May 26, 2018. Picture taken May 26, 2018. REUTERS/Guglielmo Mangiapane
There have been more than 1,800 migrants rescued by humanitarian ships, and Italy’s navy and coastguard vessels over the past three days, and one body was recovered, an Italian coastguard official said.
Arrivals from Libya, a staging post for people smugglers, have plummeted 85 percent this year from last as Italy provided support to the Libyan coastguard and to municipalities along the coast to stop migrant boats.
But good weather or other factors seem to have reversed that trend, for now.
“It’s really hard to know what’s happening inside Libya, or why the Libyan coastguard has not been so active in these last few days,” said Lauren King, a spokeswoman from the Aquarius, the ship baby Miracle was born aboard. A woman, who just gave birth on board the Aquarius, poses with her newborn baby son, called Miracle, inside the clinic of the ship, in the central Mediterranean Sea, May 26, 2018. Picture taken May 26, 2018. REUTERS/Guglielmo Mangiapane
The Aquarius is a rescue ship run by SOS Mediterranee and Doctors without Borders (MSF), which brought ashore 70 migrants in Catania, Sicily, on Sunday. The Aquarius is setting off again later in the day for the waters off the coast of Libya.
“Given the weather conditions ... It’s better we’re out there and ready,” she said.
On Saturday, the leader of the far-right League party, which appears poised to form a coalition government with the anti-establishment 5-Star Movement, said that the surge in arrivals meant someone was trying to undermine the would-be administration. Slideshow (2 Images)
“The usual powers that be are threatening us with the migrant boats,” Matteo Salvini Tweeted.
The League has promised to take a hard line on irregular immigration and deport hundreds of thousands of migrants if the government receives the president’s endorsement and wins parliament’s backing.
Migrants rescued by the Aquarius spoke of horrific conditions and violence in Libya, including the mother of the baby born on Saturday.
“Both the mother and baby are doing very well,” Amoin Soulemane, the midwife on the Aquarius, said in a statement. Miracle, weighing 2.8 kg, was the sixth baby born on the rescue ship, but the first this year, King said.
When Miracle was brought onto deck by the midwife, the migrants on board celebrated his birth by singing and dancing — a far cry from the conditions they said they had came from in Libya.
The mother, whose name was not given, told MSF she had been “held captive, beaten, given very little food and extorted for money for release” during the year she was in Libya.
She was eventually able to escape from her captors, and on Thursday she set out to sea on a rubber boat with 68 others. Writing by Steve Scherer in Rome; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-newborn/baby-miracle-born-on-rescue-ship-as-italy-arrivals-surge-idUKKCN1IS0DG |
MOSCOW (Reuters) - Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan said in a phone call that they supported Syria’s territorial integrity and sovereignty, the Kremlin said on Tuesday.
Russia's President Vladimir Putin (C), Foreign Minister Sergei Lavrov (R) and Turkey's President Tayyip Erdogan (L) enter a hall during a meeting in Sochi, Russia November 13, 2017. REUTERS/Pavel Golovkin/Pool The phone call was organized at Turkey’s request and also touched on the Turkstream offshore gas pipeline across the Black Sea, the Kremlin said in a statement.
Reporting by Polina Devitt; writing by Tom Balmforth; editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-putin-erdogan/russias-putin-turkeys-erdogan-say-support-integrity-of-syrias-borders-kremlin-idUSKCN1IU1L7 |
PALO ALTO, Calif., May 17, 2018 /PRNewswire/ -- Sapphire Ventures , a leading venture capital firm with $2.5 billion under management that invests in emerging growth-stage companies and early-stage venture funds, today announced that it has hired Paul Levine as partner. In this role, Paul will lead direct investments for the firm and help expand its consumer investing footprint.
Paul joins Sapphire's direct investment team, which partners with extraordinary entrepreneurs to help them build companies of consequence through an active, collaborative approach. He will focus on expanding the consumer investments portfolio*, which includes investments in 23andMe, DocuSign, Fitbit, LinkedIn (acquired by Microsoft), Paytm, Sun Basket, Ticketfly (acquired by Pandora) and TransferWise. Paul will also invest in high-growth marketplace, fintech and real estate technology companies.
"We are delighted to welcome Paul to our team. He'll play a critical role in leading new investments for the firm and broadening our consumer technology practice," said Nino Marakovic, CEO and managing director at Sapphire Ventures. "Beyond capital, we deliver high value expertise to our portfolio, and Paul's track record of building and scaling consumer companies is exceptional. He will no doubt leverage his unique experience and perspective to help us both grow our portfolio and help our companies scale successfully."
Prior to joining Sapphire Ventures, Paul held executive leadership roles at E*TRADE, Yahoo! (acquired by Verizon), Trulia and Zillow Group. Most recently, as Trulia's president and COO, Paul helped lead Trulia's transformation from a private 100-person company with $20 million in revenue, to a successful standalone public company, to its eventual merger with Zillow Group to create a company with more than 3,000 employees, $1 billion in revenue and $10 billion in market capitalization.
"Joining Sapphire Ventures is an exciting next step in my career, as I utilize my experience building and scaling consumer companies to help Sapphire's existing portfolio and lead new investments for the firm," said Levine. "What really drew me to Sapphire is the firm's outstanding track record, combined with the talented team and strong culture that the firm has built. I'm thrilled to be joining the Sapphire team and can't wait to further our mission of helping the next generation of entrepreneurs build category-defining businesses."
Since 2011, Sapphire Ventures has seen 54 of its companies exit the portfolio, including 11 exits in the last 18 months – Alfresco (acquired by THL Partners), Alteryx, BlackDuck (acquired by Synopsys), Cyphort (acquired by Juniper Networks), DocuSign, Inkling (acquired by Marlin Equity Partners), Lithium (acquired by Vista), MuleSoft (acquired by Salesforce), Newgen Software, SAVO (acquired by Seismic) and Socrata (acquired by Tyler Technologies). To learn more about Sapphire Ventures, please visit www.sapphireventures.com .
About Sapphire Ventures
Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global enterprise network, Sapphire Ventures invests capital, resources and expertise to enable its portfolio companies to scale rapidly. Whether entrepreneurs sell to businesses, consumers or both, Sapphire Ventures offers a powerful platform for business development and operational excellence to help them accelerate growth. With $2.5 billion under management via direct growth investments and early-stage fund investments, Sapphire Ventures is positioned to elevate companies to the global stage.
* View a complete list of Sapphire Ventures' investment portfolio here .
View original content with multimedia: http://www.prnewswire.com/news-releases/sapphire-ventures-hires-paul-levine-former-president-of-trulia-as-partner-300650363.html
SOURCE Sapphire Ventures | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-sapphire-ventures-hires-paul-levine-former-president-of-trulia-as-partner.html |
May 18, 2018 / 9:16 PM / Updated 31 minutes ago Needed heart attack care is faster when EMS can bypass local hospital Lisa Rapaport 5 Heart attack patients get faster life-saving treatment to restore blood flow if they live in states where ambulances are allowed to bypass local hospitals and rush to facilities with specialized cardiac care, a U.S. study suggests.
Researchers looked at how fast heart attack patients received what’s known as percutaneous coronary intervention (PCI), a preferred treatment to unclog blocked arteries that isn’t always available at community hospitals. During a PCI procedure, surgeons insert a tiny balloon and inflate it to open clogged arteries, then often place a stent, a tiny wire mesh cage, to keep vessels propped open.
“If the patient can make it to a hospital with the ability to stent the artery within 120 minutes, the patient will likely have a better outcome and be less likely to die or have major residual problems from the heart attack,” said lead study author Dr. Jacqueline Green of the Piedmont Heart Institute in Fayetteville, Georgia.
“Stopping at a community hospital first, when the nearest hospital with stenting abilities is a short distance further down the road, creates unnecessary treatment delays that can worsen patient outcomes,” Green said by email.
U.S. cardiologists recommend that heart attack patients should ideally receive PCI within 90 minutes or less of their first contact with a medical professional if they’re taken directly to a hospital with specialists who can perform the procedures, or within 120 minutes or less if patients first go to another facility and need to be transferred.
For the study, researchers examined data on the timing of PCI for 19,287 heart attack patients treated at 379 sites across 12 states.
Six states had policies allowing ambulances to bypass local hospitals to go directly to a specialized heart facility: Delaware, Iowa, Maryland, North Carolina, Pennsylvania and Massachusetts. Another six states did not: South Carolina, Minnesota, Virginia, Texas, New York and Connecticut.
In states where ambulances could go directly to a site with PCI capabilities, 57 percent of heart attack patients had these procedures within 90 minutes or less, the study found.
Where ambulances had to go to the closest hospital, whether or not it had PCI capabilities, only 45 percent of heart attack patients received procedures within 90 minutes.
One limitation of the study is that researchers lacked data on where patients had their heart attack or were picked up by ambulances, making it impossible to calculate driving times to the nearest community hospital or facility with PCI capabilities, the authors note in Circulation: Cardiovascular Interventions.
Part of the difference in time to PCI may have to do with whether ambulances were set up to do an electrocardiogram (ECG) to properly diagnose the patient and steer them to the right hospital, said Dr. Kwan Seung Lee of Banner University Medical Center Tucson, Arizona, who wasn’t involved in the study.
Patients got ECGs in the ambulance in 75 percent of cases in states that permitted bypassing local hospitals for a heart facility, compared with 69 percent of cases in other states, the study found.
“This may actually have been the reason for improved performance,” Lee said in an email.
Still, the results suggest that regional policies that direct ambulances to PCI-capable hospitals for heart attack patients expedite the care of these patients, said Dr. Daniel Kolansky of the Perelman School of Medicine at the University of Pennsylvania in Philadelphia.
“However, patients should not delay calling for emergency services (911 in the United States) because the care delivered in ambulances can be life-saving as well,” Kolansky, co-author of an accompanying editorial, said by email.
Patients who go to a community hospital might get treated with clot-busting drugs, then transferred somewhere else for a PCI once they’re stabilized.
“When patients go to a hospital without immediate PCI-capability, the emergency department physicians need to decide whether or not they can transfer the patient to receive PCI within a certain timeframe or, if transfer takes too long, to give . . . (anti-clotting drugs) that the patient can receive through an IV,” said Dr. Renee Hsia, a professor of emergency medicine and health policy at the University of California, San Francisco.
“All things being equal, studies show that immediate PCI yields better outcomes than IV (anti-clotting drugs), but if the transfer time is too long, then IV (drugs) would be given in a hospital that does not offer PCI,” Hsia, who wasn’t involved in the study, said by email.
SOURCE: bit.ly/2GwiscS and bit.ly/2HSxuz8 Circulation: Cardiovascular Interventions, online May 1, 2018. | ashraq/financial-news-articles | https://in.reuters.com/article/us-health-heart-ambulance/needed-heart-attack-care-is-faster-when-ems-can-bypass-local-hospital-idINKCN1IJ2RD |
May 1, 2018 / 7:52 PM / Updated 5 minutes ago BRIEF-SABIC And Exxonmobil Advance Gulf Coast Project With Creation Of New Joint Venture Reuters Staff
May 1 (Reuters) - Exxon Mobil Corp:
* SABIC AND EXXONMOBIL ADVANCE GULF COAST PROJECT WITH CREATION OF A NEW JOINT VENTURE
* GULF COAST PROJECT PLANT IS EXPECTED TO BE OPERATIONAL IN 2021-2022 TIMEFRAME Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sabic-and-exxonmobil-advance-gulf/brief-sabic-and-exxonmobil-advance-gulf-coast-project-with-creation-of-new-joint-venture-idUSFWN1S80MS |
May 27, 2018 / 11:27 AM / Updated 5 hours ago Florida undersea memorial to honor lost U.S. submariners Barbara Goldberg 3 Min Read
(Reuters) - Almost exactly 50 years ago, the USS Scorpion became the last U.S. submarine to be lost at sea when it disappeared while on patrol in the North Atlantic in 1968, with the nearly 100 officers and crew lost and presumed killed. FILE PHOTO: Some of the 66 Eternal Reef balls with plaques representing each of the submarines and crewmembers lost at sea since 1900, which will be deployed to the ocean floor for the undersea memorial during a ceremony this Memorial Day weekend, off the coast of Sarasota, Florida U.S., May 23, 2018. Brian Dombrowski/EternalReefs.com/Handout via REUTERS/File Photo
This weekend, those who went down with the Scorpion - and nearly 4,000 others lost in dozens of U.S. submarines that have sunk or gone missing since 1900 - will be honored.
A ceremony will be held on Sunday at a park in Sarasota, Florida to dedicate the first-ever undersea memorial for U.S. submarines lost at sea and the men who gave their lives while serving aboard them.
A gathering of small watercraft at the site nine miles (14 km) off the Gulf Coast that was planned for Monday, Memorial Day, was postponed due to an approaching storm.
The On Eternal Patrol Memorial Reef will eventually consist of 66 concrete “reef balls,” one for each of the 65 U.S. submarines lost in battle or during peacetime, plus one in honor of submariners lost in non-sinking accidents. The 1,300-pound concrete globes, resembling giant whiffleballs, will sit on the ocean floor at a depth of 45 feet (14 meters) to form an artificial reef that will attract a rich array of marine life. FILE PHOTO: Some of the 66 Eternal Reef balls with plaques representing each of the submarines and crewmembers lost at sea since 1900, which will be deployed to the ocean floor for the undersea memorial during a ceremony this Memorial Day weekend, off the coast of Sarasota, Florida U.S., May 23, 2018. Brian Dombrowski/EternalReefs.com/Handout via REUTERS/File Photo
“Submariners who die go on eternal patrol,” said Navy veteran J. Al Smith, 89, in explaining the name of the memorial.
Eternal Reefs Inc, a non-profit organization dedicated to protecting the undersea environment, is due to complete the project by the end of the summer, said spokeswoman Becky Peterson.
“I think it’s great,” Smith said about the memorial’s location. “That’s where we submariners lived - under the water.” Slideshow (2 Images)
Smith was a 20-year-old second-class gunner’s mate when his submarine, the USS Cochino, was lost in North Atlantic waters off Norway’s coast in August 1949, the early days of the Cold War.
The sinking of the Cochino took the life of a civilian engineer onboard to train the military to use reconnaissance equipment, according to the book “Blind Man’s Bluff: The Untold Story of American Submarine Espionage,” by authors Sherry Sontag and Christopher Drew. All 76 military personnel aboard survived.
The Navy did not immediately respond to a request for comment about the incident.
Decades later, Smith has vivid memories of what he called a “nerve wracking” day.
“All of a sudden I heard the alarm and the captain ordered people out,” he said, recalling the scramble to the surface amid 10-foot waves, near gale-force winds and freezing temperatures.
“About 50 of us only had skivvies on because we had to get out so fast. We were getting wet and freezing to death. Scary? Hah - you have to go through it to understand,” Smith said.
A nearby submarine, USS Tusk, came to the rescue, losing six of its crewmen in the effort. As soon as the last man on the stricken submarine - Commander Rafael Benitez - stepped on the Tusk’s deck, the Cochino submerged completely, never to be seen again.
“It’s like watching your baby die,” Smith said. Reporting by Barbara Goldberg in New York; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-memorial-day-submarines/florida-undersea-memorial-to-honor-lost-u-s-submariners-idUSKCN1IS0BE |
May 3 (Reuters) - Delta Air Lines Inc:
* DELTA AIR LINES INC - NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION ISSUED SPECIAL FACILITIES REVENUE BONDS, SERIES 2018 IN AMOUNT OF $1.38 BILLION
* DELTA AIR LINES INC - NYTDC LOANED PROCEEDS FROM 2018 BONDS TO DELTA AIR LINES TO FINANCE A PORTION OF COSTS OF A CONSTRUCTION PROJECT Source text ( bit.ly/2rkJqPV )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-delta-air-lines-says-nytdc-issued/brief-delta-air-lines-says-nytdc-issued-special-facilities-revenue-bonds-idUSFWN1SA1CQ |
JERSEY, Channel Islands, May 15, 2018 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company, today announced that financial results for its fourth quarter and fiscal full year ended March 31, 2018, will be released before market open on Tuesday, May 29, 2018. The Company will host a conference call to discuss its fourth quarter and fiscal full year financial results at 8:00 a.m. Eastern Time the same day.
Participants may access the call by dialing 1-877-407-0784 in the U.S. or 1-201-689-8560 outside the U.S. The conference call will be webcast live on the Company's website at www.quotientbd.com .
A replay of this conference call will be available through June 6, 2018 by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 outside the U.S. The replay access code is 13679376.
About Quotient Limited
Quotient is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. With an initial focus on blood grouping and serological disease screening, Quotient is developing its proprietary MosaiQ™ technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms. The company's operations are based in Edinburgh, Scotland; Eysins, Switzerland and Newtown, Pennsylvania.
The Quotient logo and MosaiQ™ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.
CONTACT: Christopher Lindop, Chief Financial Officer — [email protected] ; +41 (0)799 61 69 38
Source:Quotient Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-quotient-limited-to-report-fourth-quarter-and-fiscal-full-year-2018-financial-results-and-host-conference-call.html |
May 14, 2018 / 9:05 PM / Updated 15 hours ago Air pollution during pregnancy tied to high blood pressure in kids Lisa Rapaport 5 Min Read
(Reuters Health) - Women who breathe polluted air during pregnancy may be more likely to have children who develop high blood pressure, a U.S. study suggests.
Researchers focused on what’s known as fine particulate matter, or PM 2.5, a mixture of solid particles and liquid droplets smaller than 2.5 micrometers in diameter that’s found in traffic exhaust and can include dust, dirt, soot, and smoke.
They examined data on 1,293 mother-child pairs and assessed kids’ blood pressure at checkups from ages 3 to 9 years. When they sorted children into three groups from highest to lowest levels of exposure to PM 2.5 in the womb, children in the highest-exposure group were 61 percent more likely to have high blood pressure than kids with the lowest exposure.
“We believe that when pregnant women breathe air with high levels of fine particulate matter, it causes an inflammatory response that alters genetic expression and fetal growth and development, on the pathway to high blood pressure in childhood,” said study co-author Noel Mueller of Johns Hopkins Bloomberg School of Public Health in Baltimore.
“I think the take home message for pregnant women is not that you should change your residence, but rather that you might consider avoiding highly polluted areas during pregnancy, particularly during heavy bouts of physical activity, which is important to keep up during pregnancy,” Mueller said by email.
High blood pressure is a major risk factor for cardiovascular disease and a leading cause of disability contributes to an estimated 7.5 million deaths worldwide each year, researchers note in the journal Hypertension.
Previous research has linked air pollution exposure in the womb to an increased risk of birth defects including abdominal malformations and what’s known as hypospadias, an abnormality in boys that occurs when the opening of the urethra doesn’t develop on the tip of the penis and instead forms on the shaft or on the scrotum.
In the current study, children appeared to have an increased risk of high blood pressure when they were exposed to average PM 2.5 levels of at least 13 micrograms per cubic meter of air (ug/m3) during the final three months of pregnancy. That’s slightly higher than the limit set by the U.S. Environmental Protection Agency (EPA) of 12 ug/m3.
Children in the group with the highest exposure to air pollution in the womb experienced PM 2.5 levels of 11.80 to 28.81 ug/m3 during the third trimester of pregnancy, the study found.
Kids with the lowest exposure had third trimester PM 2.5 levels of 3.79 to 9.57 ug/m3, well within the range permitted by the EPA.
Each 5 ug/m3 increase in PM 2.5 exposure in the womb was associated with a 3.39 percentile increase in what’s known as systolic blood pressure, the “top number” that represents the pressure blood exerts against artery walls when the heart beats.
Children were identified as having high blood pressure if their systolic blood pressure was in the highest 10 percent for kids the same age.
The study wasn’t a controlled experiment designed to prove whether or how air pollution exposure in the womb might directly cause high blood pressure. Researchers also lacked data on how much time women spent breathing polluted air outdoors or any exposure to PM 2.5 at work.
Still, the current study offers fresh evidence linking air pollution to high blood pressure in kids, particularly because the connection appeared for kids at all birth weights in the current study. Previous research found this connection for overweight babies.
“If maternal and early life pollution exposures increase the long-term risk of high blood pressure, then reducing early-life pollution exposure through regulation and through local and regional efforts may help protect children from having higher blood pressure in childhood, and may improve long term cardiovascular and cerebrovascular health,” Dr. Diane Gold, author of an accompanying editorial and a professor at the Harvard T.H. Chan School of Public Health in Boston, said by email.
SOURCE: bit.ly/2Gf8gFr Hypertension, online May 14, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-pregnancy-pollution/air-pollution-during-pregnancy-tied-to-high-blood-pressure-in-kids-idUKKCN1IF2WR |
(Reuters) - Fitch Ratings on Monday downgraded its outlook on Australian lender CBA’s ( CBA.AX ) Issuer Default Rating (IDR) to ‘negative’ from ‘stable’, citing risks associated with ongoing inquiries into the sector that it says may leave CBA in a weaker operating environment than its peers.
A man uses a Commonwealth Bank of Australia ATM in Sydney, Australia, April 19, 2018. REUTERS/Edgar Su The rating agency, however, affirmed the IDR at ‘AA-‘ saying it expects the lender “will maintain its strong franchise and sound financial profile despite negative findings from an independent prudential inquiry into its governance, culture and accountability”.
Australia’s financial sector has been rocked by evidence of wrongdoing revealed by a powerful independent inquiry established by the federal government, following a series of scandals at CBA and other big banks.
Australia’s banking regulator last week also slapped an extra A$1 billion ($754 million) capital requirement on CBA, as it released a scathing report into how the lender allowed money laundering to flourish.
The same week the bank was forced to reveal that it had lost records of 20 million accounts.
“We believe the initially identified shortcomings of CBA, being risk appetite as well as management and strategy, are more widespread than we had incorporated into the previous assessment of these factors,” Fitch said.
The quasi-judicial inquiry has also led S&P Global to say the credit worthiness of Australia’s largest wealth manager AMP Ltd ( AMP.AX ) may be downgraded to ‘A-‘ from ‘A’ if damaging revelations of the firm’s misconduct affects its core wealth management business or if the risk of fines and legal actions increases materially.
Reporting by Susan Mathew in Bengaluru; Editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cba-ratings-fitch/fitch-downgrades-commonwealth-banks-long-term-debt-default-outlook-idUSKBN1I8075 |
May 1 (Reuters) - American Tower Corp:
* ORATION REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $1.742 BILLION VERSUS I/B/E/S VIEW $1.73 BILLION
* QUARTERLY CONSOLIDATED AFFO PER SHARE $1.84 * QUARTERLY AFFO ATTRIBUTABLE TO AMT COMMON STOCKHOLDERS PER SHARE $1.73
* SAYS REDUCING MIDPOINT OF FY 2018 OUTLOOK FOR PROPERTY REVENUE, NET INCOME, AND ADJUSTED EBITDA BY $60 MILLION, $45 MILLION AND $35 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-tower-corporation-q1-reve/brief-american-tower-corporation-q1-revenue-1-74-bln-idUSASC09YIT |
CAIRO (Reuters) - Egyptian police on Friday detained an activist after she posted a video on social media criticizing the government for failing to protect women against sexual harassment and over worsening living conditions, Amnesty International said.
The rights group said the arrest of Amal Fathy, a member of the now banned April 6 youth movement which played a role in 2011 mass protests that forced President Hosni Mubarak out of office, was a “new low in Egypt’s crackdown on freedom of expression”.
Egyptian police could not immediately be reached for comment, but a security source said Fathy had been detained over a complaint that she had insulted the Egyptian state through an offensive social media posting.
Human rights groups have repeatedly criticized Egypt’s human rights situation, saying conditions in the country have continued to deteriorate under President Abdel Fattah al-Sisi, who came to power in 2013 after the army overthrew Islamist President Mohamed Morsi following protests against his rule.
Amnesty International said that in the video posted on Facebook May 9, Fathy spoke about the prevalence of sexual harassment in Egypt, criticized the government’s failure to protect women and for deteriorating human rights, socioeconomic conditions and public services.
“It is a dark day when the Egyptian authorities are more concerned with silencing a woman who speaks out about sexual harassment than taking steps to address the issue,” said Najia Bounaim, North Africa Campaigns Director at Amnesty International.
Sisi’s supporters say his tough security and economic measures are needed to keep the country stable as it recovers from political chaos and tackles grave economic challenges and the Islamist insurgency.
Amnesty said Fathy was detained from her home at 2:30 A.M. on Friday, together with her husband, Mohamed Lotfy — a human rights lawyer, and were taken to a police station in Maadi in southern Cairo.
Lotfy was freed some three hours later but Fathy was kept in custody to allow a prosecutor to examine her case.
A prosecutor later ordered her detained for 15 days for questioning on charges of incitement to overthrow the ruling system, publishing lies and misusing social media, according to a lawyer at the Egyptian Commission for Rights and Freedoms, where her husband works.
Egyptian media had earlier slammed Fathy, saying she had used foul language in the 12-minute recording in which she seemed to express her anger at poor public services at a local bank, over heavy traffic, sexual harassment by a local taxi driver and over a general deterioration in living conditions.
An Egyptian security source said: “She is accused and wanted for arrest in relation to complaints accusing her of insulting the Egyptian state, by publishing a posting that contained swearing and defamation against Egypt.”
Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-rights/activist-held-after-posting-video-critical-of-egyptian-government-amnesty-international-idUSKBN1IC2KZ |
May 10 (Reuters) - Moloco:
* MOBILE PERFORMANCE ADVERTISING STARTUP MOLOCO SECURES $11 MILLION IN SERIES B FUNDING
* MOLOCO - FUNDING ROUND IS BEING LED BY SAMSUNG VENTURES AND DRAPER ATHENA Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-moloco-secures-11-mln-in-series-b/brief-moloco-secures-11-mln-in-series-b-funding-idUSASC0A1EJ |
LONDON/PARIS/WASHINGTON (Reuters) - They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down.
FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminium company Rusal. Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminium. It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal.
All made the same argument, the sources said: a squeeze on the largest producer of aluminium outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source.
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal.
The effect was immediate. Prices for aluminium surged 15 percent as Rusal stopped supplying customers. As well as producing aluminium, the company produces alumina, a raw material needed to make aluminium.
“They (the Treasury) destabilised the global aluminium industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminium smelter in France, Europe’s biggest aluminium production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminium smelting operations and hitting businesses throughout the metal’s supply chain.
FILE PHOTO: Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo GOVERNMENTS TAKE ACTION The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions.
MULTINATIONALS MAKE MOVE Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminium products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminium prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminium, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminium, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminium processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminium prices falling as much as 10 percent. Aluminium prices now stand at $2,300 per tonne, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
Slideshow (2 Images) “Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.”
Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-sanctions-rusal/insight-how-rusal-escaped-the-noose-of-u-s-sanctions-idINKCN1IH0KY |
TORONTO, May 23, 2018 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (the “Company’) is pleased to announce it has completed the overnight offering of 2,915,000 Preferred Shares and 2,915,000 Class A Shares of the Company. The total proceeds of the offering were $68.1 million, bringing the Company’s net assets to approximately $253.0 million. The shares will trade on the Toronto Stock Exchange under the existing symbols of BK.PR.A (Preferred Shares) and BK (Class A Shares).
The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5% and the Class A Shares were offered at a price of $13.35 per Class A Share to yield 10%.
The offering was co-led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and RBC Capital Markets, and also included TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners, GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation, and Manulife Securities Incorporated.
The net proceeds of the offering will be used by the Company to invest in a portfolio of six publicly traded Canadian Banks as follows:
Bank of Montreal Canadian Imperial Bank of Commerce Royal Bank of Canada The Bank of Nova Scotia National Bank of Canada The Toronto-Dominion Bank Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the Company’s publically filed documents which are available at www.sedar.com .
Investor Relations:
1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
[email protected]
Source:Canadian Banc Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-canadian-banc-corp-completes-overnight-offering-of-68065250.html |
May 17, 2018 / 1:28 PM / Updated 43 minutes ago Trump doubts success in rebalancing U.S.-China trade as talks get underway David Lawder , Steve Holland 6 Min Read
WASHINGTON (Reuters) - President Donald Trump said on Thursday that China had become “very spoiled” on trade with the United States and cast doubt on the success of his efforts to rebalance the relationship with Beijing as high-stakes U.S.-China negotiations opened in Washington.
Trump, speaking to reporters at the White House, said China had “ripped off” the United States for too long and that he told Chinese President Xi Jinping that “we just can’t do that anymore.”
But he praised the efforts of U.S. and Chinese officials to try to rebalance the relationship through trade talks.
“Will that be successful? I tend to doubt it. The reason I doubt it is because China has become very spoiled” with getting its way on trade with the United States, he said.
A second round of talks between senior Trump administration officials and their Chinese counterparts started at the U.S. Treasury on Thursday morning, focused on cutting China’s U.S. trade surplus and improving intellectual property protections.
Trump has threatened to impose up to $150 billion in punitive tariffs to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies. Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos.
White House spokeswoman Sarah Sanders said Trump would meet with the head of the Chinese delegation, Vice Premier Liu He, later on Thursday.
At the Treasury, next door to the White House, there was little outward sign of the negotiations under way in the building. The ornate Cash Room, where a high-profile U.S.-China economic dialogue meeting was held last July, hosted a different event instead. Related Coverage China does not want to see escalation in Sino-U.S. trade tension
At trade talks in Beijing two weeks ago, both sides presented lengthy lists of demands, agreeing only to keep talking.
The Trump administration sought a $200 billion reduction in China’s $375 billion U.S. goods trade surplus, an end to joint venture requirements that it says coerce technology transfers from American companies and an end to subsidies for advanced technology industries under the “Made in China” 2025 program.
China demanded that Trump relax crushing restrictions imposed on Chinese telecommunications equipment maker ZTE Corp ( 000063.SZ )( 0763.HK ), and end restrictions on Chinese investments in the United States and sales of high-technology goods to China.
Trump on Sunday wrote on Twitter he would help put ZTE back in business after a Commerce Department ban cut off its supply of U.S. components, forcing it to suspend operations.
Trump told reporters on Thursday that Xi had asked him to look into the ZTE situation and he agreed to do so, adding that ZTE buys a lot of parts from U.S. companies. “That’s a lot of business.
“Anything we do with ZTE, it’s just a small component of the overall deal. I can only tell you this: We’re going to come out fine with China. Hopefully, China will be happy, I think we’ll be happy,” Trump said. Slideshow (2 Images)
Earlier, top White House economic adviser Larry Kudlow told Fox Business Network that the discussion over ZTE was about re-examining the U.S. penalties, not waiving the enforcement action altogether. CHINA PROPOSAL, TRUMP TEAM RIFT
Kudlow said the White House expected China to bring a proposal to the talks that would “extend the conversation and permit additional negotiations.”
Derek Scissors, a China scholar at the American Enterprise Institute in Washington, said he anticipated that Liu would offer a package of increased purchases of American agricultural goods and other products to help reduce China’s trade surplus.
“My understanding is that, as of Sunday, he was coming here to say, ‘We’ll buy more U.S. stuff,’” Scissors said, adding that it was unclear whether the package would include new structural reforms such as opening more Chinese business sectors to foreign investment.
But U.S. receptiveness to such an offer could be affected by a growing rift in the administration between Treasury Secretary Steven Mnuchin and Trump trade adviser Peter Navarro.
Navarro, the White House’s harshest China critic, was relegated to a supporting role in recent days, administration officials said. The talks are being led by Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
Navarro, author of the book “Death by China,” has been a major advocate of punitive tariffs on Chinese goods, while Mnuchin has favored a pragmatic approach of deals to cut the trade deficit and to open China’s economy to U.S. companies.
The Washington talks will start as the U.S. trade representative finishes up public hearings on the first batch of U.S. tariffs on $50 billion worth of Chinese goods proposed as punishment for alleged violations of U.S. intellectual rights.
The tariffs, which target Chinese electrical and machinery parts, autos and flat-screen television sets, could take effect in early June, and may be followed by an additional round targeting $100 billion worth of goods yet to be identified. Additional reporting by Steve Holland and Doina Chiacu; Editing by Steve Orlofsky and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/u-s-china-launch-trade-talks-to-avert-tariff-war-economic-damage-idUSKCN1II1XF |
* U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl -API
* Physical spot cargoes trade at discount to financial crude
* Production by oil majors rising - S&P Global Ratings (Adds U.S. storage comment, updates prices)
SINGAPORE, May 16 (Reuters) - Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
Brent crude futures were at $78.23 per barrel at 0445 GMT, down 20 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.08 a barrel, down 23 cents, or 0.3 percent, from their last settlement.
Despite the dips, both financial oil benchmarks remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively, reached the previous day.
But there are signs in physical crude markets that may give pause to financial investors.
There are also signs that oil production will rise, especially at majors like ExxonMobil, Royal Dutch Shell , Chevron, BP and Total.
"Aggregate production - both actual and projected - is growing for the majors," S&P Global Ratings said in a report published on Tuesday.
Spot crude oil cargo prices are at their steepest discounts to futures prices in years as sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in U.S. crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday.
"The API inventory data in the U.S. fits with ... a topping pattern or at least a decent pause for oil prices at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Official U.S. government fuel storage data is due for release by the Energy Information Administration (EIA) later on Wednesday.
"We expect the EIA report to display bearish results amidst higher rig counts and production levels in the U.S.," said Singapore-based brokerage Phillip Futures.
Despite Wednesday's dips and some indicators implying the financial oil has overshot physical oil, overall crude market conditions have tightened since 2017 when the Organization of the Petroleum Exporting Countries (OPEC) started to withhold supplies to push up oil prices.
With renewed U.S. sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain tight for much of the year.
Stronger oil prices are also spilling into other markets.
"A rising oil price brings upside price risk to all commodities," Morgan Stanley said in a note to clients this week. (Reporting by Henning Gloystein Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-update-2-oil-dips-on-signs-of-ample-supply-despite-opec-cuts-iran-sanctions.html |
May 21(Reuters) - KEO PLC:
* TO PROPOSE DIVIDEND OF EUR 1.5 MLN OR EUR 0.04 PER SHARE FOR 2016
Source text : bit.ly/2KI1WsH
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SS30R |
May 24, 2018 / 10:12 PM / Updated 4 hours ago U.S. jury awards Apple $539 million in Samsung patent retrial Jan Wolfe , Stephen Nellis 4 Min Read
(Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million to Apple Inc for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages. Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury “agree that Samsung should pay for copying our products.”
“We believe deeply in the value of design,” Apple said in its statement. “This case has always been about more than money.”
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining “all options” to contest it.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages,” Samsung said in a statement. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.” FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo
The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone’s design. The jury awarded Apple $533.3 million for Samsung’s violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone’s design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week’s trial.
Apple’s case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
The verdict appears to be a compromise between Apple and Samsung’s positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
“This decision just means we are going to have more uncertainty,” Burstein said. “Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test.” Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/us-apple-samsung-elec/u-s-jury-awards-apple-539-million-in-samsung-patent-retrial-cnet-idUKKCN1IP3Q1 |
May 30, 2018 / 12:15 AM / Updated 15 hours ago ABC loses prime TV showcase with 'Roseanne' cancellation Lisa Richwine 3 Min Read
LOS ANGELES (Reuters) - Walt Disney Co’s decision to cancel “Roseanne” leaves ABC without its most-watched primetime program and an important platform for the television network to promote the rest of its lineup in a highly competitive battle for viewers. FILE PHOTO: Actress Roseanne Barr waves on her arrival to the 75th Golden Globe Awards in Beverly Hills, California, U.S., January 7, 2018. Picture taken January 7, 2018. REUTERS/Mario Anzuoni
ABC ended its revival of 1990s hit “Roseanne” on Tuesday hours after star and creator Roseanne Barr posted a tweet that compared former Obama administration official Valerie Jarrett, who is black, to an ape.
It was a rare move by a network to scrap its most popular entertainment program because of the off-screen behavior of a star.
The recent success of “Roseanne” helped lift ABC ratings at a time when broadcast networks are struggling to attract audiences who are migrating to streaming services like Netflix Inc.
The “Roseanne” revival had aired only nine episodes and generated $22.8 million from advertisers, or 2.5 percent of ABC’s ad revenue for the 2017-2018 season, according to data from measurement firm iSpot.
ABC had ordered a new season that was expected to run for 13 episodes and had touted the comedy in a recent sales pitch to advertisers. Potential ad dollars from those airings would have been as much as $60 million, research firm Kantar Media estimated. FRANCHISE OFF THE TABLE
Aside from ad revenue, ABC is losing a large audience to which it could promote the network’s other sports and entertainment programming, said Jason Damata, founder of Fabric Media, which advises TV networks and measurement companies.
“The pain is really coming from taking a franchise off the table and all the things that come with it,” Damata said.
“Roseanne” could have helped draw online audiences to ABC’s website and mobile apps, he added.
Cable networks also will take a financial hit. Three Viacom Inc channels and E.W. Scripps Co’s Laff TV said Tuesday they were pulling reruns of the original 1990s “Roseanne” series.
Reruns of “Roseanne” have been a big draw for advertisers, generating $1.2 billion in ad revenue for the syndicators and cable networks that aired them from 1995 to 2017, according to Kantar Media.
It is unusual for a show with such strong revenue potential to get canceled, but off-screen controversies have toppled a few others in recent years.
In April 2017, Fox News fired Bill O’Reilly after The New York Times reported Fox and O’Reilly had paid five women a total of $13 million to settle harassment claims. O’Reilly said in a statement at the time that he had settled only to spare his children from controversy.
His popular show, “The O’Reilly Factor,” brought in $147.13 million in advertising revenue in 2016, Kantar Media said.
In 2014, Comcast Corp’s NBC and Netflix canceled plans for new shows featuring comedian Bill Cosby over sexual assault allegations against him, and reruns of “The Cosby Show” also were taken off the air. Cosby was convicted in April 2018 of drugging and sexually assaulting a onetime friend in 2004. Reporting by Lisa Richwine; Editing by Bill Tarrant and Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/us-television-roseanne-advertisers/abc-loses-prime-tv-showcase-with-roseanne-cancellation-idINKCN1IV00N |
Several casino stocks jumped after a U.S. Supreme Court ruling paved the way for states to legalize sports betting if they so choose.
Shares of MGM Resorts , Caesars Entertainment , Boyd Gaming , Penn National Gaming and Churchill Downs all popped on the decision, although they were well off their highs immediately following the case result.
Scientific Games , an online sports betting tech company, was on track for its best day since July 25, 2017, up more than 10 percent.
The Supreme Court ruled in favor of New Jersey in the case of legality of a 2014 law permitting sports betting at casinos and racetracks in the state. The ruling voided the federal Professional and Amateur Sports Protection Act.
The ruling will break up Nevada's monopoly on the practice. Illegal sports betting is worth billions of dollars annually. Some states see sports betting as a potentially source of tax revenue.
The Court's decision opens doors to potentially allow legal sports betting in numerous states, possibly nationwide.
Kentucky Derby operator Churchill Downs' CEO William Carstanjen told CNBC earlier this month that he was betting on and hopeful for legalization .
"Sports wagering is a category we're very bullish on. We think that would be a great thing and we think our customers would like it," Carstanjen said.
Wynn Resorts and Las Vegas Sands, which are more leveraged to betting in Nevada, declined slightly following the ruling. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/casino-company-shares-rise-on-supreme-court-ruling-for-sports-betting.html |
Three new research collaborations Positive results in our initial glycoengineering modifications of C1 strains Achieving high levels of productivity for therapeutic proteins Board approved a reverse stock split subject to shareholder approval Recognized industry thought leader joins board New Chief Accounting Officer appointed $47.7 million of cash, cash equivalents and investment securities at March 31, 2018
JUPITER, Fla., May 10, 2018 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”) (OTCQX:DYAI), a global biotechnology company focused on further improving and applying its proprietary C1 gene expression platform to speed up the development and production of biologic vaccines and drugs at flexible commercial scales, announced its financial results for the 2018.
“Based on the encouraging data we generated to date in our research programs, we are seeing increased interest in our C1 Gene Expression Platform and gaining traction in our business development efforts,” said Mark Emalfarb, President and CEO of Dyadic. “We continue to see additional positive data that we anticipate will expedite our entering into a number of further, but just as important, additional research collaborations throughout the remainder of the year.”
BUSINESS HIGHLIGHTS AND RECENT DEVELOPMENTS
Entered into three research collaborations, including Mitsubishi Tanabe Pharma Corp. and the Israel Institute for Biological Research. Data generated from research collaborations with two top-tier pharmaceutical companies continues to show encouraging results on FC-Fusion proteins and monoclonal antibody productivity and manufacturing process development. Reached productivity levels as high as 1.71 grams per liter per day for monoclonal antibodies and 1.31 grams per liter per day for FC-Fusion proteins. Achieved positive results in our initial glycoengineering modifications of C1 strains, moving ahead with our research programs to develop C1 strains that produce mAbs with mammalian-like glycosylation. In March 2018, the Board approved a proposal to vote on a reverse stock split at the annual shareholder meeting to be held on June 6, 2018. Barry Buckland, Ph.D., a recognized industry thought leader, including 29 years at Merck, joined the Board of Directors in January 2018. Promoted to Chief Accounting Officer, Ping W. Rawson, who has replaced Tom Dubinski, our former Chief Financial Officer, to serve as the Company's principal financial officer and assume responsibility for finance, tax and treasury.
FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2018
At March 31, 2018, cash and cash equivalents were approximately $4.6 million compared to $5.8 million at December 31, 2017. The carrying value of investment-grade securities, including interest receivable as of March 31, 2018, was approximately $43.1 million compared to $43.3 million at December 31, 2017.
Research and development revenue for the three months ended March 31, 2018, increased to approximately $184,000 compared to $122,000 for the same period a year ago. Cost of research and development revenue for the three months ended March 31, 2018, increased to approximately $147,000 compared to $122,000 for the same period a year ago. The increases in revenue and cost of research and development revenue are attributable to new research collaborations in 2018.
Provision for contract losses for the three months ended March 31, 2018, was $0 compared to approximately $211,000 for the same period a year ago. The provision for contract losses recorded in 2017 was associated with the Company's extended involvement in the ZAPI program and another research collaboration completed in 2017.
Research and development expenses for the three months ended March 31, 2018, increased to approximately $577,000 compared to $320,000 for the same period a year ago. The increase principally reflects the costs of additional internal research activities with third-party contract research organizations and personnel related costs.
Research and development expenses - related party, for the three months ended March 31, 2018, increased to approximately $393,000 compared to $0 for the same period a year ago. The increase reflects the research and development costs associated with the Company’s R&D Agreements with BDI, which started in July 2017.
General and administrative expenses for the three months ended March 31, 2018, decreased to approximately $1,293,000 compared to $1,790,000 for the same period a year ago. The decrease principally reflects reductions in legal and litigation costs of approximately $561,000 and share-based compensation expenses related to stock options granted in 2018 of approximately $92,000, offset by separation costs associated with our former CFO of approximately $97,000, increase in business development costs of approximately $55,000, and other increases of approximately $4,000.
Foreign currency exchange loss for the three months ended March 31, 2018, was approximately $5,000 compared to a gain of $28,000 for the same period a year ago. The change represents the currency fluctuation of the Euro in comparison to U.S. dollar.
Interest income for the three months ended March 31, 2018, increased to approximately $186,000 compared to $116,000 for the same period a year ago. The increase in interest income reflects the higher yield on the Company’s investment grade securities, which are classified as held-to-maturity.
Net loss for the 2018, was approximately $(2.0) million, or $(0.07) per basic and diluted share, compared to net income of $2.1 million, or $0.07 per basic and diluted share, for the same period a year ago. Net income in the first quarter of 2017 was primarily due to the receipt of a litigation settlement of approximately $4.4 million.
As of March 31, 2018, there were approximately 28.1 million shares of common stock outstanding and approximately 10.9 million shares held in treasury, after the Company purchased 267,000 shares at a weighted average price of $1.40 per share in open market transactions in the first quarter of 2018.
CONFERENCE CALL INFORMATION
Dyadic management will host a conference call today, Thursday, May 10, 2018 , at 5:00 p.m. to discuss the financial results for the 2018. In order to participate in the conference call, please dial 800-839-7875 for U.S./Canada callers and +719-325-4891 for International callers, using access code 7239777.
A replay of the conference call will be available on Dyadic’s website ( www.dyadic.com ) 24 hours after the live event.
About Dyadic International, Inc.
Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Myceliophthora thermophila, named C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines, monoclonal antibodies, biosimilars/biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic drugs to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly save lives.
Please visit Dyadic’s website at www.dyadic.com for additional information, including details regarding Dyadic’s plans for its biopharmaceutical business.
Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time Quote: s, market information and financial reports for Dyadic in the Company’s annual and quarterly reports which are filed with the OTC markets. Please visit the OTC markets website at www.otcmarkets.com/stock/DYAI/Quote: .
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. Forward-looking statements are based on management’s beliefs and assumptions and on information available to management only as of the date of this press release. These forward-looking statements involve risks, uncertainties and other factors that could cause Dyadic’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) general economic, political and market conditions; (2) our ability to carry out and implement our biopharmaceutical research and business plans and strategic initiatives; (3) our ability to retain and attract employees, consultants, directors and advisors; (4) our ability to implement and successfully carry out Dyadic’s and third parties research and development efforts; (5) our ability to obtain new license and research agreements; (6) our ability to maintain our existing access to, and/or expand access to third party contract research organizations in order to carry out our research projects for ourselves and third parties; (7) competitive pressures and reliance on key customers and collaborators; and (8) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2017 Annual Report filed with the OTC Markets on March 27, 2018, and our March 31, 2017 Quarterly Report filed with the OTC Markets on May 10, 2018. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Important Information about the Reverse Stock Split Proposal
This communication may be deemed to be solicitation material in connection with the proposal to be submitted to Dyadic’s shareholders at its annual meeting seeking approval to authorize a reverse stock split (the “Reverse Stock Split Proposal”).
A notice of the annual meeting and a proxy statement to solicit the votes of Dyadic stockholders to approve the Reverse Split Proposal (the “Proxy Statement”) was posted to Dyadic’s website ( www.dyadic.com ) and the OTC Marketplace Portal ( http://www.otcmarkets.com/stock/DYAI/filings ) on April 18, 2018 and subsequently mailed to Dyadic stockholders. Shareholders of Dyadic are urged to read the proxy statement and all other relevant documents filed with the OTC Markets, because they may contain important information about the Reverse Stock Split Proposal and Dyadic.
Dyadic and its Board of Directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Dyadic common stock in respect of the Reverse Stock Split Proposal. Information about the directors and executive officers of Dyadic is set forth in the Proxy Statement. Investors may obtain additional information regarding the interest of Dyadic and its directors and executive officers in the Reverse Stock Split Proposal by reading the proxy statement relating to the special meeting.
Contact:
Dyadic International, Inc.
Ping W. Rawson
Chief Accounting Officer
Phone: +1 (561) 743-8333
Email: [email protected]
DYADIC INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Revenues: Research and development revenue $ 184,330 $ 121,527 Costs and expenses: Costs of research and development revenue 146,809 121,528 Provision for contract losses — 210,540 Research and development 576,884 319,524 Research and development - related party 392,549 — General and administrative 1,292,997 1,790,291 Foreign currency exchange loss (gain), net 4,840 (27,836 ) Total costs and expenses 2,414,079 2,414,047 Loss from operations (2,229,749 ) (2,292,520 ) Other income: Settlement of litigation, net — 4,358,223 Interest income, net 186,457 116,193 Total other income 186,457 4,474,416 (Loss) income before income taxes (2,043,292 ) 2,181,896 Provision for income taxes — 85,556 Net (loss) income $ (2,043,292 ) $ 2,096,340 Net (loss) income per common share Basic $ (0.07 ) $ 0.07 Diluted $ (0.07 ) $ 0.07 Weighted-average common shares outstanding Basic 28,159,244 29,616,461 Diluted 28,159,244 29,686,676
Balance sheet information: March 31, 2018 December 31, 2017* (Unaudited) (Audited) Cash and cash equivalents $ 4,631,312 $ 5,786,348 Investment securities, short-term, long-term and interest receivable 43,128,468 43,311,243 Prepaid research and development (current and non-current) 806,728 1,167,439 Total assets 48,822,103 50,744,159 Accumulated deficit (29,394,649 ) (27,351,357 ) Stockholders' equity $ 47,826,748 $ 49,975,264 *Condensed from audited financial statements
Source:Dyadic International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-dyadic-international-reports-first-quarter-2018-financial-results.html |
May 10, 2018 / 2:53 PM / in 4 hours Trump heralds capture of five Islamic State commanders Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday that five “most wanted” leaders of the Islamic State militant group had been captured, an apparent reference to the capture of five commanders of the militant group by Iraq. FILE PHOTO - U.S. President Donald Trump participates in a celebration of military mothers and spouses at the White House in Washington, U.S., May 9, 2018. REUTERS/Leah Millis
“Five Most Wanted leaders of ISIS just captured!” Trump wrote in a post on Twitter, providing no further details.
Iraq had described the capture of the Islamic State commanders as “some of the most wanted” leaders of the group. The list did not include Islamic State leader Abu Bakr al-Baghdadi. Reporting by Makini Brice; Editing by Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-islamicstate/trump-heralds-capture-of-five-islamic-state-commanders-idUSKBN1IB24I |
May 8 (Reuters) - Cutera Inc:
* CUTERA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.02
* Q1 LOSS PER SHARE $0.15 * Q1 REVENUE $34.1 MILLION VERSUS I/B/E/S VIEW $34.8 MILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $1.03 TO $1.11
* SEES FY 2018 REVENUE $178 MILLION TO $181 MILLION * Q1 EARNINGS PER SHARE VIEW $0.03 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $0.95, REVENUE VIEW $179.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cutera-reports-q1-loss-per-share-o/brief-cutera-reports-q1-loss-per-share-of-0-15-idUSASC0A0N4 |
Pfizer's, Merck's revenue disappoint investors 11:42am EDT - 01:05
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports.
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports. //reut.rs/2FwRykH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/pfizers-mercks-revenue-disappoint-invest?videoId=422966177 |
SEOUL (Reuters) - North Korea has scheduled the dismantlement of its nuclear test site for sometime between May 23 and 25 depending on weather conditions in order to uphold its previous pledge to discontinue nuclear tests, state media reported on Saturday.
The country’s central news agency said the dismantlement of the nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances and removing all observation facilities, research buildings and security posts.
“The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground of the DPRK in order to ensure transparency of discontinuance of the nuclear test,” said the announcement. DPRK is an acronym for North Korea’s official name, the Democratic People’s Republic of Korea.
The announcement comes after U.S. President Donald Trump said he would hold a summit with North Korean leader Kim Jong Un in Singapore on June 12. It will be the first meeting ever between a sitting U.S. president and the leader of North Korea.
It follows a flurry of international engagement with North Korea as the two Koreas held their own summit in late April and officials plan to hold high-level meetings in coming weeks.
Trump’s Secretary of State Mike Pompeo said on Friday North Korea can look forward to “a future brimming with peace and prosperity” if it agrees to quickly give up its nuclear weapons.
Officials in Seoul had said in April that North Korea planned to invite experts and journalists from the United States and South Korea for the shutdown of its test site.
North Korea said journalists from other countries, including the United States and South Korea, will be invited to cover the event, to “show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out”.
In order to accommodate the travelling journalists, North Korea said various measures would be taken including “opening territorial air space”.
All international journalists will be provided with a charter flight into Wonsan, a port city in eastern North Korea, from Beijing, KCNA said. There, reporters will board a charter train to the nuclear test ground in an “uninhabited deep mountain area”.
North Korea’s six known nuclear tests have taken place in Punggye-ri, a location in the northeastern part of North Korea where a system of tunnels have been dug under Mount Mantap.
Experts have said the pledge to dismantle the test site is a big step forward but verifying it will be difficult.
Reporting by Christine Kim; Editing by Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles/north-korea-to-dismantle-nuclear-test-site-may-23-25-state-media-idINKCN1ID0HM |
SINGAPORE (Reuters) - Singapore’s economy grew at a slightly faster pace in the first quarter than initially estimated, as factory activity remained robust, while an improvement in global demand prompted the government to upgrade its 2018 growth forecast.
FILE PHOTO: A man takes photos of the skyline of Singapore, February 22, 2016. REUTERS/Edgar Su/File Photo The economy grew 1.7 percent in the January-March quarter from the previous three months on an annualised and seasonally adjusted basis thanks to a slight upward revision in the services sector, revised final figures from the Ministry of Trade and Industry (MTI) showed on Thursday.
That was slower than the 2.1 percent expansion in the last quarter of 2017, but faster than the government’s initial first quarter estimate, released on April 13, of 1.4 percent growth.
Despite the moderation in growth, the better than expected numbers prompted MTI to revise its full year growth forecast to 2.5 to 3.5 percent from the 1.5 to 3.5 percent announced previously.
“It shows that they’re a little bit confident going forward,” OCBC bank chief economist, Selena Ling said, adding that the revision is in line with Singapore’s central bank’s monetary policy change in April, when it tightened for the first time in six years.
Gross domestic product grew 4.4 percent in the first quarter from a year earlier, higher than the advance estimate of 4.3 percent growth.
The median forecast of 11 analysts in a Reuters poll predicted 1.4 percent quarter-on-quarter growth and a 4.3 percent annual expansion.
The expansion has been supported largely by the city-state’s manufacturing sector, especially electronics, although the upward revision was mainly due to an improvement in the services sector numbers.
But as growth in Singapore’s factory output starts to moderate and exports of electronics decline, analysts have started to question the outlook for output in the city-state.
Manufacturing and exports of electronics were one of Singapore’s main drivers of growth last year, leading to a 3.6 percent rise in GDP in 2017 — the fastest pace in three years.
The MTI repeated the threat of protectionist policies by the United States and the rise in global interest rates as clouding the outlook for growth.
Despite the risks, analysts say the resilience seen in economic growth keeps alive the prospect of another central bank tightening this year.
“If growth continues to improve gradually, or hold up the way it is doing right now, unless something adverse happens of the external front, are very likely on course for further normalisation in October,” Brian Tan, economist, Nomura.
People take photos with the skyline of the central business district in Singapore September 10, 2015. REUTERS/Edgar Su/File Photo Reporting by Fathin Ungku; Editing by Sam Holmes
| ashraq/financial-news-articles | https://in.reuters.com/article/singapore-economy-gdp/singapore-upgrades-first-quarter-gdp-2018-outlook-on-resilient-demand-idINKCN1IP0E3 |
Apple's software and services segment has been a particular growth point for the iPhone maker in recent years. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/apples-self-driving-partnership-is-about-services-gene-munster.html |
BRASILIA, May 21 (Reuters) - Brazil must act carefully when deciding whether to cut fuel taxes to curb a recent spike in fuel prices given a lack of “flexibility” on the fiscal side, Finance Minister Eduardo Guardia said on Monday.
Mines and Energy Minister Wellington Moreira Franco said on Friday that the government was discussing possible tax cuts to reduce fuel prices. In a conference call with journalists, Guardia said there has yet to be a decision on the matter. (Reporting by Bruno Federowski and Marcela Ayres; Writing by Bruno Federowski Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-guardia/brazil-must-be-careful-in-assessing-fuel-tax-cuts-finmin-idUSE6N1QQ04U |
Old, not ill: scientist opts for Swiss suicide 11:59am EDT - 01:18
A 104-year-old Australian scientist has ended his own life by assisted suicide in Switzerland. The scientist was not terminally ill, but said he suffered from deteriorating health.
A 104-year-old Australian scientist has ended his own life by assisted suicide in Switzerland. The scientist was not terminally ill, but said he suffered from deteriorating health. //reut.rs/2KRTB6I | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/old-not-ill-scientist-opts-for-swiss-sui?videoId=425608933 |
European stocks closed lower Wednesday, amid Italian government uncertainty and souring market sentiment over ongoing trade talks between the world's two biggest economies.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The pan-European Stoxx 600 was down 1.1 percent, with all sectors and major bourses in negative territory.
Italy's FTSE MIB was among the top fallers among national indexes, down more than 1.3 percent as a sell-off in the country's government bonds resumed on Wednesday. Uncertainty over the creation of an anti-establishment government in Rome has prompted a sharp fall in the country's benchmark index.
Meanwhile, Germany's DAX index, which typically finds support amid currency weakness, slipped 1.47 percent.
Europe's basic resource stocks led the losses, down 2.47 percent amid elevated tensions in trade talks . The European Union's trade chief said Tuesday that the bloc's efforts to persuade Washington not to impose tariffs on imports of EU steel and aluminum appeared to have failed.
President Donald Trump has granted EU producers an exemption from import tariffs of 25 percent on steel and 10 percent on aluminum, depending on the outcome of talks. The exemption expires on June 1. Anglo American was the worst performer in the sector and the pan-European benchmark, down 5 percent.
Britain's Marks & Spencer surged towards the top of the index after it reported its latest figures on Wednesday. The 134-year-old company posted a second straight decline in annual profit and said it urgently had to modernize in order to not to risk fading away. Nonetheless, its shares rose over 5 percent as results were largely in line with expectations.
Trade talks On Wall Street, stocks dropped after retail giant Target reported earnings that fell short of expectations and trade talks with China remained uncertain.
Trump said Tuesday he was not satisfied with recent negotiations between the U.S. and China. His comments followed remarks over the weekend from U.S. Treasury Secretary Steven Mnuchin who said Washington and Beijing's current trade dispute was "on hold."
The U.S. president also threatened to fine ZTE Corp and warned he might shake up its management, amid broader plans for the White House to roll back more severe penalties against the Chinese telecom company.
In data, sterling slumped to a fresh 2018 low on Wednesday after weaker-than-anticipated U.K. inflation cast doubt over whether the Bank of England would raise interest rates this year. Annual consumer price inflation slowed to 2.4 percent — its weakest level since March 2017.
Meanwhile, euro zone consumer confidence fell to 0.2 points in May from 0.3 points the previous month.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/european-markets-president-donald-trump-cools-us-sino-trade-optimism.html |
May 9, 2018 / 10:50 PM / Updated an hour ago Ramos has night to forget as Real lose at Sevilla Reuters Staff 3 Min Read
SEVILLE, Spain (Reuters) - Real Madrid captain Sergio Ramos scored an own goal and missed a penalty as his side were beaten 3-2 by Sevilla on Wednesday, falling to their sixth defeat in La Liga this season after coach Zinedine Zidane made sweeping changes to his side. Soccer Football - La Liga Santander - Sevilla vs Real Madrid - Ramon Sanchez Pizjuan, Seville, Spain - May 9, 2018 Real Madrid's Sergio Ramos REUTERS/Jon Nazca
French forward Wissam Ben Yedder put Sevilla in front in the 26th minute after racing in behind Ramos while Miguel Layun doubled the home side’s lead on the stroke of halftime, knocking into an empty net from close range.
Former Sevilla defender Ramos struck the crossbar from the spot in the 58th minute and then put through his own net to stretch the home side’s advantage to three goals in the 84th as he tried to cut out a cross from Gabriel Mercado.
Real striker Borja Mayoral headed a goal back in the 87th and Ramos scored from his second attempt from the penalty spot deep in stoppage-time.
Zidane made eight changes to his side after Sunday’s gruelling 2-2 draw at arch rivals Barcelona, only retaining Ramos, French striker Karim Benzema and midfielder Casemiro. Soccer Football - La Liga Santander - Sevilla vs Real Madrid - Ramon Sanchez Pizjuan, Seville, Spain - May 9, 2018 Real Madrid's Sergio Ramos warms up before the match REUTERS/Jon Nazca
Toni Kroos, Luka Modric, Marcelo and top scorer Cristiano Ronaldo all remained in the Spanish capital to stay fresh for the Champions League final against Liverpool in Kiev on May 26.
“I picked a team that could have won the game comfortably, I don’t have any regrets about the players I picked,” Zidane told reporters.
“It’s a shame for the players who play less often but I can’t blame them, they did everything possible.” Slideshow (3 Images)
Madrid are third in the standings on 72 points and missed out on the chance to move level with city rivals Atletico, who are second on 75.
Champions Barcelona stretched their heavy lead over Atletico to 15 points after thrashing Villarreal 5-1 at home on Wednesday.
Sevilla, meanwhile, continued their resurgence since Italian coach Vincenzo Montella was sacked, picking up their second win from two games under stand-in manager Joaquin Caparros.
They climbed two points above Getafe into seventh place, the final Europa League qualification spot, with two games left of the campaign.
Sevilla can clinch seventh if they win at fierce city rivals Real Betis on Saturday and Getafe fail to beat second-placed Atletico Madrid.
“We’ve talked to the players a lot as a group and individuals, we’ve told them they are very good and they’re used to playing in finals and we told them today was like a final,” said veteran coach Caparros, who is in his second spell in charge of Sevilla. Reporting by Richard Martin,; Editing by Toby Davis and Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-spain-sev-mad/ramos-has-night-to-forget-as-real-lose-at-sevilla-idUKKBN1IA3ID |
May 16 (Reuters) - IDORSIA LTD:
* IDORSIA INITIATES MODIFY, A PHASE 3 REGISTRATION STUDY TO ASSESS LUCERASTAT AS A POTENTIAL NEW TREATMENT OPTION FOR PATIENTS WITH FABRY DISEASE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-idorsia-starts-phase-3-registratio/brief-idorsia-starts-phase-3-registration-study-to-assess-lucerastat-as-potential-new-treatment-option-for-patients-with-fabry-disease-idUSASO0004UY |
May 3 (Reuters) - ACCENTRO REAL ESTATE AG:
* DGAP-ADHOC: ACCENTRO REAL ESTATE AG: ACCENTRO ACQUIRES PRIVATISATION PROPERTIES IN A CENTRAL LOCATION IN BERLIN
* PURCHASE PRICE IS EUR 56 MILLION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-accentro-buys-privatisation-proper/brief-accentro-buys-privatisation-properties-in-berlin-for-eur-56-mln-idUSASO00047P |
May 7 (Reuters) - Daimler AG:
* SAYS MERCEDES-BENZ CARS DELIVERIES RISE 5.8 PERCENT TO 202,686 VEHICLES IN APRIL
* SAYS MERCEDES-BENZ BRAND DELIVERIES RISE 6.6 PERCENT TO 192,558 VEHICLES IN APRIL
* SAYS MERCEDES-BENZ DELIVERIES IN APRIL DOWN 1.4 PERCENT IN EUROPE, UP 20.1 PERCENT IN CHINA, UP 1.0 PERCENT IN U.S. Source text: bit.ly/2rpBQnj
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mercedes-benz-cars-deliveries-up-5/brief-mercedes-benz-cars-deliveries-up-5-8-pct-in-april-idUSF9N1RV020 |
May 10, 2018 / 9:53 AM / in 16 minutes Telecom Italia, Mediaset sign TV content accord Reuters Staff 1 Min Read
MILAN (Reuters) - Telecom Italia (TIM) ( TLIT.MI ) said on Thursday it had signed a TV content agreement with Mediaset ( MS.MI ) that will give its customers access to the Italian broadcaster’s free-to-air channels starting from January next year. FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy March 22, 2016. REUTERS/Stefano Rellandini/File Photo
“The new accord marks a further step forward in the content strategy set out in the DigiTIM Plan, focused on delivering the maximum value to TIM customers combining the top television experience with the best connectivity,” TIM said in a statement, without providing any financial details of the deal. Reporting by Agnieszka Flak | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-telecomitalia-mediaset/telecom-italia-mediaset-sign-tv-content-accord-idUKKBN1IB16R |
May 1, 2018 / 9:06 PM / Updated 14 minutes ago Gunmen kill at least eight civilians north of Baghdad Reuters Staff 1 Min Read
BAGHDAD (Reuters) - Militants opened fire on unarmed Iraqi civilians on Tuesday, killing at least eight and wounding three in a town 25 km (15 miles) north of Baghdad, a security source said.
Security forces were searching the area in Tarmiya where the shooting took place, the military said in a statement which did not specify a death toll.
“Security forces stopped this terrorist gang,” the military later said in a second statement.
It was not immediately clear how many people were killed, with local news media reports putting the toll at between five and 20. One witness told Reuters 16 people were killed and three were wounded.
Iraq declared victory in December over Islamic State, which had seized control of nearly a third of the country in 2014. However, the group continues to carry out attacks and bombings in Baghdad and other parts of Iraq. Reporting by Ahmed Aboulenein and Huda Majeed; additional reporting by Ghazwan Jubouri in Tikrit; editing by John Stonestreet and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-iraq-attacks/militant-gunmen-kill-civilians-north-of-baghdad-military-idUKKBN1I24EQ |
GUANGZHOU, China, May 07, 2018 (GLOBE NEWSWIRE) -- Fanhua Inc. ( “Fanhua” or “the Company”) (Nasdaq:FANH), a leading independent online-to-offline ("O2O") financial services provider in China, today announced that it will release its unaudited financial results for the first quarter 2018 after the close of the U.S. financial markets on May 21, 2018.
Mr. Chunlin Wang, chairman & CEO and Mr. Peng Ge, CFO will host a conference call to discuss the first quarter 2018 financial results at:
Time: 9:00 p.m. Eastern Daylight Time on May 21, 2018
or 9:00 a.m. Beijing/Hong Kong Time on May 22, 2018
The toll free dial-in numbers:
United States 1-855-500-8701
United Kingdom 0800-015-9724
France 0800-918-648
Germany 0800-184-4876
Australia 1-300-713-759
Canada 1-855-757-1565
Taiwan 0080-665-1951
Hong Kong 800-906-606
The toll dial-in numbers:
China (Mainland) 400-120-0654
Hong Kong & Other Areas +852-3018-6776
Conference ID #: 8473679
Additionally, a live and archived web cast of this call will be available at: http://ir.fanhuaholdings.com/events.cfm
About Fanhua Inc.
Fanhua Inc. is a leading independent online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide variety of financial products and services to individuals and businesses, including property and casualty and life insurance products. We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations, as well as value-added services, such as emergency vehicle roadside assistance. Our online platforms include (1) Baoxian.com , an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (2) CNpad, a mobile sales support application; (3) eHuzhu ( www.ehuzhu.com ), an online mutual aid platform and (4) Lan Zhanggui, an all-in-one platform which allows our agents to access and purchase a wide variety of insurance products, including life insurance, auto insurance, accident insurance, travel insurance and standard health insurance products from multiple insurance companies on their mobile devices.
As of March 31, 2018, our distribution and service network is consisted of 683 sales and service outlets covering 30 provinces.
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, management's quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, Fanhua’s ability to attract and retain key personnel and productive agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
For more information about Fanhua Inc., please visit http://ir.fanhuaholdings.com/ .
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: (8620) 83883191
Email: [email protected]
Source: Fanhua Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-fanhua-to-announce-first-quarter-2018-unaudited-financial-results-and-host-conference-call-on-may-21-2018.html |
How to Hire: The Marketing CEO Mitch Blunt Getty Images/Ikon Images By Laura Entis 4:18 PM EDT
A startup is a rapidly evolving organism. Things change, and, if everything is going well, grow so quickly a year feels like a decade. For many entrepreneurs, these early adrenaline-fueled days can be a messy period of trial and error. Which is ok! Learning by doing isn’t a bad strategy.
That said, it’s helpful to learn from other founders who have gone through the same process, particularly when it comes to hiring. Identifying the roles you need to create and the people you need to fill them determines what your business can—and will—become.
In the third of a three part series, a marketing agency co-founder and CEO shares how he grew from 0 to more than 100 employees.
Name: Ryan Schulke
Business: Fluent , a marketing agency in New York
Founded in: 2010
Number of employees: 130
When Ryan Schulke and Matt Conlin started Fluent, a marketing agency in New York, eight years ago, “we couldn’t afford to use a recruiter,” Schulke says.
Instead, they relied exclusively on their personal networks, filling positions by making calls to talented former colleagues and colleagues of ex-colleagues. “At the onset certainly networking and pulling in people that we knew had good skill sets in areas that we needed perform.”
For the first 20 employees, this strategy worked great. The nascent agency was able to bring on trusted, talented people without the overhead of a recruitment firm.
But as the company skyrocketed to 50, then more than 100 people, the network effect was running dry. As a founder who is also the chief executive, Schulke is acutely aware that the strategies which “got you to today aren’t necessarily going to get you to tomorrow. Founder-led businesses often lose sight of that.”
And so the company began posting openings on job boards. Recently, it brought on a COO. Instead of relying on his depleted network, he hired a recruitment firm to find candidates. It was the right call: after interview dozens of qualified potential hires the company would never have been able to find on its own, Fluent settled on an executive with extensive experience, most recently as the CEO of a financial services company. “Sometimes you have to realize your own limitations take a step back and figure out a different way to solve a problem, Schulke says.
Other tips:
In the early days, it can pay to keep employees roles fluid enough they are empowered to fill roles that you don’t know you need yet. Fluent’s senior manager of office and culture was originally hired as a desk receptionist. But she displayed a passion and talent for organizing company events that boosted morale—a task that eventually became her full-time job.
Develop relationships with universities. Recent graduates can make great early hires, particularly for early-stage startups. Employees “right out of school have no preconceived notions of the way things need to work,” Schulke says, which often makes them adaptable and quick. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/23/how-to-hire-the-marketing-ceo/ |
May 15 (Reuters) - EUKEDOS SPA:
* REPORTED ON MONDAY Q1 PRODUCTION VALUE EUR 12.8 MLN VS EUR 12.5 MLN YEAR AGO
* Q1 EBITDA EUR 1.2 MLN VS EUR 1.0 MLN YEAR AGO Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM0YK |
May 24, 2018 / 4:54 PM / Updated 11 minutes ago U.S. Senate confirms former banker McWilliams to lead FDIC Reuters Staff 1 Min Read
WASHINGTON, May 24 (Reuters) - The U.S. Senate voted on Thursday to confirm former banker Jelena McWilliams to serve as chair of the Federal Deposit Insurance Corporation (FDIC), completing President Donald Trump’s team of key banking regulators.
Her appointment nearly 18 months into Trump’s administration will allow financial regulators to accelerate efforts to fulfill his pledge to scale back rules introduced following the 2007-2009 global financial crisis. (Reporting by Pete Schroeder) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-senate-mcwilliams/u-s-senate-confirms-former-banker-mcwilliams-to-lead-fdic-idUSL2N1SP13A |
May 18, 2018 / 12:23 PM / Updated 24 minutes ago Egyptian authorities arrest socialist activist - sources Reuters Staff 2 Min Read
CAIRO (Reuters) - Egyptian authorities arrested a prominent rights activist on Friday on suspicion of belonging to a terrorist organisation, security sources said.
Haitham Mohamedeen, a leftist lawyer who defends labour rights and belongs to the Revolutionary Socialist movement, was arrested at his Giza home, the sources said, the latest of a number of activists arrested in recent weeks.
Security sources said he would be questioned by the state security prosecution on potential charges of joining a terrorist organisation and calling for the overthrow of the regime by publishing false news.
An Interior Ministry spokesman was not immediately available for comment.
Mohamedeen had been arrested in 2013 on accusations of belonging to a secret organisation and spreading lies about the military.
He was later released, but arrested again in 2016 for calling for protests against the transfer of two Red Sea islands to Saudi Arabia.
A state security prosecutor on Tuesday ordered the detention political activist Shady Ghazaly Harb, a leading opposition figure during the 2011 Arab Spring uprising against president Hosni Mubarak, on suspicion of joining a terrorist organisation.
Another female activist who posted a video complaining of sexual harassment was detained earlier this month.
Campaigners say Egypt’s human and civil rights record has deteriorated sharply under President Abdel Fattah al-Sisi, who came to power in 2014 after the army overthrew Islamist president Mohamed Mursi, and has overseen a crackdown on all forms of political dissent.
Sisi’s supporters say his tough security policy is needed to ensure stability as Egypt recovers from years of political chaos and tackles economic challenges and an Islamist insurgency.
Sisi this week pardoned more than 330 people, many of them young people jailed for demonstrating in recent years. Reporting by Cairo bureau; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-rights/egyptian-authorities-arrest-socialist-activist-sources-idUKKCN1IJ1IV |
SANTA CRUZ, Calif., May 17, 2018 /PRNewswire/ -- Lighthouse Bank (OTC-QB:LGHT), a top-rated locally owned and operated community bank, today announced that Angela Henderson, the company's Vice President/Controller has been appointed as interim Chief Financial Officer effective May 17, 2018. Ms. Henderson will replace Donald Soman who resigned from his position as CFO for personal reasons effective May 14, 2018.
ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a highly rated locally owned and operated full-service commercial bank with offices in Santa Cruz and Santa Clara Counties. The Bank's headquarters are located at 2020 North Pacific Avenue in Santa Cruz, CA. The Bank's Silicon Valley office is located at 19240 Stevens Creek Blvd, Cupertino, CA. The Bank is dedicated to providing exceptional personalized service and access to decision makers who are close at hand. Lighthouse Bank's unique worldwide ATM fee waiver program, complimentary business courier service and remote deposit capture product expand the Bank's geographical reach throughout Santa Cruz County and the Silicon Valley.
Lighthouse Bank stock is actively traded via the Bank's market makers and online and full-service brokerage providers under the symbol LGHT . More information on the Bank's stock and historical financial performance may be located on the Bank's website at www.lighthousebank.net or by calling 831-600-4000.
Member FDIC / Equal Housing Lender / SBA Preferred Lender
The attached release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuation in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
View original content with multimedia: http://www.prnewswire.com/news-releases/lighthouse-bank-announces-appointment-of-interim-cfo-300650797.html
SOURCE Lighthouse Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-lighthouse-bank-announces-appointment-of-interim-cfo.html |
Iraq's election outcome set to challenge Iran 10:16am BST - 01:56
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports.
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports. //uk.reuters.com/video/2018/05/16/iraqs-election-outcome-set-to-challenge?videoId=427153405&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/iraqs-election-outcome-set-to-challenge?videoId=427153405 |
DENVER, May 11, 2018 /PRNewswire/ -- LIV Sotheby's International Realty – the No. 1 top producing affiliate among the Sotheby's International Realty brand – announced today new leadership with the strategic appointments of Dierk Herbermann to Executive Vice President, General Counsel, and Steven Kirby to Executive Vice President, Financial Officer.
"We are thrilled to welcome Dierk Herbermann and Steven Kirby to the LIV Sotheby's International Realty leadership team," said LIV Sotheby's International Realty president, Scott Webber. "Herbermann comes to us with an esteemed background in general management and legal counsel for one of the top producing real estate firms, Paragon Real Estate Group, in Northern California, while Kirby brings over two decades of proven experience in real estate finance, private equity, and capital markets, coming from Wells Fargo Private Bank."
The pair will serve under the umbrella of Majestic Realty, owner/operator of three Sotheby's International Realty affiliates serving the western United States including LIV Sotheby's International Realty, in Colorado and California, Sierra Sotheby's International Realty, in Lake Tahoe, California and Reno, Nevada, and Summit Sotheby's International Realty, in Park City and Salt Lake City, Utah. The combined companies now include 30 offices, and over 700 broker and support staff associates; and closed $6.3 billion in sales volume in 2017.
Herbermann was instrumental in helping a well-known real estate group become the No. 1 brokerage in San Francisco in 2017. Prior to his management roles, he was a top agent earning multiple sales awards. This experience allowed him to develop successful offices and sales teams from an agent-focused perspective. Kirby's robust track record includes aggregate real estate transactions closed of more than $10 billion. Spanning organizations and economic cycles, he has cultivated a reputation for efficient growth as an accountable, effective, and authentic leader.
"Bringing high caliber executives like Herbermann and Kirby on board represents our continued commitment to providing the highest level of service, resources and expertise to our valued brokers and clientele," adds Webber.
Together the pair will assist the existing management team in spearheading Majestic's next phase of growth. LIV Sotheby's International Realty has established an office in Ventura, CA, further expanding Sotheby's International Realty's presence in the California residential real estate market. Agents and support staff associates at GP Real Estate Co. in Ventura have joined LIV Sotheby's International Realty and will now operate under the LIV Sotheby's International Realty name.
LIV Sotheby's International Realty's mission, to help clients 'LIV the life they love', is similarly aligned with the lifestyle-oriented Ventura real estate market. LIV Sotheby's International Realty will serve as the exclusive SIR affiliate company in Ventura County with plans to open office locations in Oxnard, Camarillo and Ojai, California.
For more information, contact LIV Sotheby's International Realty senior vice president, marketing and communications, Kristen Muller, at 303-629-8102.
Majestic Realty, based in Denver, Colorado, is the owner/operator of three Sotheby's International Realty affiliates serving the western United States, including LIV Sotheby's International Realty in Colorado and California, Sierra Sotheby's International Realty in Lake Tahoe, California and Reno, Nevada, and Summit Sotheby's International Realty in Park City and Salt Lake City, Utah. The combined companies include 30 office locations and over 700 real estate associates; and closed $6.3 billion in sales volume in 2017. For more information, contact LIV Sotheby's International Realty senior vice president, marketing and communications, Kristen Muller, at 303-629-8102.
Media Contact:
Kristen Muller
LIV Sotheby's International
Direct +1 303.629.8102
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/liv-sothebys-international-realty-announces-new-leadership-300646856.html
SOURCE LIV Sotheby's International Realty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-liv-sothebys-international-realty-announces-new-leadership.html |
May 3 (Reuters) - NETGEM SA:
* TO PROPOSE DIVIDEND OF EUR 0.10/SHARE ON MAY 3, WITH PAYMENT ON MAY 18
* Q1 NET REVENUE EUR 5.3 MILLION VERSUS EUR 6.4 MILLION YEAR AGO
* Q1 REVENUE EUR 11.0 MILLION VERSUS EUR 14.7 MILLION YEAR AGO Source text : bit.ly/2KuBnbc (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-netgem-q1-net-revenue-down-at-53-m/brief-netgem-q1-net-revenue-down-at-5-3-million-euros-idUSFWN1SA05N |
Amazon.com Inc. has made about 200 phone calls to cities the retail giant rejected for its second headquarters. Some of the cities say they are learning from the disappointing phone conversations and making changes.
Cincinnati and Sacramento, Calif., are restructuring workforce development programs to focus on tech talent. Orlando, Fla., is considering starting a community fund to invest in local tech companies and draw more entrepreneurs. In Detroit, elected officials and business leaders are pushing a ballot initiative... RELATED VIDEO Is Amazon Going to Rule the World? Amazon wants to deliver everything you want to your doorstep, anywhere in the world. But the e-commerce giant faces several challenges in its pursuit of a global empire. WSJ's Karan Deep Singh breaks down the basics with the help of an Amazon delivery box. | ashraq/financial-news-articles | https://www.wsj.com/articles/hi-its-amazon-calling-heres-what-we-dont-like-in-your-city-1525253400 |
ADI Guides B2B to Double-digit Year-over-Year Revenue Increase in Third Quarter
NORWOOD, Mass.--(BUSINESS WIRE)-- Analog Devices, Inc. (Nasdaq: ADI ), today announced financial results for its second fiscal quarter, which ended May 5, 2018.
“Our focused R&D investments, targeted at the most attractive markets, combined with strong business conditions this quarter drove revenue above the high-end of our guidance range,” said Vincent Roche, President and CEO. “Revenue from our B2B markets increased double digits year-over-year led by our industrial and communications sectors.”
“Looking ahead to the third quarter of fiscal 2018, we see continued strength and are expecting revenue to be in the range of $1.47 billion to $1.55 billion, and for our B2B markets to deliver double-digit year-over-year growth once again.”
“Our unparalleled high-performance analog portfolio uniquely positions us to take advantage of the ever-expanding opportunities at the intersection of the digital and physical worlds to drive sustainable, profitable growth long into the future.”
ADI also announced that the Board of Directors has declared a quarterly cash dividend of $0.48 per outstanding share of common stock. The dividend will be paid on June 19, 2018 to all shareholders of record at the close of business on June 8, 2018.
Supplemental schedules relating to our second quarter fiscal 2018 financial results are also available on our investor site at investor.analog.com .
Results for the Second Quarter of Fiscal Year 2018
Revenue totaled $1.513 billion, approximately flat sequentially and up 32% year-over-year on a GAAP basis and up 25% year-over-year on a non-GAAP basis GAAP gross margin of 68.3% of revenue; Non-GAAP gross margin of 71.3% of revenue GAAP operating margin of 30.7% of revenue; Non-GAAP operating margin of 42.1% of revenue GAAP diluted EPS of $1.01; Non-GAAP diluted EPS of $1.45
Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the second quarter of fiscal 2018, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D.
Outlook for the Third Quarter of Fiscal Year 2018
The following statements are based on current expectations, and as indicated, are presented on a GAAP and non-GAAP basis. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
GAAP Non-GAAP Adjustments Non-GAAP Revenue $1.47B to $1.55B - $1.47B to $1.55B Gross Margin Up 1450bp to 1550bp year-over-year $44 million (1) Up 50bp to 150bp year-over-year Operating Expenses Flat to down $10 million year-over-year $125 million (2) Flat to up $10 million year-over-year Operating Margin ~30% to ~32% $169 million (1), (2) ~41% to ~43% Interest & Other Expense ~$58 million - ~$58 million Tax Rate ~5% to ~7% $8 million to $12 million (3) ~5% to ~7% Earnings per Share*
$0.96 to $1.10 $0.42 (4) $1.38 to $1.52 * The sum of the individual per share amounts may not equal the total due to rounding.
(1) Excludes $44 million of costs comprised of the following:
$35 million of recurring amortization of purchased intangible assets $8 million of recurring depreciation of step up value on purchased fixed assets $1 million of recurring fair value adjustment associated with the replacement of share-based awards in ADI’s acquisition of Linear Technology
(2) Excludes $125 million of costs comprised of the following:
$107 million of recurring amortization of purchased intangible assets $8 million of recurring fair value adjustment associated with the replacement of share-based awards in ADI’s acquisition of Linear Technology $10 million of transaction and integration related costs associated with ADI’s acquisition of Linear Technology
(3) Excludes the tax effects of the reconciling adjustments noted in the two footnotes above.
(4) Includes $0.42, which represents the net impact of the non-GAAP adjustments noted above on a per share basis consisting of:
acquisition-related expenses including amortization of purchased intangible assets, depreciation of step up value on purchased fixed assets, and the fair value adjustment associated with the replacement of share-based awards in ADI’s acquisition of Linear Technology ($0.42) acquisition-related transaction costs ($0.03) the effect on income tax of the prior items (-$0.03)
Conference Call Scheduled for Today, Wednesday, May 30, 2018 at 10:00 am ET
ADI will host a conference call to discuss second quarter fiscal 2018 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com , or by telephone (call 706-634-7193 ten minutes before the call begins and provide the password "ADI").
A replay will be available two hours after the completion of the call. The replay may be accessed for up to two weeks by dialing 855-859-2056 (replay only) and providing the conference ID: 9397139, or by visiting investor.analog.com .
Non-GAAP Financial Information
This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Schedules E and F of this press release provide the reconciliation of the Company’s historical non-GAAP measures to their most comparable GAAP measures.
Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.
The following item is included in our non-GAAP revenue, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Deferred Revenues: Deferred revenue related to shipments of Linear Technology products by distributors to end customers that were received by the distributors prior to the Company’s acquisition of Linear Technology. Business combination accounting principles require the write down of deferred revenue in conjunction with the acquisition. We included these revenues in our non-GAAP measures because they relate to a specific transaction and are reflective of our ongoing financial performance.
The following items are excluded from our non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include severance payments, equity award accelerations and the fair value adjustment associated with the replacement of share-based awards related to the Linear Technology acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.
Acquisition-Related Transaction Costs: Costs directly related to the Linear Technology acquisition, including legal, accounting and other professional fees, as well as integration-related costs. We excluded these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.
The following item is excluded from our non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Restructuring-Related Expense: These expenses are incurred in connection with facility closures, consolidation of manufacturing facilities, severance, and other cost reduction efforts. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses and the related tax effects have no direct correlation to the operation of our business in the future.
The following items are excluded from our non-GAAP provision for income taxes and non-GAAP diluted earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP items discussed above. In the second quarter of fiscal 2018 the Company recorded a $3.8 million tax benefit related to the release of a tax reserve for an expired tax year. In the first quarter of fiscal 2018, in relation to the provisional impact of the Tax Cuts and Jobs Act of 2017, the Company recorded a provisional discrete tax charge of $687 million related to the mandatory deemed repatriation tax on foreign earnings and recorded a provisional discrete tax benefit of $640 million from remeasuring its US tax liabilities at the lower 21% statutory tax rate. In the second quarter of 2017, the Company also recorded a $16.5 million discrete tax item related to the release of a state tax credit valuation allowance resulting from the Company’s acquisition of Linear Technology. We excluded these tax-related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.
These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. In addition, the Company’s non-GAAP measures may not be comparable to the non-GAAP measures reported by other companies. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods.
About Analog Devices
Analog Devices (Nasdaq: ADI) is the leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com .
Forward Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding expected revenue, earnings per share, gross margin, operating expenses, interest and other expense, tax rate, and other financial results, expected market share gains, operating leverage, production and inventory levels, expected market trends, and expected customer demand and order rates for our products and expected benefits and synergies of the acquisition of Linear Technology Corporation (“Linear Technology”), including expected growth rates of the combined companies, expected product offerings, product development, marketing position and technical advances resulting from the transaction. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: any faltering in global economic conditions or the stability of credit and financial markets, erosion of consumer confidence and declines in customer spending, unavailability of raw materials, services, supplies or manufacturing capacity, changes in geographic, product or customer mix; changes in our estimates of our expected tax rate based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017; higher than expected or unexpected costs associated with or relating to the acquisition of Linear Technology and the integration of the businesses; the risk that expected benefits, synergies and growth prospects of the acquisition may not be fully achieved in a timely manner, or at all; the risk that Linear Technology’s business may not be successfully integrated with Analog Devices’; the risk that we will be unable to retain and hire key personnel; and the risk that disruption resulting from the acquisition may adversely affect our business and relationships with our customers, suppliers or employees. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.
(ADI-WEB)
Analog Devices, Second Quarter, Fiscal 2018
Schedule A
Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)
Three Months Ended 2Q 18 1Q 18 2Q 17 May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 Revenue $ 1,513,053 $ 1,518,624 $ 1,147,982 Year-to-year change 31.8 % 54.3 % 47.4 % Quarter-to-quarter change (0.4 )% (1.5 )% 16.6 % Cost of sales (1) 479,241 483,434 507,539 Gross margin 1,033,812 1,035,190 640,443 Gross margin percentage 68.3 % 68.2 % 55.8 % Year-to-year change (basis points) 1,250 230 (980 ) Quarter-to-quarter change (basis points) 10 290 (1,010 ) Operating expenses: R&D (1) 289,472 288,597 235,232 Selling, marketing and G&A (1) 172,146 176,908 190,686 Amortization of intangibles 107,129 107,019 68,690 Special charges 1,089 57,318 — Total operating expenses 569,836 629,842 494,608 Total operating expenses percentage 37.7 % 41.5 % 43.1 % Year-to-year change (basis points) (540 ) 270 410 Quarter-to-quarter change (basis points) (380 ) 530 430 Operating income 463,976 405,348 145,835 Operating income percentage 30.7 % 26.7 % 12.7 % Year-to-year change (basis points) 1,800 (30 ) (1,390 ) Quarter-to-quarter change (basis points) 400 (240 ) (1,430 ) Other expense 62,429 66,494 59,121 Income before income tax 401,547 338,854 86,714 Provision (benefit) for income taxes 21,716 70,682 (6,850 ) Tax rate percentage 5.4 % 20.9 % (7.9 )% Net income (2) $ 379,831 $ 268,172 $ 93,564 Shares used for EPS - basic 370,384 369,093 341,316 Shares used for EPS - diluted 374,778 374,189 345,654 Earnings per common share - basic $ 1.02 $ 0.72 $ 0.27 Earnings per common share - diluted $ 1.01 $ 0.71 $ 0.27 Dividends paid per share $ 0.48 $ 0.45 $ 0.45 (1) Includes stock-based compensation expense as follows: Cost of sales $ 3,820 $ 4,221 $ 2,566 R&D $ 22,018 $ 19,728 $ 11,910 Selling, marketing and G&A $ 13,076 $ 13,953 $ 8,010 (2) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net income by the income allocable to participating securities. Net income allocable to common shares used in the basic and diluted earnings per share calculation was $378,299 and $266,929 for the three months ended May 5, 2018 and February 3, 2018, respectively. There was no net income allocated to participating securities in the three months ended April 29, 2017.
Analog Devices, Second Quarter, Fiscal 2018
Schedule B
Selected Balance Sheet Information (Unaudited)
(In thousands)
2Q 18 1Q 18 2Q 17 May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 Cash & short-term investments $ 806,517 $ 827,550 $ 6,188,372 Accounts receivable, net 759,557 709,761 630,353 Inventories (1) 551,220 559,720 647,858 Other current assets 70,980 80,715 68,884 Total current assets 2,188,274 2,177,746 7,535,467 PP&E, net 1,114,579 1,115,417 1,089,319 Investments 64,361 65,093 55,815 Goodwill 12,258,185 12,224,141 12,269,501 Intangible assets, net 5,066,191 5,182,355 5,587,862 Other 84,864 88,563 84,719 Total assets $ 20,776,454 $ 20,853,315 $ 26,622,683 Deferred income on shipments to distributors, net $ 565,668 $ 529,532 $ 377,792 Other current liabilities 811,195 657,016 750,321 Debt, current 56,000 50,000 4,321,169 Long-term debt 6,926,441 7,384,856 8,572,364 Deferred income taxes 943,117 981,866 2,431,410 Other non-current liabilities (2) 888,678 902,266 203,032 Shareholders' equity 10,585,355 10,347,779 9,966,595 Total liabilities & equity $ 20,776,454 $ 20,853,315 $ 26,622,683 (1) Includes $5,360, $5,270, and $3,007 related to stock-based compensation in 2Q18, 1Q18, and 2Q17, respectively. (2) Includes $691 million related to the one-time transition tax related to the Tax Cuts and Jobs Act of 2017 in 2Q18 and 1Q18.
Analog Devices, Second Quarter, Fiscal 2018
Schedule C
Cash Flow Statement (Unaudited)
(In thousands)
Three Months Ended 2Q 18 1Q 18 2Q 17 May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 Cash flows from operating activities: Net Income $ 379,831 $ 268,172 $ 93,564 Adjustments to reconcile net income to net cash provided by operations: Depreciation 56,589 56,415 48,772 Amortization of intangibles 142,954 142,050 88,770 Stock-based compensation expense 38,914 37,902 22,486 Cost of goods sold for inventory acquired — — 121,113 Other non-cash activity 3,342 6,762 11,078 Deferred income taxes (42,718 ) (691,496 ) (79,980 ) Changes in operating assets and liabilities 139,582 568,883 233,512 Total adjustments 338,663 120,516 445,751 Net cash provided by operating activities 718,494 388,688 539,315 Percent of revenue 47.5 % 25.6 % 47.0 % Cash flows from investing activities: Purchases of short-term available-for-sale investments — — (378,540 ) Maturities of short-term available-for-sale investments — — 1,247,493 Sales of short-term available-for-sale investments — — 69,787 Additions to property, plant and equipment (53,900 ) (63,222 ) (46,929 ) Payments for acquisitions, net of cash acquired (52,339 ) — (9,686,497 ) Change in other assets 249 (1,278 ) (6,117 ) Net cash used for investing activities (105,990 ) (64,500 ) (8,800,803 ) Cash flows from financing activities: Proceeds from debt 743,778 — 9,083,858 Debt repayments (1,200,000 ) (420,000 ) — Dividend payments to shareholders (178,282 ) (166,719 ) (139,314 ) Repurchase of common stock (21,978 ) (7,930 ) (23,874 ) Proceeds from employee stock plans 27,745 37,812 52,841 Contingent consideration payment (542 ) — — Change in other financing activities (866 ) 8,811 (2,237 ) Net cash (used for) provided by financing activities (630,145 ) (548,026 ) 8,971,274 Effect of exchange rate changes on cash (3,392 ) 3,550 694 Net (decrease) increase in cash and cash equivalents (21,033 ) (220,288 ) 710,480 Cash and cash equivalents at beginning of period 827,550 1,047,838 4,987,263 Cash and cash equivalents at end of period $ 806,517 $ 827,550 $ 5,697,743
Analog Devices, Second Quarter, Fiscal 2018
Schedule D
Revenue Trends by End Market (Unaudited)
(In thousands)
The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data evolve and improve, the categorization of products by end market can vary over time. When this occurs we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 Revenue % Q/Q % Y/Y % Revenue Revenue Industrial $ 788,281 52% 6% 47% $ 740,898 $ 536,437 Automotive 238,839 16% (6)% 28% 253,638 185,871 Consumer 198,063 13% (17)% (6)% 238,968 211,575 Communications 287,870 19% 1% 34% 285,120 214,099 Total Revenue $ 1,513,053 100% —% 32% $ 1,518,624 $ 1,147,982
Analog Devices, Second Quarter, Fiscal 2018
Schedule E
Reconciliation of Non-GAAP to GAAP Revenue and Earnings Measures (In thousands, except per-share amounts) (Unaudited)
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures.
Three Months Ended 2Q 18 1Q 18 2Q 17 May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 GAAP Revenue $ 1,513,053 $ 1,518,624 $ 1,147,982 Y/Y Revenue growth % 31.8 % 54.3 % 47.4 % Q/Q Revenue growth % (0.4 )%
(1.5 )% 16.6 % Acquisition-Related Deferred Revenues — —
60,759 Non-GAAP Revenue $ 1,513,053 $ 1,518,624 $ 1,208,741 Y/Y Revenue growth % 25.2 % 54.3 % 55.2 % Q/Q Revenue growth % (0.4 )% (1.5 )% 22.8 % GAAP Gross Margin $ 1,033,812 $ 1,035,190 $ 640,443 Gross Margin Percentage 68.3 % 68.2 % 55.8 % Acquisition-Related Deferred Revenues — — 46,480 Acquisition-Related Expenses 44,743 43,776 150,532 Acquisition-Related Transaction Costs — — 200 Non-GAAP Gross Margin $ 1,078,555 $ 1,078,966 $ 837,655 Gross Margin Percentage 71.3 % 71.0 % 69.3 % GAAP Operating Expenses $ 569,836 $ 629,842 $ 494,608 Percent of Revenue 37.7 % 41.5 % 43.1 % Acquisition-Related Expenses (123,196 ) (117,978 ) (75,361 ) Acquisition-Related Transaction Costs (3,871 ) (8,736 ) (39,266 ) Restructuring-Related Expense (1,089 ) (57,318 ) — Non-GAAP Operating Expenses $ 441,680 $ 445,810 $ 379,981 Percent of Non-GAAP Revenue 29.2 % 29.4 % 31.4 % GAAP Operating Income/Margin $ 463,976 $ 405,348 $ 145,835 Percent of Revenue 30.7 % 26.7 % 12.7 % Acquisition-Related Deferred Revenues — — 46,480 Acquisition-Related Expenses 167,939 161,754 225,392 Acquisition-Related Transaction Costs 3,871 8,736 39,966 Restructuring-Related Expense 1,089 57,318 — Non-GAAP Operating Income/Margin $ 636,875 $ 633,156 $ 457,673 Percent of Non-GAAP Revenue 42.1 % 41.7 % 37.9 % GAAP Provision (Benefit) for Income Taxes $ 21,716 $ 70,682 $ (6,850 ) Tax rate % 5.4 % 20.9 % (7.9 )% Income Tax on Non-Discrete Tax Items Above 5,163 11,981 31,007 Income Tax of Prior Period Tax Liabilities (624 ) — — Income Tax of Uncertain Tax Positions 3,750 — — Income Tax of State Tax Valuation Release — — 16,518 Income Tax One-Time Transitional Tax — (687,061 ) — Income Tax on Deferred Tax Recalibration — 639,698 — Non-GAAP Provision for Income Taxes $ 30,005 $ 35,300 $ 40,675 Non-GAAP Tax rate % 5.2 % 6.2 % 10.2 % GAAP Diluted EPS $ 1.01 $ 0.71 $ 0.27 Acquisition-Related Deferred Revenue — — 0.13 Acquisition-Related Expenses 0.45 0.43 0.65 Acquisition-Related Transaction Costs 0.01 0.02 0.12 Restructuring-Related Expense — 0.15 — Income Tax Effect of Above Items (0.01 ) (0.03 ) (0.09 ) Impact of State Tax Valuation Release — — (0.05 ) Impact of Uncertain Tax Positions (0.01 ) — — Impact of Toll Tax — 1.84 — Impact of Deferred Tax Recalibration — (1.71 ) — Non-GAAP Diluted EPS (1) $ 1.45 $ 1.42 $ 1.03 (1) The sum of the individual per share amounts may not equal the total due to rounding.
Analog Devices, Second Quarter, Fiscal 2018
Schedule F
Reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities
(Unaudited)
(In thousands)
Three Months Ended 2Q 18 1Q 18 2Q 17 May 5,
2018 Feb. 3,
2018 Apr. 29,
2017 Net cash provided by operating activities $ 718,494 $ 388,688 $ 539,315 % of Revenue 47.5 % 25.6 % 47.0 % Capital expenditures (53,900 ) (63,222 ) (46,929 ) Free cash flow $ 664,594 $ 325,466 $ 492,386 % of Revenue (1) 43.9 % 21.4 % 40.7 % (1) 2Q17 Revenue on a non-GAAP basis and includes acquisition-related deferred revenue outlined on Schedule E.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005450/en/
Analog Devices, Inc.
Mr. Michael Lucarelli, 781-461-3282
Director of Investor Relations
[email protected]
Source: Analog Devices, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-analog-devices-reports-second-quarter-revenue-above-the-high-end-of-guidance-led-by-double-digit-yoy-b2b-growth-and-record.html |
May 14, 2018 / 12:02 PM / in 11 minutes PRESS DIGEST-Canada-May 14 Reuters Staff 2 Min Read
May 14 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL
** Canadian Association of Mutual Insurance Companies says it was the subject of two "angry" phone calls from Finance Minister Bill Morneau's office aimed at blocking it from raising privacy concerns over new measures in the budget bill related to how banks use customer data. ( tgam.ca/2rEgK3y )
** Kinder Morgan Inc has issued an ultimatum for Ottawa to clear away the obstacles British Columbia has raised to the pipeline by the end of May or it will walk away from the C$7.4 billion ($5.8 billion) project that Prime Minister Justin Trudeau has promised will be built. The federal government is expected to announce its measures to "de-risk" the pipeline project by the end of May. ( tgam.ca/2KXEZ5X )
** For the first time in Ontario NDP history, women make up more than half of the party's candidate slate, Leader Andrea Horwath says, making it the highest percentage of the four mainstream parties in the province. ( tgam.ca/2Iijjn9 ) NATIONAL POST
** Sony Music Entertainment signed a deal with DHX Media Ltd, based in Nova Scotia, Canada, to acquire 49 per cent of the 80 per cent stake DHX holds in Peanuts. ( bit.ly/2rFwxiI )
** A looming affordability crisis is poised to hit seniors across the country as the baby boom generation makes its long-predicted shift into its golden years, squeezing the supply of retirement home places and pushing up rents, according to a new report from the rating agency DBRS Ltd. ( bit.ly/2rFfxct ) $1 = 1.2767 Canadian dollars Compiled by Bengaluru newsroom | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-14-idUSL3N1SL4QB |
SHANGHAI (Reuters) - Northern China’s Hebei province will build winter sports and tourism facilities to create an “ice and snow industry” worth as much as 150 billion yuan ($23.33 billion) a year by 2025, the provincial government said on Wednesday.
FILE PHOTO: Residents on their bicycles and electric bikes wait for the traffic at an intersection amid heavy smog in Shijiazhuang, Hebei province, China, December 10, 2015. REUTERS/Stringer/File Photo Smog-prone Hebei, which surrounds the capital Beijing, is looking for new and sustainable sources of economic growth to reduce its dependence on polluting heavy industries like steel and chemicals.
It has also promised to clean up as it prepares to host events for 2022 Winter Olympic Games in Beijing.
In its “ice and snow industry development plan”, the province said it would build 100 ski resorts and 250 ice skating venues by 2025. It also said it would aim to have 15 professional ice sports teams and more than 1,200 ice sports athletes by the time the Olympics are staged in 2022.
The provincial government said on its website that it would aim to get local athletes to participate in the 2022 games and “even win gold medals”.
It would also develop an ice and snow equipment manufacturing sector worth more than 10 billion yuan annually, and earn around 120 billion yuan a year from winter tourism by 2025, it said.
Hebei’s Zhangjiakou, a city about 156 km (97 miles)northwest of Beijing, will stage skiing and snowboarding events for the 2022 games, which are expected to rely almost entirely on artificial snow.
Reporting by David Stanway; Editing by Christian Schmollinger
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-sport-hebei/chinas-hebei-province-targets-23-billion-ice-and-snow-industry-by-2025-idUSKCN1IV0UB |
PARIS (Reuters) - SocGen’s chief executive said he was confident of meeting the bank’s long-term goals and was working to resolve litigation issues and deliver resilient profits, after a weak start to 2018 hit the shares on Friday.
The logo of the French bank Societe Generale is seen in front of the bank's headquarters at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes/Files France’s third-biggest bank announced a management reshuffle that surprised investors and reported weaker investment bank earnings. The shake-up comes several months after it crafted a new three-year plan, aimed at boosting returns and protecting dividends.
“We are just starting 2018. In terms of results, they do not reflect market expectations of this year. But with 10.9 percent return on tangible equity...(it) is encouraging,” Chief Executive Frederic Oudea said.
“It’s just the beginning of the journey...it will take a few quarters”.
The reshuffle, announced on Thursday evening, sees the re-appointment of Oudea for a new four-year term and the set-up of a new top management team of four deputy chief executives. It follows the departure, several weeks ago, of a deputy chief executive in charge of investment banking operations.
The new team will be under pressure to boost profitability in the face of tougher regulation and client demand for increasing investment in new technologies at a time when French retail banking revenues decline and low volatility hurts trading activities.
“How come the replacement of the head of investment banking ends with a full re-shuffle of operating management just 6 months after the Investor day?” analysts at Jefferies said in a note.
SocGen shares were down 6.4 percent at 1303 GMT, the worst performer in the French equities index. Its price to book ratio, net assets divided by the number of shares, stood at 0.6 versus 0.9 at EU peers.
SocGen reported on Friday a 14 percent rise in first-quarter net income to 850 million euros, that came above analysts’ estimates of 821 million euros, according to a Reuters poll of 5 analysts.
However, SocGen’s quarterly revenue came in weaker than expected, falling 2.8 percent to 6.29 billion euros, compared to 6.48 billion expected by analysts.
INVESTMENT BANK WEAKNESS Its corporate and investment bank was a weak spot with revenue down 13.4 percent and net income falling 56.9 percent, impacted by a “strong negative forex effect”.
Equity trading also declined despite a broad improvement in this area across other international banks, and in contrast to its French peer BNP Paribas, whose business is traditionally skewed to fixed income activities in Europe.
SocGen said “this lower performance in relation to the industry can be attributed to our business mix, which is more geared towards structured products, and our geographical mix, which is more focused on Europe”.
SocGen added that it had room to reallocate resources from one activity to another within its investment bank and that IT technology investments would lead to further cost cuts in support functions, such as off-shoring, that should help support profitability.
Under its three-year plan, SocGen aims to improve the return on net equity at its investment banking arm to 14 percent from 10.8 percent in 2017, when revenues fell on the back of low market volatility.
“With a renewed General Management team, the group is more confident than ever of its ability to successfully implement all the current transformation projects and meet its strategic and financial objectives,” Oudea said in a statement.
The bank kept litigation provisions stable at 2.3 billion euros ($2.75 billion) and said a final agreement with relevant authorities was expected in the coming days or weeks.
“The outlook is defiant but is it credible?” analysts at Kepler Cheuvreux said in a note.
($1 = 0.8358 euros)
The logo of the French bank Societe Generale is seen on the Chassagne and Alicate towers by architects Michel Andrault, Pierre Parat et Nicolas Ayoub at the bank's headquarters June 1, 2017 at La Defense business and financial district in Puteaux near Paris, France. REUTERS/Charles Platiau/Files Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Elaine Hardcastle
| ashraq/financial-news-articles | https://in.reuters.com/article/socgen-results/socgen-posts-q1-profit-rise-as-it-goes-ahead-with-management-reshuffle-idINKBN1I50G7 |
MORRISTOWN, N.J., May 01, 2018 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX), a specialty pharmaceutical company, announced today that the Company will report financial results for the first quarter ended March 31, 2018, after the market close on Thursday, May 10, 2018. Pernix management will also host a conference call at 4:30pm Eastern Time to discuss the results.
Date: Thursday, May 10 Time: 4:30 PM ET Toll free (U.S.): 888-394-8218 International: 323-701-0225 Conference ID: 7026871 Webcast: http://public.viavid.com/index.php?id=129150 About Pernix Therapeutics
Pernix Therapeutics is a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs primarily for the U.S. market. The Company is currently focused on the therapeutic areas of Pain and Neurology, and has an interest in expanding into additional specialty segments. The Company promotes its branded products to physicians through its internal sales force and markets its generic portfolio through its wholly owned subsidiaries, Macoven Pharmaceuticals, LLC and Cypress Pharmaceutical, Inc.
To learn more about Pernix Therapeutics, visit www.pernixtx.com .
CONTACT
Investor Relations
Bob Yedid
LifeSci Advisors, LLC
[email protected]
Source:Pernix Therapeutics Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-pernix-therapeutics-to-report-first-quarter-2018-financial-results-on-thursday-may-10.html |
May 8 (Reuters) - SVB Financial Group:
* SVB FINANCIAL GROUP APPOINTS KIMBERLY JABAL, CFO OF WEEBLY, TO ITS BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-svb-financial-appoints-kimberly-ja/brief-svb-financial-appoints-kimberly-jabal-cfo-of-weebly-to-its-board-of-directors-idUSASC0A0G8 |
May 23 (Reuters) - Destination Maternity Corp:
* DESTINATION MATERNITY AND INVESTOR GROUP ANNOUNCE PRELIMINARY RESULTS FROM ANNUAL MEETING
* SAYS BASED ON PRELIM VOTE COUNT AT ANNUAL MEET, ALL FOUR OF INVESTORS’ DIRECTOR NOMINEES ELECTED TO CO’S BOARD
* SAYS PRELIM VOTE COUNT FOLLOWING MEET ALSO INDICATES STOCKHOLDERS DID NOT APPROVE CO’S EXECUTIVE COMPENSATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-destination-maternity-and-investor/brief-destination-maternity-and-investor-group-announce-prelim-results-from-annual-meet-idUSFWN1SU0WO |
May 13, 2018 / 11:23 AM / Updated 7 hours ago Todt defends FIA against driver criticism Alan Baldwin 3 Min Read
BARCELONA (Reuters) - The head of Formula One’s governing body has responded to criticism from drivers about rule changes by saying they had every opportunity to contribute but often failed to attend meetings. Jean Todt, Federation Internationale de l'Automobile (FIA) President attends the FIA Champions news conference for FIA Prize Giving 2017 in Paris, France December 8, 2017. REUTERS/Gonzalo Fuentes
International Automobile Federation (FIA) president Jean Todt also told reporters at the Spanish Grand Prix on Sunday that he was always available to any driver who had an issue.
“I do respect them and know how busy they can be and all that. But they have access,” said the Frenchman. “Unfortunately very often there is a meeting and they don’t come to the meeting.
“I have always tried to hear what the drivers were saying. The drivers are invited to participate, to do something.”
Todt pointed out also that he had appointed a number of former racers to FIA commissions.
Four-times world champions Lewis Hamilton and Sebastian Vettel had said on Saturday that new aerodynamic regulations for 2019 that would slow the cars by around 1.5 seconds a lap had come as a surprise.
Hamilton has also been critical of a draft layout for a potential Miami Grand Prix, saying drivers should have more of a say in circuit design and he could do better.
Todt said Miami was still very much in the realms of the hypothetical and that when it was firmed up, the FIA would send someone over to inspect and make recommendations.
“If the drivers have some comments they are more than welcome,” added the former Ferrari boss.
“Any driver who wants to see me, from the back of the grid to the top of the grid, will be able to see me within 48 hours.”
The 2019 changes are designed to allow cars to follow each other more easily by simplifying front and rear wings, opening up more overtaking opportunities.
Todt said that was also partly in response to driver complaints about how hard it was to overtake at some circuits.
“I read the press conference transcripts. Hamilton complained, Vettel complained, (Kimi) Raikkonen… they all complained. And they are in the front, so can you imagine at the back,” he said.
“I read what you write. So I feel that if we understand that something is going wrong we should try to find a solution. We all say we want to have a better sport, a better show, so let’s do something.”
Some people, notably Red Bull principal Christian Horner, whose team enjoy the aero expertise of top designer Adrian Newey, have said the changes should have been left to a general revamp in 2021 when a new engine is also due.
Todt rejected that position.
“On one side people say let’s wait to 2021. So it means we wait 2018, 2019, 2020 knowing that there is a problem that is damaging the sport,” he said.
“We could say ‘OK, there is not enough overtaking but leave it like that until 2021.’ And then we say we want the fans to be happy. The fans want more overtaking.” Reporting by Alan Baldwin, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain-todt/todt-defends-fia-against-driver-criticism-idUKKCN1IE0II |
VIENNA (Thomson Reuters Foundation) - Banana trees that fit in a test tube. Burgers made without a cow in sight. Fish farmed in the desert. Robots picking fruit.
Welcome to the brave new world of food, where scientists are battling a global time-bomb of climate change, water scarcity, population growth and soaring obesity rates to find new ways to feed the future.
With one in nine people already short of enough food to lead a healthy, active life, supporters pushing for a Second Green Revolution argue without major changes hunger will become one of the biggest threats to national security and human health.
To tackle this looming crisis, scientists and agricultural experts are looking to the future - and back to the past - to find innovative ways to produce food.
But they admit getting billions of farmers globally - and consumers - to change will be a battle.
Bruce Campbell, director of the CGIAR Research Program on Climate Change, Agriculture and Food Security (CCAFS) - a global network of scientists - said agriculture had to change to meet global goals on climate change and ending poverty and hunger.
“You need a revolution in the agriculture and food system within the next decade because without it, we’re never going to achieve any of the really important (global) goals that we’ve set,” Campbell told the Thomson Reuters Foundation.
A visit to a series of white, low-rise United Nations-backed laboratories 35 km (22 miles) outside Austria’s ornate capital Vienna provides a glimpse into the food of tomorrow’s world.
Here, in laboratories and greenhouses packed with genetic sequencing machines, robotic equipment and plants and insects of all sizes, scientists are using nuclear technology to stop insects reproducing and to spur disease-resistant banana trees.
Sub-Saharan Africa has for decades struggled to control bloodsucking tsetse flies that kill more than 3 million cattle and other livestock each year.
Meanwhile in Southeast Asia and Australia, the fungal disease fusarium wilt threatens to wipe out bananas, a global favorite rich in micronutrients.
But the labs, set up by the U.N. Food and Agriculture Organization (FAO) and the International Atomic Energy Agency (IAEA), have helped Senegal almost eradicate tsetse flies in one area and created bananas that can stand up to pest threats.
“Under climate challenge ... we face many challenges in agricultural production. One of the major issues is more and emerging diseases for plants and animals, and insects,” said Qu Liang, director of the joint FAO/IAEA division.
BURGERS TO DRONES Scientists are also working on other innovations - from gene editing of crops and lab-grown meat, to sensors on drones and tractors - that could help to reboot the world’s food system and fundamentally change how food is grown, distributed and eaten.
But technology is only part of the answer, experts caution. Finding sustainable ways to overcome escalating challenges will require everything from delving into culture and tradition to rethinking subsidies and politics around food, they say.
However almost everyone agrees that change is needed.
“Our agri food system is at a critical stage. It must be re-shaped,” Shenggen Fan, director general of the Washington-based International Food Policy Research Institute (IFPRI), told the Thomson Reuters Foundation.
Food monopolizes a huge share of scarce resources, Fan said, and numbers bear this out.
Crops take up 11 percent of the land surface, livestock grazing covers 26 percent of ice-free land, and farming accounts for about 70 percent of all water used, according to the Organization for Economic Co-operation and Development (OECD).
Livestock generate more greenhouse gas emissions than transport, according to the FAO, accounting for about 14.5 percent of world emissions.
Faced with growing climate concerns, many people - including billionaire philanthropist Bill Gates - are pushing for a Second Green Revolution to develop crops that can be grown in droughts and resist new pests and diseases.
The first Green Revolution, which peaked in the 1960s, dramatically boosted harvests in poor parts of the world by introducing high-yielding seeds, fertilisers and irrigation which helped stave off famine in hungry parts of the world.
But the industrial farming era it spurred has failed both consumers and the environment, critics say, by leading to a food system that cripples the environment, contributes to climate change, and concentrates wealth in multi-national companies.
“We live in a changing world and we are limited in resources, in terms of land, water, fertilizer,” said Ivan Ingelbrecht, head of the plant breeding and genetics laboratory in Vienna.
“So having sustainable food production systems is very important,” he said, holding a test tube containing a miniature banana tree in his hand.
HUNGRIER WORLD One problem, experts say, is that agricultural practices can be hard to change. Nearly 2.5 billion people are involved in small-scale farming, managing about 500 million small farms, according to the International Fund for Agricultural Development (IFAD).
“Agriculture has kind of been stuck for the last 500 years,” said Andy Jarvis, research director at the Colombia-based International Center for Tropical Agriculture (CIAT).
Machinery and better crop varieties have made agriculture more productive but fundamental problems remain, from reliance on heavy manual labor to difficulties managing pests and diseases, he added.
The world’s population, meanwhile, has grown both in size and bulk, with no signs of the upward trend abating.
Of the world’s 7.6 billion people - a population projected to reach 9.8 billion by 2050 - about 815 million people go hungry daily while 2 billion are overweight or obese, sending health costs soaring.
Among them is Yatzyri Martinez, aged six from Mexico City, who weighs 38 kg (84 pounds), loves spaghetti and fast-food snacks, and comes from a family plagued by type 2 diabetes.
Salvador Villalpando, a specialist doctor who treats her at a child obesity clinic at the Federico Gomez Children’s Hospital in Mexico, one of the world’s fattest nations, said keeping people from becoming obese is the aim.
“When you get to treat obesity, you’re one day too late,” he said.
Mexico is not alone. Adult obesity rates are increasing in all of the United Nation’s 193 member states, including in sub-Saharan Africa and South Asia where the focus for decades was eradicating hunger.
Globally, about 40 percent of adults are overweight and 13 percent obese, says the World Health Organization (WHO), with the surge in obesity in the last three decades presenting a major public health epidemic in both poor and rich nations.
Growing demand for meat and dairy as countries become wealthier is also placing a heavier demand on world food systems, driving climate change as land is stripped of forests and plowed.
The volume of food transported around the world also is exacerbating global warming.
However, calls to use more pesticides and fertilisers to get more food from the same land are based on wrong assumptions, said Emile Frison of the International Panel of Experts on Sustainable Food Systems (IPES-Food).
He said there is already enough food available to feed the planet today and in 2050 - but it’s in the wrong places or wasted.
Globally, one third of all food produced - worth nearly $1 trillion a year - is binned or wasted, according to the FAO.
“It’s a matter of access, of waste, of consumption models that are unsustainable. Recommending a technology fix approach is certainly going in the wrong direction,” Frison told the Thomson Reuters Foundation.
HI-TECH SOLUTIONS
James Rogers, CEO of Apeel Sciences, a California-based start-up company, agrees the planet is producing more than enough calories to feed everyone. But he believes technology can help resolve some key issues, particularly food waste.
His company produces a plant-based coating that comes in powder form and, when applied with water, can double the shelf life of fruit and vegetables without refrigeration so farmers in remote areas can get them to market without spoilage.
The coating is being tested on mangoes in Kenya and cassava in Nigeria, funded by the Bill & Melinda Gates Foundation.
Technology is also helping meet the growing demand for meat, without more emission-producing livestock. The ideas harken back to predictions former British Prime Minister Winston Churchill made in a 1931 essay.
“Fifty years hence we shall escape the absurdity of growing a whole chicken in order to eat the breast or wing by growing these parts separately under a suitable medium,” he wrote.
Impossible Foods and Beyond Meat, companies that produce high-tech burgers that taste like the real thing but contain only plants, are winning investment from backers as diverse as Gates and Tyson Foods, the largest U.S. meat processor.
Memphis Meats, meanwhile, is growing meat from animal cells in laboratories, something advocates call ‘clean meat’ because it is better for the environment. Its backers include Virgin Group boss Richard Branson.
Such alternative meats offer “a far more efficient way” to feed demand for tasty protein while cutting environmental damage, said Bruce Friedrich, executive director of The Good Food Institute (GFI), which supports alternative meat companies and lobbies on their behalf.
“Plant-based meat and clean meat would be cheaper, more efficient, and would not have bacteria or drug residue contamination. They would be better in every conceivable way,” Friedrich told the Thomson Reuters Foundation.
WIDENING DIVIDE? To grow enough food despite increasing water scarcity - agriculture today sucks up about 70 percent of global freshwater used each year - farmers are also looking to technology.
By tweaking a gene found in all plants, for instance, a team of international scientists have tricked tobacco plants into partially closing their stomata, microscopic pores in the leaf that let water evaporate.
The plants grew with a quarter less water and little impact on harvests, said Steven Long, a crop sciences professor at Britain’s Lancaster University.
Researchers hope the tweak will work as well in cowpea and soybean, main sources of protein in developing countries, and in rice, a major staple food.
Despite the benefits of such innovations, some critics fear they could widen the divide between farmers who can access such changes and those who cannot.
Farms which rely mainly on family labor produce the bulk of food in developing countries but many cannot afford the latest agricultural technologies.
Many farmers also live in countries that lack access to reliable weather information, which can make planting and harvesting crops a risky endeavor, experts say.
Agriculture’s technological revolution, in its current form, is neither inclusive nor democratic, said CIAT’s Jarvis, in part because few of the innovations are aimed at small-scale farmers.
What those farmers grow is “not a monoculture of 20 hectares of lettuce production in California or Europe but half-hectare plots of maize”, he said.
But farmers do have mobile phones, so finding ways to use them to improve farming is essential, added Jarvis, who co-founded the CGIAR Platform for Big Data in Agriculture.
One company bringing technology to small farmers is Hello Tractor in Nigeria, known as “Uber for tractors”.
Founded by Jehiel Oliver, a former American investment banker, it started by selling two-wheel tractors equipped with GPS antennae - but most farmers found the prices too steep.
Hello Tractor now uses mobile phones to link those able to buy tractors with farmers who want to use tractor services.
“Most farmers can’t afford to own a tractor and most tractor owners struggle to identify customers within rural, disjointed markets,” Oliver said in an email.
A Kenya start-up, meanwhile, is banking on mobile phone technology to help small-scale farmers get much-needed credit from banks.
FarmDrive, founded by two Kenyan computer scientists - both women who grew up in farming families - aims to help farmers who need loans to use satellite images and sensors to paint a detailed picture of their potential yields and risks.
In December, FarmDrive teamed up with Safaricom, Kenya’s biggest telecoms company that set up the revolutionary mobile money platform M-Pesa.
Now Safaricom’s DigiFarm mobile platform offers small farmers everything from discount vouchers for fertilizer to help getting small loans or training, all in one place.
Using the new platform, FarmDrive reached 10,000 farmers in four months, compared to just 5,000 farmers in two years when the company was working alone, co-founder Rita Kimani said.
“It’s showing the possibility of partnerships ... and that’s really how we are going to solve the challenges the farmers face. One tool or one organization is not going to solve everything,” she said.
OUT OF THE BOX SOLUTIONS Others are coming up with more unusual solutions.
The Sahrawi refugee camps in western Algeria, near the border with Mauritania, Western Sahara and Morocco, seems an unusual spot to try hydroponic farming - growing plants in water rather than soil.
Land around the camps is arid, isolated and prone to sandstorms and extreme swings in temperature - and the 173,000 Sahrawis from Western Sahara, stuck in the camps for the past four decades, are nomads who prefer meat and milk.
But the pastoralists are now using bare-bones hydroponics units of metal and plastic to grow barley as animal feed.
The plants - the only green thing visible for miles - are ready in seven days and grown with a tenth of the water needed for traditional crops.
“As refugees, we are poor people and can’t afford expensive things like fertilisers and hybrid seeds,” said Taleb Brahim, one of the brains behind the project.
Nearly 2,000 km (1,240 miles) east, in Ouargla in southern Algeria, date and palm farmers are similarly turning to an unusual strategy - rearing fish in the Sahara. [L3N1SB4EE}
The switch is part of the North African nation’s push to increase fish output as catches from the Mediterranean fall.
The project aims to help farmers earn cash by selling fish and boost their harvests by using nutrient-rich water from fish ponds on crops.
At the Coopedota cooperative in Costa Rica, meanwhile, sustainable techniques such as reducing chemical sprays, planting more shade trees, and cutting energy and water consumption have brought an added benefit for farmers.
Beyond cutting costs and improving efficiency, they now sell the world’s first officially certified carbon neutral coffee for which farmers hope customers will pay a premium.
“We can put our coffee in the international market and if the market is at $120, we might get $180 or $200,” said grower Fernando Solis Arguedas, a third generation coffee farmer.
WASTE NOT, WANT NOT In developing countries, about 40 percent of food grown is spoiled or lost after harvest. Then another 40 percent of what gets to retailers or consumers in developed countries is wasted, according to the FAO.
Cutting that waste is crucial to reducing climate change and growing demands on limited water and land, experts say. And now chefs are moving to the forefront of the effort.
In the seaside town of Brighton, Silo, Britain’s first zero-waste restaurant, turns leftover whey from making cheese into sauce, bread crust into miso soup, and inedible parts such as egg shells and bones into compost.
Michelin-starred chef Massimo Bottura of Italy opened a new restaurant in central London last year, the Refettorio Felix, that doesn’t welcome wealthy diners but caters for the poor with meals cooked from supermarket scraps.
In Leeds, in northern England, Adam Smith’s The Real Junk Food Project started out as a single cafe in 2013, taking food destined for landfills to local schools to support low-income families and teach pupils about food waste.
It has since ballooned into a network of more than 120 eateries and stores, including Britain’s first pay-what-you-like food waste supermarket, offering anything from zucchini to breakfast cereals.
Smith says he hopes one day the network will go out of business, as food waste is reduced from field to plate.
“Ideally the measure of success ... would be that we would no longer be here,” he said.
Richard Horsey, co-author of “Ugly Food: Overlooked and Undercooked”, thinks part of achieving that is persuading people to diversify what they cook and include things they might bin.
He lists octopus, pigs’ trotters and wild rabbit as some of the ingredients often overlooked in Anglo-Saxon food cultures.
“I really do think that if you can make a change to what people are putting on the table every evening, that’s where the numbers are, that’s where the impact is,” he said.
A more diverse diet is also a resilient one, expert say.
Historically, farmers cultivated at least 7,000 plants to eat but today 60 percent of global calories come from just three plants - wheat, rice and maize.
Helping Asia - known for its insatiable appetite for rice - eat more millet, a forgotten rural diet staple that is rich in protein and can grow in salty soil - could help keep harvests sufficient as climate change takes hold, experts say.
Buyers in Taiwan, Japan, South Korea and Hong Kong are already eating less rice, while India is pushing millet as a way to reduce a stubbornly high rate of malnutrition.
REBOOTING FOOD Technological advances hold promise to make food systems work better. But experts warn there are no quick wins when it comes to reshaping something as fundamental as food and agriculture.
“Technologies are just a tiny part in the whole puzzle,” said Tom Anyonge, lead technical specialist for IFAD.
Policies, institutions and food systems also need shifts if technology is to achieve its potential, he said.
He pointed to M-Pesa, which lets mobile phone users transfer or borrow money, pay bills and save via texts. Launched by Kenya’s Safaricom in 2007, it now has nearly 28 million users in a nation of 45 million and has been expanded or mimicked across Africa.
Its success is due not just to the pioneering technology but to efforts behind the scenes to make it work, Anyonge said.
Those include improving mobile coverage, opening up Kenya’s telecoms sector, and enacting laws allowing partnerships between mobile companies and banks.
“It would have stayed as a good idea” if not for that help, he said. “You need to touch on so many other things beyond technology.”
IFPRI’s director-general Fan agrees.
Innovations are key to rebooting the food system - but they should not be limited to just technological ones, he said.
“Innovation in policies, innovations in institutions, innovations in even new thinking, open-mindedness, will be important,” he said.
Reporting By Thin Lei Win @thinink, Additional reporting by Umberto Bacchi, Rina Chandran and Sophie Hares, Editing by Belinda Goldsmith and Laurie Goering.; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, corruption and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-food-agriculture-insight/rebooting-food-finding-new-ways-to-feed-the-future-idUSKCN1IP1NR |
May 16 (Reuters) - China Auto Logistics Inc:
* CHINA AUTO LOGISTICS INC FILES FOR NON-TIMELY 10-Q - SEC FILING Source bit.ly/2rLdpkc Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-auto-logistics-inc-files-for/brief-china-auto-logistics-inc-files-for-non-timely-10-q-idUSFWN1SN0YN |
May 4 (Reuters) - Bank of Maharashtra Ltd:
* MARCH QUARTER NET LOSS 1.14 BILLION RUPEES VERSUS LOSS OF 4.55 BILLION RUPEES LAST YEAR
* MARCH QUARTER INTEREST EARNED 26.92 BILLION RUPEES VERSUS 29.70 BILLION RUPEES LAST YEAR
* MARCH QUARTER PROVISIONS 20.41 BILLION RUPEES VERSUS 18.33 BILLION RUPEES LAST YEAR
* MARCH QUARTER PROVISIONS FOR NON-PERFORMING ASSETS 19.95 BILLION RUPEES VERSUS 17.43 BILLION RUPEES LAST YEAR
* MARCH QUARTER GROSS NPA 19.48 PERCENT VERSUS 19.05 PERCENT PREVIOUS QUARTER
* MARCH QUARTER NET NPA 11.24 PERCENT VERSUS 12.17 PERCENT PREVIOUS QUARTER
* SAYS APPROVED TO RAISE CAPITAL OF UP TO 30 BILLION RUPEES VIA PREFERENTIAL ISSUE OR QIP
* APPROVES PLAN TO RAISE 10 BILLION RUPEES VIA TIER II BONDS Source text - bit.ly/2Kv9WxT Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-bank-of-maharashtra-march-q/brief-indias-bank-of-maharashtra-march-qtr-net-loss-narrows-idUSFWN1SB0A0 |
May 24, 2018 / 5:20 PM / Updated 29 minutes ago WTA International, Strasbourg Women's Singles Final Rounds and Seeds Progress Reuters Staff 4 Min Read May 24 (OPTA) - Final Rounds and Seeds Progress from the WTA International, Strasbourg Women's Singles matches on Thursday .. Final Rounds .. Seed Round Rslt Opponent Score 1 Ashleigh Barty (AUS) qtr won Qiang Wang (CHN) 7-5 6-4 2nd won Pauline Parmentier (FRA) 6-1 6-4 1st won Luksika Kumkhum (THA) 6-4 6-4 - Qiang Wang (CHN) qtr lost 1-Ashleigh Barty (AUS) 7-5 6-4 2nd won 7-Danielle Collins (USA) 4-6 7-5 6-2 1st won Camilla Rosatello (ITA) 3-6 6-1 6-4 3 Anastasia Pavlyuchenkova (RUS) qtr won Zarina Diyas (KAZ) 6-4 6-2 2nd won Natalia Vikhlyantseva (RUS) 6-4 6-4 1st won Tatjana Maria (GER) 6-0 6-0 - Zarina Diyas (KAZ) qtr lost 3-Anastasia Pavlyuchenkova 6-4 6-2 (RUS) 2nd won 6-Timea Babos (HUN) 7-6(2) 4-6 6-2 1st won Katarzyna Piter (POL) 6-2 6-4 4 Mihaela Buzarnescu (ROU) qtr won 8-Su-Wei Hsieh (TPE) 6-0 6-3 2nd won Elena Rybakina (RUS) 6-3 7-6(2) 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 8 Su-Wei Hsieh (TPE) qtr lost 4-Mihaela Buzarnescu (ROU) 6-0 6-3 2nd won Lucie Safarova (CZE) 6-2 6-3 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 5 Dominika Cibulkova (SVK) qtr won Samantha Stosur (AUS) 6-4 6-3 2nd won Reka-Luca Jani (HUN) 6-1 6-4 1st won Chloe Paquet (FRA) 6-4 6-2 - Samantha Stosur (AUS) qtr lost 5-Dominika Cibulkova (SVK) 6-4 6-3 2nd won Daria Gavrilova (AUS) 6-3 6-4 1st won Sofia Kenin (USA) 6-3 6-2 .. Seeds .. Seed Round Rslt Opponent Score 1 Ashleigh Barty (AUS) semi to play 3-Anastasia Pavlyuchenkova (start 14:00) (RUS) qtr won Qiang Wang (CHN) 7-5 6-4 2nd won Pauline Parmentier (FRA) 6-1 6-4 1st won Luksika Kumkhum (THA) 6-4 6-4 3 Anastasia Pavlyuchenkova (RUS) semi to play 1-Ashleigh Barty (AUS) (start 14:00) qtr won Zarina Diyas (KAZ) 6-4 6-2 2nd won Natalia Vikhlyantseva (RUS) 6-4 6-4 1st won Tatjana Maria (GER) 6-0 6-0 4 Mihaela Buzarnescu (ROU) semi to play 5-Dominika Cibulkova (SVK) (start 12:00) qtr won 8-Su-Wei Hsieh (TPE) 6-0 6-3 2nd won Elena Rybakina (RUS) 6-3 7-6(2) 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 5 Dominika Cibulkova (SVK) semi to play 4-Mihaela Buzarnescu (ROU) (start 12:00) qtr won Samantha Stosur (AUS) 6-4 6-3 2nd won Reka-Luca Jani (HUN) 6-1 6-4 1st won Chloe Paquet (FRA) 6-4 6-2 6 Timea Babos (HUN) 2nd lost Zarina Diyas (KAZ) 7-6(2) 4-6 6-2 1st won Fiona Ferro (FRA) 6-4 6-0 7 Danielle Collins (USA) 2nd lost Qiang Wang (CHN) 4-6 7-5 6-2 1st won Amandine Hesse (FRA) 6-1 4-6 6-3 8 Su-Wei Hsieh (TPE) qtr lost 4-Mihaela Buzarnescu (ROU) 6-0 6-3 2nd won Lucie Safarova (CZE) 6-2 6-3 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-strasbourg-womens-singles-final-rounds-and-seeds-progress-idUKMTZXEE5O8THL10 |
May 12, 2018 / 12:36 PM / Updated 6 hours ago Nadal eager to play down Thiem hiccup Reuters Staff 3 Min Read
MADRID (Reuters) - Claycourt king Rafael Nadal has played down the significance of his quarter-final defeat by Austrian Dominic Thiem at the Madrid Open — a loss that ended a year-long winning streak on clay and cost him the world number one ranking. Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 11, 2018 Spain's Rafael Nadal looks dejected after losing his quarter final match against Austria's Dominic Thiem REUTERS/Sergio Perez
The 31-year-old Spaniard looked unstoppable going into his Friday clash with fifth seed Thiem, having won 50 consecutive sets on the red dirt, but he was well beaten 7-5 6-3.
Coincidentally, it was Thiem who last beat Nadal on clay, at last year’s Rome Masters, shortly before the Spaniard rampaged to a 10th French Open title without dropping a set.
However, Nadal quickly slapped down any notion that world number seven Thiem knows the secret of beating the greatest ever exponent of claycourt tennis.
“Well, three weeks ago I beat him 6-0 6-3. I don’t know if that’s a tough player or not. I don’t think it’s that way,” Nadal, who also beat Thiem en route to the Roland Garros title last year, told reporters.
“I think it has just been a match where he was better than me, same as a few weeks ago I was better than him. Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 11, 2018 Spain's Rafael Nadal in action during the quarter final match against Austria's Dominic Thiem REUTERS/Sergio Perez
“If he beats me three times in a row, maybe we can say he reads my game and can beat me.”
Nadal will now focus on next week’s tournament in Rome where, should he win the title, he could reclaim the number one ranking from great rival Roger Federer who has opted to sit out the claycourt season in preparation for Wimbledon and beyond.
Not that the Mallorcan will lose any sleep over it. Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 11, 2018 Austria's Dominic Thiem celebrates winning the quarter final match against Spain's Rafael Nadal REUTERS/Sergio Perez GOOD POSITION
“You cannot be number one when you’ve been not playing for five months,” he said. “I think from Shanghai (last year) till Monte-Carlo, I hadn’t finished a single tournament. We’re talking about a lot of months that I gave up.
“This year till now I had only one or two tournaments that I had played. This is the reality of this year.
“I’m not going to keep the number one today. At the end of the year we will see what happens.
“I think I placed myself in a good position. I am three in the (ATP Race), which is the most important thing. I still have two good weeks on clay, and then I’ll keep on moving forward.”
Nadal ended 2017, in which he took his grand slam tally to 16 by winning the French and U.S. Open titles, with a knee injury and then had a hip problem at this year’s Australian Open that forced him to quit against Marin Cilic in the last eight.
He returned to Tour action only in April, winning the Monte Carlo title for an 11th time before rolling through the draw in Barcelona for his 11th triumph there.
Despite being off-key against Thiem, he said he was now fully fit as Paris looms.
“What makes me happy is I feel fit, can compete with possibilities every single week. This is my final goal: to be happy. That’s what I’m working on,” he said. Reporting by Martyn Herman in London, Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-madrid-men-nadal/nadal-eager-to-play-down-thiem-hiccup-idUKKCN1ID0EP |
May 10, 2018 / 11:39 AM / Updated 13 minutes ago BRIEF-Radius Health Reports Q1 Loss Per Share Of $1.37 Reuters Staff
May 10 (Reuters) - Radius Health Inc:
* RADIUS HEALTH REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS AND PROVIDES BUSINESS UPDATE * Q1 SALES $14.5 MILLION VERSUS I/B/E/S VIEW $13.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $-1.46 — THOMSON REUTERS I/B/E/S
* AS OF MARCH 31, 2018, RADIUS HAD $367.3 MILLION IN CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-radius-health-reports-q1-loss-per/brief-radius-health-reports-q1-loss-per-share-of-1-37-idUSASC0A1E7 |
May 8 (Reuters) - Bellicum Pharmaceuticals Inc:
* BELLICUM PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY NET LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS $0.68
* Q1 EARNINGS PER SHARE VIEW $-0.69 — THOMSON REUTERS I/B/E/S
* QTRLY GRANT REVENUE $154,000 VERSUS $128,000 * Q1 REVENUE VIEW $32860.00 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bellicum-pharmaceuticals-reports-q/brief-bellicum-pharmaceuticals-reports-q1-loss-per-share-of-0-68-idUSASC0A0L3 |
VANCOUVER, May 17, 2018 /PRNewswire/ - Choom™ (CSE: CHOO; OTCQB: CHOOF) is pleased to announce the appointment of several key executives to our Board of Advisors to help steer the brand into Canada's emerging rec-use marijuana market.
"We are very proud to introduce these new additions to the Choom™ team. These individuals bring a wealth of knowledge and experience from a variety of industries. Our ability to attract this phenomenal talent is a testament to Choom's vision and strategic plan as we launch our brand in Canada's recreational use cannabis segment. As we rapidly execute our business model we have established an advisory team with extensive experience in Consumer Branding, Retail Supply Chain, Government Relations, Entrepreneurship, Operations, and Financial Services to provide guidance during our next phase of growth. We look forward to leveraging their experience and thought leadership to expedite Choom's retail launch," said Chris Bogart, Choom™ President & CEO.
Appointments to Choom's Advisory Board include:
DEREK CHAN
Derek joins Choom™ after his previous role as CFO for Vega, North America's leading all-natural health and performance nutrition brand. During his 9 years at Vega, his financial oversight helped the company grow 15x in sales. Derek managed the Company's private equity financing and participated in the M&A process, culminating in the successful sale of Vega to White Wave Foods for US$550 million. Mr. Chan brings over 20 years experience in senior finance roles across various industries spanning consumer packaged goods, hospitality, and technology.
Derek holds a Chartered Professional Accountant designation and a Bachelor of Science from Simon Fraser University. Prior to leaving public practice, Derek was at KPMG LLP where he worked with a portfolio of private and public companies in audit and tax advisory services.
JOHN HEANEY
John brings over 20 years of combined experience in private legal practice and government counsel. Most recently, John was the Chief of Staff for the Government of Alberta, where his role was paramount to ensuring the government was in touch with the needs and wants of Albertans. John has been a key official in developing the Alberta government's energy royalty review and climate-change legislation.
John also worked at several law firms in British Columbia, most notably as a lawyer at Heenan Blaikie LLP. His expertise in legal counsel, strategic planning, and government relations is critical to Choom™ as it approaches the legalization of recreational cannabis in Canada. Mr. Heaney holds a Bachelors of Law (LLB) from the University of Victoria.
BOBBY BLACK
Bobby Black is an icon of marijuana media and is best known for his 21-year tenure as senior editor, columnist and primary brand ambassador for High Times Magazine. During his tenure at High Times, Bobby produced and hosted numerous events, including the Cannabis Cup, the Stony Awards and Doobie Awards shows, Ganja Goddess parties, and the Miss High Times Contest/Pageant. Bobby has also served as editor for both Sensi and Greenleaf magazines, as well as contributing to several other cannabis publications. He is the host of Blazin' With Bobby Black on Cannabis Radio, the former host of Contact High on Sirius Radio, and co-founder of the 420-friendly travel agency Higher Way Travel. Most recently, he has accepted the position of Chief Operating Officer at Crockett Family Farms—one of the most respected and award-winning cannabis genetics and cultivation in North America, based in California.
As the Choom Ambassador of Good Times, Bobby brings a 'high' level of cannabis expertise to our leadership team and will be instrumental in educating our audience of cannabis users and the 'cannacurious' on the past, present, and future state of marijuana, as we navigate the new frontier of legal adult use in Canada.
SAY HELLO TO CHOOM TM
Choom™ was inspired by the Choom Gang- a group of buddies in Honolulu during the 1970's who loved to smoke weed—or as the locals called it, choom . Evoking the spirit of Hawaii, Choom™ is synonymous with cultivating good times with good friends. We are focused on delivering an elevated customer experience through our curated retail environment s , high-grade handcrafted Cannabis supply, and a diversity of brands for the Canadian recreational consumer . Say hello to Choom™.
Cautionary Statement:
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking information
This news release contains forward-looking information relating to the Company's proposed activities and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These factors include risks and uncertainties associated with the results of diligence investigations, developments in the cannabis sector, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings, including the Company's Listing Statement, made with the applicable Canadian securities regulators. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.
View original content with multimedia: http://www.prnewswire.com/news-releases/say-hello-to-savvy-choom-announces-formation-of-board-of-advisors-300649991.html
SOURCE Choom Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-say-hello-to-savvy-chooma-announces-formation-of-board-of-advisors.html |
(Updates with details, background)
LJUBLJANA, May 8 (Reuters) - Slovenian household appliances maker Gorenje has received three binding takeover bids, all from Asian firms, the company said in a statement on Tuesday.
It said it will examine the bids and issue further news on the process by May 15. It did not elaborate.
Local media citing unofficial sources said the bids were filed by Chinese household appliance makers Haier, Hefei Meiling and Hinsense Electric. The companies were not immediately available for comment.
Gorenje, which is one of the largest Slovenian exporters and has market capitalisation of some 154 million euros ($182.35 million), said last year it was seeking a strategic partner to increase cost efficiency and strengthen the brand.
In March it reported that its 2017 profit dropped by 84 percent due to strong competition and high production costs.
Shares of Gorenje rose by 1.27 percent to 6.38 euros on Tuesday, before the news was released, while the blue-chip SBI index eased 0.13 percent. ($1 = 0.8445 euros) (Reporting by Marja Novak, editing by Louise Heavens)
| ashraq/financial-news-articles | https://www.reuters.com/article/gorenje-ma/update-1-slovenian-appliances-maker-gorenje-receives-three-takeover-bids-idUSL8N1SF66U |
May 22 (Reuters) - Zosano Pharma Corp:
* ZOSANO APPOINTS STEVEN A. ELMS TO BOARD OF DIRECTORS * ZOSANO PHARMA CORP - STEVEN A. ELMS, MANAGING PARTNER AT AISLING CAPITAL, HAS BEEN APPOINTED TO COMPANY’S BOARD
* ZOSANO PHARMA CORP - AISLING WAS A LEAD INVESTOR IN FOLLOW-ON FINANCING THAT CO COMPLETED IN EARLY-APRIL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zosano-appoints-steven-elms-to-boa/brief-zosano-appoints-steven-elms-to-board-of-directors-idUSASC0A37T |
With all due respect, you don't know much about me: Sanders 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/with-all-due-respect-you-dont-know-much-about-me-sanders.html |
LEXINGTON, Mass.--(BUSINESS WIRE)-- MC10 Inc., the company developing wearable systems for seamless healthcare data collection, announced today that their BioStamp nPoint™ system has received Food and Drug Administration (FDA) 510(k) clearance. BioStamp nPoint is a wireless, biometric data collection platform intended for use by healthcare professionals and researchers for the continuous collection of physiological data in the home or traditional healthcare settings. The system is designed for use in clinical trials and research studies where collection of relevant data is needed.
The BioStamp nPoint system includes numerous improvements and enhancements to BioStampRC®, its successful predecessor. The flexible, body-conforming rechargeable sensor patches are reusable and can record data for 24 hours. The system can be configured to measure, record and display general activity, postural classifications, vital signs and sleep metrics, all with clinically validated accuracy. “The nature, location, and endpoints of clinical trials for new drug development are all evolving rapidly. The BioStamp nPoint system was designed and clinically validated to meet this rapidly growing and expanding unmet need. BioStamp nPoint produces clinical quality, medical grade physiological data from research subjects in their own homes, available to investigators from virtually anywhere.” commented Dr. Arthur Combs MD, Chief Medical Officer of MC10.
The BioStamp nPoint in-home kit includes a smartphone running the MC10 Link App that guides patients through sensor application, protocol specific tasks, prescribed activities and ePRO assessments. The BioStamp nPoint in-clinic kit includes a tablet running the MC10 Investigator App that allows for patient management and sensor command and control. Sensors are removed after use and placed on the included Link Hub to automatically recharge while simultaneously synchronizing collected data with the HIPAA Compliant MC10 Cloud. Processed metrics and raw data can be viewed through the Investigator Portal web-client or accessed through an API.
BioStamp nPoint offers clinical investigators the option of collecting validated metrics such as heart rate, step count or sleep disturbances as well as the raw data associated with each measurement. “We need objective, sensitive measures of health that can be assessed by anyone, anytime, anywhere. MC10's new sensor brings us one step closer to a reality that can improve health and accelerate the development of new therapies,” noted Dr. Ray Dorsey, MD, MBA and the Director of the Center for Health & Technology (CHET) at the University of Rochester, Rochester, NY.
The BioStamp nPoint system is configured and packaged to meet both in-home and in-clinic needs and is available for sale or rental beginning June 2018.
About MC10, Inc.
MC10 is a private company, backed by a strong syndicate of financial and strategic investors, that is improving human health through digital healthcare solutions. The company combines its proprietary ultra-thin, flexible body-worn sensors with advanced analytics to unlock health insights from physiological data. MC10 has received widespread recognition for its revolutionary technology and was recently named in Fast Company’s Most Innovative Companies in 2016 as a leader in healthcare. MC10 is headquartered in Lexington, MA. Visit MC10 online at www.mc10inc.com .
MC10®, BioStamp®, BioStampRC® and the MC10 logo are registered marks owned by MC10, Inc.
//www.businesswire.com/news/home/20180516005150/en/
MC10
Don Fuchs
[email protected]
Source: MC10 Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-mc10-receives-fda-510k-clearance-for-the-biostamp-npointa-system.html |
May 31, 2018 / 9:43 AM / Updated an hour ago UK Vogue names 'campaigning feminist' Meghan Markle among top influential women Reuters Staff 2 Min Read
LONDON (Reuters) - Meghan Markle was named among the 25 most influential women in Britain on Thursday, according to a list published by UK Vogue magazine which hailed her as forging a new identity for the monarchy.
Prince Harry’s wife Markle, now called the Duchess of Sussex, was named alongside Scottish politician Ruth Davidson, fashion designer Stella McCartney and Harry Potter author J.K. Rowling in the fashion publication’s inaugural “The Vogue 25”.
It highlighted influential women working in sectors such as arts and entertainment, science, politics, media and law.
Markle, whose star-studded wedding celebrations at Windsor Castle this month were watched by millions of people around the globe, was described as “one of the most recognizable women in the world”.
“Her influence stretches far beyond the ceaseless coverage of her style – as a bi-racial campaigning feminist from America, she is helping to forge a new 21st-century identity for the monarchy,” British Vogue wrote on its website.
It hailed Scottish Conservative leader Davidson’s “relatable personality and progressive ideas” and said McCartney ran “one of the most forward-thinking and powerful independent houses in fashion”.
Other names to make the list of influential women, whose ages range from 22 to 73, include human rights lawyer Amal Clooney, singer Dua Lipa, models Adwoa Aboah and Edie Campbell and Manchester United Chief Operating Officer Collette Roche. Meghan, Duchess of Sussex attends a garden party at Buckingham Palace, in London, Britain May 22, 2018. Dominic Lipinski/Pool via Reuters Reporting by Marie-Louise Gumuchian; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-vogue-women/uk-vogue-names-campaigning-feminist-meghan-markle-among-top-influential-women-idINKCN1IW13Q |
May 4 (Reuters) - Future Land Development Holdings Ltd :
* APRIL CONTRACTED SALES RMB12,704 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-future-land-development-holdings-s/brief-future-land-development-holdings-says-april-contracted-sales-rmb12-70-bln-idUSFWN1SB0OR |
Cyber firms warn on suspected Russian plan to attack Ukraine Wednesday, May 23, 2018 - 01:38
Cisco Systems has warned that hackers have infected at least 500,000 routers and storage devices in dozens of countries with highly sophisticated malicious software, possibly in preparation for another massive cyber attack on Ukraine. David Pollard reports.
Cisco Systems has warned that hackers have infected at least 500,000 routers and storage devices in dozens of countries with highly sophisticated malicious software, possibly in preparation for another massive cyber attack on Ukraine. David Pollard reports. //reut.rs/2GK07cm | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/cyber-firms-warn-on-suspected-russian-pl?videoId=429637146 |
HORSHAM, Pa., May 22, 2018 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com ), the nation’s leading builder of luxury homes, today announced results for its second quarter ended April 30, 2018.
FY 2018’s Second Quarter Financial Highlights (Compared to FY 2017’s Second Quarter):
Net income was $111.8 million, or $0.72 per share diluted, compared to net income of $124.6 million, or $0.73 per share diluted, in FY 2017’s second quarter Pre-tax income was $152.7 million, compared to $199.2 million Impairments were $13.8 million compared to $4.3 million Income from unconsolidated entities was $2.6 million compared to $45.9 million Other income was $15.8 million compared to $14.0 million Revenues were $1.60 billion, the highest second quarter ever - up 17%; home building deliveries were 1,886 units - up 15% Net signed contract value was $2.38 billion, the highest quarter ever - up 18%; contract units were 2,666 - up 6% Per-community net signed contracts were 9.04 per community - up 16% - the highest second quarter since FY 2005 Backlog value at second-quarter end rose to $6.36 billion, the highest second quarter ever - up 27%; units totaled 7,030 - up 17% Gross margin, as a percentage of revenues, was 18.8% Adjusted Gross Margin, which excludes interest and inventory write-downs (“Adjusted Gross Margin”), was 22.5% SG&A, as a percentage of revenues, was 10.4% Income from operations was 8.4% of revenues
In Addition, the Company:
Increased its dividend in April to $0.11 per share from $0.08 per share Repurchased approximately 1.8 million shares of its common stock at an average price of $45.44 per share for a total purchase price of approximately $81.5 million in its second quarter and approximately 6.2 million shares at an average price of $46.86 per share for a total purchase price of approximately $291.5 million to-date in FY 2018
FY 2018 Financial Guidance (Subject to the Forward-Looking Statement Below):
Full FY 2018 deliveries of between 8,000 and 8,500 units with an average price of between $830,000 and $860,000; third-quarter deliveries of between 2,100 and 2,200 units with an average price of between $830,000 and $850,000 FY Adjusted Gross Margin of between 23.75% and 24.25% of revenues; third-quarter Adjusted Gross Margin of 23.4% FY SG&A, as a percentage of FY revenues, of approximately 10.0%; third-quarter SG&A, as a percentage of third-quarter revenues, of approximately 9.6% FY Other income and Income from unconsolidated entities of between $130 million and $160 million, with approximately $20 million in the third quarter FY tax rate of between 23% and 25%; third-quarter tax rate of approximately 27.5%
Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated: “Our double-digit dollar growth in revenues, contracts and backlog reflects the health of the luxury new home market. We had another solid spring selling season. The value of signed contracts, the highest quarter in our history, rose 18% in dollars on a 6% increase in units. On a same-store-basis, signed contracts of 9.04 per community were up 16% from last year and the highest for a second quarter since FY 2005. This was our eighth consecutive quarter of year-over-year same-store contract growth.
“Revenues rose 17% this quarter with increases in every region. California revenues rose 17% and was our largest region, producing 27% of total revenues. The North was up 19%, the Mid-Atlantic was up 13%, the South was up 23%, the West was up 15% and City Living was up 17%. California and the Western region, combined, produced nearly 50% of total revenues, reflecting the strategic diversification of the Company’s operations over the past decade. With our $6.36 billion backlog, our highest second-quarter backlog ever, we believe FY 2018 will be a year of significant revenue growth.
“We project third-quarter end community count to be approximately 290, down from 312 at last year’s third-quarter end, but up from 283 at FY 2018 second quarter-end. With 75 planned new community openings in the back half of FY 2018, we project a FYE 2018 community count of approximately 315, compared to 305 at FYE 2017.
“Based on this projected increase in community count, our record second-quarter backlog, the quality of our brand and land portfolio, the financial strength of the affluent home buyer and the breadth of demographic segments we serve, we believe FY 2019 will be another year of growth as well.”
Martin P. Connor, Toll Brothers’ chief financial officer, stated: “We continue to focus on improving our Return on Equity (ROE) and driving value for shareholders, while maintaining our profit margins and balance sheet flexibility. In April, we increased our dividend 38% from $0.08 per quarter to $0.11 per quarter. We have also repurchased $291.5 million of stock to-date in FY 2018.
“Our rental apartment business continues to grow. We now control a pipeline of approximately 16,000 units in projects completed, in construction, under development or in approvals. We are expanding this operation beyond our metro Boston to Washington, D.C. base and now have teams in San Francisco, Los Angeles, Atlanta, Dallas and Phoenix.”
Robert I. Toll, executive chairman, stated: “Jobs are plentiful, unemployment is low, wages are rising and existing home price appreciation is providing the equity for customers to buy new homes. Home ownership and household formation rates are increasing, while supply remains constrained. With our solid land positions and the capital to expand, we are gaining market share and look forward to continued growth.
“Just yesterday, we were included once again in the Fortune 500. I am so proud of the tremendous effort of the entire Toll Brothers team. This recognition reflects their dedication to building our brand, and their focus on providing the highest quality, value and service to our customers.”
Toll Brothers’ financial highlights for the FY 2018 second quarter and six months ended April 30, 2018 (unaudited):
FY 2018’s second-quarter net income was $111.8 million, or $0.72 per share diluted, compared to FY 2017’s second-quarter net income of $124.6 million, or $0.73 per share diluted. FY 2018’s second-quarter pre-tax income was $152.7 million, compared to FY 2017’s second-quarter pre-tax income of $199.2 million. FY 2018’s second-quarter results included pre-tax inventory write-downs totaling $13.8 million ($13.3 million attributable to operating communities and $0.5 million attributable to future communities). FY 2017’s second-quarter results included pre-tax inventory write-downs of $4.3 million ($2.94 million attributable to operating communities and $1.32 million attributable to future communities). FY 2018’s second-quarter Income from unconsolidated entities was $2.6 million, compared to $45.9 million in FY 2017’s second quarter. FY 2017’s second-quarter Income from unconsolidated entities included $22.6 million from the sale of condominiums at the Company’s Pierhouse at Brooklyn Bridge Park joint venture and $20.5 million from the sale of a portion of the Company’s membership interest in The Morgan at Provost Square, a joint ventured rental property joint venture in Jersey City. FY 2018’s six-month net income was $243.9 million, or $1.55 per share diluted, compared to FY 2017’s six-month net income of $195.1 million, or $1.15 per share diluted. FY 2018’s six-month pre-tax income was $284.3 million, compared to FY 2017’s six-month pre-tax income of $309.0 million. FY 2018’s six-month pre-tax income results included pre-tax inventory write-downs totaling $17.7 million ($17.1 million attributable to operating communities and $0.6 million attributable to future communities). FY 2017’s six-month results included pre-tax inventory write-downs of $8.9 million ($6.9 million attributable to operating communities and $2.0 million attributable to future communities). FY 2018’s second-quarter total revenues of $1.60 billion, the highest second-quarter total in the Company’s history, and 1,886 units increased 17% in dollars and 15% in units, compared to FY 2017’s second-quarter total revenues of $1.36 billion and 1,638 units. The average price of homes delivered increased to $847,900, compared to $832,400 in FY 2017’s second quarter. FY 2018’s six-month total revenues of $2.77 billion and 3,309 units rose 21% in dollars and 17% in units, compared to FY 2017’s six-month period totals of $2.28 billion and 2,828 units. The Company’s FY 2018 second-quarter net signed contracts of $2.38 billion, the highest quarterly total in the Company’s history, and 2,666 units increased 18% in dollars and 6% in units, compared to FY 2017’s second-quarter net signed contracts of $2.02 billion and 2,511 units. The average price of net signed contracts was $893,900, compared to $804,200 in FY 2017’s second quarter, driven by strong contract results in California . On a per-community basis, FY 2018’s second-quarter net signed contracts were 9.04 units per community, compared to second-quarter totals of 7.82 in FY 2017, 6.80 in FY 2016, 7.43 in FY 2015, and 7.14 in FY 2014. FY 2018’s second-quarter results were the highest second quarter since FY 2005. The Company’s FY 2018 six-month net signed contracts of $4.07 billion and 4,488 units increased 25% in dollars and 11% in units, compared to net signed contracts of $3.26 billion and 4,033 units in FY 2017’s six-month period. In FY 2018, second-quarter-end backlog of $6.36 billion, the highest second-quarter total in the Company’s history, and 7,030 units increased 27% in dollars and 17% in units, compared to FY 2017’s second-quarter-end backlog of $5.00 billion and 6,018 units. The average price of homes in backlog was $904,800, compared to $831,000 at FY 2017’s second-quarter end. FY 2018’s second-quarter gross margin, as a percentage of revenues, was 18.8%, compared to 21.0% in FY 2017’s second quarter. FY 2018’s second-quarter Adjusted Gross Margin was 22.5%, compared to 24.3% in FY 2017’s second quarter. Interest included in cost of sales was 2.8% of revenue in FY 2018’s second quarter, compared to 3.0% in FY 2017’s second quarter. SG&A, as a percentage of revenues, was 10.4%, compared to 10.8% in FY 2017’s second quarter. Income from operations of $134.4 million represented 8.4% of revenues in FY 2018’s second quarter, compared to $138.2 million and 10.1% of revenues in FY 2017’s second quarter. Income from operations of $218.1 million represented 7.9% of revenues in FY 2018’s six-month period, compared to $190.0 million and 8.3% of revenues in FY 2017’s six-month period. Other income and Income from unconsolidated entities in FY 2018’s second quarter totaled $18.4 million, compared to $59.9 million in FY 2017’s second quarter. Other income and Income from unconsolidated entities in FY 2018’s six-month period totaled $66.2 million, compared to $119.0 million in FY 2017’s six-month period. FY 2018’s second-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.2%, compared to 3.5%, in FY 2017’s second quarter. As a percentage of beginning-quarter backlog, FY 2018’s second-quarter cancellation rate was 2.4%, compared to 1.7% in FY 2017’s second quarter. The Company ended its FY 2018 second quarter with $475.1 million in cash, compared to $508.3 million in cash at 2018’s first-quarter end, and $691.3 million in cash at FY 2017’s second-quarter end. At FY 2018’s second-quarter end, the Company also had $1.15 billion available under its $1.295 billion, 20-bank credit facility, which matures in May 2021 . During the second quarter of FY 2018, the Company repurchased approximately 1.8 million shares of its common stock at an average price of $45.44, for a total purchase price of approximately $81.5 million. To-date in FY 2018, the Company has repurchased approximately 6.2 million shares of its common stock at an average price of $46.86, for a total purchase price of approximately $291.5 million. The Company’s Stockholders’ Equity at FY 2018’s second-quarter end was $4.48 billion, compared to $4.45 billion at FY 2017’s second-quarter end . The Company ended its FY 2018 second quarter with a debt-to-capital ratio of 44.6%, compared to 44.2% at FY 2018’s first-quarter end and 45.4% at FY 2017’s second-quarter end. The Company ended FY 2018’s second quarter with a net debt-to-capital ratio (1) of 40.4%, compared to 40.1% at FY 2018’s first-quarter end, and 39.8% at FY 2017’s second-quarter end. The Company ended FY 2018’s second quarter with approximately 51,000 lots owned and optioned, compared to 49,500 one quarter earlier, and 46,600 one year earlier. Approximately 32,000 of these 51,000 lots were owned, of which approximately 17,000 lots, including those in backlog, were substantially improved. In the second quarter of FY 2018, the Company purchased 1,693 lots for $176.9 million. The Company ended FY 2018’s second quarter with 283 selling communities, compared to 295 at FY 2018’s first-quarter end and 316 at FY 2017’s second-quarter end. Based on FY 2018’s second-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 8,000 and 8,500 homes in FY 2018, compared to previous guidance of 7,800 and 8,600 units. It now believes the average delivered price for FY 2018 will be between $830,000 and $860,000 per home. This translates to projected revenues of between $6.64 billion and $7.31 billion in FY 2018, compared to $5.82 billion in FY 2017. The Company now expects FY 2018 Other income and Income from unconsolidated entities of between $130 million and $160 million. The Company reaffirms its previous guidance for full FY 2018 Adjusted Gross Margin of between 23.75% and 24.25%, SG&A, as a percentage of revenues, of approximately 10.0% and a FY 2018 tax rate of between 23% and 25%. The Company expects FY 2018 third-quarter deliveries of between 2,100 and 2,200 units with an average price of between $830,000 and $850,000. The Company expects its third-quarter FY 2018 Adjusted Gross Margin to be approximately 23.4% of revenues. FY 2018 third-quarter SG&A is expected to be approximately 9.6% of third quarter revenues. The Company’s third-quarter FY 2018 Other income and Income from unconsolidated entities is expected to be approximately $20 million. FY 2018’s third-quarter effective tax rate is expected to be approximately 27.5%.
(1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio.
Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com , a conference call hosted by CEO Douglas C. Yearley, Jr. at 11:00 a.m. (EDT) today, May 22, 2018, to discuss these results and its outlook for FY 2018. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select "Conference Calls.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.
The call can be heard live with an online replay which will follow. MP3 format replays will be available after the conference call via the "Conference Calls" section of the Investor Relations portion of the Toll Brothers website.
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment Living), Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.
Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers also operates its own security company, TBI Smart Home Solutions, which also provides homeowners with home automation and technology options. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.
In 2018, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies, the fourth year in a row it has been so honored. Toll Brothers was named 2014 Builder of the Year by Builder magazine, and is honored to have been awarded Builder of the Year in 2012 by Professional Builder magazine, making it the first two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com .
Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website website ( tollbrothers.com/investor-relations ).
Forward-Looking Statements
Information presented herein for the second quarter ended April 30, 2018 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.
This release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should” and other words or phrases of similar meaning. Such statements may include, but are not limited to, anticipated operating results; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues; selling, general and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; the ability to acquire land and pursue real estate opportunities; the ability to gain approvals and open new communities; the ability to sell homes and properties; the ability to deliver homes from backlog; the ability to secure materials and subcontractors; the ability to produce the liquidity and capital necessary to expand and take advantage of opportunities; and legal proceedings, investigations and claims.
Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Therefore, we caution you not to place undue reliance on our forward-looking statements.
The factors that could cause actual results to differ from those expressed or implied by our forward-looking statements include, among others: demand fluctuations in the housing industry; adverse changes in economic conditions in markets where we conduct our operations and where prospective purchasers of our homes live; increases in cancellations of existing agreements of sale; the competitive environment in which we operate; changes in interest rates or our credit ratings; the availability of capital; uncertainties in the capital and securities markets; the ability of customers to obtain financing for the purchase of homes; the availability and cost of land for future growth; the ability of the participants in various joint ventures to honor their commitments; effects of governmental legislation and regulation; effects of increased taxes or governmental fees; weather conditions; the availability and cost of labor and building and construction materials; the cost of raw materials; the outcome of various product liability claims, litigation and warranty claims; the effect of the loss of key management personnel; changes in tax laws and their interpretation; construction delays; and the seasonal nature of our business. For a more detailed discussion of these factors, see the risk factors in the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K filed with the SEC.
From time to time, forward-looking statements also are included in our periodic reports on Forms 10-K, 10-Q and 8-K, in press releases, in presentations, on our website and in other materials released to the public.
Any or all of the forward-looking statements included in our reports or public statements made by us are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. Many factors mentioned in our reports or public statements made by us, such as market conditions, government regulation, and the competitive environment, will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.
This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.
Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
April 30,
2018 October 31,
2017 (Unaudited) ASSETS Cash and cash equivalents $ 475,113 $ 712,829 Restricted cash and investments 1,161 2,482 Inventory 7,871,569 7,281,453 Property, construction and office equipment, net 185,676 189,547 Receivables, prepaid expenses and other assets 599,755 542,217 Mortgage loans held for sale 111,811 132,922 Customer deposits held in escrow 135,072 102,017 Investments in unconsolidated entities 466,591 481,758 Deferred tax assets, net of valuation allowances 6,807 $ 9,853,555 $ 9,445,225 LIABILITIES AND EQUITY Liabilities: Loans payable $ 649,299 $ 637,416 Senior notes 2,860,290 2,462,463 Mortgage company loan facility 103,550 120,145 Customer deposits 469,586 396,026 Accounts payable 324,605 275,223 Accrued expenses 946,243 959,353 Income taxes payable 13,386 57,509 Total liabilities 5,366,959 4,908,135 Equity: Stockholders’ Equity Common stock 1,779 1,779 Additional paid-in capital 715,949 720,115 Retained earnings 4,690,272 4,474,064 Treasury stock, at cost (925,317 ) (662,854 ) Accumulated other comprehensive loss (1,980 ) (1,910 ) Total stockholders' equity 4,480,703 4,531,194 Noncontrolling interest 5,893 5,896 Total equity 4,486,596 4,537,090 $ 9,853,555 $ 9,445,225
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data and percentages)
(Unaudited)
Six Months Ended
April 30, Three Months Ended
April 30, 2018 2017 2018 2017 $ % $ % $ % $ % Revenues $ 2,774,667 $ 2,284,242 $ 1,599,199 $ 1,363,512 Cost of revenues 2,232,637 80.5 % 1,810,443 79.3 % 1,298,157 81.2 % 1,077,441 79.0 % Gross margin 542,030 19.5 % 473,799 20.7 % 301,042 18.8 % 286,071 21.0 % Selling, general and administrative expenses 323,919 11.7 % 283,847 12.4 % 166,652 10.4 % 146,752 10.8 % Income from operations 218,111 7.9 % 189,952 8.3 % 134,390 8.4 % 139,319 10.2 % Other: Income from unconsolidated entities 41,444 92,349 2,564 45,904 Other income - net 24,791 26,689 15,794 13,986 Income before income taxes 284,346 308,990 152,748 199,209 Income tax provision 40,429 113,936 40,938 74,571 Net income $ 243,917 $ 195,054 $ 111,810 $ 124,638 Per share: Basic earnings $ 1.58 $ 1.20 $ 0.73 $ 0.76 Diluted earnings $ 1.55 $ 1.15 $ 0.72 $ 0.73 Cash dividend declared $ 0.19 $ 0.08 $ 0.11 $ 0.08 Weighted-average number of shares: Basic 154,306 163,040 152,731 163,492 Diluted 157,013 170,910 155,129 171,403 Effective tax rate 14.2 % 36.9 % 26.8 % 37.4 %
TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amounts in thousands)
(unaudited)
Six Months Ended
April 30, Three Months Ended
April 30, 2018 2017 2018 2017 Impairment charges recognized: Cost of sales - land owned/controlled for future communities $ 624 $ 1,982 $ 507 $ 1,321 Cost of sales - operating communities 17,061 6,935 13,325 2,935 $ 17,685 $ 8,917 $ 13,832 $ 4,256 Depreciation and amortization $ 12,520 $ 12,123 $ 6,349 $ 6,089 Interest incurred $ 81,269 $ 85,310 $ 42,582 $ 43,536 Interest expense: Charged to cost of sales $ 78,912 $ 68,486 $ 45,027 $ 40,558 Charged to other income - net 1,001 1,995 285 1,953 $ 79,913 $ 70,481 $ 45,312 $ 42,511 Home sites controlled: Owned 31,991 32,561 Optioned 19,001 14,031 50,992 46,592 Inventory at April 30, 2018 and October 31, 2017 consisted of the following (amounts in thousands):
April 30,
2018 October 31,
2017 Land and land development costs $ 1,948,108 $ 1,861,820 Construction in progress 5,087,716 4,720,926 Sample homes 557,229 506,557 Land deposits and costs of future development 252,997 167,445 Other 25,519 24,705 $ 7,871,569 $ 7,281,453 Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Within Traditional Home Building, Toll operates in five geographic segments:
North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York Mid-Atlantic: Delaware, Maryland, Pennsylvania and Virginia South: Florida, North Carolina and Texas West: Arizona, Colorado, Idaho, Nevada, and Washington California: California
Three Months Ended
April 30, Units $ (Millions) Average Price Per Unit $ 2018 2017 2018 2017 2018 2017 HOME BUILDING REVENUES North 338 277 $ 226.2 $ 189.3 $ 669,300 $ 683,600 Mid-Atlantic 398 367 254.9 226.5 640,500 617,100 South 319 274 240.7 195.1 754,600 712,100 West 532 441 349.4 302.7 656,700 686,400 California 270 248 438.4 373.3 1,623,500 1,505,300 Traditional Home Building 1,857 1,607 1,509.6 1,286.9 812,900 800,800 City Living 29 31 89.6 76.6 3,090,800 2,469,700 Total consolidated 1,886 1,638 $ 1,599.2 $ 1,363.5 $ 847,900 $ 832,400 CONTRACTS North 363 408 $ 252.5 $ 264.2 $ 695,600 $ 647,400 Mid-Atlantic 548 563 347.8 346.9 634,600 616,200 South 466 406 339.5 294.1 728,400 724,500 West 660 703 445.1 438.2 674,400 623,400 California 564 388 901.2 594.1 1,597,900 1,531,200 Traditional Home Building 2,601 2,468 2,286.1 1,937.5 878,900 785,100 City Living 65 43 97.1 81.8 1,494,300 1,901,000 Total consolidated 2,666 2,511 $ 2,383.2 $ 2,019.3 $ 893,900 $ 804,200 BACKLOG North 1,304 1,175 $ 905.6 $ 793.7 $ 694,500 $ 675,500 Mid-Atlantic 1,285 1,265 839.7 782.9 653,400 618,900 South 1,284 1,168 982.2 897.2 765,000 768,200 West 1,602 1,427 1,143.6 975.9 713,800 683,900 California 1,384 744 2,316.8 1,203.9 1,674,000 1,618,100 Traditional Home Building 6,859 5,779 6,187.9 4,653.6 902,200 805,300 City Living 171 239 172.5 347.3 1,009,000 1,453,000 Total consolidated 7,030 6,018 $ 6,360.4 $ 5,000.9 $ 904,800 $ 831,000
Six Months Ended
April 30, Units $ (Millions) Average Price Per Unit $ 2018 2017 2018 2017 2018 2017 HOME BUILDING REVENUES North 547 486 $ 360.5 $ 335.0 $ 659,000 $ 689,300 Mid-Atlantic 730 664 461.9 410.5 632,700 618,200 South 540 464 412.2 337.3 763,300 726,900 West 944 776 607.4 513.8 643,400 662,100 California 455 403 725.5 593.1 1,594,500 1,471,700 Traditional Home Building 3,216 2,793 2,567.5 2,189.7 798,400 784,000 City Living 93 35 207.2 94.5 2,228,000 2,700,000 Total consolidated 3,309 2,828 $ 2,774.7 $ 2,284.2 $ 838,500 $ 807,700 CONTRACTS North 634 684 $ 450.0 $ 435.9 $ 709,800 $ 637,300 Mid-Atlantic 872 943 559.9 583.5 642,100 618,800 South 769 672 578.5 498.1 752,300 741,200 West 1,149 1,055 779.0 684.4 678,000 648,700 California 952 614 1,547.2 929.3 1,625,200 1,513,500 Traditional Home Building 4,376 3,968 3,914.6 3,131.2 894,600 789,100 City Living 112 65 159.0 131.1 1,419,600 2,016,900 Total consolidated 4,488 4,033 $ 4,073.6 $ 3,262.3 $ 907,700 $ 808,900 Unconsolidated entities:
Information related to revenues and contracts of entities in which we have an interest for the three-month and six-month periods ended April 30, 2018 and 2017, and for backlog at April 30, 2018 and 2017 is as follows:
Units $ (Millions) Average Price Per Unit $ 2018 2017 2018 2017 2018 2017 Three months ended April 30, Revenues 26 56 $ 35.4 $ 153.2 $ 1,360,000 $ 2,736,100 Contracts 44 41 $ 69.6 $ 36.5 $ 1,583,000 $ 889,600 Six months ended April 30, Revenues 54 143 $ 67.9 $ 370.6 $ 1,257,700 $ 2,591,700 Contracts 118 69 $ 191.8 $ 79.9 $ 1,625,100 $ 1,158,400 Backlog at April 30, 180 110 $ 291.3 $ 180.8 $ 1,618,300 $ 1,643,600
RECONCILIATION OF NON-GAAP MEASURES
This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s Adjusted Gross Margin and the Company’s net debt-to-capital ratio.
These two measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the homebuilding business.
The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other homebuilders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.
Adjusted Gross Margin
The following table reconciles the Company’s gross margin as a percentage of revenues (calculated in accordance with GAAP) to the Company’s Adjusted Gross Margin (a non-GAAP financial measure). Adjusted Gross Margin is calculated as (i) gross margin plus interest recognized in cost of sales plus inventory write-downs divided by (ii) revenues.
Adjusted Gross Margin Reconciliation
(Amounts in thousands, except percentages)
Three Months Ended
April 30, 2018 2017 Revenues $ 1,599,199 $ 1,363,512 Cost of revenues 1,298,157 1,077,441 Gross margin 301,042 286,071 Add: Interest recognized in cost of sales 45,027 40,558 Inventory write-downs 13,832 4,256 Adjusted gross margin $ 359,901 $ 330,885 Gross margin as a percentage of revenues 18.8 % 21.0 % Adjusted Gross Margin 22.5 % 24.3 % The Company’s management believes Adjusted Gross Margin is a useful financial measure to investors because it allows them to evaluate the performance of our homebuilding operations without the often varying effects of capitalized interest costs and inventory impairments. The use of Adjusted Gross Margin also assists the Company’s management in assessing the profitability of our homebuilding operations and making strategic decisions regarding community location and product mix.
Forward-looking Adjusted Gross Margin
The Company has not provided projected third quarter and full year fiscal 2018 gross margin or a GAAP reconciliation for forward-looking Adjusted Gross Margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the third quarter or the full fiscal year. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our third quarter and full year fiscal 2018 gross margin.
Net Debt-to-Capital Ratio
The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity.
Net Debt-to-Capital Ratio Reconciliation
(Amounts in thousands, except percentages)
April 30,
2018 April 30,
2017 January 31,
2018 Loans payable $ 649,299 $ 637,931 $ 631,791 Senior notes 2,860,290 2,993,882 2,859,689 Mortgage company loan facility 103,550 61,129 38,344 Total debt 3,613,139 3,692,942 3,529,824 Total stockholders' equity 4,480,703 4,448,088 4,458,994 Total capital $ 8,093,842 $ 8,141,030 $ 7,988,818 Ratio of debt-to-capital 44.6 % 45.4 % 44.2 % Total debt $ 3,613,139 $ 3,692,942 $ 3,529,824 Less: Mortgage company loan facility (103,550 ) (61,129 ) (38,344 ) Cash and cash equivalents (475,113 ) (691,266 ) (508,277 ) Total net debt 3,034,476 2,940,547 2,983,203 Total stockholders' equity 4,480,703 4,448,088 4,458,994 Total net capital $ 7,515,179 $ 7,388,635 $ 7,442,197 Net debt-to-capital ratio 40.4 % 39.8 % 40.1 % The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations.
CONTACT: Frederick N. Cooper (215) 938-8312
[email protected]
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2c7f9d28-a914-4fb8-b4d6-7ff339635f19
Source:Toll Brothers, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-toll-brothers-reports-fy-2018-2nd-qtr-results.html |
May 18 (Reuters) - Myers Industries Inc:
* MYERS INDUSTRIES ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* SAYS PUBLIC OFFERING OF 4.00 MILLION COMMON SHARES PRICED AT $18.50PER SHARE Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-myers-industries-announces-pricing/brief-myers-industries-announces-pricing-of-public-offering-of-common-stock-idUSASC0A2WT |
(Reuters) - Aid agencies face a “narrowing window” to prepare Rohingya refugee camps in southern Bangladesh for life-threatening floods in the approaching monsoon season, the aid coordinating group said this week.
Shacks cling to a landslide-prone hill in the Balukhali camp for Rohingya refugees in southern Bangladesh, February 13, 2018. Picture taken February 13, 2018. REUTERS/Andrew RC Marshall/Files Click here for a Reuters graphic that takes a closer look at the areas at risk of flooding in the Kutupalong-Balukhali camp, the world's largest refugee camp, with about 618,000 Rohingya.
More than 16,000 refugees, many living in shacks clinging to steep, denuded hills, have been moved to safer areas, the Inter Sector Coordination Group said in its latest situation report on Thursday.
Bangladesh has also allocated more than 500 additional acres (202 hectares) of land for housing people at risk of a landslide or flood, it said.
“Still, the lack of sufficient safe space for at-risk refugees, and the lack of cyclone safe shelter, limits the possibilities for risk mitigation,” the ISCG said.
Nearly 700,000 Rohingya Muslims have fled to Bangladesh since last August to escape a military crackdown in neighbouring Myanmar, the United Nations and rights groups say.
Myanmar says it has been waging a legitimate counter-insurgency operation.
Most of the refugees now live in flimsy, bamboo-and-plastic structures perched on what were once forested hills.
An eight-year-old girl was killed in a landslide caused by pre-monsoon rains last Friday, the first of what aid agencies expect will be hundreds of casualties during the monsoon.
Reporting by Simon Scarr, Weiyi Cai and Jin Wu; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-roghingya-camps/monsoon-threat-looms-for-rohingya-camps-idINKBN1IC1DX |
SAN FRANCISCO, Sparkcentral, Inc. today announced that the company's Board of Directors has appointed Joe Gagnon as Chief Executive Officer to lead the company through its next phase of growth. He will assume day-to-day leadership of the company and will also join Sparkcentral's Board of Directors. Gagnon, a contact center and enterprise SaaS software veteran, most recently served as Chief Customer Officer and SVP/Global GM for Cloud Solutions at Aspect Software.
"It has been an honor to serve as the CEO of Sparkcentral since founding the company and I am unbelievably proud of what our team has accomplished together over the last several years. We have made meaningful progress toward our top company priorities and have made messaging-based customer support more convenient for enterprises and their customers than ever," stated Davy Kestens, Sparkcentral's Founder.
Before joining Sparkcentral, Gagnon served in the C-suite at Aspect Software. He also was President/COO of Penn Foster, President of e-Dialog, and CEO of Exit41. Additionally, Gagnon has served as a Board Member for LiveVox and as an Advisory Board Member for Bright Pattern. Joe Gagnon has a passion for high performance, both professionally and personally, as an accomplished athlete, author, and entrepreneur.
"The customer support market is poised for significant growth and I am incredibly excited to assume the role of CEO at this time." Gagnon shared, "We have a very talented team at Sparkcentral who are focused on innovating in the message-based software space and we are on our way to assuming a position of market leadership."
"There couldn't be a better time for Sparkcentral to hire someone like Joe and I'm thrilled we're able to bring someone of his caliber on board," said Bob Spinner, Managing Director of Jackson Square Ventures and Sparkcentral Board Director. "The Global 5000 increasingly look to messaging to deliver excellent customer service and Sparkcentral's platform brings more convenience and, by way of software integrations, efficiency to customer interactions than ever before. Adding Joe to the team as CEO will allow us to leverage his experience to take Sparkcentral to the next level," he said.
About Sparkcentral: Customer-obsessed companies use Sparkcentral's leading mobile and social customer engagement platform to manage and resolve customer service interactions over social and mobile channels in a simple, streamlined and fun way. With the fastest customer routing and prioritization technology in the business and innovative workflow optimization and reporting tools, Sparkcentral helps global brands like Delta Air Lines, Nordstrom, JetBlue, Western Union, Zappos and more deliver effortless customer service experiences and drive brand loyalty. A two-time CODiE Award winner for Best Customer Service Solution, Sparkcentral is headquartered in San Francisco, CA and has its EMEA headquarters in Hasselt, Belgium. Sparkcentral is backed by venerated venture capital investors, including Jackson Square Ventures, Founders Fund, Split Rock Partners, and LRM Capital. To learn more, visit http://www.sparkcentral.com and follow @Sparkcentral on Twitter.
Press contact:
Krysta Gahagen, Marketing Manager
[email protected]
with multimedia: releases/sparkcentral-appoints-joe-gagnon-as-new-ceo-300644107.html
SOURCE Sparkcentral | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-sparkcentral-appoints-joe-gagnon-as-new-ceo.html |
(Updates first item of Friday story to reflect weekend developments)
LONDON, May 28 (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.
1/ELECTIONS AGAIN! It was all set for Italy’s new government to take over, but President Sergio Mattarella had other ideas. This weekend, he blocked the nomination for economy minister of Paolo Savona, a former banker who has called Italy’s euro membership a “historic error”.
That in turn led to the collapse of the potential coalition government comprising anti-establishment parties 5-Star and the far-right League, prompting a brief relief rally.
Then investors realised a fresh election would probably result in a strengthened mandate for both parties. And already one 5-Star source has hinted the parties could have a coalition agreement ahead of the vote.
Italy’s bond and stock markets did not take this well. Italian banks shed 3 percent on the day and Italian 2-year yields hit multi-year highs. Further rises in Italian yields risk spilling into other euro zone states, too. A no-confidence motion mooted against Spanish Prime Minister Mariano Rajoy isn’t helping in that respect.
One bit of support may come from Thursday’s May flash euro zone inflation data. If that remains subdued, it will cast more doubt over the ECB’s plans to end its bond buying programme by year-end. That would mean bond investors could count on that powerful central bank backstop remaining in place for some time.
Italian bonds, stocks reverse gains as sentiment turns Italian president puts nation on path to fresh elections Italy’s 5-Star considers election alliance with League - source
2/THE BONDS ARE BACK IN TOWN Bond bears have had a pretty good run of it recently, but not in the past week. The fall in yields, most notably the 10-year Treasury yield’s slide back below 3 percent, chips away at the narrative that growth and inflation are strong enough to warrant tighter monetary policy across the developed world.
The fall in benchmark 10-year yields this past week was remarkable: UK gilts -13 bps, the biggest weekly fall in a year; U.S. Treasuries -10 bps, the biggest fall in over a year; German Bunds -14 bps, the biggest fall in over two years.
Analysts at HSBC are turning more bullish on government bonds, especially gilts, given their view that UK inflation is headed back below 2 percent. Bank of England Governor Mark Carney this week warned a hard Brexit might prevent the Bank from raising rates, while the latest Fed minutes were surprisingly dovish. Political and trade concerns are rising again, too, and there’s still a near-record short spec position in U.S. bonds.
Could the bears be in retreat for a bit longer yet? INSTANT VIEW 3-Minutes from Federal Reserve’s May FOMC meeting U.S. Treasury yields fall on North Korea concerns Italy’s bond yield gap with Germany hits 200 bps as sentiment sours
3/MODI-FIED OUTLOOK
Asia’s worst-performing currency, the rupee, is once again staring at ghosts of past emerging market tantrums and, despite all the talk of the Indian economy being in better shape than it was in 2013, ugly twin-deficit heads are rearing up again.
The rupee is down more than 6 percent against the dollar this year, hit by the same issues as emerging markets Argentina and Turkey - jitters around Fed policy tightening and $80 oil. Indian borrowing costs are on the rise and portfolio investors are moving out of stocks and bonds.
While the Reserve Bank of India might be reluctant to raise interest rates as its main currency defence mechanism, as it did during 2013, coming weeks will show how far it can go spending dollar reserves to stop the rupee heading for 70 per dollar.
The risk is that the balance of payments might go into deficit, should capital flows turn negative at the same time as Prime Minister Narendra Modi’s government throws fiscal caution to the winds before elections next year. After a surprise defeat in a regional election this month, Modi is under pressure to prevent higher fuel prices from hitting voters’ pockets. India’s Modi faces revived opposition after setback in southern state – Suspected Indian central bank interventions stems rupee’s fall – Slower growth, higher prices or more subsidies: Asia’s oil-related trilemma –
4/ LONG-TERM PROBLEM
The next snapshot of the U.S. jobs market due next Friday is likely to show more hiring in May. Unemployment is expected to reach 3.9 percent, matching the near 18-year low hit in April. But those numbers gloss over some darker patches.
Parts of the labour market are still struggling to recover from the Great Recession, which ended nine years ago. Among the most striking is the plight of the long-term unemployed.
The number of Americans out of work for half a year or longer is around the lowest in 11 years, but as a proportion of the unemployed it is unusually large. In April, one in five unemployed Americans had lost their job at least half a year earlier. While that is down from a record 45 percent eight years ago, it is well above the long-term average and tops even the highest percentages seen in several past recessions. U.S. job growth picks up, unemployment rate falls to 3.9 percent INSTANT VIEW 4 -U.S. April payrolls up less than expected
5/BREXIT BUNFIGHTS Britain’s difficulties in establishing political consensus for its approach to Brexit appear to be coming to a head again just as the economy and sterling are showing strains.
Its politicians may be having their half-term break from parliament, but behind the scenes it will be all hands on deck as they try and work out how long they want to stay in the EU’s customs union.
The issue of avoiding checkpoints on the Northern Ireland border with euro zone member Ireland still looks close to intractable. Matters could come to a head with an EU withdrawal bill debate due in mid-June, potentially leading to another messy election.
Add to that a flurry of UK data, including forward-looking PMIs that give one of the best health checks of the economy, and it might be frazzled sterling traders rather than the Westminster set that need the time off. Sterling stuck near 2018 low on Brexit uncertainty, stagnant growth EU dismisses latest British ideas on Ireland after Brexit UK set for parliamentary showdown on Brexit law “in weeks”
Reporting by Dan Burns in New York; Vidya Ranganathan in Singapore; Dhara Ranasinghe, Jamie McGeever, Sujata Rao and Marc Jones in London; editing by John Stonestreet, Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets-themes/graphic-take-five-world-markets-themes-for-the-week-ahead-idUSL5N1SW5TA |
A possible meeting between President Donald Trump and North Korean leader Kim Jong Un next month could delay the decision on whether the president will agree to an interview with special counsel Robert Mueller, said Rudy Giuliani, the former New York City Mayor who is Mr. Trump’s lawyer.
The timing of any such interview related to Russia investigation “depends greatly” on whether the summit, initially scheduled for June 12 in Singapore, happens, Mr. Giuliani said Sunday on CNN’s “State of the Union.” Mr. Trump on Thursday wrote... | ashraq/financial-news-articles | https://www.wsj.com/articles/timing-of-any-mueller-interview-of-trump-hinges-on-kim-summit-giuliani-says-1527437067 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.